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PER-UTT DETAILS: corr or (ref->hyp)  
elsewhere in asia as previously noted sales of (hichew->haichu) in indonesia were weak as we have not been able to gain wider product recognition
consistent with our goal of being a multiproduct profitable company we project 2018 will be our third consecutive year of pro forma operating profitability
by the service mix changes by shortterm productivity issues due to the large number of new tech staff hires and probably to some extent by the timing of the christmas holiday this year
following the formal portion of the call we will be pleased to take your (question->questions) for your information this call is being recorded and a replay will be made available shortly after the call
that will enable us to provide a higher level of valueadded processing to our customers as their volumes increase which can easily be absorbed in our existing cost structure
(*->and) the progress we are making with the many other drugs in our pipeline we look forward to continuing to create great value for patients and shareholders by advancing our broad and innovative pipeline
our pipeline of acquisition candidates remain strong and we have adequate liquidity to act on any opportunities and investments that meet our stated strategic criteria
with some it enhancements we are able to customize our student orientation and outreach support based on the degree level and prior college experience making it more effective and specific
again this improvement was only possible because of our excellent operational execution across all controllable aspects of our business in a very challenging environment
our sales of common alloy aluminum remain consistent from a volume standpoint with most of our product being sold to sheet metal fabricators that support a variety of end markets
from your observation of the customer behavior how important it is for the operator to have their 4g network in the rural area meaning the remote area
so i just think overall because of the quality that we have the short turnaround and the smaller quantities (thats->*) which is our sweet spot
jim thanks greg and good morning everyone im going to speak mainly about pricing and demand for our carbon steel and alloy products as well as our outlook on certain key
our promotional expenses are up because of some of our campaigns and because of (trueyou->trueu) points which weve were pushing much more aggressively for commercial reasons we can discuss if youre interested
and whats great about these is once you incur the cost and the (projects->project) start its a very sticky business so it will impact the fourth quarter as well as next year (*->too)
systemic issues in the portfolio (where we are->were) seeing these are kind of idiosyncratic credit problems from individual companies that are running into trouble
the segment continues to deliver on our stated goals of generating strong gross profit performance differentiation in the market and leverage to drive service revenue growth
the majority of the products that we sell to the aerospace market are heattreated aluminum products especially plate as well as specialty stainless steel and titanium products
and then also our available cash so i think we were pretty consistent with the way we executed the share repurchases through the quarter we do think its a good use of our cash given
is that a number youre comfortable with or (*->is there) do you still see room for real estate expansion i mean how do we think about that in our model kind of on a couple year basis (long term->longterm) basis
i would say that the first is that for this quarter it felt more like normal levels but the other comment i would make is that
primarily reflecting the impact of specific allowances recorded against energy loans in 2016 these factors were partially offset within common shareholders net income
for longer than we had previously expected which resulted in our decision to close a few of our underperforming locations that are solely dependent on energy customers
id say its the continued performance in the diversification of the loan portfolio across the country that is delivering the results and its benefiting
is to deliver the steadily rising dividends that are typically expected by shareholders investing in a food manufacturer
since last year we have increased tv advertising and (well->will) continue to step up our efforts to bolster the strength of our (in brands->inbrands)
as previously discussed we are experiencing an increasing mix of students through corporate partnerships that are awarded higher grants from the university to offset their (tuition->cheesee) costs
this time around however we have succeeded to get (hichew->hitchu) into some test markets and (instore->installed) turnover thus far is comparable to that in america
conservative reaction has always been in the past in times of volatility to carry more liquidity so we werent sure how quickly it would dissipate it actually dissipated
the opportunities for growth we will continue to be aspirationally targeting double digit but prudently taking on the business that makes sense for us
as we further build our cash balances we will also evaluate inorganic strategies including the acquisition of quality educational institutions and programs
so as you can see we are pouring our resources into wellness products and overseas business which we regard as growth domains
our approach will increasingly leverage our recent technology investments and related initiatives to deliver exceptional client experiences and provide banking services anytime
in this year so this factor is going to be (a->*) major factor to boost up revenue for us in (the->*) second half of (this year->*)
statements are valid only as of todays date and the company disclaims any obligation to update this information except (maybe->may be) required by applicable law
in addition we are pouring our energy into strengthening the foundations that will enable us to better manage this profitgenerating organization
sales of our pringle potato chips and other snack foods which spiked temporarily during last years potato shock were less than a year ago
and which is now operating with still some bugs but its operating so what we have learned is the fact that it does expose us to more customers
these negatives were partially offset by our efforts to hold down raw materialrelated costs and streamlined production processes
we expect a positive effect from increased sales over the full year as our spending on advertising begins to yield results
this growth was driven primarily by the acquisition of 3 hospitals acquired in 2015 and includes the allocation of additional marketing expenses
with the current demand we have and the current demand we see going forward not so much in the fourth quarter mostly because of (the->*) seasonality (we would->wed) be in better shape
were in a position where were still able to execute on all (four->4) of those unfortunately our stock price has been at a level where we felt it was an extremely good
our primary objective when we went public in 2013 was to access the capital markets to fuel our growth by replicating our business model across the country
so for the first quarter of next year we will have to report on that basis and when that happens the accumulated (sac->zac) will be
i think jennifer what you are referring to about the duration increasing more than the nominal is because if you remember we first went to the natural position in nominal (first->size)
the deal pipeline consists of internally and externally generated targets and continues to be quite full in fact we are presently looking seriously at a number of acquisition opportunities
hurricane harvey also disrupted the companys wholesale logistics as the temporary shutdown of (railway->rail race) shipping through houston impacted shipments from the companys upholstery plant in mexico
the settlement also as i said before prohibits qualification purchases or purchases just for the sake of qualifying to advance in the marketing plan or to reach a certain compensation threshold
preparing our summary and educating our team on the impact that this will have (but->*) not so much on our company but our clients
which commented on the absolute dollar amount of redemptions we had in the first half of the year the way we think about redemptions we certainly track them (as->is what) we think about redemptions as a percentage of capital and (not->*) obviously the absolute dollar amount (and->*)
herbalife compensates its distributors based on their wholesale purchases of (products->product) from the company and the purchases of product of their (down line->downline) people that theyve recruited and that their recruits have recruited
okay and then final quick question is on your core heatnotburn product that you i believe tested in japan do you have any update that you can provide us this morning
the last several quarters its been tracking well above revenue growth and you mentioned you like the i think you said the visibility that the backlog provides can you talk about the differences between
this work provides critical new balance to our transportation segment portfolio as we work to complete and mitigate the impact of 3 legacy unconsolidated joint venture projects
(*->but) is there any risk to not delivering some of those orders on time and needing to ask (for->to) an extension im sure that youre prioritizing that contract given the size of it and the newness of it
and as weve also said that doesnt mean that if there are opportunistic items that come into play in that period we would absolutely look at those
changing adding new services to (contracts->contract) so from the standpoint of our ability to do more work or sell more products we certainly think theres an opportunity
not only is this the right time for a transition to new roles but (debra->deborah) is absolutely the right person to lead rai and its companies to the next level
(we will->well) be giving you a full update on our plans to continue growing our businesses and advancing our transforming tobacco agenda at our investment day event in november
that will be going out into the market starting in (*->well) its already in the market a little bit but as far as really getting into really broad distribution in november
this (*->was this) just got started in this last quarter and the last quarter for the government is when they do tend to give large orders
and meet our clients some of them are starting to do live chat and if they do any live chat then obviously we credit amazon for the sale
so theres sort of a whole bucket of changes in terms of the way that the business opportunity is pitched relating to how much money youre going to make what kind of a life youre going to have and it will be a very substantial change
which is related on the review of the reason why we have ended up with such a difficult situation is for the time being
nutrition clubs they lose money and theyre simply a recruiting vehicle many distributors find it all but impossible to make enough money from retail sales of product to cover the overhead of the club and generate income for the owner
expand your market on your smaller burn work because of the health of the economic environment that we work in in the west lets say for construction so we see that part ramping up nicely
as we move into the spring months and into the summer i will say this i think as we end 2019 youre going to see more of the capital improvement projects
at the federal level programs such as americas water infrastructure act and state revolving funds for clean water and drinking water are in place but today they only provide a framework
for all those reasons we are taking a proactive approach to acquisitions by identifying and pursuing potential (opportunity->opportunities) of all sizes and at various stages of maturity
but maybe you guys could talk about what your plan more specifically at vancouver is some of the natural network efficiencies that you have maybe versus your competitor
but certainly the deeming kind of news coming out in may and then really the 90 days to get anything into the market certainly drove a lot of investment in this quarter
what is among the worst things you can do if youre a public company well its one thing to mislead your investment community about your business i would say its even worse to mislead
newports volume in the third quarter was up about 1 versus the prior year and was not significantly impacted by wholesale inventory changes
and looking forward we expect continued growth from natural american spirit as the brand benefits from increased consumer engagement and growing awareness of the brands unique values
(there->that) was in (rjrt->rjt) in 3q relative to the margin that you achieved in 2q and i was wondering if you could just talk about
is a key differentiator which is only made possible by our culture of ongoing relentless focus on efficiency
and as we know most of the design work done in the state of california is done by the professional engineers group of the state of california they do their own inhouse designs
from an audit and security perspective on the security of their data i think weve talked about i think at any given point we have 5 to 6 clients
so in addition to specific representations of the amount of money someone is making in a given month or over a given period of time which now has to be substantiated and has to be accurate
in contrast last years second quarter had an unusually large proportion of architectural panel sales which made for a difficult comparison at the margin line this quarter
this compares to industry inventories of 76 billion units at the end of the third quarter last year which remained stable over the course of that quarter
the erratic wet weather for the last 6 weeks of the year slowed much of our business in the west similar to early 2017 mother natures (influence has->influences) carried forward into the first couple of months
and we are also as i (*->had) mentioned previously to john that we would expect (with this->that his) backlog (that->*) half (is->*) to be covered in this quarter and about half in the next quarter
and from what we have already heard from president (duque->duke) and his newly appointed cabinet we feel the government understands that the private sector has carried the heavier part
but its not necessarily going against or going for each others market share its what naturally should be served well by your railroad and if you do that well youre going to earn the opportunity to move
however based on recent news were hopeful that this difficult situation will be resolved without further (bloodshed->blood shet) and in a (diplomatic->deplomatic) way
offset by the impact from the removal of camel styles associated with the fdas not substantially equivalent decision in the fourth quarter of last year
(juan->gren) will now talk you through the progress against these priorities and some of the tangible benefits our increased investment is already producing for both customers
and boost foreign direct investment in our country we are supporters of mr (duque->duke) and believe he will help our country grow at a faster pace than in the last few years
and we plan to build a solid business foundation that will support future growth
our cash generation was greatly enhanced by our efforts to drive down inventory levels during the year
we started to reduce expenses and inventory at our businesses that focus on the energy market
with competitors introducing products with various functions and target audiences
this is one of our largest opportunities to increase overall profitability
this success is driven by the strength of our business strategy which leverages numerous sources of revenue
we are proud of our quick reaction to the significant decline in sales volumes to the energy market
we (discussed->discuss) main areas of focus to help us increase sales and profitability
primarily due to effective cost control throughout the company including reductions in workforce
targeted growth of business and personal deposits raised through our branches remains a key focus
at 7 (flatrolled->flat rolled) pricing has been under pressure for over a year now with
this slide compares our frozen desserts business with the overall market
we currently plan to maintain our capital at the level necessary to retain our current ratings
over the years (we have->weve) continued to incur losses in transitioning the retail network
the remaining net assets reflected on the balance sheet related to discontinued operations
if you get below that level that leaves you some room to start addressing the dividend
next lets look at sales and income by business segment
well (well->will) end what may be the shortest conference call in history thank you very much
in their volumes this year so we benefited from that and then certainly the
we use the expression adaptive learning platform others refer to it in different ways but it really does
and then once the sections are ready then well start more houses than we normally would and closings will catch up
passport (was->while) still in the relaxed category (as->has) strong elements of a global attitude
while minimizing the reliance on funding from the central bank of russia and other sources
reliance is very (wellpositioned->well positioned) to further grow our participation in this area
in general we require larger down payments on more expensive homes to manage our exposures
in terms of the current fleet composition is there any particular segment that (youd->you would) like to continue to enhance
acquisition retention and training of talent is a major focus
and then just looking further ahead i know you said youll elaborate more but maybe just give us
over the course of the year weve also accelerated returns to our shareholders
on the cost front one concern has been the rising price of milk ingredients
we continue to support our solid operating performance with a very strong capital position
as weve seen the q3 results over the last couple of weeks most of the banks have had
so that in and of itself throws off cash from working capital reduction so
the revolving line of credit piece of our credit facility still has a variable interest rate
and i think thats probably the best indicator on actually where the industry is
given this our current view for the full year is that cigarette volumes will be down
we have decided to dissolve our local joint venture in indonesia
outside of the energy market demand for stainless steel products has continued to be good
another year (or 2->*) to adopt that before the other banks are moving to it more quickly
in previous quarters we had seen a higher trend in policy obligations
okay so just to put words around that the incrementals might keep pace with
does that can that break 60 by the end of the year or is that going to take a little bit longer to get there
the pathway to getting back toward maybe those normalized
i guess can you share what youve learned so far and what has been selling better through that site
and factors underlying this outlook and other expectations discussed on todays call
for the year the share of our home closings (on->*) in our divisions outside of texas
and their customers who are on 3g are going to have a worse experience so
its a little bit early but i think were going in the right direction in fact we just
i have stated before that today (youd->you) better be a (disrupter->disruptor) or you will be disrupted
and is consistent with our overall objective of sustainable and responsible growth
so while the capital structure of our indonesian business has changed
the average price of detached homes softened within parts of the gta during the third quarter
and we are just getting started launching stronger marketing in conjunction with amazon
as well as some residual expenses associated with the closed schools
well take a closer look at each product segments results later on
(yes->*) we keep our eyes open for those kind of deals but i can tell you were looking for the
in short these events did not meaningfully disrupt our operations or affect our margins
we do continue to press just as aggressively as weve been pressing for the last couple of years on costs
and what does demand look like and what is the profile of patients being treated
to mitigate the continued impact of competitive factors on net interest margin over the near term
our focus on marketing to expand our reach to more consumers
which will be referred to as cash balances for the remainder of todays discussion
thank you ladies and gentlemen this does conclude todays teleconference you may disconnect your lines at this time
there isnt a clear rule of thumb
including a weakening chinese market and high inventory levels throughout the supply chain
as a result of implementing new electronic medical record systems
thank you and welcome all to ship (financial->finance) international and our third quarter conference call
primarily due to higher than originally expected claims related to policies issued
necessary steps to recover and once those all necessary steps have been exhausted
while giving us the necessary financial and operating confidence to continue investing in our universities
(i will->ill) now turn the call over to (karla->carla) to review our third quarter financial results
and the vessels are currently not employed on subcharters in light of the depressed market
to sum up the quarter im extremely proud of our performance
primarily due to lower sales in the first quarter
so and the third one that i mentioned was that
in the current environment with many adult smokers trading up into premium brands
you should not consider the presentation of this additional information in isolation
are you looking for within your next couple acquisitions
capacity to support the increased automotive activity in that area
other companies may calculate such a leverage metric differently
we are also closely monitoring the potential impact of the wildfires on our business
the main highlights of our convention last week included
and (*->to) execute firmly against its objective of sustainable and responsible growth
we should be able to get a bit of a bump in that gross profit margin
general commercial activity represents the largest segment of canadas economy
we (tried->try) to increase sales of candies to the younger generation
calculated on our september 30 inventory levels and yeartodate shipment levels
later this year and we have a number of options available
realization plans for impaired loans are monitored closely by a specialized team
(which is->but) as i just noted our basic strategy is to put our strong brands on the shelves of as many kinds of sales outlets as possible
it will be under a different brand as we have done in the past with our other branded procedures that are agnostic of provider and our facility
from third quarter 18 the asset impairments for the depreciable assets were actually taken on the beginning of the second quarter
this charge includes closing a few of our locations while we regret any hardships this may cause on our employees
we do not completely know all the numbers but i believe that we did get a substantial portion of the contract
earnings growth also benefited from a decrease in the provision for credit losses to 20 basis points of average loans compared to 32 basis points last year
but the decreases that were expecting in direct response are really being offset by really some improved outlook in several other areas of the company with respect to
of the price and also because of the available cash weve had from our really strong working capital management (and->*) the inventory reductions weve had during the (year->*)
and obviously were still improving our network particularly in the northeast but thats nothing like building out as we did in 2016 vastly cheaper
this was the highest quarterly result in 7 years and was primarily driven by growth within our university operations and lower teachout obligations
was there really wasnt a lot of (sniddling->smiddling) if you will about demand okay other than the guys in our energy
our acquisition strategy has been very disciplined over the past several years with 5 or 6 previous deals and we intend to remain very disciplined in the future as we address
(*->were) very proud of our ability to generate such (a->*) strong cash flow in the current market which demonstrates the countercyclical nature of our working capital needs
continue to shop more often at the traditional (warung->warram) small retail shops than at supermarkets and other modern trade channels
however we expect these typical negative factors will be offset by improvements in product mix and production efficiency
but we (face->faced) significant headwinds from continued pricing pressure across all the metals we sell with the exception of aerospace (play->plate)
next question what caused the slowdown in revenue growth what has changed on the ground versus your initial expectations
offset by additional overhead related to our recent software implementation compliance (costs->cost) related to sarbanesoxley and entry into new markets
can you comment on what gives you the comfort that the sales pace will remain similar to what youve seen in the past and as you enter new markets as well
in the quarter prepayment impact in the quarter contributed about 2 basis points of the 5 basis point increase from the second quarter
some large regional folks really in a couple of different markets right now so its i like were having great conversations
not strong numbers as the gross profit shortfall (in->and) the canadian business softness previously described fell to the operating income line
adjusted operating income which excludes certain significant and noncash items is more indicative of the underlying core operating performance
we expect significant annual savings from these programs within our existing system and well continue to experience sustainable savings with future acquisitions
which was used in part for the acquisition of angels to fund our growthfocused investments and drive operational excellence initiatives
we have paid the same amount of dividends for the last 4 years so irrespective of the level of profitability that (we have->will be) achieved
were trying to send a message to the markets that our business is maturing and about to turn net income positive which we still believe it is
owing to increased strategic spending on advertising and the failure of some products to achieve sales growth
consumer evaluations of (hichew->haichu) have risen steadily and its fans show no signs of tiring of its delicious taste
we significantly exceeded our improved financial guidance for 2017 and ended the year in the strongest financial position in the companys history
we expect to continue to be a consolidator in our highly fragmented industry by making strategic acquisitions of wellmanaged metal service centers
the market strengthened during the first part of the fourth quarter but has softened lately and it is uncertain if a profit share will accumulate this quarter
next lets look at the factors behind the changes in sales and the operating income in each business segment
our business model of focusing on smaller orders that require quick turnaround along with providing high levels of valueadded processing
so today if you look at our network in the highly concentrated user areas
and with a clear vision and strategy to serve and educate our students and provide them with the necessary support and tools as they work towards graduation
we continue to increase our market share by providing high levels of customer service as well as investing in our people and our businesses
in addition to being lower cost these products strengthen multiproduct relationships by supplying clients with the tools they need to manage their finances
the balance of factors we consider in the outlook for net interest margin supports our expectation for incremental improvement in this key metric over the near term
and so were being somewhat selective but we (wouldnt->would) be surprised over the next few months to pick up an asc or a small hospital
(we->*) its loose enough and theres enough credit availability that we can hit our numbers but i would say its pretty consistent with where its been over the last year
of our total sales dollars it represents a larger percentage of our profitability thats why (were->we are) so excited about this growth
more and more of what were holding in cash and security all qualify as highquality liquid assets as opposed to other security balances that
and we also actively get involved in the digital platform in fact we will slowly get into
a 20 expansion in our product capacity for the core (product->products) since last year and our ability to maintain steady production
student retention experiences retention and experiences and academic outcomes remain (a->the) primary focus across all of our operating and support teams
as i have said on previous occasions (were->we are) committed to strengthening our earnings base so that we can steadily raise our payout ratio
because we are a systemsbased company with proven processes in place we believe our expansions into these new markets are well positioned for success
could make it more difficult for certain prospective buyers to qualify for uninsured mortgages and have a negative impact on originations within cwb optimum
as we look ahead we are eager to capitalize on both our broader reach and the ongoing transformation of the financial services landscape
under the terms of the agreement torchmark will retain all rights to the assets and liabilities as well as corresponding profits or losses
also contributing to this positive performance was the continued progress and growth we are experiencing within our corporate partnership program
since youve been reporting that business so whats is it just an aberration or (*->are you) have you made any changes in the product mix anything else that are driving the improvement in (margins->margin)
and therefore the convertible notes were determined to be dilutive this resulted in (an->*) approximate 13 million share increase to the weighted average shares outstanding for the diluted eps calculation for the quarter
this portfolio has performed very well for us since we started the business in 2004 and we expect it to continue to deliver strong results as we remain consistent with our conservative risk appetite and our selective approach to approve new loans
as (the->a) graph shows our business growth has outpaced that of the overall market since 2014 thanks to customer support for our products and especially for choco (monaka->monaker) jumbo
we are also cognizant of our operating costs and look for ways to reallocate resources that are in the best interest of our students as (evident->evidenced) by our process reengineering efforts in the third quarter
this is reliances sweet spot as our decentralized structure allows us to respond to small quick turnaround orders demand for our products was in line with our expectations for the quarter
i will come back to this topic later elsewhere however as this table shows the china taiwan and export businesses are doing well
that we can enhance their ability to provide a quality education and obviously with the anticipation (we->wed) hope to be able to provide growth opportunities for them as well especially (on->in) the online delivery format
it has been a true pleasure over the past 2 years working with our talented team gaining a deep understanding of the tobacco industry as well as directly contributing to the success of our strong businesses and powerful brands
providing a differentiated student onboarding and orientation process facilitating completion of the financial aid process and continuing to provide support (to->*) students as they work towards graduating in their field of study
british columbia now represents our largest exposure by province and i want to be sure to note we are working hard to actively support clients affected by the wildfires including through payment relief
weve reduced the balance of this portfolio substantially in the past year and it now represents less than 1 of our total loans we do not expect material credit impacts related to our remaining energy loans going forward
plus 3 on the other hand sales of chocolates with (high cacao->haikakao) content weakened slightly after a very strong performance in the previous fiscal year
well soon we all hope the investment is actually lower now than it has been for the last couple of years but the cash capex remains very high because its on these multiyear payment plans
so which leads us to your first question we do expect to continue to grow in absolute terms as well as in terms of market share our retail deposit base
one of the factors contributing to lower profits in the first half was the increase in advertising expenses targeted at developing new brands focused on products in the wellness domain
as a reminder due to the decrease in our balance sheet obligations associated with our teachout campuses we expect more of our operating income dollars to result in positive operating cash flows
weve internally we can support organically we can support about 10 to 12 annual loan growth organically just from the earnings that the portfolio generates so its always been
to deliver on that and it sounds like youre putting that maybe a little bit at the front of the line and that could be some of the reason why your retail backlog grew as much as it did (but->*)
these statements are based on our current plans and expectations and involve risks and uncertainties that could cause future activities and results of operations to be materially different from those set forth in the forwardlooking statements
quick turnaround high valueadded processing they really put the pedal to the metal because they (realize->realized) that their sales dollars were going to go down not necessarily their tons
do you think (advanceds->advances) decision to join the bidding for the 1800 would imply that their financial (*->strength) would imply (advanceds->advances) financial strength and (nullify->neulify) the probability of ncpo approving the matter
(our->are) in jelly products the first jelly drinks to use spout packaging continue to sell well but other makers are introducing a diverse range of competing products
however the indonesian powdered juice business has seen numerous changes in its operating environment and its results continue to fall below the originally envisioned plan
but as you know weve always been very selective on our acquisition (strategies->strategy) they have to be accretive and we just havent seen anything thus far
before i move on to complete the outlook for net interest margin ill stay with cwb optimum mortgage for a moment to tie up the issues we saw a few months ago within the alternative lending space of the canadian housing market
(*->the) stress test and the (colending->coal lending) we havent seen what (that->*) the final rules will be there but we expect that that might shrink some of the origination that we would historically have done but we also think
so far in the fourth quarter domestic metal pricing has continued to decline at this time we do not see any meaningful nearterm catalyst to change the direction of pricing
this change is a direct result of our balanced growth strategy as a reminder the deposits that we raise through the broker market are entirely fixedterm deposits with terms (of->to) maturity between 1 and 5 years
the next area of growth we discussed (at our convention->that i can mention) is our wholesale business our wholesale division sells products (for->to) the company retail division as well as to all outside customers
yesterday evening we issued an earnings release discussing our first quarter results we have also prepared a slide presentation which we will refer to during these remarks
despite very challenging pricing primarily related to stainless (flatrolled->flatroll) we sell a significant amount of stainless steel flat products into the kitchen equipment appliance and construction end markets
as a result (ramune->ramony) sales volumes are expanding (ramune->ramony) sales are also being supported by the appeal to the health benefits of glucose
we too are developing new products that respond to the needs of a wide variety of consumer groups from the elderly to women and the younger generation
given what we talked about in terms of where we expect the first quarter closings to be so given the first quarter start well see a little bit more leverage in the back end but overall for the year we think well be
accounts that carry a higher funding value so that would is positive we expect that to continue moving forward but it does fluctuate depending on where the growth comes in the deposit balances
and then well still give it space but that space will then be utilized for some other programs that we are intending to introduce next summer
in addition to strengthen our brands we will engage in aggressive product marketing and further increase the share of wellness products in total company sales
in fact even in the latter part of third quarter we experienced notable improvements in productivity as new technicians became more efficient and work at a couple of the new larger clientbased outsourced labs commenced
including improvements of intangible (assets->aspects) we look forward to building (the->this) strong foundation for the future over the 3 years starting from the current fiscal year
given their good results to date we are increasing spending on advertising for (in jelly->injelli) and (in bar->inbar) as we seek to firmly establish the (in brand->inbrand)
in addition we recorded charges for the writedown of intangibles due to the loss of customers and (low->lower) future earnings expectations for certain of our operations servicing the energy market
the provision for credit losses as well as the level of (growth->gross) impaired at this stage of a recovery out of an economic recession so that was a portfolio comment and not specific to these 2 clients
secondly it will create capital capacity for the group and thirdly it will streamline our business and create some business synergies to get this done we had to take oneoff costs
it therefore seems (our hichew->a high choo) has become one of americas more commonly consumed (candies->candors) or perhaps (the candy->it can be) selected by those looking for a somewhat more sophisticated treat
while the overall market has grown sales of our core (in jelly->ingeli) products have expanded steadily as indicated by the indexbased bar graph
this adjustment reflects lifo accounting working in the manner intended reducing fifo cost of sales in a declining price environment to value inventory at current replacement cost
deposit pricing in the market moves over time and it depends on the duration and how our fixed rate loans and deposits roll over and reprice so its not a quick formula
the new line established at our (mishima->mojina) factory to expand production capacity for our line of (injelly->ingeli) products has been operating stably since coming online
awareness of our products is gradually rebounding and recognition of (hichew->hichu) and other products made in japan is being increased through the ecommerce channel
our new group purchasing organization contract and membership conversion will result in improved purchasing power new supply chain business solutions (in->and) favorably negotiated agreements
(weve->*) done some closures recently and some (combinations->combination) but were not probably as far off on utilization from the target as you might think and the utilization normally thats
new system development and (works our->workstyle) reforms in order to ensure that we have a management system in place that is consistent with the growing strength of the organization
given the competitive market and lower prices we had anticipated that our gross profit (margins->margin) would remain relatively consistent with the prior quarter with some potential for downward pressure
at the same time we remain active supporting and seeking new business in alberta and saskatchewan with our clients there and anticipate the economic recovery in these provinces will continue
nonresidential construction is our largest end market and although we have been experiencing continued moderate improvement (and->in) demand over the course of the year our volume remains well below the peak levels
improve the quality of that book not that its been a bad quality because weve got excellent historical performance but i think it just improves that the opportunity set for us
among the various costs we incur advertising and distribution costs are expected to weigh on profits more than they did in the previous fiscal year
these investments have expanded and strengthened our ability to service our aerospace customers on a global basis and we anticipate continued growth in the aerospace market
as noted on previous calls we will use our cash as efficiently as possible if market conditions are favorable we expect that share repurchases will continue to be a primary use of those funds
one of our longterm objectives is to combine stability and predictability in cash flows with optionality as we have seen over time that market volatility can generate super returns from time to time
as a percentage of revenues was primarily due to the addition of 3 hospitals in 2015 hospitals require higher staff levels and higher drugs and supply (cost->costs)
you never know totally if youre at the top of the cycle or not i (*->mean i) think we have not emerged in alberta yet from this recession for sure but we dont really were not seeing
we are cautious in regard to both business activity levels and metal pricing in the fourth quarter of 2015 these factors combined with 2 less shipping days in the fourth quarter
im curious if you can clarify whether that is from the currently elevated levels that we have seen or from a more normal level of growth that you would have previously seen and probably expect to get back to anyway
classroom navigation including content and related study materials is simplified and easily accessible via a hyperlink with significant focus on stepbystep learning versus assignment completion
as i mentioned briefly a bit earlier various makers are entering this area with a variety of brands making for a very competitive market
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->*)
we expect to use available cash to continue to reduce our debt support our various growth activities pay our quarterly dividend and opportunistically repurchase shares of our common stock
the medical community has also recognized (the->a) profound breakthrough that spinraza represents for the treatment of sma patients with 2 publications in the new england journal of medicine the most just a few weeks ago
so we would hope to have some reduction in our inventory dollars by yearend but i would not think that its going to be
specific allowance for potential writeoffs are conservatively established through detailed analyses of both the overall quality and marketability of security held against each individual impaired account
but most of the new area that much more when we offer in terms of the new proposition to the new target group of the customer (our customer->*) and also
now representing nearly 10 in the third quarter of 2015 we believe reliance remains very (wellpositioned->well positioned) to gain market share in this area on a global basis
levels of volumes and applications and fundings do you think its an opportunity i mean perhaps the growth will slow but its an opportunity to get an even higher grade of credit quality in the portfolio because you
(were->we are) looking forward to future growth of our high (cacao->kakao) content products as a (highvalueadded->high valueadded) product group that combines good taste with a health benefit
in the second quarter of 2015 this is a direct result of our ability to drive organic growth within desired specialties and procedure type within our system
so our expectations for this trial have been exceeded in that we have great safety and we have substantial target reduction that (exceeds->exceed) what we think is necessary
but i just want to kind of get a commitment from you that if they make any changes to the whatever the payment terms or the price that you
our diverse lineup includes energy vitamin and protein jelly drinks that are very competitive in their respective nutrition function market segments
which is a substantial platform when you (plank->point) it toward this space thats a part of this cloud right these things we dont have to build new we will leverage the fact that weve got
as well as from your cost of risk line netnet it becomes exactly the same number you would have had in the past but rather than having those numbers higher you ended up netting those
just as we had explained to the market current regulations in colombia in terms of riskweighting is very severe and thus (demands->demand) far more capital than required
this industry incumbency derives significant revenue from the recycling and refining of pgms pgms also (happen->happened) to be one of the largest cost inputs for automotive catalysts
for australasia flattish for us and as we mentioned with kind of a loss of leverage for europe thats where we really saw the pressure in our automotive margins
to make strategic buyins for both data center solutions and client devices this helped us mitigate the memory price increase and supply issues felt across the industry
and if you take those into consideration plus what is happening on the oil front that is helping the overall numbers for colombia and the trade side
so some of the things were looking to do is develop other programs outside of the 4 that we currently are in to make utilization of those opportunities number two
these excellent results did not include sales of the client devices we discussed last quarter that were delayed at the end of 2016 as shipping did not begin until april
and i just had a question surrounding the tax benefit in the quarter was that mainly attributable to the tax refund that you had discussed in the previous quarter
for the third quarter of 2018 including the impact of the amps transaction i mentioned earlier we reported a net loss attributable to common stockholders
now lets discuss our current outlook for 2019 we are reaffirming our full year 2019 sales and earnings guidance established in february
our variable annuity business which is included in us retail flows has been under pressure for the past 2 years as some of our insurance partners exited the business while others made a shift to passive
looking now at flows by investment objective for the quarter overall flows into our global strategies remain challenged as redemptions were elevated however sales held up and were essentially flat
were leaving you with hopefully the impression we think footprint in terms of (the->*) number of stores is important and we dont necessarily see that going down it actually possibly could even go up
in a recurring kind of subscription model instead of one time and so thats also shifting some of those up into the subscription line those we talked about last quarter actually are creating a little bit of
offsetting these positive results were softer sales in the electrical specialties group and our team is working hard to improve the sales performance for this group going forward
yes so as we mentioned and we are definitely seeing that operating margin improvement on our industrial business and again thats coming through (their->there) greater comp
finally our outlook accounts for (1->one) additional selling day in the third quarter relative to 2018 to make up for the 1 less selling day in the first quarter this year
(youve->you) got to build some relationships on all the processing side of the donations (the->*) integration with our other products so theres quite a bit of heavy lifting to be done behind the scenes to get it ready
generally speaking portfolio quality today is significantly improved over the 07 08 time period and should produce less performance volatility in a similar economic downturn
about the need to improve speed in our sourcing in order to flow receipts more quickly when we see product cycles develop
in summary our global automotive group posted solid overall results in the first quarter despite the slowing we experienced in our core automotive business in europe
on a regional basis the southeast was the strongest for the quarter and the west was the strongest for the year the south central region was the most challenging in both periods
weve been getting good pricing and what we consider to be good margins on our equipment sales so theres no real (read through->readthrough) on a sort of (*->slight experience) like that
even though most investors dont pay any sales charge in an a share class this change will level out the playing field between share classes and better reflect current state of the industry
and then by leveraging that traction to drive a (catalystdesigned->catalyst design) paradigm shift among global oems we carry important commercial momentum into several key underserved markets
we have new leadership in place weve seen steady improvement over the past few quarters the weather has certainly normalized with the exception of what we saw in early april
including the requirement to use the posted 5year mortgage rate published by the bank of canada to determine borrower debt service ratios on all insured loans after october 17 this year
so this 1 comp decline and knowing that we really cant leverage on that and look our teams have got plans in place to address that over the balance of the year
i still believe that the strategic framework of the greatness agenda is the path to changing that top line trend over time and our associates feel the same way
and finally to our land development and construction segment as i previously stated this segment is responsible for seeking opportunistic purchases of incomeproducing properties
the new ones that came on board in (*->the) first quarter this year and through the remainder of the year that we continue to see our graduate student population
on the external accounts front the level of current account deficit continues to be favored by both (the->a) higher price of oil and somewhat of a pickup in nontraditional exports
wed like to remind you that todays presentation may contain forwardlooking statements which are based on managements current expectations and are subject to uncertainty and changes in circumstances
(our->are) specific markets above the (osfi->os3) prescribed threshold so (there->it) is potential that you could see markets being added to the supplementary capital you could see markets that no longer require it
there is positive carry while the loans are held in the warehouse and there is significant fee income that we receive on (504->fibo4) lending a lot of that is
we sort of suspected that as we closed the stores that we closed last june that it could have an impact on omnichannel and sales in those trade areas and it did
remember since we add back equity compensation expenses for nongaap net income the tax benefits related to equity compensation will also be excluded from our nongaap net income
be able to compare first quarter with second quarter (but->*) to (compare to->*) what happened in the past there is some (*->subtle) differences that do not change bottom line but do change your ratios
now that the standardized model is applied our banks will see a relief that offsets the impact of the net deductions to cet1 including the full deduction of previously grandfather goodwill
so firstly your perception on that and then secondly can you talk about how you see your position in the market over the next 2 years considering new capacity coming online how you
to support this we will be increasing our marketing to bring awareness of the new degree programs and the overall value proposition of a degree from our institutions
the company assumes no obligation to update any forwardlooking statements made during this call now i will turn the call over to paul for his remarks
which is a key differentiator for us if you just look at the presence we have today in the market its predominantly financials and fundraising
and bottom line performance for 2019 growth opportunities that for years were on the horizon are now at our doorsteps across the end markets and geographies that we serve
reinforce our overall view of the companys expected (fullyear->full year) financial performance which we articulated on our fourth quarter earnings call in late february
of their downline distributors and profitable here is defined as you would expect it has to be that theyre selling the product at a price point
and that overall market seems to be a little bit softer yearoveryear than what we anticipated i think the last piece on the second half (that->it) probably (dragged->drags) a bit on revenue
we discussed our key focus for growth which includes increasing sales and profitability of the companyoperated retail division
over the next quarter we will continue to pursue these initiatives and implement others as necessary i look forward to sharing the results with you in the future
set of chinese oems and then of course you have increasingly stringent emission standards and their elevation to a matter of public policy in china as important drivers
(allison->alison) i wouldnt say that the growth is more expensive i would say that we have a number
the best bookings quarter in company history (what->*) the question i had was around (durations->duration) was there any meaningful change in duration customers
roughly what you think youll see on the recurring side and i think youve got fairly good estimates on the acquisitions and their impact on the full year so you should be able to get back to that
we are accelerating our efforts to reduce and sculpt our insured risk exposures improve the quality of our book value and increase the optionality of our platform
the process can be delayed when data requirements for customers adding new hms products is greater than they initially anticipated
i think it would be relevant to bring to your attention that the midpoint of our guidance range has not changed since february when we gave guidance
i would not take into consideration this as an indication for the future as we said in the past (that->*) we expect the floaters margin to be
second in august we completed the exchange offer for our auction market preferred shares or amps which we discussed in detail during our last earnings call
that said we will participate in this consultation and are currently evaluating the various questions and proposals put forth by the government in the paper
as we touched on previously wholesale inventory levels impacted industry volume declines in the third quarter compared to the third quarter of last year
be more transparent we think we went a long way along those lines a clear example of what you already saw very visibly is what we did on overdraft
this is a great demonstration of our ability to rapidly build new solutions to further address customer needs and grow our addressable markets
but the green shoots across the end markets in which we operate continue to point to steady growth for granite from healthy public and private market demands
and they are starting to look at the jobs differently and just as granite started 12 18 months ago i see our competitors following with
moving on to our (endmarkets->end markets) update on slide 7 we have a diversified mix of revenues (that->and) are focused on some of the most active segments of the overall market
except as provided by federal securities laws we are not required to publicly update or revise any forwardlooking or cautionary statements
how can we think about (this->the) strategy going forward how much is there a number that you would be willing to lose up to a certain threshold in terms of mortgage market share (or->*) are you happy (with the->*)
well i think we certainly have made representations and i think our (representations->representation is) probably similar to those of other participants and i think were awaiting the response
we continue to expect our combined buildings and components businesses to track in the range of 2 to 4 volume growth
and new customer sales covering approximately 16 million lives will also impact revenue toward the end of this year
(a->*) time to inform itself of what really has gone on with ruta (del->el) sol and this government understands perfectly
some other thing thats causing the volumes in buildings to be lower than what the leading indicators would suggest
and so we do have a question of as to what hersheys growth rate is in the future and whether (itd->it) be better for mondelez to
and then also the new product production the first (run->one) production of new products in our plants both for the state department orders and the new passport collection
though we will continue to shorten the time from contract signing to revenue production and work through the backlog we had as the year began
so we can create an export market for our potential new customers that would be bringing imports into vancouver
we have been able to proactively stay ahead in the midst of an inflationary environment in which weve seen many of our input costs rise
and so weve seen a predominance of that type of project coming into the backlog right up until this most recent quarter
it occupancy and general and administrative expenses all experienced a seasonal increase as typical of the fourth quarter
and the opportunity to have higher margins on those projects i believe the competition is starting to follow our lead
as we said on previous calls (that->*) in our opinion theres no reason there should be as much rate pressure as there is with demand as high as it is
has given us confidence to reinvest our marketing efficiency gains back into the opportunity to really take
so maybe you could drill down a little further on that and i guess im getting the sense that as you mentioned too that the deep discount category has been picking up
this was due in part to a number of cost management initiatives that resulted in nonsales and distribution expense savings inclusive of implementation (cost->costs)
when we talk about future results or events a number of factors could generate results that are materially different from our projections today
we anticipate that this may create a less pronounced seasonal stepup between the third and fourth quarter but when evaluated as first half second half
the synergy realization related to the lorillard transaction and the companys continued focus on operating efficiencies and productivity improvement
and thats our job in the next 6 months through the end of august our job is to work with congress and the administration
the states currently scheduled to release tpl contracts this year accounted for less than 12 of our (prioryear->prior year) state revenue
is it economically feasible even to have a private securitization market and that (would->will) take work from a number of parties not just ourselves
today we will review our financial and operational results and provide commentary on our performance in the context of our 4point growth strategy
so i dont think its just large projects slowing down with those couple (*->of) projects i think its the health of the rest of the business
branches being closed or reconfigured to optimize productivity migration of transactions to atms and digital channels among others
(*->could) you just speak to what you see (at->as) some of the key variables that could move you to the lower (*->or) higher end of the range still within the fourth quarter
and then he also says the terms of the settlement in no way change our business model as a direct selling company but simply build upon current procedures
of people that would be closer to the limit and those that would be right out at the max if you will and beyond and in our assessment
we believe the most likely paths the state might take are to negotiate a contract with hms as the remaining bidder or to cancel the procurement and initiate a new process
yes well okay so believe me and you can imagine brian knowing us as well as you do that we have a similar level of discipline in every one of our operating groups or segments
despite these hurdles we continue to improve the pace of new implementations and have better aligned the internal account management sales finance and operations teams
which accounts for the uncertainty of the audit volume and additional capital that will be needed to carry cms receivables for periods considerably longer than currently required
this is a very positive outcome as it avoids the time expense and distraction of a trial which was scheduled to begin this month in texas to be followed by one in new york
we expect to see the usual seasonal pattern of stronger construction activity in the second half driving volume plant utilization and earnings during that period
settlement and the requirements under the settlement and then we have clips from a video that herbalife had prepared and released the same day to its distributors let me give you a little bit of context on what herbalife is trying to do here
combining technology with personal service is (the->a) new reality we (discussed->discuss) our investments in the last few years in appropriate technology for our manufacturing logistics and retail networks
okay and that actually brings me to my second question with some of your comments more on (pall->pal) mall because it does seem that that brand has been facing an increased amount of pressure
on balance youre probably going to see the outlook for credit to grow a little bit faster the demand is certainly going to be higher this year given the degradation in farm income and some of the restructuring on operating lines and the use of
and then either being an early adopter for the new church management modules that we built in the fall (were->or) waiting to get those implemented in general availability next year
through the terminals and out of the terminals faster we havent invested a lot of money there yet so theres still a laundry list of opportunity from productivity (and->*) investments productivity opportunities we havent converted
to see if i could clarify some things on your backlog so if you look just at your wholesale backlog and the color that you provided that increased by
and (wed->we) look forward to hearing more from mondelez when they report second quarter results next week (ali->aley) just a view on the strategic logic of the combination so your issue sounds like its principally
dollars of product a month in order to keep their qualification and many do it on an automatic basis and design their purchases so that they purchase no more than they need to in order to qualify
to start with conglomerates (in->and) the companies that (confirm->conform) them have been identified and we expect that in a few weeks an official list of conglomerates will be published by the (superintendency->superintendents) of finance
which basically levels the field in the sense that (porvenir->or benir) will now be able to invest up to 8 of its total (administered->administer) funds
but i cannot comment specifically on that until we do (the->a) deal so its certainly a segment we would like to have more exposure to but its all about doing the right deals
and it could have been more or less kind of depending on the weather in general if its (dry->try) all the way through christmas we tend to just keep moving along and it could be substantially different than what it was
thank you thank you for attending our call today i want to thank our customers our employees and our investors as hms continues to focus on containing (healthcare costs->health care cost) in our nation
with regard to the consumer portfolio we could see increased pricing competition as the improvement in quality of consumer loans consolidates and a more dynamic growth increases the share of newly priced loans in our mix
you got to sell it to a very large number of people you dont know you have to sell it at a profit to the price you bought it from herbalife and then you have to get their name address phone number email address and you have to have their signature
has an opportunity of creating more incremental margin even though for the state department it may be somewhat lower than the margin we get from selling at retail
so i do think that the market is changing and the competition would like to get back to the kind of earnings that they were making 10 years ago instead of over the last theyve gotten used to over the last 5 years
(*->the) increase in rental revenues was primarily due to an increase in the amount of equipment on rent as well as an increase in rental rates that was partially offset by a decrease in time utilization
but then in (their->the) hierarchy of churches in one denomination the larger midtier or the larger megas might be the only ones that would have a centralized
for the entire time that we were making product for itg so when you go through the calculated net price realization that is something that we wanted to provide some color on because i think
but we are now lapping the impact of those positive tailwinds on industry cigarette volumes and we are seeing industry volumes returning to a more normal rate of decline
and the people who run our lining businesses certainly are asking for that capex and that equipment so that they can expand their business which is a good thing which is a really good thing
as discussed previously we and our alpha client have been extremely pleased with the accumulated results which generate higher finding rates than the usual postpayment reviews
requiring consolidation in the vendor community and we think we have a competitive (leg->lag) up i think the other part that gives us a competitive
if we were to look at our sales last year wed see a significant number of expansions in our customer base to start working on their medicare line of business
and secondly it also contradicts the key claims that the government (had->has) made in both of the cases where it argued that it was acting in the best interest of fannie and freddie by reducing what the company would have otherwise (*->owned)
our efficiency efforts should be reflected in operating margin improvement over time as legal costs normalize and we begin to see the full annual impact of our expense management activities
space as (you->youve) heard this morning is a game changer for churches and a massive opportunity for blackbaud we also continue to execute against our 4point growth strategy
reynolds american had a very successful first 9 months of the year with strong financial performance across each of its operating companies along with the successful completion of our integration process
and then this analysis doesnt assume kind of further regulatory action by other us ags by international regulators and doesnt assume theres any knockon effect on the international distributor network
in addition both newport and natural american spirit made another impressive showing in the marketplace and together with higher pricing in both cigarettes and (moist->moi) snuff
is that due to customers buying multiple services within cob and program integrity or is it due to new relationships or existing relationships starting off with a bigger set of membership
provider feedback can also cause the pace of recovery work to be slowed and finally even though we are using new technology tools to speed up the onboarding of client data
to get their capital improvement projects out on the street weve never seen a problem at the local level (*->of) when they pass a local measure of them getting the money out in the street within the next 6 to 9 months
meanwhile although we (have->had) yet to generate the expected results in the powdered juice business which accounted for the lions share of our indonesian business
the forecast for all income levels are unchanged this slide shows the factors affecting full year operating income
even though (were->we are) just ramping up for this new business we have already processed double the amount of aluminum we processed last year at our toll processing (operations->operation)
the material decrease in the volume of home sales has become apparent within greater toronto and the surrounding areas as buyers and sellers react to the ontario fair housing plan
so we dont see that continuing on to the second half of the year and then just with the additional claims experience that we are seeing here now in the first half of (the year->*)
we therefore have high hopes for this new market if we can enter the european market from a base in england we see potential to build business
(*->but) we think our products emphasizing health benefits such as (ramune->ramoni) i just mentioned will continue to become more popular with consumers
turning now to carbon (and->*) steel prices continued to be under a great deal of pressure in the third quarter mainly due to continued record high import levels in the marketplace
finally we were excited to launch our student engagement and retention analytics tool in the fourth quarter and hope to share any relevant updates over the next few quarters
would your typical acquisition target though be a company that probably wouldnt want to sell at the bottom because
in february we announced an ambitious strategy for the next 3 years which we have significantly increased the level of (investments->investment) in the business
however the changes may also result in incremental lending opportunities within the alternative mortgage space as large lenders are also affected by revisions to the guideline
to support that effort we are investing in our production network including the earlier mentioned realignment of our production bases in japan
thereby increasing sales and profit from each core brand and strengthening each brands foundation while expanding its reach
as always we will continue to monitor (our->*) performance at all of our businesses not just those servicing the energy market and take appropriate (actions->action) as warranted
overseas business is another growth domain but as you can see the road hasnt been entirely smooth lately
and we believe we have the processes and systems in place to mitigate those risks and we have a very consistent structure in place when we open up a new community
and the expectation of increased volumes as we approach the time bar and any potential additional (remediation->mediation) arising from continuous improvement of the groups operational practices
loans that includes earnings that includes the (dividends->dividend) so thinking about going forward that is one of the considerations that we take into account
and will transition all administration to silverscript early in 2017 the net proceeds from the sale are expected to be offset
well we do have plenty of news today dont (we->leave) but before i speak to the upcoming changes in leadership here let me touch on a few of the quarters business highlights
were confident these new surgical facilities will result in an increased conversion of our current marketing efforts as well as provide additional marketing opportunities
more comparable to next quarter which is why we tried to give you enough information you can make whatever adjustments you deem fit depending on what youre doing with the adjusted numbers
and i believe that we are well positioned both from a competitive and operating standpoint to serve and educate current and prospective students who are (primarily->primary) adult learners
potential revisions to (osfis->offeas) underwriting guideline b20 could serve to further curtail market activity and reduce the pace of home price increases across the country
different products now theres preferences okay obviously wed like to be a little bit more heavy in the like the aluminum plate business in the southeastern market
we continue to review the best opportunities to utilize our cash while also keeping in mind that we are in a cyclical industry
and ive assured my husband there will be no round 3 but im fully committed to making a seamless and successful transition with (debra->deborah) over the next few months
we remain committed to expanding business throughout southeast asia with products supplied mostly from our indonesian plant
once again our operational performance was outstanding despite significant industrywide challenges that continue to put pressure on metal pricing
as we process the metal for a fee without taking ownership of the metal this provides consistent returns and although toll processing represents a small portion
our capital investment plan is focused on strengthening our earnings base and we will proceed steadily in small increments
based on our strong sales performance to date and assuming a continuation of todays housing market conditions for the remainder of the year we offer the following guidance
mean its been more than 18 months that weve seen very very favorable and even improving trends i would say and now what i think you have is a little more stagnating trends
our company as well as a lot of the services (that->*) and processes that weve developed they lend themselves very well to other educational institutions and (so->*)
while maintaining the characteristics of livability as with passport the new products were extremely well received by our associates
given some of the lets call (them->the) macro uncertainties that weve seen is there any early preparation for ifrs 9 i know you have
is either reduced or 0 so it cannot be better than today if you look at it today dtac has a whole range of frequencies
after a hectic last quarter of the governments fiscal year ending september (30th->30) we expect the process to start again in november
driven by the success of the various initiatives and investments i just discussed and supported by consistent levels of prospective student interest for our programs
selling expenses as a percentage of home sales revenue improved primarily as a result of operating leverage realized related to advertising (costs->cost) and increased revenue
for over 10 years geographic diversification opportunities outside of western canada have been sought to significantly enhance our future growth opportunities
where (you will->youll) also find our press release which contains supporting details including reconciliations of nongaap information referred to in the release and on this call
also please note that on april 11 our management team will be hosting an investor day in new york city institutional investors and analysts are encouraged to (attend->intend)
we are incredibly proud of this honor and believe it is a true testament to our systems and processes which have allowed us to grow in scale over the years
have both delivered strong performance since we acquired them last year and both have made significant contributions to the execution of our balanced growth strategy
so if we look back a year or 2 we had a much larger portfolio of preferred shares and common shares which dont qualify as highquality liquid assets so there is
(in->and) about (19000->1900) outlets so thats a quick look at our operating companys achievements in the latest quarter and over the first 9 months of the year
our expectation is that each of these markets will perform at a high level produce results consistent with our existing communities and will be accretive to our operations
nonetheless our general consumer products fared very well overall the yearonyear decline in sales primarily reflects the impact from the closing of a business at one of our subsidiaries
we appreciate your continued interest in lgi homes during todays call i will summarize the highlights from the fourth quarter and the full year after then charles will follow up to discuss our financial results in more detail
the parents free cash flows as we define it results primarily from the dividends received by the parent from the subsidiaries less the interest paid on debt and the dividends paid to torchmark shareholders
to our customers for the possible future regardless of the outcome of the upcoming spectrum auction our network is and will continue to be the foundation of a marketleading revenue growth
we have made and will continue to make significant investments in our businesses that perform toll processing work for the auto industry as this is highly profitable for us and we have no metal price risk
operating as a public company we believe it is very important to execute on the guidance that the company provides to the market for the third year in a row i am pleased to announce that we met or exceeded our guidance in all areas
the positive news in canada for the most part in that and for the most part we maintained our strong customer base what we experienced was a decline in the volume (for the->from a) number of our existing customers and in time we would expect that to recover
so we think we may see some homes closing at a slower average sales price and a customer selecting a 1400 or 1500 square foot instead of a 1600 to 1800 square feet as one of the offsets to rates increasing
he will have responsibility for all of nobilis operating units nationally and will continue to focus on executing the (company->companys) strategic plan (kenneth->anneth) is a proven leader and has played a pivotal role in executing nobilis growth strategies
it most probably will be somewhat lower than our regular margin because of this fed bid but what it does is it creates having said that it has a very major positive impact of creating an overall
if it doesnt look that much different to (end->en) q3 so should i take your comments earlier to (mean->me) that some of the branch deposit growth has been so much stronger that you feel that you can permanently
and providing them with a customized experience as they explore (our->*) program offerings (and->in) courses and evaluate our universities as their choice for education lastly we continue to develop and enhance our overall mobility capabilities
and we attribute it to be the money that we (spend->spent) on capital equipment weve got excellent quality (that is->thats) going out i think much better than many of our competitors do because they havent spent the money on newer equipment
to mitigate the volatile factors that impact our industry and are beyond our control we are proud of the exceptional execution by our managers in the field our effective working capital management and consistent gross profit (margins->margin)
our business model positions us well to increase our market share in the current environment as our customers typically place orders for smaller quantities on a more frequent basis when metal prices are declining
as a result of the higher policy obligations we now estimate that the underwriting margin percentage for our direct response operations will be in the range of 17 to 19 for the year
(*->experiencing) that to (*->a) certain extent but at reliance our diversification strategy that weve tried to build company around we think helps mitigate that offset because weve got positive (on->*) markets with growth at the same time that were experiencing
but i think what we saw in q3 was just a more drastic trend than we had seen in the previous quarters but this has been going on for about a year and i expect at some point i dont have a clear indication on when thats going to end
theyve already had that spectrum for 25 years it doesnt help them to keep it for another 6 months or a year it just i guess harms them less obviously if they dont get the extension (and have->enough) to shut it down then they have a substantial amount of 3g capacity that theyre losing
in the third quarter last year we completed the acquisition of northern illinois steel supply and all metal services followed by the fourth quarter 2014 acquisition of fox metals and alloys
turning to energy that being oil and natural gas our third quarter (volumes->volume) sold (and->in) our businesses servicing the energy market actually increased a bit from the prior quarter mainly due to normal seasonal patterns in
because metal prices (decline->declined) more than we had anticipated in the 2015 third quarter as compared to the 2015 second quarter we increased our estimate of our annual lifo inventory valuation adjustment
the way we intend you get that into your pricing over time (*->now) some of these deals are under contract for a period of (1->*) year or 2 years and youve got to wait sometimes to get the escalation in price but we do have annual price increases that in the end should cover
such as (hichew chocoball->haitu chuckable) and (ramune->lamoni) to (get->*) our products into a wider variety of sales outlets and channels we are providing our brands our most valuable assets
are able to take that new structure and go to market much more effectively than we could before so our goal is to grow the aum here and if we have great opportunities to add an acquisition to this equation we (will->*) absolutely look at that
with the prior quarter our exposure to heavy equipment also includes sales into the (agricultural->agriculture) equipment market which has weakened recently but has not impacted us the same to the same extent as our oems (on->*)
much better quality financials from the company at which point we might need to consider (a->*) restructuring of those loans and once those proposals and discussions have happened we would be able to understand
in summary we are very pleased with our results for the fourth quarter and the full year of 2016 we are poised to take advantage of continued growth opportunities in new and existing markets and believe we are well positioned
demand across the industry remains encouraging driving incremental investments throughout the year to support and serve that interest our teams continue to innovate and collaborate to adapt to the everevolving regulatory environment
as well as in the regulatory support behind them and youll hear more about the companys (innovations->innovation) pipeline in the coming months (niconovums zonnic->nikanovamsonic) nicotine replacement therapy gum also continues to perform well
this is consistent with our overall objective of sustainable and responsible growth that balances our operating and financial goals with our commitments to improve student experiences retention and academic outcomes
margin dollars from our carbon (and->*) steel operations largely offset our pretax income losses from our energyfocused business reflecting the importance of reliances diversification strategy
our basic strategy here to raise the efficiency of existing businesses is unchanged i would now like to present our forecasts for the current fiscal year
meanwhile the hot summer spurred such strong demand for our (ice box->icebook) frozen (desserts but->dessert that) production could not keep pace and we ran out of supply at the height of the demand season
okay and just to understand that for the fourth quarter where you expect a stronger rate of growth is it the incremental synergies coming through and i guess the absence of some of these expenses that leads to the stronger fourth quarter profit expectation
enabled us to meet the spike in demand during the hot summer months of july and august and post strong sales
its important to point out that prior year third quarter was very strong as we benefited from pentup demand due to last years hurricane impact
we also need to keep in mind that our marketing on (amazons->amazon) entails (a->the) compensation which is not reflected in the advertising expenses
(and->*) is in the beginning of a gradual shift from (*->a) growth stock to an income stock so thats the second part of the question
with our businesses across the rest of the country delivering very strong performance we are well positioned to benefit as the recovery takes hold
yes they should continue to go down same thing with our cost per case at the smb line
growth and favorably impacted both acuity mix and revenue per case compared to the same period in the prior year
in addition to the quality and satisfaction initiatives we expect to recognize operational efficiencies through new supply chain strategies
thanks jim good morning everyone the aerospace market continues to represent one of our strongest end markets from a demand perspective
the (in brand->inbrand) lineups in bar offerings also are enjoying steady sales in the wellness domain
we have a detailed publication and medical education plan mapped out for the next 18 months to support the global launch
for healthy ingredients and nutritional functions and be suitable for sale at a wide variety of sales points
downward pressure on both pricing and activity levels due to low oil prices and the related reduction in drilling activities
the financial results for angels were in line with our expectations (and->*) were happy with their performance and the integration process to date
the lower growth rate in this portfolio more recently is consistent with our strategic objective to deliver balanced growth over a full cycle
when youre considering you can spend your money on the frequency bandwidth or you can spend your money on
and i think that our board believed that the company was doing a lot of the right things and (where->*) we were
the recent acquisitions were kind of the primary growth drivers in the quarter correct me if i heard that wrong but then when you were citing the business lines
our forwardlooking statements advisory is found on slide 13 and the agenda for todays call is on the second slide ill now turn the call over to chris
these key initiatives and areas of focus for the company and (i am->im) pleased with the motivation and enthusiasm of our team
ill conclude with a reiteration of our goal to drive doubledigit service growth via a combination of organic growth and (acquisitions->acquisition)
we are putting considerable effort into the ecommerce channel but we are not giving up on brickandmortar outlets
given strong underlying demand pricing for aerospace aluminum plate has increased with 2 price increases announced this year
the impact of the july increase in the bank of canadas overnight rate was positive but not significant as it occurred relatively late in the quarter
the state department has put it on this fed bid which makes it that (youve->you) got to bid on every one of the contracts and (*->i) what it has done is
do you do any preparation in terms of purchasing or not or do you just wait and see what happens with the announcement
but until then were maintaining our policy that were better off with our competitors not knowing how much subsidies were doing
our capital investment plan includes realignment of our production network to strengthen our foundation for the future
a presentation where we graphically represent key trends and key numbers for the accounting period
among our other business segments the real estate and services business shows a rather big drop in sales
our board amended our share repurchase plan and increased the authorized number of shares available to be repurchased by 75 million
many of the new hires were made to support traditional growth a fair number were hired to support an unusually high level of large inhouse
id like to draw your attention to the results of our overseas business which we regard as an important growth area
(then->than) the likelihood of (you are->your) sitting on the sideline for a period of time until your results are where your expectations lie
in the distribution segment our prior year comps were tough as last years third quarter was a very strong quarter for distribution
finally down in the lower left historical cost of deposits we were able to lag during the cycle but (if->with) the fed funds rate increase
net income we are expecting higher revenue in the second half than the first the revenue growth we also expect to increase (in->*)
the main reason for the increase is the full quarter revenues on the 4 container vessels on (charter->chartered) to (evergreen->ebbe green) which were delivered (to us->towards the) end of may
if theres an opportunity to obviously enhance the breadth and depth of our programs the degree levels as well as the programmatic offerings
which are still primarily driven by our underlying operating performance and the number of revenue earning days during the quarter
this slide introduces our main wellness products which we consider a key growth domain
why we still have very high cash capex not that we (arent->are) continuing to invest we are were still expanding our fiber footprint but at a lower pace than we were
that would be a big (a->*) priority of ours as well and (yes and->*) as we said before we continue to be very active (and->in) looking
or do you think itll follow along your typical seasonality where you have most of the procedures done in the fourth quarter
did you say that you saw construction equipment orders from your perspective or demand (from->for) metal picking (up->*)
is whether the subsidies in the first quarter of next year are larger or smaller than the amortization thats going away
and thats what we have to deal with how do we convince new people to come in when we say when we give 20 discount (price its->for us is) a major thing
however as highlighted previously our teams in the field did a great job of maintaining and increasing our gross profit margin
mainly due to recent announcements about slower growth in china resulting in even further downward pressure on metal pricing
design centers and delivery centers were closed anywhere from a couple of days to more than a week with an effect on both written orders and net delivered sales
partially offsetting these were cash outflows related to our teachout campuses and payments associated with legal settlements
well you also have to look at the etiology of that ar and then layer on top of that the seasonality of our company
third we implemented a new student contact center technology that is significantly more efficient and effective in serving prospective students
we believe this effort to expand consumer (touchpoints->touch points) will drive sales growth in the future
and commercialization through a commercial affiliate that would have a small focus sales force
were moving away from that strategy so (*->i) hope that answers your question then there were questions about the campaigns and
we also incurred a charge for the writedown of unamortized financing charges related to the early extinguishment of our term loan
although a negative for current profits we regard (the->this) spending as an investment in (morinagas->moorinagas) future
and those expansions covering either a new entire new line of business or (a->*) significantly larger field of play from an audit perspective so thats part of it
and id remind you here of our significant debt reduction 2 dividend increases and rais new share repurchase program so im very pleased with the way this year has progressed
a client may have other concerns in their medicare line of business where they choose to put a pause or a temporary halt on increasing the audits
appetite to work more with hms is that coming from an aggregation of accounts to a single vendor is it looking at new areas for cost control or is it really turning over work that
so for sure yes part of the comparison between this year and last year will be a thing of reclassification but then some part of (*->it) will also be a consequence of an improvement in the quality of the (*->loan portfolio)
showed that the logic for the net (worth sweep->worst suite) was at least in large part due to wanting to prevent the companies from recapitalizing themselves when they (become->became) profitable and ultimately
we currently expect first half commercial revenue to be consistent with our full year growth projection in the range of 18 to 20 but also anticipate that incremental growth will be heavily concentrated in the second half of this year
i do think the maturity of the crop if you look (to->*) yearoveryear is further (advanced->advance) so there may be some opportunity in terms of when these guys get in the field
win rate or continued penetration looks good so i feel pretty good about on that front (the->*) number of net new customers were adding were continuing to look for areas in the future where we can add payments capability to more of the portfolio
air products contributed (*->a) total return of minus 80 basis points for the quarter represents (*->and) again the numbers im giving as a percentage of capital are consolidated for the whole firm the actual numbers for the private funds are lower
we may offer to our clients so the pricing environment is very challenging but i think its up to us as a company to come forward with the
promised retail sales to consumers simply are not there selfconsumption is not driven by (genuine->generating) demand for the product but its the easiest and most convenient way for (a->*) distributor to get some benefit from the product (so->but) basically people are eating the product because they cant sell it
however it should be noted that certain initial engineering and procurement activities have already started on both (projects->project) on the back of a limited authorization to proceed by the client
not just the transportation bill so we want water power and transportation which is what was discussed that was going to be included in the infrastructure bill so certainly it falls right in line with our plan
confirm in every respect our longheld allegation that herbalife operates as a pyramid scheme that the only way that people make money is through qualifying purchases and recruiting others to do the same
now in most of these larger projects weve already handed them the keys in a lot of respects where they were they are now operating and required to maintain sections of the roads and the environments that are already open
moving now from revenue to expenses we identified cost savings opportunities and deployed (cost reduction->costreduction) strategies throughout the organization last year in order to make our entire company more efficient
many of the current implementations are program integrity products which often take longer than anticipated because clients have to be very specific about the clinical policies they choose to enforce
needless to say (we are->were) not there yet but it is safe to say that a recovery of the oil crisis years continues in an orderly fashion supported in higher private consumption and higher more stable prices of oil
so from our view to the market it really is (a->our) biggest challenge and (a->our) biggest opportunity which is to help them go through a digital transformation like every industry is going through
the third leg of the stool supporting our doubledigit commercial health plan revenue growth is the heightened interest by our largest customers in purchasing more of our products and services
and we are on plan against those objectives we also have exciting plans in place to further build upon this success and we are confident that our businesses will continue to deliver on our objectives for future growth
and we (talked->talk) some about the misleading income claims pictures like these (lavish->labvish) lifestyle claims are not going to be permitted anymore and its going to be a sea change for the way that distributors try to sell the (products->product)
we have made significant business progress in the first half of the year with a strong start to the groups latest strategic plan and we have again delivered strong financial performance and capital build
giving our customers the ability to compare their performance in key fundraising metrics against their peers this is unique to blackbaud these capabilities not only provide customers with performance insight
noticed that you had a little bit of an increase in some biz dev expenses in the quarter so if you could talk about how youre thinking about acquisitions or potentially where some of those targets might be and what youre seeing in terms of seller expectations
in the spring and hopefully soon will be that we will be hitting it hard on a lot of our local water smaller burn work and the intent there would be to ramp up (at->*) faster
so in short as shareholders we would find it unacceptable for an acquisition (of->*) hershey by mondelez to delay or derail the productivity and cost savings transformation thats underway at the company
we intend to remain (*->a) very disciplined in our approach to determine a strategic fit and valuation we focus for example on how targets would expand or complement our current product portfolio
so you can think of it and youve heard us talk a lot about the k12 market over the years where (we->weve) traditionally had fundraising and financials and digital marketing and payments and analytics and we added
and so were quite known to be so which means theres lots of inbound activity we do a lot of outbound work related to strategic planning by vertical market including potentially new
but we still think the program can be a strong one so we will take all of the factors into consideration when we as we plan our approach to the bidding process
massachusetts and ohio are the only 2 of our top 10 states by revenue scheduled to put their tpl business out to bid this year compared to 5 of the top 10 last year
customers are signing up for our early adopter program for blackbaud cloud solution for (faith->fade) communities and the church management components which will be available next year for general availability
projected to run out of money by the year 2030 we continue to believe cms should be more aggressively leveraging the capabilities of (racs->racks) to address systemic errors
theyve always figured out a way to do that and theyre already doing that as well so i dont see the local (money as->monies) being an issue at all and then i see (there will->therell) be maybe a little delay in capital projects which will be offset
(*->that) the company expects to abate such as the reductions in crude volumes due to the canadian wildfires in alberta and the company has projected an improvement in volume trends in the second half of the year
but it will expand productivity which will enhance their margins and then the second thing were doing is literally adding to the fleet and whether it is old drill rigs
this slide summarizes our internal management structure reforms (morinaga has->more in aga)
has allowed us to achieve sustained operating profitability much earlier than other companies preparing to launch their first (drugs->drug)
the typical seasonal trend is for the third quarter volume to decline 3 to 5 from the second quarter
any way to think about how those impact sort of core growth in the service segment i mean should we be bumping up our expectations
associated with closed schools will be reflected within corporate and other income taxes
meanwhile we plan to invest aggressively in our production facilities to improve production efficiency
these charges are presented in our table of nongaap net income and earnings per share amounts in our press release issued earlier today
if you look back at some of the stores that were relocated a few years ago like how long does it normally take how many years for those stores to get to
materially higher number as a negative revaluation the total negative revaluation in the first half
there are weekly department and team meetings to discuss the progress towards building a productive engagement with each new student
and continue to pursue optimal capital allocation strategies that are in the best interest of our students and other stakeholders
comprised approximately half of the balance of new impaired loan formations this quarter and neither of them require a specific allowance
another example of our focus on the controllable aspects of our business is our effective expense management
given our updated outlook that oil prices remain depressed for longer than we had previously anticipated
and as i mentioned earlier we expect to see improved productivity both in the short term as new technicians progress along the learning curve
based on these interactions we are even more confident in (inotersens->innetersens) potential to address the unmet need of patients
below our companywide pretax income levels as well as lower amortization expense from a portion of the intangible writedowns
at the next auction (but->*) assuming that there is (one->1) for the 900 would you also demand that you get the exact same treatment of course
with the exception of the greater toronto area and certain parts of greater vancouver canadian residential real estate markets remain affordable
utilizing our universal shelf registration statement we established our second atthemarket common stock offering program
to the product going into the automotive market i will now turn the call over to bill for comments on our nonferrous markets bill
the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information
going forward we expect prices for these products to remain fairly steady with current levels due to in large part
okay we really have to maximize our margin as best we possibly can and given our model with small order sizes
in terms of overall exposure when you think of the changes that have been enacted to attempt to cool the market
as well as our ability to make significant investments in new equipment and facilities to support this growth
but this reflects the sale of one of the businesses (to->2) golf courses during the previous fiscal year
so we will grow our cardiovascular and vein modalities in all of our markets appropriately
and does not directly reflect the dollar value of expected writeoffs given tangible security held in support of our lending exposure
obviously we have been focused a lot on this proposed deal over the last several months and no doubt its impacted
any further increases in the bank of canadas overnight rate would also be expected to have a positive impact on this key metric
in the existing business domain we are increasing our focus on core brands and products
i will explain this result in more detail when presenting the results for each products group
(and->an) increase in advertising costs owing to strategic investments and higher distribution costs
we therefore remain committed to developing a product portfolio that will meet consumer needs
you may now disconnect
over the years reliance has consistently demonstrated our ability to quickly respond to changing market factors
so obviously its in our interest to pay later rather than earlier and well continue to do that as we are
a business as usual (level->*) that will drive us to that profitability clearly we needed to make some transformational things
in the first quarter of 2015 sales to the aerospace market have increased as a percentage of our total sales
id like to begin my talk today with an overview of our first half results
we believe these are necessary actions to enhance our overall operating efficiencies and longterm profitability
in the following quarter or 2 we expect the same thing to happen as we progress through the fourth quarter and into next fiscal year
(fitting->hitting) what we believe should be the norm so that still gives us a certain point of concern
so that and then also because customers are buying smaller quantities they need (it->a) quicker
as such the net impact of the sale is expected to be immaterial to torchmarks financial statements
as you can see in the slide there was no direct negative impact on profits
im happy to report on the continued growth of our business the progress made during the quarter and our prospects moving forward
(is->*) where we had to draw the line and say no (it->*) doesnt make sense so it depends very much on what the rules would be
before i go into the segment details let me quickly review 2 of the adjusting items for the fourth quarter
that concludes our prepared remarks thank you for your attention and at this time we would like to open the call up to questions
we fully expect our investments to drive future revenue growth and contribute to positive operating leverage over the medium term
can we see the impact of those initiatives is that something that well begin to see in q2 or is that going to take a little bit longer to play out
we therefore continue to target an increase in full year operating income
were very excited to continue our steady progress towards this goal with that ill turn the call over to carolyn
we have a few communities now that we have one car garages available (that->to) keep the price point affordable
what i think we can say is that with the demand levels that exist which we still think are generally healthy
this slide summarizes our thinking on profit growth and capital allocation
we continue to promote sales through both channels as we expand our china business
fair assumption to assume we might see upticks the same in the first 2 pickups of the bank of canada
or (is->has) there just been a case where there hasnt been acquisition opportunities that have come up and youre happy to keep your powder dry
were going to move with lightning speed on this we expect to capture some significant revenue (in->and) ebitda in q4 from the vascular business
as we realized higher overall average sales prices and the benefit of managing our overall construction costs
was less than the weighted average cost of maturing broker deposits despite the impact of the price disruption early in the quarter
because we may have to just borrow it all right back again in a very short time period if we do not get an extension
(but->that) hopefully will later this year i will now turn the rest of the time over to david for a few other points on our financials thanks jim
that said the focus is now largely on the greater toronto market versus the rest of the country given the early signs of a slowdown in the vancouver market
why not use the (forwardlooking->forward booking) test year there i mean this case looks like its a little easier than your last case you didnt get a great
in addition these changes may drive some price softening as housing activity slows gradually helping to ease some of the affordability pressure evident today
these banks will do incomeproducing loans but they typically do them on investor properties not (owner occupied->owneroccupied) properties so
the way weve always looked at leverage again its not really by the ratio itself as much as it is by the runway before maturities come due and then by our ability to service the interest expense
paul ill turn it back over to you thanks carol we entered 2019 excited for the opportunity to build on the positive momentum generated last year
all they know is they have a piece of commercial real estate and frankly as you may be aware a small business owner walking into a local community bank
but how we might service it differently how we might provide technical support differently that we would be able (to->*)
its a pretty complicated algorithm but it basically prioritizes above all keeping the shipment together because
we are working with an outside agency to improve our marketing and outreach i expect these actions to start to show results by
and obviously at the growth rate volume will play a little bit of a role i dont like that to be the excuse for not driving productivity but i think if we do those things
and then the second question is regarding the va i understand from (some from->*) talks with some of your competitors that there (is->are) sometimes
our core businesses continue to perform well and were benefiting from favorable market developments profitable portfolio acquisitions and additional leverage
can you talk a little bit how much more capacity you have left when it comes to the hardox products thats the first one and also if you can sort of
then the benefit of the expanded product offering or the renewed product offering at costco
just a couple of comments pretty quickly with regard to our market and the strategic frame
as well as business process to accelerate the deployment of last mile fiber network to the premises of the customer
we have successfully applied big data and ai technology throughout the user journey (for our->from) user acquisition
european north and eastern us as one of the more challenged market areas but i think it fundamentally has not changed the way that we look at the business on that
that weve called out before but what i would tell you is they were more flattish and so we had improved margins for canada
about a 10 and that was just through normal attrition and we just didnt add any of those people obviously if (they->we) have a key position
and a portion some of the construction disruption as well as just the overall dynamics in the strip where other operators may or may not have a good
we are now working very hard to strengthen our capacity and capability in terms of human resources especially (indonesia->technician)
really bring us attractive cash flows and (a->*) good synergy to get towards public comps in some of the business services spaces
that we have markets in which we have stronger relationships with independents and that expressed in certain type of
how long does it take to ramp up those stores so that they reach sort of average run rate volumes for your store base
yes so as it relates to our automotive margins and we kind of as we talked about in our comments we have seen continued improvement
putting up a new building in switzerland in our wireless communication business in (in->warten and) western switzerland
(dropdowns->drop downs) can you talk about the parameters you have to potentially accelerate what you do in terms of dropdowns and remind us what your longterm
but of course in a relatively small part of the overall store then began to roll out into other parts of our business
in the first quarter we continued to see the benefits of (that->the) transformation programs that we have started already several
as i have just mentioned (jianpus->gmpus) cooperation with financial service providers is becoming more diversified
try to stay ahead of the game (and->*) ahead of the referral opportunities so i think that we did a lot of
we continue to review performance by store its against (a->the) menu of options considered to improve that performance when less than desired
we were able to leverage the skills of our gmfs the residential business (that stand->thats down) in that area to help underwrite and
(*->a) reasonable outcome in your next rate proceeding i know youre still trying to get the final order here we should expect
a general discussion of the risk factors that could affect (jianpus->genpus) business and financial results is included in certain filings of the company with the securities and exchange commission
(what->*) i think as we said (the->*) last time we met (that->*) we are investing now in mobile to take up capacity with another (100000 tonnes->100 tons) and i think
of our customers is one of the fundamental reasons for our consistent performance this is a key point of differentiation for us in the marketplace
(acquisitions provide->acquisition provides) a variable income stream supplementing the stable spread from our lending business with sometimes outsized returns as occurred this quarter
although this does not represent a run rate for the business it is an important indication that our ongoing focus on cost savings and efficiencies is getting traction
so good morning and welcome to this presentation (of->*)
guys like me dont spend on optimism (*->and) i think you actually have to see some things happening which will give you maybe that increased confidence
such forwardlooking statements involve known and unknown risks uncertainties and other factors that may cause the companys actual results in future periods to differ materially
this has allowed us to rapidly expand the penetration of our big data and risk management services
this was primarily due to favorable contract restructuring efforts lower costs improved asset performance and higher natural gas prices
look i think anybody who watches whats going on in washington whether its tax reform or regulatory rollback
we believe with this (colonic->chronic) release formulation we have the potential to see greater and faster pain relief in this patient population
you never know what comes down the road but certainly not top of mind for us at this point of time on the management changes
our informal relationships with third parties the dependence of our future success on the general economy and its impact on the industries in which we invest
this new business is an excellent strategic fit for aag and were excited for the opportunities we see in the netherlands and belgium
second theyre going to be smaller stores for sure and the way theyre going to be smaller is to use technology to enable
for the quarter and i used the word traditional advertising not the advertising now that we are doing through all the digital mediums like amazon
as you know the brand rolled out a 10count mini (lozenge->lovenge) in selected stores in the third quarter and this style is now available
we continue to focus on opportunities for efficiencies and reductions in higher overhead levels of our recent acquisitions
so we have nothing further to add on the call today however we said from the outset that our goal in bringing the lawsuits
results also reflect less provider abrasion better cash flow for our customers on top of the improved results
the companys own disclosures and whats interesting is the company has spent the last several years saying everything that we said was totally false
it is appropriate to note that this trend shift was partly a consequence of digital innovations designed in our digital labs
how many of those youve touched kind of in the last couple (of->*) years in terms of maybe relocations or redesigns or anything like that to give us a sense (*->of)
but how pronounced it would be and how notable it would be well be able to provide guidance on that when were a little bit closer to it
i know that the initial push or at least my perception was the initial push of that was to get more revenue in your top line quicker
it may surprise some but our optimism is growing (and->that) our country is poised to invest significantly in domestic infrastructure
and if the environment that (they are->theyre) in cant reach those minimum thresholds then they need to keep moving into an environment that can
its a little bit early because this was somewhat of a learning experience for both sides
(vibe->five) offers more liquid than the brands previous products and also has a more powerful and longerlasting battery
and given weve had the paper on the calibration of the pillar 2a do you have a sense of where that buffer will go to (on the->under) stress
assumed that the settlement was a huge win for herbalife were (now->not) going to go to a video clip let me just introduce it before we begin the clip
this morning ill provide an overview of our first quarter performance and also discuss activity within our regions and current market conditions
this will be more than replaced beginning in the december quarter when vulcan (materials->material) starts mining and paying royalties
and in the local regional markets those regional players dont have the large capacity
individual provider error rates would have to be more than 50 to get above the old 2 limit
now theres a component where you basically (the->*) company has to teach distributors how to run a business and how to account for profit and loss i think
we can increase scalability and are able to react faster to opportunities doubling the frequency of new releases
the profit performance of our acquired businesses beat our expectations generating solid incremental margin contribution
id like to now return to the very positive and exciting growth we are experiencing in our commercial health plan business
the church management new modules that weve built will fit all sizes of the church
and with newports integration now behind us this is an appropriate time to lay out our leadership succession (plans->plan)
i think what youre going to see is theyre going to pack their bags and go somewhere else where they can go do some large design build work
and does that imply that in future quarters we should see some sort of similar expansion
the connection of subsea field wells is ongoing and is expected to complete by december
although a new market our ability to engineer and execute (challenging->challenge in) marine operation was crucial
is there any way you could give us i guess a little bit of guidance on whats expected from that project in 2019 (if->*)
as weve described in prior calls the declines in sales in the legacy (iglo->iglu) markets have been driven by
in january of 2013 a few weeks after our presentation look at what theyve said to their investors look at the impact that its had on the stock price
but the good news is by having those cases continue to be in the relevant jurisdictions rather than under one case
in our costtoincome ratio and creating even greater capacity for future (investments->investment)
the success of our ink to green initiative is another significant contributor to our health plan growth
this strong performance in the first quarter has us hopeful that (mondelez->mondelezs) operational transformation is successfully underway
we went back and looked at the last 8 years just to give you context for this (*->years) first years half redemptions this years first half would be sixth
that is something that we start to see consolidating and (that is->thats) something that does change compared to what was happening in the past
(costs->cost) that came through in third quarter and certainly were concentrated in third quarter with some of the things that we were doing so
because weve already got the healthy states weve got the local weve got the big propositions those are all that are going to be the growth environments
i want to comment briefly on the announcement we made last week that we settled the pending litigation with public consulting group
and then how this may be limiting (uptrading->up trading) or the (privatization->premiumization) trend that weve been seeing for so long
and then also putting that aside could we see a contract extension for the current contract
do anything with that cash balance resume share repurchases or other activities
as we have often said we believe we are only in the early innings of the health plan growth opportunity
can only be met exclusively through profitable retail sales and sales to preferred customers the same bucket of transactions we talked about
individual pieces that are going through and their condition or their age the overall used equipment markets have been generally favorable
and wholesale inventory changes did not have a significant impact on our operating companies in the quarter
so i think youre going to see layne and we call it now water and mineral services in granite thats going to be a very healthy environment on margins
as weve increased our margin expectation certainly on the work that (weve->we) procured over the last 12 months that margin has increased
was to defend our intellectual property and to protect our trade secrets and those objectives were accomplished
and what weve done is weve been able to identify who has to be called first and who we can call later
when you take those into account combined to a positive view on how colombia is expected to evolve
as it has a liquid aftermarket drives our highest margins and fits well with the most active market segments we pursue
given the recent news on the economic front we expect to see profitable growth in this portfolio during this third quarter
including our entirely new church management capabilities that we built natively using our sky platform
these contracts are the tangible sign of our capability to successfully operate in the region
the way it goes is once we hit stabilization
please refer to our most recent form 10k and other sec filings for more information on those risks
as we continue to build our companys businesses and execute upon our successful strategies now in place
we will be providing more detail in that regard at our upcoming investor day presentation in new york next month
certainly we are cognizant of the macroeconomic data points that have created global economic growth concerns
there are 2 ways that you can get results from a digital strategy on the one hand you should generate more revenues
our sky business intelligence (*->and) reporting capability our payment services for credit card transaction processing
what we believe is needed to provide benefit in patients with huntingtons disease based on our extensive preclinical data
tank manufacturers and wind and transmission towers demand for this quarter remained fairly steady
and (there will->therell) be a little less amortization expense going forward pretax should pick up a bit because of these closures
for both phases of the recent dif transaction with the one back in november and the one we just did in the second quarter
these statements involve a number of risks and uncertainties that could cause actual results to differ materially
demand for semiconductor plate has been strong and is expected to remain steady for the balance of the year
rough feel for 2016 capex at this point and any commentary you can make on working capital as well
looking forward we continue to proactively monitor all accounts as well as developments within the residential housing sector
i dont think many analysts have allocated much value to our financial investments and ability to generate value out of (that->them)
weve been diving into our focus on efficiency and expense control that process is going to bear some great fruit as we look
and origination volumes were maintained at levels consistent with our strategic growth objectives and established risk appetite
i should find a percent i dont know but nearly all customers either agree to have a limited number of gig per month and then
is there any change in the competitive environment over the past 3 months which i think we can safely assume means the mobile
so my long answer is i think some of the growth and some of the wins that weve had would be built into that normal rate
as we also discussed on the last call and for the following reasons we believe (the->this) shortfall may be temporary
and ocean freight arrivals were delayed into the port of houston for products (enroute->and route) to our oklahoma distribution facility
relatively old stock loans where as i said we have undertaken all necessary steps to recover
and progress within our corporate alliance partnerships has led to an increase in student enrollments in these areas
we are steadily pursuing this core strategy for (our->*) existing product domains
which continues to offset much of the impact on our profitability from the weak pricing environment
in addition base prices have dropped by a few discount points due to a heavy influx of import products
and as you can see none of the major competing products has a particularly high market share
capital investment is going to play an important role in (morinagas->moorinagas) future growth
general and administrative expenses partially offset by an increase in salaries and benefits
we expect to start shipping for the first of the 1100 homes in the fourth quarter
would have an impact on whats been in your book of business in recent past
(*->moderately) negative but we dont see it as significantly negative to that business and really its because of the
as (we->weve) said before we individually adjudicate each loan and focus on (goodquality->good quality) borrowers in this segment
here we saw a dynamic where the growth in our retail business more specifically in the post bank
and initiatives discussed above first we continue to roll out additional courses under our (intellipath->ntelo path) format
so independent of anything were working on in terms of automation or process improvement youre going to just see time in the seat (is->thats) going to help these folks (both->*)
these factors are outlined in the news release as well as with documents filed by the company with the securities and exchange commission
last year the focus has been on having our interior designers qualify for live chat
to allow us to continue to opportunistically repurchase shares when they are undervalued and we have available cash
some of that business (as->is) spot business what we call transactional business that would be a customer calling in
(and he->andy) brings to the position as president a strong reputation for growing and executing on our business plan
strong earnings growth primarily reflects 8 growth of total revenue and a lower provision for credit losses
to support exceptional client experiences and acquisitions to expand our future growth opportunities
and disney and live chat by our designers should result in increased online sales
despite these positive contributions first half results fell short of plan
i think i (would->will) share with you (with->*) some general views
which is expected to reduce both volume and profitability of our energy businesses
i would say the more normal level and by the end of the quarter were back to what would be historic
so that deflated our operating cash flow in the first half as well
meanwhile in europe we have begun test marketing in england and other countries
(were->we are) strengthening the foundations of this business by shoring up its major brands
as we took a proactive approach to resolve positions within our small portfolio of loans to oil and gas producers
in particular we are putting considerable effort into the development of human resources
can i just follow on that for your mobile campaign most of the cost is sunk (or->of) fixed
as for the (vlccs->vltcs) we expect earnings on these vessels to be significantly stronger in the fourth quarter
(*->the) second is that we have been we have gone through the transformation continuously of many of these retail
that brings me to return to shareholders the last slide in my presentation
based on how aggressive youve been really this whole year on the share buyback and how the board (has->is)
next question is how much of the sac cost is still left on your balance sheet
obviously be your stance is that it has to also apply to your previous as well
so (passport->past food) had no impact on the retail (backlog->background) it had basically more at the wholesale level
first thing i (wanted->want) to do is address the news from yesterday about our termination of our merger agreement with (entegra->integra) bank
i would like to (add to the->echo) gregs comments about how proud we are of our operational execution during the quarter
merchandising manufacturing and technology was also a major focus of the convention
given our significant inventory reductions during the year we would like to point out that our (tons based->tonsbased) churn rate
its largely dependent on the number of brands and markets that we have active (but->*)
fell on the weekend this year was that a meaningful impact in terms of
with inspirations from many places in the world uptown as the name implies is more formal
both price increases announced this year have held and the product is in tight supply
we have carried out various campaigns to sustain brand growth
(or 2->*) but we kind of felt the pain with the hiring and the (startups->startup) into the third quarter
this partly reflects the fact that broker deposit pricing was relatively low prior to the market turbulence
some of our other life operations (in->*) american income and liberty national as well as
so we hope to revert with that once we have finalized the longterm arrangement
at the same time we (were->are) also making floor samples on our new passport collection
these statements are based on assumptions made by and information currently available to career education
also contrary to our expectation for local consumer behavior indonesian consumers
(that->*) amount (*->sorr) sorry if we have assets that weve already impaired or
and once again we can talk about the broader portfolio strategy on camel in november as well but
by completing these strategic acquisitions we expanded our sound platform for growth that drives granites diverse portfolio as americas (infrastructural->infrastructure) company 2018 proved to be a year of significant evolution for a company that is nearly a century old
theyll ask us to look at that so its really its a little bit of a 2way street a lot of our opportunities come from clientdriven needs that theyre talking to our account management and sales team about all the time
which was paid on october 3 this quarters dividend increase follows the 167 increase announced in february and is the third dividend increase since we completed the lorillard acquisition last june
we also experienced a much higher level of closings in the second half of last year which will start to hit revenue in the middle to end of this year and cause health plan revenue to again be heavily (back endloaded->backend loaded)
so there are 4 categories of transactions now that distributors can be compensated for by the company that they can get multilevel marketing compensation on (theyre->their) sales to people in the preferred customer category
the solutions that run the schools that was through an acquisition a little over 4 years ago this is equivalent in that it is the modules that run the operations of the churches but we built it from scratch in sky
in conclusion we still have some backfilling to do at some of our warehouse locations as a result of the inordinate amount of tenants that have vacated over the last 8 months but are making positive inroads towards higher occupancies prior to yearend
what ive done is extended an offer to extend the current agreement for 12 months to give us time to rebuild some trust between the parties to give us time to get these pilots out into (the->*) workplace to make sure that they prove out and they do what we think theyre going to do
as well as the benefit from mbna for the full year i now expect the margin to be in line with h1 and over the longer term in line with our previous guidance i continue to expect nim to be resilient through the plan period
that the financial system is looking at the judicial system to see how this case is finally decided how banks make out at the end because that is really crucial
with respect to our consolidated performance during the quarter these are the main highlights first we were able to maintain our nim both due to a solid performance of our nim and investments and (*->due to) our ability to cut cost of deposits
in medicaid coordination of benefits and the other work that we provide so we have a very significant competitive advantage to some of our competitors in the program integrity space due to that consolidation
in terms of what our large customers are telling us over time theyre going to look to consolidate vendors and deal with less vendors so we believe as a vendor of size and providing a broad suite of products
we have continued to work with cms in the face of these challenges because we still believe rac auditing is the best way to curb waste and abuse in the medicare program and to preserve the trust funds for future generations
we are poised to deliver on the promise of the product category we anticipated when launching durafit our objectives in 2017 in this market segment are to continue to grow the durafit brand and support the market penetration of our new downstream partners
thats another opportunity for us on the train length side on this network so several of those are out there in the coming years well be working with our customers to try to convert them from a productivity standpoint if i look at other opportunities of productivity we havent talked about it yet
(debra->deborh) and i have worked closely over the past 2 years and i am confident that (debra->devorah) will successfully build upon the strong foundation for our businesses that we have formed together following the lorillard acquisition
on the labor front we continue to see average unemployment to be around 10 and we expect it to continue to be around those levels and it would only improve and go down to single digits after the economy grows close to the 3 area
and (there is are->theres our) food fda regulations out there that are starting to come into play that people have to are getting to the end of the life cycle (where->or) they have to comply with but then you also have the local fresh food phenomenon
both at the vehicle and catalyst manufacturer levels domestic players are strong and growing challengers to the global incumbents there are numerous domestic catalyst manufacturers with excellent coating capabilities honed by serving a very demanding
to come up with the equity necessary to capitalize the concessions that are going to build those roads so we decided it was a perfect time to go and raise (*->and raise) capital
small to medium and potentially large may not be hitrust certified and that is the gold standard for the health insurance industry so thats one of the factors where we see consolidation also potentially
capacity coming online if it doesnt find a home how much of that could you get what would you say is your from this point forward your incremental market share opportunity in the canadian oil sands for every barrel of oil that comes out
(weve->we) made a major announcement this month and a powerful step forward on this front with the introduction of our comprehensive cloud solution for faith communities blackbaud will now bring our proven (strength->strengths) in financial management
id also like to welcome joe and his expertise and experience to our team from his work at kraft (heinz->hines) he knows how to run effective and efficient business units in addition to his experience in consumer packaged goods
yes the first part of the first question was relevant to our reduction in the guidance for the capex yes basically this is relevant to the fact that (the->*)
requested to provide it and the company at different points in time said that collecting the information from its distributors would be unduly burdensome it would be too costly at certain points in time they said that they dont track the information they dont think its meaningful
like the customer reference (i->ive) mentioned in my prepared remarks just that one customer is going to be able to replace 11 vendors and so we came (after->at) this in a little bit of a different way because of
second (were->we are) making strides with our continuous improvement initiative where (were->we are) taking advantage of the great work that has been done in manufacturing to deliver cost reductions with lean and six sigma initiatives across our entire business
as disclosed in previous 10qs as well as in our 10q filed earlier today we have been in discussions with the california attorney general and the consumer financial protection bureau
final terms of the cofina plan of adjustment and related documentation remain subject to change and court approval and local legislative action a confirmation hearing is scheduled to be heard during the first quarter next year
we are following the situation closely and are conducting estimates of the possible impact on the countrys economy we also keep a very high level of liquidity in the nicaragua bank to manage any unforeseen circumstances
thirdparty profitable retail sales that dont exist means this is no longer a place where a distributor can make a living a top distributor (can->to) make a living the others are losing money anyway and theyre going to go elsewhere now while the company has maybe bought itself a few days or weeks or months
while our current cohort retention rate is within our historical range of 60 to 66 we continue to place a strong emphasis on increasing student retention through various initiatives that ashford has taken
and consumers really like new products this does not mean that they dont like existing products its just that they have too many choices
(conversations->conversation) on inflation throughout the call and it sounds like theres an expectation that you can offset that with pricing (actions->action) so wondering if the actions you took in the fourth quarter
we believe we grow faster than the nominal growth in the marketplace because were (unleashing latent->unleashion leading) demand and taking share because of our unique way that we address those markets
during the quarter we experienced good revenue growth in new lines of products particularly our household container product line which enjoys high margins
(*->and) in trends in overall survival in ongoing discussions with members of our advisory board we have been encouraged to press forward aggressively for this indication
in china youre still less than half of the patients each year that need dialysis being able to get dialysis because the system still is being built (out->*)
these results will provide important information to further guide physicians on the extent (of->*) surgery and treatment decisions for these patients
another new one come to us that is also interested in (*->a) number of displays and were putting together scenarios for them and i think that
we expect to offer rapid correction in a population severity where anemia is typically the most difficult problem that they face
whether as a result of new information future events or otherwise other than what is required by law certain nongaap financial measures may be discussed or referred to today
because forwardlooking statements relate to the future they are subject to inherent uncertainties risks and changes that are difficult to predict many of which are outside of our control
imagine being able to detect your risk of developing lung cancer with a simple nasal swab collected at the doctors office or at your local pharmacy
then the company had the (materials->material) handling vehicle makers test the batteries for a few more months then we finally got the initial purchase order
and i do want to say that while we are always working to increase our revenues we are as much focused on maintaining and increasing profitability as well
on top of this we are also expecting a substantial increase in our total dollar content
market but do you think (it->you) will also change very fast just like in taiwan and will be very difficult to launch new products
both for the oem market as well as for the final battery product for the forklift and the materials handling market
we cannot do things as we do in taiwan or hong kong engaging in national markets or doing things nationwide
as of now we have put a lot of resources in this respect i will continue to do this well
and the other thing theyre focused on the performance and if they can see the value equation that the value proposition
what we would rather do is to have internal controls so that our market can go back to the normal condition
large global companies took an interest in our product but they required months of validation testing before they started placing purchase orders
in which patients are (unable->enabled) to make enough red blood cells and the chronic inflammation further contributes to the anemia
or its hard to upgrade in the noodles market second question is about branding
okay fair enough jeff will you offer the backlog figure each quarter going forward i mean in the past it was just on an annual basis
thank you (ms ling->minsolin) this concludes all the presentations we will now proceed to the second half
its still early days but we see huge potential to further combine the 2 repositioning cases which massively benefit from each other
on the other hand (we are->were) increasing the number of good factors and conditions its like reducing bad cholesterol and increasing good cholesterol
the secular growth that could be multiyear that weve seen for several years here what (look->*) can we expect in terms of incremental investment towards that
following the release of our fiscal first quarter results probably sometime in february thank you again and have a wonderful day bye
so thats the challenge for companies how do you strike a balance between the existing and the new products thats a very big challenge indeed
this alliance is intended to bring stakeholders together to ensure reliable battery supply for the european industry
thats going to depend on the availability of the fuel and a number of items that are just hard to predict at this time
obviously the confidence level on future and growing exploration in the gulf of mexico in southeast asia so
are obviously still holding in pretty strongly so how do you think about the chemical environment and what it might mean for the timing of (the->a) second cracker
and so were trying to focus on places where there are such compelling unmet medical needs as we expand beyond ckd dialysis
late last year and early this year and it certainly appears that that pipeline capacity is filling up more rapidly than anticipated
we are designing further improvements to our direct patterning equipment that will provide will improve production yields and
really understand the pulse of local markets this is different from china in china
the engagement with quest at this point in the life cycle of the product because weve already reached near universal coverage for the afirma test across the managed care market
for the (cause->cost) i think that is a dangerous method to address your questions
yes okay and then just on the food side obviously you guys have made some significant capital investments in the conventional assets over the last few years
however in several categories including instant noodles and tea drinks we still saw positive results
through the (digitalization->digitization) of public media both platforms move more and more on the same data and technology (spec->stack)
turning to slide 13 this illustrates the significantly improved results we are now seeing from our architectural business
this was because last year we had a piece of income from disposal of assets profit after tax
we completed the private placement on december 27 for more details on the terms of the drawdown facility please see our news release
equipment existing equipment has to be taken offline so weve seen a balance of rebuilding equipment
in now in the first quarter and on into the second so although new equipment i have to caution you if you put in a new piece of equipment it takes a while to
so i just (want->wanted) to say thank you for everyone for being on the phone and thank you for the questions this is a very exciting time for us
how are you going to allocate these resources between say advertising and promotion brand building
the companys business strategy and growth strategy expressions which identify forwardlooking statements speak only as of the date the statement is made
and we are continuing to expand that i think ive commented that where we see really really significant success in adding fresh food is in the urban (markets->market)
market trends remained similar to what we saw throughout 2016 with ongoing focus on optimization efficiency securitization and the integration of software into solutions
while again the good news is theres no double taxation of those dividends the bad news is that it will not give us the liquidity from the earnings to grow like we have in the past
okay paul its phil (*->i mean) in our slide deck you do see that we do provide the one slide that includes the comparison of the total asset requirement between the old framework and the new framework and from that you can effectively see
create a little more focus by having a group and a sector if you (were->are) a segment that reported to me that woke up every day and all they thought about
we are aggressively adopting hyperconvergent solutions to our customers that give us the ability to take multiple business applications run them in our cloud
i see this as a really big opportunity for blackbaud and a really big opportunity for the customer to improve their operations (and->theres) a lot of operating problems and challenges in the space
finally (i would->id) also like to point out that the impact on premiums written from the smaller market size should be partially offset by any future premium rate increases in response to the higher capital requirements as previously discussed
as well some of the financial metrics presented on this call today are nonifrs measures and as such do not have a standardized meaning and are unlikely to be comparable to similar measures by other companies
so our ability to generate real attractive returns on equity (and->in) our lending business we hope and anticipate that will continue in the future as well as continue to make strategic acquisitions within the business services footprint
as i just indicated on the product side this has resulted in lower inventory levels and better profitability and i believe the same approach in our expense structure will have a similar and permanent impact
the companys actual results could differ materially from any forwardlooking statements due to several important factors described in the companys latest sec filings including this mornings press release
in 2015 the usage of cash (and->in) operating activities was primarily due to the increase in accounts receivable and the decline in deferred revenue and accrued liabilities during the first quarter
but as said we are trying to put ourselves in a position where we can at least take an educated look (in->and) an (educated->educate) have an educated view on whatever presents itself or what we can find and without being
i think its very good i think solid performance we had (the->*) slightly lower shipments and the reason for that was that we had severe weather in (mid west->midwest) in (montpelier->montlier) where we have one of our
in addition as discussed in our yearend call our plans accounted for the sale of the (auto todo->autototo) business we can report we successfully closed on the sale of this business in the month of march
and we expect to conclude agreements with others during the balance of 2017 our current program (time lines->timelines) with these customers would result in initial revenue during q4 of this year
we have no further (updates->update) since the last conference call we continue to cooperate fully with the sec and although we cannot predict the outcome based on what we know to date we do not expect this matter to have a material impact on the company
we have seen some disruptions in the swap curve relative to the treasury curve and the rate hike in december did have a part to play in that and it did increase some of the volatility there it has
turning to our results for fourth quarter and full year 2015 we realized strong growth in our outstanding business volume and in our dollars of net effective spread and our credit quality continues at favorable levels
this was a challenging year in many respects however im pleased to see that investment performance broadly improved over the course of the year and that we made significant progress on our most important strategic initiatives
our plans include steps to effectively integrate our acquisitions to drive facility (consolidations->consolidation) productivity solutions and other initiatives that will drive efficiencies across all our operations
is basically on increased frequency and based on what you can see from your sold tickets already is it possible to see an increase in the longhaul yield going into next year
weve been monitoring (oilexposed->oil exposed) regions very closely over the past 18 months and although oil prices have seen some stability since the beginning of the year we recognize that these areas have sustained significant job losses
and tax (deficiencies->efficiencies) related to sharebased payments as income tax expense rather than as equity in our balance sheet given our current stock price we would expect the new rule to increase our effective tax rate
gross margin rate performance to increase 10 to 15 basis points we would expect more significant improvement in the first quarter with the remainder of the year with very modest improvement
based on further clarifications provided by the department of finance regarding the grandfathering of mortgages originated prior to november 30 we revised our estimate and now anticipate a 25 to 35 reduction
to the way we approach our business overall and we think (*->that that) what that will do is allow us to also begin to bring down expenses more effectively and more permanently so
there is some stress in those commodities it has been a rough period of time over the past several months maybe even up to a year for both dairy and ranching we have not seen any degradation in our portfolio
we see strong interest for our farm equity agvantage financing from existing and potential new counterparties we are also working hard to expand the rest of our institutional credit line of business to new agricultural lenders including large insurance companies
well i think theres no question bernie i think you had a question in there somewhere but i think what youre asking is what are we doing to make our value more clear to customers and so
in the fourth quarter where it underperformed actually the most of all of our 6 business categories and also for the year where it was similar in terms of underperformance and
consequently large outflows continue from certain flagship funds we did however see international retail sales improve again this quarter driven by a pickup in demand from clients in asia and parts of europe
important assumptions include our ability to originate new investments achieve certain margins and levels of profitability the availability of additional capital and the ability to maintain certain (debt to asset->debttoasset) ratios
that will determine whether the start contains in addition to the (constraints->constraint) that you talked about and just those number of variables i dont know that its prudent for me at this point
thanks mark before we open the call to questions let me close by saying that we continue to manage our business operations well and we remain excited about the strength we see in construction activity and in rental demand
the outline box demonstrates the amount of capital that would be required for an increase but its important to note any increase in the premium reduces the amount of the increase in the capital because
we have also now paid out (dividends->dividend) and we have completed (*->the) acquisition of (sanistal->sunistall) so we were preparing ourselves for that but now in the end of april we will see a totally different cash position
well i mean generally speaking rates remain under pressure and they certainly remain a challenge for us q1 is probably the toughest quarter for us but like i said were focused on it (and->*) weve already made some progress
and now enabling all of the different (product calls->protocols) you need to connect with the different devices to enable (binaural voicestreaming->viral voice streaming) and get to the best audiological performance
would be to try to get to at a cost basis of closer to 4 over the course of time im not going to burden the new cfo with that expectation but i think if you go back and look at some of our statistics
what you think is a reasonable expectation or target in these markets going forward i hate i dont mean to pin you to (an->*) exact number but just generally speaking what do you think is doable in terms of reducing the leverage ratio over lets say the next 12 to 18 months
i think that is kind of the brand that we want to have in terms of how we approach the payer but i think we feel good about where we are with linzess we think 17 looks good and so far the early signs (in->of) zurampic look very encouraging
the next few slides are similar to those presented in previous quarters and reflect the broad diversity of our loan pools and the composition of our capital structure and our various liquidity sources (and->*) with that ill turn it over to tom for some final thoughts thanks rick
(cloud->*) its also the services that weve kind of wrapped around our cloud offering probably the one of the most visible ones is kind of this cloud consulting role where we can go in and help a customer assess those workloads
video equipment which include projectors and display panels also increased across all end markets up nearly double digits in the quarter (netcomm->netcom) increased high single digits with gains in all but one customer market
on our transportation network our efforts to improve our network capacity and efficiency are beginning to pay off with financial benefits and (improved->improve) service levels so to summarize we have 20 work streams in progress
when we look at it everything else equal we will continue to strengthen the balance sheet and then how we use that stronger and stronger balance sheet i think thats easier i mean the important part is to strengthen the balance sheet
(a->*) significant investment into the highgrowth developing (markets->market) before we get later into the numbers just a little bit our reporting as well as organizational structure restructured in 3 businesses
federal results were driven by ongoing success working with agencies as they moved ahead with projects funded under the current omnibus budget as well as ongoing successful alignment with strategic programs
i think the one where we still benefit a lot from an inorganic component on the retail side is in germany where weve acquired a larger chain with 50 stores which was still fully in the inorganic side
with that ill turn it over to tom (graney->gredy) thanks tom i will spend the last few minutes highlighting a couple of recent corporate updates as well as reviewing our third quarter financial results and guidance
(we would->wed) like to thank you today for your participation in our first quarter earnings call we thank you for your support and interest in genuine parts company and we look forward to reporting out our second quarter results in july thank you and have a great day
considered some of the what ill call industry shortages when it comes to components and looked at this might be a good time to execute refresh and we certainly saw that in both our notebook and our desktop i think that was
i dont foresee any significant other changes on that level i think its fair to say that over the last 12 months we have made some new assignments on people who are leading countries
this improvement reflects the positive impact of our current initiatives to improve the inventory levels in our core businesses and we remain focused on maintaining this key investment at the appropriate (levels->level) as we move forward
where are we right now and where do we go to and it considers the entire form factor that is launched excluding the va business that we have not yet launched it in so tom its not just top of the line
were most in need of capacity by doing so we were able to increase access point density at those locations rather than distributing access points evenly across their entire footprint this was a big investment for our customer
so we took perhaps a somewhat conservative view there is definitely upside to our estimate but we believe that those people have a greater chance of finding a cheaper property than those people who would look for as much of a 20 discount in the price
so therefore in q1 we had (the->a) somewhat higher price than we would have thought given that we got (the->a) better mix in q1 in q2 where we expect volumes to be higher we will also have a slightly worse mix from that point of view
and when you think about (it->*) these drugs should be given together and you basically guarantee now that theyre given together so not only is it the right thing to do for the efficacy and safety profile of the drug
shipments of coal and if hillsboro were to come up and operate to what extent could you operate it fully and have confidence that youd be able to place the incremental tons into the market
mark im not going to target any specific ratios at this time and im not going to manage the business based on that were always going to be evaluating whats in the best interest for the partnership over the long term this isnt a sprint its a marathon
fairly stable if we look at americas we continue to see strong demand from all (endsegments->end segments) we saw some hesitation during the quarter from steel service centers and distributors
the requirement to the (arrearages->arreara) is that before we can pay a dime to the subordinated units we must pay the entirety of the (arrearages->arreara just) to the common unitholders and theres no expiration on that provision
exactly the same stable level and then if needed (we->with) flex using temporary manning which means that if or rather when the downturn will come we will be also rather fast in adjusting our manning
our total sales and earnings were in line with our plan our teams produced positive sales comps in each of our business (segments->segment) we experienced the continued strengthening of our us automotive business
(*->with) the local association for (acousticians->acquisitions) but that will help us to be ultimately always having enough talent and potentially (even->*) net contributor to the talent pool
and i cant point to the fourth quarter of last year as a massive improvement there because we spent more on marketing and we actually did fewer sales so youre 100 right on that but we do see
as youve heard me say before medium to large business customers do not tend to spend on optimism that said we did see some ongoing customer conversations on larger projects start to move from discussion to sale
our outlook is based on several factors including our performance in the first quarter our current growth plans and initiatives and the market conditions we see for the foreseeable future across our operations
the forwardlooking statements contained in this presentation include statements as to our future operating results our business prospects and the prospects of our prospective portfolio companies the impact of investments that we expect to make
because our sellers are compensated on gross profit we maintained strong profitability in line with last years first quarter achieving first quarter records for adjusted ebitda and nongaap net income per share
canada is executing well in the face of uncertainty as both businesses and governments assess the potential economic impact from any changes in us trade policy as well as potential changes in oil pricing
that the board would be inclined to increase the dividend or do you prefer to retain that capital and use it to reinvest in the business
to really say definitively what kind of realizations youre going to (*->see) 16 and 17 we have our contract book
that segment i guess its quite logical that you lost in the premium segment and you substantially gained
we believe have to invest in riskier levered asset classes and to put more leverage on the books
and then on a very personal basis providing offers to them that are unique to them in (realtime->real time)
the external environment is challenging but we continue to focus on the needs of our students and operational excellence
this concludes our comments on the quarters results (looking->we look) forward to speaking with you on the call later today
using technology how to acquire cost effectively opportunities in credit that work and make sense
this allows us to maintain our presence in trade area and improve productivity and profitability in much the same way
to that end we are currently exploring such an entity as it would enable us to recapture a portion of the portfolio insurance market
is that we have relationships with customers on both sides of the federal government marketplace and i think that will
but with this product launch we have that capability and have adjusted the way our magnets function so that they dont
no i think its fairly normal and (then->*) what about the lead times for you at the moment in the different (divisions->division)
and in the federal space it was an exceptionally strong quarter i think it would be unfair although (im->*) not
we havent committed to that certainly that would be great if we could do that but our goal is to get it over 10 certainly by the end of the (year->*)
(and->*) diving a little bit deeper on the hearing (instruments->instrument) side now lots of the bullet points are kind of repetitive
book that has the supplementary capital (applied to it->flight) the other thing of note is (that->the) supplementary capital is dynamic in terms of the calculation of
those shortages may last if they believe those shortages and (youve->you) probably read this like i have might end by the end of the year
and then to be able to use that (change->chain) to power through power up what we would look at for the responder analyses
you mentioned thats going to be at a reduced borrowing rate i wonder if you could give us a little more color around that and also when do you expect to be able to close this
from (bancserv->banks or) partners this year and we also did a small acquisition of some technology assets and accounts
theres still a lot of work to be done but introducing new share classes and responding to evolving regulations is nothing new to us
(others->other) shrink that only enhances the opportunity we have to take advantage of that so its definitely a focus theres no question about it
and sometimes we have higher installation rate which of smaller deals which makes the number go up
as weve said for some time we continually look to improve our capital structure and to lower our cost of capital
before we begin our formal remarks we need to remind everyone that todays discussion will include forwardlooking statements within the meaning of the federal securities
we expect our new insurance written will stabilize around that level with potential for modest growth over the next 12 to 18 months
we have a new leader in place since january in that business for retail germany overall
by the end of the year we will also finalize the group meeting space design and (will->well) evaluate the timing of any future development at the property
our commercial efforts are now fully allocated to the new business model and the results just described are extremely encouraging
is trying to use the inventory we already have to drive sales more effectively and efficiently and then
so that just sort of reinforces the need to have a great footprint but theyll be smaller i mean thats really what its going to be about and
charles will review the quarterly results blake will review recent strategic and operating initiatives and after that well open the call to the questions
our opportunity of course continues to be on the top line and that has been driven by disappointing traffic metrics
we experienced some increases in direct and indirect costs related to the shutdown of hillsboros (deer->gear) run mine
weve seen tremendous progress theyve made in some areas such as payroll and freight with some of their (investments->investment)
we typically dont guide for what exactly the figure will be but the majority of the impact you will still see
by now you should have a copy of our results press release which crossed the wires this afternoon following the close of market
womens apparel is definitely a focus in this effort and so (speeds->speed) starting to take hold in
and that should set us in a good position to achieve results for the full year in line with the guidance here
we are pleased with our strong business performance this quarter particularly our loss ratio which continues to develop in line with our expectations
(of why->while) we like the progress of the business over the last years and also the last 12 months since im here
for some time that of all of our markets the consumption model in that market is changing
and i feel very very good about the relationship that we have now and i cant think of anybody in the industry we should be partnering with
for trust certificates which will be supported by consideration deposited into a trust comprised of the same plan consideration package
positive results in core office supplies technology and facilities and safety supplies category
the tower is a truly unique feature to the skyline of las vegas and its iconic nature will continue to draw visitors from around the world
and as we have more students take advantage of that as i mentioned we scholarship the difference between
the commonwealth cofina settlement would entitle cofina to a portion of the pledged sales tax base amount on a first dollar basis
we are working to aggressively add smaller customers which have (*->a) similarly shorter
the company will also discuss (*->certain) nongaap financial measures in an effort to provide additional information to investors
our legal team is actively preparing for trial and we remain committed to vigorously pursuing our rights
things that all of our research has shown people like that and they have a high use of that and a high redemption rate
but i think the most encouraging thing is (we are->were) literally at the table with all 10 of the major payers right now
we just really want to try to demonstrate what piece of our business is lending versus business services so
for the seller because it is technical assets and resources that our customers can use
suite product a refreshed casino and new dining and entertainment options are especially important to give these guests more opportunities
these positive factors led to improved sales growth with both our commercial and retail customers
this combined with broad access has led to continued strong growth in the prescription volume and sales
the cash flow expectations for the balance of the year what you think your revenue number would be (*->to)
we believe we can improve revenues from casino guests at (the strat->distrat) and across our entire portfolio of gaming assets
disconnected perhaps from that rate so who knows where this goes in the future i think for now thats the way (it is->its) set up
at the close of business on march 8 ill now turn it over to kevin who will provide some additional insights on our results
due to the nature of the assets in the acquired portfolio the returns on this segment can be lumpy and we certainly see that this quarter
information regarding these factors is contained in yesterdays press release and with the companys other filings with the sec
we also continue to expand diversified agriculture on our former plantation lands and have issued several press releases detailing progress that were making on that front
we also continue to focus on recycling capital from our low return or lossmaking businesses and rationalizing the groups cost structure
okay so you think youre in good shape to be on top of the trends with what youre doing today is that the bottom line
mortgage spreads have widened suggesting that when interest rates eventually do rise consumer mortgage rates should not rise as much
a leading global independent shipper of seaborne thermal coal as well as our (market leading->marketleading) share in the global (seaboard->seaborne) met coal and coke franchises
when you look at a year where accident fatalities are higher than theyve ever been theres certainly some pressure on the severity side as well for bodily injury
well again we continue to expand composite can internationally and youre seeing benefit now from as these facilities begin to
that said our high return and growth franchises continue to generate good returns despite these constraints
taxes and interest expense note that this will be the last quarter of coffee dilution as we lap the close of last years coffee transactions
in particular the process optimization projects which has seen us improve gold recoveries and achieve improvements in the availability of the autoclave circuit
with our medical business also delivering solid full year results infrastructure construction and industrial sales were generally flat for the year
our diversified revenue base in ams (continued->continues) to provide strong organic growth filtration and transportation were the key drivers
and with the benefit of an improved balance sheet that can withstand gold price volatility we have greater flexibility to invest in sustaining and growing the business into the future
we continue to provide valuable support in this innovative product category and consider ourselves well positioned when sales growth accelerates again
as expectations for continued low interest rates support strong production volumes and healthy margins throughout the industry
property results can be volatile given weather patterns so a disciplined approach to rate taking and a tight underwriting process is critical for success in this line
but what would be a normal accident versus weather but what we do know is that frequency and severity is increasing because of these adverse weather trends
and in many cases the same client handles more than just the coal (the->*) clients that want to work with partners that theyve known for many years
despite that backdrop russia turned in a solid performance growing low double digits as a result of pricing actions to offset inflation
more than half of the decline in the earnings for this segment can really be attributed to the impact of our (1->one) corrugating (medium->media) machine
id like to take this opportunity to state that our focus has been on liquidity and the following actions have already been undertaken in the last 6 months
that we expect will enhance communications coordination efficiency and cost effectiveness which in turn will help drive ebitda growth over time
from a merchandising perspective we saw positive comps across almost all of our product categories with the largest drivers being appliances computing and smart home
to maintain if not even increase that level of spending where we need to in specific areas to ensure that we are the leader
investment results were strong across all 3 operating segments and life and mortality was modestly favorable to actuarial models
our plans have been presented to customers and (will->well) enter the market in the next few weeks well before the critical chinese new year season
im now well integrated into the investment side of the business here and by way of comparison ive had experience in very complex capital allocation processes
(*->has) there been any sort of a pause given some of the gyrations weve had just maybe a sense as to what youre seeing or how the new product funnel is filling up
to the online space and to drive our growth and that is the big opportunity that we see we are certainly learning a lot from the various
(we->*) you dont want to find these issues on the shop floor so after youve rolled it and you put time and labor in (*->it) you dont want to find out you got a steel issue so
with both a strong balance sheet and strong free cash flow we are (wellpositioned->well positioned) to pursue targeted acquisitions to create greater relevance in selected markets
given our solid sales results across all of our product lines im confident were on the right path thanks and now ill turn the call over to (dwayne->dway)
and because of high usage of qc labor as we were struggling to deal with challenging environmental conditions and to correct problems in our paint line
you mentioned not doing something on spec and if (my->a) memory serves i believe one of your carriers was on spec from several years ago (it->*)
more traditional channels its not going to be 100 incremental but theres no question that (*->it) we have the opportunity as we look at the kinds of items were offering
in addition to ensuring we have the right solutions to address the unique needs of educators we continue to build and improve distribution options
the companies that have kind of nibbled around lng have had a hard time really making money in that business the spot returns have actually been pretty horrible
have not performed particularly well of late and so we see it as a real opportunity for us to take some leadership and get the category growing faster
some work we did with a consultant we were completing up that reorganization it was leaning out the organization and kind of moving
this increase was primarily driven by the negative impact of foreign exchange (rates->rate) the 80 basis point rate decrease was primarily driven by sales leverage
we expect to close (a->the) transaction for a major part of the business by the end of the year ill now turn the call over to stephanie to cover the financials in more detail
and in the paper and industrial converted products segment where the mix had a notable impact on the profit from the sale of corrugating medium
in fact our efforts to reinvent our supply chain and deploy advantage manufacturing lines of the future (continued->continue) to drive margin benefits
we will remain aggressive in our rate plan and respond quickly to any changes in loss cost trends to ensure we are taking enough rate to improve profitability
i want to thank paul (ito->*) for helping me in this transition paul has really left me in a strong position and i appreciate (his->the) support so now ill turn the call over to paul
our revised guidance range assumes more normalized investment returns in all segments and life mortality to be in line with actuarial models
these statements are not guarantees of future performance and are subject to certain risks and uncertainties therefore actual results may differ materially
we are investing in agent training crosssell initiatives and marketing campaigns as well as infrastructure improvements to support sales growth in this segment
both of these countries are the largest origination sources for our coal business and the hardening in price is a welcome (respite->respike) for the mining industry
finally while only a small part of our business today we have significantly bolstered our capabilities in ecommerce
i was wondering if thats roughly what you think youll sell it for you say youre pretty far into that process so maybe you can give us some
one of the larger customers in there guided recently and a little weaker than expected for their june quarter and talked about some weakness on the service provider side so
thank you jim so turning to slide 16 all segments contributed to (improved->improve) financial performance this quarter as compared to last year
growth in loans under longterm standby purchase commitments and the addition of a new floating rate (agvantage->advantage) facility
as in the second quarter divisional performances are reported in line with the new organizational structure
with our emphasis on disciplined pricing and profitability our win rates have declined modestly as anticipated
that a diversified end market focus is the most appropriate way to balance growth and risk opportunities for our business
mark will then review our first quarter financial results in more detail after that well be happy to take your questions
and its ability to deliver sustainable profitable growth over both the near and long term
income continues to be supported by record levels of employment whilst pressure on consumers
where we can both come out in a better position by negotiating the work upfront being very open transparent
we look forward to speaking to you again on our second quarter call in early august thank you and have a great day
thanks (bill->phil) and good morning everyone let me begin by indicating that our strong first quarter numbers
so some of those expenses really started with the deeming regs as we got clarity on some of that regulation
the negative impacts that weve seen so far and were going to continue to manage that and keep a close eye on (*->it)
participants in the herbalife scheme the distributors obtained their monetary benefits primarily from recruitment rather than the sale of goods and services
this is partly the consequence of a material decrease in riskweighted assets for the colombian financial system
now lets take a look at our operating companys performance where ill discuss adjusted results where applicable
and our state political process engagement were 2 incremental
what they chose to do was negotiate a settlement with the harshest findings that the ftc has ever had against a pyramid scheme
the key elements of that include a limitation on compensation paid to distributors so
and i think its going to be somewhat hit and miss across that territory i think the upside
with the state of california that weve been selected to build and it will come out in task orders
with that lets discuss our outlook and some additional assumptions that guide our view
as we believe that it is very important that the rating agencies the investors and the community of research analysts
you have to designate at the time you buy the product whether its personal consumption product or whether its (a->*) product that you intend to resell
the companys quarterly results showed the second consecutive quarter of sequential improvements in the business
we believe that eventual and slow hikes might begin at some point during the first or second quarter of next year
partly (its->as) a result of our efforts to focus on profitability (that->the) growth of our commercial loan portfolio continued to be sluggish
as far as the final adoption of this decree after an 18month period of adjustment which starts now
weve got to work through that with our partner and see if we can come to an agreement over what the value is
american snuff reported another good quarter with volume growth of over 2 and net pricing realization
than we have historically on the revenue side because of the fact that this stuff is shorter duration we literally
because the materials really cant play a part of our construction because weve shut that part down its our equipment coming to a halt
contracts that we closed last year were larger expansions on existing accounts
is that more on adding new customers with the payments module or is this
capabilities here which is unique in this whole space we will leverage our payments core platform
of being a leader in the pricing environment as raw material costs have been increasing so dramatically
in the meantime our current contract was extended earlier this week through the end of may
so but its really a shift into potentially new lines of business that a client has
in the services business in the last 3 years so its part of the strategic plan of the company so
in our history weve never had that kind of an impact in a quarter and we expect to recover quickly
core to the growth we are seeing is the strong sales momentum which it has been building steadily
whether there are particular opportunities (that->*) i mean i think it was roughly a year ago you started to talk about (*->the) train length opportunity in canadian grain
and we are very excited about this portfolio and our commitment to returning value to our shareholders
and improvement of californias transportation system providing improved safety and quality of life across the state
over the last several years because it wasnt very quality service weve now created an ability working with
both revenue and profit growth were driven by solid execution on a diverse portfolio of work
as they face financial challenges and see our services as a ready source of cost savings
what it does mean though is we have a very viable option given the maturity of this sky
while their design folks could get design on large capital projects underway and completed so
first the government was required to again release another set of private documents in the litigation
the point that on your first question with mike would be on the productivity one of the other things that weve seen has been very positive is
revenue growth was driven by healthy external demand related to steppedup external sales efforts
when theres been consolidation in the industry and i think theres a couple factors
from the way that distributors now describe the business opportunity to prospective participants
in terms of total new business volume for 2015 we realized strong performance across most of our products and lines of business
as internal and external sales were delayed due to ongoing wet weather in the west
it was one thing when we met with (regulars in->regulators and) other jurisdictions where a short seller was making allegations about the company
thank you this concludes todays conference call you may now disconnect
actually there will be we really cant predict right (know->now) if there will be
(the->*) infrastructure for all of that and get the right folks (onboard->on board) theres quite a bit of work to do we had to do work on the product itself
strip out the mix impacts of industry premiumization and how do you expect that (*->to) change going forward
and the only reason that we have stopped for now is there are now active conversations
that this platform is a game changer no one has done this and i dont believe can
ill now turn it over to mark for a more detailed review of the financial results in the quarter mark
that will increase our ability to compete effectively and grow over the near and long term
and we have demanded and obviously this needs to be seen but we have demanded that the new operator
we also have a lot of exciting new projects in the queue and look forward to converting them into income production
so we will see some of that in the second half but obviously a big portion (of->*) that would have been planned in our guide
like reporting and emailing and user experience are already there they dont need to be built
and then at that point well assess the market to see whether it makes sense to sell (1->one) or both of them
(rj reynolds->our jrands) strong margin improvement in the quarter was largely driven by the net pricing
came in at versus where we were guiding was basically the items we called out in our earnings release
and was asked various questions about the headlines from the wall street journal
to receive any sort of compensation or to recruit others to participate in the business
and services going backwards (is->has) actually been forced by the fact that were fully in the cloud
pretty much what we gave you mark in terms of how we look at the periods is about the extent of what we can say
actuality is when youre going to see people get even more aggressive on what ill call bigger more complex projects
in addition a little over half of the total impacted borrowers are constrained by their total debt service ratio alone
if you think about our value proposition mark and it is to kind of take the complexity out of it and you think about the market we focus on
this consideration package consists of new cofina bonds and cash paid by cofina under the cofina plan
we never closed below the price break and we obviously have traded up very nicely
when we have our fourth quarter earnings call in february so (we->*) look forward to sharing some insights with you on that
and constantly review our cash requirements (in->and) areas to invest in in order to improve our shareholder return
are a large and important customer segment for us and the positive sales trend with these accounts is significant
(it->*) could have been some smaller parts of some packages that we could have been interested in but
thats because this is income that basically has been (upstreamed->upstream) from (our->a) portfolio companies where we are taxed
is there a concern at all that will change any of the demand trends as we go through the year
most importantly we delivered these results without incurring any severe injuries or accidents during the quarter
we looked at selling that business but quite frankly we determined that we would get more by just
generally these results reflect a trend of (increasing->increase in) premiums earned which has largely offset higher losses in claims
(realistically->realistic) expect it to be as strong as it was the first quarter id love that im not sure the team would love me to say that but
so that was the first they could file and we get notified a little bit after that and they always file as soon as they can
and these investments are (started->starting) to show very positive trends as we successfully continue to execute on our plans
through existing partners alone cdtis technology has the potential to be deployed in 2 million vehicles per year
national brands were up low single digits for the year with particular strength in nike
the majority of these patients are dissatisfied with currently available treatment options primarily otc (laxatives and->laxardus)
from a retail perspective redemptions have been improving since the fourth quarter of last year on the back of improving performance
and agility across the company in the same way weve accomplished it in our product and inventory initiatives
most of this increase is due to spending for our fifth ecommerce fulfillment center which is scheduled to open next year
this impacted several key metrics very positively including merchandise margin for the fourth quarter
at the present time (we are->were) continuing to work with msha to develop a plan that will allow for extraction of the longwall equipment from the current panel
which we believe is the lowest underground cost per ton across any portfolio in the eastern united states
and we are currently in discussions with goldman to increase the size of that facility as well as to reduce our interest rates (i->*)
we used our over 1 million square feet of distribution capacity and deep partner relationships
as we enter our second year as a public company we look to build on our first year of success and continue to execute on our business plan
who are moving their expensive legacy phone service to the cloud we will continue
jeff will read dougs prepared remarks and then we will open the call up to questions jeff would you
i would expect all areas of our expense lines to participate in the profit improvement project
well if youre just talking about connected campus id say theres still lots of opportunities out there
we certainly expect it to be there you see it in previous heartburn studies but this is a very specific population
forwardlooking statements relate to future events or our future financial performance we generally identify
of the offering and the number of places where we can help people migrate to the (*->cloud)
and also i noticed a little spike in servicing expenses so if you could just kind of let me highlight that that would be great
the proposed framework much of which we support represents a fairly material departure from the current model
we remain confident in the growth potential we see for our european operations over the longer term
and those 2 facts really help inform how we look going forward at stores
a link to our live webcast and the slides for todays discussion are also posted on our website
in addition there is a longer lag time with sales to recognizing revenue
although we do expect this to be greater than 1 again in the second quarter which is similar to the first quarter
with the continued focus on investment in the brand against the backdrop of strong linzess revenue growth
finally our value enhancement initiatives continue to be on track and give us confidence that the margin contraction will rebound
(well->youll) have some seasonal swings in the first quarter in particular where we have a lot of expenses related to
into the equity which then becomes capital available so its not an immediate offset to capital required
its also important to work with productivity and have (a->*) stable production and increased productivity and we measure that
and (leveraged->leverage) the strength of our business model to deliver excellent top line growth and strong profitability
in that regard we continue to realize the synergy from the murray energy transaction that took place in the second quarter
we expect the court to rule on the motions before the end of the year but cannot predict the timing of the rulings
why pursue those rather than just continue to build out that durafit product line
what youre basically investing in is a company that has done a very good job historically in growing its
and the supplemental information that i just referred to both can be found in the investors section of the (sutherland->settlein) website
that is an area that were going to be expanding into one way or the other
we look forward to keeping you updated as we execute our strategy during the balance of 2017 and beyond
the automotive catalyst market is currently concentrated with a small handful of global manufacturers
in all these different business lines we acquire clients more cost effectively than our competitors
our value enhancement programs will begin to show through as they have in matrix the past few quarters
and was appointed cfo for the group in february this year
with the remainder split between store strategies and base capital primarily (in->an) omnichannel investment
that was the driver behind the unit if you think about that group and
a quick recap on the 4 growth drivers we shared at the strategy discussion
i think thats a good proxy i think (but->*) the one thing to remember is that any increase in price reduces
free cash flow for the quarter which we calculate as operating cash flow plus the net change in our flooring agreement
as a service remember as a service revenues are netted down for accounting purposes
where we are today were trading at less than (6x->6) revenue (multiples->multiple) so i think theres a lot of opportunity for
i will make a few remarks on our overall performance and then cover the highlights across our businesses
we expect to see additional growth in our australasian automotive business in the quarters ahead
as is customary this guidance excludes the benefit of any future (acquisitions->acquisition)
i would expect for the back half of the year matt that to kind of return to normal growth
a significant improvement from last year finally capex remains much lower than previous years
and we actually believe that the world will continue to be kind of a hybrid solution
part of our capital outline im looking (into->at) the terminals what have we spent in the terminals how (can->could) i be more efficient in the terminals how can i help and give the tools to the operating guys to be able to get cars
our divisions are working on specific initiatives to further adapt to the external environment and position the company to take advantage of commercial opportunity
and as anticipated some of this strength will be due to portions of work advancing into q3 from q4 with customers trying to get ahead of inflationary prices
and then as i have shared we see that theres an 18month horizon where we are very strongly focused on our internal initiatives and the impact those are going to have
discussions and conjecture point to infrastructure as the most logical area of agreement in washington in 2019 we anticipate that a deal will be struck
it is not my intention to (boggle->buggle) you down with details so therefore we have included a slide as an appendix in which we show the levels of minimum capital required for the banks based on (the->a) new decree
are 10 (brandnew->brand new) modules from scratch using the sky platform that are the modules that run the operations of the church
in the second quarter the nci team maintained a strong focus on managing (costs->cost) driving operating efficiency and ensuring commercial discipline
and we believe that we have the most upside potential for further penetration of our earthmoving fleet going forward earthmoving provides significant strategic value to our business
(and->in) the fact that were going to ramp headcount in the back half of this year as well so nothing unusual its just a build of the productivity program that weve been working on for a couple of years
certain statements made during this call which are not statements of historical fact are forwardlooking statements under the safe harbor provisions of (*->the) private securities litigation reform act
no more questions id like to thank you for listening and participating this morning i look forward to our next call to report our first quarter 2016 results in may thank you
uk growth has recovered from the impact of the adverse weather in the first quarter with higher expected growth in the rest of the year
and even as we hand the keys and physically move away from the job it will take some time to settle the outstanding disputes and that will be the lingering event
granite teams proved that they were up for the challenge and successfully integrated our new acquisitions and proudly shared our core values as we united these new businesses into our portfolio
half of (or->*) the second half of 2018 and we anticipate that to really ramp up nicely as we gain traction with granite being able to help
so we were certainly on a good (roll->role) which means that we will be continue to be on a good (roll->role) as soon as mother nature allows us to be as we
more about that at our upcoming investor day about our longerterm plans on investments in sales and marketing (and->*) what we think that does for the future but we feel comfortable that were on the right track from a
on the development of a new collaborative design (methodology->methodologies) such as the (extremo->xsteem) platform which will materially change the way we manage our projects
(*->a) major discussion at the end (and->to) come up with what we call a global settlement or (well->will) pick and choose certain issues and try to settle them outside of (the->a) global issue so
as i mentioned at the outset 3 aspects of our quarterly health plan performance give us confidence that we can achieve our full year revenue goal
we have an internal innovation team which is looking at a variety of new product opportunities 1 or 2 of which could be ready to go to market by the end of this year
for a private litigant think about the thousands of nutrition club owners that opened and failed (or->*) were misled about that opportunity thats another opportunity for private plaintiffs
the one very good news there is that we have been able to sort of make an inventory of all the technology all the technological projects
with most of that being ratable at this point with 90 of our business being recurring thats going to take a bit of time for that to turn into revenue and again it was q2 bookings
a solid level of primary demand for mortgage credit continued strong participation from our bank customers and a modest expansion of our loan products contributed to this increase
if you (can just->could) share any specific states youre seeing increased work there and specifically the type of projects in those states that are kind of driving the strength
remember also that pi revenue can fluctuate from quartertoquarter which can impact either to the upside or downside what we would normally view as a quarterly run rate
finally this decree included very positive news related to new more expansive investment criteria by pension (funded->fund) administrators
to the millions of institutions around the world helping them to drive digital transformation to increase effectiveness and have impact on their missions to drive outcomes
but also quantify the value of improving their performance and refer them to specific tools inside of the (raisers->razors) edge nxt to drive growth
program integrity revenue can vary significantly from quartertoquarter as our work identifies payment issues which our clients are then able to fix
weve got a great opportunity to continue to work with our customers to drive more product in through vancouver
in the absence of those 2 items net effective spread would have shown sort of that steady eddie performance that youve seen trend over the last 3 quarters
these savings have concretely manifested themselves this year in the form of being able to optimize 71 branches and reduce the corresponding headcount
ultimately they had a lot of different reasons why they didnt do it or excuses why they didnt do it now of course that its mandated under the terms of the settlement they
i would say a percentage of provision that you need to apply to the loan you start doing exactly the same with what is happening with the interest and you start nuts
they arent the drivers of the high earnings and the high revenue growth what they are typically is the stability of creating a longerterm stable foundation
though we expect only limited revenue impact in 2016 as implementations of new sales will not be completed until the second half of this year
in the compensation the company (is->has) permitted to pay so present comp levels remain only if they hit an 80 figure which is very significant
closed a bit earlier than expected its a good thing to have the deals coming i just with the seasonality and having (this->*) such a strong quarter in the second quarter i didnt know if any deals came
and lastly in your third initiative could you expand upon the opportunities and what youre looking at in the private sector
realizes that they have the ability to go change their margin structure and potentially get (the->to) work as well so we started that a year ago
the process is not without ongoing challenges including the following our customers are generally large and very complex organizations
was attributable to the successful management of higher raw material (costs->cost) which positively impacted both our revenues and gross (profits->profit)
ladies and gentlemen this concludes todays conference thank you for your participation and have a wonderful day you may now disconnect
okay and based on some of your conversations with some of this (pullforward->pull forward) in demand trying to get in front of (the->these) steel (costs->cost) at this point is there any potential
our payments business which is less predictable than our contractual recurring revenue is still exhibiting healthy growth but coming in lighter than we originally expected
our ship from store capability enhancements along with buy online (pick up in->pickup and) store enhancements have improved the customer experience and leveraged the power of our store portfolio
the package we put together for the common core and then that drove a next level of solution which became this version of okay weve got all of these students digital testing
we will continue to focus on debt reduction we will continue to focus on strengthening the balance sheet and i think that gives us (a->*) good platform to continue to grow the company strategically
our sales performance was indicative of the continued improvement in our us automotive business and the steady growth we continue to generate in our australasian and canadian operations
and while its clear that the rule will greatly impact (the->*) financial services firms i want to assure everyone that we are working closely with our distribution partners to ensure our firm is well positioned once the rule takes effect
the result of all (of->*) these efforts is that well achieve a rationalization of square footage over time not necessarily fewer stores but probably less square footage
so and its not just in education keith weve kind of seen this play out and so i would venture to say we have taken meaningful share in those markets
and therefore that will change the capital generation pattern somewhat and will largely offset the benefit of writing a lower level of new business
and strengthening our balance sheet both through the amps transaction as well as additional principal paydowns on the secured notes issued as part of the holistic restructuring transaction that closed earlier this year
our team in europe has initiated plans to address these concerns and we move forward with expectations for additional sales growth and operating improvement over the balance of the year
we aim to become the leading provider of enabling technology to the automotive catalyst industry we will achieve this by first establishing important commercial traction among catalyst manufacturers in underserved markets
this is one of the most important initiatives in the company were also pleased with our ability to manage our expenses lower when we did not achieve our expected sales results last year
and just a comment on the automotive margins as weve mentioned before our european business does carry a higher operating margin than what the total number is
losses incurred in the third quarter were primarily driven by loss expenses incurred in connection with our remediation efforts partially offset by net positive credit (developments->development)
the cofina restructuring further provides for the cofina portion of the sales tax revenues to be held in segregated accounts includes a nonimpairment covenant as well as other strong protections
and even (green space->greenspace) a recent example of the power of this solution is one where we helped a major midwestern university with 5 campuses enhance connectivity across its entire operation
these stores are outperforming and driving stronger retail sales growth than in our independents so as we look ahead to the multiyear implementation of this initiative in our independent napa stores
better solutions for ecommerce this is a great space for us to be in we need to be nimble we need to bring the best technological (solutions->solution) to our customers every day
the company is doing what makes sense theyre creating a large funnel theyre picking through the funnel theyre looking to add other loan programs on to make utilization of some of those other lead flows
while sales have been fairly flat for the past 3 quarters weve also seen a consistent slowdown of redemptions leading to improved net flows for this fund although hybrid products remain (in->*) net outflows overall
the impact of mix on profitability as youve heard me say before an essential element of our longterm success has been our ability to consistently deliver profitable growth
so that completes our financial update and were pleased to report results that were in line with our plans for the quarter and we made progress in several important areas that better position us for the future
we believe that is actually the blueprint for working with more speed and working with more agility as a result across the whole company and so were going to use that blueprint
it took a full year from the rfp issuance to inking the deal and as you would expect competition was heavy we won because of our experience and connected campus solution
and finally our localization efforts now impact about 85 of our assortment and are having a positive impact on sales as well as reducing inventory levels at the same time
moving forward we expect to be active in the program as we continue to believe that our stock is an attractive investment and combined with the dividend provides the best return to our shareholders
this is less than we estimated (*->but) we want to continue to monitor the results throughout the spring season those results will help inform future decisionmaking on store optimization
we are starting to see tangible results that (are planned->our plan) coupled with our core operating principles of high quality and strong execution is beginning to yield positive results
in light of these and other uncertainties the inclusion of a projection or forwardlooking statement in this presentation should not be regarded as a representation by us that our plans or objectives will be achieved
we also improved our shipping and fulfillment expenses as a percentage of digital sales while increasing the speed to customer by half a day overall
hasnt really yielded anything yet that says that it (wouldnt->would) continue to be a growth now having said that i was just in washington last week meeting with both customers and some of our sellers
factors that could cause this include the factors described in our most recent sec filed quarterly or annual reports under managements discussion and analysis of financial condition and results of operation
certainly our first focus continues to be to drive traffic in a positive direction in all stores but included among actions after that are the following
paul the best answer would be jan 1 but obviously it depends on how the industry responds there are certain areas that we
for an international provider with scale and highly technical resources but just as we always do we will monitor the marketplace and adjust our hiring plan up or down as needed
except to the extent required by law the inclusion of any statement on this conference call does not constitute an admission by the company or any other person that the events or circumstances described in such statement are material
okay so those will be a drag on margins in 17 but youd expect that component of the business to see expanding margins further out as volumes pick up
effective jan 1 but there may also be other areas of pricing that are not as easy to lead but certainly we are of the view that the industry will respond rationally
our strength in these areas offset the pressure on our core automotive results in europe related to mild winter weather and broad economic and political considerations
increases last year in labor and i think were in pretty good shape going into this year given the volumes so i would expect
the ldg program makes it possible through a combination of employer contributions and scholarships from ashford for students to earn their degree with no student debt
and when we put that model together we take into account the investments that were making in initiatives such as loyalty or omnichannel and so we continue to manage our business that way and therefore we feel confident that we should be able to deliver
id say some of these opportunities would give us the opportunity to deploy more capital in and a lot of them we have a lot of excess capital (were->and theyre) generating a lot of cash so
thats encouraging but its got a long way to go would be our view so we think that fundamentally keeps kind of a weaker outlook when you think about the product and the crude spread and the crack margin on the business so
of the conference call with questions and answers (chaired->shared) by chairman (lo->law) you can ask questions by raising your hand or by writing them down
there is a keen interest in the envisia classifier among pulmonology specialists because of its ability to provide meaningful answers for this devastating disease to guide next steps
on the top line in line with the indicative top line guidance we gave we dont normally give a guidance for the half year but we gave you some (headsup->heads up) that the first half will be somewhat slower
its not easy for us to engage in closerange (combat->combats) because we have our very separate different paths as for cost concerns
in total we believe we have the assets and capabilities to drive strong revenue growth and cash flow for many years to come and the opportunity to bring a series of additional major innovations to the market
last fall (and start up->on startup) and utilization challenges on a couple of contracts offsetting this (for->were) lower payroll (cost is->costs as) a percent of revenue and the rate adjustments associated with extraordinary utilization in one of our larger programs
(*->our) coal sales were impacted by the weak market demand that resulted from (a->the) continued decline of natural gas prices and soft domestic utility demand driven by reduced electricity generation
we often wonder whether were spending on the right things or maybe sometimes were just skipping stones leaving no marks i think more often than not were just skipping stones
i think the first thing that were focusing on is absolute access to the drug which is our primary objective and we cant compromise that so were going to be very thoughtful about how we take price increases moving forward
yes so pc plus continues to be a growing and important part of how we make margin investments to drive targeted sales in the consumer
(*->dr pasder) said at the beginning of the meeting that all that they talked about that (day->they) would apply to everything except for mds therapy and so (everybody has->everybodys) recognized its a very difficult situation that exists
i think an important one to keep a little bit in the back of your mind is if you think about our growth (rates->rate) last year first half (versus->was the) second our first half was stronger the second one has somewhat of an easing comp base
(a->of one) part of the value chain thats going to have to grow in order to continue to export and we think the majority of the incremental production is going to be exported
(to date->today) uk is not seeing significant changes in customer buying behavior even with the uncertainty related to timing and terms of brexit we also continue to see excellent referral progress
id like to wish everyone a good afternoon and evening and a very calm and enjoyable move into summer in the next couple of months thank you for being on this call
each group has expressed high interest in becoming longterm investors in fibrogen parent company common stock recent discussions focused on this financing round to support the scale of resources supporting our expected growth
your independent grocer business and were seeing a really terrific response in those markets (*->to) essentially a fundamental upgrade in the full service conventional proposition that is being made available to those consumers
but its strange that youre using texas rates as of january 12 yet youre still experiencing all this lag im just a little confused by that
and they continue to work tirelessly and safely to maintain our grid stability and for that we thank you turning to slide 5 i will discuss the latest developments on our texas rate case filing in more detail
weve looked at every microdisplay company and no company can make that technology the brightness we (had->have) and the enormous contrast we have even at the very bright
and therefore develop solutions for those segments if you remember back on the early days of the common core curriculum and cdw being kind of first to market with a (prepackaged->prepackage) solution
we in developing the pancreatic cancer indication have had several interactions with expert advisers and although they are very impressed
comes the expectation that they will be connected everywhere (any time->anytime) from (dorm room->dormroom) to classroom from dining (hall->haul) to the quad this is where cdws connected campus solution comes in
and would you consider a material acquisition and then thirdly on management changes are you happy with the appointments that youve made so far or do you feel that additional changes are required
we completed and delivered the first set of new microdisplays for which an initial qualification has been completed and we are on track for delivery of a subsequent set in the second quarter
so (guy->gay) if i understand it correctly in most cases you usually just buy part of a company and sort of wait to see how things play out before you buy the rest and if i
new products in recent years have been doing well im not nervous or worried about them i think whats more important is that we should control our (sellin to->sell into) distributors
and this will cause fluctuation in shipment numbers however what really matters to us is the actual sales at retail if you look at the sellthrough number then
ill begin todays call with a brief overview of our results and key drivers (and well->ann will) run through the financials and then well go right to your questions but before we begin sari will provide a few comments regarding what we will share with you today
is that could you break out what portion of that is growth and what (proportion->portion) is related to weather well it was we dont think it was really a significant amount of that was weather
(they are->theyre) not a pain nor do you need to take any (precautionary->precaution) measures when you go (for->to) an mri so that late launch will obviously have an impact into how we think about the second half for the cochlear implant business
we strongly believe that such policies guidances and regulations will help shape the industry into a healthier and a more sustainable (form->firm) in the long run
so as we look at the export obviously the netbacks are extremely challenging right now and were going to be disciplined with respect to how we look at those we do have
which was the (litmus->litmos) test we wanted to use to see if the restructuring was successful and were now getting back into a growth phase so overall pretty good showing here of our retail business
this kind of momentum in revenue growth was also reflected in the segment income where the income growth was larger than the revenue (*->growth)
were offset by improved drug retail pharmacy (margins->margin) and better shrink compared to prior year
we are making some good inroads there as i mentioned by our finished goods coming down (what->which) you will also see just (to->*) make a note here
you may want to start a fire ultimately it comes down to your pacing
the same concept can apply to our group if we interconnect within our group great things can be expected
earlier in the year or next year we may be in the same position where that doesnt come until much later in the year
approval by the commission would resolve the rate case including the revenue requirement issue for four corners and rate case expenses
you may (now->not) think someone is extremely qualified but this person may have a big attitude problem
where it is for the type of product (*->well) which are paid all by the reimbursement
the people who are (fitting->feeling) the hearing (aids->aid) are mainly focused (on->and) the technology dont have to worry about commercial terms
and the number of customers who are actually shopping at one of your stores increases in a meaningful way
im just wondering if (*->the if) youre just starting with the new partner potential new partners are we looking at another
that have not been as successful as (hoped->hope) what gives you confidence in that channel
the performance of beverage products with better margin better profitability you have greater resources
for opening remarks and introductions i will turn the conference over to lisa (budtke->buckey) lisa please go ahead
were reducing the prices to see if we can draw the customer back in and were having a reasonable degree of success
so it becomes a hurdle for you when it comes to launching new businesses and new products
i make the extension here under current accounting because next year we will have
i think after 5 years of leadership for the cochlear implant business being sitting here in switzerland
it will have the pixel density thats needed its designed for the optics that this company (is->*)
this concludes my review of the financial and operational results next ill cover a few outlook items
we control at the end of the day the agency and the client relationship directly and we control the inventory
if you take the organic and the bolton which is normally the growth rate we would have reported historically
when everybody spends all the effort on developing new products
at this time i would personally like to thank our dedicated men and women who worked to keep the lights on during extreme weather conditions
way better than expectation obviously not all of them but that gives us hope that we can get there
competitors and (warding off->warning of) competitors as for behavior of vendors
what many of our customers would call all the features (they are->theyre) looking for in a hearing aid
and i guess the ones that you think probably have the largest share to lose
convince customers to come back or buy more from us and thats what were seeing right now (were seeing->weve seen) some improvement
and you are debating whether it will be the (wise->right) thing to do because you dont want them to lose
you cannot sell summer drinks in winter thats not healthy
it does (it->*) has been a response on the price side to demand really across the world
and were looking for that to continue moving forward i should mention one other thing and that is the technology
so we are looking all across canada (at->*) places where we can increase the footprint in urban markets
(*->a) period of time where the machine is running continuously we dont want to change products i mean thats the smartest thing to do
regionally the atlantic basin and west coast had lower earnings than last quarter primarily due to lower market cracks
i wanted to specifically check if there were any specific oneoffs in the third quarter
what are the expenses of the (connections->connection) and are you expensing it or capitalizing it
yes so youre right weve seen a number of weeks over 2 million barrels a day of exports
we believe that we can come up with a scheme that will bring the best value for the company
okay can you talk to the staffing that you have now in professional services
this was affected by the weather also we had the equipment modification to
i think both changes were done for good reasons and will help us
is to reorganize working with the contractor the work fronts put additional resources from the owners as well as cpchem on that
the improvement in the underlying profitability of your franchisees and as you do these (valuations->valuation) on a quarterly basis
(yes blake->klake its) it is a little bit low and its it really reflects the mix effect of
earlier you said that you are trying to create a qualitative change in the food industry
i think the opposite (of->is) the case when i look at the integrations work that
actually many small players thrive in this kind of cities
and the core product are becoming more and more blurred so thats why we have chosen to no longer represent that
that are showing some very promising results it takes time for them to scale up to the right level
compares to the others in development (but->both) where you see yourselves in terms of timing
and we dont know at this point how many stores are actually capable of achieving that kind of incremental performance
well what we have done here is weve made a concerted effort to say that within (a->*)
based on our history we cannot rely only on indirect business
(*->to) grow our portfolio to hit our targets that (*->were) weve laid out there for folks and i feel comfortable weve got that
but frankly a significant portion of that is still being driven by inflation and higher lane rates
domestically we have continued to deliver displays for the low rate initial production phase
they have better stamina than new products however
so we need to have internal criteria by which to judge things take our milk tea for example
(benefits->benefit) in the second half but it could also be that we
demonstrate clinical utility that supports our earlier expectations
we talked about (this->these) years ago in terms of controlling the (costs->cost) could you just remind us or update us on
during the quarter we saw the grocery market shift from an inflationary environment to a deflationary one
because theres a lifetime amount of transfusion thats tolerated if you start later you stay alive longer
in this quarter we executed 5 new contracts through (regence->regions) blue cross
was clearly incremental debt so it would be nice to be able to take care of that over (the next->*)
other factors that are anticipated to negatively impact earnings include a higher effective tax rate
in the downtown core of toronto is that we can do a lot more with less space
wondering which technology youre displacing and why you think thats happening
and encouraging us to be very aggressive moving forward no (ones->one) sure what to think about
our national as well as our regional sales force contributed to our growth in (this->the) segment
an exception with the va where if you bring a significant product you can actually enter
for patients and in dialysis its very much the case that
as the only nonbank lender offering both investor and owneroccupied small balance commercial loan products we can build market share without the need to compete by loosening credit criteria
these measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with gaap a reconciliation of these measures to the most directly comparable gaap measure
we remain confident in the underlying fundamentals of our broad and growing business platform which provides us with (the same->sustained) longterm growth opportunities
and with that let me turn the call back to tom thanks sari we had a strong start to the year as we successfully (addressed->address) customer priorities across our diverse portfolio of end markets
in addition chris (cline->klein) decided to forgo the distribution on his common units for the third quarter reflecting his continued commitment to our business
and iron ore partly or maybe even mainly because of the vale accident during q1 iron ore prices have really spiked during this quarter
moving on to our focus on store optimization as you know we made a decision to close 18 stores last year with most closing in june
beating their benchmarks and delivering top quartile relative performance another positive development on the performance front is the enhancements that morningstar is making in its rating methodology
and that loyalty is the key avenue for us to use personalization in i dont think theres any question about that nothing is changing about that at all
i would say that isnt our current thinking i believe we would continue to buy back stock the reason im a little bit hesitant on that is because
andrew you highlighted the leadership grant program and forbes as drivers of enrollment any other examples (*->that) you could call out in terms of the newer programs that are moving the needle for you
our key private brands which were involved in our speed initiative last year achieved a low (single digit->singledigit) positive comp in total for the fourth quarter
it just becomes a lot of noise you have to know your customer a little bit better know what theyre buying and target the offers to particular categories that theyre interested or target (if->*)
those technical resources that i referred to (in->and) i think the first question are part of the big differentiator and why were able to help grow the cloud the way we have (*->been)
if you look through these 2 major items our earnings and net operating income are basically flat with last years june quarter
so im just curious what do you think itll take to actually get those new (*->expansions new) expansion projects going again (im->and) just curious about the visibility you have around that ramp going throughout the year
in europe the first quarter presented a challenging sales environment due to the combined impact of a mild winter across most of the regions which we operate
fully funded season it for a quarter or 2 and then youre selling the conventional (fees->piece) out for the gain on sale
third we remain focused on increasing shareholder value by aligning our cost structure with our total enrollment continuing to generate positive free cash flow
such statements are subject to certain risks and uncertainties which could cause kohls actual results to differ materially from those projected in such forwardlooking statements
we were especially encouraged by the stepup in comp sales relative to last year and importantly this converted to improved operating profits
to sum it up we believe the aftermarket has benefited from a second consecutive normalized winter and ongoing sound fundamentals
this was the case with the stores we closed last year and future decisions will now be informed more directly from that experience
lower interest on capital leases as the portfolio matures and the store closures that we had earlier in the year contributed to the decreases for both the quarter and the year
our (riskaverse->riskaverge) approach compares favorably to the highly competitive market for middle market leverage loans where business development companies face loosening covenants and compressed lending spreads (and->*)
from our variable insurance product and subadvised funds those flows have impacted nearly all investment objectives and are illustrated in the flow graphs by investment objective
prospectively our lending business (had->has) a lot of other intrinsic things that prospectively can bring value down the road to public shareholders
while we will continue to work hard to improve the percentage of that that we can fulfill from our stores whether ship from store or buy online pick up in store
we did see a modest improvement in international retail flows (but->though) that was offset by some institutional redemptions as well as improved us fixed income flows
an interesting comment and i dont think something weve seen in the past in the (canada->canadian) marketplace so maybe can you elaborate just a little bit on how
were not just trying to put numbers on the books because in the lending market the problems always show up 2 3 4 years down the road so i think that
and so we want to be poised if something appears to us to be an opportunity yes i think its also as kevin mentioned in his (comment->comments) the uncertainty of the environment
so that they activate and engage more often because thats fundamentally our problem is that people arent responding to the more traditional media that we have at the same rate they used to
one important thing which ive talked about before to bear in mind is that even though we have higher fixed (costs->cost) we have not increased our manning we keep our fixed manning on (a->*)
the valuation of any investments in portfolio companies particularly those having no liquid trading market and our ability to recover unrealized losses
during the last week of june where we experienced large (*->temporary) mismatch between payments and collections this temporary imbalance largely corrected itself (in->*) the first week of july
in addition to the amps transaction our third quarter results reflect relative to the second quarter lower investment income and lower realized investment gains
we continue to believe that (weve->we have) the right cost structure to withstand the challenges of the coal market that we believe we will be operating in for the foreseeable future
to point to marketing as either our issue or our opportunity would be not very thoughtful i mean we have
i know the sba product is also protected as you guys just mentioned and thats very unique to your platform but it seems like fannie would be a very natural fit and extension for you guys
it also has a lot of burdens one is that we must dividend out all of the earnings the company has made over its entire history
a replay of this call will be available via the other number noted in the press release and will also be available on our website following todays presentation
they might not have (a->the) dramatic impact but if they think theyre going to last for a long time and you see a scarcity of a resource i mean you know how that one will play out
ill start todays call by walking through our financial results and then kevin will provide an operational update and our thoughts on 2017 well then open up the call to your questions
these sales were executed in connection with our efforts to rebalance the investment portfolio subsequent to the impact of the segregated accounts exit from rehabilitation
for a year and some of the customers actually were with us for 2 years as they were part of our pilot group so i think michelle and the rest of the marketing team have done a good job
this reflects both our payment of estimated cash taxes for the first and second quarter and increased working capital needs to support what is typically our highest quarterly sequential sales increase
meaningful vertical gotomarket sales organizations that enables us to have people who do nothing but think about those segments
a reconciliation of these measures is provided in the earnings press release issued this morning which is also posted in the investors section of our website
the timing on the cracker one of the things we wanted to make sure that there were some daylight in between when this gulf coast cracker project one came up and when we would do the second one
how would you allocate resources between new products and existing (product->products) have you already identified some potential products
looking at that number alone you may feel a bit nervous however we put more focus on the sellthrough number the actual sales at retail
remember that aso contracts tend to be higher margin as transportation costs are paid directly by the client and do not essentially flow through our revenue line as is the case for our other contracts
we continue to be active in pursuing new distributed gaming jurisdictions as well as potential legislative changes in existing ones to improve the operating environment for this business
which is a training center in which we hire apprentices and then train them and train some of them up to the (meister->maesta) level we do that in collaboration with (*->the)
we believe that the cut is (a->*) gives us a distribution that is sustainable for the foreseeable future its difficult to predict
ladies and gentlemen we are very proud that in the current macroeconomic situation we continue or even improve our excellent performance
from the perspectives of communication and arts i think noodle story is a very artistic and special success
additionally access to the murray energy manufacturing facilities will allow us to significantly reduce our repair cost and maintenance capital expenditures on critical equipment
we anticipate that a proposed order will be considered by the puct on thursday august 18 once approved we will record the effects of the settlement for financial reporting purposes
gasoline weaker than it has been and i think that reflects what wed see as a seasonally normal driving season and the real outlet piece of this is you get turnarounds right now
decide but you can be a (force->forced) within your category for example our milk tea has a volume of 3 billion thats really substantial
our longterm financial strategy continues to be aimed at positive sales growth in a stable trading environment with a sharp focus on lower (costs->cost) and reduced complexity across our businesses
and our progress in our china and us programs during the coming quarters and the opportunity to build momentum in our product development programs
players in the industry what we can tell you is our capacity when we can get up to 28 million tons does not require us to invest additional capex so its a production decision not an investment decision
this is not all the growth we need but it is a clear indicator that people had (*->a) pretty high excitement from the product on the booth
if their prices do not go up or even go down i think there are abnormal factors in play over the long term
it helps ensure we meet our customer priorities as well as helps offset (marketspecific->market specific) dynamics like product life cycles or even partner challenges
part of (it->that) is the capacity and the ability that we have our own distribution capability enables us to if you will buy in advance where we can so i think that certainly helps
therefore you should exercise caution in interpreting and relying on them we refer you to our sec filings for (*->a) more detailed discussion of the risks that could impact our future operating results and financial condition
gather a group of people who really understand the market its not that we havent been trying to do that the keyword here is a group
with that on the highest level when we look at the first half year of this year we look at it as a solid first half year
some form of an otc product and if it is just to upsell people so thats certainly close to home and you would probably do with some form of (*->a) brand from ourselves
for noodles the difficulty is much greater than that of beverage selling beverages is about selling imaginations
assuming that (*->that) timing is met we would expect to resume longwall production in the new longwall district at the end of the first quarter of next year
and we are seeing consumers respond in those categories to the lower prices and thats driving units up so its really tough to isolate
the cracker reached full design rates in april cpchem also operated well during the quarter and (has->is) fully recovered from the hurricane downtime at cedar (bayou->baju)
ad campaigns for noodles are more difficult eating noodles is something very common very lackluster
you can continue when the second batch of people come in you may already lose your first batch especially right now in southeast asia marketers are
and while youre in the growth mode youre going to continue to invest in the brand as long as it makes sense when youre on this kind of a growth curve so i know (that->*) both organizations are committed
some of our comments today will be forwardlooking statements within the meaning of the federal securities laws such statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect
each contractor has a different set of workforce weve been i think the contrast is (that->the) polyethylene (units->unit is) pretty much complete on time on budget as we talked about in the second quarter of next year
projects are generally geared towards that although weve added quite a bit of nao capacity over the past couple of years also so were thinking about how do we efficiently move these products into the market
(*->make) this work very well so i think thats what is needed and so (now->no) its not going to take another year to get there because now we have some competition here
outside of las vegas our aquarius property has maintained ebitda in laughlin where the market experienced some decline in visitation towards the end of the year as well as tight local employment
of your end markets can you just clarify where you continue to see strength versus where the slowdown has occurred in the server storage businesses
how we spend our resources because right now we can see for the third quarter and the fourth quarter difficult times are ahead
slide 9 summarizes our residential mortgage business our strategy has been to retain the servicing rights on loans sold which increase in value in a rising rate environment
but hopefully (we->it) can accelerate that but i think the volume piece of that comes depends on how quickly the operations stabilize and we can get that on and running
as far as things that are distinctive and different i would point to a couple of aspects one obviously we are doing china
id say that hopefully were just in the first period i think that should be the story for (loblaw->lobla) for the next few years as we try to
finally we are continuing to develop new products for both consumer and military applications and are pushing our technology to the next level
factors that could cause actual results to differ are included here as well as in our sec filings with that ill turn the call over to greg garland for (our->*) opening remarks
beer and wine specifically and in some cases alcohol we believe that the grocery channel should be a robust and important part of
these statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from our corporate working statements and therefore you should exercise caution in interpreting and relying on them
within this environment we will focus on investing intelligently to grow the top line and offset that investment through our mix advantage and our relentless focus on cost management
with 2 of these combined into (one->1) paper in the new england journal of medicine along with (one->1) analytical verification and 2 clinical utility studies
pay down some of that debt over the next couple of years so i think you kind of got to that point that we have the ability to
yearoveryear earnings will be positively impacted by the rate increases in texas and new mexico that we discussed on slide 13 as well as continued customer growth (at->*)
and you see numbers in the range of 15 to 20 then you need to monitor for something big to happen
in mexico for example many of our sales are denominated in mexican pesos which has declined in value against the dollar so the dollar value of those sales have declined
we also saw (a->*) continued success in the eastern canada fishing markets where the higher commodity prices and lower fuel (costs->cost) drove more demand for our marine (transmissions->transmission)
and then as i said before we are making some targeted investments in areas where we think that the actual unit price on items is too high and we are lowering prices
with improvements in the top line youd expect that youd be able to offer a slightly higher marketing budget to help continue to grow
and that really kind of encouraged us to move on with (the->*) extension of the open season so i think were really optimistic on the line and where the ultimate capacity lands on that line
is obviously something that were good at and well continue to push however our educators are not immune to these trends theyre driving on the same roads
so when you see a good new product people will pursue that and you will see some inflated numbers around that new product
so in terms of introducing new products and how many will survive can you give us a percentage
when it comes to (acquired->a car) taste there is no right or wrong you were exposed to many things when you (were->are) still in the (womb->wom) of your mother
while we do not provide earnings guidance our fourth quarter is generally our strongest quarter and we believe that it is likely to be the case this year as well
and this will create opportunities for electrovaya we are also pleased that our technology continues to gain recognition from key stakeholders
we believe that demand for (indihome->indivo) is huge given the fact that indonesia has more than 60 million household
all i have to do is satisfy your emotional needs as for your physical needs i can address them differently however noodles
we are now completing (a->*) comparison of pamrevlumab to (pirfenidone->profenidone) and (nintedanib->nettenib) as single agents and in combination in the same (mouse->mass) fibrosis model
im not saying there (is no there->*) isnt any chance here but the difficulty is much greater
however we have to recognize that people are more picky they have higher and higher standards and that is why new products
(eat->each) how many dishes you have in front of you dont eat too much dont (overeat->overe) eat more than your share if you figure this out
the second thing that we are doing in conjunction with the pharmacy industry as a whole is we are engaging with the federal government
of inflation that the market experienced last year and then also it is being contributed to in some way by the investments that we are making
so that we can do things very effectively and achieve our goals very precisely on our time line and schedule
however there is one condition that has to be met im waiting for a right management team im not saying our current team isnt good
if electrovaya batteries makes these logistics and material handling companies more efficient that is the driver and the benchmark
such a compelling threat that we need to race to full deployment of clickandcollect across our entire network at the expense of
by way of hrct and so we are very excited to see what that looks like compared to placebo (thats->*)
of a business that meets that definition and frankly would it be possible for a nand flash business to qualify as a franchise under your definition
on supplemental retirement savings and have seen significant interest from school districts to address one of their largest recruitment issues that they are facing
a brand represents an organic life it has a life of its own
the farmers they can take care of their own fish and cows consumer goods are different you need to interact with consumers
maybe one day consumers will come back for your existing product the (sad thing->staffing) is when they come back maybe your existing product is already gone
a group that we estimate to be approximately half of the treated population we expect roxadustat to offer an alternative therapy capable of achieving the desired (hemoglobin->hemolobin) target
but we do use it internally to measure our core operating results so ive included it in the earnings release with a reconciliation to our gaap numbers
in the food and beverage industry you will see that many people actually thought of the great products already
the prelaunch development time sales cycle and validation period for our materials handling battery line has taken us some time
i would like also to update you on the progress of our cellular and fixed line businesses development as well as other business portfolio
for risks and uncertainties regarding our business and statements made on the call today as well as factors that may cause differences between current expectations and actual results
there is a very realistic problem say today there is a way of gambling where you can take all the winnings
as we typically do at the end of the third quarter we are updating our guidance (estimates->estimate) to reflect these results as well as to include our expectations for the final quarter of the year
please provide the safe harbor statement (yes sir->*) i want to take this opportunity to remind listeners that this call will contain forwardlooking statements within the meaning
starting with the strat we continue to believe that a thoughtful (focus->focused) and disciplined reinvestment approach is necessary to realize the full value of its strong worldwide visitation
end of this year and thats the thing or the beginning of next and thats the thing that weve got (a->to) target that new display will be something that no one else (is->has) built
we have changed the environment has also changed the difference between our products and competitor products
to support the growing number of (tandem->tender) teams we have integrated the digital directory products of (omnea->onea) as udo already mentioned before
we clearly see that public video is understood more and more as another screen in the digital and online universe and thus we get access to new advertising pots
it was not a small effort because you had product families and product configurations that were largely independent and different from one another across all of the companies within the architectural segment that we had acquired over the last few years
when the market changes very fast you dont want to be caught unprepared for example when it starts raining you suddenly realize you dont have your umbrella or the bucket then (that->*) you have a big problem regarding your second question
ship out your products however if your products (can not->cannot) be (sellthrough->sold you) it will be very difficult for you you have to protect your brand you have to return the payments you cannot have your products in the wrong places
one other thing i would add is were not seeing the adoption of scrubbers at the pace that we anticipated a few months ago i think its been much (*->slower)
the marketing of existing products question number three is about resource allocation in china some products are national products some others are regional products how do you allocate your marketing expenses
however a turning point will not put things in a totally different direction a turning point may accelerate things but (it->*) will not change something from black to white overnight
whats more challenging going ahead is your creative powers you can be very talented however youve just simply (sing->seeing) a song with no (accompaniment->accompanyment)
existing products offer their value its all a matter of management how do you make the adjustment because you cannot always have new products
and while we believe the thyroid market offers significant room for continued growth in our business we believe the pulmonology market represents a far larger opportunity over the long term lets highlight a few of these points
continued growth really relates to the marketing (endeavors and->*) granted youre acknowledged by ovum here but can you talk to how youre able to translate that recognition into more
and (a->*) significant divestment impact from the hearing (plan->planet) business and then if you go to the retail you can see the composition of the strong growth we had on the (audiological->autological) care (side->slide)
actual results may differ materially from those expected or implied forwardlooking statements are as of the date they are made and we undertake no obligation to update any forwardlooking statement beyond what is required by applicable securities law
we also released a financial presentation which keith will reference later in the call when he covers our financial results you may find the financial presentation in the same investors section under events and presentations
dialysis in china has been experiencing doubledigit growth in recent years due to promulgation of a new reimbursement system called severe disease that makes dialysis reasonably affordable for most patients (in->and) major cities
let me show you in the following how we have brought this concept to life in the context of our (tonline->g online) acquisition udo has shown you the results already and i would like to illustrate in more detail the operational processes behind
unless you are (a fair routine->failurting) if you have no (dancers->dances) or other entertainers to help you then consumers will (find will->*) not find your show entertaining enough
in terms of numbers you may think our numbers are slightly worrying actually that is not the fact it is because we are actively managing
these measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with gaap a reconciliation of these measures to the most directly comparable gaap measure is available in our fourth quarter 2018 earnings release
so the terms that we take should be the best for you the shareholder and thats what were looking at (*->and) were looking at can we broaden our can we broaden what it is were doing so that we become a larger part of the market
there are also factors that we believe could counterbalance these tailwinds to some degree for several quarters now weve discussed the tightening labor market with increasing labor costs which is a headwind to our ability to reduce manufacturing costs
the sale of our ownership interest in four corners on july 6 not only allows us to become a cleaner utility but will limit our financial obligations relating to potential environmental regulations which of course benefits all stakeholders
for everybody usually is how the acquisition pipeline looks can you talk a little bit about what youre seeing what you think might work whether youre looking for technology additions
while there has been some brexitrelated softness in general in the general uk economy that has impacted the housing market we believe there is good growth potential over the longer term given the housing demographics
the digitization of our outofhome infrastructure is clearly one of the key strategic priorities of our company and we are constantly evolving our public video network in (more->mall) stations and public transportation systems
these investors see our anemia program as an outstanding investment opportunity and have been intrigued with the possibilities of our (caiman->cayman) subsidiary over the china (*->wife) where we have admitted minority investors in the past
on page 6 as the ones who had a chance to come to capital markets day heard me say no change in the principal strategy of sonova we like our vertically integrated business model
furnaces and the whole cracker in operation before you get (to->*) production so its really the issue of (derivatives->drivatives) first then the cracker but within the cracker there are a number of systems that start to come up in advance of the hydrocarbon (end tube->intue) for the feed system
stabilization or decline (then->than) we as vendors companies we should seize the opportunity if you cannot leverage and benefit from it then difficult times are ahead of you
focus a little bit more on that segment and show you in more detail what the profile of the various assets looks like and how we would structure that transaction segment in itself at the moment we are more
and one last question just to date on that front are there any concerns like as you start to go a little bit more vertical in the health care space just in terms of patient data privacy how do you manage those things going forward
but were on schedule to sell more displays to them go through the second stage and this will be ramping up and (displacing eventually->displace it unfortunately) whats in there for the other company
however as treatment evaluation and treatment options have clarified over time the standard is to use transfusion until the point that the patient can no longer tolerate it
the company cautions that the risk factors discussed in these filings are not exhaustive and we do not undertake to update any forwardlooking (statements->statement) that may be made from time to time by or on behalf of the company now i would like to turn the call over to mary
i guess a driver of some cash that would potentially make its way to the parent company this year or with the organic opportunities available at psxp is that not necessarily something that we would be thinking about
close your eyes and imagine there are 3 pieces of beef in this (bowl->ball) when the beef isnt there (it->*) simply isnt there its difficult to conduct such large campaigns for (our->*) noodle products
the other thing is we still have some impact on (the->*) it hits the payment side as well (and->of) just all the products were sunsetting one of the largest products
the sequential decline in the first quarter state government revenue was expected until we have a final resolution of the new jersey tpl contract
in the meantime we will continue to work actively to progress all aspects of our strategy and litigation with respect to mitigating losses in puerto rico
but it looked like only a pretty small number of your (company operated->companyoperated) stores were actually closed for either of the hurricane events
natural american spirits distinctive premium brand continues to outperform in the third quarter the brand increased retail market share
joe also comes to rj (reynolds->reynold) with a strong track record of bringing brand innovations to market which will serve the company well moving forward
(toebitda->to ebitda) i would note here that given the relatively low interest rate outlook along with our improving interest coverage
inflation could end up higher than our current expectation if we continue to see the dollar strengthening as a consequence of the trade wars in the international markets
this decree also (defines->defined) how conflicts of interest must be addressed and communicated by the holding company of conglomerates to the ruling organs
have been our internal projects and initiatives where we see a high rate of return and we have a (history->*) demonstrated history
it is very likely that one or more decisions will be appealed and it could take several months or longer for the appellate court to decide on any issues on appeal
we also post an investor presentation each quarter containing supplemental information though we will not make specific reference to it in our prepared remarks
(*->its) simple but its been very effective and what we were able to do is determine
with a significant increase in sales and a decrease in redemptions this quarter id now like to turn it over to ken to discuss operating results
we continue to provide a separate set of (floated->floater) results in order to allow an easier transition towards new numbers
is herbalifes promotion of participation in a multilevel marketing program with a compensation structure thats likely to harm its participants
due to the confidential nature of these discussions we will have no further comments regarding this matter on todays call
and we remain focused on finding opportunities to further enhance shareholder value in a consistent and disciplined manner
and at conferences visiting our operations and investors around the country throughout 2019 so please reach out to ron and we will look forward to speaking with you and meeting with you
please refer to schedules 2 and 3 at the end of our earnings release for a detailed reconciliation of our reported to adjusted results
we have ramped up some spending on that to make sure that were compliant and that were continuing to drive innovation through our business
we also believe product innovation is an important means of keeping our edge in a competitive market for (costcontainment->cost containment) solutions
the companys actual results may differ materially from the anticipated performance or results expressed or implied by these forwardlooking statements
thanks to greater market penetration and our ability to accelerate sales of these products through our buildings and components channels
beyond the end of july until new contracts are set up or should we just still continue to expect the rac revenue to fall off at the end of july
we continue to be very confident in (grizzlys->grizzly) strong underlying (trends->trend) its authentic product proposition its highly loyal consumer base
as we have previously indicated our primary capital allocation focus for that cash and our available borrowing capacity
the team recognized this opportunity and moved quickly we went from conception to completion and moving traffic in less than 90 days
we are actively working with our customers to sort of change this model that i talked about
we have not considered positively the conversion to condos (at->*)
now claims have to be truthful and they also have to be substantiated this is based on this documented verifiable retail (sale->sales)
a little bit uncertain because of how challenging the external environment has been for everyone however i guess the best way to address your question
(theyre->*) probably very dependent upon where their steel positions were what inventory costs were and how they were managing through that
as we saw throughout much of 2018 operational and financial trends held up until wet weather began impacting our business in late november
land collateral as a way to that may be lowly levered or unlevered to help provide the capital to clean up some of those operating lines so i think
we will continue to exclude new jersey from our (fullyear->full year) projection though we now expect the second quarter to include 3 months of new jersey revenue
as a reminder we have provided additional guidance for the third quarter in the supplemental presentation posted on our website
low value i mean these are (there are->*) going to be very (highvalue->high value) programs in the context of some very focused efforts on the part of our partners with
but i think we do feel well prepared for it weve got a great pipeline of (innovations->innovation) that we think is very relevant for the future
unfair practices likely to cause substantial injury to consumers the nature of the unfair practices in this instance
could we expect to see some changes in your number of aocs and perhaps a better fleet utilization
minute 1 on day 1 of the stress you can look out and see how bad its going to be and because you can look out and see how bad its going to be
i think (it->*) what i think it is a great opportunity for the financial markets for the capital markets in colombia because it really expands
well i dont know if we can if we really have any thoughts on what might happen with new inpatient regulations
the company (continued->continues) its operational efficiency drive and it continued to control and cut costs in light of the difficult environment
generally you want to get a sense of what are the brands doing and thats really why we wanted to come forward with a little bit of that color because
i think as (weve->we) talked about earlier with justin i think you have the information you should be able to back into that relatively closely i think the (wildcard->wild card)
and i think both (jigisha->jugisha) and i are comfortable that we will get the integration in line as planned and that the operational folks are
as (jigisha->tigisha) said add to the capex which means we can build more crews and we can provide more equipment to expand that business that will be a little slower
and well see what the rest of the year brings you would think with solid market demand and as time (*->you) ramps up in the high season
we believe that the continued strong job market as well as increased competition have impacted retention as compared to the prior years quarter
i think that kind of gives you a sense of our view about the opportunity in the future quarters
i expect the end of this crop year to be somewhat traditional on how the market share plays out as i look down the road
this week we filed the necessary papers in the texas and new york courts to dismiss all pending cases between the parties
to vancouver now and i think that (laps->lapse) itself takes care of itself and the strength of the domestic product we have well finish the quarter ahead in intermodal (in->*) total
at the moment at the second time to enter into a segment which was not part
so whats been filed is the stipulation for the entry of an order with a proposed order attached but the court has not yet entered the order officially
or we end up being the lead sponsor on the projects we made a strong commitment to ourselves that were not going to take
the pace of change for us is also changing because i6 is generating tremendous interest we have over 30 customer engagements today and just everything were getting all kind of different requests
it gives us better control over the flow of material through the plant when an unplanned outage occurs we need to ensure that we have replacement parts on the shelf and we can get them quickly to minimize any downtime
in the future we may not be able to get some raw materials or we will experience shortage of them internally we always say that you cannot expect raw material prices to go down
in the long run we want to maintain a solid financial profile and at the same time providing attractive dividends and further invest in promising growth (project->projects) as well as (acquisition->acquisitions)
then no matter what the scale of your operation is there is always room for further development another thing is you are not doing it alone you have brothers and sisters you have your parents
do social traffic management for that we do it on a monthly basis so as soon as we sell the product in itself we have recurring revenues of lets say 2 to 3 years thats why the order book
adjusted ebitda margin in this business has grown for 6 consecutive quarters with a quickening trend in the second half of 2017 as pricing actions and cost savings from the closure of the algoma plant took hold
so as the year progressed all that we really keep are the ones that are on noncontract basis and i think internally in many of our businesses we look at that as a new reset point these are
and it took a pretty concentrated effort on the part of (the->a) team over several months to really get down to one set of harmonized product specifications but were really pleased with how that ultimately came together late last year
or as you said earlier it will be more and more difficult to launch new products and so its more about rejuvenating existing products second question you havent talked about noodles
that the company should retain its vitality so its very important to vitalize our workforce our organization that is why this is my second core mission
excellent and (can->could) you talk about the europe opportunity a little i understand (there are->theres) some regulations over there and that you guys might be able to take advantage of (that->this) can you maybe elaborate a little bit about what this new machine is
that those manufacturers have independently tested our batteries and that they are fully compatible with those vehicles and meets all of the interface needs as well as confirms competitive positioning
hybrid has been very i would say not quick at all and not slow but it has begun to trickle into the marine markets and you can have (diesel electric->dieselectric) and you can have pure hybrid
as always the full financial statements and (long form->longform) management discussion and analysis are available on our website and at the sgx website i recommend that you read them in conjunction with this presentation
there may be some shortterm fluctuations especially this year in the beverage market in china there has been no summer to speak (of->*)
these niche market kind of products so that will start up later the latter part of this year and we see a lot of interest in that when we go through these i6 initiatives so although while it is kind of skewed to flexibles and rigid
they have the maximum benefit for their customers here so it is ill be quite honest frustratingly slow but the good news is that a number of the sales leads were getting
what our sales forces do they go to small midsize clients and go for instance to (a->*) bakery and sell the 2 or 3 billboards around the bakery
are you guys seeing any pushback from the larger customers in terms of either the stocking levels that theyre willing to accept or in terms of pushing back on price more above normal levels
we are doing an endtoend assessment of customer profitability and reviewing all operating and administrative processes in order to further reduce costs and improve our financial results for this segment
an area of uncertainty is new limitations on the deduction or deductibility of interest expense until regulations are published it is unclear how these limitations may apply to internal debt structures
were seeing our rate actions exceed loss trends but unfortunately theres been some adverse weather thats been holding us back (at->a) bit but we will continue to take rate as needed we continue to focus on our underwriting
as you all know the recent period of low prices has also helped define those projects that will come to market many of these projects we are involved in and have been for many years
we believe we could offer greater performance and value to the intensive user that are superior to their present power source like lead acid batteries hydrogen propane and other (lithium ion->lithiumion)
jeff will have more of an explanation on the restructuring (costs->cost) and the reversal of the tax (valuation->evaluation) allowance but both of these reflect our efforts to have the most efficient global manufacturing and operational organizations going forward
and if you go to the website youll be able to see some of the things that are actually occurring around the can i think (itll->it will) give you an idea but continue to be very excited about it also since that meeting in new york weve (have->*) had 3 or 4 new
when you are fighting a battle when your soldiers come to you say they are out of ammunition you wont check before you give them more ammunition
so they often engage in price wars which hurt brands very much take the noodle story campaign for example
and thats why we try to develop our transaction business in line with our 4 publishing verticals of news and services tech and games entertainment as well as women and lifestyle
they sell it as a signage business for 3 years so what you actually do with the sales force you go there have once the sales effort but then you have almost like a 3year subscription
i look at all of these categories as being significant inflationary features this year its down to the work that our sourcing and operations teams are doing to find productivity to offset them as much as possible
and we (continued->continue) to see steady improvement in average unit prices as price increases more than offset some unfavorable mix due to the larger percentage of interior doors related to that new retail business
it was clearly a tough quarter our manitowoc facility had been performing above expectations for most of the year they experienced quality issues with the supply chain and challenges in paint production
because steel is essentially a passthrough to our customers this doesnt impact our economics but does change the reported order number for the 9 months orders are slightly above last year despite the pricing adjustment
at lower cost we have already created more than 600 pieces of video content (its->as) currently an output of 20 (piece->pieces) per day and will get beyond 40 on a daily basis by the end of the year
to specific parts of the market and getting access to that and actually saving overheads because we dont need to (send->sense) physical sales forces there but its not a standalone business thats why we would rather say the
depending on the final regulations related to interest deductibility however given the loss carryforwards we have available to us we anticipate little impact on our cash tax payments in the near term
just circling back to (distributions->distribution) really quick when was the decision made to cut the distribution i mean was it made very recently or has it been under consideration for some time
copies of these (filings->filing) can be found in the investors section of our website we undertake no obligation to update any forwardlooking statement whether as a result of new information future developments or otherwise
what the priorities are depends a little bit on whether if and when we partner so we have thought very carefully about a few of these indications not all of them
is where we stand with regard to launches of innovative products also obviously something to make sure we deliver on this part of the strategy
which i think was a good choice given the quality issues we had way back when and our interest to get the product road maps tightly aligned and using as much phonak technology as possible
well the one has talked to us for a while and now is coming to the point this is not the one that weve been talking to for a while and told you about
and that enables the quest reps to really go out and sell the product without any concern around reimbursement or managed care agreement and (smooth->smooths) the process to getting the samples into the lab
and were going to do everything we can to maintain our position in the payer but we always we have to take it one at a time its still got to create value for our shareholders
before we begin todays call i want to remind you that the discussion will include forwardlooking statements such as the companys beliefs and expectations regarding certain aspects of the financial performance in 2016 and future years
as well as 2 substudies to test pamrevlumab in combination with either (pirfenidone->prefenidone) or (nintedanib->an intetinib) our principal focus in the substudies is on safety assessments of combination treatment
at dollars that are significantly less than what its costing them to produce and how long those folks can hold on and how long they can live off their legacy contracts will have a huge impact
now moving to our balance sheet summary on page 9 you can see that our cash balance fell from last quarter due to the temporary working capital movement i just discussed which reversed itself in july
and so the improvement there and the performance of the product is something that has a lot of clinicians really excited about the afirma gsc and wanting to gain some experience with it so were really happy with that
inspiring working environment provides great opportunity to attract talent and retain talent who can grow together with our businesses and we can
yes so were pretty happy with the investments that weve made i think youre probably referring to our inspire network that weve upgraded over the last couple of years
our new true rewards players club program will allow us to crossmarket targeted rewards to millions of players in our database in order to increase wallet share and time within our properties
and from walmart but were feeling reasonably confident in our ability to offset that and again the way to think about it is were not going to put inspiretype capital in hundreds of stores
this is something that we think a lot about with regard to the value proposition for the brand and because we have such strong access with the payer its something that (we are->were) quite thoughtful with as you know we came in
this was evident this quarter in several ways firstly since our portfolio consists primarily of (adjustable rate->adjustablerate) loans our gross yield increased in all 3 of our small balance commercial business lines
and we had a fairly high turnaround season i think in china and thats coming back so i think that that supply may impact that but generally asia feels better than it did probably 3 or 4 months ago
and then the other area which is a great strength for shoppers (drug mart->drugmart) always has been and we think is a big part of the next wave for shoppers growth is beauty
with respect to our texas rate case on july 21 2016 we filed an unopposed settlement with the public utility commission of texas after continuing to work with all intervenors in the case
and commercial markets through our participation in early april at the (defexpo->deaf expo) 18 india show our superior microdisplay performance was of great interest
the strategy has also been consistent there are parts of the marketplace where we may be motivated to acquire something because of speed to market
and so you really didnt get the full impact of the new cracker being up so the new cracker is probably our lowest increment of cost as we think about our value chain
this trend of controlling costs while increasing revenue is very important for the future of the business we continue to increase our backlog which is also a good trend
for dialysis patients who are treated with (peritoneal->parent neal) dialysis which is a homebased modality we expect the accessibility of roxadustat to make (peritoneal->parentneal) dialysis more attractive for patients
as the market leader we will continue to innovate by seeking to improve the clinical profile and expand the clinical utility of linzess to better serve an even broader patient population
fair value accounting most of which is the msrs which as we noted increase in value in a rising rate environment now turning to investment capacity in our small balance commercial space it remains robust
i dont (know->*) tim if (youve->you) got any other comments around that you want to make no i think that we see value (in->and) continuing that we continue to invest in the midstream so i think theres a growth dimension to that so
the degree to which i think when we went back a quarter or so the dynamics on the strip among the larger players were related or a driver
unfortunately and i think we were pretty clear on that when we talked about marvel in may (*->and) at the capital market we will not get the marvel into the va contract at this term
on certain country head positions but also the right changes with regard to how we want to drive marketing and sales from a commercial execution perspective so i feel good about
(lets->id) say in line with the independent market in (the->that) first half year for us (so->we) think in terms of somewhat of a flattish slightly up business on the independent side
pivotal clinical validation data from our multicenter prospective brave trial for the envisia classifier were presented at the american thoracic society conference in may
discussions are also moving forward with potential mass production partners to help scale production our discussions have expanded as we were recently approached by another group
were developing new projects with attractive returns that complement our strategy and by doing all (of->*) this well we can continue to reward our shareholders with solid distributions
given uk and canadian operations now represent roughly 10 of our business it is important to consider currency translation when modeling both top and bottom line in this volatile currency environment
that our entire sales process is integrated with engineering this means we are particularly adept at providing solutions that our enterprise customers need and want
we continue to invest in our engineering and services we regularly get high marks from our customers which has resulted in a low customer churn rate
weve seen an unprecedented high number of preorders at (uha->yuha) we also have seen in the following launch events in all the different countries we are selling in
there are many cities in china with a population of 4 million to 5 million and for national players its a long way to go it requires time
similar to the first half of the year we are taking a cautious stance on auto given the elevated severity and frequency trends we are experiencing however property reserves continue to develop favorably
and we are working hard and persistently on connecting the various elements to leverage all existing synergies bernd will take over now and show (*->you) in more detail how our financial kpis have developed
in q1 and q2 weve installed 28 screens in absolute top locations and implemented a smart mixture of local content news and sports as well as advertising on the screens
and that is an exciting prospect for them as well so i think the value proposition for forklifts is very high and i think youre correct in those other industries
additional information about factors that could cause actual results to differ materially from (expectations->expectation) and about material factors or assumptions applied in making forwardlooking statements
we want to improve our bakery business we want to also improve our health supplement business these are the things i will work hard to achieve
the film has had critical (acclaims->claims) but they dont know who made it its not easy to sell (noodles->nudos) indeed any other questions
as with previous calls our comments today are subject to normal provisions relating to forwardlooking information we will provide information relating to our current views regarding trends in the markets
we see new construction of rigs and weve also seen our models being purchased and taking out a different transmission so theres a mix of that
what i mean is your product has to be good enough but you also have to have good packaging and other promotion campaigns
we are moving forward to prepare for the implementation of the department of labor fiduciary regulations and continue to approach the changes thoughtfully as i mentioned in our last (earnings->earning) call
detail on this about the potential for the timing of the second cracker but i wanted to focus more less on the margins and more on sort of the timing (of->and) the shift that weve seen in terms of
as opposed to owning the entire (process yourself->processorself) i think our view here in terms of what were doing and also looking around at suitable contract manufacturers
as an example of our unique solutionbased approach im pleased to announce a new innovative program that is making a significant difference to educators struggling with student loan debt
the beverage market in taiwan has developed over the years every year we see new products and only a few will remain (as->at) star products
the hurdle is relatively high and i think thats the highest difficulty for us in southeast asia that is how to
within property we continue to pursue appropriate rate increases while improving underwriting and pricing segmentation to ensure consistent solid underlying results
many of these fuels are still in the design phase and theres still a lot of unknowns in that area and when you think about marine fuel blends how challenging the issues of compatibility and stability
people may use slightly different expressions but the thinking and the culture are the same because we share the same language however in southeast asia language is the biggest problem
in the fourth quarter our labor productivity continued to improve sequentially offsetting wage inflation with slightly higher factory costs due primarily to higher benefit expense versus the prior year
turning to our retirement business annuity profitability has been a bright spot this year given (a->*) strong investment portfolio performance despite the challenging interest rate environment
this (represents->*) good validation of our product line and its exciting to see the batteries (gained->gain) traction meanwhile many other companies continue to test our batteries
as of june 30 in the first half of 2016 we had no major capex the amount of fixed asset went down compared to last year we only recognized amortization
to be paid later in this fiscal third fiscal quarter we are looking forward to completing the acquisition of brocade which is proceeding as planned and subject to the satisfaction of the remaining closing conditions
my observation is contrary to yours i think modern people are getting lazier and (lazier->laser) they dont like to do things (themselves->them)
(*->and) were seeing a lot of suppliers still looking to try to claw back losses theyve seen with transactional fx incurred over the last 18 months the other factor that we see is wage inflation
you can be very creative you can create lots of different scenarios however its difficult to do that with noodles you cannot ask consumers to imagine
in addition we saw a number of sizable convective storms across the northern (plains->plain) states that resulted in hail and other physical damage to both auto and property exposures
cumulative adjustment to reduce the steel price retroactively on an order already in backlog this is because steel prices which are a significant part of the cost of a tower have been declining
there are a couple of other general factors which i should mention that do have an effect on our (results->result) first interest remains a significant factor in our earnings equation
we expect our working capital position to improve as revenue increases well also get a boost as we receive more revenue from our recent forklift purchase orders
taken all (this->these) into consideration i dont think what happened 2 years ago will not occur again the objective conditions just isnt there anymore
in china there is the risk of inventory because vendors here not only play the house but they cannot resist but to
our final goal is superior portfolio management in this context we further strengthened our capital allocation process and we continue to maintain a 15 hurdle rate for new investments
all of our drinks in the third quarter by september we will finish the season in winter we will launch a new season
perspective and then some of the engagements you have with oems are there youre (taking->talking) class 1 to class 3 is it more concentrated in class 3 just trying to get a sense of the mix within the
thank you brian and thank you for joining our conference call today we appreciate your continuing interest in twin disc and hope that we have answered all of your questions if not please feel free to call jeff or myself
these more mature products can help you to some extent they can provide you with your startup fund of course you cannot always borrow from these other products
secondly we are massively increasing video content with the support of our central video unit which is producing for all of our publishing assets and was launched in april this year
and monitoring very positive underlying property results closely taking additional actions when necessary we are also seeing good sales momentum in all of our business lines
we also see continued strong growth for transportation films as consumer awareness is increasing particularly in asia where we have been successful in tapping into expanded distribution channels
actually many times what we found is the best way to stimulate this kind of opportunity is to actually do things to actually
used truck recovery is tough to call but if you had to guess today at what point do you think youll be able to get back to seeing a level of gains on sale thats in line with the historical average and
we now expect market prices to be flat sequentially from the third quarter however our price is forecast to be up midsingle digits as the units to be sold in the fourth quarter will be newer
furthermore the performance of the distressed loan portfolio was also impacted by lowerthanexpected home prices for certain loans in the portfolio as well as a reduction
finally i articulated a preliminary plan for increasing our exposure to (networkdense->network dense) udcs in a way that wouldnt alter the risk profile of our business
we believe we offer the best products in our markets providing simple fast access to good quality credit for people and small businesses who have limited savings and who frequently do not qualify for bank programs
the energy coal market has rebounded from the lows at the start of 2016 and the direct benefit of the recent increase in prices has been most clearly felt in indonesia followed also by the australian suppliers and miners
can you just talk to kind of how you get to that point is it because the companys at a point now where you feel like youre ready to make (*->a) can take on a transaction like that does it make a statement about what you think
of lower profit share revenue than we received last q4 third our fourth quarter and full year performance is expected to drive higher incentive compensation expenses in the fourth quarter than last years fourth (quarter->*)
our focus on cost enables us to expand margins while continuing to fuel growth in that spirit let me take you through 2 exciting opportunities that will be important drivers going forward
longterm debt capacity of the commercial real estate portfolio because thats what we are focused on and thats what were growing right now so i think that the metrics may be more conventionally oriented than what (you are->youre) inferring
results of operations business initiatives growth plans operational investments and prospects of the company and are subject to risks and uncertainties that could cause actual results to differ materially from such forwardlooking statements
adobe whose software runs under many retail websites analyzes data on billions of website visits to create its digital price index a realtime snapshot of online consumer spending
in half from 8 hours using other solutions to 4 hours using our solution today we expect to reduce that time from 4 hours down to just 90 minutes by the end of this year with our new ai (feed->team) and capabilities
growth driver and in the past i think china has been a pretty big part of that so could you maybe talk about which products you may already be seeing pressures on or what you think might be at risk going forward
now lets turn to the rest of the insurance business home broking continues to be robust albeit in a challenging market home is a more sticky product its one that we can differentiate more clearly
on what is the lowest base i was wondering and i understand its early in the program but where are you in terms of growing the services business compared to your early expectations that you laid out
that being said weve never come out and said exactly what we believe the ending cash balances that were seeking but were very clear that were using our new capital allocation strategy to make sure that we continue to work that balance down in a really thoughtful way
on the credit risk transfer investment benefited from marketdriven value changes due to credit spread tightening in addition to ongoing income related to the investment
(the->that) q4 has not played like the earlier quarters of the year and so were trying to take some of that knowledge weve gained into account as we think about where we believe the fourth (quarters->quarter) going to go in terms of the revenue profile
with nearly 2 patrol cars for every 3 officers and the increasingly positive feedback from our trials we see the axon fleet incar camera as a tremendous opportunity to extend our capabilities
about half of that investment is going to drive insurance broking (policies->policy) which has already begun and the other half will go to drive new travel volume across the year
no so these releasing spreads are just for our space leases we did (coincidently->coincidentally) have a ground lease (but->that) renewed at a very favorable spread but that was not included in these numbers that i cited so
we have not disclosed how large the book is but i had said when we (had->have) brought the team on that success will not be measured by hundreds of millions but by billions and i will tell you that they have been successful
and we made excellent progress on our development portfolio materially reducing construction leasing and funding risk going forward
the number of jobs in the state has increased over the last 6 years and at the same time unemployment has declined to below 3 this has driven steady growth in personal income and retail spending
the expansion of middle east north africa and (the->*) asian refinery capacity will provide new trade flows of refined products exports from east to west
notwithstanding the tight hawaii labor market weve been successful in hiring experienced talent to nearly complete our inhouse asset management and leasing teams weve brought the property management functions
given that some of the upstream producers are also owners of the export facilities they will look to export part of this new production
we also firmly believe that we have the properties the people and the platform necessary to execute our strategy for the ongoing benefit of our (unit holders->unitholders)
our first priority during these disasters was of course the safety and wellbeing of our associates (and->in) the affected communities and were happy to share that all of our associates are safe even though some of them suffered material losses
in doing so we are moving forward aggressively with the implementation of ai technology to help our customers make use of all the data that they are recording while significantly reducing their workload
also higher conversion rates in (fact->part) based on the higher proficiency and great engagement of our store associates but also the fact that customers have done more research before they go to the stores so you see
get up against the wall as far as supply or lack of supply do they sit and wait until something opens up in downtown or does it start spilling into the suburbs or expanding in other markets
on the back end because the way we structured our (program is->programs) really catered to the way our customers what they were focused on so i guess its a longwinded way of saying were not going to give any more color on (that->it) right now other than i can tell you we will
together with the launch of china will help us to continue the momentum in that market but (nearterm->near term) we do remain cautious given the economy but theres no question as we look at the longterm
the remaining challenge for us is to extract this information into a searchable format that can be utilized to transform the business processes reviews and the prosecution and litigation processes that currently run on text data
adjusting for a reduction this quarter (in->*) an elevated number of vehicles being prepared for sale which provides a more relevant comparison to our forecast
that includes certain noncash benefits and expenses associated with our international tax structure in addition to normal gaap metrics
before i share my view on what changes we need to make i thought i would start by telling you what is not going to change we will continue to serve highquality greattasting food that consumers crave
and be more top of mind with people to remind them why they love chipotle when you remind people about the fact that
these statements apply to future events that are subject to risks and uncertainties as well as other factors that could cause actual results to differ materially from what is stated on todays call
its the combination of these strengths that is reflected in the fact that the vast majority of our customer acquisition is sourced through direct channels
used vehicle pricing showed signs of stabilization and volumes were good while rental demand was better than expected and improved as the quarter progressed
we remain encouraged by the demonstrated value haptics provides to mobile advertising and content and believe we are uniquely positioned to succeed in this new market
identifying how we make this brand much more visible and get a narrative back out there in explaining what makes our brand different what makes our brand
and i believe in the power of people so its important to me that we create a culture that is focused on running and supporting great restaurants putting the customer first
this demonstrates the highly cash generative nature of the group and the fact that we turn profit after tax into cash after tax
and (weve->we) developed a new business model for hospitals ziopharm will provide patients and caregivers with a solution that addresses the cost and complexity
is a huge opportunity for us to both innovate as well as drive throughput even further on our consumerfacing line as well as our second (makeline->make line)
and so we strategically made the decision that it made sense for us to ramp up some of our finished goods inventory to make sure that we were able to fulfill demand
(and that just->*) goes through cycles that take longer to reactivate than maybe the shortterm product where theres more lead providers which you can turn back on a little more quickly
it probably doesnt make us it doesnt make sense for us to own the long term so i would see us in 2 or 3 years not this year
regarding our ongoing litigation with apple the markman hearing took place on october 18 as a reminder this is the claim construction hearing
and we continue to have confidence in the (strengths->strength) of our ip we (remained->remain) optimistic about the future monetization opportunities in the gaming market
our contractual products including choicelease dedicated and supply chain all grew during the quarter and will provide the majority of the companys earnings this year
(*->of) both lands that will show up in the timber segment as well as stumpage blocks that have contributed to the growth in our performance on the trading segment
and despite that weve stuck with it because we saw that we could underwrite loans successfully in that space and knew that if we (could->*)
(*->the) certainly the success weve had at 400 west georgia gives us confidence that theres a lot of demand
we were able to reduce inventory to just below the midpoint of our target range of (6000->600) to (8000->800) vehicles (one->1) quarter earlier than expected
we have recently seen a very strong trend with major partnerships and acquisitions in this area and we believe that controlled il12 is now positioned
nancy joins us from seagate technology where she held executive positions in finance corporate development and sales and business operations
our success and strong results across our shortterm line of credit and installment and receivable purchase agreement segments
well i think (*->you got) to your point you dont have to (get->give) we dont have to get back to the peak levels that we saw but we do have to get back to more of an average of what weve seen in the past
during the year reflecting our focus on improving revenue growth the revenue growth rates with several sizable deals in the sales pipeline
explain to them (and->*) demonstrate to them how it can be done and how it should be done so i would describe the consultation so far as being constructive and positive
and now with that said we will always be looking for innovation that continues to enhance that value proposition the most important thing i think you can do
increase the value of the ecosystem theyre more valuable as a part of the ecosystem weve already built and they make the ecosystem what we have more valuable by adding the new service
by the airport and weve been very clear in terms of what we believe they should be looking at and we will work with them to try and
i think there are simple wins on our way to our path to what i think is going to be really accelerated opportunities in the future (so->*)
just sort of the unprecedented demand coming from that are they taking are they doing deals where theyre taking more space than they need in anticipation of future growth
and it could ramp very quickly because a lot of ad dollars being spent on (a->the) mobile platform and if you can show increased
thanks rick we had an exceptionally strong fourth quarter and full year 2016 and i am proud to share the highlights of our (accomplishment->accomplishments)
in some challenging markets we have delivered numbers in line with the rebased guidance that we put out in december
better demand conditions combined with our actions earlier in the year to rightsize the fleet resulted in outperformance for rental during the quarter
were pleased with our first half margin performance and are slightly ahead of our plan as our cost execution has exceeded expectations
could we see any sort of just moderation in 4q pricing relative to 3q just given conditions normalizing for some of the fire conditions out there
supply chains earnings this quarter were also negatively impacted by higher planned it and sales expense as we had expected coming into the quarter
we are also working hard to improve other areas of our business we are on the verge for example of launching new investor and public (relation->relations) campaigns
as we invest in the customer acquisition it should be noted that this ratio is calculated only including current product at current price level
from a capital perspective yes it did have some constraints on capital but we were still so far above those limits (that->*) thats not what was
and can now reasonably strive to use our platform to enhance our investment and operating returns
the yield on new production any different than the yield on the portfolio at this point or is there still sort of a bit of a drip there
secondly the financial reset that we did in december it was a painful event but it was the right thing to do
we have a target of getting to maybe half of our customers coming from outsourcing so we do expect that to continue to
go back to customers and take up price opportunity wherever we can on an annual basis with our (contracts->contract) so we have taken
we believe we have now established that the control of il12 is a potential therapeutic platform for turning cold tumors hot
our ai tools will extract the information for the police record system and in the future that we are building records will be recorded not written
the truck market gets better and the used truck market doesnt get better because i think some people have that view right now (of->*) thats whats going to be happening
third quarter financial results were generally in line with expectations and we exited the quarter with a strong balance sheet and positive momentum
a key element of this initiative is the implementation of an automated frame line for the buildings business
also in terms of new technology new proposition which
people that are focused on their mission or their church and they also have to run the operation
(do these->a disease) require sort of upfront (investments and->investment in) headcount or otherwise for you to get to
allowing us to deliver new value proposition to our clients
at a ratio of (1for7->14) effective as of the opening of trading
we also continue to make progress in our leadership development grant or ldg program
that concludes my formal remarks and i will now turn the call back to claude for some brief closing remarks
of what occurs when you see rapid price increases like this weve seen similar events in the past
and the board and the entire nci team are excited about the potential this project holds for us
(were->we are) proud the institution offers a program that creates so much value for its students
with that i will now be pleased to take your questions thank you very much for
(*->high) error rate providers would be referred to the (racs->racks) which i dont believe weve had any referrals to date
then take that product in our trip plan and make it transparent to our customers
and when those are live because theyre in sky there is no integration work to do
i think it serves as confirmation around our capital requirements what we said about that for both the
(interested in->interesting) looking of what is going to be the announcement which will come out
on certain assets to reflect our greater costs of funding those assets so
dump the product that theyre required to purchase and then collect royalties from (herbalife->mobilize) and thats how they make their living
thats coming to fruition so productivity in general has been a massive focus of ours
by increasing our penetration into the growing financial planning and retirement (markets->market)
finally we may refer to certain nongaap measures during the call (and->in) our earnings release and investor presentation
our spreads have firmed and are growing in dollar terms and our credit quality remains very strong
of more than 5 this exceeded the cost savings projections i provided last quarter
i will now turn the call over to mark to comment on our second quarter financial results and third quarter guidance
understandably the department of labors fiduciary rule has triggered a number of questions from investors
as to the type of whats in the bid whats not in the bid and what we really want to do
recruiting rather than retail sales is the natural focus of successful participants (in->and) defendants business opportunity
we saw strong construction activity and good demand for our rental equipment throughout our network of branches
i would like to turn the conference back over to (darcey->darcy) matthews for closing comments
probably what was expected to be a formal outcome by mid of next year
as well as to provide you with our operational and commercial update
and there are some people out there who think this could be the best drug to treat psoriasis
just to be clear in terms of sort of the lower end on the revenue side
to have that become a smaller part of the total revenue (happened->happen) a little bit faster than planned which were fine with
sure well just for bridgepoint i mean we really havent gone out there and offered
is it as simple as that or do you have other moving pieces we should keep in mind
as a result of the developments occurring after todays call except as required by law
so we think thats one of the reasons we believe as a company were still in the early innings
our sales account executives now lead with a total solution selling strategy by vertical
the remaining 7 topside models and jacket are planned to be removed
at the state and local levels funding trends are improving and now we are increasingly optimistic
there could be significant settlement negotiations with providers (in->and)
and so were starting to sell some of our (analytics->analytic) services and some of the other highvalue training and other services
that goes up and down and the industrial municipality environments are strong on the drilling side
but based on what we now know of how corficolombiana should perform
the (jetty->jetsi) and related facilities for refined products
and its really interesting to watch when these markets get healthy
and (it->this) is not the best argument for reducing (our->your) cost of risk but when youre not growing
while committing to further net cost reductions at the same time
although we are still confident they may soon turn into (awards->our words)
or you start reducing that from your net interest income line
significant lead if you will because of the existing components that are deployed
we have successfully delivered against a number of key initiatives
thank you for your time today let me hand you back to graham before we take questions
you may disconnect your lines at this time thank you for your participation
this will deliver additional benefits to our cost base
very nice bidding months for the state of california i dont see it slowing down at all
result for us as well which are driving nice bookings productivity also
and finally the other rationale (from aval->for moval) was that it did not want to use
how much of that is recurring and your view of recurring revenue changing versus
this is a significant development for one of ambacs largest adversely classified credits
doing all we need to do in terms of streamlining the organization
are not people that we compete with on a daytoday basis in the transportation segment
strong demand trends also are evidence of growth opportunities for our growing water segment
come out of the first quarter and really its a combination of all those events it doesnt really change
based on the (plan->planned) implementation schedule for new business signed in the latter half of last year
we expect to have around 3 million customers using this service by the yearend
we believe the ability to make an investment of this size
is inclusive of our new church management solution investment which is being developed internally
im curious if you can maybe put a little more revenue color on that should we be thinking of the magnitude of
but i would love to hear your thoughts about the medium and the (longterm->long term) how do you think that
expanding our etf platform and new product launches as well as new technology
so that everything that we get today is value creation its not a revenue driver
we do not undertake any obligation to update these statements after the date of this call
we have made targeted investments in both public and private cloud solutions
and also (taken->taking) into consideration the fact that the cost are currently decreasing
are able to compare in a better way our capital levels to the ones of our international peers
so we shouldnt have these problems that we had this summer
so in our expectation of free capital generation over the plan period
we will continue to emphasize bidding discipline and the critical earnings leverage it creates
and the other comment i would add is that in the second quarter of last year
second while we continue to operate in a difficult external environment
and superior and sustainable returns for our shareholders
so you did ask earlier if we
there are business opportunity participants and thats what you would think of as the current
on the bottom of the page we present other operating income other operating for the quarter
time frame we will have first of all we have a lot of customers
and we will continue to execute on our capital deployment strategy to maintain a strong balance sheet
we are fortunate to be able to leverage his creativity and expertise as a (culinarian->culinary) a visionary and our founder for those of you who dont know me very well id like to share some of my key beliefs (and->in) leadership principles so you know what to expect going forward
all forwardlooking statements made during this call speak only as of the date they are made aptose undertakes no obligation to revise or update the statements to reflect events or circumstances after the date of this call except as required by law
for cholbam the focus for bile acid (synthesis disorders->synthesisorders) will be on supporting the evolving change in the diagnostic paradigm the team will do this by raising more awareness of our genetic cholestasis panel and increasing its use
clearly an important part of our business were in the process of opening up our second technical school to train service technicians and were looking at regional service centers to increase our service capacity (into->in certain) markets
now as we do (biggerscale->bigger scale) studies they continue to show dramatic improvement in retention and engagement thats caught the attention of the marketing community teads is one of the larger
that would save us so much time in the aml trial because were not getting all the negative data from these very ill patients and the risk of having to expand out those dose levels there
the majority of second makeline orders are app and web orders but also include (third party->thirdparty) delivery orders and catering the surge in mobile sales since relaunching our app late last year gives us confidence that our customers appreciate the great experience
lower interest expense and a lower tax rate all contributed to the outperformance against our prior guidance for the third quarter turning to a review of the income statement
so thats a really great question we want the investment community and our shareholders and our consumers to look at gander outdoors no differently than they look at a camping world location
additionally a special committee of the board and (its->as) independent adviser are continuing to work through the assessment of speedway and expect to complete this review and recommendation by the end of the third quarter
the replacement of the mechanical home button the use of haptics within their phones applications and the opening of their api to allow the development of new applications utilizing haptic effects
i dont know that we were impacted by anything that was abnormal i mean when you get into the heat of the summer selling season everybody gets a little more competitive and im sure there were certain markets
we made substantial progress on both the development and commercial fronts in 2016 im very proud of our many accomplishments during the year most recently in the fourth quarter we presented additional positive data
that used vehicle results were flat with the prior year and that there was no more accelerated depreciation so the big driver there would be the residual value impacts that were estimating right now based on
in the coming months you will see us piloting various tests across key innovation focus areas such as consumer access the digital experience our menu and restaurant experience (in->and) realigning the organization to support the goforward strategy
where we have combined the group (operation->operations) support the technology office group information systems in order to be able to better respond to the digital changes which are quite profound
in supply chain we expect fourth quarter results to be below our prior expectations due to ongoing impact from the 2 accounts i mentioned earlier although to a lesser extent than we saw in the third quarter
and in some cases we have a very healthy front end because theres scarcity in the product itself in other cases we have a very healthy back end because we sell the value of our products and services
we see positive trends in this area redbubbles evergrowing collection of content leads into the second phase of the marketplace flywheel the ability to discover content that is personally relevant to the individual user
and in parallel performing a healthy volunteer sad study to identify a potential therapeutic dose for the acutely aml patients and then taking that potential therapeutic dose directly into aml patients
(*->the) any adjustment up or down is de minimis we expect our margins for the balance of the year to be consistent with what you have seen in the second quarter which we feel very good about
the partnership is currently constructing additional connectivity and expanding pipelines to provide more optionality for midwest refiners in addition to continuing expansion in the marcellus and utica
the improvement in net income was primarily the result of centennial incurring a lower operating loss in the 2016 first quarter than (it->*) did in the prior year first quarter partially offset by a decline in hamilton beachs results
and we feel good about that because were getting scale and were getting economies out of it and while the investment is all (up front->upfront) we feel like well accelerate this growth and accelerate the volume of the company pretty quickly
moving on to the last slide our focus remains consistent as we are beginning to see results of what we believe has been a successful execution of our strategic critical issues
and for claritys sake we feel very good that we are managing promotional activity managing inventory and managing market share at the same time
and the scalability essentially of cart we know hospitals and providers have significant concerns about the payment models and the total (cost->costs) associated with currently approved (tcell->t cell) therapies
for the third quarter we continued to benefit from having direct control of our fragrance category which enables us to deliver soughtafter brands (in->and) incremental values
(*->from) on the top line still improving the result reducing the loss for the quarter i think is a good indication a lot of good work is being done here by the colleagues
the individual store managers and their markets have the latitude to do what they need to do in their local market to be competitive manage their inventory and maximize their profitability
and with further clarity on the sparsentan pathway (we are->were) prioritizing potential transactions to build a sustainable portfolio to serve rare disease patients ill now turn the call over to laura to give you the financial update laura
like dallas for example where we were trying to really grow explosively and we may have decided to be slightly more aggressive in a vacuum as you can imagine when you have
ted is a highly accomplished business leader whose 30 years of retail experience is a strong complement to the expertise that is currently represented on our board
reserve assets but theres no connection between those 2 numbers the objective over time is to reduce the assets in a wise way that are
in addition to our own ecommerce business we believe the completion of this strategy allows our company to become the most comprehensive retailer of outdoor products anywhere
perfect then talking about the carts and i know you take a lot of pride in how you have improved the manufacturing processes
right i understand but as i look for the remaining 3 quarters is it going to be similar to this or its really just kind (of->*)
one thing (weve->we have) learned over the past year is that there are still a significant number of patients diagnosed with cystinuria susceptible to stone formation and we want to ensure we do our part to educate the treating physicians
im also going to ask jeff to read our safe harbor statement after that i will give some
(*->a) strong relationship with dell prior to the introduction of that program so i dont know that
thats the prudent thing for them to do now will there be a time where they change their buying patterns
we believe that we are progressing that plan with msha and hope to gain plan approval by midnovember
and how that compared to the cost side of the equation
as i tell my staff one quarter does not a trend make and there remains a fair amount of uncertainty both
i think when rates first tick up they think theyre going to go back down there seems to be some acceptance in that
(*->what) were you assuming in terms of people who were not going to buy a home at all then that were
and (lot of->lost) strategic work that weve already started on we do see great growth potential in areas such as medicare advantage
we were also better able to flow in our spring transitional goods as a result
as always we look forward to updating you on our progress when we report again
this is an interesting program that we have an ability and expertise in
as well as the availability of the marvel
so that helps us not lose people we have intensified our recruiting efforts
(just->so) wanted to be careful with regard to the momentum in the independents that had its impact on the top line
on page 14 you can see the breakdown of the revenue you can see that
this slowing trend may be somewhat exacerbated by the recently announced mortgage rule changes
is there a thought to going back to issuing 17 guidance or annual guidance
anniversary the program you have to make it more enticing to the customer thats been with you
we have 2 main priorities when we look into operation the most important one is within safety
driving consistent and sustainable sales growth and improving our operating results
we believe in the power of our value enhancement programs enabling our businesses to reach their full potential
i talk to our customers regularly and make certain that our team is on the right track
forcing them to buy further out in the suburbs or target more affordable property types such as condos
were also starting to see better results in our private brands as our speed initiatives take hold
another highlight that id like to mention is the construction of montana unit 4 it remains on schedule
this was actually somewhat compensated by higher volumes in tibnor and in (ruukki->ruuki) construction
good morning everyone its a pleasure to be with you today and to report our first quarter results
at any high level so eventually they need to start to buy but we call it
hyperconvergent technologies and the changes that are going to occur in the it world
picking up the best ones that make the most sense for our shareholders and that
we will continue to invest in these growth opportunities where and when appropriate
todays call may also involve forwardlooking statements regarding the company and its businesses
gain more than our fair share of the market opportunity that sits there and so
todays coal markets emphasize the importance of (low cost->lowcost) production and market discipline
the solid first quarter was supported by favorable weather conditions and strong (selling->sellin)
why do you feel its not the right thing to replace the talent more broadly
with regards to our derisking activities in addition to the reinsurance transaction discussed earlier
okay but thats going to come in at a portfolio company and would wind up
that would allow us to execute quickly as opportunities arise to garner share
we will also continue to open new taverns when and where we have an opportunity to generate strong returns
slightly better terms on the chain stores which i think should improve margins and be a positive
in the underlying metrics that personalization is the path we should be on
offering and sort of what youre seeing around the entire pad
id like to give you some (crisp perfect->crisperfect) answer but the truth be known each quarter feels different
with regard to the store opening and what we expect from those
but also driving for continued improvements of the commercial execution
as a marker between now and the end of the year we may be making adjustments to that
and were seeing the benefit from localization in a big way
in the second half of 2017 with that i will turn the call back over to matthew
cloud security was a major contributor to overall security spend
so please if you correct that in your notes its still a good asp increase
the call will be available online for approximately 45 days following today
kind of the economy what happens with some of the policies
marketing has to be more personalized so (it->there) cant just be a blanket offer
together with allergan we intend to vigorously protect (the linaclotide->thequatide) franchise
in addition we are excited for the opportunity to expand our industrial footprint
and the shipments were lower than compared to a year ago and thats not because of
the second driver of our results was our broad product and (solutions->solution) suite
sometimes we have bigger installations which makes the number go down
so i would say from here around the market share
we have no designs right now on taking our industrial business into europe
with respect to 504 loans the junior debt is taken out
fastest growing companies among all (of->*) the commercial biopharma companies and if you look at
an important one to (think->singk) the year through
or online demand picked up in store will all play a factor in this
well matt we did see an increase in what i would call
as well as our platform which infrastructure as a service which is just like raw compute
we would like to thank you for your continued support as we advance our strategic priorities
we do want to be selective we want to pick the best credits that we have
we expect ironwood to deliver continued strong (topline->top line) growth
emission control systems and then the technology and advanced materials components of the revenue
including the transition periods we have with the current leaders there
i would say maybe slightly longer lead times than average on the market
(in->and) institutions that create the (government guaranteed->governmentguaranteed) bonds tend to sell them
this is only done (if->where) the first 2 options dont provide a better solution
and these are also the physicians who are most likely to move quickly
assist customers easier to look at things in the store and online
the need for technology combined with demanding existing customers and manufacturing capacity
the one situation were looking at is sort of (the->a) unique area of lending
our credit area was the only area to leverage (our->their) expenses versus last year
there is this idea of tax reform out there which may or may not make our
the cost of serving these residential customers will be addressed in (a->the) future proceeding
we thank our team for their ongoing efforts and our shareholders for your continued confidence in our company
every projection weve done it shows that that should be enough to get (*->us)
our montana operations benefited from our ongoing investments in new game product
the comment period with respect to the draft advisory ended on october 21 and
is pretty consistent to what we heard in market research when we (evaluated->evaluate) the compound
and with that i will turn it over to the operator and we will open up the call
however we were able to more than make up for this amount with growth from enterprise networking
in france as well as restructuring charges associated with some plant consolidation opportunities
for the second fiscal quarter with solid contributions from a broad number of our franchises
on the road in the meantime (everybodys->everybody is) going to pay more for their auto coverage and we will figure this out its a (short tail->shorttail) line
call was similar to what i think as well that it pushes it up into a reasonable range but higher than
thats part of that we have recognized that the market is getting more towards
we expect to continue to roll that product out onto (shelves->shelve) sometime in the beginning of the second quarter in that second quarter (timeframe->time frame)
you now have all these different substrates under one roof (*->i mean) it was a good transition kind of into this next topic have you seen
with expectations in the first half of 2016 as confirmed by the groups (backtesting->back testing) activities
similarly in europe the dollar value of sales there (have->had) declined with the decline in the value of the euro
thank you for taking the time to listen in on our fiscal 2017 results conference call
it is very good for the patients its very good for the society and it will be (its->*) certainly part of the future
i think this is the point where i hand over to (kimmo->kim) to say a few words about
and not to (peek->peak) too far into the future but one of our distinctive advantages is our personal relationships in this marketplace
to spend a little more money on the front end to do some test sampling i think is a prudent thing to do
as we said at the time this quality property currently has tenants in 94 of the available space
(is->as) a broader volume with multiple customers as we go through the year and next year
specific customers we do that because we have all the ip (and->in) hardware needed
walmart spent 5 months testing our batteries at room temperature and also in cold warehouses
yes that is the bottom line but ill also repeat what i said in the script theres obviously something going on with distraction
that was really caused by lower sales of corrugating medium and lower volume in our reels business
and for the first time in 2 years we are hopeful we wont see a significant winter weather impact to our operations
(a ive->i have) more to speak about (on->in) the coming quarters but at first glance if you look at the reit side of our business as the growth area
we would ask you to refrain from asking questions regarding these issues or regarding the companys restated carveout financials
in the oil liquids business in all regions and in the lng business
and what essentially will happen is the income tax expense will only relate to the trs side of the business
the resurgence of economic growth and some of the regulatory environment is driving logistics inflation specific to this market
for decades and decades and decades and i think this is why
that speed insight and level of transparency is unparalleled in our industry
to help drive growth momentum in areas with the strongest profitability and we feel good about our new business mix
with the balance of the decline being attributable to the higher pension cost and the impact of translation
this is a new area to them to sell an allin usually they sell the forklift and then you go out (*->and) you buy the battery
we expect this program to be very successful in helping many millennial educators get a head start
concerns and believe we need a sufficient amount of time to make a detailed analysis of the feedback received
when we can expect this to result in some sort of decrease in distribution and customer care (costs->cost)
month or 2 but you commented on your corrugated medium business obviously slowing and
when weve had the opportunity to look at not only what other mining companies have done over almost a decade in fact
well i (could->can) tell you our preferred solution was (the->a) solution we had before for years we had a partner that was simply a takeout partner
as a result we continue to successfully grow our annuity business despite the challenging interest rate environment
and plus to that the new dividend policy as we said which is a continuation of the previous one as we believe
and so its a very good (aggregation->application) so we pretty much cover in our merchant silicon
(were->we are) also working on integrating our planning and breaking down the silos as manufacturing has done
this means that noble will remain well positioned in the front end of the cost curve over the long term
the last few months have been a frustrating time for our shareholders as we see our valuation go down
your own ability to produce film and (the->*) potential down the road to have greater film
rather than by product type (can->if) you talk about customer types are you seeing any change in the customer behavior
the underlying trend is more than you thought it was going to be going into the quarter so
i want to welcome jim to his first quarterly conference call and say that (we are->were) already benefiting from his extensive reit experience
driven by improved recent operating results and execution of certain tax planning opportunities
and with respect to what happened in the quarter i would say the issues (*->were) with steel were
or as we execute our capital allocation strategy you will find a time when it becomes important to take a position in us
and the continued reduction in churn we estimate that in 2018 the number of gross additions to the market
of the expansion in this region (we have->weve) recently completed the merging of our gas
(*->we) do hesitate to make too much of a call all the other ones that weve made the call on are well above that (collar->caller)
as well as the impact of curtailing certain businesses that werent generating required minimum returns
we are currently constructing a new latex balloon production machine at our facility in mexico
thank you brian on behalf of the management of twin disc we are extremely pleased that you have taken the time
the seasonal sequential decline in our wireless segment was less than expected
price increases that are designed to overcome the inflationary headwinds related to material labor and distribution (costs->cost)
which reflected adverse weather as well as the macro challenges impacting auto loss trends
that the bank was able to design and offer suitable and attractive financial services to (mts->mdevs) current customers
improving operating margins through an increased focus on manufacturing productivity and reducing our fixed cost
going forward we may seek partners to develop the market units at this project
so that means that the way we look at the market egypt
if there was a distracted trigger in that claim file were obviously seeing an increase with that
we will execute on (the->*) remaining capital raising initiatives and we will rationalize costs further
what we are doing is we are constructing a new machine
its a series of regulated grids that change slowly across the times
the next slide shows segment operating profit and other income and expense items compared to last year
in order to grow noi in redevelopment and development for hold
and so you should expect that well continue to see mix being an important part of our average unit price improvement
outside of the challenging weather patterns we continue to see an elevated level of auto collision frequency
now beyond the progress in commercial real estate we monetized a few land operations assets during the quarter
right now there isnt enough connection between the (microfilm->microphone) and the product however if (you->we) spend the same amount of money on (below->beload) the line
turning to slide 8 expanding and optimizing our business portfolio have also been an emphasis over the last several years to positively impact both top and bottom line growth
do you think might be dependent on an extension of the ptc and what are your current thoughts on whether that will occur and the impact that that would have on your business for next year
some of that obviously was resin so that can give you some directional thought to that but ive also got to add that that is not all pure price some of that is simply price procurement
and they included improvements to capital labor and planning efficiencies in the third quarter a number of these initiatives were delivered at (turquoise->tercose) ridge
let me summarize the plot again we acquire traditional broadcasting portals that are monetized through (bestcase->best case) slowly growing ad revenues as the only revenue stream
there are more and more negative factors and less fewer and fewer positive factors there is no reason why raw material prices do not go up
fortune 500 companies are not going to commit to orders until they have tested our products exhaustively and are convinced that will make a tangible difference to their business
on the quality control and other operational improvements that youre implementing in order to try (to->and) avoid any sort of steel or paintrelated issues in the future
(commodity type->commoditytype) films that are readily available around the globe but i dont think you should be surprised to see us either through an acquisition or perhaps in a direct investment
while i cant predict our revenue growth we believe we are seeing globally sophisticated companies demonstrating a commitment to our technology
if the trend is correct then its all a matter of timing maybe there will be a event in the society that would trigger a turnaround
were pleased with both our absolute and relative investment returns in this challenging rate environment and aim to capitalize on investment opportunities to maximize riskadjusted returns
our cost structure but also streamline where we do each type of product (to->or) each type of operation and it also really reflects where were finding the best sources
(*->i) guess how much of your initiatives to ship the full (trucks the->truck to) lane optimization is already reflected in fourth quarter does that headwind continue at this level
achieved record sales and base earnings in 2015 while we focused on optimizing our industrial segments which faced difficult economic conditions in many of our global markets
thank you stan and good morning everyone welcome to our fiscal 2018 first quarter conference call as usual we will begin with a short summary statement and then jeff and i will be happy to take your questions
we should be able to access data in minutes not days to compare and contrast our performance in our operations solve problems and identify performance
we elected to raise money recently to improve our working capital during this period of low revenue that increased the share count and impacted our stock price
and specialized knowledge of state (teacher->future) retirement programs and benefits help position us to be successful in continuing to serve our educators in a holistic manner
which we feel we can address very quickly and have a good sales network and also a good reputation in the market for
turning to slide 3 please refer to additional disclaimers related to the presentation of our financial information and our previously filed form 8k
new york trends are pretty much on what our expectations were i think the (1->one) issue might be the corrugated medium machine and whats going on in that industry
but we see from a pure revenue perspective that we grow by more than 70 and we see for the first time in the last 2 quarters that ecpms are improving
this is a very hard market to predict at this point because there are a lot of multiple dynamics going on in terms of its not just about flash demand being
we began an intensive product development period before launching our initial forklift batteries in fiscal 2017 we then had to be patient
which (remains->remain) strong at 84 in addition to overall rate we are enhancing claim practices with an eye towards improving efficiencies and our customers experience
will bring additional consistency and rigor to the capital allocation (decision making->decisionmaking) process and hell assist in evaluating growth opportunities capable of delivering longterm value
finally i want to dive a little deeper into the developments within our content group but i would like to do that in combination with our newly formed transaction business
simply the cost over the life but its the savings in terms of efficiency the other thing that were finding (they are->theyre) very excited about
in our prepared remarks we may use some nongaap financial measures reconciliations of these measures to the most comparable gaap measure are available in the supplemental section of our press release
a greater benefit of the release of a few specific tax reserves due to the expiration of the statute of limitations and (a->*) more positive state tax rate and other state adjustments
i think some of these lessons have been expensive i fully understand that but i believe the organization is a lot stronger than it was 18 months ago
in logistics we continue to focus on profitability over volumes with an active focus on credit risk as counterparty risk within the industry is at historical high levels
i just want to understand how much advantage youll still have in (baw->bah) remember my definition of a sustainable franchise we dont stop investing
results were negatively impacted by the lower volume and light manufacturing productivity which did not offset inflation and other cost changes as well as higher pension cost
all of these measures are being undertaken to deliver additional liquidity and (continue->continued) deleveraging and to allow us to reallocate capital to our (high->higher) returning businesses
is a similar rate to the entire group so would that be a number that you would be perhaps be a little bit disappointed (at->*) in terms of what it would imply for those
that will significantly increase our capacity but also will assure that all of the latex products that we
we have been working hard on click and bounce rates or also page views and constantly analyze visit heat maps to improve website elements and shopping modules in real time
we have the fundamentals right we can do this kind of management whats more is that we need to pay more attention to the human factor
its just not happening it is my estimate that raw material prices will only go up if you see
if we get the right opportunity that (wed->we would) consider selling those to help fund an acquisition into an area that we consider to be more core to us today so we have a lot of different
the remaining changes in working (capitals->capital) were due to fluctuations in commodity prices and the timing of settlement of physical commodity contracts
with these folks that are distracted at a much higher level so my point is i feel better about doing this in a homogeneous niche
when do you think we might hear about other indications that you may
without the type of dose increases observed in esas and without any iv iron
and we expect to do that and we expect to have enough cash on hand to get through
the key to reducing lung cancer deaths is to find the cancer early when it is more treatable
you have to think it has everything to do with the weather and the climate
some details regarding the ability to recover certain past pension and benefit costs remain unresolved
in the past (the->*) subsidiaries within the group were run separately
will we see that in the future okay regarding your first question
now for the guidance as a result of credit tightening across the board
thank you all for joining this call today were looking forward to reporting data
to adapt to these industry trends i will add 2 more core businesses
the primary endpoint is the proportion of patients who achieve transfusion independence
but they dont sell it like to national (campaigns->campaign) for a campaign for 2 or 3 weeks
for processing controlled substances and we think that there are significant
and provide clear (contrasts->contrast) of the mechanism (of->*) action for each of these agents
and so i think that theres kind of multiple decision points that we go through when were thinking about
i say weve been watching because weve been in this market for a long time
what meets the ferc definition of maintenance and then everything else goes into other except for fuel
no we do look at them together paul and i think youre right on there in terms of your initial
in the past few years it has been more difficult for existing products to achieve growth
(its->is) simply a matter of time for things to come into place also like i said
in the second quarter from the good start 2016 one of the key reasons
in line with the previous quarter the depreciation and amortization expenses
but i believe we are in a strong position to capitalize on our lithium ion battery technology
our first quarter earnings reflect improved realized margins and positive inventory impacts
in the remaining time that we have we may entertain one last question
this is exemplified by the efforts of our employees who (worked->work) to restore power during a recent windstorm that hit our region
to both the commercial customers as well as the defense ministry of india
bring it up to speed and qualify it so we look for that more later in the year
it is a mature industry and these companies are driven by efficiency considerations
to close this and move and continue operations without disruption
with major capital spending now complete and contributions from the new petrochemicals project
as we said previously we expect to recognize revenue for this product in the second half of this year
you have to have the good spec you get the right ingredients and you can sell them to
the appreciation of consumers and of course each category is different
were considering that most of the growth will come from (that->the) data in the
at cedar bayou which is one of the largest and most energyefficient crackers in the world
in the past you may be scared by such a story and you spend more
so far i havent delivered anything yet in taiwan but i will try my best
these (muchimproved->much improved) results are reflected in our financials in a number of different ways
they were able to find that higher wage rate in a relatively quick time given the market conditions that
the increased guidance reflects interest expense associated with our first quarter issuance of debt
gasoline supply and that it might make it somewhat of a zerosum game and so
second question is actually the other side of the same coin
at the conclusion of our report there will be an opportunity for you to ask any questions you may have
you think this is something that youre going to continue to work with and you think it gets a little bit better
and could you again remind us of specific impacts you expect at the (telkomsel->telecom sale) level
looking ahead we continue to remain confident in both our strategy and financial plan
what we can do now is gradual improvement its not as exciting as you think
there will be more work to come with that ill turn it over to jeff for some comments on the financials
the strong financial performance gives us the confidence that we are on the right business trajectory
but we are quite convinced that its possible to compensate
we continue to experience the positive momentum in our europe business that began last quarter
when you cannot grasp the language you cannot
earlier you talked about more precise spending of
but for the most part that decline relates to the decline in the value of the peso against the dollar
has demonstrated anything like the brightness we have in full color with (highpixel->high pixel) density
is in a relatively low earnings quarter it has a slightly bigger impact
that we will be doing shortly this will lead to discussions with
a home appliance company we invested in underwent restructuring
foreign players cannot dominate
and so im kind of back to more of a normal midcycle (in->and) my own thinking in terms of that
as for the life cycle of beverage products
slide 5 compares first quarter and fourth quarter adjusted earnings by segment
our focus (on->in) bringing therapies to patients who do not have adequate treatment options
earlier we talked about changing the pace of shipments
when you need to rely on (interpreters->interpretors) for everything
you need to give resources to the new product
as chairman said the baseline is already very high
take (our->*) food and beverage for example we rely on a lot of agricultural products
and the established recruitment and training processes really start to scale now
in china there is (a saying->the same) fit the appetite to the dishes
this excludes the impact of consolidating franchisees during the quarter
we see attractive opportunities to expand clinical development activity in the near term
to increase our investment to capture greater market share as a platform
its very difficult to change that you have to start with infants
these materials handling and (logistics focused->logisticsfocused) companies are massive
our collective belief in the combination of wellness driven by nutrition
the format for todays call will include remarks from fibrogens management team
and your losses will be covered by other people then of course
no i think that well be able to do the drill and do what we need to do
(*->part of) taking a very targeted and disciplined approach to making these investments is
i would like to turn the conference back over to management for any additional or closing comments
i think theres a lot of talk on the crude side and when you look at
changing the conversation around doors and making the door category more relevant
customers responded well to our lower prices and we continue to grow the top line
(what->but) we expect that the amount of (dose->those)
one of the primary drivers of resolving our distressed loans is reperformance through modifications since last year we have heightened our focus on using modification programs and have generated
from an ongoing ebit standpoint (it is->its) not really going to have an impact as far as further reducing (costs on->cost in) that business all those costs (are->were) really contained in (irapuato->europatu) and there was very little cost here (*->to) dealing with that particular issue so i dont think were going to see anything
im very excited about being taking up (the->a) leadership role at dominican republic and i look forward to working with the government community and the employees to deliver increased value for our owners and also (the->all our other) stakeholders within the dominican republic
we expect inflationary pressure on carrier rates to continue due to tightening capacity caused by the mandatory adoption of electronic logging devices or elds and driver shortages in the face of stronger economic conditions
we continue to have placement for this product line and good sales results in the largest us retail chain as well as in other chains and online retailers and we are pursuing additional (chains to our->chain store) placement (to->for) the line
and what weve identified of the cost savings that weve been able to achieve and that we plan to achieve for the full year which relate to our adjusted capex guidance and specifically relating to sustaining capex just over half of that
that the consumer is using those channels for be it gifting or subscription opportunities that clearly will be incremental to our base business (and so->*) its one of the reasons were so encouraged about that opportunity and have chosen to invest significantly behind (*->it)
(remain->and are) encouraged by the enthusiasm of our agents school district and association partners and are confident we are on the right track to (being->be in) the company of choice to help the nations educators protect what they have today and prepare for (a->*) successful tomorrow
color as to what actually happened in the april quarter where there was strength and where there might have been some relative weakness and then as you think about sort of the reacceleration into july maybe some color around segments within wired would be helpful as well
(now->*) thats how youre going to get back to that higher level of growth is that the way to think about it yes i think the opportunity is both white space in terms of our category participation as well as our channel participation as we look at markets emerging markets for example
going forward well continue to advance implementation of our hawaii commercial real estate growth strategy and work through the remaining conversion steps and related events we detailed in our reit conversion announcement presentation including the holding company merger vote
in addition we benefit from our location in the middle of the pacific which helps insulate our retail portfolio from some of the negative impacts that are plaguing the retail sector on the mainland including of course internet shopping
adverse weather has weighed on auto results for most of 2016 and we expect that trend to continue into the fourth quarter historically our underlying auto loss ratio (was->is) elevated by 5 to 6 points in the fourth quarter
in addition to the austin site closure which was a major undertaking for optimizing our operations we also expanded into a new greenfield facility in china which will serve as our backbone for growth in asia
our q4 guidance reflects a number of factors first as we discussed on last quarters call we made strategic decisions to proactively make additional investments in the back half of the year to continue to drive the best buy 2020 strategy forward
to complement all of this weve added an incremental 1500 dedicated smart home store employees to make sure that when you come to shop with us well do a great job identifying what smart home solution would work best for you
if i could follow up on that just theoretically as your business model shifts more towards service or reoccurring revenue stream that hubert outlined at the investor day would that imply that you could maintain a lower cash balance than historically on the balance sheet
higher volumes from the merchant and contractor remodel channels were offset by softness in the builder channel due in part to continued general weakness amongst the top uk builders which comprise the majority of our revenues in this channel
we are in active discussions and would expect a significant order in q4 this is a prime example of how uncertainty around the renewal of the production (task->tax) credit disrupts the supply chain
more specifically in ams we expect continued sales momentum and improved margins as a result of pricing actions potentially moderating resin costs and benefits from the austin closure
we appreciate that some of our assets are more difficult to value than with other reits to help your analysis and to better define our priorities (in->and) the initiatives (under way->underway) well be holding an analyst day including a deep dive nav session
at 0 for the first half of this year we are very pleased with this result its also a kpi that our clients pay a lot of attention to and we of course
(weve->ive) always said that that business for us was about intimacy it was about getting us close to our customer and better understanding what they were doing relative to packaging and (that->did) that (would->*) give us opportunities to produce packaging for them
the projects that have been out there the ones that we havent won all of them but were certainly losing a lot fewer than we used to so again yes im feeling pretty good about
potentially but not necessarily share inside flexibles were picking up share as they transfer from perhaps a rigid plastic container or a glass container moving into a (flexible type->flexibletype) container on that side of (the->*) business and the same would be true
were getting the rate we need retention is holding which means others are pushing that rate as well we continue to attract new profitable auto business so its certainly not at an industry crisis stage it seems like
our outlook for 2016 is essentially unchanged from what was provided at our analyst day in december other than it has been adjusted to now reflect a lower weighted average number of shares outstanding
within material (costs->cost) we (continued->continue) to experience commodities inflation primarily in wood resins and steel and we introduced market price increases in all channels across all major geographies that were designed to mitigate this
in areas where we do have production constraints we are looking at increasing capacity in order to alleviate these bottlenecks we are currently looking at a modest additional investment particularly in the paint capacity
so we and we said it at investor day too at this point were not breaking down specifically the longrange plans from each of the initiatives part of that simply being (is->*) that we have many of them still very much in test mode
which are made possible through pfsis specialized capabilities as our manager and service provider in addition to investments in small balance multifamily loans
with our continued focus on driving operational improvements as well as getting paid fair value for our products and services were encouraged by the additional opportunities that still exist to resume margin growth in 2018 and beyond
we (remained->remain) focused on the timely resolution of our nonperforming loans in order to expedite the transition out of these investments while maximizing returns we believe
the majority of the 39 point increase in the underlying property loss ratio was related to these storms and this adverse weather contributed to an increase in underlying auto comprehensive frequency in the quarter
in terms of markets being stronger or weaker is in addition to these inventory builds youve got markets on the strong side that have just a greater diversity of product outlets
restricted cash and a net derivative consisting of the expected future cash inflows related to our assumption of the credit risk and expected future losses of the credit guarantee
the source of expansion (*->as) to the bottom line as well as a source of funding for us to continue to invest in our brand franchises even as our global categories have slowed
we will maintain discipline in our investments (and->in) our quest to transform public safety through technology while building a highly defensible and profitable business for our shareholders ill now hand over to luke to take us through an operational update
(was->with) 6x up from 49x in the prior quarter on higher bookings we view this ratio as one of the key operating metrics used by management to evaluate the effectiveness and validation of our strategy
we think the direct connection between property management leasing and tenants will ultimately result in an enhanced and uniform tenant experience allowing us to attract and retain the best tenants
during the second quarter uncertainty in global financial markets led investors into the relative safety of us treasuries sending interest rates lower
we had several notable bookings in q4 as we continue to consolidate the market louisiana state police went with full deployment on the axon platform on our unlimited plan for all officers
we have focused the remaining metals business on our vertically integrated (aluminum->aluminium) franchise including our (jamalco->gemalco) asset as well as our asianbased metals franchise
somewhat interesting of course is that if you have an opportunity to make an international acquisition given the strength of the dollar that may present some opportunities so certainly on our list
and then i just want to say (irene that im really trying to make this->irenes) not a hershey question and i totally understand your sensitivity im really trying to focus on the margin potential side of this
because these cycles do tend to have finite lives and so we just made the decision that collection would be our last tower we did however make a financial investment through a (bnote->b note) structure (*->in)
over the following weeks we also met with many of you in your offices and in group meetings and i can honestly say we look forward to continuing to work with you and expanding the dialogue about our technology
for example we could achieve the high end of our revenue guidance range while (following->falling) in the low end of the adjusted ebitda range during a period of high growth with a high proportion of new customers
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
lower interest rates have aided home affordability and with rates forecasted to remain low we believe that the strength in home purchase demand will likely continue
we continue to see growth opportunities across the barrel and around the world the growth of our us natural gas export capacity is expected to provide further opportunities
in order to achieve that i think thats less likely i think whats more likely is that we will acquire assets that fit our investments and operating focus
with a big portion of (profitsharing->profit sharing) agreements has created an invaluable buffer of income in poor (markets->market) and plenty of upside going forward
returns on correspondent production improved to a 63 pretax annualized return on equity as a result of increased locks
but we saw volume improve over the course of the quarter as we increased our marketing spend and we ended the year on a strong note and while the first quarter is always a seasonably slow quarter for us
okay and then presumably that will grow at some level sequentially after that or do you feel like youre getting to the point where most of that fast growth is behind you
we discussed this in detail on our last earnings call during q3 we made the decision to maintain strong shortterm profitability in the face of heavy demand from new customers
we continue to see margin compression from competitive pricing pressures and expect that it will impact segment results for the remainder of this year but were taking actions to improve those business elements we can control
and finally the reit announcement was more than just a tax strategy ive seen an energetic focus on activities that create value in a way that reit investors will appreciate
like with any launch that we see whether its sometimes (with->its) gaming sometimes its mobile we absolutely across our channels i think thats (what->whats) important both online and in the stores we absolutely can see some
and i would say we continue to look for opportunities to effectively more effectively manage that spend in some cases its going to allow us to reinvest those dollars in important
additional information about factors that could cause different results and information about the use by the company of nongaap financial measures is available in todays news release and on the companys website
you had an (org->ard) change (its->that) started you had to stop it halfway through and kind of go to a hybrid version of it to overcome this change so yes and i think that thats one of the reasons why youre going to see an improved
also in the quarter germany continued to deliver strong growth as we lapped last years revenue management actions more than half of our revenue in chocolate grew share
of monetizing a more material amount of our current investment base would be in ottawa and in edmonton
raise capital to fund a couple of new deals (we will->wed) certainly do that and we would look to do that in a number of ways (and->*) including maybe looking to stretch our seniors if we (needed->need) to over a short period of time
because of the size of the portfolio large deals do have a disproportionate effect on spreads although (we are->were) pleased with this quarters results we wouldnt expect to see these kinds of spreads on a recurring basis
strong global oil demand growth and us product exports will continue to give us opportunities in our central and south american franchises
as customers tend to buy online the higher frequency smaller items and they tend to focus their trips to the store for more discovery
offered through the home affordable modification program commonly referred to as hamp in addition to proprietary modification programs to help more borrowers qualify for (a->*) modification
so we see every opportunity to learn from the experience were having with alibaba and bring some of the unique items some of the subscription opportunities for brands like belvita for example
im pleased with the progress made by our teams in reinventing our supply chain reducing overheads and reinvesting in growth our strategy is working
the reason operating profit decline was primarily due to some changes (and->in) cost allocations as a result of the strategic realignment to focus on the growth of our commercial real estate portfolio and earnings
as stated noble (*->americas) energy solutions business is just a part of our overall energy platform we see significant growth opportunities
as weve discussed previously due to the seasonal procurement patterns and the typical size of international orders we expect to see some revenue lumpiness from (quarter to quarter->quartertoquarter) in the international part of our business
and then from a conversion to (*->a) reit we expect that we will reflect the financials of the company under a reit structure in the fourth quarter
and continued expansion of our routes to market including ecommerce all while continuing to drive cost reduction across the enterprise
(sheila->*) this is paul so in terms of the quarter the income tax rate was a little bit higher because some of the reit conversion costs are not deductible
(weve->we) learned that in order to run at full production capacity everything has to go right leaving little to no room for production or supply chain hiccups
if you havent received to (savethedate->save the date) please contact (suzy->suzie) and she can give you the details that concludes our formal remarks and now ill open it up for your questions
this will represent a huge savings in time and resources and within the next 5 years we believe that number could drop to 0 as ai does all of the work without requiring any human interaction
in the ib the capital markets environment was pretty robust in the third quarter so we feel good about where weve got to it is part of our key strategy to
although online snacks are relatively underdeveloped we believe ecommerce will be increasingly important as consumer purchasing behavior changes
please note that the anticipated sequential increase in q1 operating expenses is in addition to the expenses relating to our 2 recent artificial intelligence acquisitions
the reasons for the variances are included in our earnings release and will be detailed in managements discussion and analysis which is included in the second quarter 10q that well file tomorrow
so to wrap up before i hand it off to jim weve had generally good performance so far in 2017 and i feel very positive about our continued strategic momentum
when i say a new product im really talking about a customer engagement (*->that) where they come to us with an opportunity and were able to create a solution that meets their needs
on top of that you asked a little bit about labor expenses one of the investments we have actually called out over almost the last 2 years is continued investments in specialty labor
(a->on the) question i guess from the last quarter where we discussed a little bit about the breakdown in the sustaining capital
increases in finance costs in quarter 4 and in the year were mainly due to increases in loans and in libor partly offset by bunker hedge cash receipts
a recent development is that the (*->government) has taken measures to import lng by signing an agreement with (equatorial->equator) guinea
resulting from interest rate declines at the end of the quarter and expectations for future mortgage rates lower than previously forecast
that is where the game changes when youre buying it off of (a->*) some arcane bureaucratic purchasing process thats where you get things
as trucking is becoming cost so i think the inflationary cost question is always going to be important i think we have a good outlook on it but those things can move at any time so i think
obviously its been trending much better than that so just wondering is that math right is there (*->any) reason for that other than just conservatism (and->in) that a lot of the holiday is still ahead of us
now before getting into the specific third quarter highlights i want to start by reiterating the strategic goals that we outlined earlier in the year and how (they->theyre) reflected in our results
so can you help just me understand what that comment meant and help me square that with your comment earlier that business activity has started the year pretty well for you
not only in the fourth quarter but as we look out to next year were getting a lot of noise from people that its becoming a pretty big problem (wanted->want) to get your take on that so those 2 things
become aware of the risks and uncertainties in this business and (*->to) understand that forwardlooking statements are only estimates of future performance and should be taken as such
as a result ill focus my remarks on some of the key commercial real estate performance metrics for the quarter ill then update you on our capital structure and our capital plans
we plan to reinvest in the business as well deploying some of those savings into additional marketing commercial development and product innovation initiatives
in the release you touched on some trade uncertainty and the potential risk of slowing growth in asia yet it seems like transportation films was again a big
those are some of the most important things and then obviously over time as you continue to beef up that stability in your business that is absolutely what gives (me->you) more confidence to go ahead and work that cash balance (down->*)
with that ill turn the call over to brian thanks irene we had solid financial results for the second quarter and the first half of the year
the underlying auto combined ratio for the quarter included about 1 point of current accident year reserve strengthening related to the elevated loss trends weve been discussing
because our products are designed to meet the unique retirement savings needs of educators we are somewhat insulated from broader sales trends in the annuity marketplace
i think it was generally consistent we were very pleased to get some of those leases done and (cross->across) the finish line but i would say it was generally consistent with our (expectations->expectation) so i think were
a bit (under challenge->underchallenged) due to the changes in tax rate structures and the competitive market that we see in that thats been sort of a continuation of their
on (jamalco->jimalco) we have successfully reduced production (cost->costs) with the plants operating profitably and further improvements are expected
adjusted operating profit and ebitda to all increase slightly higher than adjusted eps due to higher projected interest rate expense from our bond financing
profile the growing middle class the urbanization of the population and the opportunity for continued distribution gains china will continue to be an important part of our growth story
our portfolio as well as in our channels and obviously ecommerce is an important channel for us in china and our partnership with alibaba is a critical piece
as well as the doubling up of certain costs that will continue while we transition property management and leasing inhouse and exit existing thirdparty management contracts
this is not to say that well never be impacted by these factors but this chart suggests there may be some structural barriers to internet sales penetration in hawaii
(spoiler->boiler plate) statement but you say there can be no assurance on the intended benefits being achieved on any proposed timetable or at all with regards (*->to) africa so on the separation i mean
this increase was primarily due to expected increases in growth investments higher advertising expenses and higher variable cost due to (the->*) increased revenue
today (my->*) mts is not just an instrument for the customers to cover basic operations like checking their balance (or->on) topping up mobile (accounts->account) it is a comprehensive offering
we have implemented a remediation plan that includes performing sample testing of the quality of incoming steel plate at both production sites
for more information on the specific risk factors that could cause our actual results to differ materially from the projections described in todays discussion
as well as the ability to refinance their loans at a lower interest rate creating meaningful savings in their monthly loan payments
on a yeartodate basis life earnings are tracking better than both expectations and prior year largely due to lower mortality costs and favorable investment income
just some context or color in terms of how you kind of got to the point where youre ready to at least contemplate potentially making a large transaction
we have won major body camera contracts with our first 3 state patrols which we believe was enabled knowing that we have a compatible incar solution coming to market
budget money there to outfit the car with an incar camera and to allocate money towards the back end and so (*->we)
so how should we look at that given that (you->youve) kind of given this guided to reduction in transactional volumes for next year
we believe our continued focus in these areas will create significant value for our shareholders as we move forward through the year
and you reduce that factor wed still be in the low double digits frankly those are increases that im proud of and i think work for our shareholders
this means the effective date for new rates could be as early as the third quarter of 2017 even if the schedule for the rate case were to be extended
expanded store hours across our network and our retail impact store project (continued->continue) to make a difference and drive steady growth
as an instrument (and->in) personalization as a vehicle are our longterm strategies to drive more efficiency in marketing
we will continue to invest prudently to ensure we deliver the solutions that our customers need and take advantage of the opportunity we see in the marketplace
most of that was the commodity and the primary variance would be the arb on the lpg exports that we were expecting at the time (when->*)
our industrial business remains strong and continues to perform well we further stabilized our results in our business products group
(*->a) better comparison that we should add to this in future presentations our volume will be closer to theirs but you could see the public comps (trade at->traded)
speed to market on our sourcing and technology to enable better utilization of our inventory across the whole portfolio
while the government changes create a smaller market the portfolio quality is likely to improve as (the->a) number of marginal borrowers are excluded from the mix
this business unit continues to operate very well and with the backdrop of economic stability and sound aftermarket fundamentals
in addition our industrial business remains strong and we made further progress in stabilizing the business products group
we have actually now during april already repaid more than half of the 19 maturities it was a bond that was maturing that we have repaid
the savings (allow->allows) us to focus on improving our capital structure increasing our liquidity and improving our leverage
on the wholesale side in germany we do expect marvel is a great opportunity to open a couple of more doors which were closed but there is no
of beyond the max you would probably only need to look for a property between 5 to 10 cheaper and that we felt was more doable
as we look ahead we think thats still appropriate but obviously well continue to keep an eye on that over the balance of the year
this quarter with the expected acceleration in hardware spending we did not mix as much into (netteddown->netted down) revenues
the resources they have available (to->*) them to make technology decisions theyre not as significant as those in the corporate segment
finally id like to mention that the company recently began discussions with our union employees to negotiate a new collective bargaining agreement
and for those of you that really try to track whats going on in this market for us
while we exclude the fair market value changes from our core earnings it is a simple fact that the value of servicing rights increases significantly in a rising rate environment
the results of foresight energy announced today reflect our continued success in the face of extremely challenging and very uncertain markets
okay (would->*) are there any costs incurred for the storm restoration included in your guidance
so i think we gave you some statistics which are very generalized but basically kind of said hey of our proprietary brand portfolio
administration (services only->servicesonly) or aso contract with the state of new york at the beginning of the second quarter
because we have the scale to invest in vertically focused sales channels we develop deep industry knowledge and customer intimacy
are you seeing any change in the value of those larger projects that are already in existence or they just remain at very high multiples
we plan to support these objectives with a strong balance sheet strong cash flows and effective capital allocation
to take both medications at the same time in (1->one) pill which we believe will help drive physician adoption and further growth in the category
while the new model involves some measure of dependency on downstream partners this is mitigated by the profound alignment of interest with our new customers
so we (had->have) so much room i think the next few years are really about flow and using the speed initiative and localization to our advantage
(would you->which) as far as items that you would caution us not to get too caught up in terms of looking at that as a run rate
but how quickly that happened in the quarter and then being able to react to it did drive the basis point decline in the quarter
(*->a) certain lift out of loyalty in the second year and we just didnt get that (*->and) as we dug more into it and talked to
to drive the top line positive and so being more thoughtful about the balance sheet simply makes sense to us
well that i can tell you (what->when) it was the trouble is its sort of a meaningless number because
increases of rates do not necessarily reflect a declining premium on a (government guaranteed->governmentguaranteed) floating rate instrument
this underscores our premise that the sbc market is earlier in the credit cycle and more correlated to the strong housing market
we (are->*) our strategy is certainly right now were designing and planning to execute on some very focused
this is a great position to be in and we will continue to work hard in our efforts to ensure millions of ibsc and chronic constipation patients
in our view a number of those borrowers may be able to restructure or consolidate their other debts to improve their total debt service ratio
simplification of our value is (the->a) key priority in marketing and we see doing that by tailoring our messages
an additional month of interest on the 6 notes that were redeemed was partially offset by interest savings from the recent refinancing
and were still trying to figure out how many of those are actually signing up for that (*->and) well probably know what that number looks like out of the gate here in the next couple of weeks
(*->and) in other areas and then we could really evaluate how we think about the other 2 prongs of returning capital to our stakeholders
these operating costs were up from last year as a result of several factors including the effect of rising costs in areas such as payroll
robust presentation and then the stores that are lower volume we obviously need to showcase the brand but they wont have as many bells and whistles
(theyre->youre) more like 5545 and i think thats probably a decent balance for us we want to make sure that our portfolio companies
is primarily due to the reduction in our interest rate swap positions which we closed out upon completing the securitization back in march
but secondarily also a couple of open questions i think (the->a) big question in that is what is the right (goto market->gotomarket) and what is the right branding
its not (beyond->be on) me to ask the team to continue to repeat (an->*) unfair performance but i think it would be probably unlikely that they would continue (to have->*)
and i think look i dont know that were in any particular inning i will tell you if you think about just
and i think thats as much a driver as win 10 relative to whats going on with the notebook world
first we will work to educate physicians and create greater urgency for them to treat appropriate uncontrolled gout patients
its important to note that the impacts of the rate case will be recognized for financial reporting purposes after a resolution is reached
it sounds like well have more retail versus wholesale next year i would have thought that would have been a benefit so i guess im just struggling a little bit with the idea (of->*)
construction continues on the addition component of the development with significant advancement on the infill work and the additional floors on top of the existing structure
we continue to uncover (*->our) characteristics (for->of) this drug candidate that make it even more compelling and we are being very disciplined in its development to give the best possible chance for (its->*) success (we->*)
in being at the forefront of the creation and provision of urban workspace and they perceive us to be there so (a->*)
particularly in the second half of 2017 which furthered our understanding as to why patients could benefit from the control of this master immune regulator
the index structure works in relation to our (costs->cost) is that the index structure has caused our revenues to decline
and a solid financial performance from broking the saga model has again done what it does so well and demonstrated that it generates lots of cash
i will provide a more detailed update on our business in a few minutes but at this time i will turn the call over to nancy to review our financial results and outlook nancy
accordingly we are maintaining a (full court->fullcourt) press with our shortage initiatives and (well->will) provide another update after we take our january inventories
of fsgs stakeholders to efficiently enroll this trial far more (*->quickly) we have identified more than 100 sites globally with interest in participating in the trial
i think were probably balancing better this year and ill come (ill->id) be glad to come back to be more specific responding to your question in a year
we firmly believe that our strategy continues to be underpinned by the most important secular trends in canadian and global real estate
positive sign which is great since were in our third year of this used vehicle downturn but hopefully this is the beginning of what would later lead to some firming up on pricing
there will be i think a contribution coming from 468 in 2020 but it will simply be a bit of a drag on us
(marissas->maurices) leadership will be essential as we look to strengthen our organization and ensure we have the right structure and capabilities to achieve our strategy and build a culture of innovation and recognition
take advantage of them when they arise or when we can initiate them but again i dont see it taking on any
we also gave ourselves headroom to invest in volume growth for the first time in many years thirdly technology and marketing
and then secondly on innovation not only supply chain but just the physical plant and now the need for second (makelines->make lines)
we built a strong body of evidence supporting the potential benefits of sparsentan im pleased to share that we had a very constructive and insightful interaction with the agency
do you have any plans to take advantage of the depreciation in the currency given that you have a manufacturing base (there->*) ie do you have plans to use it
and more about the user experience just trying to keep it as easy as possible for people (who->to) engage with us on whatever terms they choose to engage so
look theres limited innovation happening in small scale and the opportunity for us is how do we take some of that innovation to pilot it and get it to a place where we can now do it at scale
the solution enables developers to differentiate themselves among their competitors by delivering engaging and impactful mobile experiences for their users
we have made great progress in delivering assortments to stores to reflect their individual customer base as well as the climate and environment where they are positioned
(the->*) things may change between now and then and then just a little bit (of->*) more color on the small business opportunity it seems like you guys are (finding->sounding) a bit more constructive on that
we are also continuing to see success from our expanded assortments in intimate apparel which also outperformed the company average
that was a successful process for us we look for other opportunities but they have to present themselves we cant really make those happen
given my i dont know unrestrained optimism but i would say our view of the (leaseability->leasability) is better today than it was a year ago
on running great restaurants and having great people that lead those restaurants and supporting them with a wonderful culture and tremendous (opportunities->*)
i think the biggest catalyst would be transactions for other network (*->dense)
on a comparable basis excluding the contribution of these travel centers improvement in both light product margin and merchandise margin were higher than what is shown (in->on) the table
we believe the global and us macro picture (remains->remain) solid and expect that good underlying economic growth will continue to support strong demand for our products
we also worked for the buyers early on to ensure that we had the right level of (products->product) so we could be obviously have the right (presentations->presentation) in stores so were
with landlords taking back space (with->in) some of your larger (store->stores) and (*->then) how many of those you did last year and (whats->what) the hope is for next year and then my second question is you guys mentioned
not always in an easy environment and you will also remember some of my comments earlier throughout last year relating to a very promotional season
this will enable us to expand our portfolio at a time when urban vancouver is transforming from a secondary to a primary canadian office market
the end of october or the end of the third quarter is always (our->the) lowest level because (we->weve) released a lot of our (pack and hold->tackandhold) into the stores
we have advanced work on the remaining buildings with (the->a) goal of coming to grade through q2 2019 we have tendered the majority of the work for the project
its a recipe for a lot of opportunity that can play well in the (way the->ways that) customers want to eat food today and i believe how they want to eat food in the future
construction on the well continues to progress according to our schedule for the office tower at the corner of front (and->in) spadina we have started work above grade
ill let (henric->henrik) talk maybe more to some comments to the market and i think (ill->i) leave it there and (henric->hendrick) please why dont you
in used vehicle sales the pricing environment appears to be stabilizing although some risk remains due to the elevated level of class 8 inventory in the market and other factors
we have shown already in 3 types of cancer that the controlled il12 is a powerful platform that can turn cold tumors hot in other words
as we (entered->enter) q4 we had to then get the growth engine back going and its not a switch you can just
with the prepayments that we will draw down over time in fact this covers us for all of the cost of work planned at md anderson for the next 2 years
we have already begun to see the benefits of this model which is evident in the growth in deferred revenue from new customer agreements entered into during the quarter
however and (here is->heres) the big point with hindsight there is no doubt that the balance between investing in growing our customer numbers
its really all of the above right its were working with the customers to understand the volume changes and then adjust our operations to meet those volume changes
kind of (a->*) moneylosing contract for a few years because they werent coming up with the volumes or if theres something (youre->you were) able to change so that you could protect the profitability of the contract even if there are lower volumes
volumes in the mortgage origination market have increased in reaction to lower rates
today were going to show you that we are starting to deliver the customer growth which is so important to the longterm future
we very much want to lever our platform more fully than we have in the past
they in turn allowed us to penetrate the vancouver market at a time when we were almost
china and that influences not only our log export demand but also our demand from
i think there are 2 things and weve experienced this before
profits (and->in) underwriting were again significant supported by ongoing reserve releases from our excellent claims management
replacing a portion of those (lowermargin->lower margin) products with more attractive papers including tipping papers
because were very early in determining what it is that we want to do here and once we know that i promise you well be quite clear on what we think the implications are
used vehicle results for the quarter were up modestly yearoveryear ill discuss those results separately in a few minutes
we are raising our q4 outlook versus what was implied in the annual expectations provided on our last earnings call
(you->youve) obviously grown strongly in that market how you think that market is developing if there is any risk
its a real example of how (we are->were) driving customer engagement and ensuring that we remain clearly differentiated
competitors who i would say are more focused on growing rental and more focused on rental as really being the core
so please be advised to review our reconciliation and related disclosures in our release (*->and) at the end of our slides
todays release and conference call both contain nongaap financial measures that exclude the impact of certain business events
and we began the relaunch of stride late in the quarter which should improve shares in the months ahead
(business->businesses) is difficult to say because it all depends on the full relationship that you have but on the consumer (advertised->advertise) price
continuing strong cash generation and the resulting deleveraging has given the board confidence
higher hedged fuel prices and marketing on both of the new ships will restrict the profit growth
the message is just that (were->we are) looking to be maybe more flexible in terms of the way in which we construct the insurer arrangements (and->*)
and so thats changing kind of the composition of how holiday builds i wouldnt say theres anything that i see out there
but the good part is that surrounding that were also seeing the other parts of smart home grow nicely within the category
good afternoon and welcome to the second quarter 2016 earnings discussion for pennymac mortgage investment trust
is unrelenting they all want to be located in downtown toronto or near downtown toronto
and the positive movement in working capital is actually due to changes in the written to earned position
and lastly we completed initial customer qualifications for our new specialty filtration paper
during the quarter we reduced that liability given the current estimate of the earnout based on recent and expected performance
weve been able to get this business operating very quickly by leveraging our existing analytics tools and expertise
but down sequentially 11 to lower due to lower activity with several current accounts
this was due to the fact that a major new phone did not start selling until november which is the first (month->months) of our fourth quarter
worried again by a potential for one drug going off patent
despite the inevitable issues that the travel industry always faces weve continued to make good progress
growing the rental fleet into 18 or would you just hold it at these levels and try and benefit from the utilization and the pricing in the market
decided to get out of (the->*) business youd have more of their trucks in the market but that is we certainly havent seen it yet
the bottom table provides information related to the current balance of our crt investments
and also reflected limited industry capacity related to the strong demand for new mortgage loans
weve rolled out well and the customers are adopting the product and (theyre->are) enjoying their (interaction->interactions) with the product in canada
and you can see much bigger peaks on those like those large promotional periods like thanksgiving week or like christmas week
based on the number of devices that people have in their homes that are connected
by leveraging a formidable power brand like milka in a sizable category white space
and expect continued strong performance in the second half despite the macro backdrop especially in the emerging markets
im not going to give you our business proposition but again we see it as a very attractive
making sure that we have adequate coverage of our cost is critically important as the market leader we typically are
we have multiple (state patrol->statepatrle) field trials going on currently and we expect accelerating momentum in this important market segment
but as i said in the quarter what weve seen is we know the driver market is tight
and are pleased with the continued level of interest in the asset since our first equity (placing->placement) in may
in our evaluation of the earnings potential for pmt and determining
fleet trials are currently underway with several agencies and we have already received notice weve been awarded several contracts
ladies and gentlemen thank you for your participation this does conclude our call for today you may now disconnect
medallion portfolio due to the sale so in our core commercial businesses the corporate banking business
and while (cruise->crews) will have more operational days in the current 2019 financial year
as we (capitalized->capitalize) on continued strong market conditions and increased export demand from china
this remains an area where the advantage of sagas customer knowledge is very clearly (evidenced->evident)
were pleased with the fleet growth were seeing in our selectcare full service and preventative product lines
and clearly with no repeat of monarch coming hopefully in the current year compared to last year
we anticipate a strong fourth quarter based on a number of significant prospects either under contract or in active negotiation
net loss on investments for the second quarter included valuation losses on distressed mortgage loans
this is where our ecosystem of devices software and users now powered by ai will be a game changer
so we will now turn it over to you to take questions if i could ask you to ask for the mike
we delivered significant margin expansion while continuing to invest behind our power brands
we spent the last 2 years really revamping our whole structure going much more with a direct sales force
when we talk to our customers it had been something that theyve been able to extend with low energy prices but
the last metric the ratio of lifetime value of a customer to the customer acquisition cost in the third quarter
i hope this has been a useful and comprehensive update for you
weve got a great team (in->at) saga and i believe we have a very strong plan for the future
this channel is currently a relatively small contributor to our total revenue mix
market prices for resin were up more than 5 during the quarter compared to last year
the quality of the acquisitions that weve been able to do over the last few years
it is not possible for allied to grow in those markets
we do not expect the groups overall leverage ratio to (go->grow) above 3x (and->*)
that includes a strong performance from travel a strong performance from underwriting
our focus on driving resolutions through modifications results in positive outcomes for both the homeowner
have you seen periods where that causes them to do less rental activity
this reminds us of a few years ago when your competitors were engaged in unrational activities so whats your strategy
this decrease is primarily attributable to lower order volume and a reduction in funds received
these demonstrated that achieving above threshold levels of circulating pamrevlumab in pancreatic cancer patients in combination with chemotherapy
from a rail perspective theres not a lot of rail facilities most of the rail facilities in the permian basin are now designed for frac sand
because payments come before shipments but you run the risk of inventory sometimes you do not get a good sellthrough
along with continual development of different battery modules with different voltages different capacities different shapes and sizes
so the circumstances of the program in china involve a regulatory priority that are somewhat constraining with respect to
such statements involve risks and uncertainties and actual results may differ materially from those expressed or implied in such statements
much of our focus over the last 2 years has been on our domestic operations which saw the brunt of the demand drop (but->*) we feel that this activity has stabilized
this is a very important program for us and we continue to receive praise on the performance of our displays during flight testing
that you can maintain things like (esas in->eases) so the spirit of this in nondialysis is to provide a first treatment option
terms that you are potentially going to get on your existing potential manufacturing partner not good enough just a few more details if you could
to differ materially from our expectations these risks and uncertainties are discussed in the companys materials filed with the canadian regulators from time to time
it sounds like (it->its) jeff and i just wanted to follow up on your point about diverting vacuum gas (all->oil) around the cat cracker straight (into->to) the marine fuel pool
the rest of the market or our competitors such that we see a potential longterm disadvantage then well have to look really hard at accelerating it but
so how do you manage this change in product life cycle second question is about existing products
our industrial markets appear to be improving and we see a lot of marine projects ahead of us only offshore marine remains a question mark for us
my last mission is to further build up our (brands->brand) right now in taiwan we have many brands
china is a different thing of course china is also aging but the absolute number is there
and need to evaluate the best path forward that will give us the broadest application of our technology and the best return for our shareholders
with the exception of hong kong which is a colony there is no such thing called foreign regime
so thats our major focus right now with is getting this one right which were well on the track to
but we had more inflation in the first part of the quarter and we shifted quite definitively into a deflationary position as we exited the quarter
this transaction is expected to close on or around february 28 but is subject to usual closing conditions
if you need to manage companies based on (interpreters->interpretors) then it can be really difficult
thank you first of all i would like to thank you for spending your valuable time with us regarding your questions im going to answer them one by one
the first step we are integrating new product features and interactive services to increase user engagement and stickiness of the (portals->portal)
we encourage people to spend more on above the line spend less on below the line
then only we start receiving purchase orders as the materials handling vehicle makers now have operating experience with our batteries
demand is growing across the board particularly with new and existing international customers an area that we have targeted for growth
and it seems that the investment youre making in price can be promotion shelf pricing more dollars in pc (plus->*)
types of vessels in europe that seems to be getting better the area that again still seems to be
the other category mainly includes costs associated with rins outgoing freight product differentials and inventory impacts
expenses were controlled very well thanks to our precise marketing and channel management
this doesnt mean there is no opportunity this just means that the challenge is greater
one of the strongest formats in terms of adopting pc plus is actually our superstore format which is
much better than the other microdisplay companies in terms of our technology in terms of brightness and contrast
considering our current product structure and (the->*) products in our pipelines we have
there were some new products but they disappeared and did not succeed do you think that is a structural change
the preproduction process has been long and complex the products being developed by the oems are sophisticated their markets
and we are being very careful that we dont overpay for the licenses that we do want to have access to
were able to put our promotion expenses and overhead in a controllable range
which is more than 4x the level for the same period last year and includes contribution to income from each of the 3 quarters this year
(weve->we) pivoted to investing in projects that build value around our extensive asset portfolio of refineries and logistics infrastructure
and it seems like that segment of the market has become more challenged through 2016 so how do you balance return on those investments
if our therapy can get people off of transfusion implication being you can extend the period of time the patients alive
and the market observation post system where you can download the information once again thank you for your participation
ill now turn the call over to richard to review our fiscal 2017 financial highlights in greater (details->detail)
(*->the) one company is very powerful in the space and is interested in and were putting scenarios together on a few different displays (*->ar)
within our group we have reduced the number of bad factors or bad conditions
they often come back and scare you because if they do not scare you they cannot find their meaning of existence
todays presentation is available on the webcast and an audio recording will be provided after the call for the next 7 days
ill turn the floor over just could you talk a little bit about the manufacturing runs how youre able to switch
to really want to introduce the new technology in their sort of peak season of december now we had a couple of exceptions to that
yielded threefold improvement in 1 year and doubling of median survival compared to outcomes with (*->the) lower levels of circulating antibody
(*->but) the real story is our results for the 9 months which indicates that we have now reached a consistent level of sales and profitability
how much we improve in fiscal 2018 will depend on the collective efforts of our internal operations coupled with our supply chain
the old factors that created the old situations are no longer with us
such as (corporate->customer) acquisition analysis credit decisioning and fraud prevention we have signed a number of large clients already across several industries and recorded real revenue in our first year of operation
id like to remind you that during this presentation youll hear some forwardlooking statements within the meaning of the private securities litigation reform act of 1995 these statements are based on managements current expectations and are subject to uncertainty and changes in circumstances
without control you cannot safely harness the benefit of il12 indeed we can directly see from our clinical data that the tumor tries to defend itself from this invading army of t cells with an upregulation of (checkpoint->checkpoints)
(as->is) one example weve looked at some of the early axon fleet orders and the revenue per user over contract term roughly doubles when agencies add fleet to their body camera program now thats for agencies that have a vehicle for every officer
we will continue to innovate and develop new solutions and design tools for our customers to advance the proliferation of haptics during the quarter we (continued->continue) to see our technology adopted in the mobile gaming market by hero interactive
i characterize the plan as evolutionary rather than revolutionary something that would occur organically over time and wouldnt be executed on a speculative basis
we intend that such forwardlooking statements be subject to the safe harbor provided by the private securities litigation reform act of 1995 the forwardlooking information is based upon current information and expectations regarding taser international
the ability to use the strong relationships that we have with our customers in particular through the possibilities membership scheme and our ability to further improve the efficiency of the saga model gives us a great deal more flexibility and functionality
i have also had the chance to be on the road to meet some of our analysts and investors and i appreciate the depth (from->in) which you follow the company and understand the complexities and underlying fundamentals of our business model to those i havent yet met
another example arises from the fact that global real estate investors are more interested than ever in canadas major cities particularly montreal toronto and vancouver
we are confident that our investments will continue to drive revenue and bookings growth and expand our addressable market over time (we will->well) continue to calibrate our expense level relative to bookings and revenue and carefully assess the return on our spend
every quarter the bookings numbers in particular were well above what we were expecting and we were calibrating every quarter to the bookings opportunities in front of us so we ended up making so many adjustments to the annual number
if we do end up getting a rate hike like do you see the margin at this point relatively neutral or would you consider yourselves (a little->*) liabilitysensitive (there->where) theres (maybe->may be) upside to the margin as the year progresses without any fed rate hikes any color there would be helpful
the acquisition of the original equipment business for (maval->mavil) industries announced earlier this year is an excellent example of us expanding our offerings to provide more fully integrated solutions to our customers
and we believe this trend will only increase over time again keep in mind that we intend to take blood from a patient genetically alter the cells without the use of a virus and reinfuse these altered cells back into the patient
as we have progressed and learned over the last few months in particular we are certainly smarter and better positioned for value creation for example we saw great maturation in our clinical data (in->on) our il12 gbm patients
which are driving better safety performance over time we expect that safety performance to continue and mitigate the headwinds were seeing on the insurance side so i would tell you short term there are some levers we could execute against
this hybrid model allows us to broaden our customer base and participate in markets where we may not otherwise have a solution to offer and also allows for deeper penetration at our solutionsbased customers
or in terms of earnings and while we love the buildings we have in each market and while they are excellent buildings and in a way the best class i buildings in those markets
they are making commitments that are firm on large chunks of space with options to expand in time we dont allow the tenants (to->*)
we now have over 05 million members over 80 of the customers that we talk to (who->*) have chosen to activate their membership and a high proportion of those then start to interact with the brand
our pacific northwest timber segment also reported higher harvest volumes as well as a 17 lift in average delivered sawtimber pricing driven by continued strengthening of both domestic and export markets
yes id say the main thing weve learned globally is weve got to help our customers get to field trials so that theyre actually deploying the products in the field
as we aspire to be a leading provider of urban workspace in all major canadian cities we made progress in vancouver last year and (will->well) make further progress this year
we are looking at the markets kind of in that way we tend to start with a sustainable harvest level for each of our regions and then we always look for ways within that sustainable harvest
for home we are also expecting a continuation of current market conditions and we have seen some limited premium inflation in the market again our recent trading is consistent with the guidance
cost control has now become embedded in our culture and were firing on all cylinders both in supply chain as well as in overheads these first half results position us well for the full year
this is not something i expect to achieve overnight but it is something im intent on achieving and something that we can reasonably expect to achieve over time
since the event dan has not been able to act in his cfo capacity and he will likely not be returning we are thankful that he has now been released from the hospital and he is now recuperating at home and is expected to make a full recovery
a number of our competitors have either (seized->ceased) funding or completely shut down over the past several months from the intelligence we (were->are) able to gather this is largely due to credit issues in their portfolios (as->*)
our companys advantages in ai arent just somewhat better than our competitors its structurally superior all systematic incentives for progress in ai for us are aligned towards deepening our market lead in users
in addition google launched their 2 new pixel smartphones which both utilize the benefits of haptics these are further exciting examples of the expansion of haptic use across the mobile market
earlier on i focused on the companys performance since ipo and especially on last year now lets look ahead the time is now right to invest in growing our customer base
within the other category is our distribution business it is currently small but growing (but->and) we will break it out as a separate market once it (is->*) gets to a more substantial piece of our overall market mix
we talked about seeing it we talked about getting rate did we get enough maybe not we accelerated it well continue to accelerate if we need
this chart has now been restated to exclude services which was a relatively higher working capital intensive business therefore the numbers have shifted downward
our overall share performance was not yet where we wanted it to be but we began to see meaningful improvements in a number of key markets
wed also like to mention that todays presentation uses numerous nongaap terms to describe the way in which we manage and operate our business
at this time though there is limited visibility on wood pulp prices heading materially lower in the coming year
as a result many young educators work second jobs or leave the profession in search of a (higherpaying->higher paying) job to pay back their debt
we continue to find opportunities to profitably grow auto we are targeting specific geographies customer segments and crosssell initiatives
so that is why we now include it in order that all investors across any industry are able to understand
the restricted cash balance combined with the net value of expected future cash inflows related to our assumption of credit risk
i think youre right in that definitely especially if you look at the trends over the last 5 10 years you can see the holiday pulling earlier and earlier
is designed to access those consumers and those that consumption that we dont cover with our participation in the modern trade so its both
however even when adjusting for that manufacturing productivity would still have been weaker than our targets across many businesses
we see significant potential for chocolate in a market where per capita consumption is quite low even by emerging market standards
we remain committed to refining our products and program offerings to ensure we are helping educators solve the financial issues they face
our customer franchise remains strong and is being built out further as we continue to work with our partners to provide solutions (and align->underlying) interests
in connectivity solutions we are also very committed to not only those franchises but generating
full tech support is a new geek squad offering that provides support for all of the customers technology no matter where or when they bought it
as an example customers often use the online channel when they are (most->more) certain about their purchase (and->in) the store channel when they are less certain
our (kinh do->kindo) business in vietnam continues to be a bright spot our teams are executing well as we integrate this business
back growing again in more significantly is a critical piece of our overall performance but our power brands will continue to be
are there capabilities now that you didnt have before that you have now is it theres more clarity on productivity efforts that enable the investment at this point
it is important to note that quite apart from the number of retail stores in the russian market we continue to see improving trends in the overall amount of sim card sales
confirmation regarding how much of the secured facilities can be used as cash and how much for letter of credit
while this particular slide is a bit of a repeat of information we shared on our (reit call->recall) last month i think the information does bear repeating
in profitable geographies while taking appropriate rate actions to improve profitability in segments and geographies that are more challenging
in addition we are successfully launching our new group retirement product retirement advantage in more school districts
and you will see that the market is currently dominated by qatar and australia
noble group will remain a strong diverse set of businesses focused on our strong physical franchises around the world
while we want to be clear regarding our gaap results and the items they reflect when adjusting for these onetime items
we are on track to exceed our original auto rate plan by a point or so and are looking for opportunities to accelerate rate actions
in total the actions that (*->we) have already undertaken in the last 6 months are expected to improve our pbit performance
on the supply of tankers tanker fleet growth is expected to fall this year and next on lower deliveries and higher scrapping
which will have multiple benefits to the company on the acquisition front as well as in expanding the investor audience for the stock
and modification activity generated considerable taxable income in excess of our book income
consumer demand was down and categories have been down so we do see some signs of stabilization as we look through the second half of the year
mine operations were halted there and all fire suppression systems were inspected prior to restarting operations
investment opportunities now lets turn to slide 8 and discuss the second quarters results by strategy
the revenues expected from the vessels in the fleet with (secured->secure) employment cover the companys annual operating and financial (obligation->obligations)
we also are implementing performance improvement plans that were developed in conjunction with fmi group a leading industry consulting specialist
and so we do feel like were very well positioned we feel like this range is thoughtful given the plans that we have in front of us
this progress was partially offset by declines in some large markets such as us biscuits and brazil
(*->were) very close to that and thats the best this whole market industry has been
the reduction was in raw materials as we continued to process surplus steel plates that was on hand earlier in the year
body of the presentation id like just to make a couple of comments on the picture you see on the first page
so for us we feel like that has been a piece of the investment and (we->weve) even said at investor day that likely going forward will continue to be a piece of the investment thesis
our intent is to capture share in this fastgrowing channel by leveraging our strong brands and marketing knowhow
the remainder of the increase was largely related to higher net interest margins which increased as a result of additional assets under management
in addition we were excited to announce just a few weeks ago our reit conversion an important milestone in our companys evolution
weve positioned several development assets for retail and wholesale monetization and look forward to strategic closings in the quarters ahead
for example during the quarter we opened a new distribution center in (compton->comton) california in time for the busy holiday season
the grids and the markets however coal will remain the major component and we see ourselves as being a major part
can you provide any specific examples of changes that youve been making and have your expectations around trade promotion
this (is->was) slightly higher than guidance as we accrued for a larger projected annual bonus compensation expense driven by betterthanexpected operating income
and are just getting outstanding responses from consumers for this particular product theyre looking at the product that they bought before
(we are->were) making good progress in delivering the plan we announced on the 1st of march and the diversification (benefit to->benefits of) the group is showing through
as i understood from the previous call the third quarter was going to be quite a step up from the second quarter but we didnt quite see that
i am pleased to report that the steel quality and paint production issues have been corrected and production is flowing normally
meaning these borrowers could lower their mortgage rate a half of a percentage point or more by refinancing
but remember that youve also got the market in india thats growing at a very rapid rate and youve got a very stable market in korea so
in addition to the gaap reporting we report certain financial measures that do not conform to generally accepted accounting principles
(*->and) so it gives us certainty over at all times over a 3year period and if there is a termination then weve got 3 years to find somebody to replace (them->*)
we have been working to focus our time and capital commitments first to the programs that are truly moving the needle and in the shortest time possible
and are currently evaluating and refining our clinical and operating plans as we consider the potential of our current core value drivers
i dont have the numbers in front of me for the average yield on what we bought for the quarter i just dont have that right here but you did see
mario i think the most material of those 3 anticipated
variable awards which we have been reducing because even if we have had record profits
to now include a (streamline->streamlined) approach of licensing our knowhow and intellectual property as we build out our ip business development function
what we might expect to see from the industry results at the end of this week when (the->*) irs reports it and then i have a followup please
once again the quality and (*->the) diversity of our portfolio as well as the dedication of our team allowed us to deliver a strong operating result
in the mount pleasant area so there is a strong base of high tech
we now know based on the extensive field experience we have that body cameras record far richer and far better information than the handwritten forms of yesterday
secondly to grow the broking business particularly motor by launching a panel of external underwriters and extending our footprint
we expect improvement in both accounts starting in the fourth quarter as our teams work with these customers to better align our operations with changing volumes
partly attributable to field usage increasing because you simply have more officers carrying the product
obviously it will be a comprehensive discussion and the good news is well have our entire leadership team present to be able to really
the and then the last component of large market demand is in the furniture segment so you have a very strong market in
lots of questions there jenny but i would say that the demand on the part of the tech companies
and thats also very encouraging and thats something that we are going to be gradually seeing improving through time
in summary we are pleased with our results so far our focus on operational excellence new products and partnerships
i think both of those products we love the role they play in the portfolio (its->of) starting to fill in the gaps between
for entry into the trial beyond that we will continue to work closely with the neptune consortium and (nephcure->nefcare) international organizations
and its (that->an asset) experience that leads me to believe that saga has all the core attributes that any broker business needs to win
we will offer more clarity on the potential impact of these changes on our core business when we provide our fiscal 19 outlook in december
instead we are pushing the bounds of technology applications for (our->*) law enforcement to truly deliver on our vision of an endtoend experience
used vehicle sales volumes were better than expected and allowed us to reduce inventory levels to our target range sooner than expected
so when i stand up again ill take you through how those lessons have helped us to reset the business for growth i think weve got a great plan
yet weve seen rental really have a nice pickup so i would tell you in this case its probably it doesnt seem to be impacting (it->*)
no understood and just embedded within that you saw significant acceleration in the second half of the year on your
on the cell therapy side we had the benefit of seeing the recent and early data around the challenges facing (biospace->virusbased) platforms
which gave us the range and flexibility to use a new aircraft versus what was available on the (leased->lease) market so that was the only reason
the premarketing portion of the trial will focus on an interim analysis of proteinuria which shows a substantial treatment effect
in our knowledge and our understanding of the over 50s in the longer term we expect to see a positive impact on churn rates
also notable was the change in the proportion of patients achieving modified partial remission during the openlabel period of the study
have you had direct conversations with entities at this point im just trying to get a sense of how close you might be to doing something in this regard
we have identified areas where we know were not competitive internally weve already taken the decision to shut down some activities
as we find opportunities that yield even bigger benefits through testing and learning and iterating those things will probably take a little bit longer but
before we begin our prepared remarks ill remind everyone that this call will include forwardlooking statements as defined under the securities laws
this quarter seemed to show a little softer growth in developed markets actually i had expected a little bit of pressure (on->in) brazil (and->in) some of those markets and (youve->you) certainly cited those
we will continue to develop and launch new sensors and devices to round out our offering (and->to) drive adoption and usage of the axon platform applications
in closing we are pleased with the results of the third quarter and the expansion of our customer base across all our markets
have gotten used to dash cams id say the vast majority of them want to maintain dash cams even if they add body cameras
in terms of roic so we need and we want to exploit it we need to get them to their
and three the right machine learning expertise to research tailored (deeplearning->deep learning) models and engineer the machine learning infrastructure
more or less continuous smaller opportunities that fit our (investments->investment) and operating focus and (well->will) certainly
what may have driven that i think as you saw the driver market (*->at) the end of last year start to improve a little bit maybe there was fewer companies out looking for outsourcing
longer term we see the opportunity for the axon segment hardware margins in the 50 range as service plan upgrades start to kick in
a number that we should look at only because i think theres some sort of maybe bonus type stuff in q4 or is that a good
(*->so) settled on with the team is one which we think is appropriate well give a signal but its also cautious
with that i look forward to sharing more details with you on the special call i mentioned earlier now ill turn the call over to jack (hartung->cartong) to provide a financial update
i think if you keep it very simple what were seeing is a very good product at a great value and were starting to tell people about it
cost alleviation there but if you could just help us look at the sensitivity to earnings as well as sales
are you thinking about maybe do you think you would see a change in with a level like that or do you think you might have to
but i do think (1->one) way you can defend against it is by having the kind of properties that we tend to focus on
as you say youve got significant costs in turkey as well as revenues in turkey so presumably there was some
is in line with what is typical for the market so the kind of profit margin on the proceeds
in the assisted business we outpaced the industry in the first half on the strength of our promotions and improved execution
(*->and) the whole midstream business paul so its really that commitment to getting that size and then just looking beyond that is to continue to grow
we believe that we are well positioned to broaden our presence in foreign commercial industrial and military markets
were less responsive to epo in the comparator arm consistent with the published historical esa studies
our firsttomarket strategy with the percepta classifier is to focus our efforts on large institutions for early adoption
twice as fast as the market does currently on mobile we are growing as far as video is concerned in line with the market
logistics inflation in the form of higher fuel costs and higher carrier rates remained in place subsequent to the hurricanes
but at the same time its something that makes us even more convinced of what we are able to deliver in the next couple of quarters
just continue to execute and keep moving ahead thats our focus we have quite a large interest in
this is something that does get competed away but if you think about increasing clean product yields and specifically you guys have a few projects (*->that)
a majority of the market so there is a lot of waste in the process now with our it system with our sales management system
market capture is impacted in part by the configuration of our refineries and (their->our) production relative to the market crack calculation
as a result of this sale we will be able to reduce by 1 billion pounds (the->of) carbon dioxide from the companys annual (emissions->emission)
let me start this morning by saying that im very pleased with our progress this quarter and believe that were off to a great start this year
and in dialysis have (epo therapy->epotherapy) some of whom have iron support most of whom do not
above the line and below the line how do you allocate it varies by company within our company
we are able to constantly renew existing publisher contracts and win new mandates to round our existing portfolio
to address this issue we have been working with the bank and leveraging our position as the largest
based on our data we believe that the blockade of ctgf will be a more effective approach to fibrotic disease and multiple cancers
our discussion of operating performance will include nongaap financial measures within the meaning of sec regulation g
we also said the highway broadband backbone
this creates another alternative cycle and sometimes the result is mistaken
entry barrier is higher difficulty is also greater if you are not an established player in taiwan
and then they will run those in a single warehouse see how they like it
as we build value in our product development programs across multiple indications continues to be the core focus of our efforts
in refining to either improve yields or to access more advantaged crude one way or the other i think the other
stores in ontario how thats worked out whether it adds anything or builds traffic or (whats->what) your early view of it is
in the (marrow->merrow) is really dependence on transfusion and as such they are asking us to see
of (maximum->maximal) transparency on the acquired companies from day 1 we call it accountability concept
weve demonstrated very successfully in a number of provinces that we can effectively manage it as a controlled substance
you can also write down your questions on question slips you have the slips with you at your desk
(*->a) really detrimental effect on the margins at this point in time the chain margin and i think that really speaks to the demand
added to that momentum with another strong result on both the top and bottom line driven by a mix of organic growth
those are the right decisions to get that business to the profitability level that we saw in the fourth quarter and for us to be able to continue to build upon that
and on that note i would like to turn the call over to keith to provide a summary of our financial results for the second quarter
assuming the pipeline is fully subscribed the capacity could be expanded to about 1 million barrels per day
are actually being very helpful with us to address their markets while theyre rolling out the product
the reasons for this financing stem from our realization that the opportunities in china are going to be considerably larger than we originally planned
you can see the direction of the trend which does not change very easily
whats your take on the (trends->trend) of raw material prices over the next year will they go down further
because we are actually thinking in a very long (stature->stage here) where does the growth come from today
earnings growth rate once we get through these rate cases or this rate case or just kind of the thinking on that
bringing new customers into the (store->stores) so what i would say is that the team is doing a great job in the way that theyre trading the business across the board and
you have the sweeny hub thats performing albeit not at the level that we would expect if you take the first quarter
are those dollars going more into conventional or more into discount or is that investment being made across the board
as bonnie mentioned we are investing in our sales force and marketing campaigns to support the anticipated growth in our business
and continue on to the next year as for the beverage market in taiwan
the biggest difference between taiwan and china is that in taiwan the market is relatively mature
unless the local player isnt good at all otherwise
or implied by such forwardlooking statements and the company can give no assurance that they will prove to be correct
and (appnexus->abnexus) brought part of the revenues but also took part of the revenues as their share
for an online shop for electronics products we already put together an assortment range of over (2000->200) items
i recognize youre trying to wade through all that my observations would be that
however if you can make it more interesting you can make it slightly more thrilling
how should we think about again the different segments of that you have in terms of
on balance we anticipate that us reform could be favorable to our book tax rate by anywhere from 1 to 5 percentage points
the walmart canada order is a good example of how long it can take for these purchase orders to materialize
we also continued to return capital to shareholders buying back approximately 2 million shares in the third quarter
we continue to see a tremendous amount of opportunity for our technology and are pursuing all avenues of growth
and in the gulf coast earnings were slightly lower than the second quarter due to increased costs related to planned maintenance activity
(yes paul->kul) its a good question and some of this has been a function of debt has gone up on a consolidated
but we also push roadside digitization especially since we have been able to (beta test->best) right locations
deregulation efforts underway across pretty much every province as it relates to
at least in the food and beverage industry its very difficult to do this venture capital investment
when you have the right people you can then do the right things with the right method
on the top line so i was wondering youve got some moving parts there in terms of anthem
within the reserves that (we->weve) set out from what data we have to date now that might change we dont think it will and we dont think if it did it would be anything of any materiality
and will contribute to future margins as chris mentioned finally our work focused on customer value (or->*) on creating customer value through deeper relationships continues to build out the foundation for personalization a major priority
and strong sales margins from price increases implemented late last year as well as benefits from low contained metal (costs->cost) we also continued to achieve improved underlying manufacturing cost efficiency
this improvement also allows our distribution partners to be more responsive to their customers providing them rapid assurance of effective and competitive coverage and as we know the first to (*->the) quote is often the one to (buy in->bind)
while there has been a modest increase in development activity supply remains below prior peak levels and net absorption has been healthy which has broadly enabled the markets to remain at equilibrium
we continue to make changes to the experience (of our->for) users pretty much on a weekly basis theyre sometimes not easily noticeable but theyre always happening so there isnt sort of going to be one period where we revamp
although we have good relationships with the vast majority of our exemployees it is possible and perhaps even anticipated that other baseless lawsuits might be filed by the same or (*->a) different attorney (in->and) what will be (of futile->a futil) attempt to pressure us
as we continue to grow assets and enter new businesses our compliance framework allows us to maintain strong regulatory compliance and efficiency by streamlining our monitoring and reviewing processes in order to analyze and filter more data faster
in our international segment the second quarter revenue numbers are (somewhat->somewhatted) distorted by the decision we made at the end of 2017 to increase the amount of thirdparty capital participation primarily related to the reinsurance lines of business
of note we continue to work with syncrude and imperial on a plan to sustainably improve reliability reduce costs and drive synergies between (our->*) operations
and finally our success thus far this year has enabled us to once again raise our guidance for the full year we look forward to the solid execution of our strategic plan during the second half of the year
so we feel good about where we are theres been (its been->*) relatively slow for the last few years but it does feel like its getting a little bit better out there from an activity level
we were able to increase site capacity during the day on black friday and once we saw the (strengths->strength) we were able to add even more capacity in a few hours over the weekend to support the heavy loads on cyber monday
that we guided to previously when we first announced the transaction we dont feel that theres a need to update that number based on any information that (we have->weve) seen to date
we expect thps results to remain below our target for the next couple of quarters as we continue to implement budget updates on our remaining investments although we believe the results are stabilizing as you can see by the bar graph on (the->this) slide
on the product questions i wonder if you could tell us youve given us the initial sales of (reagila->reglia) could you tell us what sort of pricing you have been able to achieve
turf and garden sales were up slightly yearoveryear and were now about flat for the yeartodate period were operating in a relatively stable market right now and we continue to expect this market to be similar to last year
and i think that this is (inoperative->innovative) so for this type of insurance specifically we will i think that we will launch
(were->we are) not likely to have any major constructions we are not planning any construction in terms of capex so (were->we are) moving some of our branches
with our increased stake in syncrude already generating strong returns and fort hills and hebron (are->*) progressing to completion suncor is growing both quickly and profitably
weve also announced recently that we will be able to set up a cargo operation in (dammam->dam) which is in the eastern province of saudi arabia
(*->im) sure its a question that youre well you should be getting at this point sure this is probably the same answer that we have even before this because we had relatively large amount (of->*)
not only will this platform allow us to greatly enhance the customer and user experience but will allow us to use advanced analytics to personalize and provide relevant advice on an ever broader scope of (product->products) that we are incubating
that we have productized to help businesses improve digital engagement with their customers and enhance customer experience to create greater satisfaction and brand loyalty
this reduced participation is consistent with our expanding strategy of incorporating third capital in our operations across broader business lines the primary driver of growth was in specialty lines
and were very confident about our position with our customers from both a pricing and a volume standpoint as we look at the next several years going forward
well it depends i mean it starts with and well just well have our strategic retreat with our board here coming up in september and we do this in every meeting but we really do it in depth in september
this quarter some of our increased (costs->cost) reflected in our (investments->investment) to build our (next generation->nextgeneration) retail banking platform and become a more productcentric company that is a user experience leader in digital banking
no and thats a good question himanshu and yes there is some variance between markets and theres a number of factors though so in some cases it has to do with certain markets performing stronger (and->in) higher demand and for example the west coast (market->markets)
solid fundamentals underscore that strong market demographics continue to appeal to businesses seeking to relocate to our footprint now turning to our quarterly stats
we continue to be excited by the progress of our stromag acquisition where we already experienced strong crossselling activity in the second quarter we continue to seek further acquisitions but remain highly disciplined in that pursuit
we believe that building systems processes and partnerships that allow (bofi->bi) to offer (*->a) seamless user experience and multiple services through an (integral->integrated) software platform will further elevate and differentiate our competitive position
were tremendously proud of all that the team accomplished during the industrial downturn to optimize our infrastructure to capitalize on our growth initiatives and the eventual market rebound
the conference (is->has) now concluded thank you for attending todays presentation you may now disconnect
(*->as) you start to get into the detailed (design and->designin) execution you find natural opportunities to do things i suspect we will have some capacity creep on the unit
i dont think we have an answer for that directly that kind of changes week to week for that company i think you that information should properly come from (seventy seven->77) at this point
and so we will see that the fact that we are essentially sold out in texas and oklahoma means that the industry is tight and industry pricing is going to move up because rigs continue to go out
(maybe->*) and that was really the point of talking about all of our digital initiatives whats driving a lot of that submission activity is a lot of our ability to be more dynamic
business consistent with our contractual growth so you would expect us to assuming the market firms up youd expect us to see some growth in our rental business
additionally overheads increased due to the timing of incentive compensation and higher sales and marketing (costs->cost) these impacts were partially offset by improved performance across all product lines
we are working to strengthen our one allied approach and to drive organic sales growth by making it easier for our customers to do business with us while also improving our internal efficiency
yes from what we can see now with the limited visibility we have we have reason to be optimistic about the (markets->market) of 2018 what gives me then the confidence to be
how they have been performing very strongly in the case of (vueling->welling) in the case of (british airways->pherweys) there is a piece there having to do with
now for a brief overview favorable fundamentals intense focus on operations and years of deliberate capital allocation
as well as the introduction of guidewire were also looking to expand our market footprint in home staying firmly in the (over50s->over 50s) camp and using the strong panel to help us to grow
how thats evolved recently obviously the market is picking back up and that helps everyone but im curious if your competitors have been pretty rational as it relates to capacity additions and
whether it was on national advertising or in local office execution i just think we did a really nice job of executing in all channels to make sure that value was clear to our clients
on the other hand additional preclinical safety tests are required before any drug is taken into healthy volunteer whereas such studies are not required before a drug is dosed in cancer patients
i remain confident in the preliminary plan (you will->youll) recall that the first step is to propel noi growth over the next 5 years
medical revenues were down 46 and as growth in the other lines of business outpaces the medical market we expect this transition in our revenue mix to continue
to train support and grow and i think that is a foundational element for any upside that we will experience in this business we can never lose sight
the baby depot team has been working very hard on the assortment (in->and) our instock position and we are delighted to see this result for (*->a) business that remains a differentiator (for us->*)
at least for the time being in the coal side we dont see major opportunities lying ahead for us unless we can
and one final point is i am still going to be here for 6 months so these (lot will->levels) still have to (put->fit) up with me for that long and during this period (im->i am) fully committed to driving the business (forwards->forward)
and thats really what were working on now and that money would be used to either fund additional investments in the business or to just improve earnings yearoveryear
and then once we get to a dose level that we think is therapeutic we may continue dose escalating a bit in those patients (excuse me->*) in those healthy volunteers just to collect additional data
from a revenue point of view it will be noticeable but it will not turn anything upside down in 18 but if you give (this->us) 2 3 years it will be quite significant (i->im) dare to say
(*->the) check average also benefited from customers adding queso to their order which added about 200 (bps->basis points) april trends have been impacted by unseasonably cold and (wintry->wintery) weather in much of the country as well as the easter shift
as we mentioned last quarter changing consumer habits have led to declining consumer traffic to physical retail (locations->location) because consumers are buying more over the internet or utilizing the internet for comparison shopping
and we see what products are doing well and what products are not it is toms rogers (brents->brent) and my expectation that we will then sell down in those categories that did not perform
on some applications and it just (makes->made) sense for us to become just one team and being guided in one direction and making sure both had the same level of priority
it doesnt have the ability to handle new menu news or even (use->used) price because of that simple menu and those are 2 tools that you used with great effect in the past and so i think people are having a hard time understanding
which has been done by a number of our peers in the canadian public real estate space so we do believe
(well->*) after spending considerable time talking to many of you and asking for your feedback for which i greatly appreciate the input we have some good news the good news is that the responses have been very consistent
as youve heard us say we see great opportunities (on->in) all areas of the business but specifically we have increased our focus on home beauty and ladies apparel
the platform that would be necessary in order to execute that kind of execution simply as an example so what were thinking
lack of purchasing power there or getting worse (churns->turns) because your volumes are getting down or can you say anything about how these lost volumes impact your
for travel we will be mainly sold by the end of april for this years departures so we already have a lot of visibility on the outcome for this part of the business
is something really special and unique and i actually think its an advantage to figure out how to do innovation that can build from
but weve also been successful in exporting diesel fuel to europe and many times this is on larger ships that (gives->give) them a bit of an advantage
below the prior forecast of (7000->700) vehicles this better positions the used vehicle inventory going into next year as it will allow us to reduce the use of wholesaling and benefit pricing
no change in that what we are seeing is people are still flying to these destinations (but->with) staying for a shorter period of time so its not impacting on us in the same way (that->as) its maybe impacting on other elements
any historical investment weve made which has really motivated us to supercharge it we want to double the size of our footprint and were starting with that process right now
we continue to believe that we have significant opportunity to grow this category from a penetration level of 11 to north of 20 which is in line with our peer set
new trucks at the beginning of next year which will start helping the results in the first half of 2018 longer term when you look at the insurance headwinds that weve been talking about
we do expect the overall profitability in the market to remain good and we are comfortable with these trends and are confident in our ability to compete in this environment
great (*->okay) so other than that one are there any sort of awards in there that are more longer term in nature (*->or) is that sort of the big one as (is->*) it sort of stretches out a few years here
is that more of (a->an) impact to revenues and you made it up somewhere else for the gross profit like how does that dynamic work and how do i reconcile that
a lot greater than they were just a couple of years ago as to the process of forecasting id simply say that
it is clear that we have tremendous enthusiasm and support as we further validate and derisk our clinical platforms
the number of tons also declined in the first quarter compared to
(and->*) i think thats the way you should look at it and its going to take some investment actually for 18 but
but rather the result of increased investments to really expand fast were trying to dramatically increase our footprint
this culture and training all the way through the restaurant while scott partners with her to take from
our clients are now more engaged in the process and our tax pros are providing more valueadded expertise
from year to year and period to period and so all of that has to be taken into account
our phase i study for pediatrics is enrolling and the randomized controlled trial is planned for the second half of this year
and i think just with the most recent advertising we made a little pivot towards reminding people
and this concludes todays conference and as a reminder a replay for this conference will be available for 7 days
and that we will continue to invest in to make the customer experience as convenient as possible allowing us to continue to grow digital sales
thats what really determines though the profitability in any given period
and its because theres a dependency upon the (myc->mix) for maintenance of the signaling pathways and viability
we dont want to set that expectation but we dont see any trend that anybody should be alarmed about
in order to have the (state power->study powered) to be comfortable that we (watch->will have) statistical significance when we take a look
we continue to focus on delivering toptier performance and expect continued growth in speedway earnings as we drive
of the good guy and so to say the addition of the costs but its actually quite a significant shift
and they all rank high in that strategy you start to capture them through one of your webs
i believe it is important to focus on results over activity to hold people accountable and to be stewards of our business
we estimate these sites represent more than 1600 patients who would be potentially eligible
we look forward to continuing our (discussions->discussion) with the agency to finalize the protocol and initiating the trial later this year
the nature of the relationship that could be maintained between the entities is certainly an important part that we want to understand what the bookends are so (well->*)
burden but beyond that i think there is no reason to expect any differences we are pressing ahead
(ad->add) networks and were pleased to be working with them there are a number of others also conducting their own studies
some of the figures are difficult to understand because they are not constant currency (adjusted->adjustment) okay
the negative impact from these corporate tax rate changes was anticipated and is unique to our fiscal third quarter
we have not allocated any of it to our dealership business so that everybody can see it eyes wide open
would subsequently require additional capital (investment->investments) for facility upgrades and expansions
we continue to be very encouraged by the attractive investment opportunities that are available to us
but other than that i dont think there was too much that you could derive from the day other than
and thats been important for us to test that and its important for the airport to realize that when we say
we generated value by reaching key milestones that demonstrated sparsentan could represent a significant advancement
(and->under) the same conditions pilots are paid here in (sterling->sterns) or even in (france in euros->transient)
to do that let me first take a step back and set the stage for (our->*) interaction with the food and drug administration
we continue to expect other revenue and other income to decline by approximately 15 basis points
and in both cases were really trying to understand more about the kind of clients that we attract
as we begin i would like to remind participants that this conference call may contain certain forwardlooking statements
(well->will) continue to bring clinical sites online and expect 4 to 5 other sites to be initiated during november
to increase our service capacity and to make sure that we have the best trained technicians in the industry
significant improvement in selling (costs->cost) and this is because of new contracts being agreed
the other thing i would say is that if youve been watching the canadian heavy closely
we believe we are well positioned as we begin the final quarter of the year
and we are also continuing with (*->the) geographical expansion and you might recall potentially that we
and particularly as we think about turning cold tumors hot and potentially combining such therapy with
to drive sales productivity and profitability growth for many years into the future
the volumes in july down 2 wondering how that would compare to the overall market just trying to get an assessment of
turning to our merchandise category growth drivers we remain pleased with our home performance
so while the healthy volunteer study and some of the additional safety studies it requires have moved our ind filing
i have admired chipotle for many years and im excited to have the opportunity to lead the future direction of this incredible company
importantly without the need to dose patients with lower dose levels that are likely (subtherapeutic a->sub therapeutic)
in those stores and it did tell us something that if we can be more efficient and more selective
they are bifurcated when you go to a gander outdoors location it is the same exact concept
look i cant speak to whats happening with other dealers i know that our inventory is in great shape
we really view the capital structures independently and think the consolidated metrics become less useful but that becomes very important
all transactions are subject to market and other conditions as well as requisite approvals
we have a variety of different kinds of assets in that
some of your findings from preclinical studies that give you confidence that 253 has a safe therapeutic window
taking on the role of wanting to develop this market in a more serious way still i will say
but one of the major issues i believe is still
coming in the right direction in terms of (improvements->improvement) not all over the place but in some places
gives us confidence that we can reach (1000->100) stores over the long term
is there any opportunity to transfer some of the reed (or now->goldnouth) centennial equipment
and we dont believe that any of them are in any dire inventory position where they have to have a fire sale
in the higher ranking of any organic or paid search in the categories that we dominate
which is perfect for the pointofcare technology and as you can see on the diagram
and what weve said is they have to have a 2month life expectancy to get on to these levels
but we feel good that (we->weve) made significant progress over the last couple of years (with->of) changing our client trajectory
you see the dlts you have to expand out to 6 and (*->it) just your time frame just gets extended so much
there is a subset of that location that has products and services
for the refining business (drops->drop) somewhat as well as those obligations move to
clearly demonstrate the substantial and growing value the partnership represents to the total enterprise
(i have->ive) enjoyed getting to know the management team and have been very impressed with the strength of the finance organization
however the international and commercial markets in which hamilton beach participates are expected to grow moderately
catering is approximately 1 of sales and remains a large untapped opportunity on which we have increased our focus
to maximize the value of each of their customers to (service->serve) these customers more broadly with a significant range of personalized products
and so we start with if were going to do something in terms of inorganic growth dont screw it up
our promotion strategy was effective through the holiday season a period where most retailers were aggressively discounting
this may be a surprise (to->for) some of you because the pattern has been that the interim dividend has remained flat while the full year dividend has increased
look for more about this in the future quarters as we experiment with new opportunities along with our distribution partners
equivalent per day quarteroverquarter is primarily attributable to the decreased activity in the pinedale field
not only to an increase in nymex pricing but also the improvement in regional basis differentials during the quarter
these capacity issues have been subsequently resolved (in->*) during october production
but are you seeing some of this weakness kind of translate into other freighter assets im wondering if you could give us some color here maybe
lease revenue and then you had asset sales and we do expect a fair bit of selling also here in the fourth quarter
except for some extreme events which we would not expect to happen every year or even every other year
do banks have room to actually lower deposit cost if the rate curve stays this way for a prolonged period of time
well give we wont give them out ourselves it wouldnt be appropriate but we as i said we do sometimes
and the (apexxc->apex) from a technical standpoint is a very good solution for his particular needs
if it becomes a significant increase but thatll be a function of how our competitors behave
were pretty far along in that and especially as we continue to invest in the one v platform
we undertook further work to enable customer accounts to capture customer usage data as part of our personalization work
and we expect to continue to extract additional benefit from these investments as we further enhance our production processes
so can you just kind of update us on where you stand with your boeing and airbus contracts and how youre approaching that going forward
in any case as we look at the large leasing companies theres a lot of change and we intend to pursue opportunities that will enhance shareholders value
the pace of the recovery in our industry accelerated in the fourth quarter and has remained strong through january
no occupancy headwind or tailwind i think thats probably a good guide long term in terms of how to think about top line
i would not expect more than the 90 basis points in the second half if you look back
conference do you think or would you expect it to be sustained at a higher level in coming quarters
all of those things are starting to deliver now so in terms of what is sustainable i would say
(was->*) distribution up id say probably the one that im a little bit more cautious on 2 of them would be
ladies and gentlemen thank you for your participation in todays conference this concludes the program and you may now disconnect everyone
our equity portfolio benefited from those market trends mentioned earlier and also driving returns
we were able to leverage that growing technical expertise financial capabilities and our track record
starting on slide 6 our term life segment experienced strong growth compared with the fourth quarter a year ago
is that infrastructurerelated business always been lumpy for you or is it unusually lumpy recently
well begin with distribution which is predominantly made up of sales of aftermarket parts
and when you look at appraised values most appraised values look at a continued redeployment
(*->the) company wasnt doing as well as it could have been and had some negative income quarters and (then->*) it got paid off so
it shows that weve become a lot more productive (siew khee->*) so i think those are the kinds of things which are important to me
and ongoing information and so if we operate outside of bice then we dont expect (it->*) to be impacted by those
and your comments are correct that we certainly see a strong the trend continuing strongly in this next quarter
can you split that between just what youre seeing on the consumer side versus the wholesale corporate side in terms of
and grow it organically which i think weve done a very good job of over the last decade
i will now give you more details regarding the financial results before taking your questions
but when you look at the current market and you look at fuel prices where they are and see how
in summary strong leasing activity in our operating portfolio and continued focus on
all right and then on the guidance what kind of organic growth rate are you guys expecting in the second half of the (year->*)
and so if the market offers good opportunities as we saw (in->*) from time to time during the course of this year well continue to do that
in summary we are confident in our strategic direction and are staying focused on building (a->*) flywheel business
recruiting hiring and training the people for rigs and pressure pumping spreads is a large undertaking
(*->with) the most with the final order that we received in the second quarter on the previous tracker periods
but every time we think about things we think about it in relation to what it allows us to do strategically
and then just with respect to 19 i dont think were in position to talk about specifics on
there needs to be a recomposition now the growth in business i still believe
but we reflect all of our biases in the price expectations and i think that speaks for itself
and a collection of content that grows and evolves all the time this remains healthy and robust
i think that level will be adjustable in terms of loss ratio
pretty well cleaned up were punching it out now and be commissioned next month so well be in good shape there for showings
and a disciplined capital program leverage should ultimately come down to much more reasonable (levels->level)
we do enjoy normal rebate programs and aging assistance because of the sheer volume
less than 5 of our multifamily book is in texas with most of these properties located in dallas or austin
the wobble of reactivation cost become more relevant (*->i) understand youve taken care of rigs and all (*->of) that but
approximately 50 of the operating systems will be handed over to the owner by the end of this year
many of these forwardlooking statements can be identified by the use of words such as may
we were putting new systems into the corporation which went all the way into the businesses but
that will be paid to tricon and that will offset some of this early stage incremental overhead so
so i would say there are some variances by market but some of it is caused by us and where were buying homes and adding more volume to our portfolio
in 2019 were relatively confident that well be able to get back to our targets
being a levelized or (uniformed->uniform) commission structure across all products to include mutual funds and variable annuities
overall were pleased with the progress were making in the digital space in terms of development of digital products
around we (estimated->estimate) if prior years are similar to this year which they seem
and later this quarter vonage business cloud will add contact center functionality
questions in the queue at this time id like to turn the call back over to mr (constantinople->constantanopel) for any additional or closing remarks
the shift away from cds to (transaction->transactional) accounts further reduced our funding cost and improved our interest rate profile
but i think that its probably just best to stick with that guidance in the 380 to 4 range for that
(*->and) on the financial side i wonder if you could tell us what your expected
ive been very very transparent about us looking at things
and our other cargo activities around the region are all joint ventures and associates so they are not included
this is a major release for a key technology priority area that provides users with a faster experience and provides us with a cuttingedge platform for future development
the economics were favorable for these 2 rigs as a substantial amount of the (spends->spend) related to the components for these rigs were committed to prior to the downturn
that said there seems to be some considerable concern in the investment community with regard to potential future transactions (which->that) suncor might undertake
it does sound like a big leap but when you start integrating rv sales and rv service and you start to get some tailwind behind
but what i can tell you is that as you can see the results for the second quarter in our primary rv units were positive both overall and on a samestore basis
that we do not have (at->a) camping world that we probably wont that are unique to that business and that are unique to those specific markets (well->where) we need that traffic
so i believe that means that it does give us some sustainability in both our ability to grow distribution as well as (key->keep) productivity
utilizing an app (store type->storetype) concept that will allow us to customize the products and services displayed for different user segments and differentiate our user experience in a meaningful way
but we dont we certainly dont think we can do it forever and we do have internal guidelines about how much we can raise rent we would never raise rent for example on (the->a) renewal
the decline in the midpoint is almost solely attributable to the unforeseen bankruptcy of a (62000->6200) square foot industrial user in greensboro
this decrease is a function of rigs that were reactivated as well as the recontracting of rigs that rolled off higher (dayrateterm->day rate term) contracts
while interest rates have increased and reit stock prices have contracted economic indicators remain sound and fundamentals in our business remain healthy
by the agreements that we worked out with customers who needed additional spreads where we were able to get within that target range of 20 to 30 for that incremental spread
while we expect some early termination revenues in 2017 the impact to average rig revenue and margin per day is not expected to be significant
we believe that we are (wellpositioned->well positioned) both from a human capital standpoint a balance sheet standpoint and a real estate standpoint
as respects our use of insurance to put out reinsurance to put out limits beyond what we want to take net
forwardlooking statements made during todays call are subject to risks and uncertainties which are discussed at length in our press releases as well as our sec filings
which we have never included in our dealership business we expect that to be hundreds of thousands of members a year obviously giving us new customers
but so i would say the heavy lifting to get open is over and now we are excited about the heavy lifting to crank this up into the type of revenue that were used to
yes so the color is there is really no color which is to say if you were to go back over the course of the last 8 quarters and take
i dont think its anything to be alarmed about we are happy that we were able to lower our inventory even more than we thought we were going to
and given how much (weve->we) funded thus far how much we have committed on our current development pipeline that we would be able to do that in addition we could take on
we first quarter had unusually high plate in the mix and that was an anomaly based on
we have focused the sales force on accelerating success by growing (a->the) number of licensed productive representatives on their teams in order to build a new generation of sales force leaders
on the (seventy seven->southent) assets i know you cant say much but (could->can) you at least remind us how much of (their->your) equipment both land and frac is in (the->this) field today
grow profitably (well->while) continuing to invest in their business going forward and have strong risk (and->in) capital management capabilities
thats not our business model we want to maintain our margins to maximize profitability and we want to make sure that were not beat by our competition
our larger life insurance licensed sales force as well as productivity that was at the high end of our historical range drove the strong growth in issued policies in the fourth quarter
we think that the pricing that were getting on the completion of these (newbuilds->new builds) lifts the pricing of these rigs as well as the market continues to tighten
sure and maybe just one final question i can (squeeze->squeze) in on tricon housing partners i mean the pressure is mostly on the cost side what we understand and timing related
disciplined capital recycling combined with carefully managed operating expenses a strong balance sheet and a very highly preleased development pipeline
look i think roger and i have come to the conclusion that we want to grow and we want to grow both organically and through acquisitions and new store openings
so (you are->youre) reactivating the ones that are (in->*) the highest quality the best ready to go and as you reactivate further fleet further parts of the fleet it will be the ones that (are->*) need a little bit more work is that what (you are saying->youre seeing)
we are excited about how our vision of where we see the future banking model evolving and how we are planning to transition toward that universal digital banking model over the next several years
were solid (performance->performances) from our alternatives (the->to) hedge fund investments as well as pe structured funds and our internal special situations portfolio
it is true that april when we saw you and we saw other analysts that april was a rough month we got beat up in the northeast and in the midwest because of weather
now granted if we have a particular floor (plant->plan) or (*->a) unit that maybe isnt moving the way we want it to or we feel like we have one too many of something
many of the discussions that ive heard (of->*) around increased cost or the cost of compliance with bice the need to provide additional information prior to sale
we like this line of business from an underwriting perspective and believe (corvus->corbus) approach could help us improve the loss ratio (on->in) the business we underwrite here for ourselves
is recruiting strong sending a large number of people through the training process and we are having people (engaged->engage) too early to tell you at this point what the results might be
ladies and gentlemen that does conclude the conference call for today we thank you for your participation and ask that you please disconnect your lines
the decline in occupancy was more than offset by contribution from annual rent escalators and leases commencing with higher cash rents
a highlight of the holiday season was the strong performance of our whole fulfiller network in delivering to customers on time for christmas
i assume part of that is (*->a) reflection of the increase (and->in) just whats (going->gone) on with the estimates from last year (or->*) maybe some current issues as well but
we saw the normal seasonal increase in utility (costs->cost) in the third quarter but this was partially offset by lower repair and maintenance expense
as compared to the cost of building new stores with high land and building cost or the payment of goodwill premiums to acquire new rv dealerships
we are not repeat not marketing our retail assets and we are not currently involved in any sales process in (any->a) refinery
we continue to improve the experience for users in our french german and spanish language sites through new payment options and increased trust signals
in my opinion the winners in the current environment are companies that focus on clients and make it easier for them to transact business
the (numbered the->*) numbers we offered a few weeks ago remain unchanged q1 results were within a normal range of variation on both the top and bottom lines a good start to the year and we see no reason for a change to our published guidance
while our adjusted ebitda margin expectations are largely unchanged the absolute level of adjusted ebitda is expected to be modestly impacted primarily by a lower level of revenue than previously expected
we also built out our commercial banking product capabilities and focused our frontline staff on growing commercial and consumer core deposits particularly operating accounts
and the good news is that the first promotion that was executed at these lower price points has had a nice positive impact on the business so as we look at the balance of 2019 i think weve got a better
these results fit with the normal seasonal pattern we expect in our business and it does not change our outlook for the year turning to the balance sheet lets look at the sequential change we ended the quarter in a strong financial position
with our (solutions->solution) making progress towards a purchasing decision consistently requires more education and time than we anticipated when we began this new initiative
our results for the quarter reflect strong top and bottom line performance in the segments along with benefits from favorable exchange gains and a lower tax rate versus the prior year
however that could be offset slightly by the fact that our royalty rate is going up as we ramp a larger presence in the roundup ready (2 xtend->to extend) profile as well as (intacta->intact) acres in latin america (and->*)
second were strengthening our consumer communication to be more clear about the value of the (valvoline->valving) brand compared to other offerings some of this new messaging has begun to roll out and will continue to build through the year
and in fact inside the tent here i dont like us talking a lot about volume now i know in your space you have to do that and will come a time where you can really measure us on that front but it took me a long time to get that change
were seeking new opportunities in the aviation business beyond singapore and applying our capabilities as i mentioned to new ventures outside of aviation like the joint venture with wilmar in china for example
we have been working to use our capex spend more efficiently and with (a->some) modestly delayed ramping of traffic there are additional opportunities to push some of that spend out (of it->a bit) until we get visibility of additional traffic demand
this minimizes the need for our customers to deploy switch resources and build out their own network this is just one example of the way we are innovating our product set to increase the minutes of use
who increasingly appreciate our network of resorts and (a->the) compelling value proposition our season pass products offer for their ski vacation while also benefiting from our improved ability to segment our guests and personalize our messages to them
as far as age we dont manage to an age this is one of the things that distinguishes us i dont think age is an investment criterion per se it doesnt tell you anything about how much money you can make on the aircraft
and (*->then) i think the other part that we continue to be very thoughtful about particularly in certain portions of our portfolio like commercial real estate is that we are
our banno conversations module is receiving particularly high marks so were excited about the banno suite as a true differentiator for our banks and credit unions as they serve their customers in the highly competitive digital world
we also saw very strong bookings in our payments and complementary (solutions->solution) segments several of our newer solutions including our (banno->bano) digital suite our commercial lending automation solution and treasury management saw strong demand
see that as a benefit to total cost of care for the (populations->population) actual purchase price may not be the lowest thats available but due to the durability and reusability of products in that category we have very good business there
terminal 4 will be moving on to your second question terminal 4 will be fully fast travel enabled for passengers to do (self checkin->selfcheckin) and (self bag drop->selfbagdrop) which will be helpful for us because that helps us (to->*) be more productive
they put us in the position to be able to position and (prove->grow) our services as being (formal->far more) comprehensive and practical in the handson environment of construction management
were expecting a good portion of those to be in service this year we are just as a reminder about a year behind with putting those assets in service as a result of the delays in the massachusetts market
(*->growth) for samestore sales growth in general would be and then also with park city now firmly integrated into (*->your) operations i was just wondering if you could talk for a moment about the growth (opportunity->opportunities) you (think->face) there that could benefit you next ski season
specific changes in seasonality i dont expect a material difference in our overall seasonality as a result of the addition of smart i think you hit it on the head there tom as we see
for the retailer and for valvoline and so key for us is to really grow our share through innovation and effective consumer promotion effective trade promotion
our infrastructure and preparing for the move to the cloud on the midmarket we spent quite a bit more in the rdo area and infrastructure and if you aggregate our depreciation (and->the) amortization of the software
and that had to do with the competitive environment and as we had indicated last year during our call as we were addressing this with the retailers (that->*) it wasnt something that were going to be able to put in place
what i think you should take away is that the big players in brazil are acting as you would expect them to in a market contraction theyre reducing capacity and taking prudent steps so its a big change versus times past
jim thank you nick within ag our priorities this year continue to be centered on building a strong innovative business that is a leader in the industry both now and in the future
projects that we have in the tkh group are doing quite well in the execution (and->*) that (has->is) now also translated into a very positive result of the organic growth
he and i are fully aligned on our vision for univars future and how we will get there david is the perfect person to partner with me to accelerate profitable growth around the world
the plan kind of called for that you would expect some kind of flattening over the next couple of quarters so i just want to make sure that were thinking about the cadence right particularly
i did yesterday for the first time see a survey that some bankers were starting to get a little bit concerned about as they look into calendar 2020 starting to get concerned about the
the increase (is->was) driven by higher revenues from acquired aircraft partially offset by aircraft sold and lease terminations over the past year weve continued to rebalance the fleet mix and upgrade the portfolios asset and credit quality
we appreciate your interest in univar ill start this call with some remarks on our first quarter performance and the market and then provide an update on our actions to drive commercial greatness and operational excellence
to 82 margins also benefited from 2 extra billing days in europe this quarter due to the timing of the easter holiday which will reverse in the second quarter
i look forward to updating you on the progress we have made against this and all of our 2017 priorities next quarter with that ill turn the call back over to greg thanks jim
where we see today is that there is a lot of appetite from all the innovations we have positioned in the vertical growth markets
and one of the requirements that amazon has to be preferred not just a reseller is that you have to be able to ship within 24 hours and were making the technology and human capital adjustments
we have arrows in our quiver to fund our development pipeline without meaningfully impacting our balance sheet metrics or triggering a prerequisite to issue additional shares
call it in the mid2s and i think that relationship with in terms of what we do with respect to annual bumps across all our leases and then where weve been signing cash rents i think with
we expect the ultimate market value of these projects to be considerably higher than what you see (on->in) our balance sheet and so we continue to push towards stabilization on a number of our early investments to (service->serve as) reallife case studies for the investment community
i think the biggest thing for us is we believe that this strategy while expensive still with a good return puts us in front of customers that we otherwise would have never seen
the way we think about these additional locations is that they are physical plants for the company and we will be integrating and selling all of our assets through those
okay great and then just kind of switching gears there were some articles this quarter about argo being possibly interested in a sizable acquisition so maybe you dont want to talk about that one specifically
in addition to the 2 spreads activated since middecember demand has been strong enough that we are preparing to activate another frac spread which will begin working early in the second quarter
building on these successes the application now becomes part of our (digital centric->digitalcentric) launch of the argo construction business (units->unit) in the third quarter which we announced a few weeks ago
i would like to remind you that our remarks and answers to your questions may contain forwardlooking statements and information this information is subject to risks and uncertainties that may cause actual events or results to differ materially
clear (or->and) much more attractive as that utilization and reliability comes up because it gives the owners more confidence but i think there will be opportunities there as well so yes that was a good summary
but aggressive doesnt mean heavy discounting aggressive means strong strategy a very laserfocused digital marketing strategy and improving our sales process at every turn
largely related to the annual grant of management equity (awards->award) to retirementeligible employees that are fully expensed when granted as well as other annual employeerelated expenses in the first quarter
in closing i want to thank all of our dedicated team members and associates for their hard work and dedication its a very exciting time for our company and im proud of our teams work and the work (they are->theyre) doing
our international operations also continue to execute on our strategic initiatives as evidenced by improved underwriting results and targeted growth most notably in europe
continue to maintain the methodology that weve had in the past where we can put together a smaller scale development that has some meaningful
and so while gander outdoors gander mountain historically was a big box retailer when you see it next week in kenosha you will recognize that it is really the single point
how much capital we issue if any in the next quarter and (*->in) what form will depend on a variety of factors including longterm loan growth as well as external market conditions
a smoother startup so ill give you more detail as we get closer to the startup but yes i think youll see a little bit of flexibility on the capacity and the way we start that unit (up->*)
(both->*) boeing and airbus recently increased their outlook for longterm demand for airframes and kaiser is very well positioned to participate in the longterm growth with our customers
as we stated at the end of the first quarter call it was our goal to be where we wanted to be at about the second to third week of june we believe that our inventory is
in our international operations we are building a team of leading industry experts that have already demonstrated the ability to profitably build businesses in various geographic markets
if you havent already accessed it it will be a useful tool to help you follow along during the call you can find the presentation in the investor information section of triconcapitalcom under events and presentations
as we do so were developing a global network of interconnected fulfillers (redbubble->red bubble) has enjoyed over a decade of strong growth and the momentum continues
whats the mechanism to get the rest of the fleet that was already in the field to see those kinds of price increases im just wondering if (there is->theres) any sort of timing on customer agreements and contracts that
as well our commitment to developing our digital platform provides the opportunity to anticipate the changes in the business model while the industry adopts existing ideas
the efficiency of the paid marketing spend and our control of operating expenses enables us to remain confident about our ebitda expectations as the operating leverage shown by respective growth in revenue and expenses continues
(*->we) still have plenty of opportunity and i think that over the next several quarters we will see continued improvement in the expense ratio
any reference in our discussion today to ebitda means adjusted ebitda which excludes (nonrunrate->nonrun rate) items for which weve provided reconciliations in the appendix
and we were able to rebound very nicely in the following 2 months that obviously made up for any trend that we were fearful of coming out of april
as you have seen us do when we do not see opportunities to redeploy the capital in the business we will return capital to our shareholders through share repurchases and dividends
starting later this year we also expect to see initial cash flows from our first multifamily development in toronto followed by contributions from other buildings as they come on stream in the years ahead
and we adjust for fidelity in terms of the extra couple of months that we got yeartodate and adjust them out of kind of the revenue and out of the occupancy impact
the proceeds received from the equity offering along with our revolver assure that we have sufficient cash available to repay the outstanding debt (of->at) seventy seven energy
the secondary benefit is that we are finding new customers for our funnel and as that funnel gets wider and we start prospecting with people who have an affinity for the outdoors
i think this is im going to talk slowly until i get (a nod->an odd) here but i think this is pretty close to what we had last the second half is about the same as last year
its no different from how we report it today and we thought it was important very important that everybody on this call understand that when we talk about these additional locations
working on the fundamentals of our business we really for the last couple of years have tried to look at every area of our business that we (believed->believe) there (were->was) some leverage and if there was a fundamental change or improvement either in
and so by operating outside of it we escape what we understand many of those to be its not that the change will not cause us to incur any expenses there will be some expenses
and most recently the acquisition that we made in italy thats improved our market presence and grown our product portfolio in italy
last quarter i also talked about a new (quick quote->quickquote) application for our management liability business where a key distribution partner can quote and issue policies entirely within the application
as usual these numbers do not reflect our plans to close or relocate about 10 older stores
as shown on slide 11 we are excited about our new seed and crop protection product pipeline
(and->*) i think also china mobile is of course trying to take advantage of that situation to get
importantly percentage growth from the chicago area was nearly double the growth from our other destination markets
but now there are so many facilities you can do so much more to them because you have new technologies
this year to be from hybrids released in the past 3 years enabling a favorable mix
still in the early stages and we will continue to upgrade the platform as we progress and build it out
the purpose of the loan was to assist in financing our capital expenditures requirements for our international operations
we had on hand focused also there to do the projects in the right way that looks very promising and very good
having the right people (onboard->on board) who want to go a new way and want to succeed and that takes time and we are
while we have more work to do we are very pleased with the progress we made on each of these fronts in the first quarter
related investments would decline somewhat and the tax rate would go up a little bit is that
to (affect->effect) the model change in brazil from a distributor to a licensee excluding this change
so principally the facility is ready to go and its really just about adding direct labor at this point
and together we are defining our new culture that will build upon and blend our strong heritages
the cadence of tailwinds that your business has from the ramp of recent product launches (and->*)
however time and again we have reiterated that we are not dependent on any single market to drive our future growth
we ran our first promotion at these more aggressive promoted price points and saw (a->*) noticeable improvement in january
our international contracts are relatively new and are mostly for specialized drilling
mentioned this in his remarks we continue to be encouraged by the opportunities we have in the
for these reasons we encourage you to evaluate gross profit on an annual or trailing 12month basis
so far all of these migrations and new installations have been successful and our program continues to progress well
and also as far as material we actually found an alternate source for one of our chemical materials that
performance obviously thats something that has to lead to the bottom line and has to lead to the cash flow
metric for our customers and that too helps them as they kind of position themselves to make sure that they can
items worth noting in the year were the negative effects of the hurricanes and flooding during the quarter
we are spending more to accelerate the growth of our project pipeline and our operating asset portfolio
in order to grow the business and to capitalize on all of these organic growth opportunities that we see and so
weve done a tremendous amount of work on the engineering front and with the services team to automate and to build tools
we will also be further upgrading our customer database our call center technology and remodeling the pines lodge at beaver creek
driven primarily by volatility within several significant customers while third quarter revenue is disappointing
so im not going to repeat all the numbers instead we are going to focus on the analysis of the factors that (influenced->influence) results
some of the more profitable jobs and some of the more specific scope that youre chasing
we had clearly been overshooting internally on the (targets->target) so our new targets
in addition private label continued to grow market share particularly in the lower value conventional segment
in this presentation and in our remarks we will be discussing our results on an adjusted basis unless otherwise noted
that we will be bringing that traffic on some of it was during the second quarter but the rest of it during the third quarter
yes i wouldnt think of it as reorganizing the sales force i would more think of it as adding
the decrease was driven primarily by lower sales to our alternative carrier wireless and cable tv customers
our merchandising plan and becoming more aggressive particularly when we look at conventional promoted price points
(*->but) we see that the demand is increasing as well in south america right now based on price of copper
driven by (a->*) cyclical upswing or are these businesses really stronger than you expected a couple of years ago
thus generating significant cost savings that will be used to fund this project
in relation to working capital the businesses continue to drive towards bestinclass
gives us a new revenue opportunity to add to the overall mix and then were constantly
so the interest in jack henry solutions the spending environment today is definitely very strong
given the strength of the economy and the strength of the economy and markets in our particular resorts
clearly it has to do with the skill set the new people that were hiring i mean we still have a lot (of->*)
the higher average selling prices resulted from modest chemical price inflation for certain of our products
methodology that we go through whenever we have a need for a solution that our customers are looking for
its (*->i mean) it was just a really good quarter it was a nice mix of the 3 buckets of
and what i mean by that is (*->that) if the customer is using a different payment
(so->well) let me answer very specifically and then maybe dominic wants to talk more generally about the
thank you again for your interest and support and we look forward to updating you on our progress soon
with that ill turn the call over to jim to provide an overview of the results for agriculture
now id like to turn the call over to michael to talk further about our results thanks rob and good morning everyone
but with the tax changes and the salt provision do you expect that to decelerate at all next year
we have announced a restructuring program designed to create better alignment and to reduce overall costs
the baseline level of sales are for those what percentage of respiratory and then how many
we see that startup (costs->cost) has been part of the equation in the first half of the year
recent minimum wage legislation and also with tighter labor markets
and what we need to do and what we are in the process of doing is essentially to
as we begin the second half of our fiscal year we continue to be optimistic about the strength of our technology solutions
see where thats a positive for us going forward if you look (at->*) if you take the longterm view of jack (henry->henri) thats a really good
as for (arpm->arpu) it has continued to exhibit stability and even grew modestly this quarter
for the full detail of our financial performance ill focus on key highlights today so we can get to your questions
we also need to better capture and market the value that we offer our customers and supplier partners
that is kind of within the range that is to be expected with that type of volume effect
gross margin continues to be an important measure that were monitoring to ensure commercial and product effectiveness
we had some lower interest charges but we had some effects of the
not a high penetration rate but a very significant value prop for our customers
operating expenses were up mainly because we are investing in more growth initiatives
we are upgrading our capabilities through training and have open positions we need to fill
that compared to an abnormally low level of sales in the prior year first quarter
if you look at the second half of our performance last year even though it improved from the first half we were still down slightly in clients and we also lost a little bit of share
to the extent that its helpful for people to understand how we thought about it we will share any (and all->*) thoughts about what things could look like but i dont think theres anything at this point that
we continue to see significant opportunities in the marketplace and (weve->we have) been able to utilize our opentobuy dollars to take advantage of these great deals
the lower canadian dollar value relative to the prior year period negatively impacted the yearoveryear comparison of revenue and pretax operating income
i guess (from->for) my knowledge push it to a multiyear agreement or is that something that comes up for rebid or proposal each tax season
and we have seen in a very short period of time we look at like the quarter for example we saw a modest doubledigit increase
we would have to really change our pricing model to claw that back and we dont want to change our philosophy (and->of) how were operating the business
the plans scott put in place last fall have created a culture of accountability in the field (our design->are designed) to provide a great guest experience and are built on a strong foundation of food safety
as a result of (this->the) significant reduction in the proportion of rigs on standby total average rig operating cost per day during the fourth quarter increased
a couple of dealerships have opened already for those who attend next week youll see one of the first ones in kenosha and well be able to talk to you about
and the team (of->at) the university of texas md anderson cancer center will present data in a separate poster these presentations will highlight several key findings
and a wider funnel for our entire business but the numbers that i gave you are purely from a (fullyloaded->fully loaded) box
primarily related to our improved operating results and changes in working capital inclusive of the reduction in our inventories
however the anticipated improvement in sales volumes and revenues are expected to be partly offset by unfavorable currency relationships based on current currency rates
that said we have positioned the holding company to raise debt to fund capital for growth or to consider buybacks of our common (stocks->stock)
supported by a commercial portfolio with doubledigit yearoveryear growth expectations combining that with the ability to leverage our strong financial position
driven by workers comp and incentive compensation accrual reversals now i would like to turn the call back over to tom for concluding remarks
and leveraging our tax pros to do that so we think were incredibly (wellpositioned->well positioned) to provide that kind of service versus our competition
in a given quarter of course you have to then think about the number of tons that are sold as well right in a given quarter
of the quarter just on the nature of the closings and how those deals went so theres some benefit from an uptick perspective there
we will also continue to focus on improving operations and fixing and modernizing the foundation of our company with that said you will see us doubling down on our purpose and our guest experience
obviously if a customer went there and they saw everything he would act like a duck (smell->snow) like a duck and walk like a (duck->duc) there are some categories
our company goal not in a couple (of->*) years but in short order is to be (brandagnostic->brand agnostic) to whats on the front of the building
was really proven out in over christmas (because->*) we got we had very heavy traffic on black friday and cyber monday and the team was able to make adjustments
these spreads are being reactivated as a result of us having the confidence of steady work and having met our previously stated price expectations
well the most important ones that were pursuing when the opportunity arises and we dont have a lot of control over it
so we think its actually more ethical this pathway that were taking we think its more expeditious and will help us to
they involve known and unknown risks uncertainties and assumptions that may cause actual results performance and achievements to differ materially from those expressed or implied by (this->the) statement
in july the partnership also began construction of an additional gas processing plant to support growth in the stack shale play of oklahoma
we have invested in our team our instore presentations as well as (focus->focused) on developing and improving our vendor base
this lowered range is not reflective of any significant change in the profitability of our rv business
(*->i think) marcus you said that the sales performance that you saw at the end of the month has continued thus far through the first week of august
a replay of the call will be available till december 6 we take no responsibility for inaccuracies that may appear in transcripts of this call by third parties
good morning my name is (miranda->marinda) and i will be your conference operator
rather than the old system where they had to retake the whole exam and so were seeing the positive side of that (and then->in that) a retake process is a little easier than it used to be
our consistent performance continues to demonstrate the ongoing success of our initiatives to elevate our offprice model
we had to come up with an affordable and efficient way to widen our funnel and widen the breadth of our offering and differentiate ourselves
yes and when we look at the cost associated with either paying a premium to buy dealerships or securing land and building dealerships
weve been very focused on planning for this potential outcome and believe our basic nonproprietary product offerings will position us to adapt to the new rule
they may be at a different level of the funnel (maybe->may be) higher in the funnel but as weve seen in kenosha and in roanoke and in fayetteville
first after more than 2 years of scaling the business lower and cutting costs we have been able to focus on growing the company again
we continue to make progress towards closing this merger which we expect to be completed late in the first quarter or early in the second quarter
speedway continues to perform very well reporting its third best quarter ever speedway delivered record second quarter segment income from operations
i think that ultimately what we want to do for the balance of this year and i want to keep in mind that any money invested in inventory is fungible
we expect a moderate increase in revenues at hamilton beach in 2016 compared with 15 provided consumer spending is at expected levels
with our increasing activity and headcount im pleased that our operational execution continues to improve as nonproductive time (and->in) drilling
and at some point at a certain rig count youre going to see the ability for pressure pumping pricing to move up higher across the industry
so while we see this opportunity what we want to do is we want to work with loop to make sure that there is no conflict between
hold that as a good proxy for what you could expect for the 3 divisions as an average organically
all given at the same time its simply because people might have to go to an exam site more frequently than before and schedules may not permit that so
and it reflects all the merchandise presentation changes that weve made over (times->time) in terms of when we open new stores so
and so it provides motivation for them to look for a creative answer that will help a number of distribution channels in many different companies so
a variety of what appears to be (short seller->shortseller) funded attorneys and (short seller->shortseller) funded investigators have continued to call (and->on) harass our former employees
as other companies we carry out our adjustments at the end of the year we carry out many impairment adjustments inventory (adjustments->adjustment) and all of them are
financial culture and i think that the company and my teams are proud of that at the same time when we went through the strategy work i also realized
in may i will loosely follow the content starting on slide 4 this quarters narrative remains more or less the same as those of the last year emphasizing strength across both businesses and regions
first weather is a critical component of our success and profitability (and->*) must remain an important focus for our team regardless of what aspirations we have for the growth and development of our company for a second year in a row
well we dont want to take it all at once we only want to use what we need for the given quarter in this particular time frame we got 2 different guys to agree to spread it out just the way we want it
in technical capabilities the key one as (i->*) already said in the beginning is this is the enabler already now but in the future even more in connecting with the consumer throughout the consumer journey
which (flow->flowed) through to the rest of the income statement we believe that these inventory controls were the right decision effectively trading higher cogs for improved cash flows
on the trx demand front the seasonal effect on new and existing patient demand from insurance plan changes and copayment (resets->reset) did not have (a->as) significant an impact as we had anticipated
as you look out do you think there has to be something more dramatic for the group to get (down->done) to try and restore to what you think are the right profitability levels given that weve seen just a few years now of wages and freight
is there and were able to capture it and that obviously gives the confidence and the ambition to say this is worthwhile we know how to do that we can do this (we->*) and the amount of population
(*->internal) product development as really being the vehicle to take us forward possible exception to what i just said is maybe looking more globally is that work does tend to be done differently
an audit system (that->*) takes a holistic and active approach in training security dealers (and enduser->at endusers) school officials on how to significantly reduce or prevent a mass incident
(a->*) capital recycling position right so as ever and i think youll see that our overall strategy over time is going to be to constantly look at the assets that are (*->at) the (lowergrowthrate->lower growth rate) side of the spectrum that have (attracted->attractive) pricing
and ahead of (expectations->expectation) looking at (the->our) results for the first and second quarters we remain favorably positioned in the market and we are raising guidance for the year lets start on slide 7 with (the->a) review of the second quarter results
in order to sustainably support our growth we need to strengthen our manufacturing footprint through capital investments in growthrelevant geographies as well as in technologies
so good morning to all of you i would like to welcome you to beiersdorfs analyst meeting here in hamburg this is a special meeting today because its with new management
but one thing will remain constant is our commitment to act decisively in order to create value for all stakeholders and with that ill turn it over to mike to review some key operating conclusions
(from->for) my natural (habitat->habited) in which i lived and worked for the last 28 years apart from a very short period ive always worked in the market in many countries very close to the consumer
the structure of the deal also allows our shareholders to benefit in the combined synergies that the 2 entities create as well as participate in the future growth
and to date i would say unless you disagree mike that the amount of risk that a retailer is willing to take to put their sales at risk is just not happening right (right->*) i think the most important thing david (had->*) said is that from a retailer perspective
what weve uncovered during the first 6 to 9 months of our launch was that our sales team was adding a lot of customers weve actually added thousands of customers to our call universe
another area of success has come from the creation of a global supply chain and procurement organization which is driving cost savings across the business and stronger management of our global supply base
in addition napco (continue->continued) to gain traction on the heels of the successful launch of our comprehensive line of starlink commercial fire and intrusion alarm communicators
these benefits are expected to be partially offset by higher depreciation expense the unfavorable impact from the contractual passthrough of (indexed->index) deflation and the unfavorable impact from further reductions in inventories
should we interpret that as a new commitment to (tesa and->taser) because previously it was described as noncore and as a potential financial asset so please can you let us know your
and there we dont see that they are really getting into the end market of fiber to the home they end up with the (larger->large) operators and (try->trying) to sell cable but are not in the overall structures of integrated solutions
and while we have never reported out on our guest counts we are proud to report that in q4 our guest count traffic was positive 25 and for the fiscal year
spot market rates on freight and (the->*) inventory levels (were going to->where weve got) basically (it->*) turns into a number of companies that are too busy to go into bigger implementations at the moment and so thats played out a little different
i have no doubt the journey we embarked on some 18 months ago would have faltered had it (not been->nothing) for the tireless dedication of our people pushing the business to do better notwithstanding constrained balance sheet and difficult market conditions
perspective to create value for us will always be long term it will always be how this company will thrive in the future
(*->at a) counter this is something where its tried true and lots of dealers are adopting and liking these products and were investing in the engineering so that we can keep improving them (we->to) keep tweaking them up
and as we mentioned at the time of the announcement we have already commenced the asset sale process with the majority of the continental us assets now formerly listed for sale with brokers
with growth accelerating throughout 2017 in our generics and contract manufacturing market units we expect a stronger second half of 2017 compared to the first half
the reduction in the daily rate was driven by the contract extension for the south texas residential center excluding this contract extension the average rate would have increased
so as you know in the majority of our steel businesses we have direct passthrough of that to our (customer->customers) so while thatll have some (topline->top line) impact on us it should not really have any meaningful bottom line impact
of talent of this company tremendously all the way throughout and also our financial situation is very good right now and so we can invest in the future
that really the technology has advanced to the point within the last 5 years so that trimble 5 to 10 years ago was talking in a construction firm to the equipment manager
and our track record to ignite growth in emerging markets (that->as) i just demonstrated and we have a good position in japan we have to acknowledge that china has not been a success story for us until now
that probably equates to 5 or 6 points on the combined ratio this year as compared to 8 or 10 a year ago
in terms of (gestamp->the comp) the good news is (that->*) theres actually no change in our supply agreement supply relationships so theres no other value transfer which is occurring
one of (*->the) risks that i think (*->that) the group talked about was in the private credit markets and nonbank lending and i just wanted to get a little qualifier of
but those exceptions are relatively rare in extrusions its pretty much the same case although some extrusions (in extrusion->extrusions) we have a higher percentage
customer demand for both our plate products and our long products is solid and our valueadded revenue is also benefiting from low contained metal costs
so our strategy is based on a simple premise businesses will win or businesses will lose based on customer experience
(term->*) strong customer relationships where we do a good job of i believe we do a good job of knowing the customer well and matching up against their requirements well
(*->talk) about the business exit i wasnt aware of that (and->*) how big that (it->*) is and then flip to the better side you also did mention about organic growth we havent heard too much
if any of you have not received yesterdays earnings release or supplemental theyre both available on the investors section of our website at highwoodscom
so it seems like its a pretty aggressive acceleration of growth through the year so (we->wed) just love to get more color on sort of what underpins that and if you could break that down
this expected decrease is a continuation of rigs being reactivated and the recontracting of rigs rolling off (higherrate->higher rate) term contracts
in the near term we have the payment of the bridge loan used for the acquisition of a controlling interest in national beef
thats why we need to have a combination of (a->*) price combination that in the short term you manage to preserve
its interesting because in some business plans we actually see no material change in profits yet were showing these kind of negative fair value adjustments just because
with that overview ill turn the call over to christian to review the numbers before returning for a summary and your questions thank you (carl->calm) and good morning everyone
for more information please refer to our most recent management discussion and analysis and annual information form which are available on sedar and our company website
its early days yet about how they will set up and the role that we can play but we think that with our very strong offering in cargo
and said that we were going to really push hard in the near future to really build out our digital capabilities
finally as you know we will provide 2019 guidance during our fourth quarter call but in the interim there are some items i would like to highlight
were in a really good spot with respect to kind of the right level of leverage on the balance sheet so we feel like weve got a lot of flexibility
okay and then just on the repositioning of the balance sheet and the approach to adding securities are you thinking any differently going forward than
but the second question of whether thats feasible or not is probably no because were located way up in that corner in the pacific northwest
than the second quarter number having said that i think a lot of the things that we talked about a year ago that we said would start hitting the bottom line this year
so i dont think there was much difference between our cat activity this year or last year (*->in)
weve seen 1 or 2 projects where the customer didnt take delivery at the end of the quarter and so that gets moved into
we believe a recovery in this market has started although most of the growth is still being driven by replacement parts orders as mines get more active
the first nations will take ownership in a worldclass terminal asset which is expected to generate solid returns for the next 50 years or more
got it great and so (with->would) scale or broker relevance would that be something strategically youd be looking for as well
one example of how were digitizing our operations to the benefit of our customers and partners is demonstrated in our casualty underwriting system
have plateaued the metals market continues to be challenging as a result of global overcapacity particularly in the steel industry
in light of these updates we are in the process of taking a number of steps to mitigate a potential default including beginning discussions with our lenders
with all the wells completed ahead of schedule and on budget we will now focus on analyzing the results and evaluating next steps for future development
its not simply just capacity and feet on the street and sales engineering and developer relations its also the fact that
because the payment was to satisfy their full original obligation under the lease it was appropriate to include their accelerated payment
higher for some airlines than others because some are pushing it want us to push it more hard than others but i think it shows that travelers through singapore
as seen after any of the recent loss events capital is readily available and will flow in and out of the market as needed
which helps us to grow our cargo market share it also does provide incremental productivity improvements because we were doing a similar
as opportunities present themselves when i think that they will help us achieve our strategic goals
our (one vonage->onevonage) platform strategy enables customers to deploy our communication software in many different forms
and i think youve seen us do that over the last several years and there is although the majority of the margin improvement this quarter is due to
we are very happy depending on the particular pieces of technology we would see ourselves to be at the leading edge
in addition to operational excellence we also are focusing on continually improving our capital structure
so you can think of it as an opportunity to improve our operating leverage therell be some incremental bottom line impact in the short (term->*)
this sustained level of interest leads us to believe the depth of demand should remain attractive as construction costs and rents continue to rise
production for these properties is approximately 15 million cubic feet equivalent per day and will include all developed and undeveloped acreage
i think i dont think you should say that obviously we want to pay (ourselves->ourself) more over time as they improve their skills and become more productive and (multiscale->multiskilled)
i dont think you should consider that all the revenue top line will start to drop down in that case because of the foreign currency translation
so in terms of any angst or risk that you build into the model there should be none of that as it relates to kaiser
(*->and) that our supply chain and pricing initiatives are firmly ingrained in our corporate culture we will not be providing incremental status updates on these initiatives
finally we have brought on a consulting group in order to support the organization as it endeavors to improve processes and organizational alignment
a new determination to deliver cost and production efficiencies and the continued efforts of the vanguard employees will be the (catalysts->catalyst) for delivering successes
to analyze where we go and im sure well conclude this september as we have the past several septembers that we have a really solid
ultimately hedges roll off and we expect the companys cash flows over the next 2 years to significantly improve as a result
in addition to managing (the->*) supply chain we will also be able to adapt to shifts in international demand patterns
notwithstanding the impressive success of our (la prairie->lapare) products with the chinese consumer
has been disciplined and relentless on execution and the result has been (an->*) incredible success
with that im going to turn it over to rusty to go through our financial highlights additionally
we are ready to go for them as long as we know that we have prudent assumptions in our business plans
we shared with you that this was to be a longterm journey to (field->fuel) growth and profits for west
and it is decidedly unglamorous and i think the most important thing to do in order to drive that business is to
and i think maybe the most significant change enabling the conversation has been
finding concepts how to (cycle->tackle) that in a faster way because they come very fast normally have a very good insight
we continue to perform well in quarter 4 with growth above the (selected->selective) segment
and this does conclude todays call thank you everyone for your participation you may disconnect at any time and have a great day
we are encouraged by these developments and applaud politicians moving in the right direction on this issue
given the recent volatility in the stock i would like to make some comments regarding the transaction process
in the margins in the marketing spending area we are making good progress on generating efficiencies as well
(*->and) our total equivalent volumes came in above the midpoint of our guidance range
so is that the way you look forward or you do not exclude that it could be more sizable so if you could kind of
consequently the future of skincare is one of personalization of products and services
this is all growth and (opportunities->opportunity) that wont be lost to shareholders under the mty combination
as we invested in growth through both competitive pricing and capabilities in digital and commercial teams
were trying very hard to get adoption rate quicker were doing all kinds of training seminars
during your second question regarding other items as a matter of fact
and i think thats (the->a) justification that our model at the moment is very robust a lot of people said where (are->*) the high comps and this and that
and strength relative to comparable basis weight (tad->tag) kitchen towel products while maintaining standards for feel
our initial wells down there and once we see what the gor trends are across our position well be able to
i will refrain from any references to the past because i dont think thats in this case
and complexity rationalization program in the beginning of the year and this is a longterm program for us so it was not a
our innovation efforts are targeted at the ongoing transformation of the construction agriculture and transportation industries
is it really the right time to go and spend cash when (youve->you) got so much organic opportunity
this is a recurring subject every day
i do think that there are companies who would be very proud
although (face->phase) in total is i believe also half of the indian market
thanks mike as david mentioned the work we have done this year both in terms of lowering leverage through asset sales
the first things we look at are where we have shared customers and many of the shared customers are coming to us with
is it fair to say that your debt repayments will only be dictated by
which are and will be critical to be able to significantly engage with the consumer
(recognize the->recognized a) variety of presentations in (different->differing) body regions the variety of patient types at risk
and we have to react very fast to these things we cannot let that go i mean the reaction time has to be very quick
to lift and all the rest of it so we are quite happy with skin care umbrella brand and also
some of the places that we are in the markets that we are in are probably the wrong spot
(but->well) we got a couple of guys to agree to that that helps reduce inventory its much more efficient for us
and our team has been hard at work educating and helping change (ingrained->ingrain) behaviors formed over many years
and have (and->*) many of which are also facing driver shortages and we see that in the
we kept our general and admin expenses under control for both consumer and for the group overall
the company assumes no obligation to update or supplement any statements that become untrue because of subsequent events
on how we will be deploying our capital in line with the strategic priorities which (stefan->stephan) just presented
(*->we) now enjoy the hamburg experiences and already now visiting the fish market on sunday morning
the performance of our (shares->share) that you are aware
continued drag in the first and second quarter and then be somewhat neutral later in the year
the opportunity for us to capture the growth is the driving opportunity
as we continue to see demand from both large biologics and emerging biologic customers
over the last year and we believe this is (a->the) main driver of productivity
(*->and) thank you for taking the time to join us today and for your ongoing interest in (star->stark) group
there are many factors that can influence the companys future results that are beyond the ability of the company to control or predict
educational institutions are placing a greater focus on safety than ever before
so we havent seen very many pressure issues or significant increases in line pressure where were operating
and i would say that mobilizing the organization behind the right priorities
these statements are based on managements beliefs and assumptions current expectations estimates and (forecasts->forecast)
well whether were talking about viewpoint or ebuilder but across all the businesses we have in the construction technology space
and fully appreciate the multitude of negative impacts td can have on the quality of peoples lives
we have always considered this (a learning->alerting) launch and have gained quite a bit of insight about the td market during the first year
we continue to add features to ensure were staying at the forefront of school safety
im not sure i can give you a much more specific answer (than->on) that (were looking->well look at) every day (and->*) finding those opportunities we will make some headway this coming year on (*->it)
if franchisees dont make money in a franchise restaurant business no one wins
the initiative illustrated what the passion and zeal of a truly committed team could accomplish
as a result of increased costs related to maintenance of our water and sewer systems and legal and regulatory fees
the fourth execution element is a proactive effort to transition our business models
weve always been very active although we have not always been very (communicative->communicated) about it
which we use to enhance value for shareholders by repurchasing stock and paying down debt
after 6 years of board responsibility for the near east and the americas regions
in the near term is to really minimize any disruption to our launch trajectory
its very similar to the gor in the windsor area if you look at the 2 charts that we supplied
a year especially during the second semester and for this we will
i will hand over to scott who will take you through the q4 financials in more detail now
(havent->hasnt) seen much movement in terms of (a->*) pricing on acquisitions as a result
youll see numbers that are just better from this company this quarter was excellent and i think just the underlying economics of our business are improving
we have just completed one of our best years for customer retention and have a good sense that much of (the->this) success can be attributed to new processes (we->*) and systems and other programs we have put in place over the past 2 years
in order to achieve further growth at the same time we will accelerate portfolio reprofiling based on business life cycles this will be a task for a little longer than 3 years
and as a result we raised our oil guidance but what we havent seen is the corresponding increase in gor which is why we did not raise our boe (forecasts->forecast) until we see where that shakes out
while the consumer tissue market continues to be highly competitive we expect already announced price increases on our brands and our awayfromhome products to alleviate some of the impact of these rising costs in the second half of the year
even (before->for) the news of the pipeline we (were->are) seeing encouraging employment data in all of our markets since our last conference call in october the unemployment rate has declined in all 3 states that we operate in
the qrt technology in the barnwell facility continues to improve from a product and process development perspective the paper machine is being ramped up as sales dictate to ensure good working capital management
these initial wells should be on production in early 2018 and will demonstrate the productivity of this area as well as help determine the most efficient sizing of our midstream facilities for future full development
describe this as an ecosystem with the public carriers i think in the past its often been determined that when the public carriers start spending that (there is->theres) going to be (a->*) overall lift which is true
to do that so normally pricing is reasonable and (adjust->adjusts) around it and thats what were seeing were still seeing that all be pretty reasonable out there weve had a couple of requests to do some things that were off market
as murray mentioned we are taking a more aggressive approach to capturing share in the carrier market these customers generally require higher dollar inventory investments and cause higher receivables to be held on our balance sheet for a longer period
this demonstrates that our composition (strength->strengths) and culture provide the said responsiveness to changes and that this ability is actually the most prominent characteristic of mitsubishi corporation
and its going to be more or less normal in terms of the basket increase and the price increases that we have what we are cognizant of since we have a number of banners that are
thanks david good morning everyone and thank you for joining us today we generated solid eps and strong free cash flow and experienced another quarter of strong new business signings in the third quarter
put in place the strategy (*->or) that we put in place back when we did the stream transaction we do not have a taxefficient way at this point in time to bring that cash back our need for offshore cash
the second thing is being an independent entity we have quite a bit of experience driving results in different cultures that our customers have and thats very important as you think about
if we understand it correctly more of your cash management business is in latin american countries which have seen a lot of currency depreciation so
profitability came in slightly below our expectations in the quarter due to the delayed programs i mentioned a moment ago and increased investment in agent staffing in some tighter labor markets
especially in regards to the rampup of the app mill so what have you been hearing about the rampup speed of that mill if you hear from your agents or clients
management believes that these nongaap measures provide incremental information useful in understanding the cash flows and operating performance of the company the ebitda measurements are also required and evaluated by our lenders
second part of january and we didnt have anything in the fourth quarter so forest (fires->fire) shouldnt have affected by anything in our fourth quarter results
factors driving these volume fluctuations include client work shifting offshore or nearshore marketing campaign and service strategy choices product design and demand changes
you cant really tell so much about whats going to happen after that because if you all recall (a->*) couple of months ago we also felt very differently about the pulp prices in the first
ignite 2 is a huge program of work and i realize im asking a lot of my team to do this on top of (their->day) job but in a funny sort of way i feel its energized the business and its given people a vision and a purpose
about where the company is headed on that we also feel pretty good about where prices are shaping up for the second half as we said we expect second half pricing postseason pricing to be higher than it was
im pleased to say there have been no surprises this reaffirms our internal assessments now i will turn the call over to mark to discuss the financial results for the first quarter thanks john and good morning to everyone
our point of view is that the combination of financial pressures that our customers are facing combined with the increasing complexity in the operational environment
but the other parts of our business were really very focused on just improving process and improving productivity to allow us to fund some of the investments that we know
let me spend a minute discussing the dynamics around (are->our) working capital especially in relation to customer cash which we carry which is contained within the customer liability section of our balance sheet
and the renewal of our agreement with intermountain which resulted in a catchup contribution in q3 before i walk you through the details of the results i would like to remind you that we will be referencing nongaap numbers
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->*)
chris will cover the financials in more detail in a few minutes but im pleased to say we are on track to deliver the top line guidance we have provided for 2016 and are making progress towards sustained profitability
this is because almost all of our net operating fees and a portion of our incentive fees will be recognized as services are billed to our customers well have more color for you on this front on the next earnings call
i would like to take some time to present to you with higher detail the current situation and business opportunities we are facing on the (integrated->integration) security (solutions->solution) business line
the drip program enables shareholders to acquire additional subordinated voting shares from cara by reinvesting all of their cash dividends the shares (purchased->purchase) will be issued at a discount from the market price of those shares
right were in while the ramp is not as robust this season as we and our clients thought it would be there still is some in there theres still some work to add talent in there by geo
over q3 of 2015 we continue to expect strong growth in this business over the next 12 months from an increase in volume driven by industry demand and market share gains
we have made progress in our transportation sector addressing upgrades to communication networks and some mass transit organizations and additionally we have gained market share in the oil and gas sector
can we already see an improvement of prices in the fourth quarter because (its->this is) usually gradual and it only comes after
for each opportunity analyzed the company identified those responsible in each operation and the actions required to transform them into reality
as we take a step back and look at our industry there appears to be increasing momentum for change and for consolidation some of this may be driven by the desire by some for sheer size
that we have (with->or) the mobile functionality that we have with the treasury solution and thats getting a lot of attention because its a very robust platform to begin with but then it has all the functionality on the
our spring pass sales included strong resorts strong results from northern california likely due to the terrific conditions there this season especially as compared to last year
getting going in terms of educating people about the park city experience we have a lot of room to continue to dial in the experience there and improve
because the chicago project is so large and visible our successful execution could drive similar opportunities in many communities nationwide
well again we want to thank everyone for joining us on the call today we look forward to speaking with you next quarter thank you
that that dissipated through the first quarter and then also in europe we had a very strong first quarter so i think its more that the first quarter had some unique things going on
considering that we have so much more longdistance traffic now with some of the ramping of (the->*) business that weve had over the last year as for the network expenses
(however->a lot of) our competitors have not had that approach weve been open for years and have provided the tools for years to help enable thirdparty products with jack henry cores
on the west coast as well (and->*) in particular in california weve talked about a large installation there and so we see we continue to see opportunities in that market as well
in ag that weve spoken about which is very positive from (an->*) overall earnings and strategic direction but did add some additional fixed cost to us
additionally we saw (a->*) very good momentum in colorado and continued high growth in our destination markets which combined represented over 70 of our total unit growth
the next major investment the first tranche of that really starts to impact our results in 2018 and certainly the driver
we remain focused on increasing earnings producing strong cash roe and delivering sustainable operating cash flows we continue to successfully execute our disciplined growth strategy
as guests in the area are looking forward to next season at the newly improved (wilmot->wilmont) mountain as well as the opportunity to ski at our western resorts all on the same pass
provide additional analytic tools to understand our operations tables that reconcile nongaap financial measures to gaap results are also included in our earnings release issued today
okay great and then just a question on acquisitions i feel like this question gets asked to every lessor on every conference call but given that there have been fleets more recently that have been put up for sale
in terms of preserving our profitability so this is a little bit what we are doing and were (thinking->*) we think we are doing it well
what are the annualized benefits of those the reduction in amortization and your change in pension accounting
these increases were driven by strong visitation and robust guest spending on lift products as well as in our ancillary businesses across all of our western resorts
(and->i think) growers were very excited about that but were typically contracting and buying our soybeans at about the same time so as we talked about in the script you could hear it in our
although we are operating at higher leverage today with divestments driving lower debt balances and increasing cash flow profile due to negative hedges rolling off
on the (energy savings->energies and) performance contracts where in this case right now they do not have any capital appropriations for energy efficiency projects and the only way to do it will be
and so theres a lot of interest but as far as live volume going through us as a processor meaning were aggregating transactions for a bunch of banks
gives a point of differentiation and reassurance more to lower enterprise and enterprise level this is where organizations are effectively looking to future proof
as other large leasing companies begin to look and act more alike our strategic positioning is improving as i believe we occupy an essential growing and profitable role in the market
take that was probably not sufficient in order to hold (revenues->revenue) so that would basically lead to the sales decline
i would hazard to guess that most of them had something they probably had a cash management solution which is a more rudimentary version of full treasury management
relatively low (*->in) the second quarter we think its going to be strong in the second half of the year its back more to (*->look) you need to look at it in 6month buckets there are just too many things that
we expect operating margins to expand in the first half driven by pricing and volume gains but the growth will be partially offset by higher soybean product costs
our ability to deliver outstanding service to our customers our ability to expand our customer relationships the spending environment and our longterm prospects for success
revenue was essentially flat which was better than our internal expectations project revenue was up slightly due to the accelerated timing of certain projects
and the second part is what is competitor behavior because we know what kaisers behavior will be and that is well go through to pass that cost through when it goes up
something somewhere else in the country using our expertise and working with a partner and weve explored those kinds of things in the past as well
and bank of china announced that its going to take its aviation group and put it on the hong kong stock exchange these are all pretty big deals its all happened in a fairly short time frame
(*->that) the margin will necessarily go up a lot more in the short term because (the->*) and i dont think the revenue top line
so we think weve got a business model to manage that about as well or better than anyone in our industry we dont expect it to happen but were ready for it
the loads have improved the volumes have improved as ive mentioned to you earlier but the yields that the airlines are able to generate
primary uses of cash in the quarter related to the funding of our seasonal (agriculture->agricultural) working capital requirements growth investments and dividends
as people (comes->come) to (resorts->the resort) to buy (lift tickets->lifigus) we pick up their data and then are able to create a relationship with them so then we start to communicate to people who are in that market
that just by the nature of it that the margin (availability->of ld) is so much lower than other kinds of minutes of use that it just dilutes the margins overall
brings with it quite good operating leverage as (i->ive) mentioned in the past so in terms of the although the cargo business is a difficult business for
increased demand for polymers in automotive and growth in consumer electronics and semiconductors drove the improvement in asia pacific
which we had anticipated however one of those programs terminated rather abruptly when our customer discovered a lot more inventory in the pipeline
finally a brief comment on our evolving organization first we now have a full management team in place and we can feel the positive impact of this
and we are comfortable that these vertical wells represent a highgraded group of wells that should deliver solid economic returns in todays gas price environment
but can you update us on your momentum of new awards how you expect this to take shape given the refocusing around
while the multifamily bridge lending space may be a pocket of the market causing concern related to credit quality fannie mae and freddie mac have enforced disciplined underwriting standards in their multifamily lending
and they really started to accelerate at the beginning of this year as you know as they exported a little bit extra too much corn out of the country and there was a shortage within the country and so i would say that weve kind of got those prices in place at this point in time
that said commerce services continues to be impacted by headwinds around (a->the) higher dollar and higher transportation (in->and) labor (costs->cost) and investments made through the quarter are also (impacted in->impacting) the bottom line
we have also introduced something that we call category reset where we work through the assortment to optimize the customer offer as well as how it is merchandised in the store
but ultimately there are folks that are sitting on the sidelines that would like to use persona but are waiting for a revision system so not just the importance of launching revision but its also getting some of the folks on the sideline into the persona game
which would point to margin expansion so can you just generally comment on whether that directionally is what youre seeing in the market as well
subscription continues to represent the most significant revenue source for (xunlei->chinle) and provide us with an opportunity to invest in our growth initiatives
compared to the fourth quarter of 2016 margin expanded 21 basis points approximately 10 basis points of this expansion was driven by the benefit that our free funds provide in a rising rate environment
and he was commenting how excited he is about the launch hes using the product already and (hes->has) had very good results so i would just tell you that we remain confident and comfortable with our expectations around
and these are some examples of things that we are working on to be ready already for black friday and the christmas trade which is our most important commercial sales period of the year
third to focus on the monetization of mobile traffic and subscription revenue we look forward to updating you on our progress in the near future
and so that allows (*->us) to fill out some of our portfolio to meet some of that unmet demand as well so i think were feeling pretty good about our whole network around the world the only thing i would add is when (jack->jeff) mentioned
these nongaap measures are not meant to be a substitute for our gaap financials and we advise you to refer to the reconciliations to gaap measures which are included in our earnings release and on our website
as it relates to the rest of 2018 we have already seen fannie mae come back into the market and it is our clear expectation that fannie will capture its historic market share of total multifamily lending this year
if you followed us for any length of time you know that we take a measured approach to our business managing for the long term and taking care of our associates communities and shareholders along the way regardless of outside events
which means you got to grow with customers and you have to have a plan and so we spend a lot of time with our customers understanding what the consumer is looking for the unmet market needs and how making those acquisitions
i want to emphasize that our marketplace strategy has been to provide an accessible extension of our medicaid product to those individuals whose eligibility for medicaid tends to fluctuate due to variability in their income
we expect process materials to continue to benefit from the growth of underlying msi and increasing 3d structures like vnand advanced materials is expected to benefit from the same trends
at least based on the math were not actually seeing an impact in our ability to drive the goals that we had for the year so again i dont want to read too much into the market growth over the last 2 quarters
and we have to set up all the transport all the labor (and->*) all the volume is not there yet and we think were well positioned for peak but were going to continue to invest and i mentioned before that when you look at
and i guess that means you probably wont be able to grow capacity much next year and finally just with respect to the credit rating i realize that clearly there is an amount to be finalized with respect to
we had no new wells or recompletions during the quarter and we continue to evaluate opportunities to divest our midcontinent assets and currently anticipate very little in the way of drilling activity and capital expenditures in our asset base
investing for growth is our top objective and this regional distribution center positions us to grow continue growing in the downstream sector an important end market where we have a clear leadership position
may i believe is the next scheduled session so if we do come to an agreement the impact would be in the latter half of the year and we have not built any of that into our guidance at this point in time
now why not go faster obviously we have leases of these facilities in both businesses were (*->not) going to go break leases early just to bring these together but well bring those together over time because we see a lot of benefits
unit cost excluding fuel and currency effect increased slightly in the second quarter but here we see the opposite effect of a rather challenging comparative basis in the last year
currently so what were saying is that were in a growth mode i think rich talked about all the in terms of the market what the demand profile looks like still very strong and as you can see were investing in that growth
many of these opportunities are unique to us and are not impacted by the broader market dynamics we are investing in these areas to accelerate profitable growth
the investment in underlying operating margin is primarily commercial (investments->investment) and activities to continue to build the customer base
so again not a major concern its not far off of our expectations in the what we assumed so far in the year and the performance of emea throughout the rest of the year is already contemplated
thanks to the early progress we made on the supply recovery milestones and meaningful engagement with the broader organization focused on culture building including very specific interactions with the field sales organization
and then services even in the province of manitoba that mts may have purchased from other carriers such as zayo (well->will) obviously make sure we supply those through bell so those are some of the (*->early)
our focus on the semiconductor industry the diversity of our portfolio and our financial strength position us well to capitalize on these catalysts for profitable growth
were in the mix were constantly looking for them and we get phone calls from time to time to focus on very very large transactions but we did not have a large transaction in q1 as it relates to the confidence on fannie coming back into the market
(so->*) thats one thing (the other thing->*) is we have some tender timing not lost tenders but just tender timing thats going to push us towards the back half of the year where we thought (*->we) were going to get those earlier in the year
this higher spend was principally the result of a sustained high level of market activity in the quarter as well as higher handset prices that reflected a richer smartphone device mix and the impact
turning to slide 8 i wanted to update you on some of our 2018 priorities as we approach the end of our fiscal year now that weve essentially completed our standup activities
and i think its fair to say that if we see opportunities to do that we will put a priority over that relative to driving operating margin expansion
why was it so high and is it kind of sustainable because it tends to build throughout the year due to seasonality but what are your thoughts there
finish the merger we will think about all the possible alternatives but not certainly until we get to a point where (we->weve) completed our merger
our marketing initiatives also support our sales growth priority and our marketing testimonial campaign continues to resonate
reflecting growth across our key financial and operating metrics continuing our favorable momentum from the first half of the year
our company had a very solid second quarter in our rv business and the industry growth prospects are equally good
from the applications and take rate on the credit cards and from the warranties associated with the products that we sell there
and we include our variable annuity and are including our variable annuity providers in that and are getting a high level of interest in working toward a solution
but we did our own and that was (an->*) one of our concerns was that the same exam given in 4 pieces is more difficult to pass than a single exam
marketing enhancement opportunities build new stores remodel stores and rebuild existing locations across our footprint
way ahead of the game versus where we were last year in terms of having a great
well we have had some additional expenses that have been associated with brazil and
and our infrastructure have positioned us to double the number of rv dealership locations over the next 5 years
its difficult to do that with one brand like camping world but when you show up with 5 or 6 brands with a different presentation and a different marketing
(*->of) good news we had in last years q4 and as you think about that was the workers comp (*->as) i just mentioned (the->in) incentive compensation that was good news last year
thanks (marc->mark) i want to thank all of our associates for contributing to another strong quarter at burlington stores
and im pushing my luck here but would you give us a peak sales estimate for your 2 new drugs that you have inlicensed
most of what we do in construction is really renovation or adaptations to existing structures but
but what we have to remember is that the people on our front lines and our management team are all paid on the results of their transactions
at this point its a little bit too soon to tell given the one thing i can say is that with the new rules that have come out
thanks tom and good morning everyone thank you for joining us today we are very pleased with our third quarter performance
as a percentage of sales in the fourth quarter in 2016 due to this transition from a leased to an owned business
the canadian heavy was impacted a little earlier by planned maintenance unplanned maintenance in the fields
(so->*) can you just talk about where you were promotionally in the second quarter compared to the first quarter and then how do you think about that going forward
as i wrap up let me say that we remain committed to maintaining a strong balance sheet while also executing the capital strategy glenn described earlier
(*->we) obviously dont comment on transactions in the abstract i will say that we have been
also contributing to the decline in net investment income was an unusually high level of income from (called->call) securities in the prior year period
we will continue to expand our investment in beauty and improve our vendor base similar to our strategy with home
its expected that omb will approve the rule and (a->the) final regulation will be published in the coming months with implementation expected around yearend
as we enter the second half of the year i also wanted to provide some observations on the macro environment impacting the business
men and women on the front lines in the midwest and the northeast that were coming out of a terrible winter and a terrible april theyre trying to
and also writing the certification exam thats the precursor to the actual exam only a handful have made it to the province and have written the exam
as you know our cmo had an unforeseen manufacturing delay which resulted in us having to move first patient dosed in the trial
this campaign will continue throughout the fourth quarter and our overall marketing dollar spend will be in line with last year
or a bigger component of that i would have thought that it would have been much closer to last year if not below (well->*) remember (that->*)
thank you catherine good morning and welcome to the (aptose->aptos) biosciences conference call to discuss financial and operational results for the third quarter
at our existing 140 camping world stores that theres an opportunity for growth over the next 2 years in that business as well
could you share with us what is going to change in your strategy or we need to wait for the presentation next may
mine is a big complex thing where youre doing lots of work and lots of its not all related to every ton of coal thats delivered
im much more comfortable putting those very ill patients on the (higherdose->higher dose) levels because we think well see efficacy at those levels
we are now making additional (investment->investments) both in technology and distribution to support the continued growth of this strategy
on a sequential quarter basis recruiting and new life insurance licenses declined reflecting seasonally (low->lower) activity levels in the fourth quarter
again the primary responsibility of loop is to be an import facility and thats extremely important for us (in->and) our refineries
given the strong customer demand for superspec rigs we have signed contracts (to->that) provide for the completion of 2 new apex rigs
and then were obviously the second part of that is statistical modeling to see how many patients we need to have reached that time point
that was done we shared this at the time that we announced it really to just enable us to execute the plan thats been laid out without need of going back to the board so
that our company is actually selling every single asset that it has even more than some of our historical businesses
this will not change the banks sound policy of terminating poor performing employees (bofi->bi) is not in the business of settling meritless lawsuits
in emerging markets the negative sentiment kept building whether it was from a major currency devaluation in argentina
thank you (henric->henrik) then we move over to the financials from a group perspective
as i stated earlier we believe the bulk of the investment has been made and we believe that when these are fully mature and ramped up
we dont believe that theres any change that will happen in the third quarter from the second quarter because we want to be aggressive
the decrease in revenues was partially offset by an increase in revenues at the limerock mining (operations->operation) because of an increase in customer requirements
we (experienced->experience) by the way this is a very important point in the history of our company we have on several occasions
what it does not include is the revenue and profitability generated from the sale of good sam memberships
at argo nearly 2 decades ago we identified technology as a transformative and potentially disruptive force
so we think that this is something that fits us very well and also something that we can do well with going forward
those lines go up and down but we really like that business we think its a very safe and strong asset class and we have some
were actively pursuing opportunities to grow our warehouse lending business for new warehouse lines and (request->requests) for existing customers to upsize their current lines
our people to engage in that thats exactly what iberia has done its the reason why we say we are enthusiastic about the maintenance activity in iberia because weve improved our cost performance and we are meeting the financial targets
and so i think we have a good level of confidence in the middle market right now i think it does give us the capability to continue to recruit strong numbers keep in mind that youre always going to have a lag time as recruits pull through the licenses of a quarter or so
to support our comp sales growth we will continue to improve our instore experience maximize our marketing testimonial campaign and capitalize on our merchandise localization initiatives
looking ahead to 2017 we have a number of exciting initiatives that we expect to further our top line growth over 2016 most notably were implementing a small expansion of our sales force which will allow us to have 2 dedicated teams
as i previously mentioned we continue to expect other revenue and other income to decrease 15 basis points from the loss of lease income for the fourth quarter in 2016 for the full year we now expect
in terms of comp metrics our comparable store sales performance was driven by increases in traffic conversion and units per transaction while average unit retail was down versus the prior year
our business fundamentals are solid and we have significant competitive advantages including extensive distribution in a vastly underserved target market i feel good about where we are and our ability to leverage our core competencies to drive future growth
more or less all items in a way that they are decreasing the balance sheet (and->*) noncurrent assets increased mainly as a consequence of the (*->acquisition made) acquisitions made in the construction and also we have
when we look at the investment which includes the purchase (pricing->price of) the original ip and the leases associated with them the capital expenditures associated with it and whatever operating losses exist to ramp it up
in terms of development support we are increasingly excited about the added potential to create longterm value with sparsentan as steve mentioned work on assessing additional indications is ongoing and we look forward to giving more detail in the near future
while there is a case to support the expansion of heathrow we would only do so if the (costs->cost) of that expansion are managed and result (to->in) no increase in passenger charges we dont believe (in->theres) any case whatsoever
it is worth noting that since the duet results were originally announced and presented last fall external awareness and excitement around the sparsentan program has grown significantly (and->in) the investigator patient and advocacy communities
so we are pleased to have this clarity on the outline of the trial as we make further progress on the statistical plans well be in position to give more detail on the specific trial design elements including patient numbers and observation periods
in 18 because of that if you look at (*->the) new acquisition (where->there) we have also said that we dont see that will have any material impact on the ebit in 18 so the new acquisition
from what they say productive discussions with distribution partners just wondering it would seem to me that that would be a big change in the compensation structure (for->*) from an advisers perspective so wondering how you think your advisers might react to such an arrangement
programs overall did a nice job of bringing in clients but like i said more skewed towards prior clients than (new->there) could you give us a rough idea of the size of the (free ez->freez) program last year and this year
(yes->*) ryan let me take that one again as we understand the rule today not having seen the final version we continue to have the view that we will operate outside the best interest contract exemption
but still in 17 we are going to have some noise that well have to explain to you (and->it) has to do with (costs->cost) being dragged up by (revenues->revenue) so the net will be the right one positive
we actually outperformed on the travel trailer towable side and we underperformed solely on the motor home side which is a strategic initiative on our companys part but our samestore sales numbers
likewise in latin america (where->*) weve had (this->*) substantial business over the years and weve been increasing our sales representation in latin america and certain countries in south america
(that->the) many variables in this new law make it difficult for taxpayers to know how they will ultimately be affected our clients will learn if they would pay more or less under the new tax law and then determine how to appropriately adjust their withholding
right (so->*) if for some reason (one->1) or 2 of them dont work out we will not let that linger we (*->will) do not have a pride of (authorship->office ship) we will make a move if we have to (to->*) pull that inventory back in and get out of that lease and so
could you elaborate a little bit more on what the plans are and whether (its->theyre) just (barcelonabased->barcelona based) or whether you look at other locations i mean manchester seems to stand out as a big longhaul leisure destination and how that shapes your thinking on that
we are also upgrading our capabilities to innovate across our business specifically we will provide greater consumer access including through delivery and catering enhance the digital experience innovate around our menu and improve our restaurant design
roger and his team did an excellent job of balancing promotional (activities->activity) to maintain strong profitability while driving sales growth and dramatically lowering our rv inventory levels
and while that may seem bold its not as bold as it sounds predominantly because of the way our business is structured its structured in regions we have an operating system we have the controls in place
most people enter our business (sean->on) virtually all through the life insurance door and start a life insurance business first but over time they migrate to their strengths their personal strengths as well as the markets they happen to be in
not large volume contributors this year but really important products in the portfolio and were getting some very positive learning that i expect us to integrate and improve for what we do next
most importantly our customers are noticing and im confident we are focused on the right measures we have a lot of work ahead of us but im optimistic about the future of chipotle we have a strong economic model a loyal customer base and a powerful purpose
which was a controlled observation period in duet that was clear one of the things we are working with them on right now is what is the exact observation period that we want to put into the confirmatory trial
we disclaim any obligation to update these forwardlooking statements which may not be updated until our next quarterly conference call if at all additional information regarding these risks and uncertainties was set forth in our earnings release and in our 10q
these statements are based on information available to us today and we are not assuming any obligation to update them forwardlooking statements are subject to risks and uncertainties that could cause our actual results to differ materially from the forwardlooking statements
and for the last 25 years leading it to (becoming->become) one of the most important restaurant brands of our time i thank steve for the invaluable time (hes->he) spent bringing me up to speed over the past several weeks and i deeply appreciate him fully handing over the reins to me and giving me the autonomy to lead
weve got a formula price pursuant to which we sell the coal largely the costs are fixed but on the margin there are some variable costs we can control and i think the guys at the mine are doing a great job (at->of) controlling (costs->cost)
so the global operating subsidiaries which are really (this->*) that do all the work for the parent company have to be compensated and the way we compensate them is on a (cost plus->costplus) basis
would you look to reduce it a little bit further is (there->it) no change in how youre thinking about it from 3 months ago or it doesnt sound like theres (*->any) promotions in the market just curious how youre thinking about that aspect of the business
well make some opening remarks and then open the call to your questions we dont want to bore you with a pile of numbers this morning so were assuming that youve had the opportunity to look at the announcement and the presentation
which could position us to do exactly the kind of deal that (you are->youre) speaking to the notion that finding the right antigens to make the best possible vaccines is not something that we can fully exploit
in addition to this (weve->we have) done a broader review of all of our recent it investments to ensure that any residual exposures are now addressed we consider this review as complete and now final
incentive plan for the company i know it weighed a little bit (and->on) operating income this quarter but going forward are there new targets that we should (we->*) be looking at that we could expect any impact in the next few quarters or further (out->*)
the point program actually we are still working on the detailed design of the (rate->grade) plan so we cannot comment whether the points are included or not at this point of time sorry my second question is about
as john has said he will take you through the key components of the group result with a focus on our operating earnings and provide some insight into the market conditions across our (managed->major) business units
atlas found many other neoantigens that were not predicted and importantly also showed that some antigens were inhibitory potentially shutting off a patients immune response
(in the third->*) so far what we know and what i also mentioned is we expect still a shutdown of this big customer in the beginning of the fourth quarter we do not know whether (theyd->they) start and come back
i think the first part of that paul is probably easier than the second i think there is an opportunity for increased penetration in the market i think that is right i think the introduction of
but that is mainly due to the manufacturing expense in the first half of 2017 being a high comparator while we were manufacturing both carticel and maci as well as the initial maci manufacturing learning curve
(yes phil->il) thanks so (we are->were) not going to comment on pricing of our customers product in the market and whether thats stabilizing or not we think its their place to answer that part of the question
with our energized team and positive consumer confidence we are ready to build upon our strong start in fiscal 2019 as we continue to change peoples lives by connecting them with their family and friends
(*->some) broad industry views i think that there is a fair amount of economic data that is of interest as of late weve seen for the first time in this economic recovery
looking forward we expect to be challenged with lower revenues in the next quarter because of lower volumes and project completions these revenue swings have been an inherent challenge in our cs business which we are trying to address strategically
this will include saasbased platforms that (well->we will) provide to clients on a subscription basis having now successfully built a marketing and lead generation engine in ottawa which is proving itself with our mediamiser products
the international segment is an important component of our strategic position with integrated oil companies and other international downstream customers as we look to expand our share of their spend and capture new customers
for at least couple (*->of) years to say that inevitably there will be a (stepdown->step down) at some point in time (thats->that) i would say somewhat predictable probably not within a specific quarter but certainly within a couple of quarters we have a pretty good sense for that
secondly on apac im just wondering if (it->*) might be premature to ask the question having sort of just got back into quarterly profit but can you just touch on the things that
instead of selling i think our refinancing strategy is more programmatic and less focused on the alternative of selling select or refinancing all of the select
about how the immune system will respond to different potential antigens but the evidence is that these in silico tools only have a 20 to 30 predictive power
but it would be a high risk for progression not all would eventually progress so what mixture of kind of progression data as well as immunogenicity results in your mind would serve as proof of concept of the strategy
(*->no) its pretty simple (bryan->brian) we commented during our investor day back in october that we had been looking at a variety of strategic alternatives for our select portfolio
funds generated by operations and capital investment these measures do not have any standardized meaning under ifrs and as a result they may not be comparable to similar measures presented in other entities
work on their matrix management structure and the like is that still in front of you is that embedded in the guide or is that something that i dont know maybe gets capitalized in acquisition accounting or something (no->*)
that process and the consequential accounting adjustments are very deliberate and focused on simplifying (ahgs->asgs) operations so that we are ready and able to capitalize on opportunities
during the call we will make forwardlooking statements within the meaning of the federal securities laws including statements regarding events or developments that we expect or anticipate will or may occur in the future
so with an eye toward delivering increased shareholder value we will continue to make prudent investments in people programs and facilities and strive to deliver exceptional results over the long term
for next year in terms of (plantings->planting) supply and demand for the industry will be more balanced oversupply can you give me any kind of your thoughts as we think about next year for fiscal 18 it would be
so weve been working for several years to change that mix to a higher margin blend we made progress all the way through 2017 pricing across a lot of categories are improving
and where that prevails it gives us a better chance to make margin in that franchise so im actually encouraged by the fact that one of the key brands has actually taken the step to reduce the level of targeting
and i think also there was obviously you had to do a lot of prep work to kind of accept the (carveout->carve out) into your enterprise but i think after ownership you were looking at some pretty heavy
maybe just help us understand really what drives your business there and maybe even broaden it out to europe because actually thought the european performance was a little bit better given some of the macro (scares->scarce)
we can sell the assets at the right price redeploy the capital appropriately were obviously sitting on a fair amount of cash currently and so the balance and timing of that is something that were taking into consideration as we look at how to
furthermore as our customers transition to larger wind blades under existing contracts the revenue per line will increase providing additional revenue growth opportunities from existing facilities
and most importantly for all patients so regardless of patient or cancer type we have we believe the best means to choose neoantigens our atlas technology
and im sure i speak for everybody when i say (we have->weve) enjoyed working with you james (and->*) youve played with a straight (bat->back) youve always been very helpful with us over the years and weve enjoyed your quiet and dry sense of humor
where its a lot easier to create product innovation and find more dynamic solutions for business owners but we havent seen that happen yet but hopefully we will see that over the next few quarters
and thats for a number of reasons previously discussed but also as we study the rule many of the additional expenses that would be created and borne by the company are created by compliance with that best interest contract exemption
if the same set of events happened again this year another way to think about it other than just absolute dollars is loss ratio points for the year and were talking about 5 or 6 points
and we are not and ill repeat that again not currently involved in any sales process for a refinery rumors (and->in) speculation will always be with us but what i would say is simply (judge us->judges) by our record
i dont expect it to be linear i think itll be lumpy because 3 months is too short a period of time but i think that the trend is directionally correct over the next 4 (or->*) 5 quarters
in order to maximize that individual customers value we see an opportunity to further differentiate our value proposition in the next few years by commercializing our online banking prototype (weve->we have) built of a highly flexible frontend online banking platform
okay and the i guess some of the power plants (it->*) looks like youre going to be building over the next 5 years do those need some kind of approval before you start construction or do you just build them and (*->then) get recovery later on or how does that how should we think about that
this padoptimal design incorporates greater clearance for walking over and around wellheads on a pad and includes many (other->of the) features that are being sought by customers as they remain focused on efficiency and highquality execution
and with additional investments in quality efficiency and production capacity we will continue to capitalize on these opportunities to deliver improved valueadded revenue and ebitda we will now open the call for questions
(growth->*) you can never be you can never absolutely shut down what opportunities the market will bring to you but i think i was pretty clear there i see the window of opportunity
and as we move through the fleet well be spending a little bit more dollars in terms of capex whether it be more fluid (end->ends) or maybe a transmission rebuild but thats where the differential in the dollar value comes
our expense ratio is coming down so i think those are all examples of us being at scale or at least getting very close to scale depending upon which part of the group were talking about
the results that you described the strong results are a combination of strong recruiting as well as strong licensing simultaneously and thats some of those fundamental support systems weve worked on over the years to create that
reliable and profitable production in the coming quarters so ill now hand over to (alister->alastair) to provide some additional color on the third quarter financial results
on a full (quarter->year) basis the ratio of new life insurance licenses to recruits was 174 and we expect this ratio to continue to be near this range for the full year 2016 we also expect the ratio
and i think really good examples of that were the (aerial->ariel) re acquisition a year ago which (*->is) has proved to be a tremendous benefit to the company on many different levels that weve talked about in the past
we ended the quarter on a stronger in a stronger financial position with the flexibility to continue investing in attractive projects for longterm value creation while also returning cash to our shareholders through share repurchases and dividends
are exactly on this topic of the cost of implementing and living under that exemption and so if some of that should change well reevaluate but right now we dont see that as a significant dynamic for us to deal (with->*)
so the launches or the delays in the launches and the programs that are rolling off actually are enhancing our mix as drive shaft remains relatively stable or frankly has improved some yearoveryear because of the higher build rates
(is->*) acceptable to both parties then theres a huge potential utilization of that asset in a different way that was an additional one to the ones we were looking at around bitumen supply and utility supply so
further our datadriven compliance framework initiatives allow us to automate a number of compliance review functions that are more repetitive in nature while simultaneously (expanded->expanding) the number of relevant transactions we (access->assess)
you have the summary plan which sounds like youre going to announce by yearend in the interim is there anything you can share there with respect to how we should be thinking about base case expectations for that asset as we think about
on the funding side our total average deposit rate at the end of this quarter was 73 basis points including the impact of noninterestbearing
got to dilute that its an even bigger number so how are you thinking about the balance between sort of your upstream and your downstream and if there were an opportunity if its a gulf coast opportunity does that start to make sense if the price is right
and it sounds like its more of a certainly a temporary thing and probably will be behind you as you maybe enter into the fourth quarter of the year but can you describe the mix a little bit and the duration a little bit more
these buildings that weve done on more of a speculative basis i dont know that weve missed dollars of opportunity i think that weve been very deliberate about how weve gone about this and i think that (theres->there is) no reason to believe that we wouldnt
thank you and i would like to thank everyone (for->*) participating on our second quarter call today i think when you compare (*->it) to a year ago there are a lot of really good positive improvements
we are pleased with the increased financial flexibility afforded us by the increased liquidity we believe the strength of our balance sheet will continue to provide us with a competitive advantage
so we (are->were) able to spend some incremental cash to get these rigs to work the other is really just the demands for these 2 specific types of rigs we were essentially booked out on (apexxks->apexks) and we had a customer
the property taxes were down slightly as a percent of revenue due to reduction in property tax accruals for (a->*) specific geographic markets (has a->that have) more prominent impact on the (same home->samehome) results in particular tax assessments in houston came in lower than we had expected
in addition we have included nongaap financial information in our discussion reconciliations to the most comparable gaap financial measures are included in the earnings release and in the appendix of the presentation
which is an embedded marketplace for customers to install new applications and enable new features like business inbox which offers social messaging integration
given the strength of our balance sheet and the fact that our pressure pumping business was ebitda positive for 2016 we were able to maintain our active equipment during the downturn and did not cannibalize our idle equipment
and we do intend to file a general natural gas case by the end of september of this year and as (we have->weve) discussed before we do a first look for each
we will deliver solutions all fully programmable ranging from applications like unified communications integrated with contact center and collaboration (with->and) team messaging
while our confidence in our growth opportunities remains unchanged revenue estimates for 2016 have been adjusted primarily due to 2 factors
that investments that were (*->made) we make the investments that we need to ensure future growth right so the mix of that is something that we look at but not necessarily
and let me explain why were doing that and so given the fact that most of our revenue now is cloud
(operational improvement->*) in order to do that we need to basically do things at a lower cost if you look at how we are organized today
in addition as we built up our network for the significant amount of traffic we have ramped over the year we have incurred a number of nonrecurring charges to establish circuits
as we sit right now (it wouldnt->would) be impacted by these nonrecurring costs we would have more than 60 billion minutes of use on our network
our transformation has challenged us to drive new growth while maintaining a healthy and financially sound operating environment
im glad to report we have no other aircraft with mas the (777->77) we repossessed is the only one of its kind in our fleet and is 17 years old
however we believe that our success in moving our (guests->guest) purchase decision earlier in the year creates more opportunity for stable and consistent growth and overall results
much more money per product on innovation today than what we were historically which we believe is helping to drive these integrated suites and therefore drive
adjusted results exclude key items which are unusual nonoperational or restructuring in nature we believe this approach enhances the understanding of our ongoing business
acquiring a large portfolio (will->would) clearly be transformative maybe that helps (win->with) an ig rating is that something you guys would be willing to do at the right price we would
have you seen a change in that trend at all do you still see interest or (was->would) maybe the economy their (concern->concerned) about the economy is that waning a little bit
please feel free to contact michael or myself directly should you have (*->any) further questions thank you for your time this morning and goodbye that does conclude todays conference we thank you all (for->*)
a sign of weakness in q1 so i do think thats partly driven by the slowdown in china so well be keeping a close eye on that
the diy consumer has to visit the store to recycle the oil they have to return (the->*) oil back to the store so theres already a store
the second matter relates to the air cargo sector from which (were->we are) strategically accelerating our exit this sector continues to suffer from a glut of capacity
(*->the) yearoveryear increase in operating expenses was also attributable to costs associated with the patent infringement lawsuit brought by commscope at the end of january
(*->to) recover those cost increases but as weve seen that the price points to the consumer move up fairly significantly over the last couple of years
and weve been successful growing our share over time there i would like to see us grow even faster and that will be (a->*) very much a focus for us
make sure that we had some success within our core base but eventually this will be a (profitstars->profitstar) solution that (will->well) sell outside the jack henry core base just like many of the other solutions that we offer
our observation is based purely on basic operating cost differences when you monetize them so it shouldnt come as any surprise
growth in auto in the first quarter we also continue to see some market share gain as people adapt our products
this provides guests access to real savings (with->for) their vacations by purchasing in advance purchasing multiple ski days or purchasing packages of products
so our outlook is consistent with some of the (analysts->analyst) expectations but probably delayed a year due to the headwinds that weve experienced this past year
in light of this backdrop we are committed to investing in technology and human capital to drive our business forward
id like to spend a moment to talk about the new tax law and its impact on our fourth quarter financial results the tax legislation
we do expect to have kind of a continued active strategy as long as the investments make sense the (irrs->irs) and the returns are attractive
quite frankly less people leaving so the expense being a little higher than it was in the past so those things are positive and when we look at
but at the same time it is a segment that (is->has) not kept up with the technological changes that (weve->we have) seen in the broader construction market
and thats the part that we would expect to trail down throughout the back half of the year well have some in the third quarter because that
so we just saw (a->*) powder by (eldora->aldora) and also looking to set up a new partner for themselves in japan i was hoping you just talk to
once we have all the traffic we would anticipate to be doing a little bit more (of->*) network optimization but i would characterize it as its much lower scale
markets and as weve talked about here before weve been managing very carefully things like our construction and land exposure
at the same time while we benefit from consistent price increases on lift tickets and season passes we are offering guests a wide variety of products to access our mountains
but (mark->*) the market moves up and down all the time and thats actually (the->a) hallmark of being a value investor and i think its one of the things that sets us apart
finally energy sales were up due to the contribution from assets placed in service last year as well as some sales of renewable energy attributes
in general the demand drivers in federal are still there as well as continued congressional support
the decrease in gross profit percent was primarily due to a lower percentage of sales associated with optical component solutions which typically have higher margins
were pleased with the way our bonds traded during the last episode of market volatility and remain focused on making progress towards achieving investmentgrade credit ratings
in terms of the merger this past quarter we achieved several significant milestones most importantly as we announced last month
in addition our tahoe (resort->resorts) benefited from dramatically better conditions throughout the ski season and achieved record revenue levels in all key business lines
all right the next question is how are the certification programs moving forward and what has been the effect of the (nebs->neb) certification
given the sale activity and acquisition activity its very hard to kind of keep track of that over the course of the year i was wondering if you might just be able to say i think you mentioned 4 aircraft
we havent made a decision to not release the aircraft but we dont have enough data points or confidence (for->with) this aircraft type to make that determination
a lot of activity there kevin mentioned there is so much activity going on in the core space right now which normally you dont see big blips
a lot of the traffic that we took on during the second quarter not only was some of that (longdistance->long distance) which definitely is very low margin
so the same customers if they want to (store->stow) their (documents->document) for a long period of time they can use the same platform or if they want to use
are you saying (that->*) in your commentary you talked about maybe not being quite as competitive if the city was not valuing the smart control aspects
our performance is ramping as a result of the investments weve been making in the business coupled with a disciplined approach to (balanced->balance) revenue growth with improved profitability
so but well continue to observe whats happening and as far as what we see right now is that we are very confident at east west bank
the growth in subscription revenue is a result of our strong and balanced performance across the cloud portfolio migration of our midmarket customers to nxt (and->*)
are much more fundamental as it relates to promoted price points and this the pressure that we see on the conventional side of the business
second weve increased our focus on highquality acceleration of our operated development options (multidiscipline->multidisciplined) project teams have been established for all material operated development options
but then weve been pretty open on these calls about the fact that (on->in) the payments business we were losing customers they were leaving jack henry and they were paying a deconversion fee sometimes to leave us because they werent happy with the platform and of course that has
so were so far away from the markets that it creates somewhat of a disadvantage in terms of supplying substrate so is it technically feasible yes is it
the larger projects we are winning now can support accelerating growth we are seeing more opportunities in other types of projects beyond our basic energyfocused retrofits (of->for) buildings
we will also refer to nongaap measures we request that you review the reconciliations to gaap statements provided with our earnings news release and todays slides which are posted on our website
so its kind of an anomaly if you try to look at the first quarter and the second quarter plate was unusually strong in the first quarter not and we pulled some out of the second quarter into the first (quarter is->quarters) pulling from the fourth quarter
i highlighted (it->that) at the end of june last year because it was up so significantly and i was frankly kind of shocked with how large the pipeline was getting and so here the sales team now after receiving a quota increase
and while we will still do some optimization i would say (midnext->through mid next) year it should be with nrcs that are lower than what we are realizing right now
fairly low and we also have (*->the) currency hedges on our capital in the china bank running through that line item in the income statement so
retaining customers around contract renewal time the intended consequence of that is it frees up our sales executives to just focus on selling
cash was higher due to effective working capital management we brought receivables down substantially using much of those proceeds to reduce payables we continue to invest in operating assets as well
we frankly think well utilize some of that incremental capacity as well so well get leverage benefits on margin as well as cost benefits as well as some increased shipments
its good to lock in strong (conditions->condition) strong market terms and (when->where) times are bad you dont want to lock in lousy (lease->leasing) rates and you (tend->cant turn) to keep the incremental lease (terms->term) short i think this is a good time and weve been behaving accordingly
its a good place for us to be as far as having a differentiated solution and being able to sell value as opposed to just trying to compete per widget with somebody whos out there with exactly the same thing
weve experienced 2 consecutive strong quarters and (we are->were) still cautiously optimistic that orders will continue to be strong during the balance of the year were watching this market closely
and if anything it would have a modest drag on results over the shorter and medium term as the business grows largely due to the rapid growth
to capitalize on the growing market opportunity and delivering value to our shareholders with that i will turn the call over to (kurt->kirt) thank you matt
however i should note that revenue for this product will be predominantly generated from the usage we (build->built) for the minutes that terminate to the telephone numbers (or->*) originate from the telephone numbers
but we had to do i would say compared to the prior quarters a lot more of a particular kind of traffic that requires a lot more handson activity and fixed
the one vonage platform includes a set of apis that enable phone number programmability with number programmability its easy to route calls
if creditors are ultimately treated unfairly we expect mas as well as other malaysian (statecontrolled->state controlled) enterprises wont be able to benefit from the same kind of implicit trust the financial community has placed in them for decades past
i would say a lot of that in the second quarter had to (deal->do) with the types of traffic that were taking on there was a significant portion of longdistance traffic which as you know is a very lowmargin business because there is
all in this line of revenue we do continue to have some headwinds from decreased implementation revenue due to the vast majority of our core installs are electing our outsourcing model
and in order book and the one caveat there is we dont know what they do with inventories through across the whole distribution channel so they can
the season pass results (*->of) this spring represent our strongest absolute and percentage growth ever in our spring selling season and (our->are a) strong indication of the compelling value of our season pass products
seeing lots of competition from fixed rate lenders as the as rates start to go up and weve had a good long run in the commercial real estate
in terms of the quantifying what might the risk be its really a function of 2 variables here the first variable is how steeply does that go up
that is above what we need in order to hold our revenues but again its going to take a little bit of time before these programs start phasing in typical lead time from the award
as a business i mean (we->*) i characterize it internally here we think were doing pretty well but were like the best hockey players in mexico and we want to get to the nhl here in terms of our cost management
this concludes todays call thank you for your participation you may now disconnect
yes i think craig the only thing id add there is that it makes sense for our projects because were able to couple it with a lot of other (energyconservation->energy conservation) measures so were able to make the economics work
as weve discussed many times in the past deconversion revenue is largely outside our control and very difficult to forecast but kevin will provide more detail regarding what we see on the horizon in his remarks
but the takeaway is that these will be largely transitional in nature (*->and) that while they will impact 2016 results we dont expect them to impact 2017 and forward in a similar fashion
but its primarily just shifting some stuff out a little bit that we do expect well be getting on later in the year
advancing these efforts position us to execute (and operate a->an operated) program in late 2019 or early 2020 we remain excited about the potential of our large acreage position
as we look to bring more operated capital into our 2019 budget we are working to accelerate additional identified recompletions and infill drilling locations
thank you kevin good morning everyone were pleased to report another quarter with record revenue and earnings as always id like to begin today by thanking our associates for all the hard work that went into producing those results
during the third and fourth quarter that do enhance other parts of our cost structure but (a->are) relatively low (arpm->arpa) minutes
we can generally translate that into a good impact not just on the top line but on the bottom line as well (but->so) i would say cargo is the best beneficiary of the volume growth
id like to point out that statements today which are not historical facts may be deemed forwardlooking statements actual results may differ materially from the estimates or expectations expressed in those statements
in connection with our annual fleet review and as part of our strategy to accelerate our exit from older freighters we decided to scrap our last 6 remaining 747 converted freighters when their current leases expire
(that->*) but i would say that we have done all the things we said we would do at the half year
of the settlement rate in the second half of the year and that was very welcome to us
and what we will see as well then is (*->we) so i dont know if i had a guess i guess what we would spend
great work by the legal and deal teams on both sides and incredible professionalism and courtesy shown from both governments
and on the margin profile are they very comparable from when you look at (ventev->ventiv) on the retail commercial or there is a differentiation
as our financial results and liquidity position improves as a result of anticipated increased onstream rates
not all of our brands are impacted equally relative to the speed at which were recovering supply
but we expect to overcome these headwinds with continued growth in specialty ingredients and good cost management
to both sustain a longterm dividend while continuing to reinvest in the growth of the business to achieve our strategic goals
that has 40 qualified bidders which is a much broader investor base than either of the past 2 years
on this team so i just dont want there to be a sense out there in the investment community or anywhere else
forwardlooking statements involve a number of risks and uncertainties and tesscos results may differ materially from those discussed today
we do have some noise in there from quartertoquarter always i think (the->that) fourth quarter is a little bit higher than the rest of the year
proving our commitment with profitable growth and the strength of our unique business model
particularly through investments aimed at growth in businesses where we can proactively leverage our strengths
this success we are experiencing in our public carrier market is evidence that we are beginning to win more business
which we need to think through while thinking about the future and finally just
underlying resource that is a tailwind for our business that you have not seen
the general outlook is very positive from an economic standpoint and from a commercial real estate
but what i will emphasize is that part of the synergy for cloud computing
in summary we delivered strong earnings per share and maintained profitability in a volatile environment
had any refinements in terms of your thinking on promotional programs as i recall about a year ago you had some very
increase but we are capturing a significant portion of that increase every time it happens
theres clearly much work to be done but i like the progress that has been made and look forward to the team driving toward continued traction
i will begin by providing a simple explanation of 3 external factors that we are facing
when we talk about volatility in the (communications->communication) space even outside of the top account
as part of the program tessco will also support verizons general contractors with similar programs
and also (implement->increment) our sales in (the->*) alarms and technology now that theres no any limitation to the import of those devices
in the government market sales were down double digits and gross profit was down single digits from a year ago
and we took you through how cash (is moving->has moved) around the group and how we allocate that capital we also said at that time
we grew with a number of clients in the technology retail health care and financial services industries in the quarter
traditional rates (were->are) probably moving up particularly with (the->*) electronic logs and (it is->its) hard to find drivers these days so
(*->yes) its going to be interesting to see what happens with the (rates->rate) but i guess we will get into an environment
at the same time in certain critical areas we have added talent from outside the organization that i think will help
that are flowing through their volume projections as we kind of have the season right up on us
an important action that we have taken during the quarter is that we have started to work with
we won business with more than 2 dozen clients including several important new logos
we are among the (highestranked->highestrank) providers with these clients and we remain focused on delivering carefully crafted solutions
for providers this means a higher revenue yield at a lower cost and improved days in ar
combining revenues from mobile advertising and subscriptions revenues
there are even cases where we are entrusted with their whole (businesses->business)
and so it is just a myriad of different things depending on the vertical market
so it would be slightly more exaggerated it would be more exaggerated in the (berkeley->berkley) point side of that equation
the balance of the increase was a result of higher fourth quarter advertising technology and donation expenses
the price of oil will always go up but it will go down this is whats going to happen but i think our underlying trend of results is really
it is a commitment that we make as an organization as a matter of fact the new mission that we created
thank you again for participating in todays conference call you may now disconnect
fortunately the benefits that we continue to realize from our (cost down->costdown) progress were able to offset the headwinds from this product
(if we->weve) got to launch the new products where we have product gaps as (weve->we) talked about in the past and get those into full launch that needs to happen
will deliver benefits to the company longer term and as a result of that if we get the lift
if we look back at the more than 60 years since mitsubishi corporation was founded
and thats the very thing that were concentrating on as a matter of fact (we->weve) defined (the->a) turnaround in this organization
theres work to be done in certain brands but we feel confident given where we already are
were looking at a possible new line in one of our other sites at the moment and having discussions internally
our engagement with our vendor partners and then the expense management piece if we do a good job
please turn to page 5 of the materials as i mentioned in the beginning
our corporate trust team had a strong quarter enjoying its best new business month ever in december
so my feeling is as were coming into a year from now those 3 things will be happening
theyve begun to implement a channel strategy that provides risk because theres change in the channel strategy that is needed
so while im not going to give you the precise (phasing->phase in) q3 to q4 i would just remind you to look back at revenue seasonality (of->and)
clearly ongoing uncertainty about brexit and the political instability that brings on is unhelpful
quite well we added a new tissue (and->*) paper machine last year and we have increased also our
im going to ask broadly speaking when do you think the carriers will see a pickup in their spending
increase was primarily the result of higher cost in our pulp business
and i guess is there anything thats falling out of this year
and also what is your view on potential additional hikes towards april for hardwood in asia
(of a->the) billion dollars in revenues and has profits that are wildly higher
from an economic standpoint we are seeing fairly healthy conditions across our existing footprint
that we sometimes use this in the competitive landscape this new (and->*) strong buying power that we have
not necessarily as fast as i would like but as fast as we reasonably can identify and recruit a (ballplayers->ball players)
our growth was also driven by solid performance from our (fenics->fedex) fully electronic business
theres not anything in particular thats driving (in->*) an accelerated amount of growth
all earnings per share metrics discussed in this call are on a diluted share basis for continuing operations
the difference in the value of agency servicing versus nonagency servicing is dramatic
thank you operator before we get started please note that some of the comments today that are not historical facts could be considered forwardlooking statements under federal securities laws and are based on certain assumptions and expectations of management
our summer guests will have the opportunity to enjoy a great lineup of activities for the whole family including ropes courses zip lines summer tubing and alpine coasters along with incredible opportunities for experiential learning in a (high alpine->highalpine) environment
you have a very good idea of what the traffic patterns are now so going forward we shouldnt see more of these changes in (the->*) as dramatic (a change->changes) in the mix as youve seen in the past and you start to see the benefits of some of the circuit (costs->cost) you spent
is that i mean you mentioned some of the drivers but i mean is a lot of this just the pipeline (and->of) work is good (*->that) the new products are good and i mean do you think were just in a period that might be a little better than normal over the next couple of years
(*->now) in accordance with our conditional approval from the european commission we are also preparing for the successful divestiture of certain assets of our crop protection business to fmc after the closing of the merger with dow
the first kitchen that we are building is in just outside of shanghai and that kitchen is in the process of being constructed now as i mentioned at the full year results 6 months ago
consistent with what we articulated over the last few quarters we remain confident in our belief that adjusted ebitda should increase with each successive quarter throughout the year which results in an upward slope throughout the year
work began in september and is expected to continue into 2019 in summary i am confident that continued success on our divestment program enhanced focus on operated (developments->development)
the first one (an->*) opportunity that we had originally expected to be a revenue opportunity is actually being realized as a (counter->contra) expense and was implemented a couple of months later than originally anticipated
the alibaba ecommerce volumes going through (*->going through) singapore via that relationship with singpost we are delighted to hear that amazon is going to do more in singapore going forward
another large project that we can now discuss is the new york city housing authority or nycha on april 6 (nycha->nichel) announced the commencement of work (of the->*) on the first phase of their energy performance contract
maybe looking at partnerships and building that ecosystem out more so than you (wouldve->would have) thought a year ago or 18 months ago or do you feel like anything your customers are looking for if you cant find a way to acquire it (youve->you) got the bandwidth and the resources to develop it internally
the investments that you made including the hiring in the fourth quarter (and->as) we look at the macro backdrop it feels better today than a year ago im just wondering in terms of when we look at your 10 loan growth guidance is it
most of our wins are going to come in that area because there arent a whole lot of mechanical system being sourced anymore and every win is essentially a confirmation of our capabilities to do that
our revenue range needs to be adjusted for this new classification determination for the second factor there are some larger customer opportunities in the pipeline that have been slightly delayed from an expected ramp date
as scott mentioned ill go over our financial results in more detail and discuss our current hedging activities (i will->ill) also walk through our upcoming credit facility redetermination and provide updated guidance for the remainder of the year
(*->yes) jeff its nick i think you have to look at the change we made in the pension plan last quarter and the impact that had on the overall pension cost is a big part of that
sure and final question for me can you talk about the financial health of your airline customers and how many airlines do you have currently in your watch list and how many airplanes could be at risk within that watch list
in terms of how you model this i would suggest to you that you should just look at the historic mediumterm growth (rates->rate) and expect that the airport volumes grow at about that level going forward
that cadence what also affects that ramp rate is the number of different services that we offer so right now were offering about 5 to 6 unique types of services and we have programs in the pipeline that are coming so each one of those
we are currently in bid negotiations with counterparties as part of our portfolio cleanup we also have several smaller deals located within the permian basin that are currently being or soon to be marketed on (energynet the->energy net)
now let me quickly turn to an update on our outlook for 2018 we have revised our fourth quarter guidance for 2018 to incorporate the changes in drilling programs from our partners and other expected performance
with first production expected early in the second quarter of 2019 also in the arkoma basin we continue to work on deepening our technical understanding of the basin geology and maturing our drilling inventory
maybe flagging anything in the contract on the other side right so im you lived through a number of years ago where the obama administration snuck in some language about recompeting contracts
very keenly focused on exactly what the design is and how that project (will->would) ultimately benefit the community we there are a number of areas that (we would->wed) like to see benefits come we want to make sure the project helps with transit
i am pleased with the momentum in our business and our strategic transformation underway focused on our growth forward plan our second quarter results demonstrate the consistency of our performance and our improved competitive positioning
our first quarter results show that we are delivering on our first priority and we are off to a solid start in the first half of the year which is driven by the northern hemisphere and the brazilian (safrinha->saphrinha) planting seasons
if we keep growing like this and we continue to outperform most of our peers and its really hard to justify that we wanted to get distracted and then go (*->in) and (then->*) buy somebody and (*->then) take care of somebody (elses->else) problem
production is more than 7 million cubic feet equivalent per day and the sales will include developed and undeveloped acreage the first package is expected to contain our developed and undeveloped (interests->interest) in dewey county oklahoma
we believe we will be highly competitive in similar bids our strength in integrating complex technologies enables us to handle the sophisticated networking software
streamlining that can be done the bad news is that we still think theres a lot of price pressure in the market so i think it would be optimistic to forecast further margin improvement
as a company we believe hedges are an important instrument to decreasing volatility in cash (flows->flow) but should be entered into ratably over time for a percentage of pdp that you (were->are) not timing the market
our losses at mas consist of future rentals as well as compensation for maintenance value consumed during the term of the contract which was to be due at lease expiry well be pursuing remedies for this but would say that the approach taken here is disappointing
(*->this) is the third consecutive quarter of adjusted ebitda growth since the third quarter of 2015 which was the first quarter during which we initiated the onramping of significant new amounts of traffic
of note some of these savings were temporarily offset by expected inefficiencies as the final volumes from that plant were transitioned to other sites
(*->and) obviously when youre thinking about how much of your (expandable->expendable) income youre going to spend on ce we are quite thoughtful about that share of wallet question particularly over the holidays when people often go in with a budget and
looking statements 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
weve certainly taken advantage of this in building our business and (will->well) continue to allocate large amounts of capital to our business going forward
maybe this holiday season at some point at your investor day can you talk about how that went i know you have a commercial out there but did you pull back on marketing spend because theres just been so much demand and you didnt want to
we still see growth in the traditional trade and so part of our investment (en route to market->in routetomarket) in areas like brazil or india as we or even china as we think about getting outside the main cities
and all the while the backend data will be far richer qualitatively similar to the archive of televised sporting events as compared to the newspaper accounts that predated televised (recordings->recording)
and significant return of capital to our shareholders through share repurchases and dividends with that as context lets review the highlights of the second quarter
weve made good hires in building our internal leasing capability as well and have increased the velocity of leasing since we started migrating the leasing function inhouse in the first quarter
for 2016 on january 31 dan was hit by a vehicle while he was cycling and following the accident he was hospitalized for an extended period of time
lower opec production supply outages and lack of weather delays prevented the spot market from stepping up to seasonally expected winter trading freight levels
(*->and) has been impacted by increasing overcapacity of rtl as multiple regional players have built excess production capabilities for internal (chinese->china) demand
of an interest rate decline as we expect to benefit from increased recapture income and correspondent productionrelated earnings in subsequent periods
they havent disappointed us it has taken every bit as long as they told us it would but tom makes a very good point and thats what i was alluding to about
we took the decision to (write down->writedown) in full the value of the deferred consideration associated with the allied sale given our reduced expectations of recovery
problems that (they are->theyre) having at the moment whether youre still confident in the underlying rate of growth (*->and) perhaps also tell us a little bit about how youre seeing the underlying growth rate in russia
and our communities including organizing the delivery of (muchneeded->much needed) supplies to our associates in puerto rico where we have 3 stores and a distribution center within a few days of the devastation
preparing on the far western end of the property and it looks absolutely spectacular i think were in a good position for continued sales there the balance of this year
these estimates and statements speak only as of the date on which they are made are not guarantees of future performance and involve certain risks uncertainties and assumptions that are difficult to predict
(theres->theyre) still a relatively small part of the total bookings so what do you need to do on your end to make sure that international bookings become a much larger percentage of the total bookings
primarily because there are a number of possibilities that are much further advanced and (that->*) those prospects have not gone away and
this will enable us to build a growth forecast based on actual quarterly results rather than on assumptions about (lease up->leaseup) rental rates
after a period of time that just needs to come back to roost and so we think that trend should continue relatively smoothly over the coming year and hopefully for several years to come
these 2 strategic investments will highly differentiate our offering in a way that no one else can deliver and can create a highly defensible platform that will continue to pull further ahead of our competition
the big margin changes that weve seen at the peers with some announcement for bigger margin expectations having just gotten rolled out so its incredibly topical
and there are early signs of success from our (investment->investments) in motor and home broking we are delivering new customers lets be clear its only 2 months in
anticipated nonrecurring condo marketing expenses and condo profits in the year and two the financial impact of any acquisitions completed in the year
maybe this is something for tom to jump in with but could you give some color on sort of the velocity of deal flow from the tech users theres a lot of press on
tend not to want to push the back end of the cycle and get overexposed and so we made the decision not to go forward with any more condos in the cycle
were taking actions to close selected price gaps but we expect the market to remain challenging in terms of both revenue and margins at least through the second half
i have to say i was at (kukuila->kukuiula) last week and saw the latest construction progress both in vertical construction on homes and the development of some new lots that were
where our nearterm share positions were negatively impacted by aggressive competitive trade promotions brian will discuss market share in more detail in a moment
the only information not captured are the perceptions of the individual officer which frankly can be more easily dictated to the video after the incident than being (painstakingly typed->pains takingly tight) on a keyboard
going on to the next slide id like to speak a little bit about the agreement that we made in july with nakilat (of->or) qatar
the sophistication of our analytics and the extensive experience of our team which spans over 12 years has allowed us to effectively manage credit quality through product launches
ready to give up the ghost and conclude that we could never achieve critical mass there so i think its activity driven more than anything else
streamlined modification programs are beneficial because they eliminate income documentation requirements and move borrowers directly into a trial modification after (their->the) first payment is made
as you might imagine ive been (drinking->tricking) from a fire hose over the past 3 weeks nevertheless (i have->ive) been able to focus on a few strategically important things that id like to give you some thoughts on
driving strong nearterm margin performance providing fuel for investment and positioning us to sustainably deliver top and bottom line growth
and then you also have favorable shipping rates that are really a combination of oil prices and the availability of ships
and so if im (robin->robbin) and im looking at my (marketing->markting) budget (and->were) trying to work out the best place to decide where to invest its done on an ongoing basis looking at both of those as an opportunity area (its->*)
also please note that the slides of the webcast presentation are (user controlled->usercontrolled) and that means that by clicking on the proper button you can move to the next or to the previous slide on your own
we are notably using this approach to more effectively address customer needs in areas where we have significant growth (potential particularly->potentially) appliances and mobile phones
these statements by their nature are subject to risks and uncertainties that may cause actual events or results to differ materially
we believe our consistent financial results (year after->yearafter) year reflect the value of this customer focus and the strength of our business model
(is->*) one of the most if not the most significant announcement that weve made because it talks to the modern engineering capabilities of the company that is
unfortunately this could take well over a year to proceed however were confident that we are well represented and we will update our shareholders when there is news to share
the impact of the acquisitions resulted in a negative 60 basis points mainly due to the purchase price allocation effect
before we begin the questionandanswer session id like to thank john (call->paul) for his leadership and the numerous contributions (he has->hes) made over more than 2 decades at ross
as long as we remain focused on the careful execution of our proven offprice strategies we believe we can continue to deliver solid growth in both sales and earnings
what we really need to underline here is that we are going to invest in acquisitions when they make financial sense for us
project activity remains robust in many parts of the country and we will continue to sharpen our competitive advantage to win more market share in our print services
we continue our investment and i would say that our very strong investment discipline that we had in the few (the->*) last few years
(stefan->stephan) will present (beiersdorfs newest->by arstorvs new) strategy program which you probably have already seen from the release that we made last night
exceedingly mindful of the risk management side of that equation and so part of that is hiring the right people and making sure that they
when a customer goes from maintenance to subscription i wonder if you could provide just any color (*->of) kind of what that uplift looks like across the installed base and just
(ive->have) come to realize and weve come to realize as (beiersdorf->beiersv) as a group that our potential to capture opportunities and growth outside of our core territory
and have them go through the sales cycle and grab the business so that work is ongoing but we see time on our side to make it better faster stronger
working on at the moment because were bringing our teams together globally to share knowledge share experience share expertise
(*->thanks) tom so on the revenue front from a seasonality perspective well have to keep an eye on that we obviously havent guided to any quarterly numbers or
moving then to slide 8 and our rest of the world segment sales were essentially flat with the prior year as higher average selling prices
to invest the time in promoting someones molecule only to have it undercut by someone else or its difficult to have the degree of
we did have elevated nrcs they were higher than we expected but really the point i want to make here they should be transitional in nature
im pleased to say that our first quarter financial performance was a solid start to the year and positions us well to achieve our full year 2016 guidance
organic growth and to fund that organic growth and so sitting here today we think we continue to have very significant opportunities and so
so this timing event of tenders of the larger operators in china does not affect us so much in terms of volume developments in china itself
whenever companies label a region as they will generate profits and they will generate growth or a category they will generate
to work at the organization to ensure their operational excellence to ensure that we have a scalable infrastructure
or is it much more about the opportunity there is bigger than we realize and therefore rather than just waste it lets go and get it so that would be my first question
we have a tremendous opportunity to create value for all of our stakeholders and we intend with full force to make the most of (it->*)
i think the opportunity is big and as we continue to drive integration and continue to move customers to our cloud
please note that our comments today contain forwardlooking statements subject to the risks and uncertainties that could cause actual results to differ materially from those projected
turn out right in terms of your financial outlook it would mean that your financial ratios are that strong that you have more firepower to make bigger acquisitions
and then separately you mentioned the midwest and southeast as the (bestperforming->best performing) regions i was wondering if youre seeing any sort of benefit
as a reminder we increased our national minimum wage in the second quarter of last year so we have to round that in the first and a little bit of the second quarter
as we discussed on our last call we did not anticipate a catchup effect to emerge in those areas affected by weather events in the third quarter
so i do expect well see some rather stable or higher (cap->capped) software amounts this year and going into next i do think that will flatten out
this trend is already very visible in the success of small disruptive brands that address specific target groups specific demand
helping our cloud customers become successful with our solutions and in the long run its about sort of expanding our presence with the base and
we brought on a whole new quality team and initiative and so were improving the quality of our code which means we can spend less time on bugs and more (times->time) on innovation
and accelerating in the second half of the year to near doubledigit growth by yearend as our initiatives continue to take hold
i think the 11 years is maybe an exceptional long period to drive something which is very impactful but that is certainly one that we will have to continue to do
and report on this statistic it will provide meaningful insight into the overall growth of the product and provide (a->an) indicator of expected future revenue growth
we are seeing more traction in the use of our smart color services and more project color printing in the form of red (lines->line) and change tracking
that has been increasingly competitive with new segments and small brands in western europe the pricing environment remained challenging
we have the capabilities and the means to deliver sustainable value for all stakeholders
with the rising rate environment (were->we are) now benefiting from these actions and investments in the form of a stable commercial deposit base
history shows that secular changes of this nature can often (cripple->triple) companies who dont undertake bold measures to (condemn->contend) with them
the exposure that we have are very small in addition to that and the type of lending that we do in the clean energy area is dramatically different than
in a couple of areas right one is to figure out how much of the benefit for banks of the tax reform act
value customer with a strong market basket we bring innovation to the category and our retailers understand this we have good working relationships with them and
the people we put in place so there was some degree of churn there when we looked at people with the right skills to go into the right slots
this covers (a->the) population of an extra 800 million that we will have to build up stepbystep following the key success factors of india
and hang on to the business that we have and they also dont want to see antagonistic relationships where we have multiple suppliers of the same product that have to compete through our (channels->channel) so
(*->thanks sherri) our last question is will we be providing guidance for fiscal year 18 revenue and profitability guidance is a difficult challenge especially when youre pursuing significant opportunities with new customers
at that point because its too early in the year or should is it very realistic that we could actually see loan growth exceeding 2017 levels given where we are in the economy and maybe some (tailwinds->tailwind) from the tax reform
(yes ben->vin) so that would be i think 2 places we still have license largely will be (crmdriven->crm driven) we do still sell a handful of new modules or user licenses back to the existing base
weve continued to take steps toward better sales force execution we implemented new controls and processes to drive accountability and rigor within our sales management and reset expectations for profitability
we have analyzed all opportunities and relevant costs and have prioritized the (investments->investment) based on our capabilities the size of the price as well as the expected returns in growth and margin
completely we are just (an integral->they are) part of a system of equipment and flow of activities and all these interfaces have to be managed have requirements (*->then) on the design of the machinery which we supply
because of capacity constraints we are serving our customers in a very good way so no complaints from our customers we are not losing orders but we have (a->*) very good order book and we could have made more
given the unprecedented levels of bandwidth required to connect everything from toasters to dishwashers to factories fiber and more (importantly->pertinently) fiber management and pathway solutions will be the key enabler for a more connected future
where we both developed in the mass and the derma or the therapeutic market its (as->*) such an interesting market that creates value and where we are strengthening our competitive situation
and we believe that as this is a major challenge for us that we need to accelerate and invest more in order to be able to increase our abilities
now with that i would like to turn the presentation back over to cheri for her insights into our operations for the fiscal quarter and yeartodate as well as our outlook and strategic initiatives for the remainder of fiscal 2017 and beyond cheri
but we feel good about where we are we are a critical supplier partner with the large insulin manufacturers we also have connectivity to other firms that are looking at this space from a device perspective so
yes jason the current environment is certainly one that has an elevated level of competitive activity and (now->*) this began really back last summer (in the->*) beginning of last summer and weve seen it through the
so the ambition is not any different in europe as in the emerging markets the contribution of the growth will be different obviously but the ambition to outperform and the ability to outperform is exactly the same
element of our overall business thats the part that we have to get right i mean were pretty darn look were never fully satisfied thats just not the nature of the management team here but were pleased with whats going on in europe were pleased with whats going on in canada
please refer to our most recent form 10k and sec filings for more information on those risks we believe that a combination of both gaap and nongaap measures are more representative of how we internally measure our business
that is almost a full logistic operation thats a whole different model than making cable in large volume and send it to europe this kind of project element thats the business which we do where other components come in
so we will not be having too much exposure to that so we focus more on the european business we will expect further growth only after we get the new capacities to come up to steam
we transitioned away from a regionally focused operation to a globally managed network expanding capacity and significantly reducing delivery lead times of critical highvalue products
i think the only place mark i would say we have a little bit of nuance there is it would be in generality the addition of smart tuition would cause a bit of abnormality there so smart has a
but what they might not be getting is future repeat purchases so they kind of come and go because if you look at your friends in paris or other places around the world actually its their biggest brands which are doing really well
yes i just wanted to follow up on ladies apparel just to maybe get a better assessment around what you thought the impact to the comp was in the fourth quarter and (*->then) i know that that
we are pleased with the overall progress were seeing in the business as a whole especially at the national carrier level in a moment ill demonstrate the traction were gaining in our key growth markets which has been masked by temporary subpar performance in other markets
we expect strong store additions for the full year including a total of 27 to 32 newly constructed company stores we are raising our franchise store growth expectations based on the strong start to the year
and although the decision to leave after 10 years the dynamic (world->growth) of the emerging growth markets has been an emotional one (im->and) very excited to have joined the headquarters to take the helm of the company
the system has an experienced franchise owner base and is performing well the acquisition also represents new valvoline product sales we look forward to working with these new franchisees to help them grow within the valvoline system
we believe that we can improve the efficiency and effectiveness of our branches and warehouses at the same time were looking to increase the flexibility and competitiveness of our inbound and outbound logistics
we have (in->*) i admit im personally proud of what we achieved in india as (this is->was) one of our key objectives why when i joined beiersdorf india became one of our most successful countries in the last couple of years
if you look at the current portfolio (youll->you) notice that half of our skincare business is generated in europe which (was->will) only have a limited contribution as a market in the future market growth
let me now address our outlook for 2017 and the second quarter on slide 11 we are making good progress against our commercial greatness and operational excellence initiatives
the fact that we have high and increasing order intake with the top 5 tire manufacturers also means that as we get more market share with them we end up in more locations where they have the facilities and
its important to keep in mind that while clearfield has established significant market share in the tier 3 markets during the first stage of our growth the market opportunity in front of us as we enter stage 2 dwarfs the success we have delivered to date
all of these direct educational efforts through our commercial and medical teams and in partnership with outside stakeholder groups are starting to bear fruit as we are seeing increased recognition and diagnosis of td occur in the marketplace
while the timing will impact our cash flow in any given quarter we feel very good about the longterm cash flow trajectory for the company
as we think about next year and given the full year guidance and then the guidance for the first quarter can you just talk about how you see that trending throughout the year
i think were going to have some opportunity because of the proximity of our base plant to do some other things as well in terms of
and how much (do->should) they just try to buy business if we get a runup in metal prices so its really difficult to say over the long term
this resulted in loe coming in above our guidance range going forward into the fourth quarter we expect lease operating expense
yes so for sure the comment is more about the overall risk in the environment and not about our risks to
our trentwood facility continues to increase efficiency and throughput from investments in the phase 5 expansion and (the->a) new casting complex
before we move on to review our review of the end markets id like to provide a brief update on our stromag acquisition
rather we deliver communication solutions that help businesses improve (visual->digital) engagement with their customers
(you know->*) i think weve got a lot of flexibility on timing (in->and) what we do here so we really just wanted to kind of lay out the facts that we have (*->the)
able to be (opened->open) digitally so increasingly digital will be a driver but we will get back to you with the (mixes->midd)
so were exploring what those opportunities are and we believe that this will continue to be a significant growth opportunity
if i understand correctly youre saying what are the efforts in terms of marketing to the broader developer population
can you give us some sense around how much maintenance you had in the second half of last year or maybe how much (you->youre) incurred in first half of this year
and customer experience relies on the quality of interaction between a business customers and its employees
our realized oil prices were also impacted by regional basis differentials with the acceleration of industry activity in the permian basin
so as we go forward and i think weve said this on a few calls in the past we expect well see degradation in that valueadded revenue per pound or the mix
yes so ill take the first part of that david i think what we were saying was that in order to fund the remainder of what we have right now
and those have been reasonably strong although not (highgrowth->high growth) areas but reasonably strong just like all of our general industrial has been here in the first half
(what->*) you get into the accounting gymnastics of revenue recognition what gets recognized at the end of the year and what gets pushed into (*->the)
continuing to pursue efforts to divest certain oil and natural gas properties and investigating potential refinancing alternatives
and its been very impressive to see its growth its a global company its not just a spanish company it has facilities on a global basis
any thoughts in terms of how much higher it could possibly go or at least stay at these elevated levels
on the infrastructure side and weve also been quoting some mass transit work but it just hasnt materialized like oil and gas and ag and mining (that->*) have come back nicely
start to contemplate a bigger expansion at trentwood and hypothetically if someone approached you to provide substrate into
and we can see it its just been a matter of delivering and were confident that theres more there were nowhere near our full potential
the improvements reflect a favorable shift in product mix as the current year automotive shipments include new programs for chassis and structural applications
but again a good place to look i think people if you go back and look and we put 10 years worth of information in our investor presentation
engineering and development increased 76 for the full year due to the same factors
this speaks to the power of our common scaled network infrastructure that serves both the consumer and business segments
but in the future (laypeople->lay people) will configure without the need for software (coding->coating) skills
specifically as it relates to volatile basis differentials and hedge losses that have capped upside participation in the oil curve
we are increasingly positive about the potential of this area to deliver incremental oil production into our portfolio
we are currently in the process of our fall borrowing base redetermination and will update everyone when that has been completed
for a summary of specific risk factors that could cause results to differ materially from those expressed in the forwardlooking statements
at least to see shorter time to revenue (as->because) our ability to deploy and successfully install that (would->will) materially improve
and i think were going to have a lot of (fun->thumb) with that business (yes->*) the only thing id add jeff is that we will be disciplined i mean i think
so we are not at all distressed by changes in mix or what planes they build we just (want them->wanted) to build planes that use aluminum
and that will mostly be a function of whats the capacity utilization look like in the industry who has slack capacity
even while (*->even while) we do that the people that we hire were going to pay them more because (theyre going->they got) to be more skilled theyre going to be using technology
and so theres not a tremendous amount of activity from the senior management team still to make that happen
we completed the move of the fourth and final stromag manufacturing operation out of the sellers facility on schedule
weve been growing our technology spend and in particular weve been growing the portion of it that is invested in changing the bank and that runs the gamut
where do you expect this to be reflected my understanding would be in better margins because youre just becoming more efficient and therefore lowering cost (its->is) not something thats really going to drive up
pay progressive and sustainable dividends going forward and we feel that were in a position to increase our interim dividend
some opportunities to grow via debottlenecking and i was just wondering if maybe you could elaborate a little bit more specifically on what you
at the conclusion of the companys presentation we will open the call for questions i would now like to turn the call over to jack hockema jack
if you will as we go forward because were bringing in from a growth standpoint some lower valueadded products still attractive products but
as a result of many factors that may be outside the companys control including but not limited to changes in the business environment
help the passengers to use it for those who are using for the first time and thats bearing fruit so (we->weve) got (the->a) high percentage of passengers using it
it basically is generic and applies to all of the airframes there are exceptions to that in terms of our plate
although somewhat lower than q1 we are now leveraging that healthier demand environment with a lower cost structure
we think were on a trajectory of performance unless we have some unanticipated hiccups here where were going to continue to sustain or
our opportunity has never been greater and i look forward to sharing our progress with you in the future
that we could not issue any more stock and stay within our stated comfort range for our debt metrics
(*->im) comfortable we did a strategic study that we talked about a couple of years ago which gave us a range of
this rapid adoption of vonage business cloud is the result of significant investments in functionality
reflecting the actions we took to maximize value and the enhanced visibility we have on this segment
were in the early innings of our transformation and theres still much work ahead of us before we see consistent doubledigit profitability growth
now a large factor in attaining this level of revenue contribution from our international (operations->operation) this early reflects industry pricing
then also maybe comment on some of the contracts that are coming this year are you seeing some relief in the (rates->rate) versus this time last year
because we have had a number of years of deterioration and this really is the best indicator of quality of growth
we take care of peoples (skin->kid) this is why we exist and this singlemindedness is a real competitive advantage
we believe we have the elements in place to execute our strategy our priority is therefore on execution and our objective is to perform to our potential
and we want need and will participate here as we are convinced also to be able to contribute to the consumer interested in these elements
okay first of all the ladies apparel business got (off->of) course because we didnt have the right balance of our assortments in certain categories
good afternoon i will start by commenting on the quarters results and then report on progress on some of the themes we laid out at the investor day
we have the right plan in place and were successfully executing against our plan with the utmost urgency
and increased our focus on operational efficiencies which has allowed us to better address the demand of our worldwide customer base
so allison its steve i want to just give a little bit of i want to put this in context here and then (id->ill) like david and (carl->karl) to weigh in on it so
with these initiatives we will be able to strengthen our position in delivering abovemarket growth while enhancing the quality of this growth
meeting with kols and continuing to educate there that is going to be the theme that youve heard from me that (will->well) just continue on and on
and were in the second or third inning of the introduction of these products so we see a lot more growth potential
the volume decline in part can be attributed to a temporary shortage of solvents in the marketplace which has subsequently been alleviated
good morning ladies and gentlemen i admit to sit here (as->*) ceo of the company (is->hes) a very different experience
much of our volume decline was expected as we implemented margin enhancement actions and pruned some unprofitable business
we will also continue to manage both overheads and capital deployment aggressively to ensure that every dollar being spent is done for the right reason and to drive the best outcome
but they grew in mobility and (seating->seatings) which is where we ultimately want to see (it->them) grow and i guess the other thing id just throw out there is that if i look at the operating margin
lets move now to our first quarter guidance given the recent underperformance in ladies apparel a business that becomes more important
we already have installed capacity above 3 million tons of heavy (plates->plate) this is a market that
we are encouraged and motivated by our early progress and while we have clearly defined the changes we need to make there normally are some bumps along the way
and from a margin point of view i cannot quantify (it->*) but i know that the positive impact is already being seen
i think the (rekinect->reconnect) study is an extremely important study and that is going to just continue to add information over time
its we understand that these patients on average take their underlying (medications->medication) 50 to 60 of the time to begin with
before i give you more details on the plan itself id like to give the word to (dessi->dessie) who will guide you through the financials thank you (stefan->stephan)
an addon today it is a central consideration so we are having conversations at a level of the company where theyre looking for transformative effects
(my colleague jesper->que yester) and i will now report on our companys performance in the last 9 months we will also give you an outlook for the coming months
you (pose->post) 2 questions the one would be working capital and what would be the level of working capital
in the consumer segment despite that we also continue to see fx headwinds as a few examples of the efficiency program
and i think as we disclosed a lot of companies have added capacity or are in the process of adding capacity and that gradually comes up steam
with that high level and distribution of business during the year receivables are substantially higher in absolute amounts than what we can see at the end of the year
since i came to hamburg now 6 months ago i visited all regions and major markets that i was not directly responsible for in the past
with emerging opportunities to include new technology classes such as augmented reality autonomy and blockchain and (these->lease) solution sets
if we confirm the growth of the brazilian economy we will discuss the investment in a new line of galvanized
the versatility the adaptability to call outside the boundaries of just procurement and call through the organization and sell our value prop
supply and working with them and collaborating with them so i think much more about changing the conversation this is not an adversarial conversation
so the strategy doesnt change as a result that the nonverticals are also growing nicely that doesnt put any difference
(or->*) office facility who is in need of certain intercom systems and is looking for (a->*) certain functionality which can be found in that particular new release
and the other 3 reporting segments each posting about 10 organic growth in short all reporting segments (in->and) all major geographies continued to perform
can you guys tell me what 2017 adjusted ebitda was on a pro forma basis had you had those acquisitions in there since the beginning of the year
very warm welcome here in the experience center in amsterdam for the presentation of our first half year results (and->*) also (a->*) very special
as expected we had a seasonal outflow of cash for working capital in the quarter in advance of our seasonally strong second and third quarters
so i look forward to meeting you all in boston and new york over the coming weeks and i thank you very much for your attention take care
now its all upside im expecting a couple of quarters of relatively flatness or maybe moderate growth but this isnt off to the
and based on that one id like you to take the following home we are faced with challenges
were instilling discipline (on->in) our approach to doing business making sure we are (wellprepared->well prepared) understand our customers and anticipate their needs
in the last couple of quarters delivery times have been pretty long and you see there a little bit of shift of
target greater asset productivity and develop more efficient relationships with our external providers
this will improve our value to our customers by providing deeper industry expertise and market insights to address their needs
for these reasons we believe the future looks bright and we will continue to deliver (a->*) longterm value for our customers and shareholders
and small companies that might be acquirable i think thats actually a more relevant model for agriculture than for construction
and you (go you->*) will have (these->this) stop and (starts->start) going on so its all very confusing (is->its) what im trying to come to get on and im not (sure->*)
i think that there was a significant winter (event->*) in q1 that impacted our industrial businesses
liquidation and paydown activity on distressed loans (continued->continue) to generate significant positive cash flows
(*->been) basically weve won these just by going in and showing the performance of the battery
and with (the->*) combined success of debt reduction and improved operational performance were now even better positioned to advance our project pipeline
including their size and potential for growth and our competitive position in our target markets
do a profit improvement program within grace im very confident that we (*->can we) have access to the capital necessary to do that
these increases were partially offset by the flowthrough of cost (reductions->reduction) the 40 basis point rate decrease was driven by sales leverage
we talked about the changes to the organization because of the unfortunate situation with john (*->and)
sense of what sort of capability weve built some of the technologies that weve got in there and what were looking to do
we have shared our concerns about the longterm market dynamics in the chinese recon market periodically on our earnings call
theres only so much that customers will spend during the quarter and if one category or one type of product
under contract under binding contract and i was just wondering if you could give us any visibility on
elevated origination volumes and margins for the mortgage industry while interest rates have fallen
and as a result is expanding school access and reinforcing the unique value proposition of the horace mann brand
north carolina represents our largest share of insured losses from this event with additional losses in south carolina and georgia
the large increase in production volume reflects a larger mortgage origination market driven by lower mortgage rates during the quarter
as the increased yearoveryear shipment levels and backlog numbers (increased->increase) it is obvious that conditions have improved in some of our product end markets
as i mentioned last quarter we are comfortable at this relative level of operating expense given our current portfolio of businesses
mainly supported by the strong performance of our core russian market where we continue to enjoy an improving pricing environment
okay and would you place those orders at this point in the cycle speculatively or would you still stick to having a project tied to it
before i talk about our third quarter results versus last year i would like to talk about them versus the expectations we shared with you last quarter
im excited about the tremendous progress weve made toward that goal and we continue to pull levers that add value to the portfolio
but should not be considered superior to as a substitute for and should be read in conjunction with the gaap financial measures for the period
going forward we see continued opportunity in examining how customers use the various channels in their shopping (journey->journeys)
its just that going into the third quarter we were expecting such a pickup and im just trying to think if there had been
when we have aggregated a sufficiently large population and if we believe market conditions are favorable
these capabilities allow us to generate attractive investments on a repeatable basis over time
as well as our investor day presentation and webcast along with other important information about garrett
however our focus on generating liquidity this year has impacted overall profitability
(in->and) which we are doing to drive total shareholder return for a broader investor base so much much more to come here
weve noted strong sales activity at the project over the last few months with 21 new bound contracts received since march
both actions will comfortably allow us to accommodate the special distribution using our revolving credit facility
you just cant have everyone (overbuilding->over building) at once so i am hopeful that this one will be
were making good progress and we are confident that our captive distribution force leadership position in the educator space
part of a tax extenders package similar to the way it was done last year and
while i will defer to paul to cover the numbers later in the call our commercial real estate segment had an excellent quarter
we are very committed to our business model of only having franchises
utilizing our unique approach to help educators find additional funds that can be redeployed to retirement savings
we also saw less pressure from higher polypropylene resin costs in the fourth quarter compared to the prior year
this slide illustrates how the crt transactions are carried on the balance sheet and flow through the income statement
one of the things thats been most exciting about smart home and that supports much of what hubert said is that within the category
but if (we->you) look at the performance in this quarter the comp performance within that category was the lowest of any category (*->on)
turning to an update on the projects starting in pakistan
and the underlying business its not that we particularly see a lot of risk i think were trying to be thoughtful about the puts and takes across the business
we have deposited cash into the spvs and it is recorded as a separate line item on our balance sheet
this resulted in significant softness in sales of existing mobile phone models in october as customers delayed their purchases
we have met with numerous potential buyers and have developed a (shortlist->short list) of bidders for all or part of the business
we will continue cost reduction initiatives around the world including flattening of our organizational structure
first given the transition the company is making it is important that we maintain a lowrisk approach to the balance sheet
and while we expect the venture to contribute modestly to earnings the tempered outlook now warrants the accounting impairment
seeing an impact from the strong dollar as well as some slowing domestic demand so can you just compare and contrast your overarching
the hawaii economy continues to perform well providing a supportive backdrop for our operations
unless stated otherwise financial and operational metric comparisons are to the prior year period and relate to continuing operations
where you stand in that process have those been moving forward are they kind of stuck in (the->a) slow testing and validation
if im buying out the phone versus taking an installment plan is the revenue any different to you
growth in the middle east continues to be a key focus as we seek to expand our presence in the region
our newly opened mexico city office and mexican trading entities
our indirect labor expense ran high due to challenges involved with the offspec steel we initially tried to process
and thats really what i was referencing is that inside the packaging industry theres a lot of change going on from consolidation
those have been consistently kind of going down over the past several years so that business always fights erosion domestically
our revenue is not yet where we want it to be and our liquidity has been tighter than we (had->*) anticipated
certainly its been very fragmented so for us to look at expanding our content
over the next few years so i dont expect to have to put capital into the trs businesses
which are not only supporting retail tenant performance but also performance of our industrial tenants
tires those are the old manufacturing industries that we dont have that much exposure on lets talk about solar
our print and technology sales teams are building a strong pipeline of opportunities and we hope to convert them in the coming quarters
prioritize and allocate resources to the most attractive highgrowth markets and further differentiate our brand
volume growth was slightly constrained by ethylene sales as we prepare for the turnaround of the cracker in the second quarter
and its one of the things that really attracted this particular customer to that solution so we expect certainly large banks and credit unions to adopt this but we also expect
today we will review our q1 financial and operational results provide commentary on our performance in the context of our 5point growth strategy
this growth has come primarily at the expense of midtier brands but more recently premium brands have also experienced some negative impacts
pretty much as large as (nivea->nive) clearly its across more categories but its clearly showing that you can deliver very strong
do you know what the reasons are for discontinuation the top 1 or 2 and are they switching to other therapies
good morning my name is emily and i will be your conference operator today
(what->*) you would describe the defensive part as much (is->as) in my opinion the urgency to really generate and accelerate these white spots
this new structure largely replicates the structure that was put in place in europe last year and is highly customerfocused
(of->*) price increases and we work with our customers on what share of that were willing to (*->were willing to) share with them but were on top of
we are the only large value investor in the space and the only major permanently capitalized company that retains a flexible and countercyclical approach to investing
so first off we won that contract many months ago right my point was that they went live in this quarter so we signed that deal many months ago
in the last house and were moving a little faster here so it doesnt bother me at all where our volume is in fact if our volume grows too much without (*->a)
oil is up a lot from where it was in the first quarter of 16 and prices for most polymers have been moving up over the past year
and effectiveness of smart pricing to enable to really capture also the marginenhancing areas
volume declines in the quarter were driven by our commercial realignment and profitability initiatives as well as soft demand
i would not say too much but still so much that we have to do additional testing which needs a lot of additional shop floor space
perhaps you remember that we had a program last year to focus on stopping some of the activities
we have a truly exciting and unique opportunity here at univar to grow the profitability and the size of our company as you know
okay so the expectation we had in the first place was of something that was underwritten on the current fuel environment as we see it
yes well first of all i think its (a it->*) would not be a correct characterization to say that the bulk of our investment is technology i mean theres certainly
(were->we are) investing in digital tools that will accelerate growth through more ecommerce and lower our transaction cost
one of the areas (that->as) i said in india is that we do not go (fullfledged->full flitch) with (the->a) complete portfolio of categories immediately
and who are the personnel responsible for accomplishing that so were excited to get going on that once we merge
where we dont have relationships or deep relationships and so thats a very significant area of opportunity
and we would expect that as we get more and more phone numbers and we get the usage pullthrough
however we saw strong growth in operating volumes across all segments of the business and ill show you the operating stats shortly
our strong operating cash flow performance (and->the) meaningful improvement in the quality of our assets and the distinct and valuable strategic position of our franchise
so that we are quite well positioned there to take opportunity from advantage of growth opportunities
so generally speaking do you think there should be a change in your assumed depreciation schedule so you would prevent a lot of these aircraft impairment charges
net new customers but the interesting part about that is given the architecture and the integration (and->*)
so isnt it more the case of having stayed relevant as a big brand rather than saying that its the smaller brands
youve mentioned a few times the success of the smaller brands (well->but) i just wonder whether theres not a bit of confusion here because
(ian->he) joined us from sherwinwilliams and is already collaborating with our segment business leaders and marketing teams (to->*) find better ways to gather
do you think that is a strategy with the markets more willing to pay up right now for the order book as opposed to the operations of the leasing whats your view on that
now our crop protection business continues to outperform the industry led by strong performance in asia and europe
as always it is important to note that we do not believe that the very strong growth (rates->rate) from our early sales will be maintained through the remainder of the selling season
increase in the turnover and that was mainly because of limitations of our capacity
which negatively impacted adjusted ebitda some of these are related to the significant ramping of traffic that weve experienced and some are not related to that
were going to be were not going to be quick to make any decisions or changes in our policies
a little more than (one->1) year ago we announced a realigned organizational structure to better support our marketled strategy
local chemical distribution and (focus->focused) industries theres growth opportunities in all of those but the sales cycles in all of those are very different
as you may recall last year at this time we made an important announcement with regard to our transformation strategy
is actually very easy (in beiersdorf->and viiersdorf) because people understand and people want to (drag->drive) the financial success of the company (and->*)
okay and just on the e2s is there a geographic region thats showing greater interest than we might expect
we urge you to review duponts sec filings for a discussion of some of the factors that could cause actual results to differ materially
i know you guys have been selling those for a while it sounds like theyre selling well and that its helping retain some of those larger customers that were looking around
diversifying into different industries tesa was able to set the foundations for further sustainable growth in the future
people who are buying in advance people who are buying multiple days people who are buying packages people who are buying obviously a full season of skiing so
especially when we believe (that->*) these (*->are) areas where we cannot accelerate as fast as we can go organically
we continue to be a bestinclass asset manager built to handle both the opportunities and (adversities->diversities) that inevitably arise from time to time
and we have prioritized a little bit more to the delivery of the modules instead of the delivery of the prototype
our lease rental revenue guidance reflects asset sales completed during the third quarter as well as additional dispositions we expect to complete by yearend
our colorado resorts continue to deliver outstanding results with growth in visitation and revenue above our record prior year
and therefore i think this sense of urgency to address that element considering the impact and considering the size of the company
and our commitment to delivering exceptional products and services to customers who trust and counted us will guide us going forward
to keep pace with accelerating opportunity and activity i believe weve done a very good job in this regard
the quiet period will begin on the 16th day of the last month of each fiscal quarter and continues until the next earnings conference call
i might add when you move around the state of florida and you basically look at all the major markets that were doing that we do business in and all the major
steve thank you david and good afternoon everyone ill start by reviewing our financial and operating performance for the fourth quarter
and the positive experience that weve had (in->on) both large and small pi and finally the travel division increased profits materially
predicting that its going to be flat or what its going to be doing yet thats still work to be done here in (this in->*) the next few months as we come up with our plan so
and then working with partner airlines as well so all of the activities that weve spoken about previously are ahead of
and strong sales and marketing capabilities will not only grow our business but will also accelerate the category
and currency in particular continues to be a headwind for us in most markets around the world and so the key for us as we think about
(*->in) the meantime please feel free to reach out to us at any time and we look forward to talking with you all again after our first quarter results
now to address our balance sheet we are pleased with the strength of our balance sheet and the improvement in our cash position during the quarter
so we obviously have a deeper view into florida and also new york not just because of
(*->and) thats where i want to drive you to the huge (red->bread) has to do with the (supply->supplies) we need to perform
are really positive with the chinese consumer and we have every expectation that we can actually bring growth
over future years how do you get that net interest margin up closer towards peer levels
as part of this announcement we shared quantifiable results regarding the benefits of haptics in mobile advertising
acquire customers at the right cost and be able to charge the right prices (too->to) there was a large market to be tapped
once the second ship is delivered (dividends->dividend) will resume from the travel business into group
in that i dont want to say too much about where we are gaining (*->our) share at the moment i dont want to give away too much competitive information
just wondering if the impact from those was amplified by the seasonal timing in the quarter or a difficult comparison and
so much of this is dependent on what your economic forecast is at the time you implement the standard
the decline in the international gross profit margin was driven by the impact of the discontinued uk line of credit product
many alternatives out there to the bond market and the bank market if i can call it that
then a customer who arrives from outside the franchise is new and frankly from your perspective a customer who comes across from insurance is new as well
(*->yes) and the bank market matt in our experience sort of opens and closes
our goal is to finalize our construction (costs->cost) and schedule by the end of the quarter i will now turn the call back to michael
as far as (you know->*) youve been very successful in reducing leverage (to->through) issuing equity does that fit in at all going forward
once again that does conclude todays conference thank you for your participation you may now disconnect
as of june 30 2016 the increase was primarily driven by the samsung payment received during the quarter
but the direction is very exciting and for me seeing how these new approaches resonate with customers
the slight decrease was driven by higher research and development expense as well as end of the year physical inventory adjustments
in order to balance growth and our profitability targets these actions led to a slow start to originations in the fourth quarter
as well business and financial meetings has increased substantially in 2018 already and with global reach
below the line so what can we tell you about whats happening below the line so some
across several industry sectors really customers coming in for rental demand so i know dennis you can give them a little color on where were seeing it
innovate and create a new strategy that will ensure our growth for the future going forward steve has embraced his new role as executive chairman
we view pricing as stabilizing despite market inventories that are lower but still above historical levels
with all our segments contributing to strong overall results and with that let me turn it back over to mark to review our financial results
we see the achievement of this milestone without any outliers as strong evidence of the general momentum of this business unit
with others who are more passive in terms of how they invest and (well->will)
(and though->i know) it was a solid quarter we realize we have much more work ahead since brians arrival weve been taking a fresh look at every element of our business
okay and if that were the case (youd->you) think those (owner operators would->owneroperators will) be more on the tractor side
and weve been very successful gaining market share and i think were now going to see the benefits of that as we start to get (into->in)
but it has not yet delivered the growth in the footprint that we want it to and im going to talk more about that in a minute
and as lance said earlier we havent got as far as we wanted to we hope we might get that competitive tension up quicker on the motor panel
the other side presented their case most of that we already were aware of based on the paper submitted
while weighted average pricing was down slightly due to salvage volume from the west mims fire and geographic mix
finally we are winning on the competitive front we have efficient marketing that is resonating with our customers
results may differ materially from those projected on todays call and we undertake no obligation to publicly update any forwardlooking statements
before i close i know many of you would like an update on the potential transaction with hershey
we continue to add users to the axon platform and ended the year with almost (95000->9500) active paid licenses
you have a lot of wood that can flow either to the china market or to the domestic market we continue to believe that
due to solid operating performance lower interest expense and strong performance in our coffee joint ventures
due to the strong momentum in our business we elected to increase spend in areas where we expect to generate superior levels of return
as noted in our earnings release we have posted supplemental financial information on the ir portion of our website
and were in key discussions rick has actually spent a lot of time in europe and might be able to add a little more color on that
(*->the) new menasha acquisition kind of up and running (*->and) i think that you shouldnt expect that same lift
these covenants are tested at the travel level first and then at group only if they (have reached->are breached) at the travel level
we remain confident that we can soon demonstrate the value and therapeutic potential of our platform technologies for the years to come
are just 2 examples of investments that are continuing to build and transform our advantage platform
the outcome is mathematical and objective and mirrors what is within the accounting (standards->standard)
on the other side with the il12 the (rates->race) were in there is that we know for some cancers you dont know the (targets->target)
on operationally doing a great job (or->were) trying to do a great job of being responsive to customers and
the discontinued uk line of credit product and the impact of the exchange rate for the british pound following the brexit vote
internally thats what weve talked about thats what were focused on weve got groups working on identifying projects
alaska which is shown in the pink dot just below hawaii is very similar to us in these regards
see what you think of this question but if the margin upside is as good as laid out
thank you and ladies and gentlemen that concludes todays conference call we thank you for your participation
in a manufacturing process with a global supply chain not everything is going to go as planned
this growth rate significantly exceeded our internal expectations and were really proud of these results
that completes my review for the quarter and ill now turn it back over to jack for some additional comments
(are->were) kind of in and around some of those i think that what we see though is the opportunity internationally
we will continue on (wills->will) side of the world to grow our energy coal franchise
who will take you through our upcoming priorities along with our business and funding plans going forward
in line with the segment profitability we see just general color in the china business would be nice (well->*)
we certainly will look to do acquisitions as exchanges
and while inflationary pressure (masks->masked) some of the cost improvements we have made within our operations
the first wireless sensor to alert axon cameras when a firearm is removed from an officers (holster->hoster)
and 70 years of history (and->in) understanding (this->the) segment so getting our hands around that
this is something that has been
do you expect the momentum generally to continue and then will the service offering be meaningful enough next year
and we are very very conscious of the fact that we have
we expect to draw on our revolving credit facility to fund the cash portion of the special distribution
furthermore our hedging approach does not attempt to fully offset the impact
unexpected we even talked about bringing in some of our inventory a little earlier so we could support some of these earlier
from a revenue perspective in whatever way we sell the phone the revenue profile is similar
(that level of->delevel) productivity or is that roughly what we should think about in terms of what you can do going forward
as jeff detailed the positive mix shift was due to a combination of factors
each of them will be able to stand on their own from a profitability perspective now in terms of how we end up
all 3 are critical and we now have achieved a uniquely powerful combination of these 3 elements
the pace of change in your businesses (and->in) the markets you serve has accelerated or is accelerating
and how big is that margin potential over time and then lastly i just note that this builds on
with our existing axon capabilities we have been able to reduce the time it takes to (redact->react) 1 hour of video
to allow educators to begin their customer journey with us through their desired channel
with distressed whole loans decreasing over time and crt investments increasing
i was under the impression that body cameras would obsolete the need for (incar->incart) cameras
as a reminder we began recognition of service revenue in the month following the shipment of the camera
project execution of course we are fully focused on delivering on the projects that we have
our sales mix was strong during the quarter with several factors driving our performance
cash flows from pmts existing investment portfolio remain strong
okay (it->*) just seems a little more severe than in previous years the sequential
together we see these offerings more than doubling the potential value of each customer seat
in addition weve updated our auto frequency and severity loss estimates for the fourth quarter
the work were doing in the smart home space is a great example of how we are expanding what we sell
so we are certainly looking one of these that i think if you look at
the construction loan in which (we are->were) a participant so we feel very good about that investment
a customer we (dearly->darely) value i prefer not to give you any more details other than that
(id->i would) like to turn the conference back to your speaker for any additional or closing remarks
we also made good progress on several strategic initiatives during the year
than the industry from an auto perspective and i am confident that when you do the sum of the tapes
improvements in the product you can go to the website and see some of the things that are going on with it
and we hope to be able to make the fid on the infrastructure shortly
large volumes of lng available at competitive prices
safely assume that you expect that business that segment i should say to grow
its nothings really changed in terms of what were doing the activity and the initiative is on track
to put them on advantaged assets through the work were doing (and->in) supply chain reinvention and so
resources around weve had to adapt to that with the new org structure so
let me now provide some color on regional performance for both revenue and margins
so without getting into specific details on where we might be cutting trade spend or
and with that ill turn the discussion back over to stan for some closing remarks
i realize that theres a lot of negativity around manufacturing
we continue to evaluate and advance planning also for other new projects to add to this list
if you look at the picture on the left side
to shift over time as we redeploy capital into these new strategies
management will be referring to nongaap financial measures during our call today
these consultations with investors are ongoing we are aware of investors
we probably should be able to cover around half of that
like many other companies we made decisions to support our employees our customers
due to our strategic decision to bring in more inventory early ahead of the holiday quarter
the estimated book value of the shares repurchased during the second quarter
in those channels as well as the nature of the consumption occasions
that (would->*) you would have to foresee the ability to do something in a strategic context as far as that goes
we continue to have strong momentum in the axon bookings in our target international markets
we have different content levels from a year ago substantially as i pointed out
ensuring our equipment is properly maintained and planning for more frequent outages
because and then you also said youre increasing trade promotion in certain areas
and its not only our trend but its the industry trend and when you go (look->*) back several quarters
rationalizing of our london office and further closure of satellite offices
many of these decisions came at a cost but they were definitely the right thing to do
(*->and) the sheer quality and energy and commitment of the saudi workforce there
its got a different type of recess membrane and its going to bring some new packaging ideas that
correspondent production should continue to generate significant income
driven in large part by very strong performance in credit trading and macro
we help guide educators through (a->*) federal student loan forgiveness and repayment programs
we are working hard and we are improving and
so they have to hit certain free cash flow numbers historically
garrett was unaware of that action prior to honeywells disclosure in its 10q
have had made tremendous progress with the customer weve done some further test marketing
and for our part we believe this is a very solid project its a good
and we expect this to increase given the fourth quarter impacts of hurricane matthew
i think next year will be much better than this year and
we continue to deliver strong free cash flow which remains our key focus
let me spend a moment providing a few highlights by category
in south dakota a bill requiring every school to have a safety plan and lockdown drills (pass->payers) committee in indiana the state senate is voting on a proposal to create a handbook of safety (precautions->precaution) schools can follow
when we publish our third quarter actuals we will also be updating our first and second quarter nongaap actual results to reflect this common measurement this measurement will eliminate the noise associated with negative purchase accounting effects that are most pronounced (in the->with) software acquisitions
but we still want every quarter to be at a certain number and that i thought we were a little disappointed that we didnt get to the doubledigit number and we did see actually a slowdown post (diwali->hivali)
that started to ship in june we believe given the 6month time frame provided we will be able to sell out a significant portion of that capacity in the form of parent rolls and retail sales with margins comparable to or better than currently achieved
as i mentioned on our october call our budget for repairs and maintenance expenses does not assume expenses related to property damage or other onetime items our updated guidance does include the impact of recent minimum wage changes in states such as arizona and washington
it is clear that mueller has been able to access market segments that were previously denied to it by leveraging the trimble presence on the other side trimble has achieved greater access to agricultural oems through the historical (mueller->trimeller) network
thank you for attending todays presentation you may now disconnect
we could not be more pleased than what we have seen within the scores brand this past year particularly in the back half as most of you are aware the scores turnaround has been more challenging
your company has fully implemented all the features that are required for a successful gst rollout we have passed on all the reduction
although we have been negatively affected by the imposition of us tariffs on imports from china the effect is not material to overall results if the environment continues to shift we are well positioned to deal with changing circumstances
your cash flow in mining what do we expect at the end of the year can you still drop these expenses (now->no) what about slabs
all completed by the end of 2017 is that what we should have in our numbers and second question just around some of the tax implications that were talked about earlier in the year
okay just to clarify kind of if you had (to->a) pinpoint what kind of pushed the needle from october to say now like would you pinpoint one thing or is it kind of generally broader growth than you had previously anticipated
are subject to risks and uncertainties trimbles actual results may differ materially from those currently anticipated due to a number of factors detailed in the companys form 10k and 10q or other documents filed with the securities and exchange commission
the scale of these operations is accurately described as gigantic without any meaningful government support these operations are directly exposed to market forces and must rely heavily on technological innovation to remain competitive
we also believe that by combining with (mty imvescor->mt investor) shareholders will realize immediate value and have increased exposure to growth with less risk
previously built in completely that viewpoint (and->*) ebuilder acquisitions were already completely in and then i guess more broadly (and->*) i (think->mean) youve kind of touched on it already with what youre looking at for transportation et cetera but
bring it online (each year->*) well its really a little bit (*->its a little bit) of both (i mean->and) when we look at the demand in the areas where we see that were going to be able to either fill the (site->sites) some of the sites are (rvs->rv) so either fill it with the rv or fill it with a manufactured home
so we would enrich the mix and when we talk about mix enrichment there is no restriction in our debt renegotiation agreement
and we believe it does offer all of our stakeholders an opportunity for accelerated growth and rewards our patient shareholders ill have more to say on this later in my prepared remarks
do you believe that we have the right conditions to implement this adjustment will this depend casebycase could you please give me your prospect regarding
that get very quickly internationalized and that becomes a nice contributor to the groups overall organic sales growth just wondering why youre not pulling that lever contrary to most of your competitors
net activity in our membership business including dues and upgrade sales revenue as well as sales and marketing expenses was higher than expectations in the fourth quarter as a result of upgrade sales volume from our inpark sales efforts
the results to the steel (results->result) we buy steel from the steel mill at a market price and we want to add value to steel sold by the steel mill
we basically took out nearly 1 billion of capacity already and what we said is the rest will come out of the collection of our system and so we are working at that all the time and trying to get that out of the system so that is our intention is to get the bulk of that out
over the last few years we have deliberately moved from being a provider of modular units to being a provider of holistic modular solutions to our customers and this has (changed->*) change of mindset has reinforced our relationships with our customer base
weve also taken delivery of all 4 additional leased haul trucks in our plan and that provides us with the truck haulage capacity needed in the first couple of years when the waste movement is at its highest
second whereas foreign currency translation represented a tailwind to yearoveryear revenue in the first half of the year at current rates we expect the second half of the year to have a minor negative impact to revenue which is reflected in our updated guidance
we achieved this performance despite a very challenging economic environment the markets out there are anything but straightforward and have become considerably more challenging in the recent months
is not only to reduce the cost of the debt but also to extend the term of the debt we must wait an additional improvement in our ratings
its more little cans rather than big cans and thats the way to think about it and the drivers there are as you know theres we do more protein today than historically we had done we are more into areas that have been growing like pet food
there are 2 important examples (*->of) this id like to mention because they took enormous effort to get done properly the first was the opening of a new consolidated customer service center in newtown pennsylvania serving certain nearby regions
customers continue to validate the attractiveness of the combination and are already showing us possibilities (weve->we) previously did not see such as integration of data feeds from our transportation business into the construction erp systems
increased cost for the rejuvenation program in the quarter it was meaningfully higher than weve seen in other quarters so maybe some more color on what those costs (are->*) related to and if that (step up->stepup) is something we should expect in 2018 as well (i->*)
so could you help me understand why (there is->theres) such a small difference with no offer and a full offer running in the same period is it largely from mix or any other element of input cost reduction
kind of process back on and were back out actively selling in the marketplace and were seeing our pipeline start to rebuild but as you would expect that pipeline doesnt just
simply appear overnight so it does take a little bit of time for those to come through and commercialize but were feeling good that weve kind of hit the objectives that weve
we have dedicated great effort in the past year to strengthening our teams ability in this area and believe our approach will become even more meaningful as time progresses
the fourth quarter in those 2 markets will definitely be softer than they otherwise would be and that will start to dissipate well probably the first quarter will be a little softer
in the past murray you have talked about an increase in the level of expenses that you will incur as you
so it is really that type of movement and volatility as i think the industry just goes through volatility it flows down
stronger relationships with the large national resellers in the private system operator market revenues and gross profit grew slightly from a year ago
thank you david and good morning everyone this was a solid quarter for tessco as the sales momentum that began in the second half of last year continued
we began fiscal 2018 focused on growing our top line and improving profitability and we made good progress toward both of these goals this quarter
one of these was a second acquisition in the state of michigan which is very exciting as we continue to expand our footprint further westward
and we see additional opportunities to continue to grow our other (verticals->vertical) the third growth driver is accelerating momentum in winning new logos
been announced and then subsequently canceled in recent weeks and months just looking at the progress that you guys are making with cascade and
so providing that you are giving a quality offer people are trading up so we are able to take price across all our brands but were very keen that we protect entry points
and finally our rv revenue grew by nearly 6 we have been focused on converting existing renters to owners and are pleased with the trend we are seeing
adjustments annually in our contracts around wages is fairly common in the industry and (its->is) certainly reflected (on->in) a portion of our agreement
under our fourth priority increasing operating margins we continue to optimize our entire organization to make us more productive to improve expense control
the combination of our retail products and expertise and mtys broader reach will position us for future success in this area
expectations and projections they are not guarantees of future performance and a variety of factors could cause actual results to differ materially
and the advance rates are set semiannually i will hand over to (diarmuid->dermit) now to review the credit highlights and the closing comments
transient revenue in the quarter was slightly ahead of expectations driven by our northern resorts which benefited from warmer weather during late fall
todays call contains forwardlooking statements that address our expected future performance and that by their nature address matters that are uncertain
but if there are services and solutions that youre wrapping around iot then for sure there is significant margin improvement
we increased public carrier market sales significantly from a year ago this was the direct result of changes we are making in our gotomarket strategy
the brand will continue to work on completing renovations for its network while renewing focus on improving service in the offchannel premises
well continue to upgrade our business and enhance our onstream rates (we will->well) drive better safety performance and broaden our distribution capabilities
a fresher look with the recent renovations and the success of the new grand (saladier->saladay) all signal a very bright future for the brand
we see that activity starting to change and we support that we also believe further industry consolidation should occur
what happens in the quarter is they clean up and they do the work to make things get right again and
we had some of the expenses going away from this line and getting into other expenditure so that is one reason for that the second is also about
spending in the quarter was in line with plan as we completed the last of the key preproduction activities and stepped up our mining movement rates
as an example tessco has been selected by verizon as a supplier to provide distribution of a broad array of wireless network
due to efficient labor management continued shift of more services delivered offshore and modest tailwinds from exchange rate fluctuations (the->*)
there are many aspects of financial 2017 we believe are important to discuss i will focus the rest of my comments on these issues
yes i dont think there is a steady state in digital media it keeps changing (three->3) years ago i wouldnt have thought that we were going to be
the work were putting in to try and engineer our margin and understand drivers of margin for both food and drink arent just a (factor->fact) of whats gone before were doing some different things so on drink
the margins on that iot business significantly higher than your current risk margin base
(will->well) also discuss our progress on improving our plant uptime as we noted during our last quarters call back in february
in addition a shortage of freight availability late in the second quarter had a negative impact on revenue pushing some shipments into the third quarter
you also talked about some of the (other the->*) plans for improved (initiative->initiatives) in the last call can you give us a sense in this particular quarter what changes were made specifically if any
moving to profitability on an adjusted basis we sustained our ebitda and ebitda margin compared with last year
caused us to rethink the timing of acquisitions and realize that our pace of growth may be impeded
we feel strongly that our fundamental business (models->model) continues to strengthen and is functioning well despite our ebitda not reflecting positive results
is due to the strong partnership and trust that we have worked hard to establish with our franchisee partners
sure and just taking a look (of->at) a historical perspective we had many years where we didnt have any expansion sites over the last couple of years
can you give us a little bit more color as to what exactly is causing that and then second could i just get the number for stockbased comp in the quarter
so just wanted to know the sort of story behind these comments why do you say that there is a concern on demand where no other fmcg has
given the recent price announcements by national brands and other competitors we expect to further increase prices in the overall business in the second half
the transaction multiple looks like its more in the (7->7x) to 8x ebitda range which to us doesnt seem like its
a reconciliation of these nongaap measures is available in the news release and on the convergyscom website under investor
hopefully with the support of our new large industrial group that purchased our (control->controll) shares and we are going to be part of them although
building (of->up) the capability so as we prepare ourselves with new owners and we prepare ourselves to relaunch the company
we are encouraged by the strong new business signings in the quarter and we see substantial opportunity for future growth across our client base
the transaction growth and we see that both in our traffic but we see it in the research that were doing and the feedback that our customers are giving us weve seen a sharp increase
this investment in expansion is a testament to our conviction in the size of the td opportunity our commitment to become the market leader and our belief in the promise that ingrezza can deliver hope to many patients
(asset level->assetlevel) debt markets are open private market buyers are active and our sheer volume of recent activity gives us great confidence that we have clarity on current pricing
there are 2 (or->*) 3 elements in there (and the->an) important one is the location of where results are being made (there is->theres) always a little bit of distribution where results are actually coming to bottom line
weve also enhanced our balance sheet and manufacturing capacity to meet their purchasing needs and have begun several certification testing programs some of which weve already completed or are in the final stages of completing
and then those that are deemed to respond after optimized treatment with valbenazine in the course of that (openlabel->open label) will be eligible to be randomized into the randomized (withdrawal->draw) part of the study
as weve mentioned before we do not believe that the products mentioned in this litigation violate valid intellectual property of commscope and (well->will) continue to defend our innovative solutions (in->and) growing market presence
we invested in working capital during the first quarter as we typically do this time of year especially in our canadian ag business and our cash flow reflects that investment
so i mean we are constantly assessing the cost increases or decreases that we have and making sure that we dont get trapped in situations where we have (a->*)
what is your action plan and maybe (*->if) you can already talk about some key market beyond china and india my second question is on western europe
we are a little bit more active today in the acquisition area again we are quite well on track with our organic growth execution
had a clinical global impression of change and patient global impression of change (goal->score) indicating much improved or very much improved at 48 weeks
the office team and field strategy of providing a strong value proposition of an extended construction management solution is taking hold (the->with a) high attach rate of team and field solutions on top of the core office technology
and chief operating officer of univar davids a seasoned experienced growth champion and senior executive with more than 35 years in chemicals and plastics distribution
it is a real pleasure now with the position that neurocrine is in that we have the ability to proactively invest across our entire business and thats what youre going to be thats what youre going to see us do
to anchor this momentum back to strategy when we did both these deals we framed that we saw competitive dynamics moving fast and that we could be spectator or participant
the conventional end of the category has seen the largest weakening in demand the industry shift towards synthetics is moving quickly and we are focused on continuing to grow share in that area
in order to do that it goes beyond just the simple trusting relationship that you have you (have->got) to show them some (value->data) you (have->got) to show them that youre able to grow your business again and (*->that) you can grow their business for them
due to our global operations focus on lead times through continuous improvement the team increased operational efficiencies and effectively added capacity to our network
in addition to the fact that we still have an investment in venezuela and we know (*->that) the situation there should there be another official devaluation we have an exposure of
as we are adding equipment on behalf of our customers and ahead of meaningful highvolume campaigns that will begin later this year the typical time between installing tooling equipment
that only organically will probably not close the gap and therefore logically we are looking at what the opportunity will be to go for that
(we->*) are active is also here i believe that we can and will beat that market growth also in europe based on the strength we have based on the innovation that we will have
yet thats largely come at the expense of the midtier brands and so the new dynamic is making sure that valvoline is working closely with the retailers on achieving the right balance between
which you think if you just stood still you wouldnt really capture and therefore its just worth putting more money so is it more a defensive announcement (ie->i think) things werent quite as good as they looked from what we (look->looked) at
also if we look at the second half of the year we have to make sure that we have a high service level ready for meeting the growth which we are seeing and having the growth
let me conclude by sharing with you what we see in our future our absolute priority is to drive profitability growth and do so in a manner that is reproducible and lasting
commercial production in dublin has already begun and will ramp up throughout 2017 and we remain on schedule with the first phase of our waterford ireland site
and again there we really optimized our profitability in relation to our activities and as i mentioned before we are aligned for bringing in more capacity
which we expect to have completed entering the fourth quarter of 2018 this investment (and->in) expanding our sales force reflects the opportunity we see in the (tardive->tardig) dyskinesia market
and im okay with that but i will tell you that im disappointed we havent landed anything (of->*) late and were working hard to do this just that my hope is that by the time we talk again a quarter from now
from the automotive industry in the second half of the year the direct industry segment grew by 91 thanks to the strong demand from the electronics and automotive sectors
highly publicized incidents over the past few years have prompted lawmakers to become more aggressive in using public policy as a tool to protect students from violent people
in addition to executing on our growth strategy by building commercial greatness and driving operational excellence were improving our balance sheet while pursuing scalable acquisitions
of course all these facilities are in different countries have been built up during different time phases in the past have different interfaces because we are part of a plant and we are not the plant
(*->a) plethora of different systems that are tied together or will you be forced at some point to consolidate crm systems and invest significantly in (it->*)
we continue to see some really nice upside opportunities as we strengthen our execution and consistency in the store as it relates to some of the (nonoil change->nonoilchain) services that we offer so
the reception from our sellers and customers has been positive and we expect to improve our mix as we become more specialized with dedicated sellers aligned to customer (endmarkets->end markets)
this last quarter alone we sold 13 assets to 12 different buyers we have a dedicated and focused transaction team and im incredibly pleased with their results
like dynamics in the marketplace because we think were decent at and getting much better at adjusting our pricing appropriately to get our fair share
what i commit you today is that we will start a number of extra initiatives to further strengthen our ambitions and expand our longterm commitment to sustainability
let me provide you an update on the milestones we achieved since we last spoke 90 days ago
we will address the ott substitution market in the coming weeks with a new innovative product for the marketplace which the street will hear about
im also pleased to report that we are fully operational at our new regional distribution center in houston
of australia and in new zealand but we do remain cautious about trying to predict the market in the short (run->*)
from one of our minority interest investment and (marked to market->marktomarket) foreign exchange gains on currency hedges
thats a second example and then well see what happens on the negotiated discounts thats still in front of us but what i would say about
but is the improvement at this point largely just going to come from medical management initiatives and if that is the case
so were pleased with where we were in the quarter thought we had the right balance and obviously a tremendous leverage from a financial perspective
i mentioned some of the early benefits already the fact that in the first few weeks we migrated the entire subscriber base
good morning my name is josh and i will be your conference operator today
sales were up across the board in all products and regions with particular strength in china and korea
we commissioned a qualitative and quantitative primary market research study with over 200 surgeons
were pleased to report another record quarter (results->result) driven by strength in both our business segments
i could have added less the project so as jim mentioned in his remarks and my (comment->comments)
our momentum continues on a positive trajectory and we continue to prepare for the future
on rate resets and (floatingrate->floating rate) payments as well as our higher other income that was driven by a pickup in equity income
i think you will agree that represents a significant increase in value for our business and for shareholders
drop off because they dont pay their premiums and (youve->you) got people who are qualifying through the special enrollment period
(*->to) stay because we all know that also the competitors are entering into our home (markets->market)
and looking at quality of production rather than just production for the sake of production
the commerce cloud is a catalyst for our transformation and modernization (leveraged->leverage) across the company
(*->we) went back a number of times and looked at pricing for all of our marketplace products
so is it fair to say a little bit early at this point to have necessarily like a targeted split or anything
(it->*) were not really expecting a big macro improvement here to deliver what we need to deliver its really more just kind of
overall for the company (*->with) the direction were in and the results were seeing where were making the investments to set us up for the future
the impact of an anticipated income tax settlement as well as any potential impairment costs
let me now discuss the performance of each of our business segments this quarter within the commerce services group
we continue to have a disciplined approach to our pricing strategy and we believe that we have adequately priced
im very pleased to report that we continued our strong performance in 2018 with another record quarter for the company
from the introduction of guaranteed future value products which will only be available through dealerships
this quarters comparison was also partially impacted by a large location intelligence deal we closed last year
that were last year that i would say maybe their natural growth rate over the last few years has been low single digit
fourth quarter it seemed like most of the guidance increase for this year reflected
this quarter has given us added confidence that we are making use of the right tools and getting the right results
so as unhappy as i am about any instability in the world anywhere as a global citizen
having said that i think my brother actually asked all my questions but i would like some color on
clearly third quarter will be our best quarter of the year and as we said we expect every quarter to be up over last year
we continue to make progress against our strategic initiatives and move forward in our transformation
we continue to work with local providers in innovative ways to supplement our contracted provider network
primarily driven by the addition of newgistics which was not in our results last year and accounts for 6 points of the drop
now let me take these in order first we told you (the->that) progress in puerto rico would take time
the trends of the first quarter continued in all traffic regions with no major changes
this was our second transaction with sanchez energy this year and our first acquisition of gathering and processing assets
were cautiously optimistic that this is going to be better than it has been and well see how it turns out but
so we expect an improved performance in q4 versus the previous quarter as a result of the holiday season
i would say the answer is going to be both medical management and recontracting
since the (plants->costs) were down we decided to take the opportunity to accelerate the timing to carry out
systems and platforms within each of our businesses in order for them to operate more efficiently
that piece is related to because with the purchase of omni
and local manufacturing capabilities to support deposition and planarization products
fees can still increase (*->so) im just wondering from which angle you will
some repair procedures and that will be another area of analysis for us going forward
through the second half of last year than we would have ideally liked by virtue of the fact that the market slowed
well ill start off and then (see if->steve) jack (wants->ones) to add anything but when we think about the use of cash
if the right things come along are we at the right point in the cycle for you to be making acquisitions and are there things available
is that its built our confidence along with evidence from this new tam
and southern cone and we expect foreign exchange headwinds to persist in southern cone
our outlook assumes currency rates to be consistent with the end of july levels
(*->is) that basically whats implicit in the guide then for the year here for
and they know us over time and we have a track record of valuing people and technology and so
we announced the continuation of our (fibre->fiber) rollout with an announcement in the first quarter of a plan to build out
but theyre necessary to support the companys strategy and to continue to take advantage of the growing shipping market
we expect our diverse portfolio to allow us to deliver this revised guidance
and so i think they deferred a lot of turnaround activity trying to get production back up
based on the strength of our performance yeartodate as well as our updated forecast for the fourth quarter
as you can see the amount invested into our business to improve the portfolios quality are quite important
age and the ability to undertake the rehabilitation required of all cartilage repair procedures
we simply took a prudent approach here to take any future conversations with our auditors off the table
we expect our emea region to have higher net sales compared to the prior year
that brings my section of the presentation to a close so now i will turn the time back over to ilene
lufthansa (passengers->passenger) has also benefited strongly from a disciplined capacity approach
but the idea is to begin now and proceed at the most rapid pace you can
there are more renewals theres a larger pool of big deals and certainly an easier compare
once our products are designed in they tend to stay in for the life of the node which may last many years
the new lower corporate tax rate provides positive earnings per share and cash flow benefits
pursuing expansion opportunities at existing ports and looking for additional acquisition opportunities
in the growth in the rent the one thing i would add about brazil weve been saying it for a long time
and so candidates have been identified and were working through that process now so
and labor programs all of the things that are important to the manufacturers will just continue to be important and we just
(reduce->reduced) the revenue swings that have historically categorized our business as (projects->project) start and projects finish
so is it that theyre going somewhere else because theyve got to supply product to
we have been active in building that investment capacity through the recent expansion of line of credit
longer term im excited (of->*) our growth opportunities and expect new products new applications
they may not be updated in the future these statements are subject to risks and uncertainties as described in the companys sec filings
over the last 5 consecutive december quarters so its not surprising that this quarter saw modest growth
while confidentiality agreements (bar->borrow) us from disclosing details of these transactions prior to closing
gross margin realized in the period and over the remaining term of the contract will be impacted by the changes
flipping over a (plan->plant) correct so (we are->were) generally not being asked to build smaller blades or generally always larger blades
we continue to be pleased with the strength of our balance sheet and our ability to generate the cash we need to expand our global footprint
are the net result of a mature content services business with approximately 30 (project base->projectbased) revenues
but it intuitively makes sense that they should complement each other because it has been shown
these in (silico->silica) tools amount largely to educated (guesswork->guest work) based on assumptions
so if we see demand increasing as we hope that we will that breakeven number may move a little bit
and the possibility of changing international trade policies but we are optimistic about the future
give us a sense of the underlying picture of margin both in the half and looking forward
is it order patterns or are you seeing certain types of customers that are typically good leading indicators
consistent with this new vision we look for funding stream and franchise to continue to gain traction in the quarters and years ahead
selling general and administrative costs were higher but declined as a percentage of sales on the additional (volumes->volume)
(*->to) our total potential contract value and (announced->announce) a new manufacturing hub in matamoros mexico
the work and expertise of our risk management team are emphatically highlighted during quarters like the one we just experienced
and its this good advice that we baked into our new 40 release on the (mediamiser->mediser) front thanks to
due to the improved performance of the business partially offset by lower legal and litigation fees
utilities are applying it to grow their businesses and to meet aggressive co2 emission reduction goals
at this stage of the lodging cycle we believe that it is prudent to build dry powder
and so the management transition continues there but were actually making great strides were really pleased to see that
of course these transactions are subject to customary closing conditions and thus not guaranteed to close
pretty strong in the reels and we had a good quarter in the (reels->whels) this past quarter and we anticipate that
so clearly the market has changed the ratio requirement has changed but in those 2 buildings we can accommodate
are in the approval process for (development->developments) in the city of toronto which are now under review
associated with that kind of blade longer and more costly
these statements involve risks and uncertainties that could cause actual results to differ materially from expectations
to the antigens in the vaccine is the first crucial step to proving the concept for the vaccine
leave much headroom for improvement in both immunological and clinical responses
since we have our biggest quarters in front of us its our intention to build on the results of the december quarter
we generated higher earnings declared higher dividends and continued on our transformation path
we also signed a contract for workforce housing and operational support services for 3 camps
at a price thats not advantageous to you so if they were shut down for maintenance
do what we believe is going to be a strong year were off to a good start we look forward to seeing all of you in new york in may
hopefully youve had an opportunity to review our press release and the related slide presentation released last night
launches of the product for maybe consumers that havent seen it so its not an easy task
we are seeing at least from an economic standpoint on top of possible tax reform
we will grow samestore sales 5 to 10 and that we will have leverage in line with the last few years
we expect inventories will return to targeted turn levels over the next several quarters
than some of the more mature markets which means the new growth opportunities need to be served so if were going to build (*->new)
would you look to address that sooner rather than later once the markets return as i think youve
now going into 2018 i think were hopeful that the transaction pace will pick up and that the
but it sure does help when weve been successfully carrying the product for a bunch of years now
as over half of it is from the combination of the island marine acquisition completed january last year
provide to other platforms i think a lot of the positives that marlin has and then obviously marlin gets the benefit of
okay and then i know manufacturers are working right now to raise prices so (*->just) what are you seeing in terms of
and we expect the growth of these markets will continue to drive the outsourcing trend weve seen over the last 10 years
we expect full year roe to improve as the business better leverages its fixed costs
mobile crushing and also the different parts of crushing how those are performing relative to when you took over
any significant variation from these key assumptions could cause our ebitda to fall outside of the range provided
we are currently in the process of negotiating terms and conditions and we expect to have the new facility in place soon
from the many programs and investments weve been making in (*->the) collectors universe to promote our brands around the world (the->*)
due to a variety of factors we refer you to marlins recent filings with the sec for more detailed discussions
does that improve the profitability of the vessel meaningfully for the 2018 time frame
the potential for cancer vaccines is that because they should be safe and because they should be effective
and our differentiated approach will result in the continued expansion of our share of the market
and as factored into our original full year guidance hotel revenues were challenged during the quarter
just a little comment i am listening to your story (with->in) a very complex feeling
the levels of decrease are greater than that so i think you can draw your own
numbers we see very much as a (waypoint->way point) in the broader keller
looking ahead we seek to drive consistent improvement in performance on an annual basis
for the oems to consider a make versus buy strategy thats where a lot of the outsourcing growth
it is important to note that the total amount of revenue recognized under the companys longterm supply agreements
but we expect that the financial impact from reduced yields will be more than offset by efficiencies from scale
expenses relating to nonrecurring and strategic initiatives tempered eps slightly in the third quarter
this upcoming quarter will be our fourth year in a row enhancing our giftgiving selection for the holiday season
although the investment will be higher than anticipated this year due to our pacing of store openings and rv dealership (integrations->integration)
as we had always guided that there would be variable incremental expenses associated with the block transaction
before we begin our presentation i will remind everyone that parts of our discussion today will include forwardlooking statements as defined in the securities laws
obviously we want to make sure that our partners make money and we make money but we dont see any at least with the vendors we deal with
and in the diy space we continue to optimize our product to drive conversion and deliver an exceptional client experience
finally ill touch on our business development efforts before turning it over to laura to run through the financials bd remains a key piece of our strategy
as we did last quarter we have adjusted the financial results to exclude centennial to provide a clearer look at the performance of the remaining operations
(is->its) about the margin and i previously talked about the ambition to be reaching the 10 margin
thank you for your continued interest and support of camping world as we look to double the size of our business over the next 5 years
putting clarity of what youre supposed to be doing in your role how you support each other (then->than) in the restaurant and then providing clarity of how you can grow
to complete the analysis and gain agreement with fda on this particular piece we are confident (we will->well) get there in the very near future
and accuracy of questions on the front end so we are going through a transition period with the agreement of the regulators in canada
is one of those areas that we believe theres a lot of opportunity to take those dollars that were currently allocating and make the brand much more visible with what we have
and i think thats the only one that we called out that has an impact from
we do that on a very frequent basis obviously we have to give our suppliers (a->*) significant lead time
or anything like that that we would be able to analyze to determine (at->*) which point its going im encouraged by the fact that our sales force
we have now experienced traffic increases in 8 out of the last 9 quarters
(*->and) by a greater amount than (a->the) decline in the actual diesel cost that we are incurring
we plan to offer a full assortment of rv parts and accessories in all gander locations by the end of this year
we had growth across all of our commercial products during the quarter which led to the 23 growth over the fourth quarter last year
for this reason a number of aml patients during the screening process were not enrolled in the trial because of their advanced disease
as weve modeled out the historical maturity of our dealerships the return on capital actually is exceeding
this is in addition to our past option of using an (at the market->atthemarket) offering to issue common equity
we feel very confident in the return on our investment when the stores and dealerships are fully ramped and mature
we deployed the first phase of a new platform in october that is driving our search (pages->phases) and most of our apparel product pages in english
related to estimated losses for litigation matters partially offset by sandpiper asset liquidation gains
on the flip side of all that i continue to be very impressed with our entire sales support team
in the next 5 years and so when i talk about aggressive were saying were going to do everything in the next 5 years that we did in the first 15 years
thats real money in the pockets of the middle market that will positively impact our ability to recruit people as well as make sales
(we are->were) also expanding our advisory platform and product offerings as well as working to increase our number of investment advisers
i really wouldnt add anything other than just in its most simple form we provide the tons (the->that) customer needs
we came away from the meeting with a muchneeded clarity on how to move sparsentan forward as expeditiously as possible
those are my prepared remarks on the second quarter financial results and i now will turn it back over to (marcus->mark)
now that ive covered early season results id like to discuss our plans for the second half of the season
additional income from the unconsolidated mining operations and modestly improved operating results at the limerock dragline mining operations
primarily because of an expected decrease in income at mississippi lignite mining company and a decrease in royalty and other income
including changes to the licensing processes to accelerate licensing momentum simultaneously with recruiting growth
and we expect that to continue we have pretty good optics of where the crude market is going over the next 60 to 90 days
and secondly can you also discuss the income level of your customer and how that (*->has) been recently changing
cash expenditures related to mine reclamation will continue until reclamation is complete or ownership of the mines is transferred
that maybe rather than for the next years (negotiations->negotiation) could be a smaller headwind as those
in november we followed up with additional positive data from the duet trial which was presented in the latebreaking oral session
thanks tim as we open the call for questions we ask that you limit yourself to one question and a followup
(our->a) third category which we are focused on is growing our ladies apparel business
that (weve->we) strategically needed to do that because were playing (catch up->catchup) or we want to chase somebody else because were new to the market
we continue to expand our software and service capabilities in order to create a better more seamless user experience for (*->our) deposit customers
so im tremendously excited about the fundamentals that we are maniacally focused on coupled with
we still anticipate marketing and promo (costs->cost) to be right around 3 of sales for the full year with elevated spending for the remainder of the year
and our presentation in gifts is really really exciting (and->so) we really feel that (that is->thats) going to carry us through
very healthy and very well positioned to take advantage of opportunistic buys in the back half of the year
(*->and) your thoughts on whether or not consumers are paying you for your portion sizes now (or->*) if theres an opportunity to take that either up or down
because we have a granular portfolio secured primarily by real estate collateral with readily ascertainable market values
all divisions in profitable growth delivering (a->*) good organic growth acquired business in
so we all these changes that were making are giving us a leg up against a lot of people
so (thats->that) wont be recurring but we will have some other expenses so some of it was due to block
the use of special purpose entities by the bank in this business is usual and customary in the industry and represents prudent practice
i continue to be impressed with the excitement of our associates (in->and) presentation of our stores
get colder what are your other merchandising (opportunity->opportunities) and how does your inventory look in these categories
okay i saw that working capital decreased quite a bit in this segment
its not like capex its not like losses that can be recovered and put back in the bank and that obviously is our plan
and we are looking at the possibility of a solution outside of the best interest contract exemption
including our people like me enhancement which utilizes machine learning to provide occupationspecific advice
we actually outperformed the data and we looked at the stat survey information about a half hour prior to the call
is (if->*) cyber (find->finds) its way out of the admitted market back into the nonadmitted marketplace where i think it ought to be
very well known for using technology to enhance customer experience selected our apis for account verification
and most of you had (a->*) chance to listen to it and im not we are not going to repeat that same presentation
consistent net absorption across the broader markets has kept occupancy levels steady as new supply delivers
in terms of materials i think some of the materials and supplies that we use in both drilling and pressure pumping will start to move up
to ensure that we have the supply and so that we can do our best to ensure that (there is->theres) some cost competitiveness out there for us as well
this is a journey and we still have much to accomplish with several more potential divestments slated from now into early next year
we have been very focused on minimizing this volatility through additional basis hedges which i will get into a bit later
our focus on adding customers on the vonage business cloud platform lowers this risk significantly
ill touch more on nashville and raleigh where development has been more notable when i turn to the market overviews
sometimes gives us a little bit of a blip so sometimes its tougher to hold the efficiency in the second half but frankly
so its really a matter of timing rather than any real demand impact we still remain extremely confident
grow cash flow implies that theres significant operating leverage on an allocated basis coming from
before (the->*) turning the call over to andy hendricks who will share some comments on our operational highlights as well as our outlook
and in doing so enhance customer experience to create greater satisfaction and brand loyalty
so we dont expect were going to have major disruption there the other thing that happens in the second half is
that over the next several years were going to see a 5 compound annual growth rate in our content per vehicle
as a result of the consolidations supply chain enhancements and pricing initiatives we implemented during the downturn
well often stress or emphasize that the quarter yearoveryear results or comparisons are not always the most meaningful we will look
so where do we go from there would we do something that beefs up our existing positions or fills white spaces
this is classified as a termination fee in the press release and in the table on page 4 in our supplemental package
thank you the conference has now ended please disconnect your lines at this time and we thank you for your participation
i also want to note that we have elected to move from rejecting to recovering ethane in the pinedale and piceance basins in the fourth quarter
next year but i was just wondering kind of if you had if you could just provide some color on what the cadence of that is over the next few years
which is a mature product but its strong with the heavy total build rates but in particular the build rates of trucks
can you tell the nature or which aircraft was no (its->*) im not going to get into those specifics here
the proceeds from our asset sales together with our strong operating cash flows have reduced our financing needs for new acquisitions in this current environment
certainly (speak->speaks) to the demand for that (super spec->superspec) as you guys have been talking about for a long time i guess im curious what
before i turn the call back to mark for his concluding remarks let me provide an update on several other financial matters
(*->no) theres no surprise about fort hills weve known for a long time we were moving into a position of (length->lent)
mining sales were up in the quarter both yearoveryear and sequentially as maintenance spending continues to improve
are based on managements expectations depend on assumptions that may be incorrect or imprecise (and->*)
is in line with our revenue increase if you look at the some of the trend numbers that we showed you earlier so i think its stabilized
rumors or theres a lot of news coming out of brazil (it->*) seems like its a fairly challenged situation there so you guys have
were experienced in dealing with restructurings and took immediate steps to protect our asset and our position the aircraft is now in our (possession->possion)
but the trend certainly is so im very encouraged with the absolute cost reductions that people are making (*->and)
(*->if) you would like to listen to a replay (of->*) todays call it will be available through the investor relations section of vanguards corporate website
we actively monitor the value of the underlying collateral and any piece of collateral that is (nonperforming->not performing) is removed from the borrowing base
very well against our peers (not->and thats) something that we just build into our ongoing operation and it becomes
this result was included in the operating result as we had previously reported the change of that value in the investment
and thats why we have this amplified combined ratio its not so much used in other (markets->market) but we find it important to show it
see a change in sales thats different than what we see based on how they adjust their inventories
the amount of business that could be done across the country is very large i dont know if (you have->youve) seen some of (the->*)
the historical absorption in raleigh so we feel like its sort of matching up pretty well in terms of downtown competitive
it seems like you may be getting a little bit more confident in the longerterm capabilities
the market (then->and) we are no different and we are exercising
i was (*->a) little surprised on the duration of those new contracts but i kind of understand reactivating something you spent the money on going into an (up market->upmarket)
we took a view on in russia we act on it and if we think its a matter of just working through then we stay around and we work with our customers
it had a more material impact in that particular quarter the amendment in (and->it) by itself for the full year doesnt and thats why
this first phase will also provide employment opportunities for (nycha->nicho) residents as well as local businesses
im pleased that we (are->were) able to complete these reactivations while maintaining or improving our high level of execution
these cash inflows were used to fund ongoing investments across all of our verticals and reduce our debt
were going to meet or beat pro forma stabilization on that so i think weve been well cadenced on how weve balanced
but more i think more importantly as the volumes through singapore increase which we expect them to
so to summarize we ended the third quarter with a solid core performance we have strong momentum heading towards the end of the year
this partnership is unprecedented in scope and scale for first nations suncor and the industry
but even more so for vonage because our solutions are built from a common one vonage platform
during the past several years demand for new space has remained strong despite higher rents
but remember in the change (*->to) the bank it runs the whole (gamut->gannet) from platforms and controls
using divestment proceeds to reduce debt and position the organization to deliver sustainable and focused growth
and customers want to interact with businesses through the customers preferred mode of communication
such that they will shut down their own airport handling facility and move their volume across to us
(and->but) im not talking about the existing ones im talking about what visibility you might have with respect to new mines emerging this year
and we look forward to talking to you again at the end of the third quarter and operator that concludes my remarks
so if we look at it i think theres things that youre seeing or (marianne->maryanne) that you see inside the company that probably dispel
middle to higher end of that range earlier in the year and kind of middle to lower end of that range later in the year
over the past 5 years weve been expanding and strengthening our platform
we expect that we will eventually reach a license agreement whether its through negotiations or through
a lot of the delta is really going to be driven by what happens with the small (woodlot->woodlog) owners
i consider it imperative that allied penetrate vancouver more fully
and as we bring out those negotiations we want to be able to keep (potentially->essentially)
this concludes todays conference you may disconnect your lines at this time thank you for your participation
our business model remains highly cash generative and of increasing quality
why now firstly weve replaced the majority of our it systems
i will now turn the call back to (vic->vik) to further discuss the current business environment thanks nancy
and the capex pattern for 17 is going to be also a mild one
and then trade them on later on into cruise ships and so on you cant do that if you (miss sell->missell)
and so when you talk about the accounts being fixed or at least the new one
both rental demand and utilization trends have been positive for the first few weeks of october
you should not consider the presentation of this additional information in isolation or as a substitute for
what we do need to do for them is go through those databases though and link up
much of that deferred volume back to market at a much stronger pricing so were happy to
this is due to the higher upfront marketing expenses and provision for loan losses in such a scenario
and we did come out strong early season with great promotions
im very comfortable with where we are with respect to our implementation time line we will start
(great->*) credit performance has been really good unit economics continue to improve so
and we also expect to be able to convert the sub
the sales pipeline in the standalone dedicated segment has significantly grown
in my earlier comments and well go into much further detail (on->at) our special (call->*)
the other thing they have asked us to do and which (duet->do what) did not do for us
be likely to release some sort of a guide on cecl implications
and we decided not to do that so we slowed down new customer marketing
but it was always part of our expectation for the rest of the year
all that value proposition that it will continue to be a solid product for us and
lumpy borrowings rolling off at higher rates is that going to be a focus this year at all
as well as the reversal of a portion of the earnout accrual associated with our acquisition of the business backer
lower lease spending was offset by higher planned investments to refresh the rental fleet
and the good news is i believe the combination of the brand visibility
and then youve got (the->*) both the south korean market as well as the india market
we feel that the economy is doing very well we dont see any cracks in any part of our business
and with the vacancy where its at some of them have sort of come up against constraints and even taken up space (in->*)
the group has seen (improvements->improvement) in (claims->claim) frequency over the last year
the decrease reflects lower used vehicle pricing partially offset by higher volumes
in uk we continue to demonstrate our ability to grow a profitable business
a substantially higher quality of earnings more diversified earnings
done at that speed and then we can innovate on that foundation or that platform
but the fact that we already have the second makeline physically there in all our restaurants
(they->there) were no issues related to safety that came up in the meeting
it did look really crowded for a while with a lot of money flowing in and not always smart money
the most important development start is king toronto which hugh will discuss shortly
one of the reasons we wanted to do the deal was because we were already working with them and partnering with them
on the origination front and i appreciate all the color and i recall how
and to that point how does this relate to your funding (requirements->requirement) for your development
and were seeing customers really moving towards doing that so were not seeing i think a hesitation on the part of
we havent changed that one but we need to explain (*->it) this is above the
environment in the transactional used vehicle sales and rental (business->*) businesses
during the second quarter call we discussed the fact that we are in the arbitration process with sony
to that proposition fourthly to invest to update
type of vehicles being sold but we really havent finalized all that yet but generally its a flat environment probably
i want to reiterate that all of our work at md anderson is already paid for
thank you ron good morning everyone and welcome to our conference call
and i guess what is the structure of these partnerships is it possible to
what you saw there in that level (of->*) activity and then the full year guidance like was it contemplated
so the shift in the early season is typically greater and then moderates in the second half
but they also felt that they would like to see a longer observation period than the 8 weeks
to ensure we fully involve and leverage the resources of the broader nephrology community
in the quarter commercial rental revenue was unchanged from the prior year
i would characterize the backlog as being similar as we have in the past with the exception (of the->*)
but do you think theres going to be a big (stepup->step up) in expenses related to that and then
advantage of the current environment but overall we are seeing a more challenging environment which i think will
during todays call representatives of the company will make a number of statements that are forwardlooking
thanks vic and id like to take this opportunity to say how excited i am to be joining immersion
we can say that the number and quality of thirdparty inbound inquiries and discussions
as many of you know this definition was derived in conjunction with the neptune consortium
to the domestic growth rate from all of the currency
so heading into our end of phase ii meeting with the agency in late january
a lot of the people who have approached us are very interested
ill give you my view you may have to qualify it
but were not there yet so i dont really i have not seen i dont think we have seen any
i would like to make another point here that our portfolio is
delayed replacement in (rentals->rental) so just curious how we should be thinking about next year
in partnership with (teads->keys) a global outstream video advertising network
(alright->okay) thats helpful and then one last question in regard to review and go
is to take a base that has been declining gently over several years and tip (*->it) into gentle growth
as we can now provide a complete integrated steering solution to our customers
trying to bring back sales among existing customers at some points and finding new customers at some (points->point)
but at the same time we remain optimistic and the business continues with its momentum
to include additional expenses related to a cost savings program
and hopefully to help you better understand this debt profile going (forwards->forward)
so there is no magic to it it really was just those 2 things
as well as a meaningful increase in deferred revenue during the september quarter
bill brings a wellproven ability to lead successful research and development organizations
the cattle feeding industry (has->is) consolidated you saw the acquisition earlier in the year the big one of the largest
at the top end and the low end and where weve had the engine challenges
due to weakness in underlying premiums and (profitsharing->profit sharing) programs on certain contracts as well as rate competition
when i was younger i used to think you could put these restructuring programs in place and not lose any revenue in the short run
with the acquisition offsetting the volume decline i think the volume decline that weve experienced is one of timing
can you share or provide some more color about the success youre seeing here in the maturation of these dealerships
we are not obliged to (buy to->*) make everything we sell and we will find alternative solutions for our customers
acquisitions and development programs and that excludes the additional mortgage funding on these new properties
and in my view our teams did extremely well to nevertheless return slightly positive
comparing the operating cash flows for this half versus the same period last year the first thing to highlight
we will present the details of this plan to the market later this year in the (same->safe) guidance
is well have the (debt->deck) cleared to have it not be interrupted as we go into summer driving
more importantly the term structure of the market is allowing those who have space to earn aboveaverage returns on that space
the cash flow (will->to) allow us to invest and pay dividends even though the markets are difficult
but not trying to do all the same not (trying->try) to feed everyone from the same (spoon->food) from the same facility if you will
this is at the bottom of the target range set to minimize the cost of capital for the group
you can adjust if needed if youre not going to see maybe some of the fee or the loan growth targets there that youve laid out
but its our ability to find new sources of other income that can grow to that but theres nothing
with this acquisition we are purchasing the existing cattle (in->*) inventory which will provide us the opportunity to ensure
were going to have what are you going to do with (200->2) million to 300 million bushels of extra beans every single month except to push out storage
and then can you possibly quantify the savings potential from these actions even if its on kind of a broad basis
our guys are working day and night to reduce cost be more efficient on the maintenance on the fuel
before we start with a few prepared remarks id like to remind everybody that todays presentation will include statements about
the way people communicate and work with each other so (you->he) can bring out a better stronger business
we continue to explore and investigate opportunities
from a much more volatile ethanol business than what we see in our ability to manage risk in cattle
in the rate of our liborbased credit facility we had a negligible amount of capex during the quarter
owners (its->*) kind of like insurance theyve kind of built their businesses and they may be looking to sell because they want to exit and so
with the fact that our price increases are sticking and enabling us to offset fully the raw materials
have been starved of capital or (they have->theyve) not had a very thorough investment program for a number of years
with a plan to begin manufacturing of finished dosage form registration batches of (cortrophin->cortropin) gel
we bought some additional proportional reinsurance to mitigate the impact of that and allow us to continue
claims ratio also improved by (a->*) point reflecting that relatively benign claims environment
so we might start with the room and then go to the phones so in the room
(*->in) the chart at the back of our press release some of those activities that still have to occur
but i wonder if you could give us some color as to what youve done to improve the (margins->margin) so much and whether you see any further upside
as a reminder this is calculated on average capital employed each and every month
that doesnt change any of the (day to day->daytoday) operations (at beazley->of beasley) and then finally im sure youll be pleased to hear we will be
having tracked the company for a while know that a lot of that business is driven by the containerboard business which i thought would have been
i guess the volatility that there has been in the past are you now at a level which you see as sort of
for us we look at this as a significant return considering we paid
much of which are by way of infill on vacant land we already own
so are you saying then that the best estimate for us is to look at
better than the other from achieving turn rates i think that what we know is that
what is also true is that the inflationary environment is clearly not behind us
rate is not an issue market rate is not an issue right now the issue that were working on is cost
the modernization of the chemistry as well as the bridge or comparators to
one example of this is our newly formed specialty products segment which well discuss later
the overall performance of each geography is roughly in line with what is to be expected given their economic context
half of the year were going to continue to struggle with volumes in automotive i dont see any improvement in that
low ordering and potentially further consolidation may sow the seeds of recovery in the medium term
and we still believe that using green plains partners as a growth vehicle in downstream
or growth in production which means others are either not able to ramp up quite as much as they thought or
the complexities of certain process changes especially given the industry that were in
(*->to) integrate and take advantage of those i think its really more (*->of) a matter of leveraging
the appropriate benchmark for capital requirements is to think of capital requirements growing with premium
thats helpful and then when you look at the ethanol market in your release you highlighted that
i think the cost savings from the merger cost savings
and it distracted from our new business efforts but i dont think revenue dissynergies (were->or) anything that really added to that
given our second half earnings and cash flow expectation the group has surplus capital
and protective solutions had a difficult quarter due to deleveraging associated with the lower volume
and we expect that to continue as well alongside the continued growth of the (breach->bridge) response (products->product)
and we will earn a margin on that which is why we said we believe it will be accretive immediately and going forward so
part of (this team->steel) for a long time so thats something to think about
for the businesses that are in specialty products are in predominantly in the south
so it just reflects the early (developments->development) of the international markets nick so the first
confidence in the groups ability to continue to generate strong net free cash flow
which enabled us to originate loans with attractive yields without sacrificing credit quality
allocating their promotional spend any differently and whether that might be affecting the display business
and so i think what youre going to see on the retail front is just continued ability to
overall we made significant progress on our strategic priorities that we laid out for the year
the revenue strength there was only able to partially recover these higher costs
the corn crop is in good shape we believe there could be an upward revision to the yield per acre in the coming weeks
these royalty streams originate from assets acquired in the biosante transaction
far (outreached->outright reach) the increase in property taxes do you think municipalities are going to start pushing a bit more on valuations or how does that process work at the end of the day from a property tax standpoint
is that we are looking at a potential (at potential->*) offbalance sheet (transactions->transaction) to see if theres a way to get it off balance sheet and talking with partners on that (and->*) thats our focus there so that it does help a lot of our ratios to take that debt off balance sheet
net interest margin is expected to slightly (decreased->decrease) during the fourth quarter as (a->the) mix of equipment finance originations continues to shift to (flow->flows) with larger average transaction sizes higher credit quality and lower yields
in the second quarter our industrial businesses had their best results in nearly 3 years which helped im sorry our industrial (businesses->business) had their best results in nearly 3 years which helped offset weaker results in other areas of the company
and as we said in the third quarter we saw probably about a few percentage points in sequential drop in expenses and that sort of trend continued into the fourth quarter
is this something (is this the->*) dynamic as we try and model out through 19 (and pass them in->in past i mean) does this have legs or is 35 kind of a sort of new number that we should think about as being sort of (steady state->steadystate)
most (importantly->important) we have to keep focusing on our clients carry forward the financial disciplines initiated in 2016 and continue to work collaboratively as we build and improve our gotomarket strategies
given this overarching goal the company adopted new mission and vision statements during the third quarter 20s mission which is a statement of our purpose is to help small businesses achieve their american dream
in a recent irena report they stated that turning to renewables for new power generation is not simply an (environmentallyconscious->environmentally conscious) decision it is now overwhelmingly a smart economic one
owns more wind capacity than any other us regulated utility and by the time its wind 11 project is (build->built) out in 2020 it will generate enough wind power to cover 90 of its load
interest rates in the economy have already started adjusting to the central banks actions which in turn should support economic activity the transmission of monetary policy to commercial credit rates has occurred almost entirely
performance was uneven week to week and from market to market we continue to see mixed signals with regard to the strength of lodging demand and overall witnessed tepid demand growth in the quarter
now id like to turn the call back (to->*) over to todd thanks john as (i as->*) we indicated in the release this morning our portfolio optimization plan is on track with the strategic objectives we communicated in may
through the combination of these activities we expect to improve marlins operating efficiency ratio in the coming years to approximately 45 and finally our third objective is to use capital more productively
as we execute on our growth objective we will be able to better leverage our fixed cost through scale in addition we expect to benefit from reduced unit processing (costs->cost) through the process renewal activities that i discussed earlier
so to conclude although this has been another period of volatility and downward pressure in various economies in europe we have continued to drive up margins and returns across the business
although 606 does not have a cash impact nor an effect on the underlying economics of the companys customer contracts applying the new revenue recognition accounting to contracts in startup and transition
for us its about (ingraining->engraining) it within the business so we have (now we->marz and i) have a trading meeting every month with all of our divisions its high on the agenda
really focused on is if they merge or change the (points->point) system and change the way theyre redeemed theres going to be winners and losers among the hotels when that point system changes and i think thats
no i think what you have to assume is that if we divest an ethanol plant there is a contract that we would have to then monetize back to the partnership the partnership (would->will) then get cash back that they can do
we along with delek through the jv have decided to terminate our agreement to acquire the amid terminal assets because there was no assurance we could overcome the regulatory obstacles from the ftcs review
while the 2016 revenue performance may not fully reflect our integration and sales efforts the commitment i see from our colleagues throughout the organization and the steps weve taken to build the framework for longterm success
just over half (of->*) which will come from the peninsula acquisition and the balance expected to come from the recently announced (clear lam->clearlam) acquisition which we expect to close shortly
we also know that the value proposition for (smallticket->small ticket) businesses is speed and convenience so we are highly focused on using process renewal to also improve the customer experience which reinforces our growth (objectives->objective)
we also expect leisure transient demand to remain steady and a primary driver of lodging results business transient is the one segment that has the most risk and we are watching it closely
there i know you were i think last quarter you were talking about sort of moving certain processes for standard products inhouse does the margin guidance consider that action and what other actions are you taking to boost margins this year
but the primary focus of funding stream is a product for small businesses (they will->theyll) be focused primarily on our existing customer base where weve already adjudicated them we already understand what the credit risk is
improved credit quality larger transaction sizes and a more efficient use of capital taken together these changes will result in a substantial increase in return on equity which is our primary focus
as weve been discussing 2016 was a year of building a new organization a new way to address our clients needs and developing strong focus on financial management
the design and civil engineering part of the field and we also have made a lot of innovation both in artificial turf and running (tracks->trucks) that allow us to win some very sizable projects
as such while we will look to grow our legacy equipment leasing business as much as possible we will also look to grow our funding stream (transportationfranchise->transportation franchise) and office equipment channels substantially over the next several years
it could be either through more a reallocation down the road a reset down the road its really kind of hard to say what will happen but i think what has happened is now something we have to deal with from a market perspective
through increasing scale and ongoing emphasis on improving efficiencies in conclusion marlins strong third quarter performance led by robust origination growth
because there is basis (with->*) weakness in the west the farmer has a significant amount of corn still to market the commercial needs to make space for a big harvest coming in corn and beans and without a chinese program
through an expected larger investable capital base across the solar platform suns will be more of a full solution provider which should result in greater deal flow for solar senior and our first lien loan program
(potential->potentially) have some pressure as we get into the colder months but outside of that and was there i mean have you seen i guess (there->that) was a big election issue in ontario but have you seen any change in utilities cost
we needed however an improved level of engagement to proactively drive value the introduction of the trimas business model enabled rapid progress against this effort
we standard the we started the process to enhance our technical breadth and commercial talent particularly in our packaging and aerospace segments as we (paved->pave) the way for longerterm growth
we expect the full year return on capital spread to be negative 20 basis points ill turn now to page 7 and discuss some key trends that we saw in the business segments during the quarter
that reserve releases will (*->just) decline gently over time as the historic high reserves flow through now its notoriously hard to predict exactly how fast they will decline
as we continue to expand our customer base haptics are being adopted more broadly than ever across existing markets and into new and emerging spaces as well
and then i think you (had->guys) also talked about employee turnover coming down recently any metrics around that and what do you think is driving that have you made any changes on the training front or
okay good and maybe just the last one as you think about what that could mean for 2018 how do you think about additions or what you would do with the rental fleet i know that its moved around a lot in the past couple of years
and theres a shipping time associated as well as the manufacturing time (and->*) so there are some limits with regard to the speed with which we can
but quarterly comparisons have trended positively as the year has progressed choicelease revenue increased by 4 due to fleet growth and higher prices on replacement vehicles
we expect our t cells to essentially grow in the patient with essentially the tumor (chipping->chip in) away at the tumor and have a much different safety profile than others
further analysis of the safety database from the initial 8week doubleblind treatment period presented at the conference showed that sparsentan was generally safe and well tolerated
these strategies will help to improve the timing of our seasonal product deliveries by region allowing us to get the right products to the right location at the right time
much like we have over the last 15 years where weve opened up stores we have noticed that it takes 12 to 18 months to get to that level where we feel good about the returns
is actually a separate legal entity from the sale of rvs now while we manage that location holistically both in compensation and supervision
these include the impact of our annual residual value policy update on depreciation accelerated (depreciation->appreciation) and the gains realized on sale of vehicles
actual results may differ materially from those indicated by these statements as a result of various important factors including those discussed in the risk factors section in our form 10k
nancy brings with her broad financial experience the ability to work crossfunctionally across teams and a demonstrated commitment to driving profitable growth welcome nancy
a meaningful component of that future value is tied to sparsentan (*->and) i know much of the focus recently has been on its regulatory pathway so ill walk through our update from earlier today
in revenue at the time and that was basically to take an even stronger position in the (floor->flor) grinding segment (htc->hse) is the market leader in that segment
yearonyear what we have said and what we continue to believe is true is the decline in diesel prices over the last couple (of->*) years
as i mentioned we continue to drive positive traffic and with the third quarter we have now recorded positive traffic in 8 of the last 9 quarters
the percentage of used vehicles sold through the retail channel of 62 remained below historical levels as we moved inventory within our target range
i think thats great because even if i get some additional inventory i would say there seems to be demand out there able to absorb it so its still (a little->*) early to tell i would say (*->what) weve got an initial
sawing (and->in) drilling and surfaces and floors because our current core is really in the concrete sawing and drilling business and the (floor->flow) grinding was
i do need to remind investors that whilst we do not expect there to be significant variances all financial figures in the (4c->foresee) and our presentation remain subject to half year audit review
based on our planned efforts we expect the use of the panel to double in 2017 for (zellweger->zelwigrs) spectrum disorders we will be pushing forward our patient identification efforts
the profitable growth investments and initiatives we are doing giving then in the end a positive impact on operating income and margin
right now we are laserfocused on every single one of our locations and hitting the metrics that were talking about which is getting this
continue to look very strong and as mentioned in the script we see no reason for us to change the pace that we are experiencing this year and obviously as we (to->*) get further into
about what saga is doing well in the market at the moment and in terms of (the->a) forwardlooking projection i think i can only say its captured within the numbers that jonathan has described for the year as a whole
but these initiatives are intended to support and strengthen our economic model and set us up to execute our strategic plan and deliver longterm shareholder value well share more details with you later this quarter
combining our capabilities creates good opportunities as we further strengthen our position as a leader in steering solutions for a variety of vehicle (applications->application)
(now->*) i dont want to provide any specific guidance for what we think the third quarter or the fourth quarter will be up or down in units
while we dont have specifics to share today i can tell you that (ive->i) challenged the team to go deeper than we have in the past and to think differently about our business and (theyre->they are) delivering
and we make good on that promise so i think theres a real opportunity to be much more visible on why you want to be connected to this brand why you believe in this brand
it is still early days and a lot is changing in social media but we are encouraged by the results so far and expect we will continue to optimize this channel for profitability going forward
but as we look forward toward the end of the year or perhaps early in 18 there is additional heavy production coming online the fort hills project
i think if you look at the comparison of our inventory management with our competitors youll find that its very (good->*)
and as we have mentioned in the past even though we are well positioned financially we will not stray from our consistent and prudent approach to any future acquisition
is healthy and solid we are now starting in the month of august to market the business as now open we waited until we got all the kinks out of the way
i want to focus your attention on the fact that the numbers you saw were new policy only for home and motor so that doesnt take into account the churn rates and so on
to be successful in that market we will need to build both the online business and the physical store
as i mentioned the strong underlying growth in unpaid gtv has enabled us to keep the average cost under control despite the natural transition to more paid links via mobile devices
finally i want to highlight one item as we look ahead into 2018 in used vehicles there are several components that play into overall results in this area
(on->*) are there any trends that youre seeing that you would be able to share or perhaps attach rates in regard to these new offerings
one of the characteristics that distinguishes them from many other hematology drugs on the market preclinical findings for both have been compelling and we now have reached important junctures in their development
we are currently undertaking a new zerobased budgeting process which we expect will result in both cost savings and allow us to fund some strategic investments
strong orders in our rail business cash flow performance in line with our plan and solid execution on our growth programs and on transforming our operations
our board our management team and our financial and legal advisers spent a great deal of time analyzing the proposal and had multiple meetings with bw before their proposal was withdrawn
this change is driven by the (stepchange->step change) in receivables associated with our selling prices which are now expected to remain near these elevated levels for longer than previously forecasted
against that background and that expectation we do however continue to plan for moderate growth in 2016 our planning process every year is around cycle management thats pushing forward
the analytics of the old product we feel pretty good about where were at or we would not announce this filing date in todays press release if (weve->we) held off announcing this until
doing so will enhance our strong liquidity profile even further by freeing up assets and extending the duration of our maturities we believe these efforts will lead to continued improvement in our credit rating
and with our seasonally stronger second half operating cash flows and (the->a) lower capital expenditure the group expects to generate significant net free cash flow during the half
partly in response to that increase in demand we put together a consortium of lloyd syndicates to help bring relevant capacity to the european market as it continues to develop
with (waferetch->wafer etch) our flexible process offers cost advantages versus incumbent technologies (waferetch->wafer etch) also promises substantial cost savings for the tsv reveal process
after changes in working capital and we deduct sustaining capital and interest and financing expenses to say it differently these are the obligatory expenses of this company that over which we cannot exercise discretion
to some more normal levels i think whats hard for us to read is exactly how quickly that happens weve had a couple of weak quarters and how many more it will be is uncertain
we continue to benefit from our aggressive hedging policy and the favorable pricing of our japanese financings leaving us with a current interest cost fixed (hedge in->hedged and) a small floating piece of roughly 44 (in->and)
expected future events and financial results that are forwardlooking in nature and subject to risks and uncertainties the company cautions that actual performance will be affected by a number of factors many of which are beyond the companys control
we also continue to actively manage our balance sheet where opportunities exist to decrease our cost of capital strengthen our financial flexibility and to delever on attractive terms
while we are proud of these results they do trail our original expectations for the first half of the year driven by the aforementioned declines in (inderal->indoor) la average selling price
when taking into account our properties closed and under contract partially offset by dispositions we believe this positions us well to achieve our range of net acquisitions for the year
we are committed to maximizing the value across our acreage and we believe spending the extra time on data gathering and analysis upfront will benefit us tremendously in the (longrunning->longrun) development of the property
improving well results and performing our (jobs->job) safely and as good stewards to our neighbors and the environment we believe that we have a very compelling growth and (valuecreation->value creation) story with significant upside potential
thanks barry let me spend a few moments talking about our first half performance and then address some of the key issues we see for the rest of the year and the actions (were->we are) taking to address opportunities and challenges
is to allow us to take products from (baudette->bar debt) and move them into a tech transfer opportunity here at the (wellspring->wild spring) site
we call i guess (the->*) industry calls (ready pack->readypak) and a move to (ready pack->readypak) where its in some sort of case display and its easily put (on to->onto) the shelf so a lot of the businesses may be moving in that direction
in (q4 in->*) q1 we are continuing to buy our shares so we are executing that program we believe it is a good investment at this time for our capital to buy back our own shares
and thats part of the total picture of why its very critical for us to win those domains because we know that many others are (a->*) given
in an environment where access to capital is constrained we believe that we are well positioned to take advantage of sensible and suitable opportunities that exist for those with such access
but specifically is that what we have to do is to match demand to our production capability so thats what were looking at right now specifically in tube and (cores->core is) to make sure that
without that increase earnings would have been significantly up (showing->shown) the benefits of those initiatives are coming true in the underlying results on this operation
so the volume was a bit faulty when you were asking the question but if i understood your question correctly you were asking if we (had->*) looked at our original budgets at the beginning of the year
so to say it differently the (lts->altius) transaction was funding the purchase of rdm which (just->has) happened to be that it did not coincide with the formal closing of the purchase of rdm and the formal closing of the purchase of the (of the->*) completion of the (lts->altius) deal
and we feel good about the people operating it we feel good about where theyre going but we are helping to work with them to build out the infrastructure make sure that they have the latest visibility looking at manpower (and->*)
and quite frankly were a little late to the table in rationalizing our cost structure around servicing that industry but you can bet were going to be very aggressive doing so in the third and fourth quarter
less so for the mexican peso they are stronger than what is in our budget and for the q1 average so we do anticipate that there will be some impact to our costs
also on claims as martin mentioned the reserves have continued to develop favorably in 2015 and our consistent approach to setting those reserves means that we (finish->finished) the (*->year)
which has resumed its organic growth and delivered strong results we continue to assess our international portfolio and seek opportunities to grow in some areas and to potentially contract in others
for this reason we cofounded and operate the helios lpg pool which now includes 29 ships we have and will continue to explore growth opportunities
we believe that when they need more capacity they will buy newer generation (equipments->equipment) so some of thats already happening we think that there will be a replacement cycle created
assumes it doesnt really change in the back half so im just (*->im) wondering if youre achieving that while flowing those things through the sort of tougher contracts through or if we need to expect those to come on later in time
where prices improved following a number of (highprofile->high profile) breaches that occurred at the back end of 2014 and into 2015 and that drove increased demand and stronger pricing
and most of the money center banks or the brokerage houses are obviously at a much higher level so i think that mix of those 3 things tends to work very well for us
what i have said repeatedly as well is that when we have the cash in the bank as a whole the board we believe were not going to do anything rash
so we will continue to build further on this as a step towards offering a more complete solution in one of our product (area->areas)
our earnings release was distributed yesterday and it is now available on our ir website as well as newswire service
what i will be looking at is in terms of a product strategy a network strategy (i will->ill) have to look at my technology strategy (have i am i is my offerings->amformings) correct what is my
we look forward to improved operating and financial performance for all of our businesses in 2019 as they deliver even better service to their customers
the ecom part has been moved to the development of the new digital platform and is part of the future strategy
it seems like it has stabilized now and of course we carefully talked about if we could say that this was temporary we did see it as temporary
doing a good job with their existing legacy business but theyre also doing a good job picking up new business and importantly our financial services business
we cannot move forward without making (the->*) investments to differentiate ourselves through our unique (offerings->offering) which will further reduce the complexity of shipping for our clients
the next major effort we have underway is growth of the company while the ascension contract provides us with significant runway to grow over the next few years
but also in the long term to continue to build the competitiveness of (clas ohlson->clozolsun) and making sure that our customers come to us for their shopping
we (are->were) expecting a large server program previously mentioned to make up for this headwind but we now see delays there going into mass production pushing that ramp out to next quarter
im pleased with our results this quarter from a strategic perspective our business model and blueprint for growth are working
and im really excited because theres quite a bit of substance for us to convey to the market inside of this relaunch efforts
we (entered the->added a) bridge lending space to use our capital on opportunities with strong sponsors good credit and the potential for an agency permanent takeout
since mitsubishi corporation is a product marketingbased organization we have a tendency to put all our efforts into these products
transaction volumes from both a financing and investment sales standpoint were a bit sporadic i was quite interested that when rates
as part of that effort over the last quarter ive held several mission ceremonies with thousands of our team members to share with them our new mission and guiding principles
so the revenue certainly was an easier compare in the current quarter given last year we were announcing the new product that came out late in the quarter but were really pleased with the margin expense performance (i->*)
both help subscribers enjoy faster overall internet speed or enjoy more privileges and services
our focus on continuous improvement helped boost margin expansion and our capacity expansion is currently in the process of being commissioned
it had a couple of segments so can you give us some sense of core versus specialty and how thats doing because i believe they had some
your answer about scale is there a particular revenue run rate that you need to get to to get to the scale that you
in the third quarter we made progress on a number of initiatives designed to improve our financial performance and position the company to effectively grow (its->at) scale
in all the relaunch effort is a comprehensive plan focused on reestablishing our identity and core value proposition
to put this in perspective from an employee headcount standpoint we will have increased the size of the company by 50 as we exit the year
given these strong dynamics and general health of the commercial real estate markets (were->we are) seeing a significant amount of capital enter the debt financing space
so this we wont give any more color on but i think its fairly specific what we need to do and at the end of the day (with->where) the working capital
puts a little bit more (of->*) pricing into that domestic marketplace but it will be very reflective of i would call international pricing at this point in time
as we continued to price to recover currency devaluations and rapid increases in brazilian corn (cost->costs) that occurred over the past (two->2) quarters
argentina area keeps on growing organically at 36 as we continue passing inflation cost to prices in the country with no deterioration
because what theyre telling us is until i know for a fact that i can supply my current surgeons im not going to take on the additional risk to go after material new business
a big part of what we need to do in the organization is just to increase this kind of one zimmer biomet mission culture
you to be more optimistic in terms of the earnings evolution also taking into account that you are positive on the underlying
weve started to look at the next group which we call 7k inside of our company but the really heavy lifting is mostly behind us so i dont think you should
the southern cone economy remains challenging as economic measures lowered consumer disposable income and affected our volumes
on transport you can fill the (tracks->trucks) much cheaper and it reduces the demand for having to go out and use the spot market which has increased dramatically this year
the consensus seems to be that incremental cash will be retained and planned investments will be accelerated to take advantage of lower tax rates
weve got some new team members in almost across the board in spine but also in other categories of our business that i think are setting a really strong strategy
from our foundation of operating excellence we continue to optimize our cost structure for the future while investing for growth in our specialty business
the whole supply chain system has to be worked on so we have had a marginal dip but if i had more vehicles i possibly would have been able to sell
we now have a balance sheet that gives us the capacity for acquisition and to take advantage of opportunities as they arise in the marketplace
and present our gaap financials in a (matter->manner) that closely reflects our actual operations and cash flow chris will provide more details on this
since most of the pricing is (like->reflect) our pricing of our end product is reflective of sugar type of pricing and sugar prices are up slightly
while our margins are still impacted by the macro environment around increased transportation labor (costs->cost) we have taken actions to reduce spend in this business
as well as provide and optimize the commercial infrastructure to manage their revenue regardless of payment model or care setting
sort of macro drivers to determine specifically whos going to be most competitive at that time because it really gets back to the financing needs of the acquirer of the asset
and im just wondering is this all due to the structure of the amazon deal or is there other factors kind of playing into that
similar to the program that we had program we had last year i think we dropped retention slightly on large claims
with what were willing to pay and how were going to create value and have the plan and what ive always said is (weve->we) got to have the plan theres a cost synergy plan
(we are->were) excited about the opportunities ahead of us as we continue to execute on our strategic initiatives and deliver financial outperformance to our shareholders
but some of the recent contracts are spreading over next 2 years delivery and are they coming with a similar type of discounts that scales us
well do what weve done in the past and as if we conclude an (assets->asset) worth more on the market to the market than it is to us then well make the correct shareholder
weve got a lot of questions that were already asked and answered but i wanted to spend a minute just on the interactive segment which was a touch softer you mentioned increased competition and some of the things youre doing in the prepared remarks but im hoping
as the market is changing our customers are also changing their bid sequence i mean one very large customer that most people know has pulled their bid in and made it a 1year bid for all of their business thats going through right now
so in other words the products engineered to (what->*) i would say probably a more (heavy duty->heavyduty) spec which is needed in those countries and thats something that we think for our efforts to expand distribution outside of
right now youre just saying that (thereve->there have) been previous promotion practices i guess that were not less than ideal in terms of their payback and so youre not chasing that business any longer
we believe that the bottom (has->is) finally (entered precious->intracious) metals and both our actively managed precious metal strategies and our exchangelisted products are well positioned to benefit from a recovery (and->in) performance and investor interest
gaming and hospitality (healthcare->health care) higher ed this is just an example of our diversified company so were seeing an overall increase and strength in the market throughout the country
we also maintained our intense focus on new product introductions and efforts to develop distribution throughout the year as a result the yearoveryear decline in activations (in->and) shipments of standby generators were much better relative to the overall decline in power outage severity
another reason is that reimbursement rate has changed for these reasons we estimated the sales growth is almost modest in china
were serving 8 different markets with a broad portfolio of dispensing and (sealing->ceiling) solutions across many different geographies our level of project dialogue with our customers across each segment
the targets for (apomorphine->upper morphin) are overlapping with (aptiom->apptian) customers so we dont anticipate significant increases in spending
so that we can be ready to go on january 1 and the biggest single thing is that we dont want to tell people that something is possible and then have them (billed->bill) for it and have all those bills rejected thats what were trying to avoid
the cautionary statements contained in yesterdays news release and in our annual filings again both available on our website and on sedar (outline->outlined) various risk factors assumptions and cautions regarding forwardlooking statements or information
the increase was primarily driven by the addition of aftermarket part sales from the recent country home products acquisition and to a lesser extent additional service (parts->part) sales resulting from (a->our) growing base of stationary and mobile products in the market
but also on the installation side of the equation where we think (there is->theres) still a pretty good opportunity to make these products more affordable with close rates specifically to your question close rates remain fairly
in addition we are updating our previously disclosed projections regarding depreciation and amortization and capital expenditures including the recently acquired mega airless business
modestly offsetting these headwinds is the expectation for our organic international business to grow and shipments into our industrial distribution channel to improve as we make further progress on our efforts to gain share in the larger end of the power generation market
even further with ocado and weve been meeting with them constantly since we announced the deal and as we look at the market were more and more confident (*->that) this is a good strategy (but->*)
even our montana markets where last year we got out to a good early start in february and we really didnt even get going in those markets until about
demand as well as physician demand to be quite a lot more than looking at the current market as a static market and then trying to figure out how much impact the j code would have
well begin our call today by commenting on forwardlooking statements certain statements made during this presentation as well as other information provided from time to time by generac or its employees may contain forwardlooking statements
where we think we know theres some good opportunity there we just were not going to put a number on it quite yet today but well as that develops and becomes i think something we have a better line of sight to well be more comfortable talking to that in the quarters ahead
thanks (jimmie->jimmy) i hope everyone had a chance to review our earnings release from last night just as the third quarter was important to show what our team could do in a short period of time this quarter was critical for (a->*) different reason
however as the clear market leader we believe we had a notable influence on the enduser demand for these products in 2015 as we continued to make investments in our innovative sales and targeted marketing programs to increase the awareness of the category
and i just wanted to walk you through the main drivers in 2015 of that capital book decrease so the first one was the small shortfall in our operating cash flow compared to our dividend
both in consumer health care and injectables which (carry->care) a bit of a (lowermargin->lower margin) profile so i think we will be coming down from being over our estimates to being more in the high end of our longterm targets
once again these results underscore the demand for an opioidsparing solution like exparel and our teams success in decreasing the number of patients who are exposed to the risk of the operating room as a gateway to opioid misuse and abuse
this represents the next phases of already contracted backlog and in many cases these phases are in active predevelopment these also include social housing projects that are awaiting final government approvals
as well certain financial measures discussed today are not recognized measures under generally accepted accounting principles or ifrs and more importantly more information regarding these measures can be found in our public documents
the company has provided in the appendix of the presentation materials which are available on our website reconciliations of these nongaap financial measures to the most directly comparable gaap financial measures
over prior first quarters of past years as (i->ive) said before our intent is to measure our performance against the industry and close the performance gap in meaningful ways like (its->has) never been done at usa truck before
that that was the right decision so i dont mean to put (a->*) kind of a fly in the (ointment->oibmant) but yes were pushing for higher prices were trying to do so sustainably and responsibly and in some cases we (picked->pick) network over price
and so taking those best practices using our buying power to make sure that were allowing dealers to buy all the materials they need for the installation
we remain committed to maintaining a strong balance sheet currently with equity at 57 of total capital which is stronger than the 53 level (*->we) were at the same time last year
i know its hard to predict this sort of thing in the past when theres been destocking (yes->*) usually (thats->lasts) about a quarter what makes you comfortable that this asian beverage situation is
therell (be->*) always (*->be) a bit of (*->a) rampup as we go so the first call (it->*) the first part of that contract will be in that rampup phase then itll run relatively steady state for a good chunk of it and then ramp down at the end
and that this team knows how to manage in a way to access that value keep our trucks moving and grow our logistics business further and lets not forget this assembled management team has only been together for 2 full quarters
the other comment in the release referred to an increase in material (costs->cost) can you just expand on what specific costs youre seeing inflation on there and if you expect that trend to stay (*->in) longer term
once the final cms rule (on->in) j code take effect on january 1 we will expect smoother reimbursement to begin to unfold for both medicare and commercial payers as the market standardizes around the medicare reimbursement j code
basket of revenue and think about that in a transition to subscription (and->*) heres a rule of thumb that we think about if
the increase in sales for the 3 and 6 months was due primarily to increased sales of the companys door locking products and intrusion products
integrating and networking products from our (alarm lock->longlock) marks and continental (divisions->division) enable us to wirelessly control access
three comments first the annual range does not include the anticipated benefits of nongaap revenue adjustments in the first and second quarters
roughly 60 of that cash is invested overseas and is generally not available for repatriation without tax consequences
we are using strategic planning and execution tools such as (hoshin->hochin) throughout the organization to achieve appropriate levels of transparency and discipline
our market leadership is enabled by our unique capability to connect the physical and digital worlds together with our deep domain knowledge
right around 10 maybe just a hair over 10 on a full year basis so we wont start that way at the beginning of the year and well kind of ramp our way to it so i dont
in those term sheets you commit to all the major terms of the loan you have to then (pay for->paper) the loan which i shouldnt underestimate the importance of and the kind of length of
(with->whats) already a great business (its->is) positioned to become more important in terms of scope and growth opportunities with the pending acquisition of the dispensing systems business
we are seeing strong interest in our products across our service lines and continue to see opportunities to build deeper relationships
through both spend and mix optimization while maintaining our competitive investment levels across all relevant consumer touch points
the investments (weve->we have) made in our operating platform over the last few years have transformed our customer offering and rewarded us with increased profitability
we are bringing greater focus on (the->*) stores which are already on (the->*) ground because we do see a lot more potential than
the footprint optimization complete and insulating our customers from (any->many) of the activities that were going on on our side of the fence so weve now turned that
and we didnt achieve these volumes by sacrificing economics as the average (double digits->doubledigit) spreads we achieved on these spaces in the second half of the year attest
and (do you expect->*) some adjustment i know you had some adjustment on your generics customers this quarter it looks like do you expect some of that to happen on the (biologics->biologic) side as well
so and then there was an increase of price so we are working with the expectation of
and we will try to increase our sales at the same level of the consumption of
so we have seen both of them play out (differentially->essentially) in the (dinein->dining) environment and in the delivery environment but both have been (have->*)
now we did pass on a large part of it not completely but a large part of it to our customers because
over the past couple of weeks there have been significant price increases announced by different competitors in both the branded and the (privatelabel->private label) segments of the market
to understand what you expect in the coming year we try to be conservative in that forecast and then we obviously (tried->try) to put some
these decreases were mostly offset by improved operating performance across each business and higher unit volumes in the metal and plastic container businesses
we also continue to manage our capital aggressively and only invest where we see economically attractive returns in the core markets we operate (in->*)
dont like to see a lot of disruption so i think theres probably some (pensiveness->hintiveness) there
both mty and imvescors board of directors have been unanimously supportive of this transaction
at napco we take their feedback and market insight seriously the good news is that based on our conversations
looking to replace disappearing traditional phone lines with advanced wireless cellular communications technology
we expect rvi transactions to begin closing in the second quarter with larger volumes in the second half of the year
it also helps us support our customers in ways that our competitors find hard to match as we have units where and when they want them regardless of the location
were a heck of a lot smaller on that front so i think that has significant advantages to your franchisees (it->*) allows them to reinvest back into (their->the) restaurants
how much (ebidta->ebitda) did you guys actually see from those acquisitions in q4 im guessing it was negligible but was it a couple (of->*) million bucks or what
this decrease was primarily due to the passthrough of lower raw material and other manufacturing costs and a shift in sales mix to smaller can sizes
back a couple of years ago more than a couple of years ago the prior owner of home health and beauty and dispensing had an analyst day on
we did this to heighten our focus on becoming the leader in the integrated containment and delivery of injectable medicines
maybe refer more specifically kind of to the deal flow that we have seen over now the last 9 months or so
(i->id) view that as an enabling technology to help us go after the market opportunity the more its (a->the) transactional side (in->and) the erp system
leonardo now regarding prices and you specifically focused on the industry
all that attractive when you look at some of the other transactions that have taken place over the last 12 to 24 months so
one of the things im most proud of is the way napco has been able to remain at the forefront of innovation in the industry
the reality is that reductions in size are somewhat uncommon because its very expensive for the retailer
all of this would not be possible without the herculean efforts by our team on the island as well as our property and construction management teams
at the investor day we quantified the size of our addressable markets and the significant opportunity available to us to penetrate these markets
get to where we wanted to go but it was more a question about the time frame with which you could do it in and
id also like to thank our employees for working tirelessly for the betterment of our group this is and continues to be a good company with great people
so certainly it would look to us by 18 we should begin to recover some of what were talking about here right okay thats helpful
weather was much warmer than we expected while at the same time we saw a steady increase in the price of heating oil and propane (costs->cost)
the move toward software and recurring revenue streams is one of the topics that we are most often asked about with our business
our new sales contract with the new zealand ministry of education continues to ramp up and were beginning to see solid contribution from that project
i would think we think about it both opportunistically as well as strategically from an opportunistic perspective
i am very fortunate to have a strong leadership team both within the brands and within the shared service functions
we were notified at the end of july that one of our major customers has decided to transition a significant portion of premium business to another supplier
michael i think this is david (we->weve) thought very carefully about how we structure the fee arrangement between the 2 companies
and even more positive perspective is to look at our fundamental operating performance without the effects of acquisitions made in the last year
as the positive impact provided by acquisitions (in->and) colder weather was only partially offset by net customer attrition and other factors
we sold quite a few assets at the end of the fourth quarter obviously that noi would be included in the fourth quarter run rate happy (to->*) help you there and then the last thing is
yes i think it probably is a point of emphasis that has grown over the last 5 years
we were pleased with our overall execution in the quarter as our team expertly navigated a period of interest rate volatility and intense competition
similarly the (interactive->interpative) software that i spoke about (at->*) the (interims->interim) which allows us to analyze every single (till->til) transaction is now live in the business
multiple lines of business call types in every geography that were in but i think that those volumes will continue to
the recent executive order authorizing the construction of the keystone xl pipeline is expected to have a very positive impact on our markets
but at the moment i would say no i dont see us increasing prices but i see us (*->being) hopefully (being->be) able to maintain the best mix of business that we can
in our revenues due to the cancellation of several projects and increased price pressure coming from an industry suffering from overcapacity
we will remain disciplined with our capital deployment strategy now lets review our third quarter operating performance in more detail
examples include the reallocation of order entry and sales support roles in multiple markets to increase efficiency and productivity
as the distribution channel continues to mature we anticipate product price volatility will be reduced and prices will improve
we have had a dedicated internal team complemented by external (advisors->advisers) working on a comprehensive approach for the past 5 months
that kind of is (the->a) swing factor that helps next year so in other words lets say we just brought our numbers down or your guidance got brought down by a couple percent
and together with the online presence we have it will create unique accessibility for our customers
(an->our) improved operating profitability in financial services was led by the cost synergies we delivered over the course of (*->the) last 2 years
in the top line and we hold our margins or enhance our margins through expense control thats where youre going to see
were in full implementation mode of a new maintenance management system as well as overhauling our companywide procurement processes
yes we havent really said anything yet on the number of locations that were going to be adding but thats something that well definitely be able to give more color on with our q3 call
but there continues to be volatility in the oil market and the price of resin follows very closely the oil price not directly but very closely
the most important subject of this midterm corporate strategy is how to achieve and apply responsiveness to change
these forwardlooking statements are subject to risks and uncertainties that could cause actual results to be materially different from those currently anticipated
as we have invested heavily in the core components required to transform this commercial infrastructure namely human capital
and adjustments to other income and expenses as a result of the tropical palms rv lease termination and settlement of the california litigation
the favorable variance is largely offset by increased repairs and maintenance expenses as we cleaned up properties during the quarter following those storm events
and in many ways ignite 2 ensures that we can move (apace->at pace) while we do this and finally driving an innovation agenda which is about making the technology in the business
i dont believe were in that kind of a scenario today i think whats happening is the second point that you were making is that
we will however continue to make improvements including more (deepdive->deep dive) analysis of equipment along with training and improving the skill of our people
they bring a very educated perspective on the market and they bring a very comprehensive network
pretty much on track and weve got were going to be able to really (toe->tow) the line on not being behind schedule (by->but) the end of the year
the jcr acquisition now gives us a platform that combines our access to deal flow with sources of capital looking to invest
we have been able to (*->continue) continuously maximize shareholder value i will now turn it over to paul to walk through the numbers in detail
so this is something that i feel confident we will get on the other side of as that vertical market becomes more stable
when we look at (the->*) whats under the hood on those deals that were signing theyre at rates we can make a good return on
available to invest so its not like we bought a fully invested firm that was starting over with the fundraising process
what we saw last year where at this point in time you saw the seasonal downturn from now until august september
at the end of this presentation we will open the floor for questions where we will answer with as much detail as possible any remaining (doubts->dots) or inquiries
i think those 2 markets are comparatively larger for (berkeley->brookly) point than they are for newmark taken as a whole
it also (includes->include) strategic initiatives that require extra resources and new capabilities
we are sure brazil will play a key role in this evolution and the recovery we are beginning to (experience->speed in) is a proof of that
we are very pleased with the strategic priorities we have executed on that have translated into both higher earnings and higher returns
providers will increasingly look to an operating partner that can maximize and best leverage proprietary and bolton technology
that slide as it relates to the growth in revenue per employee and how weve driven operating margins up very steadily over the last 5 years
which we provided yesterday evening after the close of trading ill now turn the call over to mark (erickson->ericsson) our ceo to go through some of the highlights for this quarter
in order to stay on this course we will also keep a cash (flow focused->flowfocused) management approach for each business group
conversely the work on our stock system is an example (of->*) one of the bigger initiatives thats going to take longer to land and may well require cost upfront
we continue to drive more opportunities in this market and (were->we are) confident about our potential growth in the upcoming quarters
i think it (was it->*) wasnt a dramatic change there it was more (that->*) the way that we calculate it is very different now than it was then
to better utilize our new lines (in->and) our plants and also to gain experience for our new workforces where theyre running the new lines
the good news about it is our clients tend to understand what it takes to price talent
for (your->each) quarter (thats correct->*) so just trying to reconcile the current quarter to back down to that number and where the variances might be
lends itself really to an operating partner that is able to holistically partner with those customers and transform
being able to access our customer more efficiently and in terms of the spend on those activities
we really believe that this helps to differentiate us from our competition and highlights our value proposition for the wireless industry
thus depending on our strengths and functions we may also have to pass on some of our businesses to new shareholders
and these activities are specifically targeted towards improving the mobile experience
our total december and new year bookings are comfortably ahead of last year but in truth its becoming far easier for people to book so were not getting complacent
what id like to do today is provide you with an update on the progress of our business and lay out the groundwork for what to expect in the coming months
should we expect your commercial investments to remain at the pace that weve seen in this quarter because that would imply that
as we balance our investment to match the adjusted timing of program ramps we are maintaining a tight rein on labor management
its also been a time of change i think we talked about this last time we see some of our major customers some of the leading
can you talk about the sustainability i understand its more driven by you rather than the end market but once you get into the space and once youre an approved vendor why should this trend not be sustainable say over the next multiple quarters
they are work we do well were performing well and even in those large communications clients that are temporarily going through some volatility were multiple programs (top stacked->topstack) ranked in their performance queues
our assets are competitive because of impairments we recorded in the year ended march 2016 of course we have to deeply reflect on the reasons for these impairments which unfortunately led to an overall loss for the company
let me start with a summary of what we think are the main messages (*->from) today its an encouraging set of results and certainly we feel this builds on a lot of (the->*) progress weve had over the past couple of years our sales growth has been sustained and importantly that remains ahead of the market
hospitals are increasingly realizing the value of a partnership with accretive as an independent party to help strengthen their internal operations and provide the necessary capacity to cover transactional services
our record of operational excellence progress penetrating highgrowth industries and strong new business signings gives us confidence in our ability to grow diversify our client base and further expand margins over time
to meet the needs of their clients and as steve walked you through the greatest part about that is when we put that financing on there were going to continue to make ongoing revenue streams out of that financing rather than just brokering the deal off to somebody else
and (then->the) third thing i would say and emphasize is were really taking a very thoughtful approach to the relaunch of the company ive mentioned in the past we have been much too internally focused over the past (three->3) years
and the reason that (its->is) possible is what i just mentioned in my presentation that we have initiated to work with new methods and (the->*) data science in a different way where we will also be able to optimize promotion drive growth
from now on we want to in a proactive but humble manner contribute to businesses where we are confident that our strengths and functions are of use for the growth of (their->the) respective companies
thanks rusty lets jump right into the encouraging results we are seeing from our enhanced completions we now have over 60 niobrara wells online stimulated with enhanced completions and we really like what were seeing thus far
so and thats why we feel that its not an option to sort of be out of that we have to be in that to make sure that the consumer continues to spend money on what we offer and also come to us
so far these wells have settled in nicely and as we turn on more wells we continue to see similar results which really confirms our decision to move to this completion design on the operations front we had another successful quarter
as we look at our second quarter results our crude oil sales volumes exceeded the high end of our guidance by almost 1100 barrels per day or almost 5 and
some of those work streams (ive->have) already started to see some of their initiatives land in the business and (rally->value) to start accruing whereas others are far longer term and may well require net investment this year but will pay back from fy 20 and beyond so for example
as we are facing severe changes in the environment we are taking a cash (flow focused->flowfocused) management approach in order to maintain financial soundness and also from the perspective of strengthening our management foundations
and then thirdly can you just flesh out your ambitions on (the->*) delivery please do you think you can put it in more sites and what kind of share of sales are you getting from those sites where you have got delivery
in conjunction with the relisting we also plan to launch an extensive investor outreach effort that will include increased participation at industry conferences and a higher degree of interaction with the investment community
we highlighted on our last call the 3 engagement models with which we (gotomarket->go to market) these engagement models provide customers a flexible approach to create the required commercial infrastructure they will need to manage their revenue
particularly for transitional properties unlike other forms of first debt lending bridge lending has minimal barriers to entry and there seems to be a new debt fund (*->pocking) up every day to deploy capital into this market
we have a few tech clients that the product adoption and the uptake on purchasing isnt where they thought it would be and so thats a little slower same kind of muted experience across a few of our retailers
the first interstate brand still has a strong awareness and a good reputation in oregon washington and idaho and we expect to effectively capitalize on the brand recognition to grow the customer (bank->banking) customer base in these markets
there is now a strong opportunity for doing a turnaround of this situation as we are now applying in the country all the profitability protection policies we have successfully implemented in europe
another important part of the outstanding customer service is our online channel and we are working on a daily basis now to take convenience online to the next level
our capital markets and investment sales teams continue to grow and diversify our earnings and we have now added an asset management platform into the mix to drive further diversification and enhancement to the economics of our brokerage business
in my first 9 months with tessco weve implemented a number of new initiatives we incorporated these initiatives into a sound operating plan and as you can see from our performance in the first quarter we are executing on that plan
those are all against those higher line pressures which pretty much points out that these new horizontal pads particularly with enhanced completions are able to very well address that issue
i want to thank all of our people around the world for their hard work as a team were helping our clients maintain exceptional relationships with their customers now andre will provide more detail on our financial results and guidance
i think itll be similar to the second quarter activitywise were still running the same amount of frac fleets we have been for in this quarter as we were last quarter but we will have some fairly (significantsized->significant size) pads that are coming online in the second half of this quarter
its very difficult to say we expect that the next couple of months (we->will) still have some price rises and unless something different happens
we will concentrate on investment in businesses where we can proactively demonstrate our strengths and functions and (will->well) thus rebalance the resources and (the->*) nonresources portfolios
the highest line pressures youd probably expect kind of for 3q youd probably be witnessing now so youre fairly comfortable with where you set the guidance for 3q is that yes we forecast any curtailments that we might
since our last call we launched our proprietary and flexible auto decision workflow application which is a comprehensive overhaul of our technology that manages payer billing and followup operations
and as far as 2018 goes a lot of the drilling were doing right now and a lot of the wells that were going to be completing (*->in the) towards the end of this year and the beginning of next year are actually (in->*) our southern acreage and theyll be going into the western gas system
you see that in the numbers that (weve->we) discussed for the 2 new rigs that were going to complete and so we were certainly encouraged with the favorable economics to complete these rigs
turning to energy energy overall was down from a year ago as weakness in renewable energy offset strong oil and gas sales looking at oil and gas specifically
we began the year with positive momentum generated by solid growth in the second half of 2014 our underlying business fundamentals are very strong due to the improvements weve made over the last several years
the dol rule either as we understand it today or the discussions of what it might be that put us at a competitive disadvantage such that people would leave our company to go to another company
when we look at our overall utilization at the end of the first quarter and going into the second quarter were going to be at about 60 utilization and really pleased to see that number for (a->*) change
we (did->do) have a number of spreads that work for customers who source their own sand we have also spreads that work for customers
without the decrease in the proportion of rigs on standby total average rig operating cost per day would have decreased as a result of fixed cost being spread over more operating days
finally we will further demonstrate that we are a leader in walking rig technology with the delivery of the first rig with our new proprietary (apexxc->apexc) rig design
so were not convinced that theres going to be a move and if there is we think were relatively well protected for any moves that would happen here in the second half of the year
in canada we expect our rig count will average 2 rigs during the first quarter please remember that the rig count in canada during the second quarter will be affected by typical seasonal factors
begins to see significant overcapacity if we really get a downturn of consequence we can begin to see some margin erosion around the edges on the spot business
i believe that we have the ability to move rates on rigs where we are not locked into contracts on pricing agreements that extend for long (periods->period) of time
strategically bringing in partners to share in the results of that business allows us to have a larger presence in the market while exposing our individual result (of->*) less volatility conversely
we remain very confident i mean we knock on wood things can happen but with everything we know right now we feel really good about the aerospace business and we feel really good about the automotive business
no weve kept rigs on our marketed list on our website that we believe can all eventually go back to work depending on what the total industry rig count is at a certain time
that give us a little bit of a safety net as well so really the primary risk is in the pricing area on the spot business so if the industry
operational and financial projections and goals are beliefs and assumptions of the companys management and are based on information currently available
as a longtime operator in the region weve worked for many years to cultivate strong mutually beneficial relationships with our aboriginal neighbors
and remind you that the statements made by management and the information contained in this presentation that constitute forwardlooking statements are based on managements current expectations
our february earnings call i talked about things generally and youll note that this quarter ive been a lot more specific about the numbers
but also making sure were getting our fair share in smb because we are seeing attractive economics there
construction of new kilometers acquisition of subscriber equipment and special (projects->project) that we (carry->carried) out during the year
while a prolonged period of depressed oil prices will likely result in continued credit stress in the industry we actively monitor our portfolio and believe our exposures to be manageable
and you will note that over the last decade we have repatriated a substantial amount of capital to our shareholders and continue to do so
well were confident because our products when we sell a piece of plate it could go on to any platform in the entire spectrum
which is not really agreeing with that type of number so would you be able maybe (carl->karl) to call out the 3 the couple of end markets here that were the
whatever the prior points were for you to activate equipment so clearly i think we can infer that thats what youre getting now in that context is it also safe to assume that
as a reminder our reported rig count is based on the average number of rigs generating revenue which includes rigs on standby that are receiving a standby rate but not actively drilling
particularly in our operations where we are getting to scale and our ability to be more responsive to our customers
or we diversify into other applications we would do any of those if its clear to us that we can digest it and that it really creates longterm shareholder value
subject to certain conditions including the completion of the merger with seventy seven energy and the repayment and termination of the seventy seven credit facility
using these internally generated cash flows we believe we are well positioned to execute on our current growth initiatives including the (tah->th) joint venture that we recently announced
(make->makes) sense okay (*->and) the other question was on the drilling side i didnt hear if you mentioned on the contracts for the new rigs if there was a duration amount and in general if you could comment
i also have to say that i cant remember the last time that i was this optimistic about the future prospects of our growing platform or the talent within the organization
global downturn so we think the backlog is strong and the backlog supports the build rates and our customers we know theyve been very public about it they believe that as well
the utilization its obviously saying something about (*->a) preference for technology or at least so it would seem and maybe thats a little bit different than prior cycles or you would argue thats again its pretty much the same
okay and then (a->*) separate topic but just a question i wanted to ask because (ive->i) got a couple of questions on it yesterday the whole group of ceos was asked
i guess your does it imply to us that your equipment is in great shape and really doesnt take much to bring out of the yard or is there something else going on that enables you to have a lower cost
such forwardlooking statements are qualified by the inherent risks and uncertainties surrounding future expectations generally and may materially differ from actual future
reflecting salary and benefits inflation and increases to incentive and workers compensation accruals of our benefits employee medical cost trends are the most concerning
but after all thats what keeps us in business and so its our challenge to make sure we keep up with those and having said that i dont think (there is->theres) anything
at least in an absolute fashion it may in a relative fashion as we continue growing the top line and the bottom line
effective competitions like the 6month contest (with->for) the (atlantis->atlanta) trip also helped drive momentum in the second half of the year the result was distribution growth across the board
incremental margins are probably not as useful these days just because of all the sand (everybody is->everybodys) pumping but if we think about what that implies here it looks like sort of a 60 type incremental
the first quarter so there was some really fourth quarter production where the revenue got pushed and the shipments recognition got pushed into the first quarter
the composition of our loan book and regional view are shown on slides 33 and 34 and we are seeing positive trends in several of our markets and verticals most notably commercial real estate and construction and our national lending platforms
stay focused on delivering what were talking about here in the back half of 2018 first and foremost were going to see how that goes and we will continue to have a bias for investment in areas that deliver a return from a growth profile perspective
do you have any idea like what that could turn into at some point or is it just way too soon to tell well i think it is too soon and of course (they are->theyre) growing from a small base so i get excited about higher growth rates
turning to slide 9 as we look to the future (we are->were) excited to be a leader in this industry with our diverse portfolio and leading market positions we see many catalysts for continued profitable growth
but i think what (gives->*) it (*->gives) us is that theres opportunities that we see in there where through (the->*) perhaps the rofo that we had (as->was) part of the midstream transaction and some other activities that other parts of the organization are undertaking
particularly in our traditional 40 act business we are also redoubling our investments in the (faster growing->fastergrowing) segments and areas of strategic focus including exchange traded funds private equity and alternative investment businesses
additional improvement over and above the performance this quarter will be difficult to achieve in particular the decline in marketplace margins that we expect in the second half will be (*->especial) especially notable in texas
with no major tranches of debt coming due until 2020 when we think about leveraging economies of scale and experience as a company we have spent the last 5 years developing the necessary assets around our software
is the rest of the difference between where you were in 16 and where you want to be in 17 adjusting for higher profits and things effectively working capital or is there anything else in there theres no swing in tax paid or anything like that
we are continuing to expand our premium (products->product) how these investments in the quality of our products (payoff->pay off) can be seen as a simple example of (a->the) new business class which we put into our longhaul fleet over the last years
the nuance will probably come from the maturity of our construction lending portfolio (*->and) we dont have a real good handle on what a level set number might be but theres nothing unusual to point to in the quarter
the european market overall and sort of your positioning there i was a little bit surprised to see pricing growing in the second quarter albeit at loss of volumes and i just wondered if you can give us a bit of (a->*)
information about factors that may cause them to differ is contained in our sec filings forwardlooking statements made speak only as of today and we undertake no obligation to update them except to the extent required by securities laws
very good (*->just) one last question for keith you talked about the additional million (dollars->*) in savings should i think of that as being pure sort of (front end->frontend) cogs savings or does some of that come out of opex as well
we also spoke to the utilization management and provider contracting issues that contributed to our problems in texas during the first quarter even without the benefit of the outofperiod quality revenue adjustments that john will talk about in a few minutes
while credit trends will vary from quartertoquarter our general portfolio quality continues to be in line with historical performance and im extremely proud of our consistently strong track record of quality underwriting
so if were at that place (with->were) supply recovery and we continue to make progress on the culture of the organization particularly again around our commercial organization i think were in a position to begin to go on (true->through) offense
our delivery systems is well positioned to support our major customers in these investments china will become an important geography and our new manufacturing plant in china will position us well in this market
is absolutely critical its absolutely critical we have great people in this organization i dont need a wholesale change of leadership or folks in the organization i have confidence in the team what we need to do is to create a framework
and then managing the net price realization because somewhere there is a satisfaction at the customer end when you get a higher discount so we will have to raise prices and then we have to give a higher discount and that is the basis on which we are going about it
some of the hospitals that weve been dealing with are fairly restrictive in terms of concurrent and prior authorization for admissions and so were working with them to beef up that ability
the industry demands development of new technologies new products new processes as well as improvements in quality and reliability this plays well into our business portfolio and capabilities
as (lei->lee) mentioned there were some very encouraging signs in terms of our number of customers live videos as well as pipeline for new customers were obviously very focused on execution for this business
initiatives undertaken at (bell->dell) media and (bell->dell) wireline in q4 of 15 we also took advantage of favorable market conditions and a sustained low interest rate environment during the quarter to successfully complete
and we wanted to make sure that were looking at all our options on an nf3 do we expand in korea or do we build a new greenfield site and thats the part of the work that were finalizing at this point in time
(is->*) has been maintained and the sentiment of our organization particularly the commercial organization realizes this and does not have concern with pursuing new business as a result of supply constraints that has to be in place
except for the fact that there is so much private equity out there in funds waiting to be deployed and those borrowers are almost always (floatingrate->floating rate) borrowers because they want the flexibility that (floatingrate->floating rate) debt gives them to be able to trade the assets
organic growth and so we fund our businesses for both maintenance and productivity and growth and as weve announced weve been implementing this growth capital on the specialty side
ive seen some good green shoots of growth in brazil and even in some of the other areas of south america colombia where the consumer wants healthy food i always talk about the rise of dairy
we also have multiple medical management and provider contracting opportunities that we are pursuing while we speak operationally we have addressed the infrastructure problems that contributed to our first quarter difficulties
were confident that this investment along with our organic capital investments for growth and productivity will lead to future margin expansion turning to slide 7 i will cover the industry dynamics and outlook
the 5 basis points of nim improvement over the third quarter was driven by a combination of benefits from higher shortterm interest rates and favorable funding mix offset by an increase in cost of interestbearing deposits
new markets or position us to strengthen our position in key geographies so as an example building a planarization lab and manufacturing facilities in
okay and just in terms of margin outlook which we have said so do you believe that the tailwinds which we are looking at through cost optimization constant currency would be enough
a lot of runway there for them to be able to exercise calling the options on the 17 to get the additional warrants so theres really no definitive time frame on that
what is a very clear strategy for (trusts->trust) to focus predominantly on (upper upscale fullservice->upperupscale full service) hotels and we look at the depth of the transaction market
no longer even work for a company is particularly unfriendly to business the legislation is presently being challenged in the courts and we hope that (*->that) challenge is successful
plus higher interest and depreciation expense and lower maintenance revenues offset earnings gains from the 10 freighters added to the fleet during the year
does the fact that this tam is now so much larger change that strategy or are you still planning to or intend to
supply coming into some of those secondary markets but also slightly while we try to be not as disruptive
revenue that we had not recognized we were able to recognize theyre going to institute a new program were not sure exactly what that will look like yet
these results were driven by lower medical costs as reflected by a 60 basis point improvement in our medical care ratio compared to the first quarter
obviously there has been a lot of concerns around germany given what weve seen from some of the macro data there your sales were actually down very modestly
but to be put in context (this->the) adjustment is obviously due to the uncertainties in the market and despite this extremely difficult market environment
we have heard from companies talking about weather impact and all i was wondering if theres any weather impact in your first quarter guidance or is it just seasonal
given the rapidly expanding physician customer base and positive experience with maci as evidenced by accelerating volume growth
we also (ask->asked) our operating companies to do that as well and i think the tektronix team really came back with this understanding that hey by combining with the telestream business
thats (appetizing->appetiting) in the more full service upscale segment that you want to be in or are those (prices->priced) just too aspirational also on the part of the seller
ill be updating you on our progress at our annual meeting in may and for some of you as we go back on the road with our story of growth and financial strength this spring
realize that theyve probably been overly restrictive in terms of what (they are->theyre) doing in the used car space thats actually been
we entered into an agreement with memorial (hermann->herman) in houston to add this prestigious hospital to our network in 2017 finally
with the major suppliers to optimize our income of aircraft without paying any cancellation fees any of that so i think well be seeing (an->in) optimization of our investment
and finally we will use nongaap financial measures in this mornings discussion to help our unitholders and the investment community better understand our operating performance
the costs and synergies that we can given the size of our group means that were in a better position than an independent standalone dealership and i think
however the fact that eventually these savings are reflected in earnings is largely due to the good success on the market
it is also worth noting that in so far as were talking about the automotive business we believe industry returns may be at the bottom of the cycle
the ability for financiers to bring more of those products to market which in turn give us the opportunity (or->*) to obviously participate (in->*)
(*->our) customers have consistently chosen us to grade their valued collectibles those gains can be seen in the strong increase in the number of submitted items
europe remains the most stable region constant currency (yields->yield) and unit revenues even increased in the second quarter
and (as->so) i think that has a bigger impact on us than other things we certainly see the first quarter as the low point for the year we expect
on a positive note we had strong performances in our parts and services departments from our truck dealerships and in carlins auctions
the (challenges->challenge is) whether or not people are prepared to sell in the current environment i think the reality is theres probably more
making its director product eligible for procurement by all federal agencies based on its security and reliability as a thirdparty cloud solution
is there any kind of as we look at (2018->18) just a general sense for whether theres going to be more renovation activity or less relative
we are currently in the construction phase (of->at) that facility and plan on taking occupancy in late november (of->*) this year
and the momentum coming out of the first half will continue into h2 now is the right time to review the options to take this business forward
what we did see (is->*) relative to your (pullin->pulling) question or what we saw is we definitely i think we highlighted this in february that we thought there was somewhere around 70 to 100 basis points
(*->that) was effective on july 1 stepping away from the macroeconomic situation on the island there remains much that is within our control
were expanding our dealer network for vintage coins and our reach into the important sectors like the banking channel for modern coins
we are able to make commitments like this purchase and the omni acquisition because we have maintained a strong balance sheet and waited patiently for the right opportunity
sure weve given this level of guidance intentionally the first time this is the first time weve given guidance in a bit
a handful (or->*) half a dozen or so that (have->had) rather large geographies and what we found through these successive expansions
but importantly the underlying growth is there and is coming from momentum (were->we are) continuing to build in our marketing and lead generation programs
pressure whether thats from payer pushback given the size of the market or potential competition long term coming in how do we think about that
third we will be putting in place a new client partner organization focused on sustaining and growing our relationships with our existing clients
invent the world as we see it but were listening real carefully to our clients and theyre telling us what they want the product to be able to do and were making it able to do that
in terms of being able to pick up (on->one) telephone and make a call and get your equipment (serviced->service) no matter where it is in the country
nearly all of our business units established new annual service revenue records and we saw a very healthy rebound in our china operations
that has obviously impacted the share price and while were not happy with that the market conditions also presented an opportunity to reset
i think the impact (will->well) be (seen->seeing) from the weakening of our competitor will probably outweigh the impact we see on the weakening of the market
construction financing which points to a tapering at some point in the near term as i commented we felt that the
was because the marketplace performed very well in texas in the quarter (*->and) were not going to see continued
given the increased visibility we have for the rest of the fiscal year we are narrowing our guidance the details of which george will walk you through in a few moments
i think we will have improvement im not sure exactly how much (*->of) it will be in place at that point but there will definitely be an improvement and i think the state also acknowledged
im extremely proud of our asset management (*->team) led by jeremy welter and our property managers for their resilience and perseverance during and after these storms
that reset included taking some tough decisions and cleaning up the companys balance sheet adam will address the balance sheet in a few minutes
and be able to do a better job of account management which has been kind of a recurring theme fairly publicly over the last 5 years in terms of things we need to get done but i would say its really access
that was not included in our retax pre in our recast pretax earnings for the fourth quarter of 2016 we expect our provision for taxes on distributable earnings
there were a handful more completed but the difference in rejuvenation program cost is very meaningful so im just trying to get a sense of if theres an increased pace of payout to the franchisee or (has->does) anything (changed->change) there
our strategy for the last 18 months has been to maximize the efficiency of each business division in the group while at the same time ensuring that each of those business divisions is capable of operating independently of headquarters
its been well delineated by offset well results in addition to our own and we expect this acreage to be in the top 20 of our inventory
we have added additional expertise on planning and scheduling of maintenance work reducing the amount of emergency work on equipment we expect the (implementation->importation) phases of all the processes to be complete by midyear
the second measure is net cash generated from customer contracting activities which is our reported net income before interest taxes depreciation and amortization
to do the work and are supportive in the pricing structure around the talent typically to do the work they run sites of their own theyre normally sophisticated buyers and understand what it takes
joe already is making an impact across the business his track record of success (in->and) innovation will be a driving force behind our future ecommerce success and we are excited to have him here
provide a little bit more depth onto your new orders number especially because we do have the acquisition of (buw flowing->bwing) through the numbers this quarter for the first time
and broad mixing of services that we support call types and geos and so andrea mentioned in her prepared remarks just all the things that are having an impact
of outside operational consultants that (were->are) assisting us in accelerating the enhancement of our maintenance management system and maintenance procedures and with centralizing and expanding our procurement and inventory management efforts
and finally subsequent to the quarter we announced we had completed the sale of substantially all of group (commensal->commisols) assets related to the manufacturing of (commensal->commencol) products
and we believe its important for investors to look at our results on this nongaap basis as well the reason we use these nongaap measures is gaap revenue recognition for (a->our) customer (contract->contracts)
the most obvious initiative which rob will highlight is the intention to transition more businesses to a subscription model beyond the move to subscriptions
continuing the discussion around strategies to grow business it is important to address an issue that for a couple of years has taken a real effort to get our arms around by which i mean customer attrition
and as a result of these efforts we are excited to launch the new brand in january of 2017 the second part of our relaunch effort is relisting on one of the major exchanges
but do you think there is potentially a dynamic given the late planting season that they could maybe stabilize and be a little supported for the next couple of months as opposed to
here are some of the highlights from the third quarter and progress against those priorities first from a number standpoint we made significant sequential improvement in our top and bottom line results
the press release and supplemental package provide 2017 full year and first quarter guidance in detail as i discuss guidance keep in mind my remarks are intended to provide our current estimate of future results
it is our point of view that as market conditions drive increasing financial pressures on providers combined with the complexity that comes with managing multiple payment models
the centrality of technology to the strategy of these enterprises and the fact that (trimble->drimble) has many touch points of relevancy to that really is the change
this year nevertheless the consumption level regarding the production potential is
of the new mty it offers our franchisees the opportunity to increase their leverage (with->for) goods and services which will (then->*) enable them to be more profitable
(*->the) increased spending that you had referenced in the past the fourth priority to be improving margins and then the comment that later this year you should be able to improve margins
in europe the recent (touax->2ax) acquisition has given us a head start on capex that would otherwise have (be->been) needed to capture the growth we are seeing in mainland europe and we will discuss this further later in the presentation
as always i must thank our tremendous team for managing through such difficult year we have many great opportunities in front of us as a company and (i->*) appreciate the support from all of our customers employees and investors
the timing of the companys (*->loan) originations can vary from period to period over time we believe that the addition of (berkeley->berkley) point will significantly increase the scale and scope of our real estate services business
some of the noise that gets created around your business and understand is are (our->*) all our stakeholders as patient as we would need them to (be->*)
and so (we are->were) having (we are->were) very open with that partner and we are having discussions with other grocery banners to carry our products these products are
if they are exclusively because of the cash sweep now the amortization during the month of december and the beginning of january
(*->of) having a larger share this year and generating very good returns so those returns that tim (showed->show) from last year we are confident that thats probably what we should now be expecting as we start to do some of (*->those)
and what weve seen through the first half of the year is as weve increased our sales volume our production volumes were gradually starting to absorb back more and more of that additional overhead cost
in the face of the increasingly complex environment our customers are operating in the fourth area of progress i would like to update on is the strengthening of our leadership team
however its the bigger piece of activity to open up our platform to thirdparty technologies that will take some time to land but once (will->well) lay an important foundation the business will benefit for many years to come
this includes several contracts with existing and new clients in the communications financial services health care retail and technology (industry->industries)
this was driven by the lower uan and ag ammonia sales volumes previously discussed which were partially offset by the increased sales volumes of our industrial and mining products given our increased marketing efforts
and do you believe that we would have an additional demand from heavy plates according to what we are seeing in the market right now would you be able to meet
we also introduced new electronic tools to enhance customer engagement and developed better stronger relationships with both new and longstanding customers and vendor partners
please note that todays call is being broadcast live over the internet and will be archived for replay both by telephone and via the internet beginning approximately 1 hour following completion of the call
for us the biggest change from the implementation of the new revenue recognition standards is that sales and cost of sales from our baytown facility will no longer be grossed up on our income statement
in our wealth management businesses we continue to see assets under management expand as we focus on wealth transfer within our trust business and build out expertise in areas such as business continuity planning
our results were issued this morning in a press release that can be found on our website ingredioncom the slides accompanying this presentation can also be found on the website and were posted a few hours ago for your convenience
comparing our yearoveryear performance is no longer meaningful given our growth changes in product mix and acquisition activity so i will focus most of this discussion on sequential comparisons
so the integration actually went extremely well and then on the other side of the business (and->*) im going to flip it over a little bit (is->because) the potato starch business has been one of those ones (thats->that) added great value to our customers as well because
it is early as we are launching these apps in a phased rollout but were already starting to see a positive response as clients see the new value were able to deliver to them especially around shipping
on operating margin expansion in the short term to be able to drive revenue growth and when we do see those opportunities where were getting traction in areas where were making investment we will double down (on->in) those areas and continue to push
but presort busy time of the year is actually in january with all the yearend statements so were in a process now of taking the labor force and being able to leverage that labor force to help assist during peak
from a vertical perspective within our lending area however just because of the scale of the opportunities on the cre side its likely that they continue to have a little bit of an (outside->outsized)
id like to begin with a brief overview of our third quarter followed by an update on (the endmarket->end market) highlights and then our strategic priorities i will then turn the call over to george for a closer look at the numbers
now lets quickly review the significant outofperiod adjustments in the second quarter all of these adjustments are the result of new information we received during the quarter that required us to make changes to our accounting estimates
i remain confident in the people and the processes we have in place and i can assure you that we will continue to appropriately resource and staff this important work and well keep the fda updated on our progress
going back lets say a quarter or so there was really no clear forecast at all we are starting to see more of a (clear->clearer) forecast actually come in from our end customers now so that gives (*->us) a little more confidence that
outlook for semiconductor demand is robust this will drive strong underlying materials and equipment demand relative to other specialty chemical markets
the adjustment is not the result of the actual performance in the first 6 months but (reflect->reflects) our current expectation of bookings in the months ahead
there are more than words behind the governors commitment as of today puerto rico is current on its premium payments and we believe they will continue to make payments on a timely basis
thats my first question and my second question regarding your tissue business (margin->margins) we saw compression in the fourth quarter mostly explained by currencies but there were some additional costs as well if you can comment
we expect it will last around 30 minutes and well provide you (will->with) both a qualitative and quantitative summary of the most significant events in the period plus an outlook of our expectations and estimates for this year
please turn to page 8 of the materials as i explained before while continuing to invest and maintaining our overall investment balance in the resource field
that i see that can follow the growth rate that weve seen in mexico and the food side certainly weve been excited about what weve seen from the mexican consumer and of course colombia
we (have->*) made tough decisions to divest certain businesses and product lines reduce costs and get out (of->*) certain geographies while at the same time making strategic acquisitions
right and so how does the franchise agreement work so for example how do you get the swiss franchisees to implement the new look do the franchise agreements
(and->in) talking about the mission of the organization getting people excited about the culture of the organization the fact that its one team one fight goes a long way to unleashing the capability of the people we already have
to me the most important thing at this point is to get the sentiment of the organization up particularly the sales organization so that theyre translating that supply into revenue acceleration
there are still good transitional multifamily loans out there to be done and we are focused on building our portfolio with blackstone but only when the sponsor and deal fundamentals meet our standards
during the first quarter we discussed the substantial growth in our enrollment and the stresses that this growth placed upon (in->*) our information technology and medical management infrastructure
health plan and corporate staff have worked together to address the root causes of the utilization management issues that contributed to our first quarter results (we are->were) pleased with our progress to date
at a comparable discount rate (at->as) 15 months ago and at the same volume of pension commitments our equity ratio is now significantly higher
just look at their track record theyve got huge amounts of dry powder theyve got the ability to deploy massive amounts of capital and weve been their largest partner for 4 of the last 6 years
okay so amazon has flexibility and you also have flexibility with the 20 purchased from american is that the best way to look at it yes thats a fair (statement->state)
we expressly disclaim any obligation to do so more detailed information about risk factors can be found in our annual and quarterly reports filed with the sec i will now turn the call over to willy
some corporate and nonbqrelated issuance and underwriting and so while you have seen other institutions in fact some of the largest banks in the country report
the results we have reported today speak to the progress we have made we remain confident about puerto rico we continue to improve our information technology and medical management infrastructure
okay so youre comfortable on that one on texas i had thought also when we spoke last (said->that) it was going to be mostly a second half thing perhaps (subcontracting->with contracting) maybe with
do you have any color you could provide on what percentage of adjusted ebitda comes from servicing is it well more than half considering the size and duration of the servicing portfolio
i want to emphasize that our second quarter achievements strengthen our confidence that we are focused on the right immediate priorities and that over the long term we are well positioned to climb back into positive market share growth
despite the weak profile of our current (guarding->gardening) operations in brazil we believe we have introduced all the strategic foundations needed to perform a successful turnaround
please turn to page 6 of the materials we aim at shifting from pursuing growth through investment in businesses to deeply engaging with businesses
very quickly and have got into our results as rapidly as possible (*->and) we put the integration teams together to really focus on how we could drive the growth of the businesses (*->and) into the different segments
(its->is) our determination to continue growing and expanding always extracting the most of any situation and always being a profitable investment to our shareholders
our movement into corporates is just kind of a furtherance of a message that youve heard (its->has) kind of (have->*) been a legacy of the company quite honestly around diversification so once again its just further diversifying
as you can see on this slide as we have grown the platform we have acquired a number of companies that have allowed us to scale our operations and also diversify the services we provide (if->*)
we dont really have a kind of total amount of (acreage->acres) wed like to have in that area frankly (i would->id) take all the acres we can given the results that weve gotten there already
revenue came in below our expectations in the quarter due to slowerthananticipated seasonal ramps with a few clients in the technology and health care industries
significant changes to the wireless industry and were working on some of those initiatives right now but theyre not going to deliver any results for us in the short term
at the end of january are being implemented so i believe that the price scenario during the first quarter is positive and consolidated
because our products are used in various medical applications we conduct extensive and timeconsuming testing and validation before any product is launched
the strong cashgenerating characteristics of our business provides flexibility to invest in our platform while remaining committed to returning capital to our investors
it has given us a good platform to now sell (pizzas->pizza) across a large number of cities compared to any other food business in india
yes just on the tforce platinum just (want->wanted) to get a sense from you guys is there something that you feel like youre going to learn from a longer
i really would encourage you to look at the video i think weve had a variety of people go to puerto rico and take a look at the assets and whether theyre (selftaught->sellside) analysts or (buy siders->buysiders) or
we are continuing our work on increasing operating leverage by rationalizing (costs->cost) in all (*->areas)
during half 2 of last year we also did a lot of work on our menus ensuring for example that we dont carry too many orphan products those are products that only appear in 1 or 2 dishes
i have spoken previously about my view that there is a small shop leasing opportunity at ddr and we now have 2 quarters of improving results to back up (these leases->this thesis)
the geospatial segment when compared to 2015 has a lower relative exposure to oil and gas and a generally more diverse book of business
a payment of lower value throughout the quarters but this is pure speculation there is nothing scheduled regarding (this->*)
the increase in revenues resulted largely from a significant increase in sales to the public carrier ecosystem but we are also encouraged by the growth in most of the other markets as well
that they were interested in taking on and renovating so thats part of why the numbers are not aligning as well as for the reasons frank mentioned
of the equity we are quite satisfied with the performance of our stock we believe that we are benefiting for a little bit of
the early signs are that the combined elements of ebuilder viewpoint and existing trimble construction software are performing on or above target
and we also continue with our own innovation team in the background looking at developing our own new concepts and new products that (could->can) be dripped into the mainstream business
okay great and in the past youve been able to quantify the approximate percentage of your operating ebitda that comes from these retail royalties is that a number you can break out for us now
the other benefit is the creation of unique market opportunities let me provide 2 practical examples one opportunistic the other more strategic
this includes looking south of the border to promote our topselling items the core retail business still remains strong with excellent market share for our key products
i cannot discuss how people are valuing the company in terms of this process all i can do is point you to information thats publicly available
and i think our sales team is very energized right now and q1 is just an example of some things that i think we can see in the future
are currently at (high->higher) levels and if you could also talk about breakeven costs in the mining sector if this could
we expect to tell you more about the area sometime towards the end of this year once we have successfully solidified our acreage position
therell have to be some (buildouts->buildout) if were going to (or->get) once we move into full development but theres enough adequate infrastructure space right now for us to continue drilling
weve identified a number of areas where we will intensify the pivot (toward->towards) subscription as we assess the pace and impact of the conversion we will refine and communicate
it had nothing to do with this transaction at all because this had started discussions (that had->as it) started earlier in the earlier part of the year
one area of innovation that we continue to experience increasing market demand is for our school and college safety systems
other properties in secondary markets that have some shop occupancy or a junior anchor vacancy there are buyers that would like to have that leasing risk
and if you could comment a little bit about your average cost of debt and if theres any room for refinancing or liability management to improve that
as we have indicated we see this as an investment since we consider an important part of franchisee engagement success and growth
is to focus more on aggressively broadening our distribution points both within quebec but also beyond its borders
suffice it to say interest in learning about td is strong and we expect this momentum to continue to the american psychiatric association annual meeting next week in new york
well probably the most important and exciting part of that question is that were actually able to discuss it and i feel great about whats ahead of us in the next 12 months
of the business in the coming months we are monitoring developments very closely and well continue to respond quickly and (flexible->flexibly) to any changes
one of the things that weve talked about over the course of time is that we really did kind of slow our selling efforts in the business as we were focused on getting
this number is going to move around a little bit because it will depend on the mix of the brands and the locations that are being renovated so obviously
point solutions in the operations so i think that were now having these conversations and i think theyve been enabled by (the->*) kind of access (*->to the)
while (were seeing->weve seen) the continued weakness in the electronic industry in particular in asia and that composition of the business (segment->segments)
(although->while those) second quarter production numbers were strong we believe our third quarter production growth to be even better
i think the message has been pretty consistent on this which is that we think the rvi assets are actually a good notch higher in quality than what weve been selling
okay great and in your prepared remarks you mentioned signs of stabilization in terms of volumes at the largest client can you give us any
we expect these and other actions to increase our operating leverage and to improve profitability as our sales trajectory increases
i attended the opening in dublin and was pleased to hear directly from customers how important the facility will be in helping them prepare for their product launches
lower unit volumes (the->a) favorable impact in the prior year from the lagged passthrough of decreases in resin (costs->cost) and foreign currency transaction gains in the prior year
and an accompanying corporate name change we believe the decision to improve our company in this way was beneficial for many reasons including lowering certain administrative expenses
as part of our ongoing safety protocols and as such we do not expect any impact to our annual budget its just a function of us shifting this timing into the second quarter
(it->and) its more about the coaching for those big companies which are already our clients or many of them
can be found in the tables contained in yesterdays press release and in our related current report on form 8k
so they are making a decision on where they want to be for the rest of their lives
growth was driven primarily by strong demand for our nasal spray systems for allergy treatments
and thats also documented by the performance on ground as i said before we have tripled (the->*)
all of the customers in the market have seen what happened at sanan so
its we suffer a little bit of not being as vocal about our successes as we should be
which are expected to offset the margin dilution from the handful of recovery projects ramping up through the yearend
for the last several quarters due in part to very strong rx sales that have been double digit for the last several quarters
and the operating working capital was pretty good during the quarter
detailed engineering with a plan to be at (*->a) 90 level of detailed engineering or better before the end of the year
we believe that there are potential commercial as well as capital market benefits from size
since the beginning of the second quarter and shortly after we expanded operations in the americas region
this is a delicate issue i can say yes we will or no we (wont->want)
this comes from more and more people being exposed to the c series (inservice->and service) performance
wafer thinning for (fan out->fanout) packaging requires both high selectivity and a fast (etch->edge) rate
and that we did not believe that stock market trading liquidity would be enhanced by dual listing
lets meet in february when we do the (fullyear->full year) review of what we will have achieved
do you anticipate it staying at the relative same strength that you saw in the first half
these measures should not be considered in isolation or as a substitute for our financial results
we advanced efforts to improve mine development productivity and reduce external expenditures if we compare
its really to build the platform business (of->for) the future because we believe that
and only tear off what is needed where the repairs need to be made and its just a faster smarter way to get the data
on the (brio gold->real golden) division we think that this is one of the most undervalued group of assets in this company
and what we are appreciating is our customers asking or embracing
i think the landscape of our focus is
its not going to happen during the depths of the downturn but i think it is there in the future
we are confident in continuing margin expansion in our services segment for the remainder of 2018 over the prior year
led prices decline even though it appears to me the (decline->declining) rate compared to a year ago is somewhat less
instead of having individually managing manufacturing research or development
in that weve made some big investments to reduce the exposure on the safety front and thats really frankly our biggest
what a privilege it is to be part of a team with so many professionals getting better at what they do every day we are so
there is no doubts today that the production system of the world are going to change
improving cash flows for the balance of the year are expected to come from seasonally stronger patterns at bt
but as the back half of the year goes were planning on that kind of moderating to mid to high single digits
mega airless represented approximately 9 of the sales growth in the beauty market
these reports are available on the companys website in the investors section and on the (secs->*) website
(it->*) in terms of eps it was also a good quarter
we will miss the dedication and leadership hes brought (*->to) our company and we congratulate nick on his retirement and wish him well
so i think theres certainly some opportunity (*->for) to see some enhanced growth on the consumer side
i dont know a few months ago is there something thats obvious that would have changed in those markets in june
and we are in a position to do it because what is happening
we did ramp the new partners in the fourth quarter and have just begun seeing the impact of those efforts in the last 3 weeks
im not sure were (20->2no) but we are showing our ability to close the gap with our public competitors like never before
for anomalies positive and negative in this case it was a positive event so we adjusted out the tax recovery
positive and we could stop for efficacy
so we got impacted by that thats actually back online so (it will->well) not have as big of impact in the third
in the case of brio gold we took a strategic decision to focus on improving the quality of operations
i will conclude with an update on our guidance reaffirming our previously established outlook
our acquisition pipeline is very active and provides avenues for both healthy diversification and growth
change in your thought about where that segments margin can go over the long term
we also had higher system sales in the quarter related to the opening of the wynn macau
the transfer price from japan is determined through apa (advance->advanced) pricing arrangement
but i think we are likely to (undershoot->understood) a bit revenues on the (sales->sell) side of our business
our financial results improved from last quarter and from the corresponding quarter of last year
great and if i can just follow up my earlier question
we have seen this trend moderate as players have become more attuned to the lower payout
thank you for being here today despite your busy schedule to listen to our financial briefing
and we have like dozens of projects that are like in the sales pipeline
that was slightly lower than what (we had->wed) indicated in (the->a) press release at the end of the quarter
not only because of currency improvements quarteroverquarter but as a result of significant operational improvements
scale does not in and of itself create an investable security
but addressing your first part of your question about what percentage of salaries wages and benefits i mean we dont break that out
response to this change and pleased with the management teams skill in navigating what could have been a tough issue
in the quarter by comparison to the comparable quarter but if we look at the page to follow
i plan to continue to serve on our board and i look forward to contributing to our future success
and as a result of this we have been looking at what are the real strategic option
from just the sale of technology as a driver of revenue and profit
heavily in additional professionals to provide that service to the end markets
there is more freight than trucks right now and more spot pressure (on->in) the logistics business than weve seen in a long time
and just as importantly with the recategorization of mineral resources back to mineral reserves which we think will be
then more intense growth is expected in the fourth quarter as all business segments contribute
(seen an->senior) article basically discussing a similar product (on premise->to onpremise)
in general for us with brexit and i think this is true for most of the companies that ive had a chance to talk to
human resources are fundamental to developing the company by creating business value through leveraging our ingenuity and pursuit of innovation
it is increasingly hard to achieve that dream by purchasing a home due to stagnant wages student debt and a lack of supply of entrylevel singlefamily housing
the second piece that (we->weve) talked about weve got to launch the products that weve been openly communicating are important to the portfolio to get our reps back on full offense
relative to divestitures which i think is really the first part of your question there it isnt just the margin profile that we would look at it would be really mission alignment
this is a key area for us to secure that we can invest also in the future commercially in (a->our) market while being profitable
we made significant progress adding some exceptional banking talent streamlining key processes and enhancing our use of technology in many areas of the company
the first measure we use is gross cash generated from customer contracting activities which is our reported gaap revenue plus the change in deferred customer (billing->billings)
powered by microsoft azure are examples of our continued investment in growth businesses and specifically in our digital strategy that mariner mentioned
as far as revision goes again as weve referenced were looking at a limited launch at the end of the year i would give that same time line when we build up our capabilities to go (on->in) full launch
and also began the implementation and we aim to use the fantastic starting point that we have in our current business
renovation program this year but (then theres->it is) also many other things that go on that we do from service level to food offering to marketing that we work on
the additions of the landing group and new york fries increased net franchise royalties and improved central contribution from decreases in central (costs->cost)
in addition to our network of related companies there are many business partners who ask for our management infrastructure through business partnerships with us
and you also (as->its) a franchise store you need to find a franchisee or you need to get an existing franchisee to decide that they want to take that store
as overall getting back to market or (abovemarket->above market) growth in a sustained way that will require us in our major categories to be able to get to market growth and sustain it
that was in our number and as we were kind of finalizing our results we made a decision to kind of highlight that to investors and split that out (into->in) a nongaap number and that kind of explains (a->*)
and the favorable variance related to the mix of total liabilities more than offset the increased cost of interestbearing deposits serving to hold the total cost steady
okay so we should see like when we look at sort of going out in 2q versus 1q outside of any investments we should expect that number to further drop down into the second quarter
our team has made excellent progress on the strategic priority of building a worldclass deployment capability these efforts have directly resulted in our successes to date
even though we are in the season of the year prior to summer when alarm sales tend to naturally increase this growth is far ahead of the average growth of the industry in this region
first one is did we make progress from the previous quarter the second one is do you feel confident now with the supply you have to service your current customers and the third one is
is whats beyond now for the balance of the year what other releases will occur with samsung and apple for that matter
we have a senior management team that is well positioned to lead a larger highgrowth version of first interstate without negatively impacting our cost structure
(*->the) increase was driven by the increase in number of corporate restaurants coupled with improved food cost and labor savings from new food management and scheduling controls at the restaurant level
this overhaul improves productivity by automating a number of manual tasks and at the same time accelerates resolution rates on accounts worked
(*->it) is extremely rewarding to see such robust financial results due to the growth of our platform diversification in our service offerings and strength of our business model
strange that its unchanged but (there is->theres) a few things you have to take into consideration one of them is that we do expect a little bit higher interest cost on our pensions
some of that would be in the set businesses obviously so our first area of focus will be to add scale in areas where we already play
what encouraged me most about our results is that our team members are overwhelmingly ready and willing to go above and beyond in their roles to build a stronger more innovative company
from what ive been told by our team and our customers and our vendors is really were probably not going to see any uptick until sometime late next year
this kind of perseverance is not a bad characteristic but we have to be aware that there is a life cycle to each product business and business model
and sales are down there absolutely they were at a pretty high level in terms of the absolute dollars so theyre coming off a pretty high level which is the good news (in->and) the bad news
in fastergrowth submarkets where we have an opportunity to take advantage of the brand that we have and the commercial organization to be able to drive traction in those spaces
so well see the benefits of those more from a yearoveryear basis in the second half of the year so i think well see some of the variable expenses higher in the second half of the year
we made significant progress towards achieving these 2 goals with the recent acquisition of jcr capital and the hiring of a fantastic team of investment sales professionals
its simply not been possible for us to say what the organic developments have been what we can say though is that we have a very very clear
but are there opportunities for further growing and even for duplicating the (state->set) of the market in the developed europe of course we have because we can offer (to date->today)
for the first part of the financial highlights i will focus on caras consolidated results and (will->well) finish with a summary of the companys segmented business performance
again all of these individuals are doing significant work to make sure that the product that we do have gets to surgeons fulfills the cases and takes care of the patients
to buy inventory that were able to do that so were just trying to be very diligent on the front end and not get caught in a situation where we dont have enough
this product continues to be very well received by users daily active user is approaching 10 million
(*->on) the cost side opportunities at the store level but the biggest opportunity to continue to increase (*->that) is the mix of the corporate stores we have
a year ago we had (a->the) conflict in the harbor of gothenburg and as an effect of that we are now taking a large extent of our incoming goods through
larger competitors continue to consolidate all it does is really just emphasize our strategy and make our strategy a little easier and a little clearer
with regard to investments we will not follow a fixed plan but well execute investments and shareholder returns within the scope of the cash we create
they think (is->its) value for money rather than us telling them that this policy (is->of) great value for money and you should really have it this way and thats what we would like to
and thats where weve got to get so when i say weve still got to make progress here its (just->*) not (*->just) getting to steady state its maintaining it and getting the sentiment of the sales organization to shift
in closing id like to reiterate the high degree of confidence and visibility we have in the business as we look out over the next 4 to 5 years
a moving target there as well as in other countries so we like to have that capacity that gives us liquidity and we think that its an advantage to be able to move in areas that we need as we go into the next crop season
i would add that the quarter started off very strong including one of the best fort lauderdale boat shows we have ever produced however as the industry data has shown december was weaker than expected and tempered the overall strength in the quarter
the key components of the impairments and unusual items are outlined on slide 7 of our investor presentation and ill talk briefly to the key to each of the 5 categories in the table
ill begin my remarks today with an overview of the key highlights from this past quarter including an update on our marlin 20 initiative that i outlined on our call last quarter which is aimed (to->at) taking marlin to its next level of growth and profitability
by having a dedicated business travel sales manager the property was able to increase corporate preferred room nights the renaissance nashville and adjoining redevelopment saw demolition of the nashville convention center (commenced->commence) in june
these products are primarily used as (fireretardant->fire retardant) fillers engineered fillers white pigment in plastic and rubber applications as well as for use in catalyst applications
there is no doubt that our businesses have been adversely affected by regulatory changes that have impacted our traditional strength in finance and insurance sales and by our exposure to (lowergrowth->lower growth) brands and locations
our backlog is higher today than it was a year ago and the shakiness that the industry seems to have felt in the december quarter appears to be subsiding we are watching boat show trends carefully and they are improving
its not early days in the process and but it is of course still ultimately impossible to predict we are engaging with a wide range of potential partners
in certain origins they may be waiting a little bit longer for some customers to make decisions certainly some of the lower crop size in brazil is shifting some of their ability to make decisions later in the year and as were only into the second fiscal quarter
we are currently 6 weeks into this effort and while it is still early days in what will ultimately be a 6 to 9month project i am very encouraged by what we are seeing in terms of the potential gains in throughput while maintaining current headcount levels
looking ahead we have a (high quality well diversified->highquality welldiversified) portfolio and were committed to maximizing value for our shareholders as we focus on generating solid operating performance continuing to be opportunistic on transactions and proactively managing our balance sheet
understand youre indicating a lower run rate than certainly what its enjoyed in the past couple of years but relative to the backlog that you have secured now so near term is that is it full utilization that youre looking for in the first quarter or are there gaps in the scheduling given the nature of spot
the decision to modify the dividend policy is appropriate in an environment where market conditions continue to be challenged and we see the emergence of (bottomofthecycle->bottom of the cycle) opportunities in the auto franchise sector
ability for consumers from the noise thats been around the whole lending area driven by royal commissions is going to mean that its going to take a little bit of time to convince consumers that theyre going to
before discussing guidance i want to remind you that we give annual guidance while we are pleased to start the year off very profitably given seasonality it is a relatively small profit as compared to our annual guidance
(see->*) the vessel design allows us to move between regions as well (and then->remember) we have a high transit speed vessel here so we can come down we can work the north sea in the summer months and then come down to africa in relatively quick time compared to
getting new budgets and spending levels around a lot of assets that changed hands up there so i really see it just as a little bit of a timing issue we still feel very good about the growth in the year (and the->*)
no i think we should see some (profitably->profitability) in the first half because the actions weve taken were here in the fourth quarter in terms of headcount (reductions->reduction) so its likely to ramp up a little bit towards the back but we should be profitable the first half of the year
we expect the most significant drop in volumes to occur in the fourth quarter of our current fiscal year as brazil shipped heavily in the fourth fiscal quarter of 2016 and we do not expect to attain a similar level of shipments there this fiscal year
we are now better equipped to deal with (the variability first we have taken->*) some immediate steps to reduce cost at our main specialty (alumina->aluma) production facility in the netherlands
when talking about the potential changes in our business today i truly believe that we have to put into context the time frame in which these changes might occur
also consistent with this vision we expect to become much more deliberate in the identification and acquisition of platform extensions new platforms teams or products that will help us better serve the small business market
upstream is expected to have the biggest increase as global capital spending budgets are higher driven by continued improvement in commodity prices and an emphasis on completing ducs due to (*->their) higher cash flow
some aspirational requests for valuations and so those yields we view to be somewhat unattractive obviously were not just looking at the yields that were buying the assets for were looking at the underwritten internal rates of return
a replay of the conference call will be available shortly after the conclusion of this call until friday may 10 2019 instructions for accessing this replay are included in our first quarter 2019 earnings press release
on the iads front well start with synodex our digital data product that improves both the efficiency and the accuracy of life insurance underwriting by applying digital technologies to (healthcare->health care) information
as nick mentioned our commercial team has successfully executed this expansion process the last 2 years and we fully expect the 2019 expansion to be just as successful
our continued investment in facilities and people in china is allowing us to take advantage of the multiple growth opportunities in the vintage and modern coin market segments there as we develop china further
while some of this was marketdriven our results were also significantly influenced by the level of investment we made in our primary businesses to pursue the organic growth objectives we envisioned 5 years ago
on the (*->sit) docgenix product side last quarter i mentioned that we were pursuing opportunities with a couple of (high profile->highprofile) prospects and were also seeing interest from an existing customer in incremental addon services
the forwardlooking statements are made only as of the date of todays conference call and the company undertakes no obligation to update or revise the forwardlooking statements whether as a result of new information future events or otherwise
developers high levels of confidence in being able to provide underground capability for parking and the like both when we have these sorts of high water table
our longterm strategy of providing unique and valuable marketing programs to dealers along with the most (valued->value) grading services in the industry has proven to be a winning combination for the coin and card markets
while we will be disciplined on pricing we believe that there is a potential opportunity to take advantage of the seemingly robust appetite of foreignbased capital for new york city assets
and we havent really pressuretested all these new initiatives in a return to the normal or even beyond normal
and as ive noted before marketing is far more than advertising and our brand must be infused with all that we say and do
the team is relentlessly driven to innovate and acutely focused on meeting the everevolving needs of our clients
based on (fervent->pervent) discussions by academic and government bodies on the need to define what constitutes an (opioidsparing->opioidsbearing) claim
(*->the) increase is largely driven by a timing difference between our recent june debt issuance and the redemption of our (trup->truck) securities
and i have to say i couldnt be happier with our leadership team and indeed the entire team were assembling here
finally i think its important to spend some time discussing the upcoming infrastructure opportunities at construction materials
you almost hope that when you have days that you dont have big orders because its really in our benefit to have
so i think where weve entered a new phase in the relationship is where were able to marry
we do anticipate pricing of our services to continue at current rates despite localized improvements to utilization
and similar to the first quarter as decreases in industry production builds are expected to continue in the second quarter
most of what were talking about does not cost us any money so its not as though were pressured to
or evaluating option strategies using our technical analysis tools all from the palm of their hand
paint in home depot or specifically ppg brands versus (behr->bay)
okay and going back to the (strengths->strength) that you guys are seeing in brazil and latin america
some of the movement here actually was never anticipated when we put this together and i think it speaks to
so the denominator in fourth quarter growth percent is a little stronger than it (had->has) been in the other quarters thats all
in the wireless (communication->communications) segment for example new rooftop and tower tenant sites continue to grow
having a bigger impact on certain national accounts where they have bigger footprint in those areas of the country
i think one of the really interesting things here is that a lot of the things that weve been working on in the residential standby market
that the company may not be able to fully offset the result the effect on earnings considering the short transition period
and the generation of royalty income on energy assets held in our proprietary investments
exactly but youre still going to keep the kind of leverage or what is the target leverage range that you want to kind of see flexing around
the sale of this fleet equipment is part of our approach to managing and optimizing the size and mix of our rental fleet
how long do you think it would take for you to expand those margins to average levels
where we probably should be if we were to take into consideration our historical perspective on a lack of outages
in fact the current baseline level of demand for these products is still much higher relative to the prior baseline period of lower outages
we expect that trend to be something that emerges around the globe as natural gas becomes the de facto fuel
(*->to) a lesser extent the organic decline is also attributed to our expectation of lower sales with certain national account customers
we are excited about moving forward with the purchase option as this expansion will increase the companys renewable portfolio
we believe this growth is evidence (to->of) the penetration opportunity that exists for home standby generators and emergency backup power in general
i think its quite clear which markets im referring to and (that->*) the question then is just
particular comments regarding the companys future plans and expected performance are forwardlooking statements
this includes social housing projects first phase of (multiple phase->multiplephase) condominium projects
ladies and gentlemen that does conclude todays conference call we thank you for your participation and ask that you please disconnect your lines
the opportunity to move from places that theyre already using (brachial->bracheal) plexus block to other scenarios where they may not be
further (in->and) being (toetotoe->toe to toe) with them in terms of our scale and our ability to compete more globally with those guys
we are committed to doing everything it takes to make our company successful we will make the tough decisions
in addition our rates for transportation are much more competitive than rail and less expensive (or->are) comparable
as well as the cofunding arrangement are mutually exclusive or is there possibility that one could happen without the other
for home standby generators along with some expected continuing benefit from an overall favorable environment for residential (investments->investment)
that category group is now working through the rate and the pace at which they can accomplish
or the best way to serve your customers and so we made the decision to go for the win
but we decided not to go ahead with it (at->*) this quarter its constantly reviewed
the one immutable truth in all this this is just a cycle and usually theres a catalyst to make the cycle occur in this case it was oil and gas
if thats even close to being true then you (can->could) understand why we would be investing heavily in ambulatory care
looking ahead we expect gains on mortgage loans to continue to rise as we have added production capacity
they see their ability to move patients to the outpatient marketplace based on patient
and i was wondering if you can look at your loan book and look at great opportunities that you have at independent third parties
(i->*) do appreciate all the detail you guys gave on some of the differentiated tools that youve been rolling out and so im just trying to think about
the key drivers of the improvement were higher interest rates a higher average margin balance and better investment yields
there is much in flight and much to be excited about surrounding this new channel which ill cover in a bit
coming in daily now and it would be about where i would expect it to be so
so we see it weve had some very interesting discussions some just in the last 24 hours
in addition our regulatory activity continues to contribute to both earnings growth at this business
i can tell you were looking at a couple of things right now where we just wanted to keep dry powder at the company level
within corporate services the momentum of new business wins shows no signs of slowing
to what extent is this kind of a sneak peek or is this really kind of separate and distinct from your other efforts here
and hotel projects for which we have an executed letter of intent but are awaiting final business and development permits
in the second quarter obviously there was a lot of confusion in the marketplace
at week 12 with respect to the weekly mean of the daily worst (itching->etching) intensity score
and so i think we have every reason to believe that when you marry that with (the->a) d code that we will see
our cateringonly revenues from the provision of catering and housekeeping services without associated bed rentals
last month new research was published representing the most current analysis of national trends in opioid prescribing
and general rental markets as a result of lower capital spending caused by the substantial decline in energy prices
this is resulting in a deferral of new equipment spending and playing a major role in the decline in the overall demand (from->for) mobile equipment
the orders require that a final environmental impact statement for these pipelines be completed prior
so it was a we were pretty pleased with the performance of that business its actually a great business its run really well
and weve looked at congers what weve been able to do instead of building a full new facility well be doing a
before we begin id like to remind you that this conference call contains forwardlooking statements with respect to the future
its been subject to discretion we have the ability to put a program in place
looks like weve turned the corner here in the precious metal market that youve taken out one of your
so there are lots of conversations going on right now i am extremely pleased with sort of the early days results
this new manufacturing facility further solidifies our foothold in south america construction on this facility was completed in the second quarter of 2018 in australia
although we believe that such statements are based upon reasonable assumptions you should assume that these statements are subject to risks and uncertainties that actual results may differ materially from those expressed or implied in these forwardlooking statements
the hardest to replace and have unique characteristic and on the other hand have opportunities to improve or expand their (offerings->offering) such as (mixed use->mixeduse) and size so we can do just that
i dont think anyone can call me responsible if i took the position (with->that) how the retail business is going to look in 20 or 25 years is almost impossible to predict today
thank you very much i will once again reiterate our excitement about the vision our belief that well be in the clinic next year with a compelling and differentiated
were seeing a significant opportunity to increase funding stream volume through the broker community but were resisting that and we had a couple (of->*) theres been a couple of competitors that have
we had circa i think it was 500 cars that were fully written off so our deliveries in the first half were negatively impacted by our inability to deliver not only new car stock that (was->were) sitting
our capex in the fourth quarter was less than anticipated due to the timing of purchases and certain other work moving into 2018 and as a result our capex guidance for 2018 will be adjusted accordingly
design and engineering for the project is currently underway with construction expected to begin in the spring of 2019 the project is one of the largest accommodation facilities ever built in canada
(*->the) results in the quarter were driven by growth in revenue and strong increases in margin the margin expansion was supported by equal contribution across all our products and business lines
and the way we manage them are a clear indication of our ability to successfully compete in a changing environment by also making the right longterm investment choices going forward
we expect these new lines as well as the transitions and additional startups will position us nicely for strong growth in 2019 and we are still confident in our revenue target
i think if thats the question i think youd simply just have to look at generally what the trend was in the prior to hurricane quarters houston had been a somewhat soft market given
and is a viable substitute for brominated fire retardants that are proven to have negative health (effects->effect) and are being removed in some applications
and feel good about all the other growth initiatives (that->*) we have funded but certainly i think 18 is the best year weve had in the past 3 years for sure
of significance in the second quarter we shared that we partnered with our largest epicel customer to facilitate training (sessions->session) with all of the burn centers in their network
these statements may involve risks and uncertainties that could cause actual results to differ from expectations and that are fully that are described more fully in our filings with the sec which are also available on our website
as part of our investment strategy for the future we saw this growth developing (and laidin->in latein) plans for a new southern california facility to replace the current one we have outgrown
how to sell (these->those) handsets will have to be considered and this is going to hold the key and actually we are continuing our studies into this matter right now and
looking forward after consecutive years of leaf tobacco supply and demand imbalance global demand remains soft and may contribute to delays in some customer purchase and shipment timing decisions
pricing avoidance that occurred in the fourth quarter as i mentioned in (an->*) answer a few minutes ago so i think that provides (the->a) dynamic where well see that play out and improve the second quarter and through the
during the recent hurricanes affecting texas and florida all of our hotels remained open while a very significant amount of our competitor hotels closed either before during or after the storms
a mix of the type of business that we (have->had) is included as well because we had a big drop in some of our (high margin->highmargin) banquet and catering business and we didnt (flow it->float) as well as we should have
we also in the last few years (have->*) been working aggressively to apply technology to help us perform a lot of the work that goes on in our grading plants so
as candidate neoantigens and the conventional tools for identifying neoantigens from those hundreds or thousands of candidate antigens are fundamentally flawed
i think its important to consider where we are today we are and remain the largest franchised automotive dealership group in australasia and that scale is strategically valuable
(yes ted->ed) its i think the vision is broad because the opportunity is large but of course were going to follow the data and the science to get there
create an opportunity for us to possibly (orchestrate->horse trade) and at least ask for the opportunity for that type of conversion (*->a) few and far between going forward but
we are continuing to pursue business with the other prospect as well in addition (weve->we have) started work on the incremental addon services for an existing client that i also referred to last quarter
before i begin to discuss our results i caution you that we will be making forwardlooking statements that are based on our current knowledge and some assumptions about the future and are representative as of today only
so then we started to sampling this product all over the world and then we picked up now the first sales although i see a lot of and great interest in this product
and price (*->thats) the product accordingly but (we are->were) actually leaning in (we are->were) still leaning in kind of in the same way to help drive down lcoe and pass on a good chunk of the savings to our customers
and third marlin has been operating for almost 2 decades with an evolving set of business processes that need to be evaluated and renewed in order to improve the companys operating efficiency
im wondering what percentage of those international regions or product categories are ebit positive right now and do you think that segment turns profitable by yearend in terms of the ebit line
we remain very confident in our global competitive position and the application of our dedicated supplier model to take advantage of the strength in the growing regions of the wind market
moving to franchise distribution the platform declined low single digits during the first quarter tennessees performance was impacted by significant customer inventory reductions while (matco->macco) was up slightly
due to a number of risks and uncertainties certain of these risks and uncertainties in addition to other risks are more fully described in the companys filings with the securities and exchange commission
more and more guaranteed future value products will lend itself towards increased penetration at (the->a) dealership (levels->level) so i think that movement up is correct i think it is a function of
so what makes us different its our core technology atlas which is our proprietary neoantigen identification platform
on the returns on that particular franchise so the fact that the targets (have->are) dropped supply is going to be dropped means theres a tightening of conditions in the market between supply and demand
so thats not changed i think what you have is you have a small seasonal quarter you have a northern acquisition we did last year that doesnt have as much revenue coming in you have our charter operations which doesnt have as much coming in
we expect in the next 90 days to be able to make announcements and discuss some of the things to achieve the (goal->goals) that we outlined on may 7 to you and it all remains on track and we continue to thank you for your patience and hopefully
we (have we->*) expect to see the continued benefit of our more focused distribution strategy which has been a strong driver for growth in 2015 as well as the initiative to put more of our products in more of the offices across the nation
as mentioned before given some of the activity in (the->this) segment is servicerelated as well as the (resell->resale) of purchased goods we would not expect the margin to be equal to our other businesses but it is fair to say theres certainly opportunity for improvement
and my second question is more general that you mentioned about (semm->sem) and sme so i was wondering what is the difference between (semm->sem) and (as->s) of sme in terms of loan size in terms of customer acquisition
adding more value to them and that growth and that (differentiator->*) differentiation has further improved our financial results a good set of underlying
well i certainly think theyre probably evaluating a lot of things mark on (a->*) certainly in the processed food area about what they need to do what we do see is that we see a lot (of what->*)
last area that i want to highlight is the sme part of our portfolio weve been growing the number of customers that we have in this segment in both property and specialty lines and marine over the last several years
of margin so were just beginning but we think its an excellent way to look at the business its a part of our grow and optimize strategy because (optimize->optimized) means optimizing your customer base as well
we are seeing an overall trend of higher repair and maintenance costs and inconsistent run rates more broadly which we believe allows us to ramp production up as we have made the necessary repairs and maintenance as a top priority in any market conditions
i think (frustrated is->frustrate us) the right word that it was we had these good savings we were getting in oip and for one reason they werent dropping to the bottom line and i think one of the things we said to the analyst and investor community was
we expect the midmarket to continue adopt at a faster pace than the large companies we anticipate the revenue growth to slow a little bit in 2017 but continue to feel good about the momentum of this business in the long term
before turning the call back over to mark i would like to touch on our balance sheet prudent balance sheet management and conservative leverage have been cornerstones of diamondrocks strategy for over a decade
we did see (or->*) we have continued to see higher pulp prices albeit that i did say earlier that they are coming off a little bit now but at the same time weve been able to achieve savings in chemical and energy costs
the impact of the benefits from the revenue synergies and cost programs will grow in 2017 and we feel weve made very good progress against all of our objectives so let me highlight some of these accomplishments in more detail
margins have improved across the group as a whole by 50 basis points the largest single improvement of which has been in plastics where the benefit of the restructuring that weve been undertaking for the last 18 months is showing (benefit->benefits)
we have also made good progress in our plan to reduce controllable expenses starting with this quarter id like to point out that some of these expense reductions will come through some of our segments and are not all (on->in) our corporate activities (lines->line) although we have made some workforce reductions
before we begin the call today i would like to remind you that forwardlooking statements made during todays conference call do not account for future economic circumstances industry conditions company performance and financial results
come through yet in (a->an) incredibly meaningful way what could happen with some of our end markets with some booster shots related to infrastructure spending so im excited about
we certainly understand the need to communicate developments of this plan as they occur (*->and) we will do so when we are ready for both our green (plains->plain) shareholders and our partnership (unitholders->unit holders) as i said earlier we will remain focused on proving value for our shareholders
due most notably to sales in plastics being favorable with peninsula sales being greater than the impact of the (blowmolding->blow molding) divestiture as well as the benefit in flexibles of last years plastic packaging inc acquisition
we havent seen the development yet of demand for breach response services type products in a large way thats the piece of the market where we have particular ip as regulations
right at the same level as our competitors so we feel good about this going into 2017 when we look at the outlook for 2017 i think the thing that we would most focus on is this is probably
when you aggregate it all were doing quite well but specifically in manufacturing productivity in the plants that have sps we just have stellar results that have fully implemented (it->*)
for our company i have to say we are disappointed by the federal trade commissions decision to put us through (a->*) second request related to the proposed (gppdelek->gpp delek) logistics joint venture to acquire terminal assets from american midstream
our discussion today will contain certain forwardlooking statements reflecting managements current beliefs about the companys future financial performance and business prospects and these forwardlooking statements are subject to inherent risks and uncertainties and speak only as of today
in the areas where we see more opportunity pulling back in areas that are under pressure in 2016 we will continue to reduce our commitment to markets such as energy insurance
which is often seen as a bellwether for the rating conditions for the rest of the year prices continue to drop in our portfolio by 5 now with overall pricing reduction
this is the lowest reading of inflation since the end of 2014 and well within the central banks target range of 2 to 4 the significant decrease in inflation has been driven by lower variations in food and tradable prices
because we have an established technical center in india within trimas we are exploring adding engineering resources to our aerospace team thereby adopting a similar 24hour engineering model
so before we open to questions let me wrap up in a few words we are rather pleased with q1 since we are making progress on the (initiatives->initiative) that we highlighted as our priorities
(weve->we) come up with our marketleading cyber product and the gap medical and other products we continue to launch and think about some have been a lot more successful than others and our aim is to continue to innovate in an industry that is not generally that innovative
well again i think that there are premiums its usually based upon the market price for the product most of these contracts do have phrases for extraordinary increases in cost
these statements are based on current expectations and assumptions that are subject to risks and uncertainties actual results could materially differ because of factors discussed in this mornings press releases and the comments made during this conference call
okay maybe last one (from->for) me just on the cattle acquisition i mean just remind me how we should think about that transitioning to green plains own cattle should we think about similar to the
that the larger companies its a longer time talking about it its more planning their organizations are more complex i think theyre more (risk averse->riskaverse) about doing it so you need to build in a longer process for that but frankly (*->we feel)
certainly europe has quite a few businesses that were looking at that are more of them are privately owned some of them are divisions of larger companies
was actually the highest absolute dollar growth in the history of bell mobility and that was driven through the subscriber growth and the continued increase in strong average revenue per customer
yes were just trying to figure out if 4q was just seasonally strong or if there was an impact of omni thats going to take the margins permanently higher in that segment
as well as continued growth in smartphones and pcs as long as our customers are producing wafers we participate in (a->the) growth of semiconductor units
to sum up the semiconductor materials industry remains healthy semiconductor content is increasing everywhere driven by new applications
each of our operating platforms continues to manage against their own specific targets and drive programs to deliver their share of our future growth
as traditional power companies expand into the gas utility space it provides us an opportunity to grow our business with new larger combined power companies
continuous improvement initiatives network optimization and lower input (costs->cost) continued to drive good operational efficiencies throughout the region
ill start by talking you through some of the highlights from the quarter before the team go into the financials and operations in greater detail we will then open the call for questions
so if we had to look sequentially december to september should we think of it up down kind of help on the ebit line for south america would be appreciated
can you talk about in the next 2 to 3 years how much do you think that it seems like now youre really kind of getting to the point of critical mass in this specialty business
so to summarize we have moved the portfolio to growth we (have->*) reduced our cost structure significantly while making necessary organic and inorganic investments
as our portfolio shifts with the growth of our global ecommerce business inclusive of newgistics our seasonality will also shift even more towards the fourth quarter
in order to have a more meaningful discussion that includes our third quarter results (we have->weve) moved that to another date we will communicate that new date once it has been selected (it->*)
we had a more significant increase in average revenue per customer than our largest competitor and we think thats driven by the superior network offering that we have in the marketplace
today our debt is actually lower than where we were 2 years ago and yet our portfolio has changed significantly and its a portfolio that has shifted to growth
where would you be where do you think this is going to go in terms of 2016 are you more confident (thats->that) something that they can see reality and
so it depends on the nature of the fixed cost so youre right you do not you dont need the second analytical lab but as you grow with the different consumer trends
all the progress we made maintaining and acquiring new customers is paying off and we expect this to continue in 2018 as the market continues to improve
is this the margin you thought you were going to have when you came into the year or (are you->*) is the margin a little compressed versus what you thought when you came into the (year->*)
but we have reasons to be optimistic while bad news in the commonwealth continues to capture headlines many of the underlying developments tell a more positive story
so we see that the consumer is interested and therefore work with our customers on ways to get these healthy ingredients into our different products
any such future warrants after march would be priced at a (30tradingday->30 trading day) average price based on the date of contractual commitment for leases
and on the sip side what that basically is profits (we recognize->weve recognized) in the delivery systems business particularly on percent complete accounting projects
we believe a distribution (of->at) this level provides an attractive yield at the current market price of our common units and enhances our ability to pursue our growth strategy
what were really seeing is i (had->*) commented earlier about some of our logistics costs where weve taken out some of the costs associated with even supplying to our customer base
(but->from) what we can see today we hence expect to be able to pay a dividend in line with the existing dividend policy for this financial year
in the (longerterm->longer term) we believe the underlying business demographics are positive for the future and believe we are (wellpositioned->well positioned) to take advantage of an economic recovery
importantly we have a proven track record of both reinvesting and returning capital to shareholders and we expect to continue this
many of the customers requiring material handling services from our logistics group are the same customers who utilize our aircraft leasing and air operating capabilities
finally before (vincent->vincin) goes through the finances and we (look->looked) at each individual mine a quick word about our exploration activities
for 2016 as to where we are in our guidance range but were less focused on where we are in the guidance range this year and more what are we putting in place
lower fuel cost and the absence of last years negative nonrecurring expenses were among the main reasons for the positive development
are you now in position to update the market on what your thoughts are for a sustainable throughput rate there and what are you expecting next year in that regard
this difference is predominantly related to employeerelated severances and other costs associated with the execution of information technology outsourcing
some modest inflation in line pipe is also expected to be a benefit offset by a negative product mix dynamic from (the->*) project work
that being said we must continue to move forward while the toughest parts of our transformation (is->are) behind us we still certainly have more work in front of us
brazils economy continued to feel the effects of negative growth given the (macro economic->macroeconomic) environment our local leadership team continued their ongoing focus
your business did so well in 16 it provides a tough comp can you give us just kind of like the building blocks like bigger building blocks of puts and takes
in addition we now have closed 3 platform deals with our global systems integrators these deals are a managed service and have the opportunity
third is china because if you get the pors with the 2 big korean players half the market in china is really memory from
(i->and) give you an example for what we thought was going to occur in fourth quarter from customers they actually only spent about 58 of the total
as joe mentioned earlier we deepened our partnership with amazon through extending and expanding our aircraft lease and operating agreements in december
downstream benefits from new project spend market share gains with several new customers as well as a steady base of ongoing maintenance
improve margins and generate strong free cash flow i want to thank our global employees for their tireless work to make all this happen
in the (eurowings->euroing) system so that is something which is out of the question and as you probably expect i cant provide any more details on any other rumors
that share impact will depend significantly on the movement in our traded share price throughout the year as we apply the treasury stock method to those additional warrants
but we will have to add capacity in asia to continue (to grow->growth) our outlook right now for both (of->*) those products is that they are getting tight
for example the reduction of utility subsidies in argentina is impacting consumer disposable income and in turn our business
this represents our best result in almost 2 years and (it->*) was realized despite the significant competitive and regulatory pressures that existed in the quarter
the current multifamily market environment is very active for example we are working on a valueadd multifamily listing in the southeast right now
so the (models->model is) working really well and specifically (to->*) your question we want to get as many people on the platform as quickly as possible to get the benefit of their revenues (*->in 2018 and)
we continue to see some business consolidations among our customers and we (experienced->experience) some cyclical yearend paydowns in lines
this is mainly due to project cost for developing a new company and startup (costs->cost) for longhaul routes
as a reminder the reduction of the taxable equivalent (gross up->grossup) under the lower tax rate going forward will serve to reduce net interest margin
lower volumes due to the macroeconomic environment in brazil and southern cone and higher (costs->cost) for corn energy and other inputs
finally we wanted to provide you with ample notice that we are postponing our 2016 fall investor day in september
suffice (it->*) to say (weve->we) got a lot more information in the second quarter that we didnt have in the first quarter and the risk adjustment program for the marketplace
maintaining positive fundamentals for multifamily properties which will drive investment sales and financing activity for the foreseeable future
i do not like to have an open checkbook policy on anything but in this particular situation it is an open checkbook if resources are needed
if we are in the line where i hope (we->you) will be we should be close to about 1 million customers on our (fibre->fiber) footprint by the end of the year
does it make sense to maybe look even further strategically between the 2 businesses i dont know maybe (if->*) you could just talk a little bit about
plus growth of new materials required for advanced nodes at 10 and 7 nanometers transition to the next
and (a->*) look at our (study->strategy) shows that we are on track to safeguard our future viability of the whole group
the product transfers are certainly the headliner but we have also now have a talented and very capable team in shanghai and a new office and with a new warehouse
this expands our global network with increased production capacity and more timely delivery of our unique higher value specialty (solution->solutions)
the team did a good job closing small deals but the lack of large opportunities coupled with a difficult compare made for a tough quarter
im also happy to report that our rate discussions with the commonwealth have gone well and that we received a rate increase of approximately 25 (that->and)
going forward i think your number is probably a little high certainly with respect to the first year
thank you that concludes todays conference call please disconnect your lines at this time and we thank you (for your participation->*)
were seeing an opportunity to bring our solutions from other parts of the world and to localize for (the->*) local (taste->tastes)
for our part we will honor their service by keeping people first in everything we do thank you and have a quality day
and others backing out of the (marketplace as theyre->marketplaces or) raising prices much more dramatically are you concerned at all that youre going to pick up some of their less healthy populations
we continue to progress our high level of organic capital projects and we believe these will provide increased profit growth in future years
we have identified several (step out->stepout) opportunities which will allow us to accelerate growth and profitability in the coming years
with that of other health plans that primarily serve medicaid members as opposed to those that primarily serve commercial members
we have 2 production units in hometown and we have converted the first unit to the same technology we already use in our korea plant
were all focused on driving our culture to deliver outstanding results for our customers employees and shareholders
although there is some seasonality because of chinese new year it is a very encouraging trend
available it isnt always the case in other regions in the world so it does impact them maybe a little differently particularly depending on where you are in europe
on top of this this also bakes in a delay in the ramp of a large server manufacturing platform which was previously expected to ramp in the december quarter
and i think were seeing nice results as utilization in the medicare line of business is starting to come down
what weve been doing is making sure that were making the right decision i think (theres->this is) a time where were making significant investments and weve prioritized am
at the same time ive spent a lot of time in europe with the team underneath (katarzyna->kytrazina) and we have strong players i have a lot of confidence in the team
we do expect to come back to the historical levels within (a->the) year (or->*) so
comments if there (were->was) something specific that you guys achieved that helps you understand how this works or if this was just simply texas kind of clearing the (decks->debt) for the last couple of years
we are well positioned with the leading capex investors and believe we can continue to grow with their expansion plans
i (*->mean i) would honestly say to you that given the breadth of our platform today its sort of all over in the sense that theres no one specific
and our capacity expansion in mexico is progressing nicely which will be available to support both specialty and core
continued investments in our administrative processes and (costs->cost) to obtain other future efficiencies in our business
so thats a big growth area for us so thats where our lab and manufacturing is going in and were making great progress with both the customers there
with that said let me provide a bit more detail for each of our previously stated shortterm priorities which are the ongoing quality remediation
previously insured with other carriers or and just not new to (and->it) im just curious how you guys are doing such a good job here
(id->i) like to get scale in some of the areas that we already play in that have better growth profiles than some of our larger businesses
something that weve been a leader in and we continue to be excited about it i think the other one that certainly i love to focus on is
where most companies are profitable there are opportunities we continue to work on them but those will happen when they happen
finally youll see the details for the bank and asset servicing segments beginning on slide 26 followed by details on each
as we have explained in our business model these pricing actions typically require 3 to 6 months to take full effect
while tax reform is seen as a positive we dont expect it to significantly affect cre development or acquisition activity
in diversifying the business even beyond some of the areas that we currently play again with an eye towards driving the mission of the organization
considerable free cash flow havent done a lot on the acquisition front this year how should we think about the
that will as (i->ive) said before make us more important to our customers and so its matching that value that they expect or would like
additional information concerning factors that could cause actual results to differ materially from those discussed during todays conference call or in this mornings press release
we have identified numerous utilization management and provider contracting opportunities in puerto rico that give us a great deal of confidence in the future
we remain confident in our future cash flow generation and the ability to both sustain and grow our dividend over time
our ongoing cash flow from operations continued to enable us to deploy cash to advance our strategic blueprint
historically we have commented that our earnings potential is much greater today at lower industry unit levels than before the financial crisis
despite the ongoing renovation and limited meeting space to sell the renaissance nashville has still been able to gain market share
and keeping our customers on the water through our getaway will help further differentiate marinemax and ultimately these efforts
given the proper repositioning or expansion activities will outperform over the next decade
look i think if you saw the slowing market at the end of last year (there is->theres) no doubt that weve been carrying (high->higher) levels of inventory we would have had and did have
(*->the) rest of the financial year look i think what weve taken account of is the current market conditions and roll those forward thats why we havent given
rather than working against us as it did in q4 since most of our customers were paying (then->them) in canadian dollars will start to work for us
and thats important so i dont want in any way shape or form suggest that thats not a first priority because it is but we also want to make sure we just
if we look at the results others have reported using rigorous immunological assays we saw
we actually had a drag in the first half with some aging positions that we (tidied->tied it) up in the first half which arent recurring in the second half
within those loan pools to allow us to sell assets of any type within the loan pool so even (with->within the)
this concludes todays call thank you for your participation you may now disconnect
(have->*) over a rig coming in on a low day rate spending 5 days to mobilize (this->its) equipment and then starting against the efficiencies that we used to have (*->so)
our updated forecast is based on strong maci growth trends as reflected by orders to date in the second quarter of the year or second half of the year
so we recorded an increase in revenues and profit both in telecommunications as well as smart life business and as we mentioned at the end of the first quarter (that->*)
as the automotive market continues to evolve we can accommodate changes in vehicle (type->types) such as electric vehicles
and it may just be the case that where we have had outperformance were now beginning to experience the impact not only of
if the vaccine includes the wrong neoantigens the vaccine misses the target and works suboptimally if it works at all
but what does that achieve if youve destroyed all the commission that you would be deriving in the product (sales->sell) so
weve obviously got a more experienced team following appointments at the beginning of last year that are actually carrying through into this half
the investor presentation available on our website includes an appendix that reconciles these nongaap financial measures to gaap measures
since the last time i talked to you we have also announced the sale of the tabakoto (assets->asset) and that transaction is expected to close in the current quarter
while the company has started to see some early signs (and->of) more stable conditions in certain markets we continue to expect the headwinds from soft market conditions
overall (atco->acco) had a very busy year as we continue to transform into a globally diversified infrastructure holding company
and as i mentioned well be confident of well be back into profitability this year (so->some) notable projects around the world
we are the premier and largest (valve->val) distributor and this proves our commitment to not only maintain but extend this leadership position
is less of mixing and matching loan pools its more of looking ahead and refinancing proactively capitalizing on
and potentially valuable over the longer term because of unique packaging or the resulting longterm (rarity->rareity)
(*->a) highly variable seasonal swing for robotics as we roll out of q1 into the rest of the year if (q1 is->q1s) going to be
extremely high shortterm finance penetration im probably a little bit more cautious on that because i think the
we fear that its a little bit too early to say that any real recovery has begun in spite of (stabilized and->stabilizing) better commodity price
and by virtue of holding lower levels of inventory in turn that obviously leads into lower floor plan debt and interest
while they werent down in europe they were weaker than normal so i think those are maybe a little bit more of a telltale sign of the macro
okay and then just for the industry i mean it sounds like those softened a bit through the quarter but theres been some positive signs early in january
for people to buy (at a->out of) dealership these products are specifically tailored to the auto industry they are beneficial
lets say that for the light users maybe you provide more returns through bold reductions in rates for light users
before i turn the call over to brett id like to tell you that certain of our comments are forwardlooking statements as defined by the private securities litigation reform act
more resources and training more people who wont yet be (revenue producing->revenueproducing) or revenue productive in anticipation of demand
because you are expecting a decline in profits going forward in which year will you hit the bottom and
i think last year was (possibly->positively) impacted by a high percentage of diving work that carries (the->a) higher rate
as we said for the full year we are currently assuming that we will still be able to pay (dividends->dividend)
of what our new reps have been able to do in the previous 2 years and we have every confidence that these
finally as you update your models on ashford trust id like to point out that in the fourth quarter we will have a significant increase in hotels under renovation
training process improvement and several new operating initiatives contributed to the margin gains this quarter
in conjunction with those refinancings we have also tried to free up adequate buckets
thanks joe before we conclude id like to make a few comments on our outlook for the start of the fiscal year but
generally based on the notion that the industry would be up about 5 (and->*) that you would get a little bit of pricing so
the way your tactics played out in q2 it looks like there was more focus on market share preservation rather than profitability
therefore you should expect us to continue being selective and disciplined as we balance expected returns underwritten growth and our cost of capital
so if the arpu goes up then you may introduce (*->new) some new billing plans and return those profits to the customers isnt that the case
well fundamentally the economy is not crippled but it is slowing down in almost every area
including recent innovation within (orpak->orpac) automation offering led to a number of large tender wins during the quarter
but we also see improvements in technology which can also serve to reduce some cost so
our targeted initiatives to develop a stronger footprint internationally (are->is) especially focused in the coin business in asia
and youve got a certain group of clients that are trying to sustain that optionality in the market by awarding the work
and on the upstream side you guys would like to see maybe a little bit more clarity in the market before
so we expect this will be a very smooth implementation with minimal impact to existing territories
memorabilia collectors and we there may be some of that internationally too but right now we see it as primarily for coins
in line with the zip code weve been experiencing over the past few years as you know
as it has been the case for since weve spun the company we are always looking at what the liquidity position of the company is
but its generally a case of if they have the appropriate licenses weve got the product set
and then also the wise use of incentives and events on top of (it->that) i think what you see is
and were encouraged with the results which demonstrates that our shortage initiatives are working
what we dont want to do is give any color around the rest of the industry
there are some data points i can share with you starting with wage pressure in the stores
and so you wont always see recruits (in->and) licenses grow in exactly the same percent in any one quarter
or is it due to the excipients so typically we would expect it will take about 2 weeks in total
that would be a threat to us in the way that perhaps that concern might have (risen->arisen)
so that all of the erosion that you would expect post the patent expiry has happened
the conference has now concluded thank you for attending todays presentation you may now disconnect
incentive comp reversals either in the third or the fourth quarter last year that we should keep in mind
we expect cash flow before financing activities to be positive this year but substantially lower than last year
the distribution channels another good benefit with this for us is that
our strong credit discipline and low (loantovalues->loan to values) have resulted in consistently low credit losses and servicing costs
should we assume that is a reasonable quarter as a baseline
new partners added to that side for this season
and at the end of the day our teams are compensated for their performance on a transaction
im wondering if you could give us some idea of where rates would actually need to go
well thanks again for joining us today we wish all of (the->you a) happy thanksgiving
in 2017 the level of capital deployment may be modestly lower due to several factors
for your attention and now i am available for any (questions->question) you may have
its a protracted process on all of these as weve witnessed in the past
we have never considered a transformational deal in the north sea period
as reflected in our outlook we expect occupancy to improve by yearend
occupancy turnover and rent growth for all of our renewals and were going to continue to do that as gary mentioned
our prior infrastructure would have been harder to change and also more expensive
we are actively managing operating expenses and demonstrating significant operating leverage
to hire an outside (psychometrician->cycle attrition) a third party to evaluate this process now
but also being aware of the time when you will enter this narrative in the clinic
i would also like to remind everyone that all figures are being quoted in us dollars unless otherwise stated
estimates of what we think will happen in the next year we look at them
in order to identify a dose that would be expected to deliver a therapeutic exposure level
and i believe that was my last (slide->sight) thank you very much
i dont want to say concentrated nature of the securities license reps but its a relatively
i dont know that it ever goes from maintenance from build to maintenance
with rising rents and steady demand from existing customers and new prospects
nice (improvement->improvements) versus underwriting models across the board in that cohort we feel very good about it
(an->and) operating working capital in line with or just above last year
we dont want to be in a model where we have this race to the bottom where we can go out and buy business
is the would you say the legal environment is more challenging today than maybe 2 3 years ago
as you know actual events and results can differ materially from these forwardlooking statements
just to be clear we dont run our business based on the existence of a pricing cycle
on syndicate and reinsurance business that is offsetting strong growth in europe and latin america
in this particular instance when we look at the return on capital for this strategy
this new (apexxc->apexe) is expected to be delivered in the second half of this year
brazil is probably (is->as) a practical matter coming along more slowly than we would have hoped
on the front end where the exam continues to be marked as we review the quality of questions
when looking at kind of a possible speedway separation do you view
it would be not anything of any (significance->signance)
some likely or known moves as you think about rolling from the fourth quarter
sales of canadian retail mutual funds were modestly lower even on a canadian dollar basis
to sort of get moving that when these locations are fully mature
in (summary->sum) we are seeing strong growth in the fee revenues and expect this trend to continue going forward
the market offered us significantly more than we expected because
now i will turn the call over to gary heminger for opening remarks and highlights gary
working the inventory down and how should we think about margins in the back half of the year
and with all of these new employees we also ramped up our training efforts at the same time
with a recognition that we have to be able to make changes
the automation also frees up more time for our compliance staff to focus on more complex tasks
but we see significant growth there we really (have not->havent) commented (on->*) what kind of penetration we feel that we can have there
so if diesel is a big component of that
in addition to strong financial performance we also experienced very positive distribution results
as we look to the future we will continue to execute initiatives to grow distribution capabilities
in addition were pleased to report the following accomplishments
your fleet in terms of putting rigs back to work do you expect well see
first we continue to look to drive comparable store sales growth
we look forward to executing those deals before yearend
as previously announced we also entered into an agreement with certain lenders
we remain confident in mplxs compelling value proposition to our investors
the main highlight in the global acquisition team was in marketing
that have a free rent component and were not included in our original outlook
we certainly are spending time looking at ways that we could expand that business
the protocol requires only 1 patient at each of the 2 lowest dose levels
so any such transaction would be contemplated only if it created value
having just completed business to many of our locations
therefore the company claims the safe harbor protection and forwardlooking statements contained in the private
good morning my name is (lindsey->lindsay) and i will be your conference operator today
and do you know whether you have received a priority review
the quarter included meaningful progress in our buckhead portfolio
the midwest and southeast underperformed the company average
we will continue to slowly expand this business in southern california and other strong markets
this increase was offset by several unfavorable impacts during the quarter
earlier in 2015 we actually got authority from our board to
with the application representing an enormous improvement over the first quarter average
drive unexpected loss emergence at an industry level
and while weve had no difficulty replacing
the (roam->rome) will be available for the second half of the year we do have opportunities for it again weve just been conservative and not added that to our guidance
the run rate that we were expecting to get from selling these things its not the revenue synergies that necessarily occurred in the year so for example
with this (first in human->firstinhuman) study we (end->aim) to initially demonstrate superior immunogenicity of our vaccine across a variety of cancer types
marlin delivered another solid quarterly performance led by record growth in originations and record portfolio levels while maintaining excellent credit quality
with higher average transaction sizes and a decline in late fees the company experienced a slight increase of 7 basis points in cost of funds
if theres no opportunity to do that we can keep we can pay off our debt at the mlp and thirdly the other thing we can do then is tender for shares
next june 1 (our->*) i believe what we also have (to->*) put out there is the amount of gallons going into 19 with the waiver
second we expect the challenges in new york city to continue and the results for the 2016 market revpar in new york city
we expect a material improvement in the performance of our chicago hotels as group business improves and the current year renovations are complete
and while there are clear principles that will be implemented likely the same here in colombia as they are in other places itll depend upon
so i dont know (*->that) i would give it a little while longer for the relationship to settle in and see where the profitability actually lands before i
and we just wont buy cattle under a certain level and so the fixed investment is still very low relative to the opportunity and so
against the backdrop of spread compression in the broader credit markets we maintained our asset selector mentality
i know theres a certain amount on the books going in and certain (amounts->amount) thats left to go but are they actively kind of grouping up due to the weakness in transient
last quarter we explained that as blades continue to get longer utilize more advanced materials and we continue to drive increased output per line
with respect to the open position of chief credit officer i am pleased to report that we have identified a strong finalist who is an exceptionally qualified candidate
id like to conclude my comments today by thanking all of our colleagues for their hard work over this last year im looking forward to reporting on our future success
you talked about a global a slowdown or a normalization in that business perhaps you could provide some additional color on that
that were implemented during the course of last year and they were implemented in the second quarter and started to benefit toward the end of the second quarter
and a recent federal reserve study found that 2 of the 3 top issues concerning small businesses were the lack of credit availability and uneven cash flow
cases where just if its a foreign capital situation its theres always uncertainty on timing right so how would you guys kind of approach that with the market
yes so lets see was there any deferral of any revenue from the previous quarter into this quarter
initially this was a small asset (and->as) an acquisition of its own and there were probably 2 reasons why we decided to go ahead with it
is to become the preeminent provider of credit products and services to small businesses nationwide while delivering exceptional value and service to our customers
so all of those kicking in along with just the financial discipline that were employing throughout the company
and i dont really expect additional acceleration of that its already pretty much built into our game plan at this point
thank you jeff and good morning everyone my comments today will focus on our third quarter origination activities and overall credit quality
constant currency and organic revenue will be aligned as we now have a full year of results for all of the 2015 acquisitions
the increase in capital spending was primarily related to the increase in production equipment used in manufacturing specialty alumina products
is (may be->maybe) valued more is that something where you could see that market change or do you kind of view it as its an (insourced->insource) market and it stays that way
so and how do you deal with customers who get used to the greater savings especially if they may not want to give them back in the future
our hotels performed in line with expectations in the first quarter despite the lack of group activity particularly in chicago
as you recall we indicated (in->on) our most recent earnings call that we expected revpar growth to be slightly negative during the first quarter
across the board on the savings initiatives which now you mentioned 2 of the elements and the third element is the business restructuring
our new franchise platform also has the potential to become an independent business within 20 as we work to expand its products beyond just equipment finance
(*->okay) can you talk a little bit about the kind of support that (you are->youre) looking from the banks to complete the acquisition of (astaldi when will->astardi)
we will also continue to follow the clinical outcomes of patients in the trial as i mentioned we anticipate an ind early next year
really challenging ourselves to find the levers to see the enhancement as we go forward and know
however to the extent inflation continues to come down more quickly than expected its possible that the central bank would adjust rates downward once again
we think (thatll->that will) really start to come down towards end of the year as the economy picks up and in 2019 you should start to see a convergence back
internal supply we want it to be as efficient as it can (be->*) making the right the (best quality->bestquality) material (that->it) can be used within our business
and well keep our eye on it and the team will be calling management every couple of quarters until it feels like perhaps theyve hit some of the more critical milestones and so
and its very hard to say when and if and how the courts will rule down the road and then what that impact would be (*->what) we were asking
individuals are hard to find weve been able to attract talent and train talent as graders for both coins and cards
we have potential new retailers that are still going through the process and want to be a part of the plan and thats in
retirement commissions and fees were down as a result of a decrease in actuarial fees partly offset by new pension administration client fees
and also the action that weve taken last year in terms of selling prices are paying off and we (were->are) able to more than offset
with respect to leveraging capital during the quarter we began working with several major financial institutions to establish a wholesale credit facility at the holding company
let me expand a little bit more on the industrial footprint review that we have launched at the beginning of the (year->*)
an offer that is not unique but very specific on the market of turnkey projects where we can take responsibility for the entire field including
please note that they are the property of solar senior capital (limited->ltd) and that any unauthorized (broadcasts->broadcast) in any form are strictly prohibited
we feel very confident with the flexibility of our balance sheet and our current ltv level which will better enable us to create value via our stated strategy
and very large institutional investors are requiring change and social responsibility from the energy industry
while we simultaneously plan for commercialization of our first medication
revenue growth was driven by an average price increase of approximately 9 for the year on marginally lower volumes
the ratio of our total operating expenses excluding interest expense as a percentage of our average total assets
we are ready and we have already begun to meet these challenges and are very excited about our future
there may be untoward consequences biologically because as i alluded to in my remarks
and well expand that market by capturing some of these patients that dont have an external ventricular (drain->dream) already placed
including deliver operational excellence by meeting our 2016 operating and financial performance target
the results (today->to date) provide confidence in the potential to commercialize (the->a) material gas resource in the region
and then obviously in terms of operations going forward as well but well give much more guidance around that going forward once we
the strong freight market provided noncontract revenue opportunities throughout the quarter and into january
while our primary yardstick is financial performance we are encouraged by the underlying trends reflected in unit growth
thank you ladies and gentlemen this concludes todays conference thank you for participating and you may now disconnect
right and i think i recall at some earlier time that the company had discussed owning
meaningful improvement in the contractual market and what i would remind you of is that we saw negative rates
therefore there may be a limited comparability of future capex to historical capex results as it relates to swift
(i->*) we didnt drop (was->as) much to the bottom line this fourth quarter as we normally would have liked to have
these 2 trials are now proceeding in parallel and actively enrolling patients
good morning my name is mike and i will be your conference operator today
todays call will provide an update on our overall core performance for the second quarter of our fiscal 2017 and
no other market has seen this level of competition develop and a lot of it has to do with the retail market design
the markets also looking at higher exports to mexico and lower net imports from canada
and restrained capacity growth and there are reasons to believe that both of those
hold a significant amount of our debt and have historically provided capital in support of our efforts
including those risk factors discussed in the companys most recent form 10k filed in may
compared to 2015 and a slight decline in commercial and industrial deliveries
which should result in a significant decrease in the stripping ratio and an increase in free cash flow
headed into the height of the current construction season we continue to make progress in our financial performance
we dont have a recycling division so as weve talked about this in the past with you we use
partially offset by higher wholesale volumes related to rebalancing of the power supply portfolio
we were able to hold our prices on hot mix asphalt for the year while volumes were relatively flat
(*->food) service and cup and plate and so like any other opportunity that would present itself (we->wed) look at it
sources of fiber does it take more investment in the mill system
the advocate trial itself is big news for our company and more importantly for the patients
we need to complete what we have on our plate first to make sure that we have the capacity to take on the next and thats (the->*) really the question were trying to evaluate
is that the economics on this would not be achievable with just a wholesale product
as previously mentioned weve reduced our drilling to preserve capital resources and liquidity in the near term
for the most part the focus now is on generating revenue and as you can see
so the market actually comes down 14 but if you look at the purchase market it goes up
as some of our competitors who are much more experienced in this area
of the overall power pricing environment (in ercot->at erkai) is that low power prices are being driven by lower heat rates
i think those things are reasons why we need to be very cautious when we enter those (if we enter those->*) markets
and preparing for the trial in june on phase 1 of the case around whether the termination was proper
theres less pressure and probably the time to implement anything out of epa has moved out in time
we do believe that we will see good opportunities to improve our yields
we are also confident that our marketing efforts have continued to expand and strengthen our relationships within the lower middle market
appetite to participate in that changed at all to your
and when those life events happen its a chance for people to reconsider all their choices not just electricity so
with a lot of growth if i look at mortgage revenue as a percentage of total revenue
were open to that we dont think this is the right time to buy retail because of where wholesale prices are
to kind of keep the beast moving every day but on the same token
in our projections along with the improvements well see in our cost model so that gives us confidence theres
the change in methodology mostly affected how we recognize revenue associated with upticks for executive search contracts
partially offsetting these gains was a realized loss related to the restructuring of a middle market investment
actual improvements will be realized in improved adjusted operating income
amongst other studies to be conducted during this fiscal year that program is currently underway
with the acquisition of conjur we have significantly expanded our offering with advanced security and management capabilities
market awareness continues to build and privileged account security is often among the top priorities in enterprise security
week was the first phase which is a parkade and some renovations to the interior weve got other phases to go
were also slightly trimming our outlook for sales to our process industry end markets to reflect weaker oem order trends
do you want and expect the business to have over the medium or long term (ill->*)
all of our segments as strategic components of our overall portfolio and (its->*) something that
additional reliability and resilience investments may be discussed in future calls
were beginning to work with innovative emerging companies at the cusp of rapid growth and market disruption
not getting a lot of loads that had been priced in a place where we thought they needed to be given
will be sufficient to fund our operations through full data readout which we anticipate
with the answer we believe we have a very good chance of being able to buy back our stock we started this a little bit ago
all of our customers have room to grow to protect more of their infrastructure or roll out additional products
half of the c3g patients will be on the empirically derived standard of care
we leveraged strong operating performance by continuing to focus on minimizing overhead (costs->cost)
reflecting the payment of bonus in the first quarter cash paid for the restructuring as well as our acquisition in denmark
and how we are now expanding the footprint of avacopan into dermatological disease
and now what ill do is ill turn it over to andy for the financial review thank you brian
as well as contracts as well as assets to provide that capacity resource
but (to date->today) we dont have any knowledge of anything of that sort i think for us the real exciting part is the offensive
we have also introduced a new (premium grade->premiumgrade) product called (baryprem->barriprem) which can be used in new applications
citywide activity during the quarter was light in our most significant group markets of boston chicago and minneapolis
overall our goal remains to improve the market capitalization delever our balance sheet and improve our financial flexibility as we focus on the future
positive effect on margins there so i think one of the things we want to do is take some of the learnings from that and apply them worldwide but roger maybe you want to add
how much saving will that be in 2017 yes id say in terms of the individual amounts and
third we have a number of projects managed by our corporate staff given their unique skill set that relate to legacy operational matters
we had a very successful exchange enrollment season as a reminder revenues are generally recognized as the health care plans become effective
we remain committed to continuing to leverage the trimas model to improve performance of our businesses and achieve our organic growth plans
a transformative process which we are referring to as marlin 20 through this transformation process we expect to drive sustainable growth
as of the end of the quarter we (had->*) not repurchased any shares but we are regularly monitoring the market opportunity with our board
managing our costs and capturing enhanced operating efficiencies resulting from our increasing size and scale
and i think were on a path i think weve given up everything so far from the side of what the refineries have gotten
the first is growth it is critical that the company (continue->continued) to accelerate growth to leverage its infrastructure across a larger portfolio
(*->the) global leaf supplier is in the best position in order to provide (compliantly->compliant leaf) to continue with sustainability programs
and that said what kind of pressure are you getting from your customers to share more of the savings with them
most impressive was the success of our asset managers working with our operators to reduce quarterly operating costs
the most significant bright spot for (diamondrock->diamond rock) in the quarter was the ability of our asset management team to drive positive profit margin
the right one but we have already without communicating a lot on it but we have already downsized some of the (sites->size)
weve isolated the impact of this credit throughout the presentation for easier comparability and ill refer to the figures excluding (this->its) impact as an extraordinary
the italian position i want to remind to all of you is that it is coming from the past and we found it inside (the->*)
so we think we absolutely will recover any cost that comes up to us
achieve economies of scale (and->*) i think theres plenty of (opportunities yes->opportunity) and that certainly fits with what we have been saying and we continue to say that we believe the
pretty substantially in the last 3 years at this hotel so weve been waiting a little bit to get that ebitda back up to where we think it should be
once again we believe there is a significant discount between public and private valuations of plant assets and we see proof of that in our process
appreciate the fact that he has a long background in brokerage i think they believe in his vision of the future so im as excited as can be
first the regional context looks favorable due to the higher expected growth of (colombias->columbias) main trading partners which support external demand
and upon contractual amendments as the learning curve associated with starting up production and transitions of manufacturing lines generates revenue
these numbers exclude any capital related to our (highprotein->high protein) ddg project which is still in the engineering and contracting phase
we will weigh capital investment alternatives and adjust our capital trajectory as needed with the best interest of our shareholders in mind
lower production volumes led to lower fixed cost absorption resulting in a loss that we posted in the quarter
whereas previously these activities would be considered period cost and revenue was recognized only when the product was delivered to the customer
from the farm states between nebraska south dakota iowa and other states that are very important to this administration are pushing very hard (in->and) trying to get clarity
and as we turned into our second year i saw the necessary foundation for our ultimate success building in the right direction
i am first of all i have to say that i am a little bit disappointed about your core equity in the first quarter of the year
we have proven our ability to capitalize on continuing strong fundamentals in the apartment business through all economic cycles
in fact we have passed (amazons->amazon ons) rigorous shipping test standard and are actively working with their brand managers on ecommerce opportunities
this restructuring was intended to create better alignment with client expectations and market demand and also to improve our leverage model
our investments in the second quarter primarily represent a combination of incremental loans to existing portfolio companies
in the quarter it would seem like there would be (*->a) pentup demand for the fourth quarter and that they (will->would) be looking to buy more product
how much utilization impact we could see in the market from (scrubber from->*) vessels being out of the market
but it also means that the maturation of the supply chain and for companies to work just harder on making sure (we are->were) all competing
we are positioning this hotel to be among the top luxury hotels in chicago and are building awareness which takes time
in addition to our strong financial and operational performance we continue to make good progress in rounding out the marlin management team
and third the revaluation of the peso in the first quarter which impacted our equity by (spurning->spurring) the creation of a larger deferred tax liability
and a continued market penetration of our optiload product were more than offset by the decrease
business over the next 3 years which i think will either happen through just natural organic extensions in the existing businesses or
whats going on with the market fears over zika virus (and->*) anything else that we should be aware of
so i think we (*->so) as we said last year weve done a lot of different programs to catch up on the preventative maintenance front
im now going to hand back to miles whos going to talk a little bit more about how our actions in the period have contributed to our increasing margin
our presentation was that we continue to look for other opportunities to increase our supply even further
its typically a number that were always pushing for more on its not a number that typically contracts
the growth of our net interest income has been driven by our ability to reduce the cost of our funding more quickly than the compression of our interest income
on slower purchasing and later shipment timing this year as well as negative comparisons to the prior years large carryover crop (volumes->volume)
will not change only the timing of that revenue changes an increased amount of revenue will be recognized at the beginning of the contract
and in fact (we are->were) in active negotiations for a number of lines with the expectation of closing them in the next 1 to 2 months
and i will say that from what weve seen over the last quarter in terms of whats happening in the broker channel of
as we said we lifted our grain storage and (sold our->solar) grain storage and lifted our piles that we have (*->and) you know that we have made a significant investment
(comprise->comprised) of special assets who would purely focus on collections and would not be doing any lending and there was a (micro banking->microbanking) which continued business (as->*) usual
really to those 2 things were at that part of the cycle where its probably about peak supply i think weve seen some indicators that would suggest that
at the same time the lower current crop levels have reduced our working capital needs this year decreasing our seasonal borrowing requirements and increasing our cash reserve
in summary marlins transition from primarily a microticket lessor to a broader provider of credit products and services is a significant paradigm shift for the company
the likely implementation process would involve regulating thousands of finance and insurance consultants (and->in) new car dealerships across australia
greatly increasing our exposure to an attractive (healthcare->health care) market tied to longterm secular growth drivers and adding another source of high recurring revenue and consistently robust free cash flow
was primarily due to fourth quarter seasonal factors associated with financial audit expenses employee holiday expenses and marketing
firstinhuman study having first established the safety and immunogenicity of the vaccine we have built into the protocol
late last year we increased our sales effort in geographies where we had not been profitable to sell for the last several years
the trends of longer blades taller towers technology advancements and maturing of the industrial supply chains to drive down lcoe continues
and of course we continue to look as we said at (gen003->gen 3) partnership opportunities we see a couple of different ways that we can be bringing in nondilutive capital
the opening of a new store on miami beach and the rampup of our charter business which was virtually closed in december last year due to hurricane (irma->irm)
we also experienced the underperformance of some of our brands in our franchise portfolio which tends to be part of the cyclical nature of the sector
these risks and other risk factors pertaining to our business that could cause actual results to differ materially from those suggested in the forwardlooking statements are available in our filings with the securities and exchange commission
of course all our expectations are governed by several factors not in our control such as potentially the price of precious metals the overall state of the economy
we opened an advanced engineering center in (kolding->culden) denmark to attract additional technical talent and enhance our capabilities to serve our european customer base
and the top 10 markets have generally lagged the broader economy in terms of revpar growth whereas the rest of the portfolio has
evaluated to be approximately 33 turns per year higher levels of inventory were primarily related to an increase in raw material inventory
the cancer field is big enough that we could make access to the platform available to others to optimize their vaccine platforms as well
as brett explained the primary reasons for the increases were related to a new store an acquisition in 2018 and the rampup of our charter business
well identify the unique mutations in each patients tumor and (will->well) then feed all of those potential candidate neoantigens into atlas
again the building wont be full but with what weve got planned for now well be at normal ramp speed on the lines that (we will->well) have operating in that facility by the end of the year
a lot of this increase is driven by the seasonality of our portfolio as we strive to minimize business disruption from our renovations by doing the work during the slower periods
and once these definition becomes clear we would like to communicate the details to you so in that regard we cannot
i want to thank the tpi associates for their dedicated effort our customers for placing their trust in us and our shareholders for your continued support
dennis will begin today with some opening comments on our financial results and recent company developments following (his->these) prepared remarks we will take questions from the investment community
additional information about the risks and uncertainties that could cause actual results to differ may be found in our latest financial statement and our filings with the israel securities authority
how we generate (profits->profit) i think the structure of how we generate (profit->profits) i think we need to communicate this much clearly to the marketplace
so price reduction (could->is) simply (translate->translating) into (a->*) mere reduction in operating profit on the other hand it could be that the customer base expansion can be achieved
the full quarter impact of the new ceo as well as prospective changes to where the company reports expenses relating to its insurance program
has been uninspiring for us in terms of deploying our capital and so as a result of that we want to make sure that if were trading out that we dont have (*->too) much of a bidask
just didnt seem to pencil at that time that doesnt mean we havent closed the door to ideas its just that based (on->upon) the options that we had at the time didnt seem to make much sense
we began selling this in limited quantities during april time frame and have had tremendous interest (from->for) customers worldwide
and so to recap we remain the largest new vehicle retailer in australasia with a network of strong brands in strategic locations
we have several of the largest life insurers using it and getting the results that they came for and theyre telling us exactly how to enhance the product so (*->that) they (increased->increase) their usage
(okay->*) thank you (we->*) appreciate you joining us this afternoon its really nice to be able to talk about these results and we look forward to sharing
as jeff mentioned earlier we achieved this record origination volume while maintaining our strong credit underwriting standards and without increasing approval rates
including increased application levels and dealer contribution higher average ticket and increasing momentum in our franchise and transportation channels
we have to continue working on cost reductions despite this environment so that is going to be another factor that we have to take into consideration so as i said at (the outset->telsa) though
however rl has not met our budget expectations for the reporting period and this triggered a review of the carrying value of (the->*) intangible balances
that the clinical response patients mount to disease while being treated with checkpoint inhibitors is
and its that platform plus gen009 and the products that we generate from it that create nondilutive financing opportunities with which we can advance the company
we continue to develop our robust wind pipeline with global opportunities with current and new customers both onshore and offshore blades
an example of this new vision is the early success we are seeing with our funding stream working capital loan business which is our initial offering beyond our equipment finance business
such risks and other factors are described in our form 10k and other periodic reports as filed with the securities and exchange commission
and thats fairly typical in markets that you see following a hurricane there is some potential benefit from those remaining (of->operating) hotels
the increase in this expense resulted from the company achieving the maximum financial performance under the companys longterm incentive plan
to remain open as a place of refuge for affected citizens as well as those who must remain in the area such as first responders
and then the tooling and the fabrication of prototypes will go through (some iterations->submitations) with our customer on trying to optimize strength and weight and cost
there was a lot of discounting going on in the marketplace and we didnt go (chasing->chase and) after a lot of that volume and so that showed up in those volume numbers as well
can you (tell us->talk) about the competitive environment there i know its a very fragmented market theres some legacy players and theres a couple of new players that i think are taking share
of the revenue was due to the reclassification of how some of the economics will flow with our customers
when does it make sense to define a business by the end market it serves versus the underlying chemistry
we would be impacted by the overall auto builds in general and so we did see a rather strong
the reason i mentioned that was because in june i talked about at the end of the june quarter i talked about how significant the pipeline was going into the new fiscal year
as dan had mentioned we recently moved into a new manufacturing facility in mexico which significantly expands our capacity
davids announcement is another example of the actions were taking to build the foundation for a growth company
(*->a) big downdraft in pricing with a lot of inventory on hand we kind of like (it->*) when it goes the other way when our inventory does revalue because
for an explanation of the items considered to be nongaap financial information that will be discussed on todays call
the improvement in cash flow from operations is primarily due to the timing of tax and other payments
and seeing growth out of those customers because they have more functionality on the new platform were adding new customers through the
(*->well) i dont believe first off that it strengthens them at all on the core side because this acquisition has nothing to do with their core
(there has->theres) been a lot of excitement speculation and even fear surrounding the arrival of 5g and how it may impact our business
lets say activity going forward that puts a little bit of pressure on the revenue stream in that particular segment
the takeaway from a financial perspective is that we believe we can consistently deliver increasing adjusted ebitda results
while these cost increases have had a negative impact on margins we are optimistic that the increase in drilling activity in canada
that were not related to our core activity and also we (rationalized->rationalize) the portfolio
the slides for todays presentation and corresponding segment commentary can be found on our website along with our news release
and specialty copolymers in packaging products as well as timing benefits from the second quarter
despite sluggish volumes we saw some chemical prices increase in our portfolio as the quarter progressed
some of those have started to roll over where do (*->you) see pricing in the second quarter developing for you guys
systems over the past couple of years really are (*->what) will help us drive some of this efficiency and effectiveness across the org so
(*->well) look out there theres (maybe->may be) something between nothing and just the 10th quarter longterm view that well get our heads around
our days working capital metrics improved from yearend as we maintained our efficiency gains
so that well have it in 2017 but we wouldnt necessarily have had it for as many months of 2016 as we would have initially hoped (for->*)
up until this quarter we had achieved 9 consecutive quarters of revenue growth in our domestic drilling operations
and (probably tyvek->by tieback) also is where were really working on our capacity release program weve talked about on the operations side
increased european sunflower seed sales also added growth to the top line from both price and volume
but continues to grow nicely not only through our banking customers but through partnerships that we do through eps and weve talked about some of those in the past
at this stage right now we still have a healthy pipeline but this is something we wanted to watch because
the decline in this volume is driving a significant unfavorable mix impact to unit margins and segment profit
we have programs running there and again also the additional capacity that will come in will help us to get
more should be seen i guess over the next year or so and if theres additional opportunities for cost savings going forward
through signing customers because they like the functionality that we have particularly with the (pscu->psu) technology laying over the top so
and we did it while maintaining a relentless focus on the financial health and wellbeing of the company
on the other hand i think we want to see how things play out as we go through the first couple of quarters
if you remove the impact from the alternative carrier business our revenue for the quarter is consistent with the same (yearago->year ago) period
we also took additional cost actions in mexico and brazil to respond to the tough economic conditions there
doesnt really indicate that its a higher activity level because as you can see from the graph q3 of last year
i mentioned that 19 customers signed with us today that were never on the old platform so its not that well be migrating them
the remaining growth in first quarter adjusted ebitda in emea can be attributed to higher gross profit margins
all of these products will continue to support growth in crop protection (post merger->postmerger) with dow
and then of those 10 are those competitive takeaways or are those banks that are looking to grow and want to establish a commercial banking
and so the value prop is quite straightforward for the customer (and we are foreseeing->were seeing) a lot of success
and some of these kind of bigger projects will come in in the second half year and we didnt have in the first half year
plant productivity mix enrichment and cost savings drove the improvement in operating earnings
because youre not seeing these customers migrate away or merge away and is there a way to look at maybe the revenue
this was particularly helpful in park city as we build brand awareness and loyalty for a completely new experience at the resort
we expect to close the merger in august of this year with the fmc transaction closing in the fourth quarter
changing expectations and instilling rigor and discipline across every task and function in the organization
that occurred in the quarter given the strong earnings performance that were showing thus far in the year
but there (were->are) probably a few that didnt have anything significant before but most of them are either converting off of somebody elses
significant plans that are embedded in that expense guidance weve already given and i dont think that
we are (laserfocused->laser focused) on driving growth as our top priority and are improving our execution to do so
right on the center of the target in terms of great functionality in that product as weve discussed on other calls earlier in the year
a little bit of reduction on revenue at least in the second half of the year
we feel we get the network (benefits->benefit) to all of our other resorts and thats something that we look at (it->*) in every acquisition
i would say that were proceeding sort of to our expectations as far as (the->a) timing perspective
these things we believe give us an advantage of helping to build better repeat visitation to our resorts
obviously generating a lot of capital internally (*->and) youre going to be generating a lot more with the latest tax cut
while we expect volume to improve sequentially we are lowering our expectations for lubricant gallon and revenue growth
we are then able to build and collect (revenue->revenues) associated with this usage as we continue to provision telephone numbers
the customer experience in the store in a way that is consistent with this message of building trust with our customers
let me just (adjust the->add a) slide because there seem to be a small issue in the presentation i apologize for that but
the you have to remember that into the business plan most of the cash generation that were foreseen into the business plan was related to
for that right now so on broadly flat capacity which were going to put in from where we stand today were seeing strong demand out there in the remainder of the year
would you consider putting a program in place so if the stock did drop more precipitously and you were in a blackout period that youd still be able to buy back stock
supply chain to see if we can enhance those volumes instead of paying others to go through their terminals thats really been the goal of acquisitions that was the goal of the american midstream acquisition in little rock
the second element was we bought more protection in 2 areas of the account firstly within the large lawyers and architects and engineers within specialty lines
when we deal with it in our consulting some of our clients that have (lowerpaid->lower paid) folks that they dont want to provide health care coverage for or have a lot of
are the premiums also do they fall underneath that and are (passthroughable->passed through a ble) if thats a word or are you kind of stuck with those how does that work
we will the more we believe in the excuse me as we make progress in deploying this process technology the more we believe in the (revaluation->reevaluation) of this industry through a technology revolution
we anticipate capital expenditures to be in the 3 to 35 range as we complete some of the more significant investments from the past years
the reaction (from->for) meeting planners to the new product has been terrific and is showing up in our group pace which is now up midsingle digits for the balance of the year
during the quarter we engaged a consultant with significant experience in leading process renewal initiatives and appointed a design team to lead the redesign of our core business processes
the jack talked about the multilayer so it is barrier constructs that theyre making and today they do participate in meat (cheese->jes) and dairy
are you guys considering at all sitting on the cash with (the->a) thought that there could be better opportunities down the road to either buy back stock or (redeploying the->redeploy into) new investments
but ive learned from experience that thats not the case so the fact that we had retirement slow down a little bit was not a particular surprise here
thats not the format that we would use we would only buy something because we think it adds capability to our mix and it improves our ability to serve the customer
and those types of things that are molded from this polypropylene for cars so (were->*) what were experiencing really is (acrosstheboard->across the board) decreases in the customers where
these statements are not guarantees of future performance and are subject to certain risks and uncertainties therefore actual results may differ materially
if we dont get more money from the customer the only place where we can get it is from being more efficient having more density and this is what were working at all the time
the first order of business was to swiftly address matters impacting throughput at a few plants that were otherwise causing disruption and uncertainty in our planning
is very demanding from a last mile standpoint and this works to tfis advantage which we think youll see more clearly with our new segmentation
the senior secured and (floatingrate->floating rate) loan composition of our portfolio is (defensibly->defensively) positioned to protect our capital in a rising rate environment
related to a reduction in the level of past due shipments from earlier in 2016 as we (ramped->ramp) production levels and (improved->improve) manufacturing efficiencies in the second half
is what it was meant for and what we will still use it for in the future and so that hasnt changed much obviously not getting this deal through is a bit of a setback
likely its never you can never tell at this stage in the year but this is probably likely to be a slower growth for
first half of this year there were 24 and jack mentioned earlier that we have been awarded a number of these projects so were going to see that start to roll
before getting into the specifics it is fair to say that notable productivity is much harder to drive in a nogrowth environment but it should have been better than it was
catastrophe claims environment and that does boost reserve releases in the classes of business such as property reinsurance and marine
now that we are operating as one cohesive company we are ready to invest in our brand elevating the awareness of who we are and how we help our customers every day
the first thing (i had observed->id observe) about this chart is that the dotted red line which shows the composite the overall rate change on the portfolio is relatively consistent
and challenging group business patterns including reduced convention activity in several of our major markets like (chicago->chica)
despite the revenue decline business transient was strong at our boston hotels and the hilton garden inn times square central
have you seen any slowdown or do you anticipate any slowdown in (farmer->pharma) marketing while they await those payments
actuarial work lump sum but it sounded like it was maybe being replaced with pension administration how should we think about that if interest rates are sort of
let me recap our latest strategic moves diamondrock is focused on creating longterm shareholder value throughout all phases of the lodging cycle
we are confident these positive trends will continue going forward for the last 20 years we have demonstrated a consistent ability
because we collect approximately twice the amount of recovered paper we consume through our recycling operations we have a partial hedge against rising occ prices
the group is at its optimal capital structure and continues to generate returns on invested capital much greater than 10 as a result
finally an adequate level of international reserves offsets the risks arising from the external account with solvency indicators approximating their best results in years
of the peso and when you have an appreciation of the peso the conversion adjustment line decreases more so than the relief that we get from
and what are the customers where we can create the most value and then focusing on those customers and then working with the other customers to make sure that theyre serviced properly
increasing it just wont increase at the same rate that it has over the last year or so john and so we do expect the percentage of direct auto to continue and increase
(we are->were) responding to those changes in demand but overall we expect our unit revenue to continue to grow in the second half
i think weve succeeded in building this foundation and i expect to see our financial performance momentum grow in 2017 now ill hand it back to john
right now the problem is not the rates the rates are getting to the level they have to be one step at a time according to the contract and all that
just gives us more time to respond ultimately were not going to beat the forward curve and were all going to deal with (it and->them) when i say we all the whole industry is going to deal with the new realities
unit revenue for the group was up 57 for the half as the aviation industry took action to address rising fuel prices
the fourth quarter revpar growth is expected to moderate somewhat from the third quarter as group booking patterns are less robust towards the end of the year
and we also have some new initiatives to drive relationship in core checking and i would say this quarter was one of the first quarters where we had loan growth
with about 85 of the market in the hands of our competitors we see this as a golden opportunity to win new profitable business at a much faster pace
they all have their own characteristics and like i said the (200er->200 r) is probably the weak point in the market as far as that generation and i feel far more optimistic about the rest of the group
the 8 transactions that we have closed since june 1 are strong evidence of our improved ability to execute and our commitment to the strategic objective of (highgrading->high grading) the portfolio
factored into our business plans and something that is really top of mind for us to make sure that we can continue to deliver the experience that we need to for our guests
our results reflect robust demand at our lodging properties across each of our geographies during the third fiscal quarter we terminated the management agreement with respect to the (half moon->halfmoon) resort in jamaica
just what we know today that it would be at least as high as what we have in 16 because (*->of) the continued investment in innovation and the positive improvements in quality that i think well continue to see some benefits of next year
(*->we are) also taking the opportunity to redesign the kitchen to handle larger batch sizes which will give us greater productivity and better unit cost and better quality control as well
its really our intention to have the mexican and us operations provide a primary and (the->a) secondary source for all of our parts and that will provide us ultimate flexibility and scalability to each plant
it has become less expensive and more efficient to print in color and our recent (investment->investments) in new print technology has helped us to penetrate and grow this market
and somewhat diminished what was otherwise a very strong performance during q3 the first of these relates to malaysian airline system or mas which is restructuring to address difficult financial issues
as far as i know and im not an absolute expert in treasury but im pretty involved as far as i know nobody has the breadth of functionality that we have with this new solution including the fully enabled mobile platform
i would say at this point were probably at a new level of mix that wont change much it was really during the last year as we ramped on
(*->again) i think that were trying to be very clear that our expense guidance reflects the investments that we think we need to make in the business
that concerns you and is there anything you feel that investors need to know to understand the momentum that this contract is going to bring you over the next (number of quarters->numbers)
our new us organization allows us to better serve our customers and suppliers by bringing the right expertise and a tailored supply chain to meet their needs
ordering scheme and that gives them pressure on how to deal with the available capacities which they have as there is no volume coming into the market
where we have large flight kitchens that gives us a base volume that we can then use to confidently invest in that kind of scale automation so
(*->and) how you compare the strength of the environment (*->of the) what youre seeing in 17 compared to what you expect for 18 and 19 based on what you will be launching and the expected ramp schedules
turning to financing capital markets conditions got a little choppier during august and september as concerns about a slowing chinese economy and declining energy and commodity prices weighed on debt markets
in the third quarter of 2016 garden city medical is included in the 2016 results that will be discussed on the call unless otherwise noted
the future is still bright for jack henry we have were totally committed to this platform were having great success already and i dont see that changing as a result of this acquisition
we are closely monitoring the pace at which we make our changes and the impact they have on our employees customers and supplier partners were moving quickly
and so then can you quantify of the remaining freighter in your fleet how much more is there a risk to a writedown or is this all that youve taken and theres nothing left to take
up further as a result of the model being introduced not in all markets at the same time but rather sort of (successively->successfully) in different markets and (they->you) start picking up volume
must have been a priority for the department of energy to get it out so early in a trump term can you comment about where you see (this->*)
i suppose it would depend what exactly you might mean by material but were very optimistic with what omni can do its (is->*) a very exciting space
renewable energy sales were down as a result of timing issues however we expect sales for the full year into this market to be similar to last year
we still have a book value of our freighter fleet and you can assume the extreme and say that all of (it is->its) for at risk but i think (we have->weve) done what we believe is prudent and appropriate
but on a full year basis increased by 18 as dominic noted we continue to make investments in our product capabilities and clientfacing teams
another area that has seen recent weakness is our elk basin oil western canadian select prices have recently been impacted by the pressure on us heavy sour prices
and the list is now mostly of freighters all the freighters on the list are the ones weve written down and expect to scrap at the end of their current leases
the forwardlooking statements are based on current expectations and are subject to substantial risks and uncertainties that may cause actual results to differ materially from the forwardlooking statements
in brazil our business performed well despite the sluggish economic conditions due to the high mix of specialty personal care products in our portfolio
aircraft prices continue to rise (for->from) most types as investor demand continues to surge were seeing many (yielddriven->yieldriven) players who are not traditional aircraft investors entering our market
in the first half we forecast operating earnings to grow by high (single digits->singledigit) percent driven by increased volume and favorable pricing
focus on the (reprographics->riple graphics) the plan printing work that we normally get we also focus on other services that goes into a project whether its on the project (site->side) or
despite the slight decline in sales our gross profit dollars were equal to the prior year as a result of improved product mix and margin management initiatives
and mix improvement from focused initiatives to improve our sales force effectiveness along with actions we took to address lowmargin business
before opening it up for your questions i would like to call your attention to the announcement we made yesterday about the promotion of david (jukes->juices) president
and that then we had seen a little bit of fillin from those orders that were held back in the first quarter so we had very strong orders (and->*) particularly in the industrial distribution channel
in the first quarter our volumes declined 3 a portion of that decrease was expected as we executed our margin management and pruning actions
i personally attended this event and came away highly impressed by the talent level energy and commitment displayed by our (emea->maya) sales leadership team
thank you glenda to conclude we believe there are few companies in our sector that can match our combination of profitability growth and visibility
ladies and gentlemen that does conclude todays conference thank you all for joining
and so at this stage right now we feel pretty confident about where we are the other thing you have to keep in mind is that we have by and large always very strategic
due to a number of risks and uncertainties and the company undertakes no obligation to update or revise these statements
but its also important to remember that the aggregate level of demand hasnt dropped its been about steady it just hasnt grown
partially due to the delta volume with the business win we had for delta airlines there
is under threat from some of the other airports going direct in and out of china
would become a significant customer for fiserv so its not a smart thing for you to
please refer to the companys earnings release and reports filed with the securities and exchange commission
while also delivering the most reliable call experience every time
underlying manufacturing efficiencies continued to improve in the quarter as our ebitda margin improved
weve always known it was there weve known that we were doing the right things to get it to come true but
these improvements and others drove meaningful increases in customer satisfaction
we are fortunate that our large oem customers in the ag market are performing well
and we are evaluating the woodford and other formations in this emerging (arkoma stack->arcoma stock) play
funding directly some of the energy efficiency measures actually it slowed down the process
we have a longterm agreement in place today with first data that includes pricing and service level agreements and so on
yes i mean our associates and our managers have done an extremely good job in the first half
thats one piece of the gotomarket the other piece looks more like traditional
this increase in sustainable cash flow enhances our ability to return capital to our shareholders through dividends
and these initiatives are driving results in the fourth quarter
let me illustrate the power of our strategy with the following (examples->example)
demonstrating the important role dividends have played as part of our capital allocation strategy
in contrast our sales are centered on older aircraft where investor demand has been particularly strong
even though the slowdown in massachusetts is not going to hurt as much as some other people that they have all their
it is definitely a differentiated solution so when you think about price its not like were trying to line up
we continue to have an active divestment program with multiple work streams running in parallel
growth was driven by insecticides including the return of (vydate->vitate) volumes
fund organic growth through customer acquisition and technology innovation
we continue to seek new opportunities in the aviation business outside of singapore
is the (recurringrevenue->recurring revenue) type of agreement so you dont see a revenue pop in the quarter you see that come
the impact of the step down in third quarter of this year and (in->the) third quarter of next year
so if the markets go where we think the markets go and with our position in the marketplace
(*->endocote) we are very encouraged by this award and the associated support
when youre growing rapidly it will take cash to be able to grow it
flights handled again (includes->include) hong kong and singapore
which is a modest lowering of the bottom end of the range and a tightening of the entire range
give us some color and context for that statement and what kind of things youre thinking about there
we dont have a whole lot of customers live with that yet because theres still a lot of development work going on in the partnership
has now kind of stabilized versus what it was like again in the past 5 years
will help us to get through these challenging (times->time)
related to higher commodity prices during production and increased royalties
in a while theyll be taking you through our second quarter performance and outlook in the near term
window price and we felt like it was good to highlight weve been talking for a number of years about how
well if you look what is embedded (and->in) what
currency is not expected to impact the first half guidance
improvement in the earnings per share and our strong cash flow position
they dont install anything they dont support anything they never talk to a jack henry (customer->custer) the model was
as strategic opportunities come up so i would note that this is the seasonal low
believing that we were saying something about our capital spending when we (talked->talk) about the higher maintenance expenditure
where we continue to see benefits and continue to be able to raise prices
we did experience a modest decline in total international visitation compared to the prior year
as well as some of the elevated nonrecurring costs associated with the ramping up of the traffic
and now the second quarter is the opposite phenomenon so plate was high first quarter
for the remainder of 2018 we expect to participate only in vertical wells
in the fourth quarter of last year our first phase was back during the big recession
weve been focusing on locking in new leases earlier on to take advantage of the good terms currently available
a lot of variable (costs->cost) associated with the termination portion of it
this season highlighted the importance and success of our increasingly sophisticated marketing efforts
threatening a growing adverse impact in the future at the current growth rate
reflecting improved pricing and the continued benefits of lower contained metal costs
but it may not and it really depends on the circumstance at the time and it might (*->be) different if its 1 year from now
the point that i made earlier about the number of customers that we now have live on the new platform
in advance of this especially with a lot of the traffic that we were (*->doing) during the second quarter
and i think theres been an exaggerated sense of hysteria over that in the market
(was->just) curious if you could provide some color on what (youre->your) kind of thoughts are with respect to capital spending
our growth in season pass revenue was primarily driven by higher sales to our destination guests
it might be helpful to look at companies such as a (*->twilio)
and im looking back into the model and i looked at pricing and volume and they held up pretty well through the last cycle
and a shift of certain sales operations expense into product development
those lines of distinction are (blowing->blurring) for all communication suppliers
in the regions of the world who are calling on larger enterprises who are
so (*->thats) a big part of it is that prep as well as the mix effect
and also if you can give a little more color on your comments about the age limits that youre seeing and
we have also posted a pdf version of the slide presentation for this call
creating sustainable expandable and profitable customer relationships
we are beginning to see results such as the acceleration of the red lake development
some of the northern european cereal crops were a little bit slower (and->*) i think youll
how are you dealing with the current scenario
this means getting to a debt balance that is suitable for our core growth assets
this is important work and will lay the foundation for our future ag company
that is we consider business a single segment
i dont think weve ever mentioned it (on->in) one of these calls but we were (partnering->partnered) with them for years on their (cashedge->cashed) solution
(*->a) prudent move for them to try to do something like what youre suggesting but
it has to be something thats complementary to this core business that we have
weve been looking at (the->a) distribution channel that is increasingly more
before we begin id like to refer you to the first 2 slides of our presentation
were excited to have begun to see the results of these efforts in the first half of the year
in so many different areas of our company whether it was wage changes or bonuses (to->*)
the city gets multiple benefits from this project the new lights
consistent with the projections we have provided during the last (few->2) quarterly calls
and 8 basis (points->point) of average loans for the full year
we can say with certainty is that well only ramp up spending when theres a firm commercial solution
the decline in total orders was largely expected and should recover as the agency channel grows
the retooling of our management team has been the catalyst for many of the improvements that we are beginning to see
also a function of getting the word out probably a function of clients talking with one another about the quality of the work that were doing
we dont have any clients complaining about inability to fund programs
(ahead->head) of a transition to a new distribution facility as part of our ongoing efficiency initiatives
increased volume came from the municipal lending side of that would be on the lower end of a normalized yield
both the pension (supplement->settlement) accounting charge and the bonuses are reflected in those results on
id like to provide you with details on the first quarter segment performance beginning with the rms segment
so in terms of profit that was a big contributor
in synergy manufacturing equipment due to higher volumes as well as campus consolidation and plant network optimization activities
while also leveraging our strong maintenance expertise programs to extend the expected lives of our current fleet
we are encouraged by our growing sale of (ufs->uss) controller to micron in the second quarter
am so bold to say that were well prepared for that and we have a profitability that would enable us
to give you some perspective our previous channel addressed about 13 of the industrial and commercial lighting market
a challenge in terms of the commercial terms but the development is ready to go both from an oil and gas perspective
as it is there are 30 well locations that have been identified to form part of that asset development plan
we achieved a number of important objectives over the last 12 months i would like to highlight 2 in particular
weve been able to improve our results even though we have had
the result of this quarter has been burdened with a provision which in our opinion should
we will begin the call with brief opening remarks from dave garrett and blake and then be ready to take your questions
down the line we would just have to always consider that and i think you would expect that from us as normal course so
for which settlement is not able to be reached or that are in excess of the maximum claim amounts under our master settlement (agreements->agreement)
so performance guarantee for each plant such tests
we talked last on the third quarter conference call you guys had suggested wed see a (bumpup->bump up) in expenses in the fourth quarter and then maybe comes down
so first of all were staying very focused on the primary product lines that we have which is our high bay line its been
we continue to retain a stable market position market share
in the satellite systems division next ill cover several aspects of the first quarter results
we are very excited about the prospects for xiaflex and recognize it to be a very valuable asset
growth accelerated in our research models business in china in the first quarter as we anticipated
we believe that the stock has been impacted by sector cloud that is not relevant to our business
our profit this year was strongly
we restructured our manufacturing network including the divestiture of our charlotte manufacturing facility
last year in the fourth quarter losses included some special factors
first as you can see we (are->were) a bit short on revenue in the first quarter but we grew our backlog significantly
validates our assertion that (were->we are) well ahead of the industry in terms of transitioning to led lighting
in a moment ill discuss this in more detail but want to call it out as a prime reason why orion had a slow start to the year
so in the nonlife side we can say that all of the segments and all of the products
thank you dave and good morning please bear with me for a few moments while i repeat our important preamble
we did have such a period but compared to then now different shape
but we believe and we know that there are multiple other deals to be done that fit the strategy (in->and) our investment criteria (so->*)
media purchasing marketing costs these are areas
we are doing more strategic deals than we have done in recent quarters through our enterprise account sales group
but in the beginning of the call i think one of you mentioned that you thought that the price of the stock was
(there is->theres) no specific set of talks we would be involved in right now
i think everyone is filling up nicely i think theres enough work to go around i think were
observed a higher pacemaker rate and one would expect that this trial having been completed
have added some personnel to help fulfill some of the more recent demand that weve had
this paragraph emphasizes the major uncertainties and risks in the forwardlooking statements we will make this morning
the foreign exchange benefit for the year creates a meaningful headwind to the dsa operating margin
on that (note->*) id like to turn the call over to bill to discuss our financial results during the quarter
so our plan is to propose a dividend policy to our shareholders weve announced that intention this morning
on todays call rob (butler->buttler) vice president of finance will begin by reviewing our fourth quarter results
that this product should be within that band and from our point of view
on the synergy front we expect to exceed the cost reduction and the revenue enhancement targets for this year and the coming years
we intend to transition certain laboratory operations to the new site at a measured pace
and the sales and marketing team are aggressively speaking with customers in terms of putting those vessels back to work
all in all by the end of the first quarter we could be well on (our->the) way to meeting our growth targets for the (year->*)
we believe this is a firm indication that by combining our discovery and safety assessment businesses
are these similar in size to what you recently announced any color on that would be helpful
and so this is something thats really just a trace element has a limited impact on
and then how your overall strategy with the overall charles river business is kind of focusing on china
as we take a step back and look at our total businesses your question was specifically on the branded side
(*->like) any areas or any concerns that we might have had about our ability to achieve
this is a timing issue which doesnt affect the overall profitability of the individual studies
so real estate our property seems to be (a->*) quite promising area
to show among other things how this liquidity is supported by our future production
while we never get in to see what our clients sorry what our competitors are doing and
we believe we are on track to reenter the european market and submit our us pma in the fourth quarter of this year
which included a large heavy equipment fleet located at the fording river coal mine the mobilization of equipment
effectively this means we were able to redirect a large number of small esco partners to distribution
we can say that we had a very strong recordbreaking quarter in which we had
including changes in fair value of contingent consideration
are interested in selling our product into distribution it gives us even a broader reach into these
contributed in the same way as our luxury division did is as i pointed out
and a slight recovery in the second quarter the increase in sales was thanks to the good performance of the industrial
but i think youre getting a bit of a step this year and what were looking at all the time are other ways that we can take (costs->cost) out of the system
when i commit i deliver supported by a very committed new management (*->team)
and i will continue and ill commit to continue to update you on the progress of the plan
our longterm efforts to further raise efficiency and improve our working capital are paying off more and more
in terms of new store productivity its actually been fairly stable over the last 5 years since weve entered the midwest so
overall (modular->module) space leasing has begun to make a nice recovery and (remote->our node) accommodations business appears to be beginning to stabilize as well
particularly as our direct exposure to machine sales has declined in a relative sense with increased software content
will give us a stronger value proposition to those contractors to be able to (*->be able to) communicate better with the owners that theyre serving today
we hold negotiations together with our customers and in many cases these are quarterly negotiations and in others
packaging and there were some really interesting unique engines that they talked about for their dispensing business
we use more and more technology and (weve->we) brought in more efficiency in doing all these processes
further investing in our organization to bring the organization to a next level of competence
but also this (launching->launchy) customer will have its advantage because of the lets say development that were doing on details now in this
by providing a complete and unified technology strategy to these operators trimble can achieve both the special relationship
and will allow for expansion of physician visits and greater health care professional coverage to reach as many patients as possible
the operators and the teams from what theyre doing today these are businesses that are growing (doubledigit->double digit) you heard me refer to the strong
to understand if you reach this level will you pay the debt to your creditors
so (ore->all) volumes are now expected to increase as we (aggressively->progressively) expose more of the (orebody->ore body) in the center of the pit
we recognize that this is only a beginning and that a lot more work remains to be done over the next few quarters
and therefore we had that anticipated in really first half of 17 but that was brought forward a little bit earlier than we anticipated
inventory will probably go up now in the next quarter as we prepare for the big fourth quarter as many of you who follow us know
a transfer to the industry you said that the conversations are
top line and bottom line results came in ahead of plan meeting or significantly exceeding expectations in all reporting segments
how can that integrate with other software assets that you have and how high is that (from->on) priority list in terms of technological implementation
turning now to our consumer business and the evolution of our growth by quarters and for the full year
this included a significant proportion of patients in whom antipsychotics were used to treat mood disorder
more importantly all 3 organizations have identified significant market (upsides->upside) that are available through collaboration
but we have our hands full on that and at the same time we are working on next projects and also
but what has happened is a fairly consistent pace of (dispositions->disposition) with a pretty wide pool of buyers
we are working with our insurer to receive regular business interruption payments as we negotiate finalized claim amounts
in short on a 3year basis our performance fits the growth model we talked about at (our->*) investor day with clear acceleration over the last year
(if->because) this really comes back to the idea of enabling this information transparency between owners general contractors and the trade contractors
our regional operations have been expanded or rightsized to capture a greater share of the improved economic environment (and->*)
focusing on streamlining and harmonizing our assortment both from a supply and from a commercial point (of view->*)
having some pressure on profitability its a little bit more specific to manufacturing systems
i will obviously come back at the end with (a->the) summary but i would like to hand over to (dessi->decie) who will continue presenting you the financial ambitions
we believe this planned sales force expansion can help accelerate td market development and prepare us for the next waves of growth
as well as increases in recurring revenue (and->as) partially offset by decreased sales of access control products
the effectiveness is proven to visibly reduce dark spots in 8 weeks
but as i mentioned earlier that whole development has less and less influence on our business
(*->the) has slightly postponed the tender for the volumes in the second quarter second half of the year
with the existing team (*->and) as i mentioned earlier we brought in thousands of customers in the first year of the launch and we recognize
we have benefited this from this geographic diversity by being able to capture opportunities as they arise wherever they arise
those who have participated in our quarterly calls over the last 18 months have heard me describe the (algeco->algefill) group as a good business with great people
we stepped up our investments in manufacturing capacity particularly in geographies where we have built scale
(*->we) have a tremendous potential to further expand our business in regions and categories where we are underrepresented today
can you talk a little bit more about whats going to be different this time and how you will make sure that you get this bigger better
the plus (underlies->underlines) our commitment that care will make beiersdorf even stronger in the future
accounted for 6 percentage points of the increase modestly higher selling prices contributed the remainder of the increase
at its most basic algeco leases modular buildings and related products and services to customers around the world with a strong focus on europe
these reductions were partially offset by lower rationalization charges and better manufacturing performance late in the year
(our->at) recent stock prices (with->this) new repurchase program represents about 8 of the companys total market share
beginning in the third quarter we anticipate beginning to disclose annualized recurring revenue as an additional important software metric
(list->lists) that we have with our customers and also the investments we made in certain parts of our business
it continued to be a positive contributor right up (*->at) the end of the iron hill deposit mine life
as regards (to->*) the third brand we continuously look at the market as well as opportunities
and the ambition of what the contribution of (innovation->innovations) is going to be is a key element
i see and was there a similar thing in (the->*) third and fourth quarter also when you had (the->*) store closures
we had a very good order book at the start of this year and (*->the) order intake was also at (the->a) very high level in the first half year
as well as to how we will address the tax rate which is still too high to further improve our earnings per share
the new folks to some of their new customers and so on so we have an orderly handoff and transition of some of those customer relationships
and what were doing here is really no different than what ive done in some of my past experiences in former companies
okay and then for transportation (there->*) you folks have been looking for a real acceleration in terms of (backoffice->back office) investment
now one thing also that we have to look at is that were trying to eliminate all those small shipments
a little higher than our 4quarter average i think were looking to try to increase that relationship which will drive
as we continue to build value for our customers we will enhance the fundamental trends in our business that drive the longterm value creation for all shareholders
given the expected time involved we expect proceeds to be received in future periods were going to do the right deal not a quick deal
(and->in) understanding your value proposition so i do think itll have a strong impact its going to take several years to roll out so i dont want to create an expectation that
and we are looking at both possibilities in order to advance what we believe (that->it) will be important
(and->on) how the city should be organized to really better integrate the social dimension the economical dimension and the production dimension of it
or is it just going to be nursing the basic business and maximizing samestore sales growth and profitability of those units
the market continuing to stay in a relatively healthy state which we (expected->expect) it is and as we continue to build momentum on
the groups disciplined hedging program provided significant protection from volatile fuel prices through the half
and as we become more (frontofmind->front of mind) in our customers time of need we want to make sure that we are providing the best possible customer experience
we are confident that our strategy to grow qantas loyalty earnings keeps us on track to reach our 2022 ebit target
with 2016 growth forecast in the high 1s to low 2s with (the->a) heavy majority of this new supply coming from the largest vessel segments
the result of continuing efforts at cost compression and improvements to margins weve taken the opportunity (than->then) to say what does that mean
what specifically there got you excited about this particular property i know that being able to blow some of your own films instead of purchasing on the outside but
if we turn to the outlook for this year broadly were expecting similar market conditions to continue into this year
there is a planned acceleration of development in the second quarter of this year that will affect our allin costs although it will be development into (higher grade->highergrade) areas
the transaction provides us with substantial synergy as we anticipate expanding our contract manufacturing revenues
(or->are) essentially offset by the combined impact of last years flexibles acquisition and peninsula which was now in for the full quarter
will contain statements that are (forward looking->forwardlooking) and subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated
provide any more color on that (could->do) you say anything about the share of the business now being online for example
lower silver sales and lower copper sales if (you->we) look at the page to follow we had average realized gold price in the quarter
ultimately i think in generics time is money we want to get these products out as quickly as possible and we dont want to be
we plan to grow these businesses and recently approved capital to put a new thermoforming line in our plant in (guadalajara->wadara) mexico
but that being said (*->on) whats important is weve also added a lot of executives over the course of the last 12 months
but when you read across the media reports (or->*) whatever coming across the general perception still remains that the internet speed in philippines is not that great
the fourth quarter was dominated by the new tax legislation being signed into law by the president and causing (our->the) company to remeasure its deferred tax asset on the balance sheet
so while we had already planned to invest in our business this year the recent tax reform presents a compelling opportunity
because of the fact that we were not doing business with clarusone we lost our business with clarusone so
but you need to bear in mind that last year recurring was strong in q4 because we had a few catchups
but were improving every day were getting better every day were correcting a lot of mistakes of the past and et cetera et cetera
so to get a better sense of our segment operating performance we will split these items out as legacy cost and report at the corporate level
how data gets to a customer making it smart as opposed to just something written on a piece of paper those types of things are going to make us much more
volume loss or share loss as we have pushed price pretty hard some of that is coming from
at this point we are looking at potentially putting some submersible pumps up in loving county
combined with providing us additional manufacturing capabilities to expand and accelerate the recommercialization effort
okay so you havent really started to see pressure on the legacy deposit book just from higher rates yet
and the impact on operating margin from the (investments->investment) is going to be exactly the one we indicated at the beginning of (the year->*)
this year we will be looking at net asset value increases (two->2) of the notable ones that will distinguish
to increase the total resources and to start to develop a plan for development in 16 and 17 between these 2 years
which was driven by the increase in our cost of funds prepayment income for (the->*) real estate that occurred in the third quarter that did not repeat in the fourth quarter
we (open->opened) an office and are great at recruiting people and fill them up and look for move for larger space relatively quickly and weve done that (and->on) doing that with la
for the first and third quarter we (would->will) arrange this open call for media and financial (markets->market)
we have staggered charter expiries to ensure that we maintain a limited exposure to renewals in any one particular period
the consumption going up and the chance of getting more revenues so its fixing (our->your) kitchen first and then work on (our->the) perception
on an alternative solution for that property in the event that (bunnings->buning) does move on at some stage
move our durations and continue to get a nice ladder of future maturities that will help us on our liquidity as well as
and briefly to explain it again the (gray->grade) triangle is where our longterm incentive plan kicks in and tops out
youll also see in the 2 horizontal red boxes the extension periods that we secured
we exceeded expectations in q1 with significant improvements across all operational metrics just under (30000->300) ounces of production
on the translation of earnings in foreign currencies but again had essentially no yearoveryear impact on earnings for the quarter
that are truly multichannel and we can split and allocate the costs across the group no matter what channel
and as weve noted on march 14 we experienced a significant decline in revenue as a result of delays in engine supply from certain vendors
has been when we bought first federal a number of years ago they were obviously a thrift and so there was a lot of 1 to 4 on the balance sheet
which include but are not limited to statements with respect to the estimation of mineral reserves and resources
overall kind of (*->a) trajectory when we get there but i think thats kind of where we would like to get to that level as you remember
supply chain challenges as much as sort of anybody else has as well (if->as) everybodys been ramping up to the higher levels of activity
the canadian dollar was flat to our assumption for our budgets the (brazil real->brazilian rice) was well below our budget the argentine peso was slightly below
we could get 500 of the small customers but they wont make up the revenue that one big customer could
this performance was largely driven by higher average selling prices higher volumes in canada
and unabsorbed overhead especially in our recently completed dublin manufacturing facility
there are signs our initiatives are taking hold and were very encouraged by our performance
were working on all of those things at a really brisk pace i think the biggest thing that we can do
possibilities to change that will be evaluated when they would arise
were continuing to improve our position for growth based on our leading market position
and then my second question is from the perspective of your shareholders
as you say innovation is a key element for the company since forever
several months for us to figure out (but->*) right now if we (look->looked) at where we are today we have a pretty
for the longerterm trend i think its too early to draw (a->*) strong conclusion as to
and spent several weeks realigning our sales force and transitioning customer accounts
offer my best wishes to rob (rob->*) ive really enjoyed working with you and appreciate all your help over the years
we brought in some wrong product and i would say that the weighting of the categories of the businesses that we had
what were doing right now is making those changes without trying to go in and
in achieving both our growth and profit targets in a sustainable way
i think that the reception that weve seen in the marketplace the momentum and the growth
are you seeing some of those potential enterprise crm customers look at nxt instead
or is it more really based that you think theres a much bigger opportunity for the group
the first of our 5 strategies is what we call integrated and open solutions in the cloud
weve been expanding our presence and drive both (markets->market) and brand penetration
renewable energy and our social commitments some of these highlights you can see on the chart
this measure removes the effect of discontinued products and the (shutting->shedding) of less accretive products throughout the year
new store openings and other matters that are based on the companys current forecast of aspects of its future business
its (more over->moreover) on the side of they have a really solid platform to go to
is a real asset complementing our strong knowledge of (skincare->skin care) in europe
i have a question about some of the data that was presented at (aan and->an)
into internal turnover to use this fiber in our own cable manufacturing
defining precisely the individual contribution and the opportunity
and we are further expanding planning this year bangladesh and myanmar
good morning from my side as well and thank you all for joining us here today
so i guess my question is in the context of you talking about white space and acquisitions
these 3 pillars are also the areas in which external growth opportunities
just to show the progress on the modernization of the entire portfolio and the speed
so its been too high some of the actions weve taken are really
closing and funding in the last few days of the third quarter in our private equity
all in all this year we would be at (a->the) similar level of last year with slightly up as we have increased
bring anything new in terms of price competition to the category because those price points
when we look at our smaller generics customers which is over half of the market unit sales
to ensure that we continue to serve customers and continue to support
but as we expand our portfolio of clinically complex products we want to make sure the europeans are
but its a kind of headache for ourselves to get to that performance
secondly our ambition to outperform each area in which (*->we)
how does that work how does such a small charge generate such a large cost (savings->saving)
(has->theres) been no balance sheet deployment in over 10 years and of course this is the second
i would remind you that we also amended our senior credit agreement in july
theyre becoming unique in the space in k12 where our historic competitors
(*->whats) the risk that some of these initiatives that youve outlined specifically the promotional activity doesnt
(we are->were) dedicated to that process and continue to make significant investments in that regard
and then also coming back to vision and security system despite the fact that you have carved out some business
key indicators are you waiting for that might suggest that pricing pressures are finally lifting
and (well->will) continue to strengthen our infrastructure and risk management
the hit we took in q1 comparatively to the prior year really equated to
with (the->a) demonstrated ability to scale to big project opportunities when they are presented to us
in line with our commitment to allocate capital effectively and in the best interest of our shareholders
the documents to manage the (buildings->building) they can use it that is for the (built->build) space
which would have driven more q4 business had we been in better shape in those businesses
to around half of the expected market growth over the next years
i think one of the big questions on peoples (mind->minds) is how long can we keep this up
the pipeline also this year is very rich to fuel the growth
we need to become fast and simple in order to capture the opportunities
okay and can you tell us (the->what) proportion of scripts (that->*) are coming from medicare
frankly (havent->hadnt) done a great job in managing and driving that
we can call it maybe a niche position in a specific market
so i think the person that has done the most
our margins and working capital productivity improved in the first quarter
(were->we are) making progress with our initiatives to optimize our asset footprint
because we see that we are in the even in the second half year limited with our output
the use of color in architectural and engineering drawings continues to grow
that there is a good base in order to be able to further accelerate
turning now to some of the developments we see unfolding in the fiber industry
please note that nongaap financial measures should not be considered in isolation from
but it basically means that if the (clients->client) decides to
for quite some time as i mentioned earlier but what we see as well right now is that
we will post the most relevant questions and answers in the for investors section of our website
opportunities or challenges does this present to west
is it something thats going to take time to develop relationships with these new accounts
necessary so that east west bank would always be
it might only lead to worsening the challenges and miss the opportunities
the value of those customers (*->and) we want to make sure that were reaching them with the right frequency
would you guys assume if you had a similar amount of loan growth or (a->*) similar pace of loan growth
as much as the urgency on the part to act on
we find it harder and harder to identify banks out there
okay great and then last one obviously saw some nice sequential growth in the
average instore inventories were down slightly versus last year
regarding payer coverage we are very pleased with the access we have seen thus far
and we continue to execute on our capital deployment strategy to maintain a strong balance sheet
weve ignited positive momentum now and intend to capitalize on that
today we announced our first recorded royalties from commercial sales of yescarta we are entitled to a percentage of global yescarta net sales as well as a portion of certain product milestones
and this is on initial pricing by the engine manufacturers and by the cooling plants and a number of other items that one would consider in this conversion
who are interested in wanting to take a look at (suyai->suy) possibly for an acquisition of suyai interestingly at least for me more interestingly that level of interest is coming from argentines and from
and after the analysis of the data collected from those 4 wells well be further delineating our development program but you can expect it to be a little widespread initially before we go into (fullphase->full phase) development
and the expansion of existing (cochair->cold shared) agreements were announced in the half and we think they add considerable consumer (benefit->benefits) aid with competition and help improve the economics of our international operation
our performance in tractor utilization lags the progress we have achieved in other key metrics and thus remains a significant focus we know that to truly compete we must close the gap between ourselves and the industry on this measure
from a rate per loaded mile basis we were out of bed a year ago and if you look at us and ill let you do your own homework but by our math we think were second only to one company in terms of rate per loaded mile right now coming out of (the->*) quarter
bringing it up a little bit in uk as well so we dont really have so much difference in that its just when we have a strong utilization their margins are very very good its really what we have to be careful of is making sure we can forecast going forward and watch (our->their) utilization
this is no accident it is a result of bringing together a great team unified (in->and) purpose aligned on our goals and a fantastic group of professionals on the road and in our back offices for making this potential a reality
primarily the result of the adoption of the new accounting standard which requires the excess tax benefit associated with vested or exercised stock awards to be included in the determination of the effective tax rate each reporting period
serving not only safran but also some of their suppliers our german business has benefited from strong turnaround activity and our uk business has rebounded and is showing significant improvement compared with prior year
so clearly interim analysis ongoing when i talk to your corporate communications person i was told that an independent monitoring board would inform you that
we also have a plan to pursue a multiapp strategy focusing in particular on some of our traditional (stepper->step) titles that we expect will generate a great deal of player interest and
you can see the particular capacity and fuel guidance on (this->the) slide so ill just make a few comments about what were seeing in the market at the moment looking ahead were seeing strong forward bookings
as social security expenses are rising around the world the pressure on the pharmaceutical industry as you know to reduce drug (costs->cost)
is there are a lot of guys that kind of and its amazing to us that (that->*) are involved in the industry but there are a lot of guys that genuinely thought this wasnt going to come to pass right up until kind of triple witching hour and so
my greatest concern is which usa truck will show up in the middle innings of this mighty change we are proud of our results for sure but it is our job as a team to make sure that these greatly improved results become the new standard of our business
and their model was more outsourced ours is more managed inhouse and so i think we can have been able to have some well have some impact there but theyve got very deep ties in that community and with that (relationships->relationship) so i think
we want to make an observation because several commentators have said that the net earnings is in part the result of tax recoveries but i want to comment that when we look at adjusted earnings we are consistent with prior practice where we adjust
(of->*) well the only thing thats different for the second half is we have 2 quarters of missing that large contract versus the one that we had in (the->*) first quarter or in the first half because in the first half we had a full first quarter of the contract and only missed it in the second
that are not really commercially viable anymore so i think were starting to see some customers turn off their older reactors and just not use them and
fair share of headquarter (cost->costs) et cetera et cetera or is it excluding these because the problem we have as investors is a lot of online businesses tells us theyre profitable but if you thats stripping out a lot of costs which sort of defeats the purpose of
we had currencies that were stronger in the quarter than what was forecast when we provided our guidance and that is the underpinning of our budget the conclusion of all of which is that the costs were in line with expectations
obviously seeing some negative calendar impacts in march (so->*) i just wanted you to confirm are you expecting a negative calendar effect for the quarter as a whole (and->i mean) obviously it looks like its going to be positive for april maybe a little bit down in may
we are ready to face any competition which is why the (investments->investment) that we have done in the (fixed->fix) earlier on as well as its not only in the network but also investment in platforms and
during todays call well be making some forwardlooking statements within the meaning of the federal securities laws forwardlooking statements are not guarantees and our actual results may differ materially from those expressed or implied in the forwardlooking statements
(*->you) have to be (very->*) as always have to be very cautious and look at each product by product and market by market and for us as you know we are very long term and for us its always about having the best customer offering in each market
ive said consistently that nothing is for sale and everything is for sale (that->but) it depends on circumstances it depends on price on offer by comparison to value in company and also market perceptions of value and it depends on use of proceeds
we believe second half results will be strong despite the aforementioned loss of a large customer contract and that we will grow (profits->profit) above prior year levels driven by cost reductions and (an->*) improved sales mix
which is not any increase in capex but we found an opportunity (*->where) we (were->*) approached with an opportunity where we could bring forward some existing capex payments attract favorable commercial terms
which is how midsize (mid to highendsize->midto high end) clients are adopting the platform is more (of->*) the solution approach to package solutions in a way that can be easily deployed
enhancing our competitive edge is a key element of our longterm strategy and we remain focused on execution were further strengthening our core by maintaining a solid pipeline of new products and applications
so its very significant and while it increases the value of the asset it also has made it far more interesting on the part of third parties to take a look at it to see what they and we can do with it our interest in agua rica is its development
we achieved a record level of quarterly revenue in our services segment despite the impact of a large contract discontinuing using our services at the beginning in april 2018 as we previously disclosed
average hours consumed on (a->the) type of project and improve the safety and quality (and->in) all the metrics that we do get the reports done the other product developments we talked about were specific to the pipeline segments
but i think you cant carry the kind of leverage that these companies have been carrying i think that is the one thing that i would say has been the reason that we put ourselves in that place and you get into a vicious cycle because
youve spoken in the past about quantitative and qualitative factors that are going to be considered by the board i was wondering if you (can->could) maybe elaborate on some of those qualitative factors and the influence that those factors will have in the review process
the biggest contributor to our license revenue growth was addon business existing customers recognize the exceptional value we provide in protecting their it infrastructure and are expanding with additional licenses and new products
and its nice when your efforts coincide with an increase in oil prices so that was very positive and our technical and operations groups are very keen that we can meet our flat production through fy 20 well on our way
but money is difficult to move and these days investors are careful enough that even if they know the portfolio manager they dont always subscribe at the first meeting it takes a while to move money
in terms of our sponsor landmark dividend it continues to make significant improvements in its backoffice resource allocation and process enhancements all of which have contributed to higher acquisition activity
and so on parallel tracks weve also continued to enhance our prospect site coupled with further refining how we speak to and connect with our audience through all channels to communicate in a more human and refreshing way
and so but i dont think thats a product of private equity or public i think that is a product of the fact that we (*->have) had weve been overlevered and that has created an environment where
(*->a) bit of extra capital our success rate is actually higher than we thought so were spending more money hooking up wells but those are easy decisions to make and then we have some production optimization (of->the) facilities projects that we needed a bit of extra capital for
based on emerging science and on expert investigator feedback and with the aim of having the most comprehensive and controlled trial ever attempted (in c3g we->at c3 and)
to deliver longterm profitable growth and create value for all of our unitholders and with that ill hand the call over to george for a more detailed financial review of the quarter george
a point where theres a capitulation and thats usually a good sign that were going to go into a phase where there is disciplined investment in the market because people (have seen->are seeing) what happens when youre undisciplined
(*->future) performance and financial condition of first western financial that involve risks and uncertainties various factors could cause actual results to be materially different from any future results expressed or implied by such forwardlooking statements
the driver difficulties and that we needed an increase and so on the back half of the year i think part of this rate improvement that youve seen was also from us just being tendered loads at the agreedupon rate but just
we had a higher level of revenue during the first quarter but also higher noninterest expense primarily associated with (the->*) expenses related to the noted increases in variable compensation (costs->cost)
because i think (we->weve) got (*->a) ways to go before we can really get out of this and for those companies to be able to pick back up and start back youll notice our energy reserve portfolio went up
looking ahead we expect to see modest increases in operating expense as we continue to make investments in business development efforts that we expect to positively impact our revenue generation going forward
forwardlooking statements in this presentation are subject to a number of risks and uncertainties actual results performance prospects or opportunities could differ materially from those expressed or implied by the forwardlooking statements
and intensity of (medical care->medicare) required and the procedures needed for these patients during those 17 days in the intensive care unit and the 25 days that are required in the hospital
additional value what we like there the most is the relationship that we form with the large corporate and the opportunity to get (onto->on to) the campus and speak to employees about how we can help them with their financial needs
and so a lot of times when stock plan participants had vested equity at the old stock plan provider thats in their brokerage account at that stock plan provider and those were held on to (buy->by) that broker
in summary we are very pleased with the fourth quarter operating and financial results as our assets continue to perform producing consistent predictable and growing cash flows
(*->i) mean we have a lot of capital and we have options with that capital and we have a very strong dividend rate and the question gets debated all the time
our financial flexibility is further enhanced by the timing in which the partnership may exercise its book value call option to increase its economic interest in the eastern access series of expansion projects
together with the strong supply growth and pipeline takeaway constraints from western canada gives us confidence that we will be able to see high utilization of the partnerships liquids pipeline systems please turn to slide 6 (now->as)
we posted another quarter (*->of) strong yearoveryear growth driven primarily by the multiple acquisitions we completed within the last 12 months and the organic growth from the assets in the portfolio
we would like to begin what we expect to be a series of discussions during our earnings calls on topical matters (relevant to->relevance of) vistra and the overall power industry
we knew that in the complement system absolute precision should be the highest goal and that through absolute precision we could develop much more targeted medicines for better health
products that seem to be a little bit more targeted to mainstream versus your legacy portfolio thats more of a niche activity tracker for marathon trainers and things like that
our investment in innovation has resulted in increased market share and industrywide recognition garmin was recently honored as (*->a) manufacturer of the year by the national marine electronics association
(*->and) our outlook for the rest of the year well cover some specifics on our 2 platforms followed by selected highlights from our financial statements our liquidity and our cash flow afterwards well open up the call for your questions
we see it in a greater number of customers entering our active (tradings here->trading tier) an increase in new customers trading options and ultimately in our strong growth in darts and our outsized improvement in derivatives trades
i will outline for you how this is lining up for a beautiful (choreography->chrio) of releasing 3 key sets of top line data in quick succession starting in the coming year
there are some areas where we will work closely together to support our operations and we are confident we will continue to realize additional synergies over time
thus explaining the rapid and durable benefit of reducing proteinuria that we have seen in both animal models and in humans
as you can see again on our last slide slide 10 our relentless pursuit of advancing clinical development has led us to the threshold of an exciting future
thanks hal moving to slide 6 our operations team continues to demonstrate operational excellence as our drilling efficiencies improve our returns on capital deployed
meanwhile we are working diligently to put in place a referral program which will truly round out our offering extending our capabilities to the high (networth->net worth) customers who typically have more complex financial needs
this decrease in the seasonal loss was largely due to colder weather across our service territory which resulted in 19 higher natural gas retail volumes across all service territories
so weve had i think a cordial discussion on the fact that a 5year average is probably not a great way to look at this (that->but) if you looked at it in the context of the first 3 years when we had a c code
until recently how much that was going to how much spend that was going to be before the end of the year (then->and) secondly it really reflects our cautious guidance (in the->into) q3 so i mean as weve done in the past weve been pretty good stewards of capital (when->and) we see business
relative to the last year that there was a payment you would see that you would come to a very different conclusion that if you took a 5year moving (averages->average) which is the way that cms approached it so i think whether theyre going (to->*)
selling up the chain so when we bought comex theres been some additional technology brought in so theres a lot more premium products being sold so the coverage of the premium products is better than (*->the)
one macro event worth noting of course is the recent presidential election in the past several weeks (there has->theres) been some conversation about how the change in the administration could potentially impact the wireless sector and our business
okay and then just last i guess you talked about the minimum wage increases and offsetting it through sunrise and other initiatives but how would you characterize the reaction in the competitive environment
we have a very talented and experienced management team and an exceptionally dedicated global workforce following good governance practices our board is conducting a review of both internal and external successor candidates
the third and largest cost of goods sold will take the longest to (recognized->recognize) to be recognized and will mostly be realized by year 3 our current structure systems and processes are fragmented and cause confusion between us and our (supply of->supplier) partners
for the roughly 1 million relationships coming on board tca has been part of the family for about 3 months now and the transition has been exceptionally smooth our new business momentum continues just as we put the strength of our brand behind it
these assets have performed extremely well during the year with our overall occupancy rate remaining consistently high at 97 and the portfolio has continued to grow through contractual lease escalators and modifications
as were able to expand our services with these clients we typically make the overall relationships more profitable which helps to offset the higher (rate->rates) we must pay on their initial deposits and this brings up an important point about our business model
and lastly i actually think what were doing in congers in terms of breaking down some of our business actually makes entry into other areas of the world much more economically feasible rather than building a whole new production facility
we also have some flexibility to move trust cash off our balance sheet so as we continue to focus on growing our noninterestbearing deposit base we should be able to better manage the impact of trust deposits on our funding cost going forward
we know that there is a market for a new entrant who wants to come in and try it out and see what its all about but when you pick up the phone and you dont get to talk to a human being on the other side thats a pretty powerful telltale sign of things just arent working right
we entered 2019 with a very strong platform in place from a business development standpoint and were seeing strong experienced leadership in place in each of our profit centers now a full marketing team in place for the first time in a year
because we must respect the boards responsibilities and the detailed nature of this process we will not be commenting on potential successors or the timing related to any forthcoming announcements on this matter
for those of you who may be new to our story atlas is our proprietary antigen identification platform that we believe enables us to know rather than predict the right neoantigens for each patient
was that (a->*) property that you were interested in and you didnt want to pay as much as they paid or was that just not a property that interested you at all
looking at each market on a constant currency basis sales to the food market increased 6 on increased sales to the dairy creamer sour cream and infant formula categories
were also seeing opportunities for growth within the outdoor advertising segment both domestically and internationally as digital conversion for existing and new sites drives better economics for the tenants
no no decisions its tough because in some of those strategies we see potential and one always thinks that youre just around a turning point where they can become more economic
and very importantly we (continued->continue) to reap the benefits of our optionshouse acquisition now nearly 2 years post deal (closed->close) driving improved metrics and (expending->expanding) the platform and offerings to our most active trading client base
now turning (onto->on to) our financial expectations based on timing expectations and projected costs of our clinical development (plan->plans) we expect that our current cash cash equivalents and marketable securities
while the power outage environment is obviously beyond our control when market conditions inevitably improve we believe we are well positioned to fully leverage the innovative sales and marketing programs for home standby generators which were largely only implemented within the last 3 years
the way that i look at this and the way that our whole company looks at this we were the original right the original place to invest online our brand absolutely extends and is welcomed by that customer set
this does conclude the program and you may all disconnect everyone have a great (day->*)
this sales guidance is driven by a number of factors including the assumption that power outage severity does not improve during 2016 we expect to at least partially offset this impact through our execution on a number of strategic initiatives to increase the awareness and demand
in summarizing our consolidated (*->net) sales growth assumptions for 2016 we expect total core organic growth on a constant currency basis to be down between 5 to 7 compared to the prior year with only a minimal negative impact from foreign currency
we were happy to see a good level of project discussions and new product introductions in the quarter including many global fragrance launches such as lacoste michael kors and hugo (boss->bos)
our overall financial performance for the fourth quarter exceeded our most recent guidance expectations with net sales and margins continuing the strong seasonal performance experienced during the second half of 2015 despite the persistent very low power outage environment in the quarter
these impacts were partially offset by approved rate recovery the interim rate trueup affected second quarter only and the approved rate recovery will generate incremental revenue on a goforward basis
our ability to deliver strong and predictable earnings and cash flow in the current environment is a reflection of the resilience of our lowrisk business model our business model performs well and in a predictable fashion in high or low commodity price markets
but were more interested right now in margin and basket size than simplistically pursuing tonnage and inflating samestore sales we need to earn comps through execution and our strategic initiatives
i have to say our teams on the vessel and onshore support have overcome with dedication and persistence
(are->areas or) big parts of the cost (*->of) cars so what are you seeing there how do you protect margins in that and then throw in the
the underlying thesis of a sustainable recovery in the shipping market from the third quarter (of->*) this year however remains intact
so what we did was extract the portions of those strategies that made sense embedded them in the customer book
another impact of the cures act is not in the traditional home infusion marketplace
in terms of the overall capital position we provided a snapshot in the prepared materials which joe will review
im just curious how does (the->*) greenhills mandate differ from that of your prior (advisor->adviser)
to really take advantage of our very powerful retail model going forward
from (the->an) operations and trading perspective the legacy (get go->getgo) and (night->knight) systems were essentially unaware of each other
adjusted income from continuing operations (exclude->excludes) several items from gaap income from continuing operations
right away in the pulp agglomeration it has about an 8hour retention time and we get those kind of extraction rates
another requirement for the submission is to have safety and efficacy data
if the market does not give you the appropriate value
yes its a great question i (*->mean i) think the thing thats most striking about the results which i was very excited about was
when you have a firm that has its fixed cost base under control and i think (we->weve)
our results for q3 are in the press release and as you can see this quarter in particular was a bit messy
we believe (that->the) capabilityled deals and carveouts are likely the most interesting acquisition opportunities for mercury
we will also be building a sales function that has focused roles including sales (operation->operations) and inside sales functions
we sought to make decisions that would balance our existing revenue while also planning for the future state of our operating model
though early we remain encouraged by both our and other operators results in the northwest stack
our credit results continue to demonstrate better operating performance and favorable credit trends
part of the market thats not contracted we still havent collected on our july
substantially better part of the cost reduction opportunities that we were planning have been realized
and whilst (a->the) financing solution may take some more time including potentially introducing new equity partners
so thank you very much for joining us this afternoon and on behalf of the entire management team
we can also continue our other operations and research and development programs at a reduced spending level
were very bullish about building a true business development function in the company
innovative companies are making strategic decisions to outsource a defined portion of their talent needs
marking over 15 consecutive years of positive daily average comparable store sales growth
important products for the patients and promote the high standard (products->product)
(is->*) business development part of the strategy potentially to bring in new technologies but
our direct (paid->pay) business had another solid year by focusing on the recurring business opportunities
as we mentioned earlier we will progress this initiative in stages and report on results accordingly
thats a pretty remarkable statement and thats a brand promise that we want to make in all of our clients
where theyre looking most importantly for (post trade->posttrade) transparency where did you send (*->it) my order and why did you send it there
we also note an increased interest in examining the market data and technological cost among industry participants
plans great and then can you just give some color with regards to the change in the incentive comp
maybe if you could just talk about where we should be looking for potential reserve resource increases at the end of the year
over the past few years weve leveraged our relationships with the primes as well as our sales strategies
but enough to sort of demonstrate some of the things that were doing that are out of the box compared to the
our investments this year and those of the air force will cover
as we look at the fourth quarter numbers we can see the impact of several different events
good morning my name is leandra and i will be your conference operator today
we will continue to be disciplined around not spending if the appropriate returns are not available
now due to that risk spectrum brands encourages you to review the risk factors and cautionary statements
just to make sure it was performing well before we started putting it in a real deep stack
the decline in printbased revenue was only partially offset by growth in our content management services
this is where the true advantage of (allogeneic cart->allogenic car t) cell manufacturing process kicks in
highlighting our ability to prudently manage credit risk as we open new stores
and maybe you saw (it->*) while you were there we did see some areas of dilution that crept in on us
another very important key aspect is (yields->yield)
or do you envision them having a positive effect on your end markets going forward either the consolidation of the industries
okay well thank you all very much for listening we look forward to speaking to you again next quarter
(is going tanja->tiny) will start with an extensive review of our talent function as geographically deployed
which was primarily driven by a noncash nondebt interest item related to purchase accounting
we came to know the sdl management team quite well and are very pleased with how the transaction concluded
she got contacted by her clinic and (now->that) shes going back to this letter that was proof that we need a contract
before i do that i want to summarize what we have accomplished in the 3 months since this transaction has been closed
good morning my name is natalia and i will be your conference operator today
how much effort were putting on this and how much acceleration our intention is
the actual numbers are misleading as a result of easter falling in the first 5 weeks last year but not this year
should we be successful in these attempts we hope to (file->follow) the same regulatory strategy
and we hope to achieve final acceptance with our customer in the coming days
the increase in international revenues resulted from an increase in export projects
the reduced drug reimbursement of the cures act has made it less profitable
and uncertainties actual results could differ materially from those described in the forwardlooking statements
and while our (fullyear->full year) guidance implies an acceleration to that trend as we have stated previously
keep the project going and we are also in discussions with other potential partners
in (doing->viewing) our tax rate it is worth noting that our equity income is shown net of tax in the financials
and fourth the evolution of our incentive compensation plans to prioritize growth as fundamental
this model ensures that our project execution solves our clients problems with practical insights
before introducing kate i would like to remind you that we may make forwardlooking statements during this call
in september we initiated a marketing campaign focused on our expanded private brand (offerings->offering)
could put some downward pressure in that market is you do pull replacements forward
i want to begin by noting that our 20th anniversary as a company happens this month
(well->you will) see how it plays out but before the end of the year we anticipate that coming back in line with (kind->*)
the pride has been restored with the mikes franchisees thanks to (marieline->marin) and her team
at the same time we raised the bar on our already industryleading quality metrics
not you but the industry too heavy in one end market and therefore too susceptible to any kind of
is (the->a) person thats running that restaurant and i think they see that
okay in terms of like percent of your cost base do you have an idea of like how much is (euro->zero) how much is yen
each revenue type continues to grow double (digits->digit) reflecting strength across the entire business
key to franchisee profitability is actually putting more guests through our restaurants
(it->*) and were always looking for ways to increase the mostly the return on capital we put into the business
just given actually let me ask this guidance one first matt did you go over how much of the
the technology now (enable->enables) solutions that were not necessarily possible 5 years ago it is attracting
while were talking about geographies let me add a little color to steves comments on trade and tariffs related to china
create new ill call (it->*) new new solutions based on integrating the data that we have available from whats in the portfolio
we could see a slightly higher (well->but) actually much higher inflation in
consumer (sliding->driving) profitability upwards which then is reflected also on (the->a group level)
and weve got the distribution and we have the right advertising we should be able to do that with
you have told us that there will be an increase
and so were going to be in (a->*) really good shape (our->*) but i would say that our development plans
we issued our fourth quarter results this morning excluding the effects of special items from both periods
although these activities have been incremental and generally fall below the materiality radar screen
scott will provide you with more detail of the performance later on in the call
also impacting net income was higher depreciation and amortization of expense
now extending to nearly all parts of the restaurant franchisor business
good morning and welcome to the star group fourth quarter earnings conference call
ill now make a few comments on guidance before turning the call back to the operator for questions
our robust international supply chain will enable us to flex and (mitigate the effects->mitigates)
so its a good time for us and we expect things to ramp up at an accelerated pace
this is a market stanley is very familiar with and i cannot think of a better person qualified
we are currently evaluating our refinancing options and expect to provide updates on future calls
isnt really going to have a dramatic effect i think the bigger question is what have we seen since then
and our target for working capital remains to be single digit within the next 18 months
characterize us as being in the early innings of really getting after the
and i think the capital (growth->*) program is increasingly becoming the engine room and driver of growth that it should be
all at once its easier for them theyre running a big job they want us to take it all at once
when combined with operating expense management this enabled us to expand our operating margins
our app continues to have new features to make it easier for customers
i will just say that not all the corporate stores are run profitably
the plans to improve this and more aggressively expand sales points
(high quality h->highquality age) qualified mh assets continue to command best financing terms
and expect to maintain (*->it) at that relative level to feed revenue growth and operating leverage
all growth rates and revenue and expense projections represent midpoints in our guidance range
we are raising our full year 2017 crude oil production guidance
from our perspective these items (hide->tied) the fact that the underlying performance of the group has been solid
as you may recall we had been working hard to improve utilization of our assets
as to what are the various vectors on which we can improve quality (you referred->we refer) to some of them
our operational efficiencies (continue->continued) to improve during the second quarter alone
at the same time we (continued->continue) to reinvest in our business for future growth
due to the difficult economic (and->*) political situation in many markets in the world
so in summary were very pleased with the progress that were making on our efficiency initiative
these loans can be repaid without penalty a few months in advance of maturity later in the year
this is especially impressive since mikes renovated 7 restaurants during the quarter
and we have made investments to position the company for future success
priority one from more specifics at the integration level think about it at a
before i finish i wanted to share with you an important update
i will also point out that for the yearoveryear comparisons that we will provide
during the current period as compared to the same period a year ago
you have to look at everything that is going on around your business
and converted a total of 11 restaurants to the grand (saladier->saladjay) program
we need to be successful outside the province thats not new ive been saying that for
page 15 of our supplemental package shows aggregate revenues generated by our (thousand->100) trails properties
id say that ratio is probably pretty close for the wells that weve turned online so far this year
and for certain elements of membership in one of the schemes
that these numbers we should be able to increase in the coming years
because then we dont have to pay for it until were absolutely ready to use those materials
give any more detail on that and (*->is it) just (the->be) expected that (it->this) should be
so the footfall and the anchor tenant also backed out at the last minute so very local reasons like this
the brand today with franchisees excited about their future
having more scale is becoming increasingly more important
so before opening up the call to questions a few final comments from me
turning to slide 8 this is a snapshot of our innovation and technology pipeline
kind of superior on the service and quality delivery to our customers and try to
that and then maybe what are the steps you plan to maybe turn around that
matt will talk about those in greater detail later on the call
our internal measures of success are therefore focused on progress and market penetration
something that (were->we are) assessing right now it is still too early
we have also spent a great deal of time assessing structural aspects of our organization
do those syndications and (the->those) securitizations and are involved in that market they will tell you that
comment on your revenue growth
our plans that we have built for this year that weve rolled out and that we shared with you on the last call
trustee to start using cpi to index pensions for those people
contingency into our expectations to make sure that were not overpromising anything so
and enabled us to regard the map as part of a unique and differentiated solution
or the guidance in variable rate technologies today that would be a real opportunity
with that ill hand the call over to matt for some comments on our balance sheet and guidance
we do anticipate some quarterly fluctuations in our growth rates during the year
thank you all very much for joining us we look forward to updating you on our next earnings call
especially once we get to the point of releasing the acreage and showing everybody where it is but
so thats a key component i think for your modeling
important factors that could cause actual results to differ materially from the companys expectations
these strong financial results were driven by areas of recordsetting growth across our entire business
i also want to understand if you guys with regard to your discussions with frac service providers
while the oklahoma and (nonoklahoma->nonokhama) footprint both experienced meaningful growth in the period
and just overall equipment revenues as well came in a little bit lower so i think some of those adjustments
we anticipate regional demand for composite solutions will continue which is why were building a fiberglass plant in saudi arabia
and when you just look at the overall math of the company i think weve got very good line of sight to being able to
during the third quarter we continued to actively manage our portfolio taking advantage of opportunities to sell properties
this (request->reclass) does not impact either the cash available to the company for use or our leverage levels
and so if customers are going to push for shorter billing terms theyre going to end up paying for it with less discount
on the ground do i need to bring in a product specialist do i need to bring in a vertical specialist do i need to bring in the inspire team
that weve been very proficient (in->at) using in peru and it takes some time to really understand how to use this equipment
we certainly set targets for each of our sectors to improve retention rates
via expansion into other industries that also utilize the same class of employees
we define free cash flow as cash from operations less capital expenditures and excluding special items
but were still in the early innings of enterprise transformation and a lot of opportunity remains
regularly is around the sustainability of your positioning within that market
we continue to be encouraged by the progress were making to execute against this clear and (focused->focus) strategy
right and does that represent a certain share of what you see out there or is that just a
important to remember that our first quarter is historically a seasonally low quarter for absorption
our billing system conversion in the northeast division is also well underway with expected completion later this year
while maintaining the conservative character of our investment program to the fullest extent possible
(new->*) novos control system across all these rigs we have a fantastic capability in terms of (being->bringing) machine automation
and theres absolutely no incentive by the way for our reps today to bring in multiple years in advance from a customer
how should we think about what are the things that you would be applying very uniquely based on your ebay and
i want to make sure that i heard correctly youre talking about some of the new product introductions that you have out there
as there appears to be an insatiable demand for additional motors and tools as scarcity builds despite a plateauing rig count
will most likely struggle to achieve anything greater than these market conditions will allow
we will grow the asset base and our percentage increase in investment income has been good
the second quarter also saw the deployment of hosted voice service across nearly 40 of our markets
and several large new projects either in the planning stage or having recently been announced
we are attempting to navigate this (minefield->mine field) with our usual caution and conservatism
in the expectation of a normal quarter so we dont get a lot of warning that its going to be a rainy month
but again i think we continue to make progress having said that the technology that were deploying across
(potential->retention) rates are strong youve lapped a lot of headwinds yet youre firing at the lower end of the framework so
and are included as an exhibit to our current report on form 8k furnished with the sec earlier today
portion of business transformation but the kind of transformation that were involved in our platform is one piece
now before i hand the call back over to kevin i want to take a moment to recognize him
and (*->the) withdrawal of a few meaningful competitors all point to premium growth in this area
being the largest in both of our markets that weve got the ability
excluding the incremental inventory associated with our agram acquisition in germany
we appreciate you joining us for todays call and we look forward to speaking to you again next quarter
we have to continue to refresh the premiums are called that for a reason and they get a premium price
through october and the first week of november we have continued to see increased occupancy levels from ice
one particular pipe service has grown through the past several decades to become a tremendous nov franchise
more than offsetting continued challenges in (*->the) offshore market and other international land markets that remain stagnant
(yes ole->ul) i know you know a lot of drilling contractors and you know theyre very good at tapping the brakes
today we announced an additional effort to achieve further cash interest savings on our term loan
we are confident in our ability to satisfy to fully satisfy these notes at maturity
we are now experiencing some revenue generation synergies from the combination of these 2 businesses
this decrease was partially offset by an increase in international equipment revenue
and some selective rate increases in both workers compensation and commercial auto
because customers are asking that but weve been hearing that same thing for the last 5 years quite frankly
the new contract has an initial term of 2 years and is renewable for additional periods by mutual agreement
or (*->a) 67 improvement in adjusted pretax results on a consolidated basis
throughout the workers compensation insurance experience from quoting through (claim sampling->claims handling)
the first is that our customers absolutely love our products and they love our platform
thank you kevin we are sincerely grateful for all that youve done since joining the cable one family
okay can you expand a little bit on what programs or products are driving that strength
this is providing us with a strong foundation from which we can generate consistent growth
this award is a direct result of the hard work dedication and commitment of our associates
despite being based in houston with nearly 100 facilities on the gulf coast area that was affected by the storm
and certainly as we looked at what we saw happen during the early part of 2018 that has continued
there was no material impact from mergers and acquisition activity on any of our financial results in the quarter
so i wouldnt say its fully back to normal yet but i think were probably through the toughest pieces of it
slide 12 provides an overview of our cash flows from operating activities
across the entire gaming ecosystem is an extremely high priority on our product road map
and we are even starting to add a fourth shift in certain facilities until were able to catch up with the recent pickup in demand
despite the lower sales volumes we were able to generate operating expense leverage in the quarter
i will review a few highlights (*->and) then (ill->*) hand it over to kevin for a full recap of our financial performance
the next area of focus is to write (selective->selected) classes of workers compensation insurance
right now today fairly easily so we kind of capture the ones that give us the best opportunity
as expected in the quarter and within the framework in the quarter again (ex->x) the
as opposed to just offering (the->*) scholarships which would seem more in keeping with kind of a philosophy of
i heard a lot from customers asking us to play a more proactive role (in->and) ensuring that local
few have announced plans to shift into more profitable applications or to exit led production altogether
i think its just probably because of the length of distribution channels that you see in china so once youve got it there theres still a fair amount of product that you have to put
chip manufacturers are still struggling to maintain or (regain->gain) profitability amid mounting competitive and cost challenges
for a discussion of factors that may cause actual results to differ refer to item 1a risk factors in our most recent form 10k
second quarter activity at our construction materials business got off to a slower start due to weather impacts across many of the areas where we operate
the first involves our new realtime radiography crawlers which we will use to inspect wells that join sections of newly constructed pipeline
a key supplier in asia we started to win some new accounts new osat accounts that we had not been in
we continue to successfully integrate the recently acquired mega airless company and were happy with the performance of the business
and we are working with them in order to achieve that so you start to see people thinking about how can i use a (j code->jcode) to improve patient care
whos already established in that market but thats whats caused us to keep investing and i think
customers are investing to develop capabilities and build capacity necessary to address the demand
and i just a point that jason made that id like to just make sure everybodys thinking about is as the logistics business becomes more and more
the issue is related to the regulatory process (than->and) the ability of the folks who are making parenteral products to be able to make them (*->at)
its not a negative strategy but i think you get it right (*->and) so thats a lot of it is (giving->given) these folks some time out there to
sales growth had it not been for decreased custom tooling sales and the negative effects of passing through lower resin cost to our customers
please see our earnings release or our sec filings for a list of words or expressions that identify such statements and the associated risk factors
and i can tell you chip one of the things that weve been looking at is the need to potentially expand in asia today we are in one
can you talk a bit about whether that is changing the tone and if thats going to lead to orders among airlines where
our focus on cash generation continues in the first quarter our cash flow from operations was a net use of cash
and is the idea to increase that over time depending on how it performs or (is->*) anything set in stone on that side
a vague cost point there in terms of just on a dollar basis and then when you say youre looking at the spreads for the applicable fuels
almost all the projects in this outer circle are located in british columbia and a number of them have been slowed by the spring flooding and the forest fires
we (continued->continue) to deliver value to our customers through innovative dispensing and sealing solutions and manufacturing excellence
expected through the second half of the year revenues and plant efficiencies are anticipated to improve and generate a more stable and predictable result profile
including installation costs due under the contract we are still working on the detailed terms which we will share when finalized
on the education front we continue to advance our robust public relations campaign to raise awareness around the need for opioidsparing pain management strategies
at the end of the second quarter mdu filed with the north dakota public service commission (an advance->and advanced) determination of prudence to purchase the expansion
by vertically stacking chips versus placing them side by side the electrical connections between chips can be much shorter
global economic uncertainty and slow growth in china continued to dampen led tv demand
further to that point improving and ultimately acceptable financial returns will be the most critical measure by which we measure our own success
it is worth pointing out that our voyages are generally 40 to 60 days in duration and are fixed 2 to 4 weeks in advance
while development (costs->cost) for (dasotraline->dasteralin) and others that are closer to nda filing will decrease
but we can see the momentum because there are a number of orders on a daily basis that are going (specifically for->to) oral surgery practices
i am pleased to report that our construction services business experienced exceptional earnings growth in the second quarter compared to a year ago
and several smaller residential projects 2016 revenues were associated with a few small residential projects generated by the acquisition
there are considerable number of northern canadian opportunities on our radar screen driven by our unique partnerships and our long history of working in the north
however not yet seen an improvement in the market and we expect (mocvd->mocbd) investments to remain soft
shortly after the quarter closed we were also able to place new forward contracts to hedge our future exposure to the euro and british pound
instead of the phase where you acquire assets from overseas (youre->you are) looking for opportunities in japan including alliance
i would like to say for japan that we are trying to change the way we work across the company
this is consistent with our normal seasonal pattern of using cash in the first quarter to prepare for higher sales activity in the second quarter
in the second quarter for our beauty market also latin america we also saw good growth really across all of our markets personal care was up
please note weve prepared a slide presentation to accompany todays webcast we encourage you to follow along with the slides on veecocom
our international segment is poised for continued margin growth against a relatively weak second half prior year comparable
near the level recorded in q2 last year as globals represented a greater share of our overall deliveries
we are well positioned to continue building on the strong momentum we displayed at the lottery and gaming (trade->thread) shows
we are working diligently on this we are spending a lot of manpower to work on this analyzing in order to
and you see the halo of that that people that have had success with exparel in the ambulatory environment especially people who are
in the future as the market recovers and people really want to use better tools that are more (costeffective->cost effective)
(mobile devices->mobis) are the primary demand driver behind the shift to (fan out->fanout) wafer level packaging
and so to wrap up we are pleased with our second quarters results as we look forward each of our business lines has a bright future
have intimated in the past weve actually actively been managing driver pay and so we asked the same question during the quarter
thank you steve and good morning everyone ill briefly cover a few details and then we will turn it over for questions
theyve become much more aggressive coming back and marketing their products certainly as were getting closer to the olympics theres been more promotions going on
i always have to be careful here because so much of what we say on these calls shows up (to be in->being) the strategic plan for some of the people that think (theyre our->there are) competitors
the confidence that over the next years we could appreciate the same kind of growth we have appreciated
i was wondering if you can provide more color on where you saw increased competition and help us somehow quantify the impact due to that
while this is a time for our team to have some pride (in->and) signs of positive progress we still see significant opportunity in each of our businesses
which is defined as distributable cash flow divided by distributions declared on the weighted average common and subordinated units outstanding during the quarter was 081x in the fourth quarter
and thats tough to do when youve got players who have some cost investments and theyre looking to try to reduce cost weve proven just like the on the upstream sector to be able to find ways to compete
the private loan business is that stream of income doesnt generate gains right the asset management business doesnt really generate material gains and so we think were in a position now and we have a demonstrated track record that
(our->*) chief operating officer who along with his team built our retail operations and (jim is->jims) going to give you a little (more a little->*) bit more information about our retail organization and how it drives value for vistra jim
as (we->weve) said before primary purpose of it will be to mitigate any dilution from equity awards so you could see that from that and then well look at our stock and see if (there is->theres) any opportunistic reason to do (it->*)
actual results may differ materially from the results expressed or implied in these statements as a result of risks uncertainties and other factors (including->included) but not limited to the factors set forth in the companys filings with the securities and exchange commission
we believe that our ability (*->to) consistently generate increases in both our net investment income and net asset value per share and deliver a superior return on equity continues to illustrate the significant benefits of our unique investment strategy in the lower middle market
our entire team worked tirelessly in the first quarter to deliver against our model for growth with profitability and im proud of what we accomplished our pipeline is robust and in the first quarter we added more qualified opportunities than ever before
to reiterate it was a very active and we believe a very successful quarter both beach and lattice assets have performed very well with cash generation in the first half well exceeding our expectations
allow all thirdparty stock price services to correctly indicate and reflect our dividend yield and more clearly align the dividend yield reflected by our new regular monthly dividends with our goal of generating bestinclass returns on our equity
in addition to this weatheradjusted loads were down for the quarter due to energy efficiency with building codes and standards likely reducing energy deliveries beyond the impact of energy efficiency programs
all of the new forerunners are compatible with our (connect iq->connectiq) application framework enabling users to personalize their watches with a host of interesting (watch faces->watchfaces) custom data fields and useful applications developed by third parties
we also as i mentioned earlier the temporary nature of the advantage is likely to (do->*) dissipate with a number of pipelines and we all know that texas is a friendly state in terms of building out energy infrastructure
with clinical momentum growing ever stronger our robust financial position allows us to conduct and complete all of the trials that we (discussed->discuss) today
in addition to completing the absorption of the supplemental dividends into our monthly dividends our longterm goal over the transition period will be to continue to grow our total annual dividends at a level consistent with what we have delivered in the past
mike would we expect lets assume that pricing doesnt develop as you expect obviously thats plan a but lets say were instead working with plan b does the ultimate reduction
that we can be at flat volumes that offset some of the markets that are in modest decline were not seeing anything from an order rate or order pattern perspective that assumes a modest erosion in the second half its more just (that->*)
todays discussion will contain forwardlooking statements which are based on assumptions we believe to be true only as of todays date but which are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected or implied by such forwardlooking statements
for example in ercot the retail electric provider has full ownership of the customer relationship including performing the billing function and customer service with the exception of outages which is handled by the wires company
the combined organization is standardizing on cyberarks endpoint privilege manager because they believe we have the (superior->serior) technology for (privilege->privileged) management and hardening at the endpoint customers recognize that one of the benefits of endpoint privilege manager
and finally the increase in depreciation and amortization expense is due to placing (carty->cardium) into service and was partially offset by a refund to customers related to the trojan spent fuel settlement
(as->if) we have started taking gas (inkind->in kind) from several operators and have the potential to take more gas (inkind->in kind) throughout the remainder of the year we have previously experienced some success in restructuring our gathering and transportation contracts
we also (displaced->displayed) a large legacy vendor in a us civilian agency the vast majority of our new business deals are still greenfield but its rewarding when prospects determine that our solution is a better strategic fit to secure their infrastructure
of what we think will take place on that site is going to be residential and it also improves the whole circulation in and around the downtown and so for us theres bringing more people to the downtown is very positive weve got
the integrated nature of our business provides the platform to achieve what we believe will be attractive (economic->economics) and ebitda contributions once the project is commercially operational which we expect to be in line in the summer couple (of->*) other points on this
its static (and->*) inefficient and (inflexible->then flexible) and we believe that technology is available to us today to really improve this and thats really what this is all about its about improving
revenues continue to reflect the timing mix and progress of contracts on hand and more importantly the effect of our strategic decision to narrow our focus to more vertically integrated jobs
we believe these (cost reduction->costreduction) initiatives will provide sustainable benefits as prices recover our employees have done an outstanding challenge rising to whats being asked of them in this environment (theyre->they are) clearly doing more with less
during todays call management will discuss nongaap financial measures including distributable net investment income please refer to yesterdays press release for a reconciliation of these measures to the most directly comparable gaap financial measures
so while the potential impact from the overlap of tmobile and sprint assets in our portfolio could be as high as perhaps a (midsingle digits->midsingledigits) percentage of lmrks total revenue based on that simplistic analysis
as far as the pace over the course of the year theres probably going to be a little bit heavier acquisition volume i would think in the second half of the year as some of the
but were even more pleased with the composition of this backlog as it has been won through our more disciplined bidding process with a greater focus on vertical integration projects in contrast to our historically broader approach to the market
not a lot of investments being announced and we wouldnt expect any in the future frankly 0 on the combined cycle plant side of things that you see that the market has finally reached
now theres another factor here and that is that it appears as though our customers were going a little deeper in the routing guide on the back half of the year as compared to maybe the first half of the year
demonstrating the strength of demand for our solution the acquisition of conjur strengthens our technology platform in the cloud and devops which is a significant opportunity for us we believe our operational achievements and investments in the business
second (*->a) return to net profitability was one of the very few oil service companies to achieve this going forward linked to the growth plan we expect the profitability to move meaningfully higher
we are gratified to be recognized as a trusted scientific partner by our clients and fully intend to continue to enhance our value proposition both through internal initiative and strategic acquisitions
we know (we are->were) in attractive marketplaces you might have noticed that columbus and indianapolis that weve talked about for years (in->and) this thing are 2 of the markets that are amazon (client list->finalists) so theres people other than first merchants executives that feel like
driven primarily by expected high single to low doubledigit growth for xiaflex only a small portion of the diagnosed patient population for each of the xiaflex indications have actually been treated
and that stuff would be at the best end of the pricing spectrum because groceryanchored is quite desirable at the moment so lots of options for us and in this environment we think having multiple options for access to capital is really healthy
it is also worth reiterating that we have now had 35 years of continuous monthly payments from (kurdistan->kyurdistan) regional government despite the many hardships they have faced in that time (*->period)
what we experienced in our own portfolio in q1 we can say there was a lot of volatility what weve observed on the markets is decline on the polish stock exchange
compared to the first quarter of 2015 as mentioned above the decrease in operating income was largely due to lower revenues and unfavorable product mix in the (armament->armored) systems division as compared to last years period
from a revenue standpoint so we want to get that out there but i think its also important to talk maybe just a little bit of the carryover for (zetia->our zeti) and (quetiapine->catibean) because theyre so big contributors to what were doing so when you look at those 2 products
in the fourth quarter it is true that there were special factors in the third quarter of last year up to the first quarter of this year
cash flow was negatively impacted by an increase in working capital primarily driven by an increase in receivables in our flight systems and defense (systems->system) segments driven by timing of milestone receipts
included in that as well just trying to get a sense of what the actual price erosion on the portfolio may be and then secondly with respect to new product launch expectations i think you talked about approximately 20 launches
as a result we now have an operating leader with visibility into all of our business units which we believe will allow us to achieve greater efficiencies and to capitalize on synergistic opportunities between the businesses
based on the strength of the fourth quarter and yet a category that we track for opportunities which have not yet been committed to remains really at a pretty high level but our raw committed
additionally please keep in mind that we fulfill virtually all of our business through channel partners today and the role that our enterprise sales plays is in support of national accounts that are partially fulfilled throughout the channel
is that correct in your plan which segment (has->have) low progress for example so if you could give me some nuance or image please
and how it performed (and->in) the various elements that performed we look at various equities to which (*->or) which in a great extent
given the recent periods of volatile exchange rate fluctuations weve seen larger differences between these internal standard fx rates and the actual foreign exchange (rates->rate) as a result we updated our internally derived standard currency exchange rates
we hope to have more details to share by the end of q2 but progress is in hand our commitment to doing the right real estate deal for the long term at both of these locations will pay off as they are strong assets in their respective (in->fredericon and) north bay markets
this is a good indicator of much improved political relationship between the federal government and the kurdistan regional (government->governments) we are very happy to deepen our investments in the kurdistan region of iraq
we are delighted to be working with chevron at (sarta->sata) the asset has the potential to become one of the largest fields in kri and we look forward to starting the development journey and understanding the field potential
as (we have->weve) discussed before the base business has been impacted by consortium pricing pressures (and involving->an evolving) consortium structure and additional competitive generic entrants in certain product categories
to distribution and consolidated around our most successful escos essentially weve gone from over 100 esco partners at the beginning of this year to about a dozen today that represent most of the volume
first of all it was great to see the revenue accelerate the way it did but i was a bit puzzled that the ebitda margins compressed on a 30 increase (on->in) the top line i mean the business has always been
but from portfolio perspective and from financial perspective (sarta->sata) is precisely what we were looking for when adding it to the portfolio it will move to production in just over a year and the cost and risk is very low
and thats not really optimal and so if we get more and all it does is flatten out the curve then i think we can expect less benefit from it if the (curves deepens->curve steepens) thats obviously really beneficial to banks
this change in estimated fair value ultimately led to significant impairment charges being recorded during the fourth quarter (blaise->ze) will address these charges in greater detail later on this mornings call
we should say that the pzu group as you know under its strategy has announced that there are several areas in which we will actively seek transaction
there is an abundance of new opportunities to convert clients to our efficient testing platform and these discussions are taking place daily the biologics business reported significantly slower growth in the first quarter
in the space systems group we launched and birth the cygnus spacecraft on our oa6 cargo mission to the space station in march just weeks after the previous cygnus completed the oa4 flight that began last december
so here would be some opportunities to optimize our footprint in poland by cooperating in certain locations where
several quarters and has not really been dropping off except for maybe the year ago comparison can you say whether or not theres a particular customer group or particular application where this is strong for you
in addition we conducted successful fullduration hypersonic engine tests and completed the consolidation of our aircraft protection product line from clearwater florida to our northridge california facility on schedule
a very successful sector in the market for us over the last 2 decades and we continue to see that as a competitive advantage going forward so some of what were doing right now is just keeping up technology revs
now lets talk about the specifics of our first quarter (*->of) fiscal 17 our sales were down a bit versus a year ago however if we parse the numbers you can actually get a clear picture of why our results are better than they appear on the surface
our customers remain our priority during this time and our teams are working hard to ensure that we are meeting their needs
these declines were largely driven by the channel mix mentioned earlier and the expected decrease in branded product sales
we (used->use) the amounts that we (received->receive) from our cinema and real estate business
as state tax revenues have fallen short which is causing the legislature to make cuts to various parts of the state budget
we believe this demonstrates the improved model we have been working on to expand margins
the first one from the previous question do you have an idea of what the effective tax rate would be for this year
we were making some progress with respect to raws from a pricing standpoint
euro didnt see as much of that as we would have liked in the fourth quarter
to be able to bring our platform and frameworks to the next level so on an average one can its reasonable to assume
do i want to get ahead of something and its not technology what we would normally call a technology company
we really are just emphasizing looking for specialty deals that add technology or
in the video on your website you (mention->mentioned) that you want to generate profits in every business line and market in which you operate
in july we signed a contract with (the->a) successor to (parkside->park site) to complete the remaining concrete superstructure work
have you seen any surprises one way or the other do you think its starting to get reflected
the growth in our revenues so again we do see progression as we leverage on those revenues going forward
well again as we said were generally optimistic for the whole year i think national is
some broadcasters are might start a little earlier than (us and->awesome) so they can finish up
we continue to execute our acquisition strategy to build out a nationwide residential and community reentry facility network
the negative impact of these items was partially offset by a change in our assumptions pertaining to california populations
stuff (is printed->sprinted) up were ready to go and were very excited to get out there and actually start talking to some restaurant operators
which means that every single transaction one can take a look and see whether it is profitable (*->or) interchange or not
are useful to investors to compare our results across several periods and to better understand our operating results
so theres certainly going to be a lot more stations and groups offered for sale
of the 3 gsa properties i think it woke up (*->a) lot of folks that own these assets or brokers that sell these assets
rex american resources assumes no obligation to publicly update or revise any forwardlooking statements
how much of the price increases that youve announced are so far being realized
i (have->had) a quick question on the current pace of the business i know you guys provided some color
we will have taken out as much cost as we possibly can and we will be operating it
slide 9 shows our results compared with the outlook we provided on our second quarter call in july
which is being reported as discontinued operations following the dissolution of the automd subsidiary
every story i heard from our facility administrators and staff (fills->feels) me with great pride
oil and gas (have->has) started to pick up for us so we do have reason for optimism that this expansion
and (well->will) drive engagement with triangle loyalty and the credit card these are just a few of the initiatives we got in the pipeline
what youre seeing on the inflation side for raw materials and other inputs
got it and in terms of where (corecivic->core civic) shares are trading now compared to levels
our board has approved the construction of a new mining workshop and office complex
were pleased to report that we achieved solid progress in the third quarter across a number of key initiatives and metrics
and meet with the facility management staff to ensure all appropriate resources were available to the facility and staff
increasing capacity in taiwan that would support the growth of some of the customers in china
meaning we are the landlord of the properties operated by thirdparty tenants under our corecivic properties portfolio
expect to see a wider age demographic and a broader definition of activity beyond just competition
on the factors that can cause actual results to differ materially from those projected in any forwardlooking statement
but until we begin to realize the results from these initiatives we will continue to manage expenses
but certainly as weve gotten questions about what do we think about the targets we have out there for the platinum vision
before we begin the substance of the call ill start by stating that in accordance (to->with) the safe harbor provision
and following the trend we experienced late in the second quarter through the third quarter and so far into the fourth quarter
and probably a large portion of some of the challenges that that business saw in the third quarter
according to the national institute of statistics the national consumer price index
(framework->*) and that allows us to keep on scaling up and that gives us an opportunity also
(*->i) mean this is the right way to grow this business is frankly getting more customers because once we get the customers in
okay and then in the past i think youve kind of pointed to (*->a) vitality index as kind of a measure
mute that benefit so i guess as i stand here today and think about the raws and the increase we see
seems much improved as we (begun->begin) a new year with the potential for big changes in regulations
so we would assume that they have conveyed the message that youve said but were obviously not
so you wouldnt have seen any kind of volume compression as we shape that business so
found out or received any notification on the settlement thats related to the dispute related to the construction
kevin will address this accomplishment in his remarks later this afternoon fourth
in the (state->states) prison system that has been developed because of inmate population growth over the last year
as you see from this quarters results however we are back on track and clearly moving in the right direction
stream cbs content even if its not local or am i totally cut off from that
and we can do this by continuing to add the most relevant new skus to our product assortment
the back half of this year to maybe get to the point where you had national distribution on that so just wanted to see if there have been any (movements->movement)
that really are very akin to research and development at this point which is
mainly the cancellation of unprofitable contracts in france from the assistance business
by allowing them to be classified as additional current maturities of longterm debt (dev->des)
for new contracts to be awarded ice will likely have to issue a formal request for proposal
the stock is up more than 30 from our last call we believe thats a good indication that our strategy is working
this generates a working capital deficit which is a real positive for the company
at this point in time i would say that the bigger broadcast groups and i would include us in that
well have a better sense of timing for each of these new zealand projects in the next quarter
to maximize operating efficiencies which was finally completed at the end of october took longer than expected
or the content management (system->systems) to be able to create a merchants own store
and when you combine the 2 solutions together and also offer payments which (we first->vichans) talked to you about
are that those will continue to moderate as we finish off the
(*->that) comp in fourth quarter by a negatively by about (a->1) point and is that the thought process as well for the first quarter
when you decide (that->if) this volume goes into the market 6 months afterwards because you have to reconnect the plant you have to hire new people
we have continued to profit from the new products and services introduced over the past few years delivering our third consecutive period of quarterly record revenues
this need for technology extends beyond farming operations to elements of infrastructure logistics and processing and will result in a need for solutions from all 4 trimble segments
so our comments around persistence are not a flag of people stopping taking it whether its due to efficacy or some other matter its just more of a statement that as
starting almost from symbolically maybe from west to east stepping up nigeria where we entered in 2016 establishing also a local production capacity
id be grateful if you could clarify your message to them i really want to frame this in terms of your shareholders outside your major shareholder are they a priority
whereas viewpoint is managing the construction management system for the general contractors and the trade contractors where it makes a really nice fit is that the owner is ultimately working with
i know from my experience and in the markets that if we do not address these challenges and opportunities immediately and decisively
one example is we always try to get our vendors to consign their materials here raw (materials->material) its great for us if we (can->could) get a consignment program
as mentioned at the beginning of my remarks looking at our results for the first and second quarters we remain favorably positioned in the market and as such we are rating guidance raising guidance for the year
yes (*->so) jerry that (one has->ones) played out a little different than the hypothesis we had coming into the year and (it->*) appears to be maybe a quarter or 2 behind where we thought it would be
i think raising above that these small brands individually might have this sustainability issue but it is also an expression of trends
(seen->see) in our results over the last couple of years that would indicate already a certain sense of urgency the contribution of (la prairie->lapari) on the total growth
on the spin itself we expect to confidentially file the form 10 this quarter and make a public filing (some time->sometime) late in the second quarter as david mentioned we remain on track
and as i said weve only just begun to scratch the surface but everything (*->every) and i think that you would agree with us everything that weve seen in the performance of ingrezza to date says
slide 9 provides the geographic revenue mix in the company the mueller acquisition in combination with organic growth in europe shifted our mix towards europe this quarter as compared to (the->*) same quarter last year
almost across the board in europe this year so our outlook assumes improvement in (*->the) european (pack->impact) but thats based more on just what happened last year than it (is about->has been) any specific knowledge about this year
now lets turn to todays results as noted in todays press release sales and earnings for both the fourth quarter and fiscal year outperformed our (expectation->expectations)
the ebuilder acquisition closed in february and we remain very bullish on the business and the market opportunity revenue and profitability have exceeded our plan thus far
but in reality all the major negotiations all the key business points should be done by the time you (signed->sign) that commitment and i would say that was very much the case in this instance so nothing really changed
our continuous evaluation of the sources of success has resulted in (a nongrowing->an ongoing) pruning of our (underperformed->underperforming) product lines and initiatives that cannot be fixed in a reasonable time period
to tender lower prices as they have been the ones with the volumes in the past who has been accepting also the high level of prices as a result of their volume increase
our companywide (programs->program) that we started (early->earlier) in the year have landed very well through the entire organization and the results as you can see are already very visible
it addresses one of the most challenging skin concerns in the world hyperpigmentation as more than half of the global population is being affected
we believe that the balancing out and the phasing as we go forward is the amount that we will have however i would like to emphasize as well that
and the right level of support so that we can help as many patients as possible with ingrezza so i think that that kind of lays out what the plan is going to look like between now and the end of the year
at the hindsight we can say that some of the inflation because we have seen years of very high inflation in the food
and you dont want to disrupt it with a cable system that you (have->had) to replace (within a->with) certain number of cycles so we are continuously developing the number of cycles that you can
we expect this story to recur at new ddr again and again where incremental closures represent net opportunity for stakeholders
how deep the analysis can go and how passionate people feel about the financial results of the company and doing the right thing for the company as well
but more importantly existing accounts more frequently and so with a larger team in place we can go deeper in psychiatry and neurology than we have been able to
ill then hand the call over to mike for comments on puerto rico and an indepth look at the operating environment and well close with some comments (from->for) matt on the balance sheet and guidance
more business in ladies in the fourth quarter and maybe potentially (in->*) the first quarter if you had for example either more winter seasonal goods or just a better balance to the assortment
certainly 19 20 that productivity gains will be also reinvested in the company in the first place in order to get
it will be the same (amount as->alantos) last year we have not announced this limit it is a limit that allows us to operate
i couldnt be happier with the progress to date and the current state of the assets which upon visit are in excellent shape with full parking (lot->lots) heavy foot traffic and great sales volume
through the year right so i would have more modest expectations especially for the sake of conservatism (more->or) modest expectations for that portfolio (is->*) in the first half of the year and higher expectations in the second half
particularly (in->*) europe in a way that should provide investors with a similar level of clarity on both our performance and our prospects that investors might see in a publicly listed entity
and specific opportunities that are captured and that is obviously the one that we are specifically looking at and should be watchful (for->*) and for us the challenge is to
as you have a concentration of price increase in the short term i believe that the price of
these numbers are highlighted on slide 4 from a software revenue mix perspective we continue to see more of our software moving toward subscription business model offerings
(*->of) it having to get at its cost situation and get its footprint the way it needed to be so over time i think you actually did see a shift and so while you (might->may) not see a top line thats moved as much as you had expected
and were relying on them to keep up the momentum and minimize any distractions for our customers so (that can->thats going to) be a big focus for us
we also (continued->continue) to generate data to help increase the level of health professional awareness regarding td in patients with neuropsychiatric disorders
have a vested interest in broader acceptance of nuclear power and getting that kind of commitment from them
and we have continuously had more satisfied clients than the average of our peers in our home (markets->market)
ill now turn the call over to michael schrum our chief financial officer to talk more about our financial results
this offering gives our distributors increased flexibility to sell the products individually to those consumers who are price sensitive
for determining where we are and what the right approach for your company should be from a cyclical perspective
starting with slide 3 while many of you are familiar with butterfield id like to provide an overview of the bank
so it is really quite an interesting time of enormous growth (and->in) opportunities
(*->the) organic business other than to continue to reflect the lower cooler sales to this customer
nearterm items that were impacting that could you just go through what exactly that was and maybe how much of an impact that had
the people that just dont want to live next door to a (2story->2store) with a bunch (of->*) kids and those buyers are out there
regional growth in the quarter was also driven in part by certain factors not expected to continue in vietnam and malaysia
some of these projects go forward when you talk to your clients how are you helping them
more than double last years result mainly due to the overall improvement in the performance of various mechanical projects
due to increases in the average balance of our customers as well as higher chargeoff of finance charges and late fees
to our employees who work so hard to achieve our goals id like to personally thank you again for your efforts and commitment
and the need to make existing reactors significantly more competitive with other sources of energy
which became effective october 3 at this stage its too early to evaluate the rules ultimate impact
(to quarter->*) and thats why we guide around 20 and we can see some quarterly volatility due to some of those other factors that you mentioned
to see such (a->*) strong growth in this area on top of the strong growth we saw last year is particularly heartening
thank you thanks to all of our investors for joining today (*->and) thank you once again for your past and future support of the company
so it is it led to him not spending and it led to (clinton->clint) not thinking she needed to spend
compared to the prior year period the increase was primarily driven by the favorable impact of retail price increases
key things that need to happen in the next 2 quarters of 16 to keep you on track for your 17 plan
both projects are a part of the major works that new york city transit continues to undertake
changing reporting relationships or not being able to rely as much on inperson conversations to execute responsibilities
driving increases in all of our key lines of business bolstered by the investments we have made in new summer activities
however we expect oil and gas revenue will decline in the second half of the year albeit at a slower rate than in the first half
and theres a few million dollars separating their final offer with our final demand
i guess 5 or 6 weeks in gettington and just give us a sort of
we have reduced our general and administrative expenses by reducing the size of our staff in all locations
notwithstanding these challenges we have achieved some important objectives that position the company for recovery and growth
quick point on your second question ill turn it over to andre for the first and linda for the second question but
that make for the profits so were just very optimistic about
and then the volume of chicken has gone up because of (with->*) launch (of->*)
one key explanation is (the ability->stability) we have shown over time to reprice assets
thoughts there and then the new funds that would be using outside capital
that fit perfectly with the portfolio of (top ranked->topranked) television stations that gray (makes->make) so special
we have other product areas that likewise represent new revenue streams for our telecom business
in the second quarter we delivered on this commitment with improvements in nearly all of our end markets becoming more evident
we will continue to be more aggressive in returning capital to our shareholders while continuing to reinvest in our business
will continue to stay flat as i said the reduction recently in last quarter
the elimination of a drop in the water rate in the back half of the term of the water supply agreement
id like to take some time to explain how those efforts align with current areas of secular industry growth
thats going to be ready for commercial deployment there are a lot of different tests and experiments and simulations
okay great (*->and) why dont we go to the next live question
and we look forward to (benefit->benefits) next summer from the new mountain coasters and canopy tours at both vail and heavenly
done for the client and is up for renewal i just want to make sure thats incremental when i think about it
to take a reduction in what we believe were entitled to to close them out and collect
its very difficult because we cant earn money on cost we dont spend
at our office the recent meeting the last one was at the headquarters of one of the utilities
is much more of a shift towards the (fronthaul->front haul) midhaul backhaul optical transport network
to begin contributing to revenue growth in calendar 2018 and for many years to come
if i look at the mortgage book isnt the main driver of the margin expansion (in->on) mortgages just
of this call on our website we also will post an updated investor deck to the website in the next few days
primarily to fund general and administrative expenses and for research and development
when we acquired that company we quickly identified the talent that exists in that group that
weve got others that may be getting closer to that potential were going to keep trying to work to improve it and we do believe that
(there is->theres) no question that were going to have to start settling and collecting that cash
as we wrap up im pleased (*->to) report that the season is off to a strong start with all of our resorts open
and so well get a little bit of helping wind from those 2 smaller acquisitions
available to fund growth initiatives specifically restaurant acquisitions and new unit construction
including a grant of royaltybased rights to use existing intellectual property
of new capabilities and size and scale of our organization we can compete as a prime instead of going at it for a sub so
we dont have to wait for small cell base stations for demand to materialize
in the transaction one thing id emphasize is we actually retained the design (companies->competence) the design team
but we think that the longterm impact of the requirement still remains to be seen
in addition the continuing pipeline of major work i discussed previously
we have revised our segment reporting to reflect our organizational structure post the integration of orchard
second as you know weve been highly focused on improving the trends in our credit portfolio this doesnt change
and then on the banking side weve consistently increased our banking fees and transaction fees
our guidance does not include any impact from potential acquisitions that we might complete during the fourth quarter
the kind of percentage increases just getting wafers allocated from suppliers like (towerjazz->tower jazz) and so on
but the underlying demand from ordinary companies is still quite low in sweden
turning to slide 9 we continue to make good progress with expenses
and weve developed the deposition tools for that market and are generating very good film quality so
should one or more of these risks or uncertainties materialize or should underlying assumptions or estimates prove to be incorrect actual results may vary materially from those we express today
because being able to see from the city to the building to the infrastructure creates a completely different perspective to (the->*) architecture engineering and construction and we want to play that and overall
were pursuing aggressively so i think thats kind of it for the commercial aircraft as we speak your question when it relates to
we feel good about where we are (*->where) we have multiple options in front of us and we will do what is right to keep on growing the great franchise that we have
and finally utilization i dont mean to oversimplify the business but to us thats what we think about i also should talk about safety and im going to talk about that a little bit (more->*)
and such statements are subject to the safe harbor created by those sections and are made pursuant to the provisions of the private securities litigation reform act of 1995 as amended
weve been bringing that number down over the last few years and now its really getting to be close more closely in line with traditionally where weve kind of kept our (1 to 4->14) family book
we are working diligently to develop (napabucasin->nababucasin) and latuda in japan but anything outside of these we dont have very many
we had a very strong first half of the year and our turnaround plan is in full motion and we are confident that we will be able to deliver on all of our commitments
is you have like dozens of them always on the go so we have hundreds of projects that we work on at any one point in time
given the status of airport negotiations this guidance excludes the anticipated proceeds from the sale of the perth domestic terminal
bigger percentage of our production stream (right->*) and this may be old news but we have not seen any increase in gors on our wolfcamp production
pounds of copper we had lower silver and copper sales but they were in line with our expectations for the quarter im going to paint a picture for you because we have comparable gold sales
the new age enhancing what were doing theres really no issue with any wholesale replacements or changes to the way we do work but we do believe the way we process data
on the aerospace side volumes were consistent with market demand on all programs while c series started contributing modestly to top line with 6 deliveries
to offset inflation and any other headwinds and the pipeline of initiatives for financial year 20 is also progressing well
and by the way the question is what is the effect on the arm but will also (the->*) watch work if it is not on your arm
we expect that the present range for petroleum prices will persist for the foreseeable future causing oil and gas customer spend for inspection services to be relatively stable
quality and film properties of the (epitaxial->epitaxel) layers in the device structure play a key role in determining systemlevel device reliability
just in the reality of accounting for the franchise you get a little bit of a delay in terms of that feedback (*->loops) because its really
as compared to 321 in the prior year period primarily due to the favorable impact of the new federal corporate statutory income tax rate
wanted to say is that we are in a very unique position at yamana because we have in our portfolio (have->*) perhaps different from a lot of our peers
and what we experienced in the spring of 2018 represents a catchup on some of those deferrals customer indications suggest that we should see a relatively normal remainder
would allow us to test the market and see its adoption and hopefully will lead to higher and better yields for us if it works and (the->that) adoption for data (set->it) improves
(ill->i) remind everyone that remarks made during this conference call will include some forwardlooking statements the companys actual results could differ materially from those projected
the doubledigit organic revenue gain was the primary driver to (improved->improve) results as significant improvements were noted in each of our 3 largest european operations
that we were looking basically at different licensing agreement that were mostly related to (2->*) areas one is the game features
while still exhibiting a great amount of discipline with respect to credit risk being able to source these types of opportunities while still maintaining gnls high
in addition in the beginning of april we initiated an interest rate swap for the total amount due for the remaining tenor of our term loan
this gives us obviously the runway to potentially add a generic portfolio of products to clarusone compete effectively for that business
so i think where youll see us be able to grow on the fee side is going to be on the commercial side mostly i think on the retail side
these factors point to a strong second half and we expect to completely recover our increased fuel (costs->cost) by the end of this financial year
but we are rather satisfied also on the core part of the business because our test bank process started
in the first half of 2019 we remain on track to file our prior approval supplement for (vancocin->vancosyn) oral solution
whether this is a new base level that we should kind of think about numbers moving up off of just not sure i really have a good handle on the progression of the business there
what is happening in that case the decision process is more complex because its related to transformation agent for that company and the second reason
i wouldnt say i have an exact idea what the percentage would be but we really want to emphasize aerospace because we believe its got a longer run its got a little bit more
obviously youre having a terrific year and i ask the question obviously in the context that the stock has performed extremely well
i think that we certainly are going to grow organically excluding that contract really the big question is where does it all net out (*->and) i think thats what youre getting at with your question ed
valuable to the customers we serve and make them want to be able to use our services in a faster way the cui crawlers those were again just another way of
we expect to move into gan power electronics weve got the early start there and were delivering some great results with our propel product
firepower in terms of increased (rates->rate) so we feel really good about what were doing on the core deposit side you see a few outliers that have
was also a very in july was a very successful event we demonstrated to many countries and cities that the platform could be used
driven by accelerating investment behind our cortrophin recommercialization program and work related to our underlying generic pipeline
but i feel good about really how were executing it today i feel good about the growth pace and (are continuing->our continue) to attract talent mostly from the larger companies
(so->to) a very low acquisition cost per ounce that we anticipate as a result of recategorization of mineral resources and as a result of drilling
this is because as you know the bidding process has been (adapted->adopted) and is now penetrating in the market the second reason is that
moving to slide 19 in closing i want to reiterate that we are proud of our first quarter
as we move through the balance of 2017 we are extremely pleased to have such a sound financial foundation
given the current cash position and operating cash flow it seems you can afford to pay higher dividends
as you can see on slide 8 we (continued->continue) to drive growth based on strong fundamentals tied to the strength of our brands
i would like to take this opportunity to thank all our employees for their efforts over the past year
it is important to note that technology expenses have grown much faster than nontechnology expenses
we take great pride in being a leader in the weight loss industry and in our (mission based->missionbased) focus to help people achieve healthy outcomes
these data points lead us to conclude that having committed liquidity is a competitive advantage in todays market
weve got 2 factories in china that have a capacity problem because of china tower
to install the new equipment so it is putting pressure on all of us were having to (forestall->forstall) some of the growth
in our synodex business were focused on turning patient medical information into useful digital data
as chris mentioned in august the new jersey board of public utilities approved the settlement authorizing atlantic city electric
we are continuing to work on improving reliability improving all of our performance levels
we launched comfort bowls and were also optimizing our trade promotion so overall what we are seeing is that the brand is healthier
our easy to follow convenient proven (program->programs) clearly resonate as an effective way to lose weight and improve your health
and make the payment of the remaining 90 and the deal is closed out
forwardlooking statements include statements that are not historical in nature and include information concerning our future results or plans
so i dont think we look at any one of those as significantly large but they typically screen pretty high
lines of our financial statement starting with (the->*) operating income on the rental segment
look at their outlooks and look at their leverage statistics and focus their efforts on generating cash
in addition to driving results in our legacy conagra brands business we completed the acquisition of pinnacle foods
and as for your question on the duration i do not think it (would->will) be that long
these msos have recently increased their spending on (alphas->alphase) power systems and services as part of their network upgrades
i want to thank everyone for taking your time to attend the call today have a great day
our focus on core deposits has paid off with deposit growth exceeding loan growth
as good as that was when we acquired it there was a lot of work that we had to do to improve it
and just kind of how things are progressing there on their understanding of you guys (underearning->under earning) by so much
through the third quarter and then as we get into the back half of the fourth quarter it starts to level back off so
were currently on very different paths but expect clarity this quarter in new york and also illinois
our strong earnings and profitability demonstrate the emerging potential for the combined company
their ability to take care of their customers and weve picked up some traditional business as well
so this is i think many business owners have concluded that this is a time to be investing in the business
and we havent talked very much about (tangerines->tangerienes) credit card but its balances are up 31 for the whole year so
all projections are subject to risks and uncertainties and actual results may differ materially
slide 14 emphasizes once again how the strength of our brands is allowing us to capture growth the right way
as well as bringing back former customers that are starting the program if you look next at whats kind of driving
in terms of other markets and other things weve recently put a new account manager
this year the growth in revenue per customer and reactivations enabled our ability to profitably increase reach
people who are (dieting->diding) on their own and using books and things like that so we think the audience is very big
weve always said that our appetite will be governed by our assessment of risk our assessment of reward
although the business did experience some higher (costs->cost) on utilities repairs and tooling maintenance
they are capable of performance and theyre capable of performance depending upon whether or not the enterprise
have not changed materially to the negative or the positive id say that (they are->theyre) in very much healthy ranges
importantly we continue to see years of runway in frozen and expect the space to benefit
is a (hereditary->hereditarally) disorder with progressive (muscle->masu) weakness and its major pathology
all the customers we have experienced some headwinds in terms of increased raw material
this impact was partially offset by an increase in price mix before retailer marketing investments
were looking forward to trying to get that space completely (subleased->so leased) so that we can stop that
so its put a lot of pressure on the company still were really happy with the accomplishments weve done
the second quarter was also highlighted by margin expansion stable credit quality and strong capital levels
the fourth quarter in general tends to be much more predictable its kind of our lowest quarter of the season
any online competition or any significant online competition at this moment in your markets
probably in asia that will make the cells that we require to the enersys specifications
the primary variables affecting our nav this quarter were the positive effects of our march equity offering
with respect to private label in frozen over time heres how i think about that
with that introduction i will turn it over to bob to discuss our financial results in more detail thank you (jon->john)
but obviously there have been a number of headwinds that have prevented those policies from being fully realized
activity is influencing a higher level of refinancings but in terms of our ability to predict
it offers us greater scale with customers and increases our health and wellness credentials two
we also remain squarely focused on executing across our margin drivers to fuel growth
our cto sees tremendous opportunities to drive up performance and drive down (costs->cost)
when you think about (the->*) financial (institutions->institution) to start with that added liquidity in this marketplace in years past
our operated pipelines benefited from strong utilization at our refineries in addition
we will return these iconic brands to the desired level of performance and we will do it convincingly
we have a passionate group of employees that take great pride in helping people achieve what are often (life changing->lifechanging) goals
at this time i would like to turn the floor back to mr (alejandro elsztain->alehandro elsene) for any closing remarks
thank you this concludes todays presentation you may disconnect your line at this time and have a nice day
now you mentioned kind of mysteriously last time about how you thought you could have
on our color block (charts->chart) highlighted operating performance and customer satisfaction for the utilities
as shown on slide 7 loan and deposit mix were relatively unchanged post merger
complete access to their employees and we are quite frankly limited in our ability to
senior first lien across both lower middle market and middle market there are times where
can you comment on the timing is it something where you started it toward the end of the quarter and youre going to be doing more or
alpha provides business continuity and connectivity solutions in the cable broadband networks
made it difficult for our clients to really pin down and predict what their volumes would look like its coming in slower
about the possibility of that and i think utilizing the expertise of this line in india
jack joins us from highmark where he was senior vice president of technology operations
in other words we want to introduce a kind of natural ownership approach
we dont get that because the odds of all banners being spoken (odd->hot) at the same time (are->*)
we along with many public companies have chosen not to go back and restate our prior year financial statements (or->for) its impact
second the transition to the new ascension agreement is starting to contribute to the top line
of the company and the value prop associated with that identity in the eyes of our employees
a couple of months and a quarter going forward with higher inventory levels as an effect of this
and we think that we are involved in a number of interesting applications to benefit
we continue to invest in the business for strategic growth and value creation in the quarter
in summary the outside engineering studies and review affirmed our internal assessments
and then the final thing i would say and i think we have to emphasize this more and more in our dialogue with the capital markets
to drive improved financial performance as we are beginning to see this play through in our financial results
tom will provide more details on the financial results in his section
some of the opportunities that are coming together we needed to build out more of (our->*)
i think not just our industry but everybody in the country has seen a deterioration of rail services
with the deployment capability weve expanded over the past quarter that gives us a lot of confidence
and looking forward give us confidence in our ability to effectively scale the business
and if you could give any sort of update on what youve seen there if that is possible to measure
and then that will dissipate as the year goes on we do not view this as a lasting impact
as well as a new financial reporting system and a new hr or human (resources->resource) system
the upside for us will be when some of these big initiatives start to land
when it comes to business management instead of business investment
(a->the) gross number that youre thinking about for the year or a rate or something that we can use
then well open the call for your questions now ill turn the call over to andrea
such as (xingyun->quainial) and (super vip->supervip) service
we are in the midst of selecting an exchange and plan to relist after launching our new brand
based on this we aim at rebalancing the resource and nonresource businesses
in this time because of high prices in china which theres a difference of about
and we have successfully established a reputation as one of the very best in this space
well frank thats a reference to the fact that we did see strong volumes with that client in the quarter
(partners->works) closely with our operations team to drive operational and financial excellence
of cash thats restricted or trapped in countries when you think about the point to trigger
and weve also done some work on revisiting our menu psychology making sure the menus are laid out in the optimum way
and lastly the additional contribution margin that (well->will) pick up from 13 additional production days
private equity and institutional capital have entered the singlefamily rental market over the past several years
and weve seen a couple of competitors do some things that were a little off market
most of our customers are having better demand theyre putting paper prices up
in addition we aim to shift from investing in businesses to managing them
thereby proactively creating value by making use of our management skills
i now go to the slide implementation of score
so in the first instance the balance sheet would remain unchanged because it reflects those contributions
it can be if youre only in product sales probably not
sort of the gulf pricing that i track and generally historically thats been sort of mixed
even though the second quarter of the year always suffers from a low seasonal impact
as we have integrated employees (on to->onto) the platform and increased the companys overall productivity
growth in demand came largely out of china which accounted for all of the growth in the market
and (proof->proves) that all the profitability measures implemented in the region have become structural
i just think that it also underpins it when we come to the capex situation
so i think looking at our quantity growth is really the true way to measure our success
excluding the impact related to the noncash deferred tax asset recognition
gross profit decreased slightly as a percentage of adjusted net sales primarily from
so were being more aggressive there and delivering our value proposition
selling cheap at early (days->dates) has been (a->the) bad habit of the industry for numerous years
the first one is the fact of increasing geopolitical risks
business model and our ability to sell and grow that and i see that
at which point we expect to start seeing a meaningful contribution to our top line
so i would say that the fourth quarter was especially
these slides serve as a reference point for some of what willy and steve will touch on this morning
net cash used for financing primarily reflects regularly scheduled debt payments in our insurance
weve altered the companys structure in response to the changes in the world at large
the next round of share buybacks which sort of feels like it could come as soon as the second half this year
as always you have to be cautious this number is impacted by the changes of the resin
the new ascension contract structure and we have a high degree of visibility into this
these intangible assets are being recorded within other longterm assets on the balance sheet
into how they interact with their customers from either a sales or a servicing perspective
let me take a moment to update you on our 4 key drivers for future growth
at this time i would like to go ahead and turn the call over to dan for opening remarks
as in the process we are in the process of hiring an experienced reliability engineer
i now go to the next slide new store formats being tested
what origination volumes are where our producers are in their annual splits et cetera et cetera
and we continue to look at possibly monetizing the mobile traffic
your capacity to do another small bank deal or maybe another larger deal
and to our knowledge pulp prices in asia for march
human resources are what matters most to our company
well i think you know that apple keeps things very close to their chest
what jcr allows us to do is to focus on providing that type of capital to the rest of the market
we believe the nitrogen industry will further consolidate over time
and how much cash do you need to keep overseas (on an->and) operational level and if we see some
some of the new reorganizations and i think that would really impact really all of the business
we had an improvement in our performance with our client (metrics->metric)
and we do expect our deposit and investment growth to continue to grow at
our mobility effort is anchored around 2 (broad->brow) fronts
some of the performance weve had in the current year in our uninvested (estates->estate)
we believe our second quarter uan prices will be much higher
these 2 measures are primarily how we internally measure our financial performance
let me first comment on cloud computing business
as you know we sold one business to nasdaq and we sold another business to the new york stock exchange
okay and if you dont get (it->*) i mean is there a point at which in the year where if we dont get 1 or 2 bookings (then->that) it becomes an issue for the guide like at what point do you start to worry about the range
so we can remain on schedule for filing the accelerated approval application with fda i am pleased with the (approval->accrual) and hope to be able to announce completion of this in the near future
so to conclude my prepared remarks before i turn the call over to lee fourth quarter and fiscal year 2019 results demonstrate the strength of our financial model and the positive evolution of our business
if i could have everyone turn to slide 7 now turning specifically to the quarter q1 is traditionally the smallest quarter of our year and we delivered results that were generally in line with our expectations
ill turn now to our financial guidance for the fourth quarter and full fiscal year (of->*) 2016 we believe that mercurys market opportunities and backlog position us to continue delivering solid revenue growth in the fourth quarter of the fiscal year
the results we have obtained in all are very convincing to try to expand this in a lot of different type of indications and i think that there is absolutely no restriction behind this
its a year (*->where) we will materially step up investment spending behind our major brands and the continued alignment of our organizational structure and operating processes to streamline our activities and reduce waste
we have the most talented employees in the business they are motivated in good times and bad and continue to be committed to our customers we appreciate their support toward powells future success with that ill turn the call over to don
we still expect a strong performance from hhi this year driven by strong innovation such as the recent unveiling of a new line of wifienabled halo smart locks at the consumer electronics show just this past january
deadline for (each or->which) all parties need to make themselves aware or make a presentation or (i mean->*) exactly how is this going to work with respect to the increasing value of the asset over time
for fiscal year 2020 we plan to open 12 to 15 new stores in existing states which will all be in our new store layout featuring an enhanced customer experience and a more efficient sales process
thank you david and good afternoon everyone it is my pleasure to review with you the results of another solid quarter and a strong finish to fiscal 2018 we have worked very hard over the past 12 to 18 months
and we began to see the effects of that late this november we now must work closely with our retail customers to drive this business forward despite the recent headwinds in the new housing markets which again we began to see in november
we already have encouraging objective responses in patients with these very advanced metastatic cancers who have failed multiple prior therapies including the new immune checkpoint inhibitors in some
the company cautions that such statements are necessarily based on certain assumptions which are subject to risks and uncertainties which could cause actual results to differ materially from those indicated today
this amendment will be filed on form 8k in the next several days it provides for improved required maximum leverage covenant levels under the original agreement the leverage covenant maximum level
i will use the remainder of my time here to review the key strategic benefits we expect to see from the merger and then discuss our vision progress to date and the next steps for fully leveraging the (strengths->strength) of the combined firms
were reintegrating this business and we stood the business back up this quarter were focused on improving the business fundamentals and were lapping difficult first half comps additionally were increasing materially increasing investment spend
joe thank you doug i will now continue with the earnings presentation of our results slides 8 and 9 present a snapshot of how we will report results as a combined company
were ready to support our clients with our existing digital solutions and we will continue to enhance and build new capabilities in the future lastly as we evolve our business model it is critical we have the right people in place
were very pleased with the financing and the resulting capital structure it will leave us well positioned with respect to our debt service obligations and provide flexibility for potential future acquisitions once we get the current businesses substantially integrated
trying to open that up to speed up the rate at which new technology can be introduced creating standards which will help improve the affordability is something that all of our customers as well as the government is interested (*->in)
the fund industry in particular has an opportunity to shift to a more datacentric and analyticsdriven model which is just one step in the overall evolution of financial services moving from documents to data
some if you will conversation around what to expect so that we can prepare for what launching of new funds and things like that so were anticipating a better back half of the year because of what were hearing but
i think sometime in may or june of this year i was just curious if that has actually occurred and if youre hearing anything about possible properties that might
in addition to the numerous growth opportunities from the combined firms we remain excited by our growth opportunities in asian equities in particular and the opportunities presented to us in europe as a result of mifid ii (if->*)
and of course as you are in the as youre (bobbing->bombing) around in the ocean offshore west africa its a bit harder to fix some of (this sort->these bits) of equipment than you are when youre in the yard in singapore so perhaps (do->doing) even more
thank you everyone for the great questions and for obviously tuning into our yearend financial call we really appreciate the interest in the company and look forward to seeing you at future conferences thank you so much
what sort of internal resources were tied up with fortuna that might now be available to look at tortue and other projects considering that it seems like you have to do maybe less commercial work around that than you had to do with fortuna
we will of course be extremely open (and->in) trying to dialogue with the fda to try to see what is the threshold to go for registration but whenever we have convincing results
and i assume that any acquisition of any small business is not going to take you outside of your or much outside of your targeted leverage range would that be a fair statement
thats been why you havent seen us transact (in->*) other than to be on the sell side but you havent seen us transact were disciplined about what were going to spend for what we are going to get
as far as the margin structure the larger projects tend to be more complex they do fit our model better because we have a very strong advantage with our engineering capability
before i move on to our operating priorities id like to discuss the sale of our language solutions business which closed on july 22 this transaction was an important step in executing our strategy
we continue to expect a net loss in fiscal 18 however we anticipate our second half results to show improvement over the first half as new customer orders have strengthened as anticipated
but we may end up (losing->proofing) them if they are (going to->good) ask for a price which is lower than my variable cost
on the medical management front we have also selected a new software platform to manage pharmacy and medical care
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and so combining now (four->4) carrier combining (four->4) different spectrums together
and we still have to perform all the quality measures and report those to the state
and if that is the case does that (*->then) extend into the second half of the year or are there changes afoot there
due mainly to a greater proportion of (lowermargin->lower margin) maintenance services with longer completion times
yes okay and so when i look at the low pricing relative to others
even if it impacts our ability to get that modest expansion weve been talking about in 2019 for margin
specialty products that were close to being commercialized im wondering
some details on what kind of interest expenses youre using and what kind of maintenance capital spending
any size acquisition continue to return money to our shareholders on a regular basis
we believe we can create significant value for our customers and our shareholders
is going to offset anything happening in marketplace so thats really where you should look for it
and of course we are responding to the tense market situation by constantly adjusting
conservatism in guidance right now or did some of the cost improvements in ohio and texas
growth at the service companies only partly compensated for these declines
i think a lot of people were concerned that we seem to have taken prices up while the rest of the competition did not
were also planning to invest (an->in) additional nf3 capacity in asia
the semiconductor industry is transforming many industries and the world we live in
in view of the globally difficult environment the first half year was (*->satisfactory)
but i would say that certainly every region is rich with opportunities
ladies and gentlemen that does conclude your conference thank you for your participation you may now disconnect
so i look at (*->a) place like brazil when i see some of that happening
and also our aim here is clear we want to further extend our leading position
the resources are attained and were going to move this thing forward so again i dont want to comment on anything specifically
and weve been as weve previously stated making changes within the dental organization to senior management
let me now make a few points on the third quarter before handing it over to stan
these include the full effect of changes in the fair market value of warrants we issued to amazon
but i would say that for the most part they are all performing as expected
so now we are down to the final machinations of the deal which we expect to close within the next couple of weeks
by tightly integrating our computing storage and virtualization resources
and so the (plan->plans) that we put in place are to get us at that point
puerto rico will begin to improve but slowly and towards the end of the year
in line with what we expected we did expect them to take a lot of product go through regression testing and then
this is critical because it is allowing us to have more flexibility take on business that we could not
again not that we dont have a great team already but were adding additional capabilities that i think will only help
so next year in south america we can see that as a growth driver for
and i guess thats different by market but i think thats been a benefit to all carriers in canada (is->*)
largely due to the 10 additional aircraft we leased and improved results from our airlines
because of this platform we are able to start (to pull in->deploying) new apps to our clients
better uses of cash earlier on and so those are the priorities how i think about it jack i know that
and its all about value for them and value creation for us
(were->theyre) kind of excited because we started up some of our new specialty capacity around the world that allows us to ship
early benefits and of course the other side from our perspective is to bring to manitoba
its easy to kind of get (overly->overwh) enamored with equipment sales and all those kinds of things
(are->*) those baked into kind of the overall rate adjustment that you may have already gotten
is that all pretty much addressed and can we be confident that there wont be something like this
that shows the accretiveness of that transaction of 5 to 10 but beyond that cant give you any
and i think it opens up for very interesting potential additional income ideas
will be a game changer for our company going forward turning to media
we continue our focus on (all executable->allecutable) activities of the business
and the loss of simultaneous substitution advertising rights for the super bowl
with that i will turn the call back over to guillermo for closing remarks
and in the second quarter the set business was pressured a little more than the large joints
as a result we completed the year with strong growth in adjusted revenues and earnings
like cloud computing artificial intelligence internet of things and virtual reality
however it is apparent that volumes have already started to decline
and quite frankly the level of progress we have made transforming the company in such a short period of time
thats going to take place over the course of the rest of the year i think
we also saw some softness in the foundry demand during the quarter
increment of the acquired mts assets that related mainly to customer relationships
projects that strengthen our position in korea and china
and if we look at what is going to drive the synergies afterwards
earnings we are happy to be able to put this to rest for a while
again perhaps in another state that is large enough for you to make a difference
we certainly have more cash generation than that as we look forward
if you see the market take a further step down or capacity fail to come out
and so we continue to put together solutions and texture
i wanted to talk a little bit about earnings progression so
capacity increases are required for the industry to grow
we would expect that to rebound fairly quickly here in the next quarter
but there was no change in the main (trends->trend) compared with the first quarter
and (we are->were) rapidly building the infrastructure to support those efforts in a (cost effective->costeffective) and prudent manner
to be a reliable future stream with partners that have significant reach
that may have ticked up somewhat right with the competition for feedstock out there
income is going to come in the second half so i think were being pretty consistent on that
it seems like i didnt (calc->count) the high end of the guide but its probably like
we would take advantage of those opportunities if again they made economic sense
yes well i would say when you think about the fixed cost spreading over
(*->who) we are and who (we are->were) going to continue to be one of the primary principles talks about
even if actual results or future expectations change materially
we expect this impact will be partially offset by incremental pricing
all i can say is that the company has been doing well
while we expect our ohio and texas health plans will continue to perform well
this is normal when we transfer volumes from one platform on to another
on our first quarter call i changed my perspective to a more balanced view of risk and opportunity
and as we mentioned last quarter we continued to optimize our network
which indicates the market attractiveness of the capabilities in this business
pricing until the third quarter so i think well just have to well have to kind of watch and see how that plays out when we get to fourth quarter
and if it scales the way it did in phase ii with avacopan that will be a very powerful discussion with those agencies
we produced solid results in the first quarter driven by our continued momentum in business development and new client acquisition
and several smaller direct acquisitions offset partially by the proceeds from our common unit offering in october
but also looking at additional ways to serve both our corporate services clients their stock plan participants and our retail brokerage base
we do have breakthrough therapy designation for this indication we will be talking to the agency as we develop a bigger safety database
the increase was primarily due to impairment charges on goodwill and intangible assets as well as loan loss provisions recorded during the year
is extremely well informed right they take data points from everywhere they look at what weve done they hold management accountable
(*->you) get to these big numbers (trying->its hard) to figure out what to put in the model so how much of your business in fourth quarter at (knight->night) was in the spot market
forecast (cost->costs) for the full year are expected to be within guidance although given the change in the mining contractor currently underway
but we think these types of liftouts are great investments for the company that will continue to accelerate our growth and pay good longterm (dividend->dividends)
the diamond sales process and our goal is to really match diamond demand on a (stone by stone->stonebystone) basis to supply
drive improvements and then in gdpr what is your current thinking in terms of timing of when that starts to drive additional purchases
we continue to experience very low levels of credit losses thanks to economic strength across our footprint and our strong underwriting
the third trial i will touch on today is also for avacopan but this time to treat patients in a different disease area
by hiring additional mortgage loan originators and as we move into the seasonally stronger quarters for the housing market in colorado
is when you have all the tornado and (hail->hale) in texas and thats when we expect to have an underwriting loss driven by our claimsrelated losses
(knight->like night) and so i really believe that were going to be able to make (knight->night) better and i will tell you that (knight->night)
historically theres been about a 15 keep of the assets that come through us on a year basis as they vest and flow through those accounts
the sequential increase was primarily due to the recurrent transaction (1->one) organic dropdown acquisition in december
this acquisition now extends cyberarks market opportunity with revolutionary technology that takes us deeper into the devops life cycle
primarily related to our assumption that the telecom capital spending environment remains subdued throughout 2016 particularly during the first half of the year
through education through more meaningful interaction with those stock plan participants that this will be a big value driver for us (go->going) forward
were comfortable paying a higher rate to win the initial deposit relationship even if that results in shortterm nim compression
look to push down so theres an element (to->of) that built in sunil but i would say that whether its that or whether its putting gas in the trucks
it really is going to depend on where some of the acquisitions are sourced because some of the international acquisition opportunities
sales tender process where a greater number of exceptional stones will be sold as part of our regular sales tender
at our current rate of waste mining we expect to complete the cut 2 pushback either in q4 this year or q1 next year
and so for us the choice is (buyback->buy back) dividend or invest in our business through new funds
without your hard work and dedication our continued success would not be possible and i look forward to working with you over the coming periods
we always said line 9 and southern access extension would provide us with the strongest (netbacks->netback) so weve been encouraged by
(that->*) than just a market deal and weve got a lot of cash so wed like to have that be a meaningful amount (or->of)
given that this is a very recent development we dont yet have specific comments or guidance on the financial implications of this change
on an annualized basis by the end of fiscal 2020 the transition of our merchandising staff will occur over the next 6 months
we want our customers to feel like they can do just about anything whether its opening an account uploading documents using (*->the) devices camera
its a great opportunity because a lot of europe is in the process of static to digital conversion
so i dont like to (whine->wind) about it i would say that in the face of the some competitors especially on the ethnic side
this business just cant support the internalization quite yet i think you would have to have
getting ready for christmas so theres not a whole lot (that goes->going) on (*->in) the last couple of weeks which always hurts your production but anyway were really doing well at prime
time of the year for the contracts i mean youre kind of dealing with pricing that had gone into (a->*) place 6 to 9 months previously so
and so with the kind of strength that weve continued to see in january we expect to see
i will now turn the call over to tom schall thank you bill and good afternoon to everyone listening
since that time (we->weve) successfully transitioned most of sams active aum from legacy funds to new diversified strategies
frankly this is the core of our success and the reason our customers are loyal because of our tailored innovative products based on customer
continuing to chase is the permian edge gas play fairway on the western flank moving on to (*->a) bit about lattice were obviously excited about the future
the progress weve made has been encouraging in this early going we are seeing positive samestore sales and improvements in our margins
they can get trucked directly to a rail facility and leave the region so thats been the impact on our
or noncontract market and some of our efforts to get in front of this with certain customers to get things priced in a way
the trial is not only blinded but quite large relative to the c3g orphan patient population
in particular and also some investments we engaged in as far as creating some nextgeneration products we feel (will->would) do pretty well for us
the reit structure certainly would be a little bit easier for investors from a tax standpoint
going forward of course well continue to build on our leadership position as the premier ground lease acquisition company in the industry
we believe the comparability of our results (is->has) improved by excluding these infrequent items that are unrelated to our core operations
(*->the) portfolio outside of the victorian assets in that gas pricing so thats (what->whats) caused the gas pricing drop off
management has made all kinds of efforts to reduce the risk profile and increase the profitability of the book
because after all this is a chronic disease with relapsing and remitting and we wanted to know whether we could not just induce (the->a) remission
we are completing the advocate trial and preparing to share top line data in the fourth quarter of this coming year
since we dont know the concentration of ligand in (the->a) local environment but we know that in some local environments it can be actually huge
thats one of the main reasons that we switched to this design was to have that flatter decline profile after bubble (point is->points) reached and for the following years
we just dont view those as being a material problem with respect to our company given the fact that we dont have very many vertical wells
so we are really good at monitoring situations and reacting
the value of the assets that were building inside of us and (that->*) the value that these (exchange->exchanges) place on these (kinds->kind) of businesses because this is their future
based on how well the plant has been running the decision has been made to reduce the length of the upcoming september turnaround (to->of) 12 days
we experienced strong performance from our network vars toward the end of the quarter as our regionalization efforts began to take hold
before i turn the call over to chris let me touch a little on our (pas model->paas module) which continues to see strong growth
our platform continues to show the strength of the underlying fundamentals we own great real estate locations with a strong demographic trend
less true for (berkeley->burkeley) point so thats a mitigating fact as the financing of multifamily tends to be
with the success of that trial that has now gone live across the business from the start of this financial year and i would expect us to get some benefit from that process
is there one way to think about it or just a bunch of things that always move around but they (seemed->seem) to all go the wrong way this quarter
yes this is mike not going to give you guidance on a specific number but as weve talked about in the past
because we remain in a process i am limited to the information that i can provide but (i->*) wanted to highlight a couple of important points
weve reorganized and targeted going after parts of the business where we believe our value proposition is very strong
general indicator of interest in the asset class and transaction volumes things are very healthy right now
investments will serve to improve the digital user experience for our partners and customers as well as expand our hsa investment capabilities
in terms of revenue we experienced (constantcurrency->constant currency) growth with several existing and new clients in the third quarter
as i said before we take a conservative approach in modeling our interest rate sensitivity to any potential fed rate hikes
we find this especially impressive considering that were growing from such a high base
in the commercial dealers and resellers or var market revenue was up slightly from a year ago while gross profit was down slightly
at swiss (chalet->chalette) im just wondering if (youve->you) had any further (thoughts->thought) on your promotional tactics and how theyre working et cetera
our third priority is to improve our product and vendor management engagement and we have made significant progress
we want to keep them busy we want to absorb those overheads as best (as->*) we can and what weve seen during quarter 2 is that weve been gradually
this renewal demonstrates the important role that accretive plays to provide focused and comprehensive rcm solutions
we do not undertake to update our forwardlooking statements as a result of new information or future events or (developments->development)
we were happy to receive continued support from previous noteholders and new investors in addition to our preferred stockholder
is typically deferred until substantially later than when we deliver services bill and collect cash from our customers
the number is lower because berkeley point carries with it a lower compensation ratio because its a different kind of business
and technology showcase that brings together manufacturers integrators and wireless professionals from across the industry
which provides us with a visible cash flow (steam->stream) to execute on our current development plan while minimizing the need to lean on our balance sheet
the required distribution channels to efficiently place product to customers without incurring significant price reductions
it comes in the form of technology overlays that are able to complement the core ehr system and (then->that) infrastructure
as a reminder we use 2 nongaap measures to supplement our gaap results and to provide a better view of our operations
the event strengthens our relationships with our partners and is a great vehicle to develop new opportunities for the year ahead
increasing external focus with customers and investors and finally improving financial visibility
itll be offset in the tax line below and is earnings neutral but will create the visual of contracting net interest margins
and in terms of the retail royalties so the sales of product in the grocery store you mentioned
which includes increased overhead cost from our barnwell south carolina facility that are not fully absorbed by production and sales
so its all still going the same as i would have said it was going 6 months ago or a year ago
larger platforms will compete more effectively we expect to participate in that consolidation
so i think that plays into the strengths of us and the other competitors of ours that you mentioned
as a result of our wells continuing to exceed our crude oil production expectations
we believe convergys offers a superior value proposition and we continue to pursue new business opportunities
im encouraged about the progress the finance team has made partnering with operations to identify and execute on opportunities
we are increasingly encouraged by the response we have received from prospective customers on our holistic (solutions->solution)
our maintenance departments are managing based on the data we collect not based on a gut feel of how equipment is operating
i now go to the next slide which is introducing (clas ohlson->plus also) limited edition
but today she has to put up with me one more time and she will shortly give you her update
the demand for apartments is also being driven by the lack of supply and affordability of singlefamily homes
to grow but perhaps look a little different than it has in the past until you get to the conversation around whats 5g going to (being->be)
as we continue to focus on growing in underpenetrated markets in latin america in both tissue and (sanitary->cere)
need that i continue to hear about clearly if you go back to what we put forth as far as our
and i think the example that i used to reinforce that message was the verizon win
its what we watch internally and i hope its what you watch because i think thats the way to tell how were progressing with this business
that remains totally aligned with the growth seen at the beginning of the year and driven simultaneously by all business lines
i would like to also note that all of our maintenance downtimes for the quarter were scheduled (as->*)
the offer from mty represents an opportunity for shareholders to accelerate that growth
you will find videos that compare the performance of our qrt ultra products to comparable tad ultra products
and provides additional time and flexibility to continue exploring and executing our strategic alternative process
and with aiming to become a company that develops personnel with the highest level of management expertise
will be moderated from past practices since the channel is being more highly served by core producers
this reflects our intention to implement a plan that doesnt depend on resource prices increasing
and (we->*) what were doing is trying to be diligent (and->in) making sure that when we need to have access to that capital
also under (marieline->marilin) pizza delight returned to have another positive q4 with (same restaurant->samerestaurant) sales
i think the important point is (is->*) that we are showing up and winning based on our value proposition
wanted to retain a large ownership stake on our own and we were able to complete that during the quarter
so that i view as kind of a natural (thats->*) this is actually where we wanted to end up to be candid
we expect unbilled deferred revenue to increase meaningfully next quarter with seasonally strong enterprise transactions
we have set up innovation centers across the world to serve as innovation showcases which will help us initiate conversations with customers
and last but not least as you know weve invested also substantially in the last couple of years and (will->well) continue to do so
moving forward there are 2 ways how were going to be engaging with the client either on an advisory basis
in the first quarter of 2017 as compared to the same quarter (of->*) the prior year and as a percentage of total revenue
and i would add that we do have the ability to flex up our container order if market conditions improve
which is more than offsetting the upside in the first quarter is that a fair way to think about the guidance it looks pretty straightforward i just wanted to confirm that
we just think that market is deep enough its deep enough for a project particularly one that delivers rich lng at a time where
and collected a significant portion of the anticipated surplus of outstanding accounts receivable
partially offset by advisory fees and integration costs from earlier transactions and funding of the tegna foundation
now moving to (premion->premium) a great tegna success story of innovation and organic growth
also during the quarter other operating expenses were impacted by an increase in professional fees
beyond that i dont want to get ahead of ourselves and call any such
government policy in the key importing countries is prioritizing gas over coal and nuclear fuels
we are working closely with (aquilo->aquoro) partners to identify and evaluate potential product development candidates
these increases were partially offset by a 4 decline in loads from durable goods customers
not that its easy to price (the->to) risk but i dont think the premium for a commercial loan or the risk that goes along with a commercial loan
higher volume and pricing only partially offset the impact of higher lead (costs->cost) on the margin percentage
it is extremely broadbased because it is transformative at the industry level and (practically a->is practical)
and our local indigenous populations and corporations that are so critical for our success
its not that were not investing on the swiss platform but we started with the front application you may have seen in 16 we rolled out
(*->our) organization and start thinking about how were going to think about ourselves in the future
its only to push (forward->forwards) we love what they do and we want them to do it more and we want it (*->we want) to move faster
but then there is a very thin order book after that so unless we see a dramatic (decrease->increase) in ship ordering
that is what this organization was built on and that is what everyone here strives for each and every day with that ill turn it over to steve
but if it does swing thats a positive for our sector after years of regulatory expansion
the proposed integrated 3train expansion avoids unnecessary and costly duplication of infrastructure
now moving forward we continue to believe that julius baer through its superior business model can continue to attract
so if you would summarize it that way so is the risk on the upside or the downside
hesitant to call out a doubledigit growth whats really changed for you during the quarter to see this kind of momentum
you mentioned the interesting ford example and how this was at least driven in part by (generous->generative) design
the most important thing we can do is to get the test away and do as much as we can
as a percentage of revenues consolidated salary wages and benefit costs increased by 50 basis points
the works we believe they need to be done because they are really in our hands to decide
the strength in arr was a result of accelerating growth in all geographic regions and across all product families
the stock compensation accounting pronouncement that we talked about does create fluctuation
here are the key numbers for the first quarter there are several onetime costs that i will explain
then of course (we->you) would have to go back to the market but there is no such a target on the market
and owning a significant fleet of vessels also means that we will have to continuously renew and diversify the fleet
and as a large local media company we are uniquely positioned to serve this growing trend
okay and you guys made a pretty big change to the existing customer rate increase program last year
should we i appreciate what youre trying to do here is show the margin improvement but i guess how long
the losses as they are today were in a way expected but not acceptable
before i move away from subscriber trends i want to reiterate a statement that ive made many times based on the data and trends were seeing
and very achievable before normal levels of downtime are taken into consideration
if you turn to the next slide you will see how we have performed over the past 2 years through very different crude price environments
so were going to make disciplined choices between inorganic and organic execution over the next 5 years (in->*)
what are (*->all) whats the platform that they have available they start opening accounts they get the documentation
or employees and internal and external workforce i should say we have actually substituted
(planned->plan) functionality (in->on) a single platform that platform is now starting to get adoption in some of our largest customers
but its still (a->an) important tracker to see the attractiveness of our radio platform
the other area (id->i would) highlight there is that sakscom remains one of the most exciting internet sites that ive seen
to store layouts vendor matrix and improving the overall customer experience
i think we would expect pragmatic solutions and strong support from
the time factor meaning ramping up i mean from the moment that you have signed up the new advisory agreement
we continue to believe our shares are undervalued by any measure and represent a very attractive investment opportunity
contact the client and advise him on what to do this has been now rolled out for the swiss platform
primarily as a result of growth in equivalent admission volumes higher reimbursement rates from commercial payers
swiss private banking sector and in other places of the world we believe that the consolidation will continue
we see a overall challenging performance for the company of course
but we also see the stability in projects the stability in product road maps
and then also part of our business (*->works) that works very well is that we also have the option
but at the end of the day i think weve been reasonably conservative about how were approaching the resources
ill come back also later on to that you will see the architecture of it (and->in) the different building blocks
that have direct interest to the productivity to the revenues that they generate
are going to be a more important driver but in the long term as you head out 3 to 5 years
the variations in supply revenue are a result of the timing of orders placed by our partners
to drive value creation for our stockholders while addressing the unmet needs of patients
additionally we will be able to leverage our global reach to accelerate adoption of plangrid solutions
provide earthquake relief in terms of infrastructure rebuilds and (in->*) terms of public health
and then again once we get to know how to run up there which so far (has->its) been fantastic
our focus remains on growing each of our business lines through directed selling efforts
our cost structure while certainly last year at this time when we did (get->*) it we made it all up (what were->or) starting to see now is that as (we->weve) ramped our volumes back up were really not starting to see a big growth in stocks
and involve a number of risks and uncertainties actual results may differ materially as a result of a number of factors including those described from time to time in our filings with (the sec->*)
corporate transient trends to continue i guess what precisely do you mean by that do you just for that segment do you sort of see that as almost flat over the prior year is that declining slightly i just (wanted->want) to be more specific about how youre thinking about it
down from last year (is->*) should we think of it (short->sort) of in line with the june quarter or how should we think about what youre realizing on the gallons youre producing
in particularly in the transportation component plant and some material inefficiencies moving down to the change in all other which is the catchall category was essentially flat
so as you can see 2017 was an active year of beginning to reposition trimas and investing for our future all while delivering solid results
okay q1 logistics side has been difficult because of the tightness of the trucking market so yes we lost a little bit of revenue in our logistics division but not in our last mile
we are also beginning the process to share (backofthehouse->back of the house) resources and expertise as we leverage the trimas model and assist our businesses in achieving their plans and strategies
effective during the third quarter the company began reporting expenses related to its insurance program and other expense general and administrative on a prospective application
just thank you and enjoy the rest of (the->*) summer 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 faster repricing of our liabilities is a result of our consumer book being more resilient to a decrease in rates as well as increased liquidity in the system in general due to overall slower loan growth
to this end we see a significant opportunity to diversify our funding around marlin business bank and to better leverage our capital base through the wholesale credit facility and the capital markets activities i mentioned earlier
you probably know that q1 is by far our smallest quarter due to relative seasonality in some of our businesses nevertheless (were->we are) encouraged by some of those results
and many of you who (were->are) there would have heard them talk about the absolute uniqueness and the value that they put behind our offer were delighted to receive that kind of feedback
a good improvement in our (operate in our->*) asset base and momentum in the business with plenty of opportunities to go for so what are those results
our dividend is a key measure of our returns to shareholders today weve announced an interim dividend of 4p consistent with our progressive dividend policy
(*->it) is important to note that room revenues only declined 07 as a result of the additional day in february and the addition of the new rooms at the boston hilton
furthermore todays presentation includes the use of nongaap financial measures which management believes provides useful information to investors about the companys financial condition and results of operation
that puts us in a good spot for the time being and i dont anticipate any significant growth in that area at this point but we still believe that the all things protein initiative that we have
now for the financial results as a reminder our segment margins are before consideration of unallocated corporate costs such as amortization of intangibles
the reason the provisions required for central america were higher is because in central america the previous provision regime was based upon incurred losses instead of expected losses as it is in colombia
companies in their target market the team has developed a strong pipeline of investment opportunities which they are currently evaluating for q3 and q4 of this year
while we have reduced inventories at all of our locations the opportunity to refill these locations is actually coming (before harvest->beforeharvest) as farmers and commercial grain companies are making space for another year of large corn and bean crops
so i suspect that youre going to see an improvement in those relative numbers in the third quarter because i think films going to be somewhat stronger as we move into third quarter than it was in the second quarter
the leisure and contract segments were led by our resort (locations->location) including the vail marriott and fort lauderdale westin as well as our boston hotels
global demand and processing margins remain very strong for all things protein and the ethanol industry should participate in that going forward as we raise the protein levels (for->of) the products we produce through various technologies
done work in the past which is what else can an ethanol plant do and so while we look across multiple agricultural processing industries and we see that if you can make (highprotein->high protein) youre getting paid for it in the world
moving on to the segment analysis on slide 7 you see that consumer packaging sales were up 2 due most notably to acquisitions
in addition group contribution increased over 8 during the quarter which provides evidence that meeting planners are continuing to spend at their events
small (ruko->rootco) which is not probably which wont meet a mortgage requirement of a conventional bank it could even be a pledge of title (deeds->deads) so the collateral is not very similar so there is a difference in
our management team has recently assessed the viability of development and (validate->validated) there is potential to build well in excess of (10000->100) net new apartments
through the home through homes versus behind the stores i think were going to have a fairly strong holiday season consumers seem to be in a pretty good mood so
display and packaging productivity was negative almost entirely due to issues in our retail security packaging business associated with the influx of new business
is there any reason why you think you might see sort of (assetlevel->asset level) performance issues as a result of that combination or for the most part do you think its going to be a fairly smooth transition with no real (propertylevel->property level) impact
before wrapping up my remarks id like to share with you the 3 strategic objectives that we have established for the next several years as extensions of the new marlin 20 paradigm
this process which begins when documents are generated and ends when the lease or loan is funded is an area of extreme customer sensitivity and is a process that is (ripe->right) for automation
please note that our revpar and margin comparisons are presented to include the shorebreak hotel and sheraton suites key west as if they were owned for all periods presented
where the market is now (is->*) still above where it was a year ago so you are still going to see a growth in q3 relative to what you saw last year
this sales improvement more than offset lower sales related to deemphasizing less profitable geographic (regions->region) and the reduction in turnaround activity due to the impact of hurricane harvey
(the->on) some of the assets that we have to prove value for the rest of the assets and so were certainly looking across the portfolio weve had interest across the portfolio in every (good->*) business that we operate
with your existing capabilities obviously and offering that creating a more commercial business entity from that with (merfs->mirfs) and helping your (customer->customers) source and procure and
we believe that our improved overall financial profile will be beneficial as we engage in discussions to refinance our capital structure
and in terms of pullthrough what percent of these programs are moving into safety assessment today and where do you see that going longer term
and has a lot of the attributes we would be looking for it has transmission (it has->theres) a number of things that make it a very attractive site
with that we would like to conclude the conference call today thank you very much again for your attendance
and as more technology kind of gets baked into cars at the oem level it would seem to create an opportunity for aftermarket sales
and through our established relationships in search were able to open the door and we have a very large culture shaping project thats been launched over there
additionally we have not included in the chart a previously discussed opportunity for an investment in (the->a) natural gas (reserves->reserve)
this was the result of a decrease in retail sales volume due to unfavorable weather and a decrease in weatheradjusted loads
and by doing so we intend to improve the quality of our portfolio but in addition to that were looking at whether we over time want to sell off portions
but overall progressing roughly in line with the plan announced in may
bill will then discuss the financial results for the first quarter of fiscal 2017 and subsequently open the call to questions from the audience
a copy of the press release we issued this morning is available on our website in addition we are conducting a live webcast of this call also available on the site
this results primarily from lower sample volume than anticipated which can occur in the first quarter after the holiday period
extending the maturity date 3 years beyond the credit facilities and providing additional capacity to support our acquisition strategy
and were very very careful in doing that and were looking for the best talent that we can get so expect for us to continue to grow that
(look->luk) i dont think that the growth in headcount is going to be at the level that we have had it in the past from an external
through the actions we have already taken to date we are achieving cost savings that will ultimately result in lower operating expenses
like returning patients back to work or the reduction of icu and hospital length of stay that weve already seen in the (newton->new) study
as well as an incremental benefit from foreign exchange david will discuss the details of these items shortly
today we are not only helping customers protect assets in the cloud but organizations are also increasingly running our software in public cloud environments
the potential for allowing more wind more renewables above and beyond the state requirements
now let me give you guidance for the second quarter our executive search backlog (remains->remain) strong when compared to other first quarters
(*->think that) when we bought it they had about 8 years left on their lease but again working closely with them were hopeful that we can do something in the very short term
and so this is going to be a multiyear program that were going to have to go after and the pace of that will be dependent on resources and again progress and
ladies and gentlemen thank you for your participation in todays conference this does conclude the program and you may now disconnect everyone have a great day
middle of next year wed get a decision from the commission on our action plan as part of the integrated resource planning process
so were probably looking at probably several quarters of work to try (and->*) to primarily educate
however significant work needs to be done as the fixed nature of these contracts become increasingly burdensome with the reduced development
during those initial 5 years main street consistently generated substantial but variable realized gains from exited equity investments
i would now like to turn the call over to (paul->nick) thank you steve good morning and thank you for joining us for todays call
our second quarter nongaap operating income guidance reflects the full run rate of the headcount increases (weve->we) made in the first quarter
additional details on our investment portfolio at quarter end are included in the press release that we issued yesterday but ill touch on a few highlights
while existing customers are rolling out cyberark programs new customers continue to take a more strategic approach to privileged account security
and it wasnt clear to me if there was sort of anything new any new elements to the plan if youve made any sort of strategic decisions
we have continued to apply our enhanced completion designs that have proven successful and new wells are performing in line with expectations
which can be found on the companys website or at secgov main street assumes no obligation to update any of these statements unless required by law
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
how that kind of materializes into bookings and eventually revenue just trying to get a sense of timing of
we frankly took a look internally and decided that we had opportunity we just hadnt taken advantage of in prior years
while the fourth quarter is seasonally our weakest i am pleased to note that we had one of the smallest fourth quarter operating losses since we began reporting
as we have discussed in the past we expect our new product development effort to deliver about 100 basis points (*->of) organic volume growth per annum
thank you mark we clearly have momentum in the market and in our firm and were delivering profitable growth
this reduces cost (to->of) first gas and with the early oil opportunity ready to go (it->*) will help supplement cash generation for this business
coupled with favorable opportunities we see for our private loan and middle market strategies allows us to maintain our belief that the continued growth of our business
well i think theres a couple of things as we look at our mill systems around structural cost (and->i mean) we gave you an example of one we did
yes so we pricing is a subject we will continue to debate as we get more information from our pharmacoeconomic research
today ill discuss our continued progress (in->on) our strategic improvement plan as well as our first quarter operational and financial highlights
we also believe our new operating model will help enable a new endo culture focused on execution and accountability
we also increased our reported revenue growth guidance by 200 basis points to reflect a more favorable benefit from foreign exchange
contributing to the stronger results (from->in) the quarter was mine support services activity at the fording river coal mine in southeast british columbia
they are free to quote any member of management but they are asked not to quote remarks from any other participant without that participants permission
doug will discuss our financial results in greater detail in a few minutes but first ill provide a few comments on each business segment
relationships obviously at the michigan site that we just bought they can work with the same study directors and
i think its fair to comment on the trial that it is the largest global randomized trial
in terms of what theyll be analyzing and then if you could also maybe just update us on cash burn it seems like things kind of came in pretty much in line with what (*->we)
on the cost curve that you would then look to implement in crb take the form more in terms of trying to find (lowercost->lower cost)
europe and (*->the) international (*->scene) is probably a year or 2 behind in terms of the overall adoption of
basically now in front of the bankruptcy (clearly->quilt) are you going to be would you take precedence over bankruptcy payments
what are your assumptions around competition in guidance for 17 on both the liquid and powder and then i have a quick followup
as a result of the new tax law we recorded a provisional tax benefit
but let me highlight why neoantigen selection is so crucial to vaccines success
and this is why we are investing on (fetekro->fetecor) because we believe that there is
midstream continues to be our largest sector fueled by the development of the prolific shale plays
management will provide a brief overview of the quarter and then open the call up to your questions
the performance of this product category was mixed as strong sales in europe
as well as gas integrity projects being undertaken by gas utilities across the country
to be with us for a very long time and these are the financial targets as i mentioned earlier
the mix between our transmission and gathering customers and gas utility customers
i think (are->*) the supply and demand as i said in my color comments i think thats really going to dictate
and (increased->increase) personnel costs from filling global positions to support our growth and diversification strategy
our expectation is that over time we will generate a higher level of revenues in china
we are spending a lot of time trying to figure out which assets are on the one hand
and our efforts to expand distribution are working well particularly in asia
which is somewhat impacted by the continuing suspension of drilling in midcontinent during the sales process
maybe just walk through some of the biggest moving parts in terms of that stepup please
opportunity with it and with that comes more (opportunity->opportunities) so we feel good about the opportunities in front of us
either the overall valuation or execution of something more strategic in nature
as a result we have continued to maintain a very strong balance sheet and are pleased to reward our shareholders
as you have displaced residents and you have responders (*->to)
which are used as an extender filler in paint and plastics applications
additional information on whats going on with rich media in terms of ebooks
in patients with no existing evidence of disease but high risk of relapse
last year the market provided strong support for the utilization of our 2 vessels
to gain a deeper understanding of the surgeons assessment of the overall cartilage repair market
we have certain assumptions in here given the difficulties that weve had in the past
policy like this is relatively new and recent we havent had this conversation in a while
core revenue for the sensing technologies platform decreased low single digits in the quarter
we have a us entity and (we->weve) got global operating subsidiaries right
this healthy growth is (the->a) result of the business development activity in the markets we serve abroad
and my second question is just a point of confirmation so as (you recover->we cover) the profit
we also believe the catarina transaction provides a solid foundation for next years business activity
fiscal 2017 turned out to be a pivotal year for us in terms of realizing gains
we look forward to sharing more detail about our progress when (were->we are) together at our investor conference in may
how (you->*) the flexibility (of having->you have in) that spend depending on what type of volume the market gives you
including the market value of our equity investment (in->at) ashford inc we ended the quarter with net working capital
we continue to look at ideas to monetize those assets but one of the
the revenue from new lines will be meaningfully more than that of our earlier expectations
in the current year and in turn thats actually going to be beneficial for us
i know some of my colleagues in the market might suggest that (there is->theres a)
this outcome does not reflect our view on the outlook and current performance of that business
for 26 consecutive years and were very proud of our track record of annual dividend increases
under which we will be maintaining data repositories for (*->a) provider of information to insurance companies
as it is its my opinion that the market has at least put in a bottom
its probably a little back to the question you just asked before i think when you take a sales team in
which makes this year our best first quarter in our over 20year history (the->*)
increased midstream sales were fueled by several large transmission projects
(in->and) accessing the (dead->debt) capital markets to both improve our liquidity and lower our cost of capital
and can be found in the investors section under the heading events and presentations
and so we certainly are digesting that and spending a considerable amount of time to make sure we do that right
so as a result of that while we have still i think outperformed the peer group
i will tell you that what were seeing is some aspirational prices being asked
we will be extending its mandate to include other digital services and solutions as well
i dont think that is going to be something holding back i think its more going to be related to
and gas utilities should continue with their modernization and integrity projects
and im just wondering assuming there is no global recession in the next few years
on point (one->1) many cancers have a high mutational burden
we will continue to pursue these diversification opportunities going forward
through the increase of financing expenses due to the (revaluation->valuation) of losses of hedging (instruments->instrument)
we plan to continue to reinvest in the business for growth as our top priority
compelling clinical profile and because through our
this call is being webcast live and will be available on our website and on telephone taped replay
we also expect that every quarter will have an increase over the prior year same quarter
let me touch on this latter point when we look at the current market today for
which sometimes we order in larger quantities than normal to save costs
that our confidence in going into relatively
engaged with attempting to win that work and secure that work this year
showing an individuals immune response to their cancer in the lab
the vessel ended the year completing the first well of a 4well campaign for another client
we feel well positioned with the right product entering our seasonally biggest quarters
and thousands more employed in credit lending positions across other businesses
we would like to continue to work on customer return measures improvement to curb churns going forward
asia results were also down on lower current crop sales and delayed shipment timing
is it fair to say that if the year breaks the way you think it will you should do better than that
expanded its presence globally and set the stage for continued growth going forward
we cant say anything until theres something to talk about specifically but
we always said that (1->one) quarter in this business is not really important
this investment took the form of facilities people and services
a brave person right now that would want to sit there guessing the markets for the next few months
everyones reading were certainly looking through a lot of the other peer company filings to get a read on that
(was 34->*) as we secured more contracts and executed at a better level
how many of our units in the market that we are actually servicing and overhauling in the market
(*->to) think about exiting some of those businesses at a favorable point in the cycle
for us (you are->youre) right to point out other parts of the machine would have more of an impact
all this is a starting point with (a->the) caveat that our customers plans can change quickly
before i turn the call back to steve id also like to highlight our disclosure in the 10k
related to the timing and amount of revenue recognized for products in the production process
and i think were basically hopefully getting through that whereby we will be
not only no dividend paid for the fourth quarter but really no mention of strategy for 2019 other than saying
i suggest you at least make it available to shareholders that have been
before we start i wanted to introduce a new member of the board of management
integration expenses and restructuring costs will continue to be adjusted from our gaap measures
and what weve seen in new york for example is that the pricing power has decreased as it gets closer to the day of arrival
have kind of changed strategy through the year thus far in terms of grouping up i mean
this was due mainly to the solid rent increases we are achieving across the portfolio
and so but we do have extra capacity now to get a transaction done and we will continue to search for transactions as we do every day
but also because in colombia we took a more conservative approach to underwriting (certain->serving) opportunities
by owning the supply that goes into at least a piece of that terminal and then using our
probably be the lead in the industry among the top 10 or 15 banks
we will continue to invest in these segments of our customers and
but not only by the carryover impact of the selling price increase of 2018 but also
our outlook assumes that the current business transient trends continue for the balance of the year
has been the upward trend of guideline increases in our british columbia and ontario markets
otherwise the yeartodate changes were either anticipated in our original forecast
with that we would now be happy to answer any questions that you might have
we believe we have a solid foundation and the available capital to grow our investment income
let me start by thanking our team for delivering first half results which met the midpoint of our guidance
and assembly of dispensers and caps for the food and beverage and health beauty and home care end markets
continues to contribute to our ability to maximize revenues in all of our markets
nothing major so were not that far down the line in that process (brian->*)
broadening your search for what kind of assets you would have partners invest in or can you give any
(okay->right) and theyre doing well but i just i dont want to be ahead of the game
and we expect to close the (first transactions->firms transaction) either late this quarter or early in the fourth quarter
okay and is this like a couple of year process to do all that stuff (and->*)
im wondering if you can kind of highlight how you think about redevelopment of existing building versus
but also what was considered to be some economically driven pickup in western europe as well
the proceeds will be used to repay the most of the outstanding balance on our line of credit
(its->it was) a little harder to buy cattle in the beginning of the (years->year) that are going to get marketed in the (*->last) half of the year
if i could start with (the->*) clear lam can you give us a sense as to
id like to share with you the progress we have made in each of these areas since our last call
before providing our outlook ill ask sean to provide more details on our first quarter results
and so i think continuing with a strong gasoline demand (numbers->number) at least keeps the market
tanker fleet that is taking scrubbers closely have you done any work around
and do you feel like the brands greater push for direct bookings is having any
we were facing the fifth lot that was expected to be
well opportunistic share repurchases are clearly at the top of that list
and has really taken the market a bit out of whack this year and out of balance and so
in terms of (farmer->pharma) marketing this is very interesting because we are
including solid contributions from our new franchise and transportation origination platforms
we have also invested significantly by adding capacity for future growth
either through an alliance or through setting up a different model to service them internally
this guidance includes all businesses acquired to date the majority of these
getting our paper mills to make (high quality->highquality) lightweight (paper->papers) that we use
so i think we put on something like 300 loans in the third quarter
throughout the whole year were not seeing price compression in the core channel so it really came from the new channels
these statements are not guarantees of our future performance financial condition or results
as you well know the sector is going through a severe crisis
we (settled->sell) some claims in q1 of this year that relates to the past
once we go to the market we believe that this is going to be an event thats probably going (to->*)
looking ahead we continue to evaluate strategies to grow in the netherlands
and but obviously hes trying to win pennsylvania as well and i think that so we have to deal with that
following their remarks we will open the line for questions with that im pleased to turn the call over to mark
as a consequence we are pleased to see that the margin is progressing
central america will expand faster than colombia due to its more robust economic performance
and set up pretty much from scratch new plants in eastern europe
im excited to be presenting the first set of results following our recent acquisitions
recent choppy business transient trends continued during the first quarter
and how do we make the business continue to make it better
to match our capacity to demand on the automotive side of that business
yes (*->im) i want to do this on a real broad basis because weve just started the process
whether this is perhaps accelerating some discussions
in your mind that you really need some sort of change on the tariff structure in the export market
we are determining the next several locations where we would deploy technology to increase the value of our products
we continue to have no direct exposure to the oil and gas or commodity sectors
uptick were seeing in the containerboard market and particularly over in the medium business
and there have been discussions about whether you may be looking to sell or piece out the business and
we are proud of how these initiatives have played out in our portfolio so far
as a bank and so the emphasis at the branches is very much
of conversion from natural (grass field->gasfield) to artificial turf
along with (acquisitions->acquisition) during the past year allowed us to grow revenue just slightly
but the (stronger->chicago) market still has remained one of the weaker spots while everything else has been
the negative impact of the currency devaluation of last year
on the average cost of our investment this is consistent with the prior quarter
fairly good at recovering what those costs might be on the paper side of the business
the situation will certainly get resolved but we do feel that there is sort of a positive
largely driven by increased demand and a slight increase in (rates->rate)
and the intention would be to refinance it
okay that sounds good and then the other question i had was
you might come up with a number that might be different than what were coming up with but
where we have invested in major capital projects
in the case of other sectors a better domestic outlook should grow (investments->investment) levels as well
premiums are you getting to your regular rate
and believe that our asset management platform is among the best in the industry
the quarter also demonstrated a significant accretive growth
thank you very much for your attendance and questions and i wish you a good day
(of->*) whether its by geographic region or industrial versus consumer
the differences between gaap and base earnings are summarized on this slide
(*->the) third item to note is that the increase in spending within operations and maintenance is largely attributable to placing (carty->cardium) into service and legal expenses related to the (carty->cardia) litigation
please note that information reported on this call speaks only as of today november 2 2018 and therefore you are advised that timesensitive information may no longer be accurate at the time of any replay listening or transcript reading
how many of those do you actually have a relatively high degree of visibility on in terms of either specific date certain (packet->pack) expiration or a settlement obviously the fda hasnt been doing
the opportunity for savings has led to the hiring of an additional purchasing resource that has started within the last month to assist in identifying and executing on existing and potential cost savings
in addition to the impairment charges related to our generics reporting unit we also had impairment charges related to our international pharmaceutical segment driven by a change in the expected future cash flows from those respective reporting units
absent reversal by the ninth circuit pges claim against the surety will be tried in 2 phases the first phase will be will determine whether pges termination of the contractor was appropriate
(their->theres) strategy and a whole bunch of other things that companies do and i think the human capital equation is whats really over the last couple of quarters beginning to come through in that growth agenda for these companies
over the first quarter of last year the increase was driven primarily by the microbial solutions business and the avian business also had a good quarter microbial solutions first quarter growth rate was moderately
but again its going to be based on a disciplined return on invested capital approach as opposed to just putting them out there and not getting the kind of return that we all want to have from our assets
capital levels asset quality and efficiency so very very exciting for our whole team to cap a year of hard work and seeing the results of that work so at this point im going to turn the call over to mark to go deeper into the financials
combined cycle units with lots of flexibility to batteries that would help us at the top of the stack around regulation and (reserves->reserve) so were trying to look at the whole (gamut->gambut) but that will not play out until we issue the rfps and
turning to slide 10 actuals compared to guidance production was in line with the midpoint of guidance despite proactively shutting in production in appalachia due to low regional natural gas prices
and then obviously (its->this is) a good marketing tool and hopefully will help with (devaluation->the valuation) of the stock but would you say that at the margin this move reflects (an->any) increased confidence you have in your ability to realize gains from your portfolio companies
were very pleased with the sales performance weve been transitioning a number of tenants as i said we bought a neighboring property and then were really trying to maximize the use in the center the nature of the uses and (have->*) been elevating the overall
were looking at some alternatives (of->on) what we might do with those either with the contractor or with some third parties that is not included in our capital budget estimates for the rest of the year though to your point okay
referring to slide 2 id like to make our customary statements regarding portland general electrics written and oral disclosures there will be statements in this call that are not based on historical fact and as such constitute forwardlooking statements under current law
we believe that we have established a sophisticated and disciplined integration process leveraging dedicated staff and improving upon and learning from prior acquisitions especially (wil->will)
we attribute the first quarter operating margin decline largely to timing and believe the margin will improve sequentially in the second quarter we will provide further details on the operating margin shortly
we can achieve the greatest impact for them and drive profitable growth for the firm this is our biggest initiative as an enterprise and is the major focus of the regional consultant conferences we are hosting in the second quarter
in this context we have also identified somar as noncore and will be conducting due diligence on divesting somar in order to focus on regulated markets in developed countries
got it and youre still not expecting to be (i think->*) michael on that point i think what you could do is you (can->could) look at the capital we do not use bonus depreciation havent used bonus depreciation just because of all the production tax credits we generate
sure so very pleased with the stabilization of that business and the strength of the discovery business in totality you all know that we got into this business
tax savings would be focused i mean maybe you could just share a little bit are those areas that youre currently investing in (or theyre->are there) new areas that you plan on investing in just trying to get a sense of where the reinvestment would be directed
clients come to us because we have the expertise to help them derive and maintain their proprietary model (colonies insourcing solutions->colonitions) revenue continues to increase
we saw the impact of foreign currency conversion variance of foreign subsidiaries due to (the->*) stronger yen but crop protection chemical shipment increased in overseas market
and earlier this year we announced that we moved our headquarters office from new york to new jersey not only reducing costs but also providing additional opportunities for collaboration and innovation
in mid2013 we decided to make the supplemental dividend semiannual paid in june and december we have continued this practice through the december 2018 dividend we declared last month
the projection that we put out there for sailing days is reflective of the discussions that weve had and the nominations that weve had from the customer
revenue growth in the segment is attributable primarily to pricing increases for both hot mix asphalt and aggregates in aggregates which on a dollar basis (comprised->comprises) our single largest product in this segment
an economic objective of what we are trying to achieve and my comment (in the->and) statement was the pipeline was looking good (it->*) was really coming from the fact that the traction that we have has been very good (and->*) at least to this point
a large number of infill well locations have been identified and progressing the drilling activity will help to stabilize production after a couple of years of relatively low activity at the field
to give you more detail on this restatement we use an internally derived standard currency exchange rate for our constant currency sales and reporting segment results this standard fx approach is designed to give a more consistent longterm view of results
thank you fiscal 2016 was a rewarding year in which the hard work difficult choices and strategic decisionmaking of the past few years has (lead->led) to a significant improvement in our financial performance
i would tell you as you look out over time absent any new technologies those numbers start coming down because (we->weve) pretty much saturated the market with things like led lighting and more efficient appliances and things like that so
to allow us to take on whatever orders come at us have the capacity to deal with it and not be sitting on excess capacity when we dont need it or dont want it so
so in the first quarter it remains unchanged similar amount is going to be added on and by the end of the year you wish that it will go away thats the expectation
we knew we were going to experience that as the timing between the introduction of the new vessel and new contracts that we had signed for (that for->*) the new vessel came together
we dont plan on drilling full density down there yet until we finish building out the (upsized->upsize) midstream thats going to be required but we will have more well results towards the end of this year and (the->*) beginning of next year
affect the market in china is not of the same quality normally (than->that) eucalyptus a lot of people use eucalyptus because they have new machines
we have been experimenting with larger completions in some of the codells weve been really trying to strategically locate those so we have a good control on the tests that were doing
have you seen any changes are you still able to attract and retain people (and->*) do you think therell be any impact on wages just give us a quick update on the environment in the philippines
second as a result of the reorganization a few significant customers moved between markets most significantly the repair center customers are now managed and reported in the retail market
our new home sales are generally allcash transactions to customers who are using our homes as second homes and want to escape the harsh northern winters we see high demand for our homes and communities
this is why we will move forward with shaping new business models by leveraging our ingenuity with pursuing the creation of business value that contributes to society
thanks (louis->lewis) i would like to thank everyone for joining us today extraction continues firmly on its path to achieving its previously disclosed growth targets
has been in pilot mode for a while now and so the sellers of that solution are the verizon sales organization
please turn to page 3 of the materials next i will talk about our management approach over the next 3 years to achieve our overarching objectives
in the past it was more about having big accounts and whatever they did regardless of whether they grew or not you did really well now you really need to grow to continue to increase your (earnings->*)
in the near term this means (were->we are) taking on more inventory and holding it longer in order to service this market therefore we expect to see some fluctuation in cash flows as we work through these changes
these businesses we build and firms like us build them and they buy them and they operate them i think very well so i think theres a nice model of firms like ours build them
with this foundation in place we found an excellent merger partner in cascade a strong community bank franchise that represents a good strategic and cultural fit for first interstate
well i think it should be i mean thats part of what the message is both internally to our team and externally is as (we are->were) reorganizing (anil->aneel) were showing up
and they want to renovate and they and so it becomes much less of a contractual conversation than it does a business opportunity conversation
in addition when you think about some of the large projects that are pending as well such as 5g perhaps that will be next year well start to see some impact of that
moving towards the premium end of the sectors in which we trade systematically raising the quality of amenity right across our portfolio and getting on to that 6 to 7year cycle of investment that tim talked about
despite (of->*) those things (*->where) we were able to report profit growth for the second half of the year so more of that later id like to start by saying a little bit about the macro environment we find ourselves trading in
and we are on track to accomplish both (of->*) these goals in fiscal 2018 we do anticipate some fluctuation in our financial results this year as we implement a number of strategic changes across the
this growth was offset by volume fluctuations with several communications clients and certain program completions including the impact of previously divested bpo businesses
have you clearly youve probably looked a little bit at them can you talk at all in terms of what the opportunities are there because they didnt really seem to have much volume effect at least that we could see
and youre right there has been some other activity up there from some other operators and the results weve seen thus far have been pretty encouraging for what we plan to do on our completions very near there
is there anything in the works in that regard that you think might be helpful to the longerterm secular outlook for the food can down the road thats real and not (pie in->buying) the sky at this juncture
as most of you are aware this decision was in line with our strategic focus on our core business namely the success and profitability of our franchise restaurants
we do expect the changes we have made and continue to make will result in some fluctuation in our results during the remainder of the 2018 fiscal year
to hit the plan that we are expecting ourselves to hit with regard to the regionalization of the sales organization coverage our ecommerce tools
weve also differentiated our service by continuing to provide customers with education highquality reviews and contracts that let them flex their demands
(wed->we) like also to restate our satisfaction with the excellent response our margins (have->*) given to all the profitability (protection->profession) measures implemented within the group in the previous years
(the->*) increasing buying power with landlords should enable our franchisees to secure more favorable terms which will further improve their returns
during the fourth quarter alone we rolled out a new digital banking platform and a number of (enhancements->enhances) to our accounting system with a new general ledger and accounts payable system
with these categorizations we aim to clearly distinguish between businesses suitable for rebuilding businesses for divestment and so on
turning to our third quarter results there was a significant sequential improvement in our financial metrics in the quarter driven by the transition to the new ascension agreement
we really look forward to providing you with more color on that next quarter we are getting down to kind of the blocking and tackling phase there are some big deals that were working on to
while the company may elect to update these forwardlooking statements at some point in the future accretive health specifically disclaims any obligation to do so to reflect (the->*) actual results or changes in factors or assumptions
we are assessing which areas will provide the quickest return on our investment and (that->*) result in additional longterm growth opportunities
the contribution from acquisitions was higher than guidance mainly as a result of the resumption of operations of tropical palms rv resort during the quarter following termination of the ground lease
he can best be described as an operators operator and in a very short time he has established a very strong rapport with the franchisees
and that most of our pads are new horizontal production that can tolerate the higher line pressures id also like to point out that when you look at our enhanced completion results
yes theres a lot to that question you got a lot of moving parts going on there so obviously youre getting some improvement if you look back over the last couple of years youve had these costs that were investing against (*->and) so
please refer to yesterdays earnings release and our most recent filings with the sec for additional information regarding uncertainties that could affect our future financial results
we put people processes and technology in place to enable us to expand from a local community bank into a larger regional community bank with a broad multistate footprint
accelerate weve built out a very strong inventory of permits this year in multiple areas that could address any type of pipeline concerns or that so
before i turn the call over to (aric->eric) i wanted to give you a recap of our tessco one event which was held in early april tessco one is our annual conference
the new tesscocom has moved many of our key functions to the cloud laying the foundation for more advanced functionality which we plan to introduce later this summer
we believe that we have developed (the->a) claim department structure and process that combined with (the->a) highly trained and centralized staff provide the foundation that allows us to build on our success in the area of transportation
so its a combination theres just not one easy answer and i can tell you were very dedicated to those practices those geographies are very important to us we have outstanding clients in those areas
i also want to salute the heroic efforts of our aramark team members who supported our clients consumers and the broad communities in the face of several unprecedented natural disasters and (wholl->who will) continue to do so with the cleanup efforts that lie ahead
larger partner and employee footprint so they can weather some of these storms probably easier than we can i think but i think the premise of your question is accurate
representing an effective tax rate of almost 49 our gaap tax rate for each of the upcoming quarters is difficult to predict and could be volatile as the rate will be dependent on several factors including the operating results of our us and foreign locations
and in an improving economy that can have a much more positive impact in our business and thats why mark were very excited about adding this element to our management team
for the first quarter of fiscal 2019 on slide 10 you will see the progress we have made in our expense structure and corresponding improvement in our absorption rate over the same period
or rural oklahoma are going to match new york city exactly but i think we have room on the penetration side and we are going to aim to get there with a balanced mix of rate and volume
to an operating model that will drive certain sales functions centrally this new model will drive a sales engine on an enterprise level to support and supplement the critical account development and management activities happening in the local markets
we provide this critical service in steel mills in the pipe processors operations in the pipe yards of (*->our) oil company and distributor customers on the rigs that run the pipe and pull the pipe and in our own network of pipe inspection yards
and that nov can bring proprietary tools to oilfield service companies to deliver these wellbores we believe that composite technologies will defeat corrosion in the oilfield the most expensive production problem that many of you probably never think about
she will also continue to build our change management services which are increasingly in demand in every changerelated project as more and more of our client base understands that you have to address the people side of transformation too
(you->youll) probably continue to see some margin pressures the first quarter or so of the year with (a->*) very strong margin (pick up->pickup) as we get through the onboarding of this new business and some of the (cost->costs) related to the startup (for->of) that new business
due to the timing of reinvestments and new account onboarding with regards to the first quarter were expecting earnings to be comparable to the prior year as the impact of the new account startups will be most heavily felt in that quarter
interesting to note that when we reduce prices on faster tiers arpu actually goes up because selling goes up and our already low churn is going lower
our foundation was built on our ability to provide highlevel professional services and counsel and while weve done extremely well in the actual work we have not kept pace with our skills in developing client opportunities (in->and) new business
with that ill turn the call to (cathy->kathy) to talk about financial results and guidance thank you (mary->barry) ill start by discussing our capital markets activity and balance sheet followed by our financial performance for the third quarter
they can lease that intellectual capital for when they need it and for how long they need it we continue to educate the market on the benefits of the sharing economy as it relates to professional work and the agile workforce
we saw a modest slowdown in the pace of residential construction in the fourth quarter as an uncertain interest rate environment led to moderating activity from homebuilders and home affordability continued to be an issue
(per hour->pur) of the traditional yoga content is much lower than it would be for the (seeking truthtype->seekingtruth type) content that has the animation and the postproduction value in it and i think the other piece here is as weve launched the transformation channel and were trying to
he has been a key contributor to the development and execution of the companys strategic plan and has (played->laid) a strong financial foundation for cable one to continue its focus on driving growth that is profitable and sustainable
played out in q4 and that was q4 was going to be the first year first quarter where we saw growth for the company for the enterprise within the framework which we did
one major oil company reported it achieved 25 higher flow rates from its gulf of mexico wells by running internally coated tubulars i would add that the cost of failure of internal coatings is high thousands of feet of peeling (thermoset->thermostat) plastic can easily clog up a well
in closing 2018 will be a pivotal year for the company as we drive continued growth in our base business by executing against our strategic imperatives and we also (began->begin) the integration of 2 strategic acquisitions
but things are looking really good our permeability results are as good or better than we expected on the agglomerates were really pleased with the characteristics (with->of) the (agglomerate->aglomerate) so we now are starting to stack it but it is a big (heap->heat) like you say
but most all of the waste we (mine->mined) does stay underground we dont really bring much to the surface at all and actually we supplement that waste with tailings from the plant to help with the fills (great->*)
next i will outline the strategic (initiative->initiatives) we have launched to improve our profitability and revenue generation i will close by reflecting on (our gps->rgps) vision and the relevance of our business model in todays economy
please review the cautionary statements included in our press release and presentation as well as the risk factors described in our most recent form 40f and the annual information form i will now turn the call over to michael
allowing them to drill at an average rate 79 feet per hour faster than a direct offset which used a standard agitator in colorado the agitator he allowed another customer to drill with 22 less weight on bit
that all makes sense evan and then maybe just turning to nonres it sounds like outside of (the slip->this blip) in february you feel pretty good about the end market and you cited a number of areas where projects continue to be strong
(*->it is) actually amazing in (newwave->new wave) i dont think we can make a judgment call on the new pricing there because we have put so many
we have built this relationship over time and as a result of our fourth transaction with them they are now in our top 10 as of the end of third quarter we had 19 vacant properties 13 of which are gander mountain properties
across lines of business and geographies in fact were entering 2018 with one of the best years of net new business performance in the companys history which gives us confidence in the revenue growth within our multiyear framework
(*->the) historic foundation of (our gp->rgp) has been a lot of finance and accounting professionals who are very comfortable calling in those functional areas in a client our business development folks
as i discussed earlier we did accelerate some of our new equipment purchases into the first quarter of fiscal 19 due to the increased lead times and potential steel surcharges
agencies and business lines into the partnership over the balance of the year theres one and then theres 2 more that will occur
as well as the addition of engineering talent we added earlier in the year to support newly awarded programs
this was the fifth consecutive quarter of organic growth at or above 6 for the company on a combined basis
our team in south america has been managing through this downturn exceptionally well and we expect they will continue to do so
i think the benefit we have here is the alignment with cat and finning we are fighting tooth (and->the) nail to make sure we
for the quarter to show up and it has this quarter where each of our hospitals are in the overall results
who would make the decision to go forward with (the->a) twinshape (duct->gut) and when they would make the decision and about all we know is
we look forward to continuing to execute on our strategic initiatives and driving value for our shareholders
grew very fast and now we are investing in (lanvin->lavon) because we think that (lanvin->longon) has
in the fourth quarter of 18 and this initiative of liability management continues underway
thank you denise and thanks to all of you for joining us today to review the financial results of immucell corporation
while our management team has been very mindful of its operating performance we are also focused on improvements to the balance sheet
a few things going on that are moving us in the right direction and i think if you look at
at the end of 2018 there was impact from volatility in the capital (markets->market)
as you can see the actions were taking to improve performance are delivering results
right i think the biggest problem is whether or not you can (tuck->truck) that efficiently and effectively (longterm->long term)
we hope the industries and the cities can be better integrated
to the wellhead so we view right now (is->as) kind of a (wait and see->waitandsee) we think (that->a) lot of people have rushed in there
our progress towards operational excellence throughout the year was highlighted by the transformation of our canadian business
we had strong financial results (we->lee) will give you specifics later in the call
that it cant last obviously too much longer but i think we need to be prepared for a couple (of->*) quarters
here you can see the results of our strong underwriting discipline as there are only 3 loans delinquent greater than 90 days
activity in our industrial business is being driven by a number of new product developments (we are->were) working on
i encourage you to review these reports for the full details but i will touch on 5 highlights here
and so now youve got the same amount of liquor stores competing for less business with less people
we have achieved the level of market penetration we need to build a profitable and selfsustaining business
our team across the globe continues to identify new opportunities to add value to our existing customers
as well as largescale gathering systems previously located within our central operating area
we continue to differentiate our organization based on our results in quality and patient safety
these are the strategies that have and will continue to drive shareholder value
speaking of those wellsite solutions were seeing increased interest in our solutions across all basins
industrial operation and investment strategy so now you want to directly face up to the capital (markets->market)
(a->*) this was a very positive year for us i feel that our business continues to be headed in the right direction
insufficient pipeline takeaway capacity continues in the permian as a result of that aggressive spend
last quarter i said that to achieve our operating margin model we needed to manage our operating
we must be profitable every quarter and we are actively seeking improvements every day to deliver on that goal
and while a change could impact our cost of rewards going forward its important to remember exactly what we buy
the slides as we normally present them are available as you can see and of course were happy to answer questions on any of them
there are several drivers that impacted our results in the quarter and i will cover them in more detail starting with volume
in addition we continue to move our product mix into alignment with the industry average
but depending on the outcome of consideration in washington of everything thats going on
slightly lower than the list price of other brazilian players thank you (and->henna) i would like to start
as they think about how theyre going to do their quality and their inspection and those types of things
we have a great product development team weve added to that recently to build that team up even stronger
last year we saw (*->a) little bit of (fall off->falloff) in volume in late december even though it was a relatively strong market so
in addition to our strong q2 financial results and establishing a reinsurance agreement
i need to inform you that some of the material that we will be discussing today constitutes forwardlooking information
given the market environment and our outlook (we are->were) in the process of taking further actions to adjust our business
comment on their reaction but i think everybody would focus on the same thing theres 3 years left to run
(outcome->outcomes) of (an event->events) timing and performance to differ materially from those expressed or implied by such (statement->statements)
as i (emphasized->emphasize) during the presentation our objective in this transaction was to show
youre going to have to exclude some of the severance thats associated today with that
before we begin with prepared remarks we submit for the record the following safe harbor statement
we continue to believe that any such action would not have a material impact on our business
before i talk about our future id like to review a few of the highlights included in our first quarter press release
some of that reduction (though->*) on the wet side has been offset by new drilling in the dry utica and
as you are all aware discussions regarding health care reform continue
changes in law or regulations and other factors many of which are beyond the control of the company
collectively these facilities will provide lakeland with the capability to nearly double existing manufacturing capacity
for sharebased awards for accounting and tax purposes are recognized upon vesting or settlement
business there would we actually see a margin lift in the second half from that or are some of (*->the)
particularly in the permian (will->well) still need to be satisfied primarily by northern white sand
guided volumes are below where (your->youre) contracted or correct me if im thinking about that incorrectly
cost and then we can do the business well then we can see further opportunities
in south america reduced mining activity impacted our product support revenues in the fourth quarter
we look forward to many years of increasing profits and higher returns to shareholders
new record premiums every quarter a trend we believe will continue for the foreseeable future
in addition to these great results let me provide you with a few more details (in->on) our bookings numbers
is important to us to bring those hospitals into the system well
related to the uplift of the building in sherman texas and the delivery of capital (equipments->equipment) for that site
were continuing to work on (the->*) remaining regulatory approvals for this critical piece of natural gas infrastructure
is important to emphasize that our own manufacturing around the world and maintaining a high standard of quality
ladies and gentlemen the conference has concluded thank you for attending todays presentation you may now
is the stability of ebitda the key differences in the cash flow performance relate to the reversal of temporary working capital (benefits->benefit)
product (lines->line) so it would be good both from (a->*) overall credit performance as well as overall profitability to continue to grow that secured mix
is that it does enable us to focus on underwriting discipline in the areas of our portfolio where prices and margins are most under pressure
and in part the reason for that was because of the very significant improvements to operations and the improvements to (costs->cost) that had occurred and the new discoveries that would further improve that
so is it fair to say that the earnings contribution is also 75 because it sounds from barrys comments like it might be a little more profitable
the ideal patient would be both one thats potentially in an institution in a hospital environment as well as (an->*) outpatient
negotiations for the sale of the melbourne domestic terminal are well advanced and we are expecting to receive the proceeds in the second half
i still dont quite understand when you say you have better quality revenue in that segment this year than last year
came out of the system it went all the way slowly every day (with->was) less and less until the end of march so by q2 of this year
also recall we tend to have seasonal releases in the first quarter and builds in the third quarter in line with our reserving processes
(i->*) also (*->i) think just in terms of diversity were just seeing it really across almost all of our markets
and the backlog and outlook are improving from this segment mistras has demonstrated its ability to manage through the volatile oil and gas market
so it is its more of a virtuous circle i think as we added more (dealer->deal) locations and rental locations
the expectation that demand growth will outgrow supply growth this year and potentially also in 2017 is certainly a step in the right direction
we received (the->a) quality improvement award from airbus for our commerce california plant which highlights the great progress we have made over the past year
i will mention that this years second quarter had (one->1) fewer business days due to how the easter holiday fell into the second quarter this year
we continue to believe thats the right range although i would say were on track to go towards the high end of that range so
owing to our preference (of->for) profitable growth rather than growth for (growth->growths) sake as we believe that this sets us up (for->or) even stronger
is there a need to sort of grow that business in different ways are there products are there strategies et cetera that need to be added to this and
prepared in accordance with gaap a reconciliation of these measures to the most directly comparable gaap measure is available in our earnings release
our rieke business has developed a unique and innovative locking technology that provides our customers with solutions in a demanding shipping environment
of course our call wouldnt be complete without a discussion of recovered paper prices which continue to confound most of the experts including us
(look->*) we pay a lot of attention to the mla we understand sort of the implications of what can and cant be offered and we sort of probably made those modifications about a year ago
look into the future of reserve releases which is difficult but what this chart is telling you is that our view of the reserves (in->and) our balance sheet
enjoy a very distinctive profile with that product set and our brand in that marketplace and the reputation that we have for service delivery
the reason you want to do that is it speeds up the information it makes information transfer much better again all this is really based around
we expect increased recoveries (in->at) chapada with those modifications that have now been implemented and will begin to take effect in the second quarter of (the of->*) this year
and the number of skus you can simplify the business a good bit and not really have a significant impact on your urb demand
one right now however some of our customers are late launching new drug trials the number of drug trials or new launches are down
i guess putting sort of (back office->backoffice) items that were done at the independent businesses back into corporate is that sort of how to think about it and then could you just quantify the benefits there
i think itll begin to level out over time i think theres going to be a big push on how (*->do) you do that the corrugated is still there you just have to go get it differently
youd see some improvements with the new planes coming in are there other things you can do in the (shorterterm->shorter term) do you reconfigure the planes that are on the (other->*) routes or
focus the business on (*->it on) a monthly basis so thats why were getting the averages down so historically and (youll see in->youre seeing) a lot of companies
we have identified and continue to identify opportunities to leverage resources within trimas and this is a perfect example
as i (said->say) qantas loyalty achieved yet another record performance as both the coalition and the new businesses continue to expand
now when you stare into that its also very clear to us (the->that) majority of that shaping is happening on key competitive markets for us right now
that gave us confidence to launch the titanium (card->carrot) which was launched by olivia last week and its another innovation from (qantas->quantas)
whilst gsl is fully independent from cma cgm we maintain a strong working and strategic relationship with them
(*->and) the enterprise side and in a way i think the approach weve taken in addressing that competition is somewhat different from (what->a) globe
to account for both the impact of second quarter utilization and also the impact which we (assumed->assume) that that new mix
to augment our existing technical capabilities which will allow us to monetize our existing generic pipeline in a more timely manner
and we tend to focus on something that is geographically additive to our existing footprint when possible
to that end weve identified a number of initiatives to improve customer engagement including raising brand awareness and refining our technology
for the macro backdrop i think that the reality of what is happening is that there is an even
finally while weve been very effective adjusting to the current environment we realize we must continue to improve our operating structure
we tend not to hire too much in the first half of the year but to do more of the hires in the second half
not only by demonstrating resilience and stability in a challenging market but also by being well positioned to thrive in the eventual recovery
our focus on improving the value of the program continues with significant expansion in partners over 90 added in the half
so just given that this is going to be expected to be longer process than was originally planned we dont expect to get it in this half
people in other parts of south america so it seems as if theres a paradigm shift that has occurred in argentina because of the new government
the overall architecture even if the shapes are not finished and what you want to do is evaluate exactly if your arm is going to be an antenna
that would not be as big as what people think at the beginning but will expand on the way forward
and we continue to develop operational execution and pursue potential to create further value why do we focus sometimes
in addition we separated our underground gas storage activities into a
i think more interestingly is our revenue by type one of the things that we talked about very early days
to the extent that libor continues to increase we anticipate benefiting from higher interest rates in future quarters
(thats->past) the quarter now ill step back and talk about a few accomplishments during the year which will deliver (our->*) longterm benefits
(*->and) keep in mind we talked about before these restructuring activities part of that was ensuring that we had the right
and if youre in the data and information business mobility and mobile responsiveness is key for your product format and product presentation
is your relationship with your authors one of the great strengths of this business is cost of goods sold relative to the return
and more importantly we continue to make important investments into our business to set us up for the future
but not very attractive given that it would only likely attract more of the types of issues we (experienced->experience) in alberta
and continued focus on improving agricultural yields for (*->a) growing population and shrinking arable land base
our assumption in terms when we made the guidance was for flat pricing over last years (level->levels)
we have some price increases already in effect and are in the midst of negotiations with additional customers
we are moving slowly to becoming more of a digital and data business and that capability is something we will build over time
this business is now firmly organized around market verticals both in terms of sales and editorial
we encourage you to review the companys annual and quarterly public filings on sedar or on the companys website
(*->and) we are confident our recent service initiatives will help drive continued improvements across our entire portfolio
to provide larger and more comprehensive capital solutions to our borrowers than tcpc could pursue on its own
and diluted shares may fluctuate due to both share repurchases and (the->*) dilutive effect from the outstanding warrants
while foreign exchange rates are less favorable than in 2015 they remain very advantageous
and as we have always indicated well have a substantial haulage cost to the fringe of our served market
as such we expect manageable credit costs while much of the provision for credit losses will cover the incremental loan growth
weve got about if i remember (right->*) 40 of our loans kind of in the near term are impacted by the change in rate
this starts to demonstrate the progress on our objective to improve the groups revenue performance through the period of the growth acceleration plan
and then turn the call over to mays to finish out the deck thereafter (well the->wed be) happy to entertain your questions
so it did draw more on the revolver to your point that there was more funds put in
and then lastly cortland has also improved in profitability we had made some major restructuring actions
was how did we begin to shift the mix of predictability and future visibility on the revenues and
equity market or equity issuance via atm or other means once youve achieved that target leverage
i think the analogy with george is similar to the journey michael and the merchants have been on
this strong and consistent cash flow provides the opportunity to position our company for future growth
this quarter versus last year is that we put on a couple of salesmen who (were->are) not yet covering their (nuts->nut)
where we continue to experience strong end market demand for our personal safety solutions
which are closest to professional activities and professional accreditation and thats an area both in books and journals
in which we see a lot of activity in the economy overall and we intend to continue to be active
to see what the best option is from a financing standpoint but again well keep options open for us
increase requirements for the marine corps and also for foreign military sales thats certainly good for us
we probably wouldnt be looking to specifically
this is a good example of (type of->*) the type of product lines acquisitions we intend to make within the tool space
you would actually like to spend a little bit more (or->*) where you have some more projects in mind that you could invest in
this was offset by the positive impact of sales mix and some underlying (pricing->price) increases
and from the successful execution of certain transformation initiatives that we outlined during our investor day
right and thats very competitive what (with what->*) other if you will (correspondent->corresponding) banks are paying for
if that will be accurate but today it looks like the trough and so we see clear acceleration of
because we were so concerned about the amount of stock we were willing to sell and the price at which we were willing to sell it
the consolidated results are (a->*) continuation of our performance from the fourth quarter of our last fiscal year
we no longer have any convertible debentures outstanding and we are a company that generates a significant amount of cash flow
reflected in the lower left is the change in the mix of earning assets as a result of this mix shift
i will now turn the call back to ken to go into more detail on our operations during the quarter
it might not be have a big impact but we certainly expect it to have a big impact in our ability to continue
because it does have an economic value and it does often translate into a monetized value that
we would certainly comment on it as soon as we could in a call or other open environment
we encourage you to review the disclaimer in the press release or the slide deck dealing with forwardlooking information
definitive agreements between the company and new gcu have not been signed and key terms remain subject to analysis
despite the decrease of the market
ill now turn the call over to danny to take you through an update on our corporate level activities and financial results danny
(all->both) of these transactions are described in recent news releases and brian will speak more to them later
and summarize our new product launches we acquired a specialized tool company called equalizer in the corner
and we felt good about the fundamental sustainability of where we were in academic
there were still in relation to the size of the business there were few enough left that even though we lost some at the end
to go through that and (*->an) ongoing weakness in its primary operating unit
groundbreaking shift in the way were doing business or the discussions theres no question
the investment portfolio has now grown to the appropriate size relative to the size of our balance sheet
rising environment versus the last time we experienced fed tightening where the beginning of the trend lines
for example our voluntary early retirement program will be a key contributor this year
this will offer us the chance to sell into (the->*) consumer side of the business with our present and future distribution channels
and thats why were seeing diminished impact from
working for us in a slightly different structure but one that we still thought was economically appropriate
we see we consider it a fairly normal inventory channel level in our consumer channels
anything sort of unusual in the 3q mix
you may recall in december we announced the sale of our identity management business
expected future developments and other factors it believes are appropriate under circumstances
as (gareth->garris) said its quite an interesting junction point for us that we find ourselves at the half year where this is the biggest profit contributor
we saw strong performance across all of our businesses this quarter which we believe serves as further validation
lending (lines->line) and it would not be inconceivable for us to make a small acquisition
please note that the companys actual results may differ from those anticipated by such forwardlooking statements for a variety of reasons many of which are beyond our control
that really relates to largely special proxies in addition to what dave mentioned specific to this quarter
and during the first quarter we enjoyed steady rates (and->in) charter activity supported by strong underlying demand sustaining firm prices
please refer to the companys earnings release that was issued today for a reconciliation of these nongaap measures to their most comparable gaap measures
looking at first quarter sales february sales were impacted by the slow start to tax season and lower refunds during the month
be (super efficient->superefficient) to send these patients home and they all (have->had) to be educated it just takes a long time so i think (theres->there)
material new product development initiatives and marketing to improve both the vitality and the strength of our product offering
including approximately 80 basis points of a negative impact related to the adoption of (a->the) new revenue recognition standard
specifically when a customer (asks->ask) us to do a site survey that survey usually follows with a proposal and we close a large number of these
specifically a lot of (the->*) agents werent in place at the start of the first quarter and a very significant number (of them->then) were still onboarding into the first quarter
the specific elements that are linked to the judgment this is a dynamic situation
(continued->continue) to have parties that have been talking to us for quite a while the number did not change when we
as well as innovative solutions as we accelerate innovation across the company were introducing machine learning into our product capabilities
with strong operating margins and earnings per share on revenue that was down a bit compared to the same period last year
by the end of this year that details the initial safety and antitumor activity observed in the (doseescalation->dose escalation) trial
really excited about it the compensation changes are intended to recognize and galvanize a really talented team that we have at first merchants
affected we have certain scenarios and were able to identify certain customer groups ourselves on our own
partially offset by higher investments in support of our strategic priorities and the negative impact of the revenue recognition standard
with that being said we continue to believe that we have the potential to hit our prior revenue targets (and->but) we want to guide external expectations
and then ill let mike talk about the competitive aspect yes in terms of the competitive (aspects->aspect) as it relates to driving pricing i would
in terms of our cooperation im trying to click through to that slide so we can all look at it at the same time
we achieved last year and in the early part of this year i think that latter factor will continue and we may see a little bit of upside
talk a bit about the kind of the shuffling of the project pipeline that you just mentioned and it seems like its something thats been kind of happening
today ill be talking about (the->*) business in some detail and then ill turn the call back over to bill our chief financial officer to talk about our financial results in the quarter
we purchased the bank in june of last year so our 20 equity stake
i want to spend the rest of my remarks this afternoon updating you on our progress in preparing for the accelerated approval application
exceptional service and process knowledge to support our clients when where and how they want to work in (a->the) digital world
process which is going to be a great strategic advantage for us to now use these direct contracts
we are also beginning to see tangible benefits from our efforts to reengineer and streamline our internal processes
additional information concerning risk factors relating to our business prospects and results are available in the companys filings with the securities and exchange commission
by nearly 20 basis points last year we had a flat market in this asset class
was primarily driven by the favorable mix between services and products that i noted earlier and our costreduction actions
and reflects the point of origination of pickup of the material for the customer (jon->john) so its already baked into those numbers
aligning directly to our 5year plan and allowing us to better focus on our global regulatory and compliance offerings
we have reached the point where led product represents our core business as they have become the focus of almost all of our customers
and i think as a combination of those 2 events we will get further confidence in the product and i believe thats going to drive
this allows our customers to keep their pharmaceutical supply chain under their own control
you about the amount of donations that have grown quite strongly in q1 could you say a few words about your donations
well continue to be disciplined toward managing the balance sheet while investing in growth opportunities to improve our overall portfolio
within that business we frankly expect that to continue as it relates to some of the lumpiness that you see quarter in quarter out
we also recently launched new upholstery and dining (collections->collection) and the initial reaction from our customers has been encouraging
we have much more active sales and we can see that clearly
we didnt have as good a performance in the last part of february from a collection execution standpoint (*->that)
one of the outcomes that could offset for this tendency (that->*) we see this could be one of them
we continue to believe our retail model and credit platform can consistently support total annual retail sales
the results of the sporting business are reported as discontinued operations in our gaap results
is there a point when it changes to try to attract new customer or is (*->it) the current style the best way to generate profitable (*->growth)
i think if you (average->averaged) out all of the rate increases that we have seen this year (it remains->i mean) just kind of (*->on) a daily average
furthermore a complete disclosure of our gaap financial results will be available in our first quarter form 10q
they will of course begin with parties who are already in discussion with us as noted in the press release (greenhill->green hill) also
the home infusion companies offer a bundle that includes providing the drug and reimbursement for the drug
we dont have a paucity of agents to develop wed like to have a partnering deal so we have the resources to proceed
this allows us to prepay our term loan at a faster rate than we would otherwise be able to
this increase was due to a number of factors including favorable product mix and strength in overall product margins
this also has the added benefit to lead to decreased workers compensation expense and insurance based on incidents
as compared to higher shipments in the comparable period in the prior year primarily related to international sales
was impacted by both sales mix given the strong comp in grocery and our promotion and pricing initiatives
this is the second straight quarter that riviera has beat guidance on adjusted ebitdax production and capital spending
and we believe that going forward the overall (prominence->providence) of goods as they move around the world and
many of them have been eliminated because of the good regulatory environment so we encourage regulation we encourage
of our guidance by about 40 basis points on the base business on the top line that was
to be a real focus of ours and something that given the importance of the
our destination network segment had a very good quarter on a (currency neutral->currencyneutral) basis and excluding acquisitions
examples of things (in->on) our road map that are competing for resources and just kind of prioritization so
the strong unit economics of our enterprise business which is a constantly increasing proportion of our total revenue
the guidance that we gave in our capital markets day forecast and again thats one of the reasons that
industry trends company initiatives and other future events you are cautioned that such statements are simply predictions
(*->and will) be more integrated into our card product as you can see here card users will be able to more easily tap into this product
but its worked flawlessly this year and the operational excellence that weve experienced at the operating company level
fiscal 19 and beyond has a chance to grow at a pretty accelerated rate based on the cagrs that youve talked about in the past
with the bulk of this coming from retail channel and business line
and we started doing it because we thought we could learn more by understanding how our consumer is
theyre providing the best possible consumer value propositions and the best possible consumer experiences so to the degree that
and utilize that pad drilling so areas where we have water infrastructure in place areas where pads have maybe not been reclaimed
for a nofee card including a credit card that is higher than any other card in canada for no fees
(a->*) entering these new markets has been part of that plan the truth is (is->*) we are very small in every market that were in
in the secular shift away from cash and checks to electronic payments
our customers spend more and more time in our app to check balances make transfers pay bills apply for products
period of time to get through over 100 client contracts (has->its) just taken longer than we
(*->there) was (*->a) kind of from your changes in terms of your approach to kind of to loss given default there was (a->*)
if i have an account with mogo and they offer double the rate why would i keep it with my bank both are savings accounts with the same protection
today were guided by one simple mission at mogo we want to make it easier for consumers to get in control of their financial health
remember this growth is both revenue and adjusted ebitda and this is all organic
european economy (is->*) has been frankly better than we thought as you know (where->were)
and then we were on pace with what our expectation was for the quarter for the rest of the quarter basically
and we have also approved some additional optimization work which is (siphon->site and) string pools (coil->cold) tubing activities
and at this stage most likely starting within the card (card->*) experience and that includes things like
at our capital markets day and thats allowed us to reduce significantly the net debt position
our planned investment is part of a global strategy to open up our ecosystem and support a broad range of new partners
by areas of strength such as california and florida comps should get easier in the second half of the year
on top of whats working now well be introducing mogowealth with multiple investment products (*->and) a new cashback feature of our card program
as always we provided a full reconciliation of these puts and takes in the appendix to the presentation
work very closely with those (avaya vars->*) that are leaning in and are having the most success
because weve been slightly loosening our underwriting very very gradually over the last couple of years
(they->it) will also market a portion of our (warriors->warrior) north gas (and->at) an improved differential to our current dom south pricing
india represents a large opportunity and we provided some thoughts during investor day on how were approaching the market
and this is really i believe a continuation of the process improvements that (theyve->they) put in place
that we have at (holt->halt) and call it a day but we also see if we can make some significant investments in capital and development
last few quarters we have emphasized consistency right from the beginning of this year
(*->and) at this time we have no further questions in the (queue->que) ill turn it back over to management for any additional or closing remarks
they can also redirect shipments to hold at a fedex office or a fedex onsite location for pickup
and new owners typically dont and so the default experience is not materially
the approved tax agreement also included a provision to extend our revenue sharing and earnings support mechanism
of 2016 so now lets take a look at the performance of each of our business units
and in fact there is nothing (new->need) to be added here all the factors have contributed
this ongoing success in our enterprise business continues to be driven by 6 key factors
they have requirements to make sure that these things really do work they dont have a lot of resources to
systems that were rolling out in hotel group are going to have some really positive impacts and those arent felt immediately
based on the midpoint of this guidance we would expect to achieve our 11th consecutive year of earnings growth
and we want to make sure that were comfortably within the bumpers of what is investment grade
this business line will grow significantly throughout the year as we enrich and expand our product and service offering
included in our total company results this quarter was our expansion into mexico
the company undertakes no obligation to update these statements except as required by law
these statements are subject to substantial risks and uncertainties that could adversely (affects->affect) five9s future results
pricing is more dictated by value than it is at least in europe
results benefited from an increase in property management fees and higher consumer finance revenues
they are not yet moving the needle on our growth rate but they will as they move (to->through) implementation
the remainder of the decrease was due to geographic mix and timing differences of when space came online
we believe we have great processes in place we expect that our continued focus on
these pops run on the public cloud avoiding the cost of establishing data centers as we enter new countries
and weve seen significant improvement and impact on our business in a positive manner
we introduced and refined the groups presentation sales format for new and existing owners
it seems to me that youre gaining additional market share now
banking and wealth management revenues increased sharply from last quarter and up
weve moved up market and were doing larger deals and again those deployment cycles are going to be a little bit longer but
or can articulate the question but to the extent that theres a loan out there what happens to that loan
ultimately translate into an initial sense of how many incremental peak megawatts you might be looking at here
we plan to partner with others to bring in the best investment products and options to our members we currently are looking at robo product
(*->a) couple of the remarks that were made and then we have a list of questions that came in
and this does conclude todays program thanks for your participation you may now disconnect have a great day
and well continue to invest in new transactional and servicing business lines to build out our ecosystem
so the deployments do not happen simultaneously but tend to follow a sequential pattern
i personally havent seen press releases from other companies to inform that the study continues when an interim analysis (is->*) not positive
the facility is in france there are 3 in the site there are 3 production units one of which is the one where the fire significantly destroyed
information that will be discussed on todays call includes some forwardlooking comments actual results or outcomes could differ from those projected or contained in the forwardlooking statements
and where we believe our (depofoam->depofome) technology would be the most physiologically appropriate drug delivery technology given its safe profile and flexibility
with the proceeds being used to further pay down unsecured facility in order to create additional capacity to fund future purchases as well as for general corporate purposes
in participating in whatever consolidation might happen in that market and while i know you cant comment today on some of the deal speculation thats been out there in the news
what i think brexit is doing in the short term is probably not causing much disruption (or->but) what it is doing is putting a certain amount of uncertainty in the marketplace so
and how (have they->theyve) been laying the groundwork for when you get the j code just give us a better sense of expectations on that uptake next year (yes thanks gary->*)
color cosmetics and facial skin care while sales of our insect repellent dispensers helped drive some of the growth in the home care market
who have regular discussions with their customers about the need for opioidsparing solutions the best example would be the bariatrics pilot in that regard where
we noted this concern in our third quarter earnings discussion and at that time we had identified new industry partners who we believe are even better than the prior (options->option)
but if you look like guys like sanan (their->the) income statement is very good and (it->*) looks like they dont have many access to capital issues they have a pretty healthy utilization rate
maybe not exactly adjacent to the pipeline that are actually not served with natural gas so i think theres some longerterm benefits there in addition to more security and
for a replay of this broadcast it should be available later this evening and also a copy of the presentation material thank you
such statements are forwardlooking and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements being made
on the modular solutions side of our business which consists of production transportation and the installation of residential retail and commercial modular buildings
also during todays call we will discuss nongaap financial measures which we believe can be useful in evaluating the companys financial performance
for both c series models in the third quarter this means better operating (costs->cost) and value for airlines
(are->or) in fact putting those new aircraft not in replacement for the aircraft that theyre (subbing->subbbing) in for but rather on longer thinner routes
when youre looking for a big player thats going to be an impact player in a market or in a service line
driving our competitiveness and building earning power as we capture growth from new programs and from executing on our industryleading backlogs
i would like to see both systems and service grow at the same time and still maintain somewhere around 25 to 30 but both the (business->businesses) grow at the same time
and i guess (*->the) any litigation that (had->*) prior existed has now been resolved as part of the agreement is that correct
i think we (can->could) have a debate about what industry (averages->average is) over the long term but yes i think in (1920s->19 20s) i think pretty consistent with what we think so
thats what our goal is and thats why we brought this team here to bring this company to a place of competitive prominence consistently over a long period of time
and so it speaks to the concentrated effort here and so what theyre doing is theres another internal team that you would expect
as well as assumptions made by horizon north using information currently available that may constitute forwardlooking statements or information under applicable securities laws
sales to the prescription drug market increased over the prior year even though last years strong second quarter was a difficult comparison
simultaneously we are exploring partnerships with existing frontend semi equipment providers to commercialize the technology
overall im pleased with our performance and remain confident in our ability to execute against our strategic objectives
consequently our results would normally outperform the index in a falling market and conversely underperform in a rising market
insecticides and insecticide sprays will continue to be maybe not the same growth (we had->well have) this year but wont go back to where they were in the past
lion share of the (orders->order) so and i think thats pretty clear whats happened in the market and
second quarter of 2016 like the investment community does we too compare our results to the baltic index
our closures with (simplisqueeze->simply squeezed) valves can also be found on new barbecue sauces in brazil and mexico for both hunts and (heinz->hines)
that is in charge of launching this product and it includes reimbursement specialists and folks that have done this before for many small teams
as the driver and independent contractor markets continue to be challenging this is as tough a driver market as any of us has ever seen
things have improved slightly but they are still in the same broadly in the same situation that they have been over the last 6 months
depending on the application these devices are required to maintain their performance specifications for up to 25 years
id note that our preventive maintenance programs are designed to improve the overall life of the equipment on our ships and thereby shorten our time and cost in (dry dock->trydock)
grow and i assume or should i assume that thats a function of some of these new products that weve seen getting out into the field and starting to contribute
and reported growth also reflects a negative translation impact of 2 coming from changes in foreign currency exchange rates
this project will connect the viking gas transmission company pipeline near felton minnesota to our existing pipeline near mapleton north dakota
this summer season has been one of tragedy and great loss for a number of citizens of british columbia and horizon north has been providing support in communities where (were->we are) active
we enter 2016 with what i believe to be the strongest and most competitive product portfolio in veecos history
we believe our work in this area will provide the necessary evidence to discuss these outcomes with (healthcare->health care) providers payers and regulators
that oversupply needs to get used up and it will get used up as led lighting penetration continues to grow
before we comment on the quarterly results id like to take a moment to briefly review the subject of my retirement that was announced a couple of weeks ago
and were focused on delivering value to customers by preserving the residual value of the aircraft moving forward so all in all we feel good about
several assumptions were made in preparing these statements and we wish to emphasize that there are risks that actual events or results may differ materially from these statements
weve also focused on developing new growth engines for veeco by extending our core technologies into adjacent markets
and have you heard from them no im saying thats what we will probably hear from them
within in the discussion of the budget law but is an ongoing discussion between the government and the regional administrations
that was for (baffinland->bathomland) providing the opportunity for us to demonstrate our service abilities in complicated and tough environments this highlights our skill set and our competitive advantage
the increase is primarily attributed to a notable reduction in product (costs->cost) given the expected benefit from lower commodities sourcing benefits from a strong us dollar and other costreduction efforts
this quarter we were actually with the customer who we onboarded one of the big corporates were able to break down the walls that used to be there around vested equity
what i would say i dont know (if->*) total stimulus is the right word but theres a lot of influence in the marketplace (that->to) lead to better performance
important product level changes on the home standby product that make it easier to install so a lot of the learnings that we took from 2015 are being applied to new product introduction
the strategic initiatives we are working on (includes->include) specific projects and activities targeted towards generating more sales leads improving close rates and reducing the total overall cost of a home standby system
one key area of our focus has been the transfer of vested shares attached to existing equity plans like employee stock purchase plans and restricted stock grants
(*->the) mixing machine is in and were going through the qualifications we actually are expecting to ship commercial product out of that starting in the third quarter (and->*) ramping up to the fourth
this quarters increase in earnings reflects higher earnings in all service lines particularly in inside work where the company saw higher workloads along with margins
several parts of the (channels->channel) suppliers appear to be talking a lot more than they used to about higher hurdle rates for reinvestment and so are you worried about (or->*)
so we like where that is its just a question of how much impact does the spillover from oil and gas have on the general rents business in terms of utilization rates
this growth was primarily driven by increased sales to the beauty and home care markets that more than offset some continued softness in the personal care market
and that doesnt work in an environment where raw materials are going up you need to be focused on getting prices up so the competitive environment
and third partnering with those who share our commitment to reducing or eliminating opioids in the postsurgical setting ill start by sharing an update on the nerve block launch where we continue to gain traction
these have been unfortunate delays but we look at these as modest deferral in terms of timing for many of these projects out of our q2 and (to->into) the back half of this year
(an->and) admittedly conservative approach but similar to all inflows these added assets and relationships have a positive impact on our franchise and our earnings power
i expect to start to see some of that as we get into 2017 but really accelerating probably realistically towards the back half of 17 and into 18 so i think its just
we continue to see opportunity for growth gaps to close with our peer group and a business that is poised to continue on (a->the) path and plan just as (weve->we have) laid out in the past
so again strategically when we acquired (stelmi->stelme) several years ago we intended to build capacity first and then try to expand that capacity to other regions
we can go into a sister hospital and in many cases (its->*) across the street and wonder if they (want->wanted) to do the same thing in response to the bupivacaine shortage and they look at us like we just dropped out of a (spaceship->space ship)
this is primarily attributed to an unfavorable shortterm shift in our mix of earning assets as we had higher balances of deposits held at other financial institutions this quarter
but secondly the beverage several of our beverage customers are seeing some softness in their demand so as a result theyre actually pulling back a bit on inventory
and the second for the treatment of (rosacea->rosa) aptars ophthalmic squeeze dispenser is also found on 2 new eye care products in latin america
our second quarter results show the strength of our (2platform->2 platform) business model as higher earnings at the utility and construction services businesses
there has been a continued focus on infrastructure spending (at the->on a) federal level over last year we are encouraged by the talks in washington about the need for investment in our nations infrastructure
and higher natural gas retail sales margins in those jurisdictions that we do not have weather normalization or decoupling mechanisms in place
we had a little bit of growth in working capital (a->*) couple of (the->*) causation factors there we along with most other companies built a lot of inventory around brexit (and->*)
(*->and) thats inevitable i just do not and ive been clear since i started i do not want to get this out of order because it will not help us to do so
generals arent encouraged by auditors they we tried to press them hard to go as high as we could and
in the organization about enforcing minimums weve added some significant new services over the last 3 months that are going to drive higher margins
and that our capital expenditures will be approximately equal to that amount lastly we expect our effective tax rate for the remainder of the year
this quarter we had our first month that was impacted by the new minimum wage increases most of which im pleased to say we were able to mitigate through sunrise and other initiatives
and so theyre all slightly different in terms of how they got to where they are with exparel and so were learning how to address these folks individually as customers
the problem is that because we dont have a j code and the sop for how the providers are billing the payers
but also remember that many of the initiatives we have with the commercial payers are encouraging total joint procedures to be done in an ambulatory setting now
we continue to be optimistic about the opportunities in front of us and believe that our 1 billion tons of aggregate reserves located in strong markets across the company
now we are in the (hardest->hottest) point (in->*) negotiations with our manitoba union we hope to reach a mutually beneficial agreement but we need to be competitive in the market
better service levels from our warehouses to our stores (improved->improve) store execution creative merchandising and our ad campaign are worth calling out here
at any time that ive seen in the last 5 years so on the ground money that you can get very attractive rates of return on
has a very solid approach where (everybody is focused->everybodys focus) on the customer and driving conversions in the store
that garden variety of blip to use the term you (used->use) why wouldnt it be something larger and if you could provide a bit more color around that that would be helpful to me anyway
and whether its it doesnt seem to be administered across the country in the same way ill tell you what we are fairly comfortable with
so i think its been difference where the business was and again i want to be (its->*) important here that the board is really coming back in terms of overall governance
so right now our customers are saying they think its more of an inventory issue but well (get->give) more color to that as we go through the third quarter but thats all we have right now
weve done an outstanding job and i really congratulate the people that have been involved in this on our side (in->is) making sure we have supply because these are subcomponents that go into our products
input by putting them in places where there was a very strong focus on ambulatory care that already existed and so i mean i would just tell you (*->well) i dont want (to->*)
so you have states where you have huge opportunity in ambulatory care and you have states and in some cases whole regions where you have almost none
listeners are cautioned that todays presentation and the responses to questions may contain forwardlooking statements within the (meaning->meanings) of the safe harbor provision of the canadian
and whats interesting for me too is im not hearing my own organization complaining about volumes out in the marketplace as a reason why they cant attain or drive past the goals that weve set
at cedar rapids and moving them to kansas city and other locations in our network where they can be produced more efficiently and effectively to supply that those areas
our core business is underpinned by strong demographic and macroeconomic trends in the multifamily market that should continue to drive demand for many years to come
our broad specialty portfolio continues to perform well and grow and the pakistan economy continues to expand benefiting both our core and specialty volumes
that see more value in them than us and theyre not critical to our mission we would contemplate divestiture assuming that we could take those proceeds and apply them to the areas that i talked about in the beginning here
the pitney bowes of tomorrow will continue to evolve i anticipate that our conversations a year from now will be different just as they are different today from 5 years ago
well again what we said was that texas is not going to (it->*) shouldnt be expected to improve beyond what we did in the second quarter (as->*) you
all of those areas laid with (fibre->fiber) i think at some point (will->well) help amortize back into our wireless cost or help amortize the (fibre->fiber) cost i guess is another way to think about it but its really early days there for that
and as we look through 17 we will through this year and exit the year with the fastest wireless network in all major cities in the country
so when we look out to next year as we go through our budgeting process and see how the year is progressing well look for additional opportunities to invest to drive growth
(glen->don) you said youre going to utilize those in the next couple of years so how do we think about how youre going to use that tax loss is this essentially something that you have that you can
this softwarecentric architecture enables us to achieve a greater level of scalability improved operational efficiency shorter deployment times and enhanced security
revenue synergies take longer and so they would just be starting right now and well continue to drive those over the next few years but that is an exciting arena to have
coming off a strong second quarter we knew we had a lower level of renewals this quarter while we closed a similar number of large deals this quarter (as->*) last year they generated lower overall revenue
similar to last quarter weve seen more movement in institutional and commercial deposits and deposit betas continue to be in line with or slower than our simulation modeling
and air transport services group undertakes no obligation to update any forwardlooking statements to reflect changes in underlying assumptions factors new information or other changes
in addition to positioning our organization to deliver sustained organic growth we are committed to active portfolio management to drive diversified growth and (enhanced->enhance) shareholder value
before we begin (ill->i) remind everyone that during the course of this conference call we will be making forwardlooking statements that involve a number of risks and uncertainties and are not guarantees of future performance or results
but theyre aggressively moving (thats->that) forward and having good success so far as indicated by the q2 number and we continue to feel confident that were going to be able to deliver what we expect in the back half
during the year this was enabled through the significant commercial (investments->investment) and they play an important role both in the short term delivering this result
those not only come with a much much lower servicing fee but theyre also not prepayment protected to us so as a result of that if the loan pays off the servicing goes away
as ceo i am energized by their personal commitment as we work together on the path to future success with that ill turn it over to dan to go through our financial results in more detail
that said were off to a good start this quarter having already closed several deals that moved out of the third quarter which gives us confidence for the fourth quarter
were proud of our ability to keep loans from moving to chargeoffs as part of our credit culture we know our customers well and have the ability to identify and solve problems early
diversity of revenue streams as youve heard me say before we believe we have a significant runway ahead of us to expand in some of our underpenetrated markets and customer segments
so we have been adding capacity as we announced for some of our specialty products in indianapolis and in thailand we talked about it coming on stream
(*->it) will be our responsibility along with our leadership teams to turn the assets we are acquiring into strong cash generators that exceed our targeted investment returns
two improvements are worth specific mention in the area of information technology we have supplemented our systems with a hyperconverged infrastructure
we have long been talking about our desire to grow our assets under management by acquiring a registered investment (advisor->adviser) through strategy growth outlook and culture (aligned->align) with ours
but we will not chase deal flow for deal flows sake one of the benefits of the breadth and diversity of our lending platform is that we are not forced to deploy capital
we have used our financial capacity and management focus to acquire assets and extend relationships that answer most of the key questions you have been asking us for more than a year
coupled with spread tightening is offsetting the increased cost of debt and supporting a robust acquisitions market which should continue to drive financing volumes going forward
pretty dramatic increases in that what has helped us and offset some of that decline on the bq side has been the move into corporates which has been a successful launch for (us->*)
throughout the region we (continue->continued) to actively manage our (costs->cost) to drive efficiencies and offset inflationary pressures and we continue to look at optimization opportunities
the asset management and servicing fees generated from the funds and separate account will be additive to our ongoing recurring revenue similar to the servicing fees from our own portfolio
in other words however important these items might be to a particular geography or program they were not significant to our consolidated quarterly results
and so i dont want to say that there isnt that i dont see it as being material but the fact is (that when you->*) have a leader leave theres some level of disruption that youve got to assume is happening
and (to->*) have a robotics platform that then complements what i truly believe is the best knee system in the marketplace allows us now some differentiation versus everybody else
so thats the strategy were really excited to have them and specifically to what the market is looking for today i would just say to you that people are looking for sort of every dollar they can get
(*->sure) first of all nothing thats happening right now would change our opinion or aggressiveness or stance on diversification
particularly when were talking about a robotic system we want to roll this out in a safe and effective manner we want to make sure that we have the right training that goes along with it and we want to learn as we go
well wrap up the discussion of the quarter with earnings per share on the left side of the page you can see the reconciliation from reported to adjusted
that were in the process of working on the final steps of closing but i would say that these families continue to be willing to engage in discussions
first of all we have launched a second collection within workwear the first one was very successful and delivered to our expectations
as disclosed in our 10q for the first quarter this matter arose as a result of enrollment discrepancies between our health plan (in->and) the commonwealth in the early stages of our contract
and to be honest as we said in the first quarter as well because there was a lot of discussion around are you seeing pressure on volumes in the first quarter
as for margin we do expect more of the (cost down->costdown) efforts to be realized in the coming quarter but expect a slight headwind from product mix as well
associated with those new products im not going to get into specifics but just know that the revenue growth that we expect from those products is coming to bear
but thats kind of how were still looking at it were waiting for that bounce up (and->but) im not quite ready to call that at this point in time
we continue to (right size->rightsize) the business and accelerated our planned closures of 2 facilities in brazil this year
as we contemplate divestitures in particular we use the same criteria that we
wait to go through the filings you went through all your free cash numbers et cetera so my other question is
the weakness that we reported recently is mainly a feature of routes from asia pacific and america to europe
but all in all i would say that we are very satisfied with the development of cash flow bringing the leverage below 2 turns
however reduced customer spending by large enterprise customers on core connectivity business service solutions and data products
where are the areas that you feel like you were weakest sort of coming into this year and where the greatest improvements will come (from->*)
as indicated recently we now expect unit revenues to decrease very significantly in the months ahead
in the value chain has to contribute to (achieve->achieving) the necessary efficiency gains in our industry not just the airlines
at this point we have completed the (high volume->highvolume) transfers we initially set out to accomplish and are starting to focus on the next set of (cost down->costdown) activities
one of the main pillars of our strategy is to remove the complexity of shipping for our clients and we are doing it
second our normal growth and maintenance capex which supports and drives the growth of our existing business
and we need to get them into full launch which by the way around a year from now would be the time frame that we should be in full launch of that full portfolio
we continue to invest in items around automation and network optimization particularly within our commerce services businesses
our business portfolio is strong and we have (and->*) we continue to invest in it to drive profitable growth in the years to come
how many kilometers your current infrastructure is and what the penetration is of
the texas department of health and human services notified us this quarter that it would allow health plans to retain all outstanding quality revenue
which would mean in the spaces that we already play with the businesses that we already have in our major segments that were growing at or above market
these assets are now embedded in each of our businesses were able to use these assets to help drive client value
these declines were partially offset by stronger volumes in apac and emea like last quarter
and the concern now is a lack of adequate funding to local government agencies to respond to zika in a comprehensive manner
will kill me almost if i dont mention that they are very close to being a top 10 country (ebitwise->ebit wise) now
its not a bad place to be for the time being so strong set of numbers from road which we are very happy about
from a structural perspective as you know the governments have taken off a lot of the export subsidies that were on corn and things like that which
we use them to localize the solutions but it is true that we would add selected investments
and so if you think about that and you kind of say the market is very similar to last year in terms of utilization (levels->level) so i would expect
really is unlike the risk adjustment programs that we have experienced in medicaid or medicare
will reoccur every 3 to 5 years based on market growth and capacity needs
there was a slight downtick in margin with these products which we expect to see (continued->continue) down to the 60 to 65 margin range
from a timing perspective historically the fourth quarter has always been our biggest quarter on revenue earnings and cash flow
or to that point rather some of them may take longer some of them may catch a hold sooner and thats whats going to be sort of the delta
has been able to help us start to close the gap where weve had gaps in our performance versus market were not there yet
wireless continued to have excellent financial performance as can be seen in the metrics and strong wireless postpaid growth
regarding the performance of any particular product as a result the facility continues to manufacture its full range of products at this time
we still have important work to do with regard to manufacturing and quality remediation which is why we are going to stay diligent in these efforts
in addition to this we have begun expanding our overseas design resources and are developing an engineering center of excellence in taiwan
higher aircraft maintenance and modification services and passenger transportation services primarily for the defense department
in order to avoid a repeat of what happened in the first quarter we have reprioritized and accelerated improvements
and at this time there are no further questions id now like to turn the conference back to (mr lautenbach->mrtinbag) for any closing remarks
execution of our remediation plan is progressing with a sense of urgency however fixing these issues in the right way takes time
we are making good progress in texas and the issues we identified in ohio in the first quarter are substantially resolved
pakistan is expected to continue its volume growth and drive for continued efficiency (gains->gain)
net of revenues from reimbursables in 2017 principal factors were additional aircraft operations for amazon
cash flows in the first half of the year were impacted by (frontendloaded->frontend loaded) restructuring outflows and seasonable payables timing
color of how youre thinking about revenue management in the market that is seeing quite aggressive competition by local carriers (i->*)
and so weve been very disciplined about that and at the same time we continue to knock on a lot of doors of family companies
and we have applied this across the enterprise not just in ohio its had the biggest impact in ohio
shes been in place for a long time whenever you have a senior leadership shift like that theres always risk for some level of disruption
i just cant wait on the cementless side to get (to->the) full launch because the response associated with that product so far is extremely positive
but is now largely pushed out to the march quarter of course that is not unique to us and this delay is impacting the whole supply chain
i call attention to our adjusted net income because so many of you are now gauging our performance by that metric
(this->the) strong growth continues to be driven by equipment and installation project activity in korea and china
and while more work still lies ahead we are seeing the progress begin to manifest itself in our financial performance
i think its (a->the) second quarter in a row where the recurring streams kind of performed a little better so perhaps (marc->mark) you want to expand on what your thoughts there
a lot more pressure sort of across the board so im just curious are you seeing any of these issues that have been reported by others in terms of
probably a little bit too high because it was earning and i say argentina i should be saying southern cone because its (the->a) group of countries there
then on top of this in order to reach our guided range you have to produce a certain number in cash flow
given our portfolio continues to shift to growth around shipping the seasonality of our business has shifted even more to the fourth quarter
okay so youre committed to the 20 even if amazon may not want 17 more
a description of such risk factors can be found in our earnings release and in our reports filed with the securities and exchange commission
moving on to our funding and liquidity we were very active in the debt markets in the fourth quarter
please bear in mind that for regulatory reasons we are not allowed to give certain information
another strong result while continuing to invest for our customers and in our people
along with the combined talent i think there are certainly opportunities in augusta to expand it
is it more likely that you will try to increase the dividend at that point when you feel comfortable (with your->*)
with that i will turn it over to john to review the q2 financial results
but anyway so i think the board considered the options and thought that that was the right level
the previous guidance also excluded the purchase of the stake in alliance aviation
the fundamentals of the coalition business remain strong with positive momentum
i think a lot of improvement have been done there but we still need to train the channel properly (and->*)
there is a lot of publication and a lot of communication on those topics
going from weighted average interest rate of 27 at the end of the second quarter
in the midterm we expect to leverage additional tech transfer resources
credit quality is the primary reason we believe that we have such a unique value proposition
(*->at) both our peak frequency and capacity share in markets like the sydney market so
that will provide us an opportunity to further increase our generic product revenues
so (okay->ate) i will stop here and conclude by saying we feel very good about where we are
the new singapore first lounge is set to open towards the end of 2019 and
can you talk about some of the regions is that really chasing some of the (highergrowth->higher growth) regions like china or is that (broad based->broadbased)
we are confident that we have turned the corner in this segment and that we are on the right path
(*->of) that comment so how do you define the cost base when you make that comment
in addition the group retains a significant pool of unencumbered aircraft
this brings us to slide 10 where you can see that scrapping activity is indeed on the rise
this instrument synthetically fixes the interest rate we pay on this portion of our debt structure
during the fourth quarter the company recognized a loss on a piece of property acquired from legacy united in the merger
with that let me turn it over to chris to walk us through operating results in more detail
after that chris will speak more granularly about our operating performance for the quarter
this was driven by a favorable product mix and by our transformation plan
the tax reform and the impacts on the margin and then the first quarter also has a lower day count
one can only talk about the spectacular improvements to these operations
the conference has now concluded thank you for attending todays presentation you may now disconnect
and second half prior year comparables that were positively impacted by the improving market
and we see a clear path to the upper half of our ebit guidance
for what it takes in areas youre competitive (into bringing->in to bring) new money in the door as far as rate goes
i think the holistic approach that we bring from both (a->the) financial planning and investing
its the time of closure which is not yet fully established
when you look at the cost of deposits in our business banking commercial banking
for the 2 vessels previously coming off charter at the end of next year
our acquisition of wellspring is an important building block towards the continued
but since those loans were really originated over there we just felt like we needed to reserve more at
we are likewise pleased with the first half 2018 results from our international segment
that our second half revenue comparable could decline yearonyear however
the first half is your question was asking
all with an eye toward creating the strongest possible ongoing value to our customers
which adds another essential avenue of access to capital markets in building out our new capital structure
enabling us to focus our efforts and capital on strengthening the company for the long term
(that->it) continues the trend that weve seen now for a number of years with the qantas group
in addition revenues of our contract manufacturing services
realize that this transaction closed yesterday and so from a guidance perspective
let me also apologize for the delay in our press release crossing the wire this afternoon
however hanjins travails may also serve as a useful wakeup call for the industry (*->that)
just with the throughput can you see that going up to the (60000->600) tons
how far you have come and when we can start to see the positive (impacts->impact) from these investments
which amendments (reduced->reduce) our midterm exposure to the spot market
but has that changed (*->it) at all to include maybe atlanta or something like that
produce some continuity to the mineralization in this area it will
due in part to the beneficial impact of our 2017 acquisitions
at the very beginning and i think the (organizations->organization has) responded very nicely and all of those
as an increased level of offhire from regulatory (drydocking->dry docking) during the quarter
i didnt hear the last part of the question chris can you ask it one more time please
there is a lot of needs in (electromagnetic->electromalytic) simulation
so at a minimum we expect to be at the midpoint toward (that->the) high end for the year
id say for the most part expect business as there is as she goes
(*->and) as we look into the entirety of the second half
the quarter was also positively impacted by a reduction in income tax expense
pursue our initiatives real (focused->focus) on ensuring levels of service are maintained
we believe that there are greater opportunities to expand the business and
subject to being permitted by not later than the beginning of next year
and having the customer spend the money exactly where it needs to be even using engineering and
and so instead of choosing what product we want to advance next
a lot of (user->the other) industries we also focus
to build out the business process that will allow united to be responsive to this market segment
so those do represent a good portion of the backlog as well so
if (we->you) look at the mobile market share of this quarter it seems to have
how loaded is the cost base when you make that comment so does that include investment costs
so it all depends on how we choose to what we choose to do with our customer offering
so you get some of that impact also when we sold the catering business
in summary we are pleased with the first half results from our services segment
in addition we closed on an additional 4 properties shortly after the quarter (closed->close)
increased regulation around privacy in 2016 it does take a couple of years for (*->those)
and we also have the first full year of operation of our new media team
and oil prices have declined from the peaks we saw late last year
importance of a drug that can break (a->*)
our pipeline which ill touch on in a minute in a moment which remains full
those figures as an indication of the passing rent on those properties
are you seeing any opportunities there for bringing new people on board
theres been no change in terms of our direct customers for the brand business
as we execute on these priorities we will build a more resilient and profitable business
for that (products->product) and that part of the market i would anticipate we would (*->serve)
where we have 3 large entities and having a competitive position coming from our economies of scale this is where we can utilize that another group of topics
were not just passively open with respect to our strategic declarations we want to go out there and look for opportunities and thats why weve built this capital
improve sequentially then so in other words it would look better i mean i know and i guess its going to be tough to see in the first quarter because you typically the first quarter is a bad quarter for doubtful accounts anyway (so->*)
which while impacting debt has not had a meaningful contribution to our ebitda starting in q1 we will finally begin to recognize earnings for the new vessel
i consider that (a->*) conservative accrual my experience in doing business with hospital systems is they do pay their bills it takes time to contract with these complex (volume->buying) organizations
weve previously disclosed that we plan to launch the confirmatory trial by the end of this calendar year or the beginning of next year and while we still intend to have a partner on board before trial launch
with that ill turn it back to dan thank you dave in closing we are well on our way in implementing our strategy and are excited by the opportunities to grow our core business
so you can see that in terms of the specific amount that would be retained were not talking about large transactions this is nothing that would be comparable
these large compelling and exciting categories resonate with our customers and support our strategy of adding aspirational home products that our customers can affordably finance
we believe that the allegations in the (classaction->class action) complaints are without merit and we intend to defend the (lawsuit->lawsuits) vigorously however there can be no assurance regarding the ultimate outcome of these lawsuits
finally our strong balance sheet gives us tremendous flexibility taken together (riviera->revi) is set up for an exciting year in 2019 i will now turn the call over to dan to discuss the upstream operations in more detail
test to what extent customers who are more (pricesensitive->price sensitive) and more susceptible to switch carriers based on price to fight for those customers
and financial briefing charts on our website or to the extent not addressed there but discussed (in->on) this call will be available as an appendix to the transcript and will be posted under the investors heading on our website
to make it easier for investors to understand our customer accounts receivable and associated credit performance we are now presenting certain credit measures primarily those in note 2 of our 10k on a carrying value basis
and as a result of the rest of the portfolio the debt portion and corporate debt performing the equity will be less important and weve remodeled that
i wanted to ask about the defense weakness in the quarter is that a timing slip on the international sales (and->in) armament systems that you called out or are you seeing any kind of deterioration in the international defense market
the impact of these onetime payments in addition to the impact of excluding the yeartogo operating results of language solutions as i noted earlier drives the entire change from previous guidance
reducing our market share but at the same time this is a very strong position we intend to retain and in fact expand some of the profitability
what happened in the life business we have a lower frequency of deaths of the insureds and coinsureds on the other hand we have lower payments for
the group also supported 3 successful (trident ii->triton2) d5 fleet ballistic missile test flights that are powered by our solid rocket motors and 2 united launch alliance space launches that used our propulsion and structures
(*->to) represent good businesses for our customers in terms of schedule and reliability and good businesses for us in terms of profit margin
but if i get a new win today a new listing today i dont ship it for 6 months in that business so thats really where we see kind of the june and september quarter being much stronger in that particular unit
(that->*) telematics or better claims adjustment or handling creating a better picture of our customers giving certain services additional services
as blake will discuss we also identified and began to realize additional cost efficiencies resulting from the merger with (the->*) integration activities now substantially completed
we currently have signed leases for 5 additional new stores to open in fiscal 2019 and beyond we continue to monitor new store performance and remain comfortable with our targeted store openings
im not allowed to speak about their programs and second i think it would be really (a pity->pitty) to start to disclose the results before like the physicians have the occasion to present (the->these) data
and growing profits and limiting our capex to generate cash to pay down debt and strengthen our balance sheet early in the year our earnings will be lower
(on->*) particularly in the (funds->fund) side where they want to reduce cost and they look to print to do that however they still have to manage their content so something like our arc reporting (in->and) content management
of our clients around the globe we must focus on assets that align more closely to our vision and position the brand competitively in the marketplace through the process that began a year ago
and then also in the corporate segment so if we look at our motor business on one hand we should say that
our guidance assumes an improvement in the investment markets revenue trend relative to what weve seen in the first half of the year where the yearoveryear comparisons were more difficult
kind of what he and the team are going to do to get this up so that we can get it up to market occupancy and our levels of occupancy that are really adjacent to this asset
we look forward to sharing more about our exciting work in this area at the medical (meetings->meeting) throughout 2018 and 2019 with that i want to thank you very much for your attention
to retain a 5 buffer in terms of our equity in terms of our talks or the analysis that were doing right now if this were to materialize
in key product lines such as launch vehicles and (aero structures->aerostructures) tactical (munitions->ammunitions) and ammunition and satellite deliveries and launches we have a tremendous team and im proud of what they are doing for our customers
as we have stated on previous calls we believe our nonharvey market performance is the best indicator to use when analyzing our retail business during the quarters impacted by the hurricane
we believe we can grow at this rate for many years to come and we are extremely excited by the longterm opportunities we have in front of us to create sustainable shareholder value
the primary factor in the revenue decline was a tough quartertoquarter comparison in our defense (systems->system) segment together with a modest reduction in sales in rocket propulsion systems
and many insurance companies were seeing are reducing their levels of service and we think its a great opportunity to show we can maintain and improve our levels of service its amazing how much business you get by just being responsive
we attribute the (late year->lateyear) acquisition focus to us first putting in place the optimal capital structure that we think best facilitates growth going forward and then focusing on acquisitions
also supply of capital into the insurance industry continues to grow at a faster rate than demand for insurance products so those 2 drivers mean that we should
yes this is dennis we believe that the market is coming back we see a strong fall year all were trying to say is that we did have a strong fall of 17 as well so comparably it may not look as
any return or (*->a) return to (*->a) more normalized claims environment will put (upwards->upward) pressure on our combined ratio and we should anticipate reduced margins
thank you craig and thanks to everyone joining our call today i would like to start by recognizing our employees for their dedication and hard work during our first year as a public company
especially when you merge with a company that has as high (*->a) loan quality as southeastern does so a couple things to think about when you think about our provision
now that being said ive also said that within probably early in the summer sometimes in the summer well announce on the financial side what the plan is going to be in the future
look we look a lot (at->of) whats in our customers wallet without referring to anyone elses advertising and id say weve seen a very stable mix of customers use of credit cards other installment debt other auto debt
and that future events and results may vary substantially from what the company currently foresees discussion of the various factors that may affect future results is contained in the companys annual report on form 10k
whether it manifests itself through a boost in loan demand or improvements in credit trends we are focused on making sure that we remain our customers first choice for their financial needs
ed will now take us through our financials for q2 in more detail afterwards i will summarize our initiatives and update our expectations going forward thank you dennis
these 2 developments reinforce our belief that there is significant opportunity for growth in providing products and services to operators focused on pipeline integrity
this gives us the financial flexibility to continue with our capital (investments->investment) shareholder returns and maintain our optimal capital structure under a wide range of operating conditions
one final point on the innovation front comes from our products and systems segment which has some exciting research and development activities underway with some important customers
a remarkably different tax equivalent nim in the first quarter of 18 versus the fourth quarter of 17 right and then your actual margin
would be lower if its a change in the status of existing customers then i guess that would sort of make sense in terms of some of the commentary and i dont know if you can provide any specific
in the second quarter we continued to successfully execute on our strategy to grow our generic and brand business platforms and to advance our key pipeline assets
simultaneously our ready liquidity gives us the opportunity to pursue proactive delevering of our balance sheet by buying back our bonds at attractive prices
comparing to last quarter adjusted ffo is slightly down partially due to the timing of the recognition of income tax expense which chris will go into in more detail later
and (grew->through) the size and quality of (our->their) backlog so a very good quarter demonstrating the early benefits of our transformation with more to come
the exciting part is working on initiatives where we work together on developing product that we could help them launch within (korea->career) and we have a number of initiatives underway but it is going to start small
to and we want to become a platform company as you do know both for the enterprise as well as supply chain as well as even future marketplace usage
we are gaining synergies with our product segment and we have some exciting new proprietary products that we are launching this fall for our use in providing leadingedge services (our->*)
the timing and (*->the) amount of estimated future production cost of production capital expenditures future metal prices and the cost and timing of the development of new projects
operational improvement efforts in the first quarter to increase in the first half of the year to increase recoveries (in->and) throughput and we expect the second half of the year to be significantly better than the first half of the year
last mile in canada is down a little bit and this is just because (*->were) what weve done with a group of customers is we (moved->move) these guys from air service to ground
underwriting margins and underwriting profitability versus expected growth which is generally driving whether we can return surplus capital and that balance may change going (forwards->forward) and return on equity
sales and service is also important in a lowgrowth environment so were trying to get our underwriters to be more proactive looking for opportunities and ensure we maintain high levels of service on both underwriting and claims
more importantly however our strategy of diversification is gaining significant traction as our business is expanding nicely into aerospace and complementary mechanical services offerings
overall gnl had a strong third quarter and our portfolio continued to exhibit the characteristics of being one of the best portfolios in our industry
were living with the (arrogance->arrigants) of airports (are->and were) having disputes all the time that we think could be (reasonably->easily) resolved if an independent (arbitrator->arbitr) actually got involved in this and stopped (it->*)
the expense growth is more than supported by revenue in the event that the actual revenue reported is materially different than forecasted the expense growth will not materialize as planned either
the ancillary revenue (strength->stream) from the jetstar group was assisted by the successful launch of plus 3 kilograms carryon increased catering and the bundling strategy
and we will continue our efforts to push the envelope here (and->*) not only in the areas where we have built lte today but to make sure that lte becomes available all over the place
as previously disclosed we have actively marketed a subsidiary within the products and systems segment and are nearing a favorable outcome for those activities
was the partnership with korean re is established through a swap arrangement and the (outgoing premium contributes that increased->outreased) reinsurance spend
im glad you asked the question i was going (trying->*) to try to pick up on it later on the call before concluding the call when i said earlier that i referred to the brio gold division
is down i was mentioning the (investments and->investment) but there is also a strong currency effect based on the guidance rates that we have kept
in line with that as martin alluded to earlier we will continue to reduce our catastrophe risk budget this year as prices have declined
we have started a major sim swap program already middle of this year we have now extended it to (sun->some) customers because we know out of our data that there are more lte devices than
im pleased with our progress and i remain excited by our future opportunities
at the beginning of the year so its really some very small areas of our business
so going forward i dont see were not expecting a major deterioration in the margin profile
as we touched on at the end of q1 we are pleased to have been awarded a contract in canadas arctic regions
the significant decline in outages also led to a further reduction in shipments of home standby generators for the year
in order to show that (atlas->dapolis) is really allowing us to select the key targets in (the->this) setting
to conclude we are delivering on our plan we are seeing clear progress in our margins
we have lots of different levers that we can pull and weve got them all going in the right direction right now but
for information concerning the risk factors that could affect the company with that i will now turn the call over to dave stack
a description of these metrics along with our reconciliation to gaap can be found in this mornings press release
influences on the pipeline between the 2 i think your initial question (*->of) vikram was about
the market is still an attractive market and where we intend to be
and that the prior episodes of consistently inconsistent performance are a thing of the past
importantly all major subregions were higher as we discussed in the past
so i cant tell you that its that we can get a full grasp on exactly what the issue is (*->and)
looking ahead to our full year financial guidance in addition to increasing our exparel sales guidance
were continuing to invest to expand our technology leadership into adjacent markets
both the prepared commentary and discussion during this call may contain forwardlooking statements
and we have like we believe that we have a very good solid
they are constantly looking but the attention will shift to japan more
and we believe knife river operations in california are well positioned to benefit from this bill
(*->fairly) constant yearoveryear (and->*) we were hoping to see a little bit more of an increase but i think the reality is setting in that
the company also produces a line of manual and electric material handling equipment marketed under the (lifter->liftter) brand
these attributes are ideal for memory applications which require faster performance
a portion of revenue associated with new and expansion unit shipment was deferred
everyone is pulling in the same direction and as we do so i expect our best days are ahead
symphony health for a long time kind of correlated with exparel and then
prospecting so i think for us this is all about leverage now and we see a very distinct
from the canadian government and also from our customers including delta
this study is approaching full enrollment with top line results expected near the end of this year
related to the pramac acquisition recall we are acquiring a majority ownership position in that company
we believe were well positioned to continue to pursue our mission to help cure cancer
(*->to) explore that with our component suppliers of major components for those types of products
higher than others in the market who already have a defined network this year
of the services for the installed base so there is an opportunity there for us
bob when you mentioned kind of whenever you start to see slowness or different elements in your business and you start to see
and that the back half of the year comps will be much easier
longerterm kind of perspective on how youre thinking about your raw material chain because
we also made further progress during the year in building out and expanding our capabilities for larger industrial generators
in terms of market presence a bigger fleet can provide more flexibility
a lot of whats being done between the 2 organizations is being driven by
our commitment to growing our system business was also on display
this is after significant interest and cash tax (payments->payment) in the third quarter
these study designs will be presented at asco this year
that tells us that they are short and they are looking for alternatives and we put programs in place
another key highlight from our partnership network is our innovative (is->as) our innovation
how would you characterize them versus your own expectations and you mentioned 3 things as far as
so many of the big payers would tell you that they believe that they pay for exparel today
of the new gasoline spec which has driven increased butane blending demand
with the intention of building stronger customer loyalty and sustainable market share gains
the opportunity to use the drug in that kind of a way then we see it move pretty rapidly
at these levels the percentage modeling for taxes does not really work
right now and as i think i mentioned before (and->*) we (checked->check) the (map->math) again this morning
just to put some more context around jason your concern about us not
that is included in our tax return resulting in a very low cash tax rate in the current year
we expect to announce significant improvements to the performance specifications
or were spending money on that or were not looking or paying attention to this so theres a lot of opportunity (*->and)
so we are going to be taking a look at it across where our growth targets are
the power outage severity environment remained very low during the quarter but was consistent with our previous guidance
and then what kind of profitability levels are we thinking about relative to the current portfolio
when you look you kind of have to (peal->peel) the covers back and were not going to give too much detail on the call here but
we went through an organization change in april
in the end so we dont have a lot of direct visibility im starting to see the products
and on top of that profitability improvement for our customers in order to
now let me provide some (insights->insight) into recent market activities
for drivers will help mitigate that and make it not be as big of an issue
i have a few comments on our guidance before we open it up to questions
country makes us well positioned for any infrastructure upside we may see in the future
this is the initial phase of a multiphase project with the option for future work
with the variation since march mainly on the account of stronger global deliveries
and our logistics business has got to gain market share if we are to reach our potential
and there are papers out there that are written by economists that suggest
and i think whats happened is our customers and again i think everything has to be put in perspective
(*->it) seems like your store business is growing at or better than the market
your primary competitor at the global level saw a decent demand in the quarter
whats most important is to maximize sales
as noted in our press release we expect our earnings per share for the third quarter
class and that is also one of the (reason->reasons) why its taking a little bit of time
(*->so) the capacity may move but we would like to see utilization pick up
with volumes increasing and as we experience step changes to production curve
were relatively consistent with the same period of last year although on a bit of a different job mix
that we will have pilot programs with those folks going mimicking the aetna experience here
is there any real when can we start to see that
in many of these scenarios the profit margins are quite thin
so we feel that we have multiple options in front of us
prior to dosing scamp scores are not
so the good news is i think the home depot team
the pullback in oil prices but also some of the early guidance issued by
build plans to address unforeseen circumstances as they come up but just keep our eye on the ball as it relates to delivering this year but also investing in things that are exciting and will lead to sustainable growth for the future
for the full year 2017 the highlight to me was the great revenue balance across end markets geographies and product lines resulting in consistent sales performance and doubledigit earnings per share growth in each quarter of the year
(apart from->above) there is nothing that is materially something that we need to talk about today like i said we would continue to receive many of these opportunities (to->and) evaluate and our internal bias is always to build
however our guidance does not include any new contract awards beyond those previously announced as we dont expect any federal awards for the remainder of this calendar year and because the timing of state government actions on new contracts is always also difficult to predict
we are building a very robust acquisition pipeline and by the end of this year we hope to (acquire->have acquired) more of these type of properties and next year we will provide guidance to the market on how many corecivic properties we look to acquire each quarter
either needs to be demolished or relocated we are in the (efforts->effort) of reducing the capital expenditure required we will be relocating some offices but we do need to demolish and rebuild our workshop which cannot be relocated
as the weather improves and we have the opportunity to deliver to job sites our sales performance will normalize we remain confident on delivering a strong 2019 next is the construction end markets
(*->and) we see a lot of product a lot of project activity theres half a dozen major airport expansions and renovations occurring across the country multiple large sports and entertainment complexes or stadiums
as weve stated in the past weather can have a significant impact on our results as unusually cold wet and (wintry->winter) weather can impact outdoor construction activities and our ability to safely deliver (products->product)
since joining corecivic in 2007 patrick has served in a number of critical leadership roles that have provided him with meaningful companywide knowledge and experience while supporting and leading our efforts to grow and diversify our company
were well known within it and with cios but our platform is being aggressively deployed outside of it to provide real value in areas such as hr security and customer service
while we report our operations in 2 segments and each of these segments games and payments can be separated and operated independently we do not see ourselves in that narrow context
on a yearoveryear basis our financial performance was significantly impacted by the renegotiated contract for our south texas family residential center however utilization of that facility was near capacity throughout the quarter
in pharma we continue to see macro trends of rising global regulatory standards increasing global patient access to prescription drugs and the growing testing needs of new biologic drugs that feature an everincreasing complexity of molecular structure
on this call we will discuss certain nongaap measures a reconciliation of the most comparable gaap measurement is provided in our corresponding earnings release and included in the supplemental financial data on the investors page of our website
(plant and->the) clifford has mentioned that our prices achieved (did->have) not quite (lift->met) what we had last year and that is purely a function of the smaller or fewer number of large stones that have come through i have been asked in the runup to these
so as a result for the merchants that we can incrementally start generating more revenue from an existing merchant and i will also throw because you said (quantify it->quantified) id be able to quantify some as well
while maintaining the same look feel and common usability this strategy will be a key theme at our upcoming knowledge conference and financial analyst day in orlando and i hope to see many of you there
as we do this i will continue to view our significant cash balances as a strategic asset of the company that can wait patiently as we seek the right opportunities to invest in (highreturnoninvestment->high return on investment) initiatives
smaller partners are getting trained and vetted as to provide help in the implementation (and->*) integration again largely in some of the newer products and so you just get the sense that the (ecosystem is->ecosystems) just starting to pick up
(well->we) probably for the first time over the next 6 to 12 months are going to be in a position to run this mine at a steady state albeit at a reduced tonnage the reduced tonnage obviously doesnt help
before i begin my review of the results let me remind everyone that the operating results presented in todays release reflect the changes in our financial reporting as a result of our implementation of the new revenue accounting standard
it is clear that our investments in and our focus on new games and cabinet form factors is resonating with our customers and resulting in increased market demand and market share for our products
january 1 on the disclosure side we will be disclosing quarterly whats required on the backlog and deferred revenue and then how that backlog is going to roll off into revenue over the next 12 months
some gets pushed indefinitely in the construction industry theres only so many daylight hours in a day so theres only so much work that can be done in any given day certainly our customers will try to catch up to the extent possible
as mentioned earlier we are currently expanding our inhouse staffing for the development side of corecivic properties but we are also adding staff to provide more expertise and resources on scoping acquiring and managing these type of properties
looking next at new contracts within corecivic safety in july we began receiving offenders from the city of mesa arizona at our (central arizona->centrazona) florence correctional complex under a 3year contract
with the introduction of gst and with the earlier vat regime some of the arbitrage is gone that we believe it becomes a very very interesting opportunity for us to focus upon
when i (stepped->step) down as ceo of ebay i had the opportunity to survey the technology landscape and it became clear to me that cloud businesses are disrupting both consumer and enterprise experiences for the better
while (*->a) few facilities experienced periodic power outages that required the use of backup generators and some (various->very) minor cosmetic damage to exterior buildings no meaningful disruptions occurred
the process for nominating and receiving senate confirmations for (*->our) new us attorneys continues to move forward these individuals of course are the nations principal litigators that operate under the direction of the attorney general
is there a lot of heavy lifting i guess left to do to kind of get you people are already using you outside of it what do you think has to happen to sort of take that next step to start talking to more line of business heads and ceo types
we (listened->listen) intently to the voice of our customer regularly releasing improvements to our website to become even easier to do business with 2018 also saw the release of our new sales (console->counsel)
given the higher grades and the higher value of the stones that we have typically found out of the satellite we did want to push that a bit as much as possible and we felt (its->it) prudent at this time of the year given the performance weve had in the waste stripping (side of->to up) the guidance
and this is not something the board will compromise on in any way so materiality is not an issue
the challenge in the earnings is we also have in there the rotation thats going on with the legacy retailers that are in runoff
we expect revenue and earnings to be down at specialty property as (lenderplaced->lender placed) continues to normalize
improved international profitability and expense initiatives within solutions will drive the increase
we have provided additional disclosure related to broadcast expirations in our quarterly supplemental package
fast because it is more today about keeping the current structure (but->than) putting more transparency on the (government->governance)
but conversion has been lower so our customers are taking more time to make their decision as their confidence levels remain a bit lower
our successful conversion record and domain expertise is unmatched in our industry something we take great pride in
we believe this includes a good balance of returning cash to shareholders while still investing in the future growth of our company
incredibly well so thats going to be our next step from an investment in our food quality as we said on the call we still expect
the other thing thats not (really thrown->reading through in) here yet is (a->the) full impact of green hills which will come through (in->on) the second half in the development line
in addition to the press release distributed last evening a quarterly supplemental package with further detail on our results
so let me start with a few comments on credit we do provide a comprehensive set of credit and performance data monthly on our website
(sales->*) our focus there outside of that summer jazz campaign is to roll out new contract choice
my team and i are focused on accelerating our path to these opportunities and i look forward to sharing more about our strategy in the months ahead
(*->on) how were spending our money and where we are those things are all contributing to a really really nice run for this business
i look at us and think its similar i think a city of our size becomes attractive because suddenly youve got
now thats appealing to customers who want absolute certainty so (theyll->they) know the day they move in what the dollar amount will be when they move out
and the customers will have an option or are having an option
serving the immediate needs of their customers while at the same time minimizing the risk associated with any change to these systems
at the same time we believe ongoing cash flow generation from solutions and specialty property
the commodity environment was becoming more favorable so we did end up on the lower end of the range that we discussed at the last call
going to these markets through disciplined restocking (theyve been->that being) the 2 markets that have benefited the most
we are enhancing our enablement programs and growing technical sales teams to elevate our positioning among prospective customers
with the commercial activity of bankinter continues growing the negative impact
the asian exploration and also the renovated pad (thai->tie) it seems like particularly on the asian exploration its more
and the retail benefits from those same locational and (upgrading->upgrade and) tenant
with the remainder due to issues which we expect to reverse in due course given the strong fundamentals in the sector
recurring income in a sustainable way because were very committed to our credit ratings and making sure
some additional color across all the metrics and thats one of them i think we also provided more color around some of the balance sheet items
(*->the) reconciliation from gaap to adjusted results is provided in the press release and supplemental slides posted on our website
we really expect that rampup in earnings to happen in the second half of the year so (the->that) full year earnings will be up
lower than that were going to achieve very healthy and significant positive
our performance in denver has been similar to what the industry has seen and our media campaign
and third has been to maintain a strong balance sheet to fund our high organic growth
modernize their software development we will continue to drive customer expansions as well as grow share by winning new customers (with->*)
despite lower premiums we expect our expense ratio for these riskbased products
which can be found in the earnings release and supplemental tables with that let me hand it over to rob
and that helps to add value so when you look at (telstra when->telstro and) you look at mtn when you look at some of the others
id like to share 2 of our notable customer stories with you to underscore the business outcomes customers are experiencing on the platform
due primarily to the (support of->supportive) marketing initiatives increased labor expense and the filling of vacant positions in the field
im particularly pleased with the progress (we are->that were) making (*->in) executing our strategy
(i will->ill) also cover a few components of our revenue and segment profits that were not in our earnings release yesterday
and the broadening of our customer reach into the middle ring markets through the rampup of our medium density initiative
this change of (mix->miss) is contributing to the gradual reduction in the total cost of retail deposits
in the meantime id like to share a few thoughts on our results for the second quarter and progress on several key initiatives
the sales force and the pivotal team thats going out to their customers and sort of advising them between the sort of
we have learned that the number of large load requests can be an indicator of the potential for economic growth
we continue to make great progress (in->on) our current strategic priorities so let me share a few highlights from the quarter
we think that is a start of an improvement and we think that positions us well as a good sign for the period ahead
when you look at the duc count and you looked at the rig count and you look at whats going on in the macro
so thats part of the reason but we still feel very good about the growth and momentum in those businesses
is offsetting these factors and could you also just talk about whats driving the range in the guidance
could have their holdings redeemed for class a shares which are listed and traded on the nyse (as->*)
so that they may be leased to larger better credit tenants at higher (rents->rent)
in closing we are proud of our teams hard work over the past year and we thank them for their efforts
in closing we will continue to drive top line growth and operating leverage across the company
while we are in the early stages the team is making great progress in improving cpd margins
also engineering became more specific as it relates to the equipment as we (move->moved) through the last year of the project
the houses that are in default or in (reotype->reo type) status if you think about our field services so we are not
overall we are pleased with the strong first quarter performance of our housing and lifestyle businesses
and we will continue to invest in this area during the course of 2016 which dave will outline later on
we will continue to educate the public on our quality ingredients and real cooking
this effort has been led by the development of technology tools that make interactions more seamless for our dealers
but i wouldnt point to the crude haulers specifically and say theyre a bigger culprit or a bigger part of the problem
then linda will conclude our prepared remarks with an overview of the business environment
or maybe its just the street being too pessimistic looking for a slowdown but any additional color (*->to) that would be helpful
and we expect to see continued growth in these very large accounts as they seek to modernize the applications that run their businesses
prior to the end of fiscal 2019 moving on to capital allocation
a number of conditions around land bought this and in recent years under options
and the ancillary rental equipment that i mentioned earlier for those large workover packages
as a result of that approach our customers typically have much higher patch compliance rates
and then my last question you mentioned the first foray into tv (*->and) im wondering
we again achieved strong spreads for (*->our) manhattan office properties as we were able to sign new leases
our portfolio as you can imagine has matured and it provides fewer examples or opportunities for that type of
(*->and) dividend was to do exactly that to put (us all->ourselves) in a stronger position in the marketplace to take advantage of opportunities so i think it will continue to consolidate the
were very fortunate that our portfolio was not significantly impacted by the recent hurricanes we monitored the storms very closely and had teams and supplies in place to quickly respond after the storms passed
and reduce our dependence on any one individual customer however it is uncertain as to the level of revenues to expect in china on a quarterly or annual basis
we have many organic investment opportunities across the portfolio and we believe we are investing appropriately to achieve abovemarket return on shareholder capital
i certainly think things (will->*) become even more attractive and (will->well) we would tend to lean in harder when we are really confident that the full (recovery is->recoveries) in place
these products these are products with doubledigit growth good profitability and where we have strong production technology and (advantaged->advantage) cost positions
the december quarter tends to have a greater percentage of revenue generated from larger boat sales due to the fort lauderdale show and the return of the (northerners->northern) to florida
its been 2 weeks since we have been (prereleased->preleased) the key figures for the first half year so i will keep my comments on the figures (short->sure) today
system at least with respect to branded as a ritz is a benefit to our downtown (ritz carlton->ritzcarlton) in addition that property is going through our property downtown is going through a
it is important to note that we have a positive relationship with this customer and continue to expect to provide them with a valueadded product going forward
and so obviously you cant tell what the revenue is going to be like for the year that thought process doesnt change your appetite for the buyback in the front (half->*)
and then get better through the quarter (point of sale->pointofsale) at fluke as an example clearly got better through the quarter (matco->mapco) got better in march so we did see some trends that were improving through the quarter
naturally if it stimulates a response to the right (targets->target) the vaccine should work optimally there were recently (two->2) papers published in nature that highlight this issue
(here->*) not beyond what weve already done with them which is basically (a->*) joint ownership in the assets that are coowned
hold off on their travel to that market until such time as things stabilize there but (it would->i itd) be very difficult for us to comment on what the revpar growth would have been other than
so can you confirm that and what about the point allocation so in the past customer return measures there were some points allocated so those are excluded from this calculation can you confirm this point what is the definition
the reality is we are managing that down now obviously that takes time to correct in the marketplace but that is actively being managed down as we speak
i think its going to have to fall into the fourth quarter and as such in order to entice the clients to move back out of just a strictly seasonal cycle
so the top line (increased->increase) as i just explained and i want to (note->know) just a couple of other points so the gold price average takes as usual into account the streaming financing for karma
their efforts are reflected in the strong sales performance to date and by the fact that over 800 surgeons have trained on the maci procedure since launch
as a consequence of the introduction of flex commission which we havent seen either which has been good and positive i think the trend is up the opportunity is up
we look at our inventory every single day and just monitor every granular detail of whats going on get feedback from our team we feel good about our inventory position right now
(its->it is) also worth noting that the industry is not in a discounting mode pricing activity that we have seen at the shows is consistent with normal boat show promotion
this was a reversal from the negative trends we had seen through the first 6 months of the year related to the lingering effects of inexpensive chinese imports
accelerated i think that the performance that we have lagged behind is now becoming a little bit more market specific
(these outcomes->and this outcome) simply reflects the current market conditions and some entrenched changes to the fortunes of a small number of our franchise brands
(oneil->oil neil) has just provided a detailed financial review of the quarter and the year as well as our revenue outlook for q1 i will now provide some additional insight into the business of each of our reporting segments
while the recent financial and global market volatility may have impacted (*->the) december selling period we have seen more consistency as we started this new calendar year
is that what we should expect to see a much faster growth rate for you guys in california and is your pricing in california in the marketplaces reflective of what youve done across the country
we believe these delays will be transitory as bit growth remains very strong and device manufacturers will have to invest in additional capacity to keep up with demand
the ebit which is relevant for the dividend payment will come in several hundred million euros higher than the adjusted ebit we use for our forecast
we believe this excess cash balance provides a hedge in uncertain economic times as well as providing dry powder to capitalize on attractive investment opportunities as they arise
you did talk about your dealerships and how (they are->theyre) outperforming the market in terms of margin can you talk about how theyre performing in terms of sales (for->like) first half
as part of the management process the company has taken the decision to close a number of underperforming businesses which is reflected in the unusual items for the period
thank you for joining us today as we discuss our third quarter results and update you on our advancing immunooncology programs and other corporate matters
the overall (costs->cost) of raw materials used in making specialty aluminas this action will not affect our ability to resume growth
absent a change in the underwritten performance metrics going forward we will continue to be disciplined and i think we should get credit for being disciplined its been
we expect to continue to grow our materials business relatively insulated from semiconductor capex and pricing cycles
(and->i mean) cash flow as you all know (for keller->fekella) is always very (secondhalf->second half) weighted having said that the first half number is lower than we would normally expect and that reflects the very strong growth in the second quarter
our portfolio diversity and financial strength provide us strong organic investment growth opportunities which we believe can generate high returns
consumers on the value of products that are available at a dealership and by doing that you actually say there is a sound logical compelling reason
the impact on consumer confidence of tightening lending conditions and the negative wealth effect of falling property prices particularly in sydney and melbourne
if you have a question please raise your hand the first row please wait for the microphone and let us know your name and affiliation before you begin your question
we have been ensured that we have a higher margin of those products its still a challenging business we still have to adopt our cost we still have to make (*->the)
and so there (was->were) just a number of instances around the firm where capital was being deployed very very inefficiently again it goes back to (*->the) differences of the 2 firms
i am particularly proud of the hundreds of fellow nov employees who pitched in to help their coworkers families and friends and neighbors by rescuing those
we will continue to invest in our workforce our facilities and our research and development programs as we prepare for the uptick in project activity over the coming quarters
since the end of the third quarter we have released 8 of those and sold 1 and we have pending resolution on 2 more of the gander assets
it is important to note that we (were->are) only beginning to apply some of the technology internalization and other efficiencies to our business
legacy kcg had at least 3 independent trading systems in addition to separate (back office->backoffice) platforms that were largely disconnected
this will enable us to deliver offerings to our clients that are multidisciplinary and bring improved structure tools points of view and quality assurance
and then also if youll be taking a look at all on the metals price assumptions that you used to calculate those reserves and resources (ill->*)
obviously being on the inside we can provide better guidance now that we have a more complete understanding of the business and execute on our plan
each of which are taxed or benefited at different statutory rates and the offset of the tax benefit of foreign losses in certain locations by valuation allowances
because were at that point of the conversation to erics point that the decline in participation at the major league baseball level was a point
resulting in under absorption of our manufacturing facility cost and the continued effect of competitive price pressures
our mining shaft has been designed to go ultimately to (a 1000->100) meters in this first stage for our current 10year reserve plus
zach i dont think we can really comment on specifics as weve said in the past we view that were the natural aggregator of
the second point id like to make is that pipe defects are not uncommon the manufacturing process can result in (cracks->crack fracs) voids inclusions and mill scale
however customers continue to reduce the scope and resulting spend of most projects as they seek to limit spending only to what is absolutely necessary
and we believe the industry will adopt a more efficient industrial model to construct the floating production facilities needed to develop the planets immense deepwater resources
clients and institutions spend money its one of the reasons thats driving that solutions trend for us
with supplemental disclosure to deliver enhanced clarity and transparency into how the operations of the combined company are shaping up
development of the underground mine is proceeding well our target is to have the first (open->stoping) production by the end of this year
these risk factors contain a more detailed discussion of the factors that could cause actual results to differ materially from those projected in any forwardlooking statements
going down it seems that people that are choosing us again are making a value call and they like what theyre getting it is
any sense when the majors might be ready to build new offshore rigs or getting any sense of what it looks like looking out to the future
like to go back to the blade server and the opportunities there (and->*) you mentioned that possibly some sites outside alaska
capital expenditures are tracking slightly higher versus (planned->plan) as certain of the expenditures that were expected to occur (pre spin->prespin)
as we discussed during our call on march 23 the acquisition will strengthen and help grow the core of our business
we expect to translate this growth into strong operating and earnings performance and once again achieve our target business model for the full fiscal year
to that set of clients and thats a group of clients that have been largely ignored by our larger competitors
we are extremely focused on driving growth and working hard to accelerate the return on investments we are making in the sales and solutions space
so were not actually losing any revenue in fact those strategies are actually performing better with (significantly smaller->significant) book sizes and therefore significantly smaller capital
and buying that from a company that does the design development (and->*) manufacturing domestically it really narrows down the field
(that->*) this is an important program for us not only because of its size but also because it is our first large blade server opportunity
yes i think that that will happen i think there are (a->*) couple of beneficial things that will happen in our business
that (*->but) when youre looking at the mix of projects in our backlog there is a wide variety of price levels that were seeing
the (lit->liit) business is now fully integrated and continues to play an important role in several of our major programs
as kate mentioned weve seen some improving trends across our international businesses with revenues in europe and asia pacific increasing during the quarter
we will have established a (betteroptimized->better optimized) flexible capital structure and a strong banking group that should serve our needs well moving forward
we can come in and help these very large clients in their remote offices so weve made a conscious effort
before turning the call to herb i would like to share the one other executive team position that is new for the company this fiscal year
resulting from lower inventory rentals as well as lower dollar utilization of our designated rental fleet in our construction segment
can you just give us a little bit (sort->*) of (*->a) broad outline around how to think about margins in each one of the segments and in the international segment in particular
we significantly expanded our aftermarket business by some very promising acquisitions
based upon this and what we are hearing from clients weve established an executive team position to develop our integrated solutions practice
that was virtually unchanged from last quarter the weighted average primary lease term of our new investments continues to be long at approximately 18 years
and share buybacks now i would like to turn to slide 5 and highlight some recent trends in adjusted net trading income
we are also including all of the global volume information we have disclosed previously for the market as a whole
and we are only beginning to achieve trading efficiencies and (harmonized->harmonize) the (strengths->strength) of both legacy firms
we are seeing really good recovery rates in the pulp agglomeration plant for the first stage of recovery we do produce
it was below our expectations it came in lower (*->now) i think some of that due to the late start to the plant
thank you operator i just want to thank julie and the entire cable one team for all their support
we are incredibly proud of the organizations tenacity having delivered 5 quarters in a row of improving results amidst challenging market conditions
theyre not in that situation they have some of their business (is->its) nonconsolidated but some is and so when you look at
the one of the things that weve also talked about and i think what were seeing (as->is) a result of (us->*) having (these->this) new capabilities
revenue was negatively impacted by a lower store count resulting from our fiscal 2018 restructuring plan
favorable secular trends support increasing growth in our landoriented businesses within (the->this) segment and we expect will continue to do so in the future
steadily improving demand underinvestment by the industry and favorable secular trends will drive step change improvements in our businesses
thank you operator the second quarter presented some encouraging signs for powell by way of increased bookings as we enter into the second half of this year
and beating consensus do you guys have any sense or have you heard anything as to what people are concerned about with respect to the share price
just because of the volatility (and->in) the purchase (trends->trans) cost i mean thats those are where were seeing the highest rates and you can look at these thirdparty indices to get a sense for
we announced (the->a) decision to expand discount to the west we invested in a partnership with ocado to build the best ecommerce solution in canada
its not going to be whipsawed i think were going to come close because i think we can pick up our market share gain (on->in) that purchase side if it continues and well be able to
so with a great team in place significant progress in our cancer immunotherapy programs and our recently completed financing
(*->and) as you know there are (a->*) number of opportunities that may be out there given the low pricing in ercot we see them to be plentiful with potential for strong economics
and we moved our (premiere->premier) service operation in there with the hilltop securities office so when you look at our markets
this business and this region deliver high incremental margins on increased volumes as we do not need to add any additional cost to support the growth
those things are getting impacted in a very negative way right now and so theres going to have to be some stabilization of those things before we probably see growth
how volatile our performance was on those products its kind of like talking about a brush fire after you just went through a forest fire to
we see excellent opportunities to seed new alternative funds along with new clients which can be run from our existing platform
and commission income coupled with the specific (loanloss->loan loss) provisions taken during the year (with->*) that said ill now pass it back to peter for some closing remarks
channel is very much tied into oil and gas either directly or indirectly when you have a direct exposure to oil and gas when youre (renting->running) equipment into the
before we get started please note that certain statements during todays presentation that are not statements of historical fact including statements concerning such items
more than commenting specifically on this years margin (id->ill) say going forward beyond with the operational leverage built into the business
these initiatives include specific projects and activities targeted towards generating more sales leads improving close rates and reducing the total overall cost of a home standby system
production grew much stronger than anybody expected and new rail facilities actually located themselves in the western part of the state
and i want to be very clear on this point that we have not yet made any decisions regarding the (long term->longterm) viability of our coal our older coal assets
so again our emphasis is to recover our margins fully but to michaels point we got to make sure were demonstrating to our customers the value we bring
the full year impact of new product launches and the continued development of our dealer base including increased participation in various programs such as (powerplay->power plan) and power pro among others
so we dont see that changing going forward in north dakota in terms of our competitiveness i think in terms of
and look for opportunities to grow our business we dont want to be (tapped->capped) out and then be faced with the prospect of even having to divest things so i think we feel like that
no i think those comments are primarily focused on what you would call traditional blocking and tackling we cant hide from the fact that the (economies->economy is) out there (is->*) choppy theres a lot of things
our assumption that libor rates modestly (increased->increase) beginning (*->in) the second half of 2016 and the addition of interest expense from debt assumed with the pramac acquisition
customers and having basically to pay for them over the next couple (of->*) quarters do you see further drop as you
building on recent enhancements to our industryleading mobile platform the team is hard at work improving the customer experience to drive even deeper engagement
thank you tim as i review the fourth quarter keep in mind that during the quarter the partnership completed an acquisition from the sponsor and its affiliates
(*->in) this environment we will continue to monitor the markets in order to maximize both service levels to our customers and yield
we also believe that the eld mandate began to have an impact on capacity late in the quarter which has continued into the first quarter thus far
will be a function of eliminating the 2017 expenses to execute the program plus capturing (*->the) incremental benefits as we achieve the full run rate of the expected savings
which is very manageable particularly given the favorable market dynamics laying the foundation for a positive occupancy outlook
so were not particularly necessarily looking at any industry it just happens to be that the opportunities right now are really in the real estate side
our business development (offices->officers) have been more focused on developing commercial lending relationships and were pleased with the growth were seeing in that area in particular
the ability to participate on referral networks right and actually help us work with our clients better and maintain those relationships and bringing custody of
we will continue to manage all elements of our business within our control to ensure that we remain competitive regardless of economic conditions
along with the superior growth of our new (clients->client) pipeline we have been challenging historical conventions around the onboarding process to eliminate roadblocks
we continue research in both of these exciting areas and look forward to additional presentations at upcoming scientific and medical meetings
to complete and mike i think you said that depending on how quickly that gets done it will impact the pace
however activations improved during the quarter at a healthy rate on a sequential basis as a result of the effectiveness of our sales marketing and promotional programs
during the second quarter of this year so as you can see we have a busy execution year ahead of us with numerous pruritus trials already ongoing
party thats going to actually do the acquisition sourcing so line up the transactions then theyre going to manage the portfolio
and we review those every month in alco and then periodically look at how we can bring those more (in->into) line with our standard pricing over time
kind of what we moved in march is kind of how we think were going to be moving going forward not what we did sort of on the june hike where we caught up a little bit
to mitigate a pretty substantial amount of light erosion with the flexibility to move different commodities on different lines so weve already got
were doing we feel really good about it and i think we can correctly point to things like the expansion of powerplay (is->as) an example weve expanded that program that is our
based on the orders and our preliminary assessment if upheld the process set out in the orders is likely to delay the planned startup of construction
and the business development offices that we (had->added) in 2017 and 18 (had->have) become acclimated and more productive as they (gain->gained) experience at first western
who we would be very comfortable weve been doing a lot of work in the background putting into a referral (programs->program) so that those stock plan participants
north of a couple billion in assets in order to do that we think its (an->*) attractive opportunity down the road because it would potentially lower
this is jeff (nik->nick) i think its probably going to be closer to 5050 a lot of the increased production in the cooper basin jv is
where there are still many corporates who are served by companies or stock plan providers who are changing
and well continue to do that right its not going to impact our operating margin we find the (moneys->monies) and the expense (costs->cost) from elsewhere in the organization and well redeploy it
this quarters distribution also marked the eighth consecutive quarter that the partnership has increased its quarterly distribution
being delayed in closing i think there were some timing issues but also is there some that might not close in that maybe our original thoughts of what 16 might be
with more than 300 patients enrolled we believe that the advocate trial is the largest randomized controlled clinical trial of a novel drug candidate
while we had success across multiple verticals in the first quarter we also demonstrated the power of our diversification strategy across geographies we showed strong growth in the americas
these forwardlooking statements are made as of the date of this presentation we undertake no obligation to publicly update or revise any forwardlooking statements after the completion of this presentation
in the market there are some unique opportunities potentially in the portfolio over time where we (could->can) get a static converted to a digital
the common offering in october positioned us well as we (entered->enter) into 2017 but it will take a couple of quarters to fully deploy the capital
and it not only is profitable it brings a lot of deposits to us that we can use in the bank for core deposits so i think the platforms there i think
the advocate trial will assess the durability of avacopans impact on safety and efficacy over a sustained 1 year of treatment
we continue to focus on controlling our (costs->cost) delivering lease operating expenses below the low end of guidance and general and administrative (costs->cost) at the low end of guidance
where that rate pressure is and really thats the group that saw the deep plunge in terms of pricing and so its more than come back now and
well continue to work but in a slightly different way more so through the bid process here in the next couple (of->*) quarters and keep plugging away
and we can put that out there and satisfy a need that they may go elsewhere to satisfy were absolutely going to do that right so this one is about just being unbiased independent
we believe our recent track record of steady improvement in our financial performance will enable us to address our capital structure and provide us with additional financial flexibility
equally important we made strides in how we manage the business our management team is now established and organized to effectively implement best practices
in the near term to have more of an asset generator would definitely be attractive and probably have
until you get into the heat of battle and so you have hopes and expectations perhaps through the bid season and so as it played out in the first (*->half) of the year i think we found ourselves
how fitness grew on a (constantcurrency->constant currency) basis in the quarter and then sort of that exit rate for the year would be helpful and then secondly on fitness
im going to discuss how our efforts over the last few years to organically grow our internal investment resources along with an increased focus on our marketing activities in the lower middle market
the financials of the partnership are adjusted retroactively as if the transactions occurred on the earliest date during which the assets were under common control
so as we look out our goal is going to be to get as much of that to drop to the bottom line as we can
how the scope of that might change like sort of (a->the) concept versus what you had in the preliminary economic assessment even if you havent
hey we really appreciate the many of you that have joined those that have asked questions and for those who we did not have time to get your question we would welcome you to
the needs of customers and we do believe over time as we fill that out we will ultimately grow customer base on (that->an) overall basis
theyve announced some large customer levels from what i can see we have a lot of customers too (right and->i think) our customers are loyal to us we continue to deliver quality products to them
meanwhile we are working in parallel to fundamentally understand the market opportunities and dynamics and to formulate our commercial strategy
our core businesses are performing well (*->and) were excited about where the new international opportunities will take us but ultimately our commitment remains the same
in december we formed a joint venture with a partner who will selectively source and manage outdoor advertising assets for us in certain european markets
we are excited for this opportunity to report the financial results for the fourth quarter of 2017 which represents the first full quarter of the combined knight and swift entity
at the time of the merger announcement was to provide an estimate of the improvements we believe we could achieve with the combined efforts of both companies
based on our current plans we expect our cash and cash equivalents to be sufficient to fund our operations at least through the full data (read out->readout) from our newton2 study
that are subject to change and involve a number of risks and uncertainties that may cause actual results to differ materially from those contained in the forwardlooking (statements->statement)
thats really the most frequent move activity so when you think about churn it isnt about people sitting at home deciding (today is->todays) a good day to switch my provider theres usually a life event
i would note that the consultant cost savings were concentrated primarily in the second half so fiscal 2017 will reflect those relative savings early in the year
many other providers will change prices on customers retroactively without notice after the electricity has been consumed and they learn about it when they receive their bill
and look at some of the things that we want to do to ensure that its a success not just in terms of the cost savings but in terms of
were not were probably not going to ever forecast right now how many points of or we might get if we got that kind of improvement i think you can look at our
super users have privileged access that if (compromised->compromise) can devastate an organization and the complexity of protecting assets and applications in an elastic environment is daunting
so what were doing now is were working on first to better understand and quantify the significant financial and social impact
with our board we have support and guidance from worldclass institutional sponsors these owners represent roughly half of our outstanding shares
and we opportunistically tapped the capital markets to issue new senior notes to redeem our legacy trust preferred securities at a lower allin cost
finally ill refer to the strength of our financial position before turning the call over to susan for financial highlights of last quarter
we are moving inexorably forward to our goal of advancing our clinical programs toward regulatory submissions for marketing approval
ensuring diamond (provenance->providence) from mine through to finger and driving huge efficiencies and unlocking value for all stakeholders
and last but not least a (liveaction->live action) scanning tool on mobile so traders can identify unusual options activity and volatility while on the go
weve been a little bit concerned about some weakness on that side of things coming into the end of 2015 but the strength of
and we were impressed by the widespread desire in both the patient and clinical communities for new approaches to this disease
as we transform the capital structure we will have the opportunity to utilize our liquidity on projects with highly accretive returns within our portfolio
reconcile those 2 different data points and where youre seeing leverage relative to maybe a quarter ago when you gave the initial guide
the changes we made to our deposit rates late in the quarter were geared at bringing our prices closer to the competitive set and included an element of catchup
gathering and transportation was above the high end of our guidance however this was offset by natural gas price differentials which were better than the low end of our guidance
so i just think that its a balanced view here right we knew the job we had to do and we have been focused on executing it and weve also been very responsive and agile in (a->*) changing (market->markets)
to standardize their ability to (bill->build) for exparel across the continuum way more than medicare so in terms of a qualitative impact of that change
we dont see them going back to bupivacaine once bupivacaine becomes available again so we think that it is spotty but (that->*) it is important and another leverage point for us
we were able to achieve these strong results despite certain headwinds including lower custom tooling sales passing through lower resin cost and softness in certain markets
i have no idea how they do what they do its very difficult to sit here and try to analyze their data on a monthtomonth and quartertoquarter basis and try to figure out what the gaps might be (so->*)
the (holmes approved->homesapproved) homes program (focused->focuses) on the integration of the right building products technology and building practice to construct a home that goes beyond residential standards from construction to final inspection
resulting in our second half industrial operations likely remaining similar to that of the first half of 2017 a strong first nations partnering strategy has been the foundation of our company since inception
potential sales out of that out of the (addition->edition) and that we should be done with the construction of that in congers towards the end of this year and then qualifying customers (to->as we) go into next year
while we have not included this (on->in) our outlook we believe an increase in federal infrastructure spending has the potential to drive demand for construction materials both in the near and the long term
we believe our ability to innovate is something that separates us from competitors in our industry and we will continue our significant investment and focus on new product development as we work on a substantial pipeline of product launches across our business
the kneejerk reaction and tendency for some people with models out there to do so we just encourage people to keep in mind that there will be inflationary cost drivers equipment things like that that we have to factor in as well
no i mean were just (now->dial) chip starting to get into that process its really going to be very much project dependent i mean (id->i) dont at this point i dont foresee any major bricks and mortar or anything like (*->that) other than
many of these younger patients are exposed to opioids for the first time following (common->comfort) procedures like wisdom tooth extractions improving access to opioidfree solutions like exparel is critical in this vulnerable population
so the j code gives us a very straightline opportunity to have those discussions but in many cases they have to be had in the future so i think if you look out in time
this call is being recorded by veeco instruments and is copyrighted material it cannot be recorded or rebroadcast without veecos (expressed->express) permission your participation implies consent to our taping
we are cautiously optimistic that the increase in the volume and demand will absorb the ships delivering next year and the following year
okay and then is the potential raw material disruption in texas related to the tank farm fire that occurred in the shipping terminals or is it something else (and->in)
and no improvement in power outage severity relative to the very low levels experienced during 2015 we expect the seasonality of quarterly results to demonstrate a normal historical pattern assuming no major outage events occur during the year
who order on a regular basis and so part of the reason we put the 24 folks out there was specifically to allow folks that have a retail focus
they could represent an opportunity for a company like ours and we look forward to understand which kind of regulation will be finally decided by the italian
and we saw coming into 19 that they had delegated from beijing to the provinces the enforcement of environmental actions and so they were much more focused on employment
this increase was primarily driven by the addition of recurring operating expenses associated with the country home products acquisition partially offset by reductions in certain organic selling general and administrative expenses
with big ambulatory groups who want to start using exparel very aggressively to drive their the momentum of their business around the fact that it will be reimbursed
in addition to the ambulatory setting our outpatient account managers are successfully engaging with oral surgery and plastic surgery customers who are interested in highlighting their use of exparel as a means of differentiating their practice
were also pleased about the continued returns to our shareholders through dividend payments as we have paid a dividend now for 79 straight years and increased it for the last 26 consecutive years
financial results for the entire fiscal year 2017 there will be changes in how goodwill is treated and how development (costs->cost) will be booked in
we believe the removal of this reimbursement hurdle will accelerate the transition of certain procedures to the ambulatory setting this will not only drive patient and provider satisfaction but also reduce the overall cost (to->of) the (healthcare->health care) system
our outlook related to modular solutions business remains very positive i appreciate the first half of 2017 has been a challenging period for stakeholders (*->but) we are very optimistic about the next 12 months
everybody understand its a market that has been soft for many many years now and it has not been a typical aerospace cycle for business aircraft
jason and i will be in new york for an industry conference next week and in miami the following week you can find the details in our recent advisory announcement we look forward to meeting you and discussing our plans further for the business at that time
which has a bit of a different margin profile so while we continue to be pretty strong in terms of growth we think our margins will be closer to the upper end of our stated range than what theyve been over the last couple (of->*) quarters
our injectables business also grew over the prior year and we (continued->continue) to work with our customers to qualify the added capacity that has been installed earlier this year in europe
(you have to put->*) the (product->*) changes in place and theres also some bigger things hanging out there that we continue to work on that we think could have an impact on that even further out so were pretty excited about that because i think its
thank you shelby and welcome to our second quarter earnings release conference call this conference call is being broadcast live to the public over the internet and slides will accompany our remarks
this enables us both to extend our cash runway guidance and to invest diligently both in (gen011->gen 11) and in prudent gen009 clinical trial scaleup
i expect a smooth transition once (a->the) successor has been named by the board i have no doubt that aptar will continue to lead the industry in dispensing and (sealing->ceiling) solutions for many years to come
at mdu resources we are committed to operating with integrity and (a->*) continue to focus on safely and creating superior shareholder value while building a strong america
as a result of the wet ground conditions and increased drilling activity service revenues from this business the transportation installation and mat management services we perform on behalf of customers
we have shared (snippets->sniffets) of our company vision in the past but id like to share the part that most strongly speaks to me that we aim to be a company that improves the lives of team members customers industry partners and our communities
following data readouts from animal and other feasibility studies for these candidates we will determine the best programs to advance into the clinic we expect to announce these additional (depofoam->depofom) assets over the next couple of quarters
so do you have any specific plans to inlicense a product or acquire a company i dont think i said acquiring a company
weve seen other signs that there is some softness in some other areas of the core market in europe where its very difficult for us to really have good guidance and how much of that is absolutely the market versus absolutely our integration activities but
and finally regulatory capital ratios all exceed the levels required to be considered well capitalized and the tangible common equity ratio increased from 739 (and->*) at the end of the first quarter to 776 as of the end of the second quarter
even with our record sales performance in 2017 2017 was admittedly a difficult year for engineered materials and the industry as a whole as we were challenged with raw material pricing pressures
i believe our third quarter results are a reflection of exactly what we are trying to do in building the new canadian tire the new triangle and at the same time we turned (into->in) some pretty good results which (allan->alan) and dean will comment further on in a few minutes
referred to as new lot 1 subsequently reducing the shared ownership common title to a small (slither->slitter) between the new master lot 1 owned by (reading->redding) and (the->*) existing lot 6 owned by charter hall
at the time of our original (cannon->canem) park acquisition reading controlled over 80 of the lot (entitlements->entitlement) in the community title scheme via its ownership of 12 of the 13 lots
as a founder of the firm (troygould->troy gold) bill was a pillar of the los angeles legal community i know i speak for many of the men and women of reading it has been a tremendous honor and privilege to serve reading alongside bill
we will then take them off manufacture them ourselves and sell them during the course of this period very few goods have not met or exceeded our reserve price
this reflects the lower operating performance of these plants consistent with the industry this year versus last year and the fact (that->*) we stopped recognizing equity income on the patriot plant at may 31 2015 upon the close of that sale
we also saw (and->*) youre seeing in q1 so far what i would describe (as->is) a couple of key accounts that are reducing spending or changing spending habits a little bit which are driving our outlook for the quarter
it sounds as though we wont really see much of a change in the instore offering here in canada until later in 2019 and really we should be looking to 20 and 21 in terms of how it builds is that fair
under the old method we recorded client reimbursements as a contra expense at the time of invoicing this used to reduce noncompensation expenses and have no effect on revenue under the new method we record client reimbursements as revenues
the revolver test so it would be fair to say that the theoretical capacity of our debt agreements gives us a tremendous amount of capacity and
the (increasing->increase in) reserves in some businesses seems to indicate that there has been a certain relaxation in subscription criteria and provisioning what measures will be (taken->taking) to control the subscription policies at these various subsidiaries
indepth about what your current capacity and utilization of assets (*->are) and how you expect that to change over the coming years and what (are the->other) major projects you have in terms of increasing capacity over the next couple of (*->years)
snowing virtually everywhere in central canada so i think the commentary we provided at the time is that we saw real strong shipments in the december time frame and if you remember coming out of q1 that was one of the big
last year the bureau covered every presidential primary and general debate every important state primary both conventions countless events and (down ticket->downticket) races and of course election night
theres still a great deal of ways for us to go we still think we are getting only a fraction of (the->*) value that we actually provide to folks who are selling video packages and over time that we will continue to close that gap
ladies and gentlemen that does conclude the conference call for today we thank you for your participation and ask that you please disconnect (your lines->*)
to not only improve upon the automation cells they have but to bring them other capabilities or competencies where we might be using weld sequencer (or->*) we might be using other (iottype->iot type) applications to provide them an enhanced
but overall when we look at our competitive indices and we track this very closely with a basket of competitors across our entire business were not seeing a lot of price inflation in the market
we saw some very encouraging results but were not running on all cylinders and we still have work to do its about customer brand assortments and merchandising our job now is to get them all aligned
okay and i believe you mentioned that (polyone->polyones) experienced strong growth in asia have you seen any changes in industry competitive dynamics in china and asia more broadly in the past 6 months or so and
as one of the first results we found we could claim certain additional (fico->fica) credits for prior years this amount was deducted from our income tax expense in the quarter otherwise we would have paid an effective tax rate of (366 please->36 for)
i think if you look at my little story on paderno and apply the same thinking weve got sort of (seasonafterseason->season afterseason) plans in place for helly and when we bought them in july you could well imagine they didnt have
so thats why weve made woods and other (own->owned) brands a priority for (chek->check) this season over the coming weeks well execute a plan to remerchandise our athletic and outerwear departments by category instead of by brand as they are today
from (*->the) canadian operations here buying more product from helly allows them to even expand their categories more on a worldwide basis and we can test things here that if successful they can take around the world as well
regardless of the channel we will ensure our customers have the widest selections of highquality auto parts available to them while providing them with the confidence that they are selecting the right products for the job
its clear that moviegoers are continuing to enjoy movies in a theater environment as opposed to tv or on another device as long as theater operators provide quality services and experiences
we have also seen an increase in income tax when compared to the previous year due to a reduction in 2014 from the impact of deferred taxes in spain after the decrease in the corporate tax rate
an amazing and diverse slate of movies from both the major studios and independent film companies coupled with attractive returns from the execution of our global cinema strategy drove (this->these) record quarterly results
adjusted ebit margin declined by 20 basis points versus the prior year to 5 the benefits of (asiapacific->asia pacific) growth our pricing actions and integration initiatives helped (to->*) mitigate the impact of lower volumes in europe
i think it was a very good end of the year where we had a little bit of both where we saw some mix and price improvement on top of about 4 volume growth so i think a good quarter all the way around in that regard
the impact of the (variable->baremo) is an impact that will be especially strong in the first half of the year but the increases of tariffs we have made
the current half year operating cash flow reflects a more normalized result with a large number of working capital swings
from plus 50 to plus 25 to 50 on a full year basis but you talked a lot about mix i was hoping you could tell us a little bit more
(yes->*) so what adjustments are you making to be able to adjust to that lack of volume coming from them
so additional marketing (and->*) data utilization is the key here so these are the businesses that we would like to further cultivate going forward
it (would->*) be more of kind of all (costs->cost) going up to some degree which is not the direction we want to be going
drops may be more of a priority in terms of order of execution at this point or
this facility is being sized and designed to support the anticipated growth we could see for the next 10 years
(*->and) other factors that could cause actual results to differ materially from those indicated or implied by such statements
in order to continue to drive these kinds of recurring revenue engagements we will be focusing on several important initiatives
our goal is to shrink this loss in each of the next successive quarters and to get to ebitda breakeven by q4 of this year
especially in china (and->in) a myriad of software developments to bring new webbased and mobile capabilities to our customers
actual results could differ materially from projected or estimated results and we assume no obligation to update any forwardlooking statements
unless you separate these things out (you will->youll) be always criticized (and->that) you are making so much money out of your (telecommunications->telecommunication) service
based on strategic prioritization is proving to be effective we will highlight more of this at our upcoming investor day
that doesnt actually necessarily make a lot of sense so i think what we need to do broadly as an industry is to better educate
with that why dont i turn it over to jonathan to discuss the quarters financials before we open up the call to questions
testing and a larger area for added capacity as well as valve modification shop
so that is also a little bit why we have set up the structure with product (area->areas) so these are 8 companies that are working hard
as we (applied->apply) tighter disciplines and controls to our key working capital and inventory balances
as we mentioned in todays press release well be presenting some compelling new atlas data at next weeks sitc meeting
these discussions are ongoing and of course well update the market as soon as we have material news to share
this brings our development program count in strategic markets to a total of 5 up from 3 last quarter
i mentioned in my comments that were still very much focused on our existing customer base for all (*->for all) the reasons you might expect chris
this was primarily due to lower utilization levels from the decrease in volume sold to our large us customer
additional information on our hedge positions can be found in our investor presentation and in our information on file with (the sec->*)
membership (would->will) be the focus of our business management going forward so the
the pure economics of wind energy are really compelling corporate and retail customers want to buy wind
this is an important strategic initiative within marlin 20 so im very pleased to have somebody of daves caliber in this role
and then i will take the liberty to talk about the progress we have made in implementing our strategy and recent changes
we view it as our civic duty after making all necessary preparations and ensuring that safety will not be compromised
did i hear you right that (you are->youre) planning to be at full utilization there by the end of this year
they tend to be in the budgeting process (*->or) early in january tend to be (a rampup->ramp up) after that point
for those cars that have been repaired weve been going through hail sale events in the first few months
we have seen the volume of collectibles submitted to us for grading increase dramatically in the last 12 months
i we dont typically break it down by segment but when you think about when we say premium you think about all the different brands we have
so when the sea ray announcement came when we had to shift people that way this wasnt a hey guess what we have a new product for you this was
earnings for the oriental joint venture were also up mainly on a more favorable sales mix and lower currency remeasurement losses
you may disconnect your lines at this time thank you for your participation
i think the financial results show how those gains have translated into increased shareholder value as well
i hope as many of you as possible (would->will) be able to join us on the (today->day) or listen in and i look forward to talking to you again very soon
as demonstrated by the recent expansion of the cigna maci medical policy to include (patella->batella) defects
while difficult to measure worldwide we are also confident that because of the brands strength of our grading services
as a result we believe we currently trade at an implied yield that does not fully reflect the partnerships value proposition
in africa comparisons were heavily influenced by timing factors as volumes for the first half of the fiscal year declined
that is evident in the waterfall chart on slide 8 which (takes->steps) you through the key movements from the prior half year
second we will be expanding our marketing and lead generation around solutions and services that result in recurring revenue
but are we going to go through the same thing 3 years from now i think thats not what were talking about
today also marks the start of the new york boat show the enthusiasm coming out of the early shows is growing
some of these changes in the form of interest coming down we obviously cant forecast whats going to happen over the next few years
(im->*) just kind of looking at everything and not necessarily any particular side that you want to drop first
longer term our ambitions remain unchanged and we continue to work well to grow this company and create more value for our shareholders
were offset by lower margins from higher factory costs as a result of lower total volumes handled in brazil
these expenses prior to the third quarter are reported net in other income insurance premiums written and earned
we obviously have operated in the past in most every major basin and so i dont think were limited
dealerships that are under pressure hence our desire to improve the strength of the balance sheet should we be able to take advantage of
are examples of new recurring revenue opportunities that we have identified and pursued in the content services market segment
its been proven time and again that new models are highly sought after with very strong demand
banks i think when we look forward part of our strategy is to also opening other capital markets
before i get into more detail i will review revenue performance by product group
the gas utility subsector within midstream is a customer group that has recognized the benefits of integrated supply
the landing on a particular day and the day of the week and the timing around christmas does
okay the other part of your release that caught my attention is the decline in working capital needs and the
we began the further diversification of our revenue base with the proterra supply agreement and the navistar joint development agreement
once completed (a->the) new facility will form the hub we need to continue to expand our us business
and later the recorded video will be posted on docomos website ir website
and then also no one single contract over 10 we think we have diminished the risk that (maybe->may be) worried investors here in the last couple of years
what (infibeam->insibeam) had as a knowledge is that a system like unicommerce will come and tell us these many products are (there->*)
enables you to calculate our estimated effective income tax rate of 5 to 6 and provides you with our estimate of total depreciation and interest expense
at the federal level future needs include ice demand of up to (3000 beds->300 fed) pursuant to a request for information ice just published last month
to follow up on joes comments we (had->and) our industry have been compelled to come to grips with the reality of permanently low interest rates
this singular view will drive our thinking as we continue to develop products and services to support our gaming customers
find some people especially as they want to go into new geos and start practices because (theyre->they are) finding they have to have people close to where their customers are
we believe the continued strength in our operating performance together with a favorable compliance in the overall capital markets
our ability to consistently execute and meet this demand is translating into significantly improved returns
as well as wins across a number of other key sectors we expect our client retention rates to remain strong at the targeted mid90s level
but more importantly ice will likely also need congress to increase their annual (appropriations->preparations) for detention and removal operations
and so our margin expansion will clearly be more weighted to the second half of the year but from a revenue standpoint we will enter the year
with the average annualized increase in shareholders equity plus cash dividends over the last 5year period
(there are->theres) steps being taken by both sides in the deal environment to either gain leverage or gain outcome well see where it leads
banker who called on software companies and now we want to have our software and tech bankers calling on every company alongside the sector banker
as i look back on our performance in 2017 our operating results for the full year and the fourth quarter were right where we expected them to be
our operating results for the first quarter of 2016 represented the best first quarter in our companys history
for the full year we delivered a solid 5 growth in our industrial category and saw growth across all of our key geographies and major product lines
we can now sell something else and potentially do an hr replacement to begin or a new hr implementation because many times
so in other words merchants are used to paying for digital payments that they do not have a problem or a negotiation in terms of
with the progress in growing our corecivic community portfolio as well as the nearterm opportunities to grow our corecivic properties portfolio
when we factor in about (a->1) point of revenue headwinds from natural disasters our revenue growth was within the multiyear framework
and that has really impacted on the dilution and at the same time in establishing
we estimate our full year tax rate which reflects the impact of tax reform and stock compensation rules
and importantly they want to do more with us rarely in my business career have i seen such an enthusiastic customer base
the actual (costs->cost) but we havent been in a period of running at steady state at all
that are produced locally and sustainably and were also focused on meeting consumer demand for convenience and speed of service
we have produced annual total value creation defined as the increase in book value plus dividends paid
in order to provide our customers with the ability to optimize how their guests access funds across the casino floor
its worth noting that our estimated tax rate does not reflect any of the pending legislative changes currently under consideration
we dont provide specific expectations around segment revenue within a quarter for a variety of reasons but
californias future demand for outofstate capacity will be dependent on the direction of their overall inmate populations
the multiarm cells or quite frankly more complex (typed->types) automation systems and we want to be their partner on that journey
i just thought you may be interested to see what emerges out of what looks like (a->*) complicated rough
we will be in a much better position by the end of this year when (it will->itll) have been operating in a steady state for a period of (months->month)
we are seeing some improved demand in our core markets but id say most of it is coming a little bit east from aurora
we further caution you that the company does not obligate or commit itself by providing this guidance to update predictions
in addition we were profitable in the first quarter and considering the outlook we have for the remainder of the year we do expect to be profitable for the full year
the financial flexibility that (we have->weve) achieved since the ipo has recently enabled us to take the next step in shareholder value creation
we continue to diversify our operations as we expand our products both inside and outside of oklahoma
at our existing facility with the new contract where we could expand it and would allow them to close some facilities that theyve got in downtown (in->and) chattanooga
ex the hurricane the growth was very consistent with our expectations
which is below average owing to a higher level of claim settlements and normal timing of the settlements of reinsurance balances
as we continue to invest in product development and innovation which is a key component of our (valuecreation->value creation) model that chris spoke to earlier
i have really enjoyed working with patrick during his time with the company and we are very excited about his move into this position
in light of both increased competition and our belief that apus is now attracting better quality students with improved persistence and conversion rates
during the course of this conference call we will make various forwardlooking statements regarding future events or future financial performance of the company
because they wanted to capitalize that amount and treat it as capex so we allowed them to do that i dont
this could ultimately be a significant milestone for the industry as it would represent the first time in our industrys history
during the last couple of years we are of course one of the main players (in->on) the credit card business and we will keep
and simply put they want to reduce complexity simplify and automate and then empower their employees to focus on higher valueadded activities
before i begin to discuss business developments during the third quarter id like to say and take a few moments
replacing their products and expanding plants its also about a lot of new upstarts that you see across the range from innovator molecules to generics
hire people and into what format but we could definitely do a few more this year if things fall the right way for us
in quarter 1 the reduced rate is a function of the new corporate tax rate plus the impact of deductions related to the first quarter equity vest
as the department of justice continues to receive these additional resources most expect case volumes will return to normal levels
the third area of focus is to leverage our proven success in the transportation independent contractor space
this awareness makes servicenow even more relevant and more strategic to our customers and were excited by this large opportunity
on the how things are going what your expectations are on the first issues in this (site->side)
a proposition based on trust innovative products and our commitment to putting the customer first
this resulted in a slight decline in reported net income from the prior quarter
on the board so (there is->theres) potentially a lot of organic growth that can come out of those acquisitions
be very positive about (sandpiper->sand piper) i mentioned earlier in the call how
thats their decision their boards decision but what i think it did change potentially
forced outages but more important to me is you can start to create safety issues
execute against significant volumes as well as expenses related to closing and servicing (costs->cost)
in terms of intermodal as this market continues to
with the new pipeline with the implementations that we just had thats extremely valuable to us
this may seem like a silly question but im kind of wondering what you think is
particularly (*->in) institutional verticals where activity appears to be much earlier in a cyclical recovery
strong financial performance and the lattice acquisition ready for financial close today
the fact that with respect to the organizational restructuring that you still have the merchandising piece
owning generation assets is a necessity for a retail electricity provider of our size
in order to enable investors to better understand and assess our continuing core operating results
so im going to ask mike pizzi to take the first part of your question but i will hit the second part of your question first
is that no one has given the customers a fantastic option
before we turn the call back to the operator to take any questions you may have ill make a few final comments on our outlook
who are ultimately responsible for the solid fourth quarter results
to realize more operating leverage later in the year as we hold our expense growth below our revenue growth
we believe these additional hiring requirements will have a shortterm impact on our driver count
as you may know we do not register an inflow until there is activity in the account
for the many trucks (that we->weve) got across the gas and the liquid systems were looking at that and looking to
and i dont see swift probably ever having as big a
the profitability of (a->the) pure retail franchise away from the larger institutional books
to competing pipelines we also offer much greater market flexibility than our competitors
give us confidence we continue to face a challenging driver environment
interactions with our customers on the bids there seems to be
at (each rate->eatrate) i think thats exactly what weve done in terms of the value that weve created
turning to the fourth quarter were very pleased with our operating and financial results
custom options grouping to deliver greater control and visibility to complex strategies
we believe that the financial impact to our business would be minimal for a variety of reasons
that we werent happy with last year but that we think will grow this year
we believe that (korsuva->krisuva) has the potential to address pruritus across a range of medical conditions
with (the->*) additional capacity finding its way into
by the improving freight environment cost controls and synergies we have begun to implement
margin during the first quarter primarily due to higher deposit (costs->cost)
and over the coming months our marketing team will bolster our renewed investing (vigor->bigger)
being very interested in how this management team and prior management teams for that matter
but for the time being were pretty confident that well move pending the ipt results
were on pace to do that we havent said theyre going to be in (bc->dc) we havent said where theyre going to be in the west
(nice->*) explanation (*->of) why it dropped in terms of bringing in new
will be sufficient to fund our operating expenses and capital expenditure requirements
familiar and very experienced with the overall european market (they are->theyre) the
(*->is it) fair to say that its still sort of in that incubation stage or maybe you can give us an update there
history will tell us that fourth quarter will be good so the insurance company will end up with a good year so
thank you for attending todays presentation you may now disconnect
(healthcare->health care) reform and minimum wage continue to be hot topics in the industry today
deposit specials or money market specials or something in order to bring in
and so you should have the ability to identify where the specific credit risks are
like what should we think about in terms of the additional interest (enb->emv) would have in that project
to finish up some of the smaller items (and->some) tankage and some other things on our eastern access project
we also announced key leadership and organizational changes alan white and i
third quarter is typically a stronger quarter and its pretty consistent with what it was last year
the assets added to the already attractive characteristics of our existing portfolio
whether as a result of new information future events or otherwise except as required by law
were always mindful of our total leverage and well continue to be diligent
this is a prelude to a big event that were going to have
to try and get that cost performance better than whats shown there
and then typically were able to get a little bit more amendment revenue on top of that
and i think what gives the regulators and the lawmakers comfort is that its working
the costs (*->are) roughly the same the benefit is the same the impact (the->to) next year is the same
produced the entire quarter and we saw an increase of 6 production over the previous quarter
that book of business and expect that (you will->youll) be pleased
as well there is a short summary document outlining the points of our quarter available on our website
with relapse after the transplant all too tragically common
as our sponsor continues to acquire significant numbers of assets
moved some people there to help a handful of people
we are making the difficult decisions necessary to turn around our business in the west
restoring coverage on the distribution will depend on the timing of acquisitions
and well look at that well continue to look at brands and how we fill out
at the meeting of the american society of nephrology last month
(were->we are) choosing to adopt a broadly more cautious outlook for the second half of our fiscal year
than we tend to be at (knight->night) and we dont really have any plans to
and the resulting network would continue to use many of the acquired sites
and at this time thats the priority for us as opposed to
the decrease was primarily due to lower average loan balances on the year
cleaning up to make sure that in case something happens in the future youre covered and
and the excess liquidity that results in a temporary drag on our (interest earning->interestearning) asset yield
so but if something were to come along that was a product extension or was something that
situations are (of->*) the customers in terms of timing and so forth so its a little hard to really pin down
strong operational performance in our core liquids pipelines business is the key reason
positioning us to thrill our customers and take customers from our competition
(well->*) ladies and gentlemen thank you for participating in todays conference
thats not something that we ever intend to use as a profit leader for us (whos->or) trying to drive
story there is how do we get these horizontal wells landed and completed
we encourage you to read the partnerships earnings release and documents on file with the (sec->*)
while the teamwork we are witnessing and the opportunities ahead of us
theres simply a lot of change to absorb it took a lot of collaboration and commitment to get us where we are today
do you envision yourselves kind of announcing it when its when it goes hard or announcing it when it closes because weve obviously seen
for example we work on and measure every day discrete items that drive operational excellence
we dont have a similar really big one that we are implementing this year were still going to get up to (110000->1100) retirees
the continuing decrease in the capital ratio quartertoquarter is by design and results from strong asset growth
and they occur some in the beginning of the year some in the middle part of the year so were usually able (to be->*)
were beginning to focus on those customers where we can deliver the most value and consequently extract the most value from our perspective
so we are sharing the benefit of tax reform by raising our minimum wage and issuing a special bonus to our team members
okay and so when we talk about the additional opportunity for development through redevelopment of existing buildings would that additional opportunity be
we are in the middle of a robust process which we believe will allow us to significantly reduce or eliminate term debt by the end of the year
only items and does that mean the online range is now as big as the range for in some of the larger stores
in broadening our strategic purview we do expect overall yields to decline somewhat as we grow by extending our reach into new segments
our team working closely with our operators performed at a high level in response to a tough demand environment
and so while in the past a lot of cattle (feeders->feed jars) were directly focused on taking care of the packing demand that was owned by those companies
one of our toughest challenges right now is dealing with generally weak demand (from->for) many of our consumer packaging customers this isnt new
before i give an overview of our second quarter investment activity let me give a brief update on our strategic
(wales->*) having said that it is a very valuable site and theres a lot of density on the site and its a prime location
because we would like to grow more than were currently growing and that opportunity may arise at some point in the future and of course its a combination of
can you give a sense of how much youve taken and what was the main driver other than perhaps customers (want->*)
as ill get into (in->*) a moment i should first mention that logistics is a strategic division for us
this government appears to be very serious about addressing the supply issue
in the quarter to december so clearly we will benefit from those higher prices in the current quarter were in
perhaps one of the most important developments of 2016 was confirmation of the merger rationale
with and without (semm->sem) so going forward you can assume that this trend will continue and
about midway through the period there was a rise in paper prices which is not unusual and weve already significantly recovered
yes i think thats a solid question im expecting it to follow more of a consistent pattern
i dont think itll have much impact at all they just need to clarify exactly what they mean by
and certainly the ways in which we attract serve and retain our customers are key differentiating factors
we also believe that the reduction of term debt for green plains improves its credit quality which should have a positive impact on the partnership
well actually we have (*->look) the reason we dont have every (last->less) dollar in there is because there is some cost on the top line
as permitted by (firsttime->first time) adoption regulation the charge associated with the increase in allowances was taken against our equity account
just curious how to think about where that (margin will->marginal) shake out in the first quarter and how to think about if you can
and finally despite transformation expenses incurred during the third quarter that caused (the->a) slight decline in roe
we (had->have) sold significantly or not significantly but higher basis levels and index values than we did all of last year which was very weak
we will stick to what we do best providing our customers with the right products to improve their financial standing and flexibility
(rick->correct) there were sales that occurred in the third quarter that we had hoped
the vast majority of that was (chicago based->chicagobased) and it was in the first quarter which was a slow quarter for us anyway
as a reminder our regular scheduled maintenance and the amount of export (products->product) we produce can have an effect on our production rates during any quarter
come back to the table to negotiate so now its really just a function of the administration realizing that the hurt is gone from
be able to register some gains from some of the productivity initiatives that we have across the bank
that would better leverage our capital base and increase the companys return on equity while also providing an additional funding source
possible pressure there that it will make it more difficult for you to keep your prices up or stable on the coated woodfree side
demands for the right packaging no matter what the retail (outfit->outlet) is develop the solutions
the active exchange is a smaller piece of the business in the long run thats what we expect to be by far the dominant part of the business
let me remind you also that this norm will have a significant impact on the reported net debt of the group
is so important to us because it allows us not to arbitrage the market but at least to manage as much as we can the sensitivity
so if you could walk us through how exactly was the movement on the capitalization you said you paid dividends
looking across the businesses more generally and recognizing the dilutive effect (that the->which a) new acquisition would normally have
in the corridor were targeting so all other things being equal we would expect reserve releases to continue in the future
in closing we at marlin are looking forward to achieving the objectives that we have laid out for you on the past 2 earnings calls
investment experienced growth as a result of increased performance fees in the delegated investment services business
what has happened in the past (in->and) a number of small refinery exemptions especially with the money that refiners are making there is not a lot of hardship anymore
our expectation is prices could rise again in august before stabilizing and then declining somewhat in the fourth quarter
thanks kathryn and good morning everyone we achieved our key operating objectives and had a great fourth quarter
and we said we would be reviewing our footprint and we also said that we would not wait for the strategic plan
as youve seen the ratios are basically flat in central america and in colombia we still did have a bit more deterioration
as you as the market figures out how to get more occ back from the homes
stepped out of the business one of them (winset->windset) and immediately we saw an increase in broker activity
we think if youre going to increase the value of (the->*) distillers proteins you should increase it to the soybean highprotein soybean meal
the probable extension of the opec agreement until 2019 and a possible iranian supply shock counteract those forces
this is not in the books right now this is not in the asset held for sale this is something that will probably be there
providing us with a large and diverse group of lenders willing to work with us at rates below conventional financing
our ability to deleverage at this pace is a key attribute of trimas additionally
id also like to call your attention to the customary disclosures in our press release regarding forwardlooking information
now inevitably with that theres a transformation of the business and you have to do things differently and
contracting has continued to slow materially during 2016 new orders placed during the first 9 months of the year
information to find it in the old days when i grew up in the business (youd->you) just throw a lot of bodies at it and hunt and (peck->pack) and try to find it
its a long way out were not trying to guess what the fuel price is going to be so we do have significant exposure to
i want to remind listeners that the discussion contains forwardlooking statements regarding our financial condition and results
nearly as much interest or at least some sort of an indication on that clearly interest for sure and with the size and scale of that asset
we are benefiting from that cost reduction but at the same time we have started a number of new
but certainly by the second half of the year we expect a substantial number of these items to be in place
telling me most of the new deliveries (are->of) big ships while most of the scrapping continues to be focused on midsized and smaller vessels
and we made meaningful progress on this initiative in the third quarter id like to take a few moments to discuss our portfolios performance
we wouldnt be issuing franked dividends if we didnt have franking credits by the 30th of june so the amount of franking credits that are required
as such we will continue to receive stable predictable cash flows despite the generally distressed market
looking forward the group intends to distribute future surplus capital via the base dividend every 6 months
our markets are economically vibrant as evidenced by (a->*) doubledigit loan growth and we continue to take share from the larger banks
our revenue premium and superior earnings are (maintaining are->*) maintained through our focus on the customer
discussions will also include certain financial measures that were not prepared in accordance with generally accepted accounting principles
the team at southeastern is a strong addition to the south state team and we believe that the merger will be additive in many ways to the company
its about electromagnetic simulation and you should maybe look at this not as a point solution
(follow->*) thats the expansion of the scope of what we do and we are going to stick to that strategy
remains full with a number of great opportunities however our focus is also on making sure we remain disciplined in our acquisition strategy
the (loanloss->loan loss) rates that we did when we acquired the company so that kind of put the provision up
(*->it) takes time for those companies to change this mindset because they are very isolated organization at this point in time
both our customers and we as a company are excited about the potential for meaningful efficiencies to be gained
over the past year we have faced many challenges but our team is thriving and we are well on our way to becoming a strong public company
we updated our guidance for the second half of the year in order to better reflect our evolving business model
had a smaller operating loss in q2 and we are optimistic that the benefits of an improved sales backlog will drive this segment (to->*) profitability
we refer all of you to (the company->our) sec filings for a more detailed discussion of the risk factors that could cause these differences
the conference has now concluded thank you for attending todays presentation you may now disconnect
these forwardlooking statements are subject to known and unknown risks and uncertainties and other factors as well as general economic conditions
and favorable fx on foreign currency sales also contributed to the overall increase in revenue
is there any way you can quantify at least the easter effect in this month because i believe in previous years youve said that the easter is
just sort of looking at the results this morning and listening to some of your commentary im not sure i have a full understanding of kind of what
we have a rich set of opportunities in advanced packaging and the right set of products to effectively compete
looking at the integrated portfolio each segment plays a role in the success of the overall group
and we are very confident about the future of the global (7000->700) moving forward so all in all
before reviewing the forwardlooking statements as retiring cfo i wanted to express my gratitude and appreciation
peg it exactly like that because its changing pretty quickly as we win new applications
we recently spud our first well on the acreage and we intend to perform extensive data gathering on the first 4 wells
i also wish to remind you that during the course of this call we may make projections or other forwardlooking statements regarding future events
however (and->*) as we pointed out on the previous call its important to note that the starting point is one of latent oversupply
just like we have done in our northern delaware acreage it is our plan to gather and analyze sufficient data
i want to also point out that (a->our) usual slide presentation that we prepare for our quarterly financial updates is up on our website
this preparation has not only resulted in improvements in the way we operate the bank but also (enhanced->enhance) the customer experience
something that youre hearing in marketplace but we are getting an impressive amount of inbound calls coming from people
its wherewithal we certainly are getting the type of production from it that we anticipated to be able to get at (high quality->highquality) costs
and adding to which is a reflection on the part of provinces and the national government that mining should be promoted
in my network how can i optimize my network by using this very unique aircraft
so we feel like were going to bring some things to the table (in->and) augusta on the mortgage side where theyll be able to do more business
compared with 1 year ago the level of market activity for projects and turnarounds that we are experiencing is healthier
to prepare the future of do you sell the platform
and they will normalize at lower levels in the second half of the year mostly relating to timing of investments and development
and finally growing invested capital with disciplined investment returning any surplus to our shareholders
what you think the opportunities will be there whether its just kind of one product at a time and sort of modest incremental or if you think that theres
in closing we believe we are expanding the mistras brand and we are very optimistic about its future
and making sure we take the opportunity to maintain our margins because thats where the focus is and we think we have enough levers
some of the factors that could cause actual results to differ are discussed in the companys most recent annual report on form 10k
yes we believe that the inspection spend should be really where the damage is and theres ways to use this (new->to)
overall i think that the team is working pretty hard and we have a few opportunities that
gaming service revenue was lower mainly due to our exit of certain interactive operation
if we have an open slot in (baudette->bad debt) this gives us the opportunity to advance several at one time
a lot of attention from the user community (and->*) there is less and less player in town
what do we expect to see in (the->*) second half a continuation of unit revenue up in the second half for qantas
we expect that the ratio of second half to first half copper production in particular
weve garnered (the->*) interest (for->from) multiple memory manufacturers and have started expanding our customer engagements
in order to get a complete picture of daily opex we feel that it is most appropriate to add a daily (dry docking->drydocking) reserve
could you just remind us what kind of opportunities you got from the augusta deal i mean there is a fair amount of wealth (in->and) augusta
the first is to reshape our organization for success (weve->we) put in place a new executive leadership team that possesses a demonstrated track record of success
carton craft will allow us to integrate more of our cuk paperboard tons into a growing air filter frame market and will provide a runway for further margin improvement
as a large number of people entering the labor workforce outpaced the number of jobs added strong employment growth continues to fuel inmigration
for the full year were currently expecting the change in revenue recognition will not be material to our consolidated net revenue but this is all subject to variability in the number
as part of the preparation we intend to maintain what i refer to as our optionality with regard to the cellulite opportunity and its potential commercialization
gems continues to benefit from our clients use of crispr and other technologies to create genetically modified models faster and more (costeffectively->cost effectively)
i will comment on the performance of our investment portfolio discuss our recent dividend announcements and a few other recent developments and conclude by commenting on our investment pipeline
from pure generic play and obviously were preparing for success in xiaflex but we also have to keep our optionality open if we can place endo in a better position
we are still seeing continued population growth low unemployment (rate->rates) and a robust industrial sector all of which support future growth
we will examine and consider all options in our efforts to maximize the value of this opportunity and increase longterm shareholder value
as we indicated we have opened our new facility which is outside of shanghai but with the express purpose of servicing the shanghai market its
one requirement is to have such tests conducted (tests->test) of the operation but there are other conditions attached
as part of our plan to drive greater efficiency and (expanded->*) expand our reach we committed new resources to a select group of new sales agency partners
not all those companies will be a fit for us because theres something about their operations that wouldnt be attractive or theyre not in the market but we do think its a very very large robust market so as we look at
the business operated well in the quarter with (a->*) continued emphasis on improvement initiatives variable costs and operating efficiencies contributed to the majority of the cost savings in the quarter
in our channel pivot in early 2016 and for this reason weve taken a more conservative stance with regards to how quickly our new agent partners will ramp up
all pricing discussions with customers are difficult so it really hasnt changed in that regard i think the real piece of it that we continue to work on with
those risks include among others matters that the company has described in its press release issued this afternoon and in its filings with the securities and exchange commission
maybe werent quite close to being in need of an expansion and so i was just wondering if there was a change with respect to their the way that they look at (the->their) store base there
first we built significant backlog in the first quarter but the timing of product shipments may result in revenue being pushed out as we experienced in the first quarter
a small increase in other income and a tax benefit were enough to reduce our net loss in the first quarter of fiscal 2017 versus a comparable yearago period
in terms of the intellectual property surrounding xiaflex there are (a->*) number of theres a number of patents that are that have been granted
the launch of that and also the opportunity to make your relationships perhaps more sticky through that portal
expands our medical device capabilities and adds needed capacity to accommodate the significant demand from biotech and pharma clients
our plan is to be fully up and running in these premises by very early 2019 and we expect cash payback on (the->*) investment in about 5 years from (then->them)
so its a little bit difficult for us to opine in terms of what the endgame is with the fda i think at this point in time we can say that our studies to date support the safety and efficacy
the tax reform impact is more favorable than the neutral effect we initially expected as a result of further guidance that has been issued by tax authorities
as i mentioned earlier we (*->have) rolled out our digital portal which embeds our new proprietary assessment framework based on our accelerating performance methodology
yes sure i mean our strength platform is one that id point to that we continue to win volume at and thats really around disappearing pallets at the end of
do you think about i guess what is the level of utilization roughly if youre willing to share and then two as you think about longterm growth
once we get rid of the international business okay we understand thats happening and then should we assume that youre done taking a look at the
meeting with intermediaries and referral sources and that just really (*->has) increased the deal volume thats coming in so we expect that to continue to translate to new originations over time
so i cant really comment on what the levers are other than by referring to what weve seen other companies doing in similar situations so
a significant amount of available space which will have to be renovated in massachusetts and reno and some ability to build small pockets
this performance was driven by our generics business which benefited from important product launches as well as the continued growth of our xiaflex franchise
and you paid that out you would be criticized potentially for not earning your dividend with operating income right you put yourself in an impossible situation
in your area relative to other generation sources in particular (thatd->that would) be gas and then related to that how regulators might view
as many of you know over the past few months endo has undertaken an overall assessment of our (companys->company) strategy in its asset and product portfolios
to give specifics as i mentioned earlier weve made tremendous progress in a short period of time but there still is a degree of uncertainties that we need to get our hands wrapped around
into a seamless operating unit we will be able to better leverage the synergies between these businesses and enhance the service we provide to clients
important the margins of that business should continue to remain strong going forward and we should be able to capture
we really began to focus on performance management (as a->of the) firm and if you look at the slides that youre referring to as well i think in the first quarter deck you see a gradual
irrespective of the revenue decline we are quite encouraged (with->*) what we are seeing in heidrick consulting they are showing steady improvements in the business including an increase in their pipeline
might be inclined to take an exit of a nice company where you otherwise wouldnt want to (when->and) we really want to remove any incentive from having to
location so (we are->were) going to probably transition through a little bit of vacancy there over the next year or 2 where we end up having to move people around but i think at the end of the day (it will->itll) be a much stronger
our advantage as the only provider who can offer a comprehensive solution for rapid quality control testing continues to resonate with our clients
in order to avoid dismissal theres also the additional advertising by (plaintiff->planoff) attorneys as well as other factors so all (of->*) those things are contributing to us receiving new information
you got hydrocarbons in every zone that you go through so can you just talk a bit more about whats driving these bits that youve colored in is this areas that have had
in the market making segment we will report global equities including americas equities and rest of the world and global ficc fixed income currencies and commodities this aligns much better with how we manage the segment
we have demonstrated our ability to execute a complex set of financing transactions quickly and with great results we have built a strong (intel->internal) integration team that is skilled at complex business separation and integration
and so we have to listen more to them and be providing what they want to buy because we really have a unique value proposition in how we serve our clients in the project space and in particular
we are very pleased with our second quarter financial results overall we (continued->continue) to drive top line growth in our (primaryfocused->primary focus) product lines of residential data and business services
we accomplished all (of->*) this while rolling out the new system to our customers and employees the end of the year found us restating our financials due to a formula error in our net revenue recognition estimation process
these attributes combined with efforts to expand strategic partnerships and address growing demand for (healthcare->health care) education should help us to reach our institutional goals (and->in) support of our collective interest in advancing americas workforce
now 2017 finds us with the largest market share the company has ever had no longer subject to medicare pricing risk
assumptions and uncertainties which may be outside the companys control and our actual results and financial condition may differ materially from what is indicated in these forwardlooking statements it is important to note that any forwardlooking statements made on this call
in summary we believe that our top line momentum coupled with our operating leverage have positioned us for a solid finish to the fiscal year we look forward to reporting another full year of revenue growth higher operating income
utilizing the same capabilities i mentioned related to workers compensation we can leverage both our underwriting and customer experience initiatives to expand our product offerings
so we watch that project by project and work hard to make sure that we get the return that we originally expected and if not we go back and understand why and work that project if appropriate
so we wont decelerate our value proposition as doers but we will add a solution strategy as a market differentiator and revenue driver for certain offerings
for the fourth quarter we expect bookings will taper off as most of our customers 2017 budgets are exhausted the opportunity to secure tier 2 pressure pumping equipment has passed and commodity price outlook remains uncertain
also supporting our outsized growth in our (downholes->downhole) business are our new products and technologies that directly contribute to our customers ability to increase their rate of penetration (and->at) lateral lengths
tristate for example in financial services i dont think we moved quickly enough into the compliance space now were moving very quickly into the data space where were seeing a lot of those
these large projects typically spur additional development and complementary projects in the surrounding areas for years to come and give us confidence that the nonresidential construction end market (remains->remain) strong
but the initial stopes are fairly good size and we should start to see those come in the grade should be a little bit better than what were seeing along the development but the developments havent been that bad (a->of) grade i mean overall this is
most importantly these strategies had very little to do with legacy kcgs primary mission of serving customers and (has->had) significantly deteriorated more recently in less volatile markets
we have been able to manage the capital base (sufficiently->efficiently) through capital synergies by combining the businesses however historical capital usage in the legacy kcg business was higher
i want to pause here and acknowledge what a strong partner herb has been for me and the company in working through this plan (herb->her) brings excellent insight and judgment to the cfo role having led one of our fastestgrowing offices
this financial performance reflects what we have experienced since the start of fiscal 2017 we have seen limited growth while making investments in our service capabilities for our clients
one of the primary needs for such companies is to understand the usage of contractors from the business model perspective and we have great depth of experience in this area
and we continue to advance strategic opportunities to add value for example several quarters ago and in advance of improved market activity we announced the consolidation of our service organization under a common leadership team
(paid->pay) down all of your debt so i think you can check that off of your potential uses of cash list so just in terms of uses of cash going forward
we are now focusing more of our attention on driving higher inventory turns through a prudent approach to inventory management and driving higher sales through our expert team model
we expect improvements in our cash conversion cycle combined with our capitallight business model will help ensure we remain at or near the top of the pack in free cash flow and will ultimately help us improve our return on capital employed
where you expect those to go and in particular i understand the content drivers on both but how do you see the competitive environment in each especially in an environment looking at (gms->gm) slides where
during this call we will be commenting on our results for the third quarter of fiscal 2017 by now you should have a copy of todays press release if you need a copy and are unable to access (the->a) copy on our website
i think as we think about margin broadly again as you know weve made great progress over the last several years we continue to have a high degree of confidence and conviction around the whole margin topic
very strong momentum across our international business and we returned to growth in our uniform business and so i think as you look at that
for you basically that from now on (we->you) get stability and then improvement so the absolute working capital starts to come down or is this just about slowing of the build of working capital
so were excited about the opportunities there we have been careful and certainly working with our general counsel to look at how we contract with these clients and that we
with respect to debt one of the great features of our master funding program is our ability to prepay any series of notes within 24 months prior to maturity without a prepayment penalty
relative to expectations if there was one business that was off it (wouldve->would have) been the sports business and specifically related to attendance i think the other thing that
that as i said in the prepared remarks not only do we get the benefit of those big projects but we get the benefit of all the small projects and the construction activity that occurs around those areas of development
the overall business climate continues to be stable across our european footprint with ag equipment demand fueled by an aging machine population available financing and recent favorable yields
be (*->it) more of a format of (the seeking truthtype->a seekingtruth type) show so those are a little bit more in terms of dollars to produce (some->them) but less in terms of the number of titles than we would do with the yoga practices
we still continue to expect that our capital expenditures as a percentage of revenues will be in the high teens for 2018 from a liquidity standpoint
kind of uncovered cost that we (had->have) even this year around costs that are not allowed in (rate banking->ratemaking) so we have a little bit of headwind next year were trying to look at that
as far as impacts we do not have any knowledge today of any closures and as weve said before if we did see any closures its our view that we would have plenty of (opportunities->opportunity) to work our way through them
on these seriously (ill->old) patients have and how they their impact that they have on the health care system and society as a whole with the current standard of care
technical running side of things so heart rate accuracy is very important to us and one of the things that we did with our new (technology->technologies) is ensure that it works very well
our first strategic priority is to reinvest in our business where we can generate compelling rates of return on capital projects across our mill and converting systems
and were able to generate new hires (off campus->offcampus) in the low double digits and weve had really good retention
at very good contract pricing to folks such as ourselves that have significant capabilities
our south africa plants continue to generate cash at the project level and we are actively working to clear the defaults and remove the restrictions on the cash (distributions->distribution)
yes its a great question that is a trend we continue to see and we expect that trend to continue to grow private label or store brand or convenience in the case of our business in europe
(*->but) the possibility that we might actually convert also to having superiority (at->*) week 52 but i will stress in terms of regulatory (precedents->precedent)
we believe that we will achieve higher prices for our (roughs->rough) by selling through clara and it also provides us with a platform for diversification
our lower middle market companies collectively continue to exhibit very conservative leverage ratios on a relative basis which dwayne will cover in greater detail
is helping out and you saw that in the slides as well so its focusing on our operations and trying to be as effective as we can going forward
and if the irp is acknowledged when could capital start flowing towards that and would that capital potentially displace
such statements are based on currently available information and are subject to various risks and uncertainties that could cause actual results to differ materially from the companys present expectations
our comment would be the pace of the trend will continue as the growth of the economy continues as the changes that were watching in terms of the searches that were doing et cetera
portfolio prioritization a portion of the cost savings from the restructuring of our pain business will be redeployed
we are now in a position due to the size diversity and maturation of our business model to begin the conversion of our supplemental dividends into regular monthly dividends
and we will continue to be well positioned to generate productivity that is well in excess of our labor and fixed cost inflation lastly and importantly
as just noted the increase is primarily impacted by the recently approved organizational restructuring which will result in the elimination of crombies most significant corporate subsidiary
one new win a consumer manufacturing company is integrating 3 of cyberarks products into what the customer identifies as an internet of things project
we achieved significant operational progress related to our (profitenhancement->profit enhancement) plan as fixed cost and variable (cost->costs) were reduced and margins improved
our third priority is on driving a premium service experience for our clients that will further distinguish heidrick from its competitors
gauge the impact of that announcement is this maybe another (legup->leg up) for occ or is china just kind of confirming something that theyve been doing already for most of the year
and so while there is continued pressure on adding renewables my sense is we need to get to the 50 first before we take the next step and see how we are doing
it should be noted that we have not yet completed and filed our annual report for the full year 2016 so the numbers shown remain (as estimates->of estimate)
these risks are described in the companys filings made with the securities and exchange commission including the companys annual report on form 10k
why do we want to do this we really believe that the current sales system for selling diamonds is really antiquated
can you shed any light on what the plan is there and if perhaps the ontario fair housing plan might have any impact on your thinking there
however given the lag between changes in open market paperboard prices and our folding carton prices we expect to see the majority of the benefit
that allowed us to substitute one type of fiber for another we would actively pursue those as well as part of our capex guidance that we provided
timing and value of the executive search confirmations as well as our clients use and renewals of our enterprise license agreements
but the translation to us means that more and more organizations are jumping into the fray and understanding the strategic importance of privileged account security
now id like to turn the call over to jim lobdell who will discuss our financial results for the third quarter and provide more detail around our energy deliveries and earnings guidance
that are in front of us q1 was a quiet but steady quarter in terms of completed acquisitions and dispositions but with much work completed on pending transactions
the inadequacy of the current standard of care people simply cannot stay on standard of care chronically because its too toxic frankly
to having the approximately 20 conjur employees the majority of who are developers (or->are) in technical roles join the team this week
and involve a number of risks and uncertainties and actual results may vary materially from those in the forwardlooking statements as a result of various factors
overall we feel we made significant progress in fiscal 2016 although we believe there are further opportunities for improvement
please note that this call contains forwardlooking statements that involve risks and uncertainties that could cause actual results to differ materially from managements current expectations
from both an inpatient perspective as well as an outpatient perspective since we believe that there may be an underappreciated awareness
we are now engaged in these discussions which if successful we anticipate will reduce interest expense and create additional financial flexibility
locations (*->that they) and they clearly understand what its going to take to turn it around so were cautiously optimistic and there to support them and work with them and
are these questions things that would need to be addressed for your eventual full filing or are they specific to the conditional application just based on
we think adding senior resources to help out administratively that might have specialized workout skills or specialized
which was partially offset by an increase in the decoupling mechanism and the august 1 price increase for placing (carty->cardium) into service
good afternoon my name is rob and i will be your conference operator today
in heidrick consulting were scaling the business to increase our impact with clients building on the success of our platform accelerating performance
will definitely help with the delay of progression to endstage renal disease since the protein itself
and then the only other question i (have->had) was just with the are you going to release (the->*) interim data from the hs study
based on the annualized erosion for the products previously discussed as well as the continued decline of the legacy pain portfolio
our results for the first full quarter after the merger were encouraging we are beginning to see the results of our synergy efforts as well as the impact of a more favorable
how are you feeling about where were at from that perspective and do you think that the lower levels of demand given the higher
it means additional trucks trailers will have to be moved on roads and across water
and we have begun to shift (workstreams->work streams) to the facility we continue to actively market the facility
we have noted additions to our management ranks to augment our scientific expertise and operational capabilities
in addition we continue to initiate new and expand existing strategic relationships with our clients
as noted the normal seasonality of part d will result in lower reported segment profit in the first half of the year
so that we can lower our leverage to less than 3x ebitda within 18 months of the close
how (*->it) does an individual asset integrate into the platform but how does an individual asset
the fact that people are remaining on therapy and were building up a very strong safety database as a consequence of that so
we continue to anticipate bookings ramp in the second half of this fiscal year and i look forward to updating you on our progress
thanks kelly today ill begin with a brief review of financial highlights from the fourth quarter
which is now live in more than 25 countries with more than 7 million downloads so
when including the expected impact from the wil acquisition the revenue growth rate on a constant currency basis
finally ill discuss the launch of our new commercial programs which we are now introducing to our existing and prospective clients
whether those are organically developed whether they are partner solutions or whether we acquire them as we did in this case
this investment is particularly important now when the number of biologic drugs in development is increasing
finally we are building our capabilities to manage populations with intellectual and developmental disabilities
to date no child in the study who has had a finding of anything other than absent
half of the space that we originally finished so i suppose
organic growth is expected to be driven by improving trends in our rms and discovery businesses
our conversations had historically been weighted down by a complex business model that read more like a chinese menu
we can and also we have products by the way new products that are being launched outside our current
lets take a closer look at our execution in 2018 and our 2019 focus within each of these pillars
to all these smaller players because the sales force cant effectively do so so as were selected as one of the very few players
so adidas is moving forward let me now give you a strategic update on where the company is
in my following discussion of results weve restated prior results to reflect this change
that the importance for both part of continued (free flowing->feeflowing) trade is so important that they will find a solution
this is because we continue to identify new projects and generate larger savings on planned initiatives
we are investing in our microbial solutions business to improve our manufacturing efficiency
but to actually get early warning systems on how they can affect the outcomes of the reporting
also the addition of our national evlt business manager has shown positive early results
along with proximity beacons and human interface devices this is where the volume is today
and that may help you understand what were trying to achieve so just to give you an example of within the finance department
and seasonality and timing of care results and customer settlements across our businesses
our board and our entire senior executive team to strive for increasing the gender diversity in our workplace
this program serves as the fact basis for (a->our) continued programmatic expansion of our field services organization
and we continue in my view especially with the warning letters being lifted have a stronger story for the future than weve ever had but
when adjusting for the negative impact of foreign exchange and gains from limited partnership investments
the results have been very positive and to illustrate the benefits let me share a few comparisons with you
all provided as a service on a single billing support and financing relationship
(*->thank) you that concludes our comments the operator will take your questions now
i think thats where were going to be but i dont think weve gone out and given you a number of guidance in terms of percentage points
i think we are well positioned as evidenced by the overall growth rate that weve seen in that market compared to the growth rate of downstream in asia
now talk about crazy i think that is a world record of not making any sense
were a company thats shown that we can put money into the market to acquire something and generate value after that
said we cant use the (forbes->forbe) stuff anymore we used it last year (*->and) we could say that we were in that year but
prudent way i think it (will->would) be misleading to say that the missed opportunity that you can pick up because
a recent positive development was the decision to suspend the medical device tax for 2 years
on slide 7 we talk a bit about the companys financial performance
and interestingly we put one of our best people in the company to run our fluid management specialty organization
every time we execute a project when we finish it we have to replace it with something else somewhere
i can still remember in late 1998 asking johnny what his real expectations were for the new bank
be much more conservative on the projections and as we do quartertoquarter (but the->*)
and then when the technology is completely rewritten onto the one platform that you want
and the approval of an rf device in japan which will provide a very positive boost to the end of the year
(i am->im) sure that we made the right decision and that we are choosing the right leader for the company
maybe one question for brian just on the fees that were in the service charges kind of the exit fees brian how much was
were making great strides operationally and we expect the device tax relief to identify additional areas to invest
with labor and factory (cost->costs) a small gain but offset by material costs and growth in overheads
on the ous side we continue to work with our distributor partners through the impact of last years currency fluctuation
doesnt have an impact from a disproportionate share of tariffs not only to americans (who->of) face cancer but
for these initiatives our 2019 focus will be to continue and build upon our strong progress to date
in production rates and as those balances pull up relative to what pays down
looking ahead we remain strongly focused on commercializing our available inorbit satellite capacity
we have reached the end of the questionandanswer session and i would like to turn the call back to brian harris for closing remarks
as a result of the steady and methodical reallocation of capital to balance sheet loans and real estate investments
give us talk a little bit more about (yeezy->yasey) and reassure us that
but i would expect that to change now that were coming in with something differentiated from the past
we are constantly improving our capital structure
well continue to add field resources while driving the comprehensive lifetime management of our installed base
and the closest thing we (can->could) look at there is the individual project funnels that make up our sales forecast
second (quarters->quarter is) doing better than the first and were seeing the beat rate of the business improve but when you annualize it
to address those and make certain that we optimize the opportunity in those countries instead of just letting it go
which have always relied on external resources are investing in their pipelines
and is are you implementing any kind of protocols in terms of allowing the physicians to
and then the cash flow impact could you give us an update on what you would anticipate for 2016 the reduced cash payments for losses what does that mean for your free cash flow
the results of what we have been talking about in the first half first quarter we talked about what we were seeing in terms of activity in the marketplace where clients were starting to think about spending significant amounts of money
turning to seven seas water on slide 6 we had a very productive quarter with plants operating as expected all plants either met or exceeded production expectations and the majority experienced increased demand from our customers
all of the details by the way are available on the form (4s->4) that we filed to disclose all of the details to grants to officers and directors and i would like to add that most of these grants are performancebased grants
and an increase at our trinidad plant due to an increase in volume of (water->order) delivered to our customer resulting from the plant expansion completed in 2016 the increases were partially offset by lower revenues at our bvi operation
these strategies are coming to life through exciting innovative products like those weve recently launched all in all this quarter we launched a total of 58 products in 51 countries as well as a few in the past couple of weeks that i want to share with you now
(*->and) more recently the payments have (of->*) been directly aligned with entitlements established through applicable pscs the regularity and increased transparency of these payments provide us with the increased confidence that payments will be more predictable
nevertheless out of a true abundance of caution we structured the acquisition of the former media general stations in green bay and davenport that we announced last summer and closed last month with the possibility of receiving significant auction proceeds
(*->the) remaining proceeds are expected to be used to fund acquisitions and project expansion and for working capital needs the debt financing supports our goals of optimizing and expanding our capital structure it also extends our loan maturity profile
i will begin with an overview of aecoms results and discuss the trends across our diverse business then troy will review our financial performance in greater detail steve will conclude with financial guidance before turning the call over for a questionandanswer session
dividends or other income from a 50 equity stake in the joint venture company with areva the strong support we have witnessed from areva is further validation of our technology
and we do entertain that from (timetotime->time to time) with certain customers its a really small percentage of our total revenue but nonetheless because its immediately recognized it can have an outsized impact and thats really what happened
this extends the antennas range and subscriber count significantly by allowing weaker signals to get through a key differentiator as operators strive to maximize cell coverage and quality of service
however we will continue to identify them so that you can model them appropriately as a reminder these costs are being funded by our china growth and impact investment program which was built by grants from the chinese government
the month the inventory was made and think of 5 months ago maybe as when the inventory was translated so you get actually a benefit sequentially from in the short term from a strengthening dollar
that under the rules here we would match cost through amortization (*->of) the mask cost against future production when we go into production usually a few months away from initial mask final (mask->mass) set
we believe that these nongaap financial measures assist management and investors in evaluating our performance and preparing periodtoperiod results of operations in a more meaningful and consistent manner as discussed in greater detail in the supplemental schedules to our earnings release
to the nuclear fuel experts but also other experts from the utilities and finally at least annually theres a full formal meeting of all the members in the same room that sometimes
while the latest developments with (zte->zt) and huawei create new uncertainties its important to note that macom supplies technology and products that are not readily replicated by anyone anywhere including china
(*->i dont) really think that it would help us in terms of a time line to try to get this licensed in another country because the nrc would probably want to see the same kind of testing that we already plan to be doing
the biggest impact on your model would be sort of efficiency (for a->per) sales leader right so the number of i guess volume points that go through a particular sales leader over time is where
turning to the guidance for q1 and my comments are on a combined historical basis that will incorporate green bay davenport and fairbanks as if we had
(*->the) competitive environment when your for these projects is a lot more fierce relative to say 12 months ago because when i think about you winning all (these->this) work in management services and what your margins have been in management services that has pretty
these acquisitions bring quenchs installed rental unit base to over (96000->9600) units as of august 2 and we continue to work on our robust pipeline of acquisitions with potential to close later this year
i think our degree of exposure is materially different than it used to be but let me provide some color on the huawei situation i would caution people not to (lead->leap) to the same denial of export that zte got
i think the most likely leading wave of new types of reactors will be the small modular reactors that are actually new (kind->kinds) of pressurized water reactors like (my nuscale->binuscale) and
i guess is there a minimum size an agent needs to be to operate in the new environment i mean i would expect some consolidation on the agent side but can you give us a sense of how big an agent needs to be now
this is another groundbreaking innovation for the industry which will utilize the latest crowdsourcing technology to dramatically improve the guest experience giving skiers and riders more transparency and choice during their ski day
our strongest overall results are being driven by sales to destination guests who were responsible for more than 3 quarters of our total growth and now represent approximately 44 of our total pass holders
that i can think of really besides maybe (madonna->madona) who hasnt already passed away and its sad commentary i dont mean to be cryptic here but there just arent that many celebrities from the 80s who were celebrities throughout the 90s (throughout the 2000s->rather 200) still around
scope of the first phase of the project will likely include the construction (and->of) new production facilities and the recompletion of 1 or 2 previously drilled exploration wells and potentially the drilling of (1->one) new well
its made from real coffee and contains no artificial flavors or added colors and best of all its only 100 calories providing nutrition and energy so many consumers are looking for as a snack or on the go
before we begin as a reminder during this conference call comments may be made that include some forwardlooking statements these statements involve risk and uncertainty and as you know actual results may differ materially from those discussed or anticipated
but the bottom line is we do feel that the second half of the year is going to be much stronger on the organic line im not prepared to predict organic growth exactly by quarter
and just in general we think our boats (*->are) going to float higher this year so were comfortable just maintaining as we are and theres no stress on the dividend for us
a decent chunk of aum there we do make some positive ebitda contribution as we do in almost all of our resource businesses now but its certainly not taken off the way we thought it would
this was also an important quarter in terms of enhancements to our investing and managed product offering defined by a singular vision to deliver the products our customers want in a way (it->that) is extraordinarily easy to use
so our focus is trying to identify a light (crude->crew) or pardon me a heavy crude that can flow in with some of our lights weve already got one of them approved
we saw excellent (balanced->balance) growth across our loan production with strong increases in all major categories except for commercial real estate where were trying to limit the exposure there
so you had (a->*) producer then who where we went from having a competitive advantage of accessing them through gathering we now have a competitive disadvantage in that they can go
at the end of our fourth quarter we expect to be in a better position to provide expectations of the rate of realization of benefits over the next 2 years and the impact on our ebitda margins
later this year im kind of wondering what the gating steps are to getting that started and if you could provide any additional color on the size or scope of that study
institutions are looking at gold in a very very different way than they did in the last 5 years so we are seeing the pace of institutional presentations picking (up->*)
well on the international side we take all of the tax and legal frameworks into account when we look at those markets the market opportunity and the pricing
i would expect that we will go through where we are on the 4 growth metrics that we put out there but remember that those growth the growth goals we put out were really client business metrics
with mortgage rates trending lower we should have a bit more wind at our back driving demand for both new purchases and (financings refinancings->financing) we also expect
getting the antibody to the site of action in sufficient quantity is something that remains to be demonstrated clinically and its very difficult if not impossible to demonstrate experimentally
or fixed through interest rate swaps as of december 31 in regards to our atm programs we did not have any activity during the fourth quarter
well its a good question mike i would say theres a couple of things underneath really any of the retail businesses in texas first of all texas is a very active marketplace so i think one of the
that (*->as) we connect them and provide context and data and information to owners and operators (and->*) we think that that is a big opportunity for us to differentiate (*->in) the marketplace and (there is->i think theres) more to come on that
overall the partnership delivered another quarter and another year of solid operating and financial results generating stable cash flow and strong yearoveryear growth
and you see (it you see->*) that behavior kind of going right through 0 right because the margin book continues to grow as well so customers even getting more comfortable borrowing we see new entrants into the margin book
we also benefited from foreign exchange gains in our bullion fund products which were partially offset by market value depreciation across most product lines as well as redemptions of our bullion funds
first of all we believe the completion of the merger and the integration of the 2 companies including the rationalization of the 2 separate networks could potentially take years
is the market is cycling and when you have bankruptcies and strategic players wanting to get out and you see the market beginning to turn
have (competing->completing) influences and (out toward->outsourced) external influences in their market that make us a bit more cautious and we dont have near the seat at the table that we have in texas
atlas robust biological (readout->readouts) in other words may ensure better use of checkpoint inhibitors as well as enable better vaccines and cell therapies
thanks paul and good morning everyone thanks for joining us on todays call as we review a few recent announcements along with our fourth quarter highlights
the conference is attended by existing clients as well as prospects and on all fronts the feedback on our offering was clear no one is better in (this->the) space when it comes to technology and service quality
many factors could cause the current results performance or achievements of (bolsa->pulsev) to be somewhat different from any future results performance or achievements that may be expressed or implied by such forwardlooking statements
which itself causes other kinds of damage not related to vasculitis the reason that steroids are such a problem is also the reason (that->*) in clinical practice they have to be tapered
in summary were pleased with our results to date and the early traction on sunrise benefits although we have a significant amount of work in front of us as we return the company to its full earnings potential
they didnt really get into the value drivers of the franchise or what we can continue to deliver going forward for our shareholders right what are we doing from more of a business operating results perspective
our earnings release and sec filings contain additional information about these nongaap measures why we use them and why we believe theyre helpful to investors and contain reconciliations to the gaap data
and i think a lot of this is primarily due because of the industry (in->and) the market our public finance division is really doing well we have one of the top public finance companies
but understand we have more opportunity to improve our teams remain committed to working together to enhance our performance in managing markets
having said that we had good comps this quarter as we benefited from inflation and better execution through better blocking and tackling we had a solid holiday period
so i think were really trying to just make sure that we understand the opportunity set from a growth standpoint but i think once (we->weve) kind of work (to->through) what we think is a good time in the cycle i think we believe
in terms of new business so hiring the business development officers was an important step in that area i think some of the technology changes that weve made here in the first quarter
also a very good question the short answer is no and the reason is the way weve set up the trial is that we will collect all of the data on 52 weeks
justify fees but we all do have to do it and the one answer that we have is in every case weve invested a lot bringing new portfolio managers in (and->*)
versus buying back our stock which again we think wed be buying back at below intrinsic value versus paying a dividend which is important to some of our shareholders
the reconciliation in our press release separately presents our results of operations from those of the dropdown assets predecessor prior to our ownership
as a good partner they were with us in the last i would say 60 years so theres no reason that it wont work for ecommerce its where we are now
driven almost entirely by net inflows providing additional evidence of our ability to succeed in the investor segment just as we begin the fullcourt press of our brand and marketing efforts
we have seen a significant increase in traffic to our website and have a number of new residential prospects in hand as a result
and we expect particularly given the recent market events that sprott is on a positive trajectory going forward
(its->thats) going to go out on our website as well were kind of readvertising to our existing drivers and drivers that were recruiting (that->do) we have a great pay package
changed our performancebased quarterly per mile bonus opportunity that drivers have to a monthly
technology during a launch phase when youre talking to folks about how to use the drug and generally (it->they) wouldnt run (right->rate) to an outpatient environment
is there any other factors that are impeding your ability to get back to even modest traffic growth traffic and tonnage growth
unlike many of our competitors we did a pay increase in the fourth quarter of 16 prior to that we (also->*)
following the receipt of necessary permits and regulatory approvals construction on this project is expected to begin early next year
as opposed to (silo->siloed) play either from an organizational structure or from a compensation perspective to make sure that youre capturing as much wallet share
we see an expanding role for exparel in oral surgery field where an overwhelming majority of patients would prefer a nonopioid option for managing pain
by some of the (sub businesses->subbusinesses) what type of growth youre going to see in the second half to sort of hit that full year number
think about the (antibacterial->antibacteria) products that you might buy to make sure the (paint->pain) in the cans are
in other regions (meropen->maripen) business was returned from (astrazeneca->mastrazeneca) for southeast
(there is->theres) also an important network effect so i literally had a conversation with my pricing team 2 weeks ago
at this time ill turn it over to bob who will review some of the details behind our recent financial results
specifically many anesthesiologists are viewing exparel as a game changer and the positive results that they are achieving with brachial plexus blocks
i certainly appreciate all of your interest and commitment to mdu resources (i->and) now ask that we open the lines to questions that you may have
ill compare mainly to q2 of 2016 but (will->well) provide a few comments relative to our views for the rest of this year and going forward as well
it sounds like youre getting closer youre doing some trials (and->in) customer qualifications when do you anticipate
to build on chris question how much of that new capacity that you added in france is going to be taken up by the new opportunity (*->in)
just because we dont get something doesnt mean that we arent interested but what i will tell you is that
and then when you take that away you have a very different scenario so if you looked at it over the last 2 years when there was no payment
secondary source to some of our eastern north dakota markets so that kind of (things->thinks) about how we think about the valley expansion project
we cant define exactly how the product is being used because most of these procedures are done in an ambulatory environment
and so what we decided to do was to take the place where these folks would have the opportunity to have a very strong
thank you for your interest in mdu resources and for taking the time to join us today to discuss our second quarter results
so david our response is the same one we gave in the fourth quarter that we dont think we need to be talking about tio2 this year
our active resource strategies have been completely retooled and are now delivering better investment performance
so again (i am->im) very positive that no one got hurt in the facility and we had no environmental issues around that
in the energy (states->state) so were seeing more and more people bid on different jobs but thats where were seeing most of the competition
recall that starting in the second quarter of 2014 we experienced a significant increase in demand for mobile equipment used in (*->the) oil and gas sector
of 2020 now lets turn briefly to our financial results before opening the call up to questions
the government is taking measures to improve quality of generic (products->product) which will help grow generics
based on what weve seen its clear that the fourth quarter was a significant step in that direction as our results speak for themselves
i think itd be too early of a reaction and again i want to reiterate were still very positive about the asia growth platform for us
we remain optimistic on the longterm opportunity related to domestic energy production and the need for mobile products that are essential for these activities
in part reflecting early benefits of sunrise although partly offset by increased incentive compensation costs
the conference has now concluded thank you for attending todays presentation you may now disconnect
give us your thoughts as to why (*->that) these things would be happening that youd be above your longterm margin target
several new products were introduced in the quarter including a generic allergy treatment using our nasal spray system
(*->yes) the only other factor that is relevant is really the fact that we have done a lot of value
to be able to continue to supply customers and right now we dont think well have a material impact on any of our customers as a result of this
in the meantime we will continue to focus on a variety of strategic initiatives to increase the awareness availability and affordability of home standby generators
our trucking segment experienced a truly transformative quarter and now we will look for sustainable repeat performances
ordering exparel been increasing it or is it now about further penetrating existing accounts in the hospital setting
we have already picked up a few candidates for the chief medical (officer->officers) position
what do you think the sensitivity is for the residential versus i think youre saying flat and then can we also get an updated dealer count
youre bringing on new equipment but you probably need to (raise->*) wages where do you think
remains high and we look forward to opportunities to bring new and existing aptar innovations to the market
i think weve done an excellent job as a company taking a look at our cost controls over the last and this is across all 3 segments
and new precious metal strategies which are just now beginning to achieve the scale needed to deliver meaningful profitability
(*->we) completed (our whitford->the woodford) acquisition in the first quarter and just recently announced the completion of the (hemmelrath->hemillerrath) acquisition
and offers superior power density making it ideal for (*->power) powering large equipment under continuous operation in remote field locations
not right to expect us to be vastly growing market share until we put into place
over the past 4 years weve invested in nearly every aspect of our business to position the firm for future growth
so the marketing spend there were still in the process of the rebrand so you could still see
those bids that went out in the third quarter and fourth quarter that are being implemented right now and im just going to anticipate your next question to say
we dont think that the zika virus (per se has->for sites) got a lot of negative what i do think youre going to get (*->and)
the numbers that we came up with were fairly low because the overall loan book is about 15 loans as you know
the primary drivers of the increase (of->are) the full year impact of the 25 basis point spread increase with our term loan credit facility
this record level of free cash flow was a direct result of our efforts to bring working capital levels down in line with demand
its interesting because we get a pretty good look at the book of business that is (our->*) national accounts and
which we believe is highly differentiated and positioned to emerge as a leading bioscaffold solution to replace traditional surgical match
we also put in place a more experienced sales and service team for both our retail and institutional clients
core organic volume in our global paperboard packaging business was slightly positive in the second quarter
this change in the estimated implied fair value led to the majority of the impairment charges recorded in (the->*) fourth quarter
going forward sterile injectables will continue as one of pars areas of strategic focus
to support this future growth we intend to continue to invest in china
i believe we are well positioned to offer investors an attractive mix of growth
it really just depends on when we get to the next significant resource
when we bring the full power of our people and services from both search and consulting to our clients
so youre expecting growth are there any parameters that you can put around that
(a->*) large facility that should not only allow us to support that marketplace
but of course products will be made and therefore for those products
dominated completely by fractures theres no residual matrix contribution into the
these comments constitute forwardlooking statements within the meaning of the securities and exchange act
this concludes todays conference call you may now disconnect
like most bdcs weve operated as a regulated investment company or ric for tax purposes
in the quarter i would have liked to have rather seen that at the midpoint and it ended up a tick above the high end of the range
our own data from the (newton->new) study showed that those patients that receive the current standard of care
thank you very much indeed for joining us for this conference call out of your busy schedules
which was higher than our guidance of 70 basis points as a result of overperformance of the pathology business
its been done in the past by other bdcs we didnt want to do that so we kind of felt painted into a corner
we also have several equity investments in c corporations which have contributed to our dividend income
so to launch this process (well->we will) be asking our board to increase our second quarter regular dividend payout rate
before we begin the conference let me give you some reminders in the briefing future projections
i want to again thank our employees around the globe for their hard work this quarter
just go back to the regular monthly dividends not have specials and
good afternoon my name is christina and i will be your conference operator today
furthermore many programs are progressing into our safety assessment business
telecommunications and hosting transportation and travel and global government more than doubled
our increased total investment income and the continued leverage of our efficient operating structure
our business continues to perform well we are moving forward with the strategic (alternative->alternatives) process
the one thing we do say about our cash burn is that we anticipate our cash
(*->of) its privileged users providing us with meaningful expansion opportunity over the coming quarters and years
we took decisive action in the first quarter on things we can control including our balance sheet
that we made clear on the last call the strategic review process is well advanced
net interest expense in the first quarter was essentially unchanged on a sequential basis
the company is devoted to cutting (costs->cost) to remain competitive we will leave no stone unturned
and we continued executing the restructuring that was announced in early january
enabling the combined entity to provide an enhanced level of service to our clients
(*->over a period) of (overaperiodoftime->time) averaging so that you can show comfort to the reader that your reserve is in line
lower end of the quality spectrum and whether that be tertiary or secondary (market->markets) or just a (poorer->poor) asset
assumes sequential expansion of our operating margin in the manufacturing and dsa segments
but also scott just keep in mind that once were through this major (wastestripping->waste stripping) campaign
(*->of) precision were really just articulating that we continue to believe that through new product development
and do not represent (the->a) core areas of focus for endo accordingly
and that may be different from nongaap financial measures used by other companies
we have done so by focusing on portfolio expansion scientific expertise
the interest on our (bond->bonds) is scheduled to be paid in the first quarter and third quarter of each year
we believe that this transition will make our dividend policy easier to understand and follow
obviously no final decisions made yet but any sort of new concepts being considered
thank you for your time this morning id like to turn the call back over to (hal->al) and we look forward to your questions
let me now provide more detail on the key operational trends we experienced during the second quarter
maintenance shutdown factor is
even after what will be rather significant investments
when you can comfortably pursue material growth opportunities
we have today initiated a material and sustainable dividend policy
we have a significant amount of above market rates and unused commitments (back->that) if restructured
and (will be->well do) the same thing there which is preclude them from being a part of the arbitration
wind generation for the remainder of the year based on 5 years of historic levels
its just one of those that has a little more leakage to it than i would like to do so thats why we call it kind of
we plan to continue to do everything within our power to return value to our stakeholders
i would say that overall the patient populations in the advocate trial
and for each of our segments to be within their respective annual ranges
in this year we (i->*) really dont want to give a lot of color around details like that
certain information discussed on this call including information related to portfolio companies
is contained in our earnings press release issued prior to todays call
we believe that the success of our strategy and value that we provide to clients
and supports lucaras reputation as an industry leader in the adoption of new technology
we continue to see our revenue base diversify broadly across our business segments
i will then provide a review of (crombies->cromies) financial position as well as our first quarter operating results
but generally we feel (wellpositioned->well positioned) and we feel like we actually adapt very quickly once things change so
this led to an approximately 50 increase in construction material operating income
in the level of executive support and the level of executive understanding
im not going to (set->step) through (in->*) too much detail (on->*) the cash flow (that->but) i have
to a large degree is one thats well directed towards the operator on their expectations of
we will not proceed at the current equity levels and so the (licenses->license is) offer up
(*->newton) study and also begin our (cisternal->sisternal) study in order to really drive
with the drilling and with our work on the base that includes
on the capital resources front our liquidity and overall capitalization (remained->remain) strong
the thing that gets lost sometimes in translation is we train people to do things the main street way
production in much the same way as weve been doing again at peshkabir for the last 18 months
what is the could you elaborate on the profit
you are talking about completion bond
how much more do you think you have in terms of capacity of your existing staff
on a consolidated basis overall the numbers are (up->*)
as far as how youre going to approach the market based on the recent downturn or is it
when youre i think if youre looking at it the way you were just looking at it on a (perton->per ton) basis
but there are signs of improvements underway so film type
(the->that) causes of disease and successfully discover new drug candidates
after a merger of equals the organization was using both cyberark and (the->a) competitive product
in the first quarter of 2016 somar revenues were impacted by lower demand for certain products in mexico and the unfavorable impact of foreign exchange
and chief financial officer we have prepared a slide presentation to accompany todays webcast and that presentation as well as other materials are posted online
as youve seen from our press release we reported a strong first quarter continuing on the positive momentum that we saw at yearend both momentum in the market and momentum inside the firm
we can help these developing organizations succeed in their gotomarket strategies by filling important talent gaps advising on transformation and change management and accelerating their growth and development
look like today and second part to that is just given where your liquidity is today do you expect that that program will slow just because youve actually got quite a bit of financial capacity right now
last time we talked i emphasized business continuity is a primary focus and (im->i am) pleased to be able to report once again that our fleet continues to perform well
so historically lucara has held both regular stone tenders and exceptional stone tenders but as of the third quarter we are moving towards a blended
next slide please i will be making some forwardlooking statements and i encourage everyone to peruse our cautionary statement at their leisure on our website
i remain excited and enthusiastic about the opportunity to be leading the new endo i want to thank all of our employees for their hard work dedication and commitment to the company
(*->we are pleased to) exceed our guidance again in the first quarter we have consistently outperformed expectations and delivered a balance of growth and profitability that is among the strongest of publicly traded security software companies
and specifically our investment strategy of investing in both debt and equity in the lower middle market and acting as a sponsor and a partner to the management teams of our lower middle market portfolio companies and not just a financing source
including (inbred->mbread) models (for->to) genetic modification and immunodeficient models for oncology research and innovative technologies like crispr (as->is) critical tools to more narrowly target
necessarily know whats going on with the gas reserves effort can you provide at least some sense of scenarios around what could develop in the next week and what the possible path forward would be
and finally (we have and will->well) maintain a highly disciplined approach to capital allocation with a commitment to delever over time that has the potential to create value for equity holders
a replay of todays call will be available beginning an hour after the completion of the call and will remain available until november 9 information on how to access the replay was included in yesterdays release
as well as dramatic momentum in apj (im->i am) just back from our customer event in apj and based on my discussion with customers and partners i am confident there is significant untapped opportunity across the region
so i wouldnt say that (there is->theres) one that were looking for more exposure to specifically we do look at it on the flip side and if theres (new->*) industries that we find unattractive or out of favor or if we had
that agreement with the counterparty has multiple stages on it we would execute against the first stage of that and then look at subsequent years as part of our longerterm hedging strategy
for us we think (it will->itll) be something that folks like you and our colleagues on the call can easily go see as we hopefully develop it and develop it well in terms of (the->*)
in these sessions consultants from both lines of business work together to identify promising opportunities to expand the breadth of our (engagements->engagement) with clients who only know us for (1->one) type of service
as a result of the capital structure we have in the current price environment we are currently evaluating alternatives to improve our balance sheet we will update you as these initiatives materialize
we do not expect to file the k before the sec deadline of march 16 as a result the company has requested from nasdaq
two things that make this firm great are our people and our culture i truly believe we are creating new and unique opportunities to win in the market and our people are embracing this strategy
and are subject to the changes risks and uncertainties described in todays press release and in our us and canadian securities filings in addition
i want to mention (an->*) exciting new initiative that we announced last week our disruptive innovators team we call it a team rather than a practice because their work cuts across all industries
these forwardlooking statements are subject to uncertainties and other factors that could cause actual results to differ materially from such statements please see our public filings including our annual information form
in addition we continue to have 100 share of the potassium chloride liquid market and have been growing our potassium powder market share nicely
how easy is that to do on an operation and manufacturing perspective and then a followup to that would be cliff how often do you and the board discuss portfolio shaping
one update is that we continue negotiations with major national retailers for the remaining target space and while the replacement of the income at the 3 properties vacated by target takes time we are making solid progress
what we have modeled for the resource and anything as an overall average so anything above that is most welcome but not to always be expected
but for the next (set->step) we have not scoped out yet and determined the timing and the exact amount of work in the capital forecast well address that in the next capital cycle
moving to cost commodity input cost inflation continued to accelerate in the second quarter as we experienced higher (costs->cost) for secondary fiber logistics and chemicals
real estate is a local business so ensuring that we have great regional talent and a deep bench is important for crombie to optimize the performance of our national portfolio and take advantage of our growing development pipeline
investors potential investors and other listeners are urged to consider these factors carefully in evaluating the forwardlooking statements and are cautioned not to place undue reliance on such forwardlooking statements
strategic understanding of the marketplace and how other companies like the ones that are being started by the vcs think and how they want to work with us and just on a pure revenue basis
the fourth quarter base business revenue increased sequentially from the third quarter of 2016 the increase was due to the expected restocking in the quarter
and the performance far exceeds anything else in the province so we think its very worthy of our investment and on the grocery conversions of the grocery stores or grocery plazas to
(*->the) increase in interest expense in 2016 was primarily attributable to increased borrowings we continue to pursue the sale of noncore assets where appropriate
and the impact of expected new competitive events in 2017 with that said we expect our total generic segment to decline in the high single
into the rapidly growing market for security solutions that protect the cloud and devops we are excited about the opportunities this acquisition creates for cyberark we were pleased to
we posted our first quarter slides on the ir (home page->homepage) of our website at heidrickcom and we encourage you to print them for additional context but we wont be referring to specific page numbers during our opening comments
as expected our group segment was challenged this quarter largely driven by the lack of citywide activity and easter shifting to march
id like to add my thanks to our colleagues around the globe for all their efforts during 2016 as we take a step back and consider the progress weve made in just 12 months
theres nobody that comes near our coverage (having->covering) so many parts of europe (there is->theres) nobody else we said 6 months ago the opportunities were there
should conditions merit but will allow us to show incremental (improvements->improvement) in the profitability of our alumina business over the next several quarters
utility expenses were down 8 partially due to the more moderate winter and group commissions were lower as a result of less group business
fall off of that list for some reason there are other opportunities behind it that we would use to backfill but generally the competitive dynamic is pretty similar to what it has been
will likely result in higher reported earnings in 2018 than under the previous guidance as revenue is shifted to the initial years of startup and transition activities of a contract
we believe (that->the) decarbonization of our electric sector and strong economics will provide ongoing growth opportunities for wind energy and for tpi for many years to come
(in->*) given the elevated risk in the marketplace i think were very pleased that we were able to effectively increase leverage slightly maintain our portfolio yield
we completed our secondary public offering of 51 million shares in may which has helped to improve liquidity of our shares in the public marketplace and expand our investor base
so were going to continue to watch it if theres a good opportunity to monetize the asset in the caribbean we think (*->we) can get decent pricing for it were going to do that i think the reason you havent seen us be more proactive on that front the last couple (of->*) years
we entered the year with a cautious view of demand trends and we continue to be mindful of the choppy operating environment which is likely to persist throughout the balance of the year in many markets
can you maybe describe the conversations that are going forward today in spite of the trade issues going back and forth
and select participation in refinancing transactions where (we->*) were comfortable with the (risk or return->riskreturn) profile as a result of our selectivity we were able to avoid yield compression
the overall picture for revenue is one of growth from underlying operations complemented by our recent acquisitions and partially offset by fx translation
so i think were living with the refinery waivers this year that were given out and i dont see a lot of remediation for the immediate term over the long term potentially
can you kind of address for us what sort of lag between further potential increases and your ability to go get price and offset
as you may recall from our call last quarter i discussed the plan that our leadership team is focused on in order to address the tremendous opportunity we have to take marlin to the next level of growth and profitability
(and->*) i think some of you have actually heard me say before that the default rate for the capreit portfolio now is actually lower than the cmhc mortgage default rate its
yes at this point obviously our strong sense of what were looking for based on the things that we do is to look for terminals that we can enhance profitability
good synergies good assets strong customer support we think the returns are going to be very attractive
it will take longer so we expect this year will be a year where we really start to narrow the areas where
there are now technologies that exist that an ethanol plant can increase the value of their coproducts of distillers (range->grains) through multiple different opportunities and so we chose the first one which was
happy and eager to lend us more money if the business activity justifies it so were in discussions as far as that goes
we continue to maintain a strong financial position with the flexibility and resources to continue our growth and sustain our monthly distributions over the long term
the rates quoted are for days currently contracted the actual rates to be earned in the first quarter 2019 will therefore depend on the number of additional days that we can contract
to ensure we can support our customers consistently and drive those synergies but it does require an alignment of the way we work
and that growth is going to come from slower growth within our traditional core channels probably 5 growth and substantial growth within the new channels and the expansion channels that jeff mentioned
it is important to note that increased levels of earning assets in the quarter from the growth in our equipment finance and funding stream portfolios more than offset higher quarteroverquarter expenses
maybe you could talk a little bit about maybe what caused that is the business is that just sort of a hiccup or is the business maybe not expanding at the rate you thought it might be
to really thinking about value thinking on a more focused basis about value creation through margin enhancement in these programs and
second higher oil prices will likely encourage greater oil investment and generate positive linkages with other activities in the economy down the supply chain third
but not necessarily much different beyond that so yes it would (pay->*) probably take a little longer to ramp just because of the size the physical tonnage and the size of what would be done there
i will now turn the call back over to mark thanks (sean->joe) as we look forward to the remainder of the year we expect the (lodging industry->lodginistry) results to modestly improve
yes this one is a little bit different with the (cargill->cargo) acquisition we fed their cattle and got paid a fee to do that with the bartlett acquisition as of right now we own all the cattle in the lots
and down in texas is that we both believe in the jv we can enhance the profitability through pushing our own volumes through as well as keeping thirdparty volumes flowing as well (*->and)
we continue to build out our senior management and technical talent on a global basis we believe these accomplishments position us well for continued growth
and then in order to help drive lcoe down our model has been per the agreements to share a large portion typically of those savings with our customer
we saw relatively high spot prices at the back end of 2015 and im just trying to get a sense of whether we can still see some of the strength coming through in the current quarter
as a result we are focused on setting up our hotels for success with stringent (costcontainment->cost containment) strategies and defensive revenue management (plans->plan)
importantly we achieved the record origination volume while maintaining our strict underwriting standards as evidenced by the portfolios credit performance which remained excellent during the quarter
it is important to understand that the first quarter group results were in line with our expectations and incorporated into prior earnings guidance
while we still have a couple of years to complete our integration the actions required in the first year of building a new organization and culture are the hardest and most sensitive
so yes i think you (can->could) anticipate that the last half of the year probably not as strong as the first half because the first half was exceptionally strong but still within the range of what we had indicated to you earlier
we feel like that kind of a focus is paying off and were seeing some results there were still not exactly where we would like to be but i think we have seen parts of the operation
we were fully reserved for the underlying claim however we do not agree with the decision and particularly disagree with the decision to issue penalties which we did not think was likely or warranted (the->while) law is very clear that we were entitled to rely upon the opinion of legal counsel
the investments in capital contractors garden fresh and (gerli->gerley) were already valued at 0 as of december 31 of last year and therefore the realized losses did not affect our net asset value during the quarter
and a very significant amount of our unbilled total as ive said previously and as we reviewed inhouse comes due to put it bluntly or i dont know how else to define it in the next 12 months
and so i think the thinking is well if youre opening freedom near express you may see some level of cannibalization so how do you think about and balance that and has there been any impact to express (absorptions->absorption) because of nearby freedom product
well have challenges with continuing our trend of improving operating expense leverage and the optics of our future credit portfolio performance may be negatively impacted by the denominator effect caused by the decrease in new customer accounts
was flat was that sort of also a deliberate sort of semicredit tightening view of things or are you guys how are you guys thinking about sort of the corporate outreach to try to sort of expand that number
and also what will happen in the future we (do not->dont) make any (forecasts->forecast) about that either but i also think that in the past that was a very important issue because that was the way we
due to our unique business model a leading market share high barriers to entry and pricing power in each of our banking jurisdictions will generate excess capital that will be used to pay dividends and build our wealth management business through trust acquisitions
(youre->*) trying to land a company of this size at the end of the year having some contingency in there for other unexpected items some of which are known to us now some of which are not known is prudent from our perspective
or 2 to 6 months after that lumber was dropped (on the->down a) lot and so you would see that particular cost line potentially having some pressure but i would tell you that we would expect to see some of those things offset by other decreases
we look forward to continuing to service our customers and provide strong and stable returns to our shareholders by focusing on our core markets maintaining our leading position in bermuda and the cayman islands and scaling our trust and asset management business
the only hitch remains us getting through these (unbilleds->unbilled) and bringing the money back to the company we will continue to work day and night to make that happen and keep you apprised as it takes place thank you
with emphasis on the fourth quarter for further reference weve also attached an expanded quarterly appendix at the end of this presentation as well as a full quarterly reconciliation of any nongaap financial measures used
in fact we think about integration as a key theme for the bank in 2019 this will be critical to unlocking the full revenue and earnings potential of the acquisitions
lower net interest expense was due to interest income on a higher average cash balance and increased capitalized interest the corporate overhead cost decrease was due to employee severance costs recognized in (the->*) third quarter
john my personal opinion is i think weve seen a little bit of a bottoming out on pricing i would think going forward you should see plus or minus 10 for newly originated transactions for us
expense management will continue to be a key priority and productivity improvements remain a focus our new core banking system in mexico will help drive further productivity improvement
got it thats helpful (*->thanks for that) and then the second question i had relates to kind of a more general question i think one of the things that were seeing thats really fascinating about the industry and the stocks right now is
we believe we will be in the fortunate position of being able to continue to deliver foundational results from an earnings standpoint which should enable the market to appreciate our quarterly dividend and security that naturally should go along with it
could you talk a little bit more about the agility business and what kind of growth you could see in that area of the company i know its a small part but that seems to me that you might be able to get some substantial growth there could you expand on that a little bit
and a business that in my opinion increased government spending doesnt affect us because were simply not going to pursue significant growth in a business that at best generates 2 pretax margins
just for closing the israel brought very good news and brought financing from (sales->itself) and sales of assets that were hidden value on the company level
financial transactions completed (by->via) mobile devices have grown 75 over the past 2 years and is now the most popular financial transaction channel for our customers
we will focus on the (valuecreation->value creation) process in order to optimize synergies related to the acquisition as outlined on page 17 we have begun to leverage (stoneridges->storages) customer relationships and products
our growing backlog provides the foundation upon which i expect to deliver revenue growth and increased earnings over the next 3 to 5 years
we experienced a 100 basis point deterioration in marketing leverage during the first quarter although we adjusted our marketing spend in response to soft sales demand we were unable to fully offset the lower response rates on our marketing campaigns
which primarily reflects our decision to maintain higher orchard portfolio inventory levels to improve overall fill rates in that business the growth in promotional material inventories is also seasonal in nature
and increasing duration on the overall investment portfolio during quarter 4 you can see the spot htm balances at yearend is above the average balance for the quarter as investments were made
at the utilities the hot summer weather was a big help with revenues up on higher volumes of electricity sold and lower cost with less storm activity across the system
canadian banking is focused on optimizing its business mix driving higher productivity and acquiring new primary customers james and his team will be driving improved productivity
so we plan to issue the series and with that money we (will we->*) believe that we will have money to serve our debt in the coming years without any equity (injection->insection) from our side
it is also appropriate to combine that style of investing with a certain level of more (senior oriented->seniorated) structures which provides a laddering effect in terms of overall yield and (tenure->tenor) across our investment portfolio
by highermargin new work at an accelerated pace we feel there is an opportunity for significant increases in both operating income and earnings per share
as you know we filed distribution cases in all of phis jurisdictions and expect decisions spread throughout the third quarter of next year providing needed revenue relief as we continue to make significant investments on behalf of our customers
automation solutions improved modestly as ongoing high growth in projects for heavy and general and industry customers were partially offset by slower demand in automotive
demonstrated that we are able to buy assets (on->that are) perhaps not performing (and->*) in (a->*) relatively quick time get them to perform but we shouldnt we need to be very careful to make sure that we are confident that we can
in terms of returning capital to shareholders through our share repurchase program tax reform provides us with confidence in the sustainability of our program and additional flexibility to enhance return of capital to shareholders
im going to be referring to the document in which you ought to have in front of you on the webcast (*->if) you turn to the agenda its the standard
slightly lower share count and the reduction of convertible debt our strategy is providing good guidance on whether to buy shares buy a new club open a new restaurant or pay down debt
we could easily turn in better financial results this year by not spending on product design and development expertise in consumer brands (were->or) not launching well worn or investing in our digital assets and capabilities for the future
that there was caution on the part of a lot of us companies particularly in pharma and some of the industrial businesses really (weighting->awaiting) some of the regulation and policy and tax changes that came later in the year
but really mix plays a really big part as we look at the mix of our sales both geographically as well as service revenues so service revenues as it continues to grow and be a big part of our business
as i think about the rest of the year im excited about the opportunity that lies ahead we are experiencing significant momentum our teams are exceptionally busy and im optimistic about the power of our global network coming together
(*->thats) the next chapter in this i think is seeing some of the upfront pieces how do we (then->again) keep building out the program with a value prop like the partnership with husky for example and then really building out kind of some great engagement strategies to really help (*->our)
but if you just look at all the other acquisitions that were doing theyre coming in at lower margins than our existing business thats fine i mean there isnt anything wrong with that i still think they have a great specialty margin starting point
so we are at that point i cannot tell you where those transactions will fall as somebody pointed out on the phone call there are large transactions that sometimes get stopped right at the finish line and it (would->will) be almost impossible
theyre based on managements expectation and involve a number of business risks and uncertainties any of which could cause actual results to differ materially from those expressed in or implied by the forwardlooking statement
represents our highest quarterly performance since the third quarter of 2008 this is a direct result of our continuing commitment to innovate across our product portfolio
your concerns about doing something but it does not change the fact that youre having that conversation and trying to figure out what you can and should do given all the given everything thats going on
and in that what you would do is of course use all the specifics in terms of understanding the company and specifics of the company before you would want to make certain decisions but what i can tell you is that
and were starting to get a footprint at (ghaghoo->gaghoo) which we are pretty comfortable with (*->our) size frequency distribution curve is starting to settle we have made quite a few changes
under warranty as those products come off service plan opportunities come on and so we have opportunities just to continue that slow steady march upward in terms of attach rates on service plans and
so i wanted to hear from you what you expect in the coming (months->month) if its a problem on the supply side on the demand side and whats your risk appetite right now (and even->*) considering everything we know about the economy
that for the most part has turned out to be pretty much where we had expected and wanted it to turn out so its not a material consideration to us at the moment
(now->*) last year we completed a series of debt refinancing transactions that improved our capital structure and significantly lowered our overall annual cash interest expense
demand remained strong in the quarter and we started to see energy rebound on higher oil prices most end markets including energy experienced strong organic sales increases in the quarter
it appears that southwest border apprehensions have returned to levels that are in line with historic trends following the unprecedented reduction in activity across the border that we saw in the spring of this year
we continue to prioritize the management of our overall installed base this year and as such a significant portion of our efforts are focused on optimizing the yield in our current installed base
that allows us to capture more and more of the merchants wallet and it also allows us to build up more additional services to be able to provide to merchants
as we invest more into our commercial team theyre leveraging resources to work closer with both new and existing customers and were gaining market share because of it
we also expect our ability to expand our services in new markets and introduce our complete integrated product offering will create opportunities for additional growth
which means that the rate of our charges are slowing as compared to what we took in the first half of the year my expectations
sherry will provide details on the shortterm effects of the new law on our tax rate but before she does i would like to share my thoughts on capital allocation and the new opportunities created for waters under the new tax (laws->law)
(*->the) impact of this new accounting standard primarily impacts the companys (payments->payment) business requiring a net versus gross reporting of revenues and cost of revenues for our cash access services
rolling (of->our) business either as greater synergy or in the (*->sorry) enhancing capacities enhancing what we currently do or adding in an area where we want to add to what we do so (thats->*)
we also make certain compensation decisions based in part on our operating performance as measured by adjusted ebitda and our credit facility requires us to comply with (the->*) consolidated secured leverage ratio that includes performance metrics
as part of our merger and as a result the entire purchase price allocation as well as all the expenses of the merger have been recorded and fully accounted for in our financials
will all be automated we should be able to do all of our positive pay for all of our checking accounts which will help with any type of fraud i mean its an amazing transition when you go from
thank you for joining us on the call this afternoon and before we leave i wanted to mention that we are in the early stages of planning for an analyst day that we expect will take place in midseptember at our chicago office
weve just found the best fit and best use of our cash for these smaller boltons so there are bigger things that are out there that we know about things that weve been thinking about for a long time and
i (first met->firstmat) servicenow while i was at ebay as a happy and satisfied customer and the more i explored this opportunity the more i (fell in->sell and) love with this company
(*->is) relative to the last couple of quarters because we had (a->*) strong top line growth our metrics are much improved compared to where they were even in the first couple of quarters and frankly
fairly high degree of confidence that those are all products that we will be able to deliver on now theres always some degrees of uncertainty
and if you could if you would call them out as one of the most interesting customer groups or if there are others that you see as more interesting for orion like right now
as well as opportunities in the municipal bond portfolio related to refunding opportunities late in the fourth quarter
both the chief commercial officer and chief human resources officer positions are new to our company and reaffirm our commitment to our customers and our employees
for instance in our defense systems group early this year we initiated a 3year research and development program to develop and field advanced
theres still in addition theres still potential to explore further at peshkabir again the diversity of reserves movement supports the diversity of production
as john mentioned a good way to measure our progress is by comparing revenue plus backlog in the current quarter to the same metric in prior quarters
our backlog reflects strong bookings that we expect to ship in the next several quarters which should lead to a corresponding increase (in->of) revenue
our new agency partners have the potential to deliver revenue that is an order of magnitude bigger than what we were doing with just our esco customers
there are (a->*) few areas in the world that can match the lowcost environment of the kri and provide such a material return on (investments->investment)
kind of raising all boats and what is your view of market penetration at this point and then secondly have you begun to see any meaningful pickup in higher density
in addition we completed integration of the first reengined antares which we will roll out for testing next week at the launch pad at the (wallops->walts) flight facility
in todays earnings announcement the reconciliation of nongaap financial measures to the most directly comparable gaap financial measures
the euro exchange rate fell and we also saw a climbing market on the equities market and
this is the fourth time we have won this coveted award and we are most appreciative of this recognition and vote of confidence
we like the portfolio we have but we are also very much a growth company so we will continue systematically to add to the story
delivering operational excellence in our manufacturing facilities and supply chain and providing all of this with exceptional customer service
(*->so from a) work rate point of view i think thats quite achievable the fact that we havent drilled on the field extensively for the last 2 years does mean that production has declined (and->*)
in january we made major progress in completing our transformation into a meaningfully less leveraged and much more focused consumer products company
reliability (tests->test) you are expecting that will be completed of course with the lifting up of completion bond
so completion bond is going to come down towards the end of the year well i cannot say anything definitive
do you think this is going to be more of a result of customers coming forward or do you think its going to be law firms that are going to be more active
all 3 of our business segments have a strong outlook for new business in the second quarter as well as for the second or the remainder of the year
to our investors and to the analysts id like to express our gratitude for your continued support and understanding
in this quarter from the point of view of shareholders the decision of the management board
were reacting to the repercussions of the price war as well as the recommendations given by the polish fsa as
that are required for the accelerated approval application which fall into line of giving any (third party->thirdparty) greater assurance
to navigate that also looking at the cost side of things whats going to happen with other insurance companies i dont know especially if we talk about the smaller insurers
and latin america is recovering can you give us a feel of how that is developing methionine market price
the only headwind that we face is the prevailing extremely negative investor sentiment towards the oil industry in general and the oil sands in particular
it also supports our growth expectations for 2017 in addition to the pace of bookings we measure field (of->*) service requests
one benefit of the harmonization of our discovery portfolio is the expansion of our integrated client relationships
and benefits even though the portfolio has grown this has to be emphasized we can see that our claims are lower (they are->theyre) lower because
based on what we see and (*->kind of) the forecasting of earnings we think it gives us some run rate for a while but (with the->*)
these new agents are off to a good start but they havent quite made up all of the foregone revenue from small esco partners that we redirected towards distribution
primarily loans and primarily driven by libor and prime but that allows us to really benefit as rates continue to rise
and we still think we have a pretty solid year in hhi obviously its going to take us a couple (of->*) quarters to get appliances stood back up and reinvest (*->and)
your outlook for your (potassium->potasion) chloride products and i know you mentioned the incremental opportunity to gain share on the powder maybe you can help frame that and then
as big pharma seeks to drive greater efficiency these clients are reducing their internal infrastructures and externalizing research
up to this point when we look at maybe ill put a little color on the value i think thats probably important when we look at these 20 new products
these achievements speak to our commitment and dedication to protecting our employees our customers the environment and the communities in which we operate
to ensure that were going to be able to deliver the results on a stable basis we can see that this year how were going to be able
so we have rather than 16 months ago (when->where) we had all of our eggs in the tawke basket we now have a much more diverse source of cash flow (and->*)
your positioning and some of the conversations youre having for strategic partnerships and has there been any change in the competitive dynamic with any of the other
as far as what were continuing to work on its really a focus on working capital management so you (could->can) see we made improvements in
due to the recently approved legislative bill in the state of michigan which is aimed at increasing funds for roads and infrastructure
discontinued (operations->operation) status as well as lower acquisition and integration and restructuring and related (costs->cost) this year
we will provide further details on mpi shortly but let me begin by giving you the highlights of our first quarter performance
can you get us comfortable on the recovery here you talked about bookings maybe being a little bit better coming out of the quarter should we still be thinking about doubledigit growth in manufacturing for the year
continuing with our revenue commentary it is also informative to understand that we have intentionally redirected the smallest esco partners
to discuss the companys financial results from the first quarter and also to update our financial guidance for the year ill turn the call over to garrett
and if we compare it to the corresponding period of the previous year that situation was totally different we had flat bond yields
as we begin 2016 our focus is on continued operational excellence and providing great service to our customers who count on us for their important programs
even so 2 of our 3 reporting segments generated substantial increases in operating margins in part due to cost synergies achieved
our store operations team made major strides over the past year in leadership development training and executing operational excellence throughout all of our stores
specifically the growth in led products is expected to overtake the decline in legacy products and services and drive the growth of our consolidated revenue for the remainder of this fiscal year
to our results conference (at->as) pzu wed like to thank you for turning (up in so->out) such strong numbers wed like to present to you today
in that business because we also have had overall growth in the software and content management product and so you will see a more pronounced mix shift
the return to a controlled level of profitability in the mass segment is proper and equitable
financial results were in line with our plan for the year with profit margins benefiting from cost efficiencies achieved following last years merger
yes we saw a little bit of an impact more driven because our execution is getting better on the collection side of the house what i would say is
covered over by having to set up a provision for the general damages as a result of the supreme court decision (but->well) this is a single
if things proceed as planned the first of an eventual fleet of up to 5 of these geosynchronous orbit servicing vehicles will commence operations
we are not playing with the credit model to drive retail sales (now->*) were not going to do it if were not seeing the return on investment
these were partially offset by contractual price increases higher (order->water) levels and an early time charter termination payout
im pleased to report that our target of enrolling the additional 40orso patients this fall continues and we should complete this process shortly
the sooner we do a partnering deal the better it is for the entire company and its plans 132 is moving forward and we will not delay
in september we will issue our annual proxy guide that offers clients a comprehensive (roadmap->road map) for building innovative and shareholderfriendly proxy statements
we are able to target these enhanced synergies because our initial assumptions regarding headcount technology spending occupancy costs and other expenses were conservative
work on the draft commercial and construction agreements has also commenced and preliminary financing discussions indicate a good appetite from a wide variety of lenders
we will provide data to demonstrate this fact in a few slides but legacy kcg operated certain (prop->*) quantdriven strategies that took relatively more risk
and this was said about the overall insurance market here in poland today we dont see any target that would be of interest to us
by an increase in noncash interest expense due to purchase accounting the net effect of the lower tax rate was substantially offset
as we look forward to the opportunity fiscal 2019 presents we will continue to execute the formula that delivered the improvements we realized over the past year
improving our recovery process has been a strategic focus throughout this fiscal year as (high->higher) recoveries benefit cash collections and (reduce->reduced) loss rates on our allowance for bad debt
okay and then my second question i know youre not going to be able to say too much on kind of the next steps in fortuna but i think theres (the->a) fear out there that
on an organic basis excluding the favorable impact of changes in foreign exchange rates and the negative impact of the new revenue recognition standard
(they are->theyre) heavier at the beginning and start to tail off where you have a little bit more just amortization running through and fewer surprises
ruling made by the supreme court of march of this year about the general damages for pain and suffering and so
our focus is on our clients and leading them through a digital transformation while also remaining purposeful in how we execute on our strategy
our promotions emphasized our industryleading standards (and->in) affordable pricing our marketing efforts supported the standards and pricing aspect of our promotional offers
guiding towards (a->the) provision being down a little bit yearoveryear is that just ongoing lingering strength from the end of the year and (would you anticipate it->youd anticipated) sort of stabilizing
fairly soft revenue either flat or down as well as for the manufacturers that produce the satellites for the operators who
in terms of project size we are now starting to see planning for projects of increased scope and scale that we have not seen since the decline of our (market->markets) several years ago
i didnt see anything mentioned on that in the 10k that you filed this morning so could you just update me on what happened with that
when we examine the pace of bookings in the first quarter we are currently running well ahead of where the company was this time last year this is due in part to the recent large account wins
which we expect to accelerate even more throughout the balance of 2016 with that recap were now ready to open the call
we experienced in the first quarter of fiscal 2018 store expenses as a percentage of sales decreased approximately 60 basis points
though we are proud of what (weve->we have) achieved during the fourth quarter we are even more encouraged about our prospects moving forward given the strength of our unique asset base
full price for it we would expect to pay one assuming that (their->theres) synergies that correlate to those as well so our perspective on it really hasnt changed
before we let you post your questions lets take a quick look at strategy where we are in terms of its execution if we look at roe
i will now take you through second quarter specifics by market starting with washington metro we are dealing with the same dynamics we have had over the last several years
where infusystem does not handle drugs and we focus on only providing a service that includes software (pumps->pump) supplies and nursing support
(*->the) decline was primarily a result of the aforementioned bankruptcy filing and a change in the supply chain of a significant customer
where they make the investment decisions (our insureds->are insurance) so if (you->we) look at the investments we can say that the situation is quite different from what happened last year
responsible for the volatility was our exposure to (azoty->azulty) last year it
we have and continue to leverage investments we have made in process and systems to increase the utilization of our resources and also maximize production capacities
has been contracted to pursue licensing and other strategic activities with regard to our preclinical and our clinical pipeline products
excluding the negative impact from the change in revenue recognition standard second quarter ebitda margin improvement of 90 basis points
as we mentioned in our third quarter conference call strong november sales benefited from higher promotional activity in the (largescreen->large screen) tv category
and when you manage capital with that level of efficiency you run a more efficient firm and thats the standard that weve applied here and it turns out as we got into the weeds
theres a lot of growth going on if we look at life business the number of customers will (fall->follow) a bit before it begins to grow again
since this is such a significant change i wanted to provide some additional detail this quarter so let me spend just a few more minutes than usual walking through the individual line items
we have provided supplemental nonifrs financial information for understanding of the differences between the (two->2) please see the reconciliation tables included in our press release
the fact that the quarter on the top line could have been better selling (in->*) the past would we (have->are) focused only on that and we are preparing the future from that standpoint as (it->*)
and now were in the stage where were building up hardware so that deliveries will start to accelerate in the second half on those big projects which include some of the drag projects we discussed with respect to margin
i think that we (would->will) i think that the answer primarily to growing that is to continue to recruit the right talent and give them the opportunity to kind of build their shop and build their business
removing concerns about upcoming debt maturities (in->and) gnls capital structure we (are->were) also able to achieve the extension of these debt maturities while keeping our cost of interest relatively flat
we will certainly continue to provide well results and updates as we complete more wells and are able to demonstrate how prolific our northern delaware acreage is in loving county
okay thats helpful and then can you provide some added detail on what specifically drove the volume shortfall for the protective segment and (then->*) what are your expectations for the segment throughout the remainder of the year
we see this challenge as an opportunity weve been focused on gaining new thermoforming and flexible packaging (capability->capabilities) to serve the growing consumer demand for products on the perimeter of the store
well look at markets where we think there is loan demand we may be underpenetrated we may open a few branches here and there but for the most part i think you can probably expect the branch count to be pretty flattish over time
and then i think the last thing i would or 2 other things were continuing to still recruit very well on the mortgage side so were continuing to add originators and then the last piece
but the team is hard at work and the level of activity is pretty good so we feel good its a different market than it used to be i think that its important to i think that
yes no well (i dont->*) we dont do that i will tell you that in the final analysis with clear lam we expect that multiple to be
(our->are) is this creating sort of situations where you need to (valuate->evaluate) particular packages that you produce (or->so) you need to think about sort of alternative formats
to enter that agreement (and->in) that program to be frank like many of these consortiums that came together they were actually looking to
and now were evaluating options to increase mining rate and milling alternatives to improve recoveries pilar and (fazenda brasileiro->fresendo braziliro) let me deal with them separately and then collectively
perfect and then finally you comment in the report that you have had satisfactory sales and profit development in your online business could you
things that our customers have told us they cant get with other approaches so that has caused us to say were going to stay in the game and take this to the next level
these factors are discussed in the business description and managements discussion and analysis (sections->section) of the companys report on form 10k (an->and) annual report to shareholders
there are better shopping on the open days because people are on vacations and go shopping in some countries in some countries they go traveling and they dont (shop->drop) so its a very mixed bag
i think there are going to be more opportunities (there->than) were in 2015 with more stress in the insurance system than (there->it) has been historically and we expect that to continue into 2016 as we expect to continue to attract talent
the businesses that we acquired actually offset the volume decline that we experienced in the legacy business so that is just ramping up
final (comment from->for) me before i hand over to questions you may have seen in the press release after 75 years in this job i am going to take a couple of months off in march and april
large customers as well as ecommerce providers about what type of packaging do we need to solve our problems
one of the key attractions of clear lam is the ability to leverage their expertise in modified atmosphere packaging to drive additional growth to our existing flexible and thermoforming customers
okay i guess competitively as you grow that secured mix like are you seeing any sort of different dynamics is it still sort of pretty stable from that perspective
and sps is a key part of driving productivity for us (and->in) those businesses that really embrace it and drive it you can see the consistent results in that part of
our software to pinpoint where the highest expectation of damage is so what were trying to do is work with the customers to be a good valueadded we know theres always going to have to be inspection spend
in the first half of 2017 the use of working capital has been slightly lower than last year but there are many moving pieces within those numbers
maybe an example of where youve overserved a customer (*->or) is that how we should think about it (well->*) yes (*->well) first of all we havent taken the process to
speaking of innovation we are in the process of implementing mistras digital our tabletbased platform that enables our technicians to electronically receive their work assignments
so if you were to give some sort of (a->*) gut feel because its still a mixed bag in terms of weak sales in march but on the other hand you mentioned that (youre->your) overall
but you say that youre still going to open lots of stores there i was just wondering what drives you to continue with the current store opening rate in a market where presumably youre not getting the returns you were expecting
(*->and) our results should reflect this dynamic despite our previously disclosed loss of a large contract within our services segment commencing at the beginning of q2 which we are working hard to offset with organic growth
we still dont really understand that how do you approach it and are you going to continue to focus on bbr or will you expand out your cyber coverage
generate a lot more revenue from other opportunities like advanced packaging (mems->mims) and rf as well as
greg is transitioning out of the cfo role and a few quarters ago you made some general comments about overall succession planning in the organization
i am confident in our new vision and strategy for improvement and have strong conviction in the path we are on and our ability to manage in both up and down economic cycles
for a few more quarters if the business remains low for an extended period of time then we would have to go ahead and
due most notably to the pension settlement charge i mentioned earlier which really has no impact on cash flow as you move through the balance of the cash flow statement
and youll see the key drivers in the sales bridge in just a moment but in summary higher selling prices and the impact of acquisitions more than offset a slight decline in volume
as a quick update to our hedging program we have continued to use our hedging strategy as a way to consistently offset movements in interest rates and local currencies for our european portfolio
before we go further let me remind you that todays call and presentation contains a number of forwardlooking statements based on current expectations estimates and projections
how we market that im going to defer that until we get further down the road its premature for me to speak to that
to add that piece to our puzzle now (dewey->julie) that could be us hiring an individual and starting up something from scratch
in capital markets our opportunity lies (within->with an) evolving regulatory and financial reporting requirements along with a healthier capital markets environment
the company is towards our digital strategy so as we can help our clients along that journey as they transition from
and this also translates into reduced (ballast->balance) and positioning (payment->payments) so that when we combine this with the lower utilization (you->we) do get a dropoff in tce for the period
as mark said our highest priority for the near term is closing the acquisition which we currently expect to take place very early in may and beginning the integration
i think they are andrew i think thats fair i think they their brands are much older and much more powerful and they have a much
as well as our platform technologies our overriding goal right now is to submit an accelerated approval application
typically occur in the fourth quarter which happened this year and drove a 10 basis point reduction in our net yield compared to the third quarter rate
we are well positioned in the marketplace aided by a suite of electronic connectivity solutions that make life easier
we will continue to return capital to shareholders through our quarterly dividend from a combination of excess cash on hand and earnings for the foreseeable future
also related to capital allocation you may have noticed that we made significant share repurchases during the quarter which kevin will address later in the call
in fact this was the best annual adjusted credit segment operating income conns has produced in 5 years
a human capital business must care about people how to attract the best people how to retain them and how best to match them to great client work
this approach will strengthen our ability to deliver on the circle of quality philosophy great talent is attracted by great clients and great projects
this makes (the->you) oil and gas industry an enormous consumer of steel there are literally hundreds of steel mills around the world that manufacture octg pipe of all sizes weights and grades
so its a good question because weve obviously not been that great in trying to update the market on the fact that we are progressing (some->*)
as any such prepayments of debt would previously have counted against us in the fixed charge coverage ratio and ultimately would have been limited by this covenant
and our evolve drilling automation products and services are delivering significant improvements in drilling efficiencies and gaining more traction with customers around the world
what type of partners can they be how many partners they are available if you can give us a little bit (a->*) profile of the potential partners
making sure that we understand our (costs->cost) when the contract comes in to when we actually are going to do the materials buy so actively spending more time as a team looking at (that->*)
we have an experienced corporate development team that continues to build strong industry relationships as well as a pipeline of these types of opportunities
so sometimes these projects have a little bit of work to do and that is where (powell->paul) shines because of our ability to aid the engineering house of the end user
and 600 nov employees were displaced from their homes by floodwaters our thoughts and prayers remain with them and their families as they put their lives back together
for home infusion companies billing drugs under part (d->b) when there is an immediate and significant reimbursement cut
delivering on a culture of speed to execution innovation and agility im pleased to share weve recently brought on 2 new officers to our executive team
(*->indexes) and analytics into our (arc filing->arcfiling) product position us as a leading provider of data and analytics for clients meeting compliance
we again made a gain on the derivative that represents the fair value of the estimated discounted cash flows of (pavements->payments) due in respect
i caught your first part but not your second phil (and->*) i dont want to get too far ahead on the pricing and packaging i think
of manufacturing but there is not a plan to stop our cmos and transfer that process that would delay us considerably
can definitely lead with products that are super high quality and dont lead to (gvhd->gdg) so its not a problem anymore and i think thats part of the past
and the agency execution services is in virtu market making so all of those legacy categories are in the new (virtu->virtual) market making bucket
clients want us to bring accomplished talent that can translate strategy to successful execution and (who->you) are also enabled by supporting programs
and i think that mix will probably be about what it is but we always look how much cost us for the content
the company undertakes no obligation to update any forwardlooking statement to reflect events or circumstances arising after the date on which such statement is made
clients want better solutions to accelerate project results experienced talent wants to work in more liberating and empowering ways
our third priority initiative is dedicated to building our integrated solutions capabilities with a central team and a standard deployment model
and the elimination of some positions in our field offices and back office to better match the revenue levels of certain practices in our core business
as (a->our) reduction in fixed operating costs and floorplan interest expense more than offset our decrease in gross profit from parts and service
(the->*) slight decrease in revenues and segment results were primarily due to the decrease in rental activity i mentioned earlier
even though we started billing all clinics direct for medicare patients effective july 1 we were still processing and collecting
both to follow what our clients are asking for from us and also (just->to) follow the spending trends in our clients
these studies are in preparation for (our->*) eventually translating this technology and these agents to clinical studies
as such we have (shutdown->shut down) most of it while retaining the portion most suited to appropriate risk and capital usage as well as consistent results
associated with an improved mix of highermargin revenue as well as investments in support of our strategic priorities
to be clear the revised language still includes scheduled repayments of debt but now excludes prepayments of debt
you guys kind of changing the sequencing to capture the higher metal prices that weve seen versus just kind of outperforming your original plan
due to the unexpected medicare change and the fact that we did not have existing contract positions with our thirdparty (pay->payer) model customers
building inventories for a potential launch for the (tnbc->tmbc) there are certainly parties we are talking to that are capable
and so 130 is a very attractive one that many of our investigators are very anxious for us to expand beyond colorectal cancer
additionally we received customer commitments for extensive pressure pumping refurbishment programs bringing our committed refurbishments to over 100 pumping units
also of note for the first time in quite a while we reported no oneoff other items as restructuring initiatives reached at least a temporary pause
i think it enhances the value of the product because it gives greater confidence that the product will be successful
the statements do not guarantee future performance and therefore undue reliance should not be placed upon them these forwardlooking statements are based on current expectations of management
in addition we remain excited about the numerous global growth initiatives for the combined firm which we will quantify and discuss today
for early extinguishment of debt in q3 associated with the redemption of the trups the vast majority of which were redeemed earlier this week
finally in a positive move that reflects our strong performance and confident outlook yesterday we announced
and (interact->interactive) within their home and what devices they use and we are constantly looking for ways to make their life easier in essence
we plan to continue to make investments in innovation and to gain market share that we believe will deliver longterm value to our shareholders
and importantly increased investor interest has moved both of our gold and silver trust to premiums
right its about looking at our digital offering and making sure that it is extremely easy to interact with
may differ materially from these statements due to a variety of factors including the precautionary statements referenced in our discussion today
our (c3->ctubule) alliance also extends our solution and is a key differentiator for us with prospects and customers who are looking for more cooperation among vendors
but our pipelines are up significantly like 50 if you do an applestoapples comparison (on->of) where we were
but (youd->you) have to have those things (a->*) good price that youre getting in at and (there is some->that theres) big synergies that you can go after
value of actually trying to get to the bottom of the ore body sooner and get access to that higher value ore
look at it that way right this is a phenomenal feeder channel for us and well continue to invest in this business i mean some of the
and finally the renewable power generation segment is driving growth as solar acquisition activity is especially strong
and its been appropriate to also transform the executive team for the new asset base and our future growth expectations
the difficult driver market combined with the implementation of more stringent hiring requirements continue to be a headwind for our business
in addition this conference call contains timesensitive information that is accurate only as of the date of this live broadcast
as well as for some of the institutional verticals within (nonrisk->nonresk) construction to reflect some of the uneven nature of how we think the (*->next) 6 months plays out
at (swift->swyft) that i believe are excited about the stability that we have added
great thank you sharon we appreciate your interest in enbridge partners and thank you for participating on todays conference call i would like to remind you
as a result of this venture we do expect acquisition volume to increase materially later in 2017 and beyond
an extensive search and recruitment process was undertaken this morning we announced 4 new appointments
following our commentary we hope to answer as many questions as time will allow if were not able to get to your question due to time restrictions
this concludes todays conference call you may now disconnect
towards (the->*) they saw some towards the end of the year there definitely is some pentup wage pressure and i think youre seeing that
we continue to work cooperatively with the permitting authorities state agencies elected officials and the public to bring these projects into service
loss and loss adjustment expenses declined i think you might went over a little bit in your (comment->comments) can you go over it again please
collected a few more records to display in our trophy case and set our sights squarely on the remaining work we must do to continue to drive growth
and then lastly institutionally theres absolutely no question that with negative interest rates globally
before i turn the call over to juan (i would->id) like to remind everyone that this presentation is proprietary and all rights are reserved
i dont know if churn will ever go to 0 i can tell you our goal as a company is to be as flat as we can and also grow
pass on that 30 or so to the driver and can you talk to some of the other cost (savings->items) and how they might temper that outlook
including those associated with our avacopan commercialization planning (efforts->effort) and increased professional fees
and also how do you think about the risk that it could partly cannibalize your existing cash sweep by increasing the beta
that a sufficient number of eligible employees (had->have) been recruited to join the mine workers union thereby requiring the union to be certified
and so putting the brand and helping them grow organically and then also being able to introduce them to a number of rias who are very interested
turning to slide 7 (luminant->luminate) once again delivered strong commercial performance during the quarter
drive that line and a lot of things (have happened->that happen) here too theres a lot of expense management you can do in some of (the->this) stuff because
for their continued hard work to support the progress of our various programs our investigators and most importantly
however these increases are offset by cost reduction actions within the partnership collectively the culmination
or well start up an organic brand to try to compete with different segments in the market
so implicit in a new investment is that you have to shove somebody (*->else) out of the market for you actually to compete
certainly this year because we feel like (that->if) theres enough strength and the bid season will carry us through the next 4 quarters
so i am going to move on now to our guidance and
so weve definitely seen cost creep up there seems to be a bit of a (catch up->catchup) that we kind of need to get caught up it looks as though
those acquisitions actually would have put us above the guidance that we had previously provided
you have a revenue requirement that youre recovering over the units and what you see with our forecast for next (year is->years) volume is going up
on the leading edge of changing customer needs and through our research we expect our new product combining 2 of the elements
please turn to slide 10 the defensiveness and sustainability of our cash flows is further highlighted by the remaining term
the only time you really feel like you can do something is at the top of the cycle but thats not the time to be doing it which is why we were so focused
so this business as long as they continue to drive corporate relationships well absolutely invest in it and then its up to
on january 25 the partnership announced its fourth quarter cash distribution
the driver shortage continues to be a headwind for the industry and will likely impact the ability to increase capacity in the space
both in cost and revenue synergies our intention with providing synergy targets in april
(costs->cost) could be inflationary again here going forward we know for a fact that our largest cost the driver wages will be
we also believe our current balance sheet positions us to have the flexibility to continue to invest in future growth opportunities
and when you consider the regulatory strategy is that (is->*)
and we consistently recover these diamonds and they are often of high value and high quality
the number of certified cyberark engineers is also growing and already helping with implementations and ongoing service delivery
(so->*) early second quarter i think derek made that in the comments is when we expect to complete enrollment and then well read out the trial
as we continue to acquire the assets outlined in our guidance our coverage ratio will improve significantly
the first is the change in mining contractor due to ongoing issues with equipment availability and waste mining production
(*->the) underground study that was concluded in the fourth quarter of last year which was the preliminary economic assessment
are benefited by the fact that (the->*) primary basins we serve are short pipeline capacity that weve discussed
in terms of macro trends we believe the opportunity for the partnership is as great today as its ever been
i think things will be largely prepared for in this first half of the year now
while our first fiscal quarter continues to operate at a loss the addition of perisher has significantly improved the profitability of our business during this period when our usbased mountain resorts are not open for winter operations
at the present time we believe we can achieve better results from taking advantage of opportunities in our own circuit and in (newbuild->new build) opportunities rather than paying the multiples that are currently being offered for existing circuits
we would rather do no deal than do a bad deal our management team is dedicated to successfully addressing the increasing need for clean and potable water (supply->*) solutions while driving value for our shareholders
and during that time frame we did not take as much price increase to compensate for the lost value to the company from the currency because we take price increases with inflation but over time
changing the way you think about pricing is that something that you might change going forward where (youll->youd) be pricing more in line with fx moves as opposed to waiting for sort of the inflation to catch up
we do not undertake any obligation to update or release any revisions to any forwardlooking statement or to report any future events or circumstances or to reflect the occurrence of unanticipated events except as required by law
in response to this quarter we took proactive action to exit the manufacture and sale of optical subassemblies consistent with our overall goal of providing highmargin analog and photonic semiconductor components
with the recent award of 5g metro and provincial deployments (in->to) nokia shanghai bell and others the last remaining pocket of the downturn caused by the china government transition looks to soon be behind us
these agreements follow an earlier contract we announced in september of a binding heads of terms agreement with areva inc which will form the basis of the joint venture operating agreement
the northern california market who might be interested in skiing and so we (took->feel like) weve given people the opportunity (thats->and its) one of the reasons why we were able to drive the business at the end the way we did and then ultimately obviously (well->will) still create
i would like to start todays call by providing highlights from aquaventures second quarter results and commenting on a number of recent developments then tony will give a brief overview of our seven seas water and quench segment accomplishments
we continue to work with our neighbors in the southern gateway consortium on the infrastructure works required by the (auckland->ocwen) city council to be completed before any development (proceed->proceeds) on any unimproved property
we expect to continue reductions (of->in) working capital in the coming quarters as our trade payable balance is reduced in line with reduced capital investment and operating activities
investors would benefit from (natural->the actual) time line and actual (costs->cost) what are the estimated costs to get this into halden for example
this is evidence that our strategies for growth cultivating an innovation culture accelerating product launches leveraging technology and strengthening our distributor difference are delivering results
(*->think) you mentioned something like 70 basis points of volume growth coming from test markets and you kind of went through that quickly i wasnt sure that i really understood what that related to
or bring us new presences in geographies like (iqap->icap) ill have some additional comments in a moment but to review some additional details about the fourth quarter let me now turn the call over to (brad->brett)
we have a robust pipeline of innovative composite materials to serve these and other markets and estimate more than 50 revenue growth from composites in the next 5 years as these materials make their way to market
this year has been just as busy with the inauguration party retreats special elections executive orders hearings and confirmations and last night the state of the union address
building working capital in the first part of the year and sort of bringing that back in in the last half but theres really been no structural changes outside of the fact that when we do acquisitions they almost always have
we will (walk well->*) talk further about the terms of this credit agreement in a few (moments->minutes) lastly (were->we are) excited to announce that we (finally->*) finalized the amendments to the bvi water purchase agreement
most recently we received a notice of allowance in the peoples republic of china for another key patent relating to our innovative metallic fuel design which represents the companys fourth patent in china
not as much as we had in previous presidential elections on a pro forma basis but if you just look at the hillary clinton campaign (in->and) the markets that were so heavily in in the midwest and the great lakes area for instance
providers that are coming up that we could see kind of a pattern to what we saw this year (or->where) some as you just said some of those might get extended past january 1 and retroactive so it might (not->*) be even keel once we start the year
this approach has paid dividends many times over as lawmakers understand that they can speak directly with their local constituents by talking with our reporters right there in washington dc
cost of sales were further impacted by higher promotional discounting compared to the prior year period and by negative sales mix changes due to higher cost on certain new or (limitedtime->limited time) premium sandwiches
to further leverage this momentum were simultaneously (under way->underway) with several capex projects that will generate excellent returns and stimulate additional growth in the years to come
scaling these into highvolume production brings its own set of challenges very different than most other parts of the semiconductor industry which is commoditized (to->*) packages and processes
(led->*) that provided so much free media its hard to imagine that theres anybody out there who would be as shocking and (*->is) also has decades of being famous
closed (them->*) on (*->them) january 1 theres a couple of main drivers in the guidance first of all weve made some comments during the quarter that january got off to a slow start
the transaction which we expect will close during our fiscal q3 includes a license fee as well as the sale of related inventory and manufacturing equipment at net book value
shareholders equity has fallen during the year mainly due to the reduction in the market value of the financial investment portfolio and the depreciation of our main currencies against the euro
before we start ill remind you that our remarks include forwardlooking statements there are a number of risk factors that could cause super micros future results to differ materially from our expectations
like many gray stations each of these new stations can also boast that (it->*) has been the mostwatched television station in its respective market throughout all of its weekday local news time slots
and these stations already are integrating nicely with our anchorage television station (ktuu->ktu) which is the dominant television provider for nearly the entire state of alaska
and the nrc license is the single best thing we could get to bring overseas to expedite licensing from other agencies so were not
were looking forward to our investor day tomorrow where we will share with you some of our key growth strategies that we believe will continue to create shareholder value but for now lets get right into our third quarter results
right but in your prepared remarks i think you cited retail price increases and the benefit of selfmanufacturing (*->and) that theres actually a slight negative impact from currency so im just wondering that
i can say with confidence now that our objective response rate exceeds that of
we strongly believe in the superior potential of the cart (programs->program) of our (partners->partner)
martin (ferron->farran) chairman and ceo will then provide his comments on our outlook and strategy
and so this is one of the areas where were actively looking for the
we continue to expect our revenue mix to evolve by drawing on our domain expertise
these statements are subject to risks and uncertainties that may cause actual results to differ from those forecasted
generating earnings and cash flow well in excess of what we need to meet our capital requirements
for the remainder of 2016 we look forward to continuing to execute on higher production and delivery rates
ladies and gentlemen we would like to welcome you very warmly
so the impact of the cures act was an immediate reimbursement cut
leading to a 20 basis point improvement in our operating margin during the fourth quarter
on an organic basis after adjusting for the impact of the new revenue recognition standard
the team continues to execute (a->the) strategy with financial discipline we expect
we also recently added a meaningful piece of new business which begins this sailing season
finally the companys capital deployment program started the year on (*->a) fast pace
(will->would) give that much of activity or tumor melting at the end we have to know exactly
primarily due to a reduced project backlog at the beginning of the current fiscal year
the slow start was due to high inventory levels at certain of our customers (location->locations)
we are winding down the operations of neonet and we are stopping the bleeding in europe and asia
a year ago at this time how those are performing versus the store model
it could be elevated for another quarter or (two->2) but that
i really have very few i appreciate everyones interest in listening to the progress of first merchants
as i discussed on our last investor call the company has embarked on several
but obviously the bank will be significantly more profitable as a result of tax reform
in terms of (costs->cost) despite the fact that
as expected our home appliance and personal care business started slowly
however we expect to leverage these investments as we lap initial cost and grow sales
country political risk is certainly a factor in these projects
(and->in) getting the project over the goal line for final design and implementation so
which is the measurement of our investment properties
this tool increases efficiency reduces costs and substantially improves the client experience
these headcount reductions have not and will not adversely impact revenue
today we can say that this provision
with materially increased financial strength and flexibility to drive our longterm growth ambitions
note that the current year included 6 months of medicare competitive bidding price reduction
could you quantify how much of your implicit guide for december is already accounted for
this will allow us to build our global filing platform on a single data warehouse
driven by a combination of improved market activity and market share gains
and through price reductions with the remainder contributing to increased competitiveness and to the bottom line
im very pleased that these results are very supportive of
on a full year basis we expect the impact of the new revenue standard to have no impact
therefore (the->*) investment is intended to address a part of this large and growing market
these cmos are literally audited by
in turn this means more documents uploaded to venue per transaction
can you size that at all in terms of revenue (dollar->dollars)
net proceeds after expected taxes and transactionrelated payments
in this segment our home infusion customers become a type of
our effective tax rate for federal and state income taxes for the fourth quarter
note this comparison is to restated segment margins due to changes in our constant currency reporting
so that gave us an opportunity to take advantage of that we have
please see the documents we file from time to time with the securities and exchange commission
we look forward to continuing to report on the progress that we are making in achieving these objectives
quality control and comparability testing of the engineering and clinical batches are ongoing
thus (we are->were) able to keep most of our expiring customers unless they outgrow the portfolio
(*->kind of) some of the tax laws and some of the other things going on and some of depreciation (and->*)
now if we look at the full year fiscal 19 outlook and you can turn to slide 8 for that
expanding our product categories is another component of our retail growth strategy
but look i would say if theres anything that changed from the last time we spoke (till->to) now
and so if we invoke our dividend policy
though we continue to see rental rates resetting when leasing and renewing
the groups solid results were achieved in the environment when the average
in that bank distorts a little bit
does it really make the most sense to be putting all this debt towards
while growing backlog is a good thing especially when it grows as much as it did in the quarter
because we believe the company is undervalued we have been aggressively repurchasing shares
are forced to do it because of the (hurricane->hurricanes) so you get some pull forward of demand
with respect to blue mountain we continue to be excited about its future growth prospects
in relation to the bad debt or what was the initial comment there
so as this year the long end came down when the short end came up
so far this year and i think thats likely to continue in the second quarter
which gets offset by some of the content management that were doing in that space
and are you going to break that out for us at some point
for additional discussion of these risks and uncertainties and other factors
as we increase new store investment control sales of new locations
this increased activity in the quarter more than offset a reduction compared to the previous year
we have very little vacancy in our seattle parks and options are limited in the market
and continued to message our clear differentiation from the competition
we (used->use) cash this part of the year across all of our businesses as were investing in inventory for
we are supporting several larger scale projects with engineering designs and cost estimates
we continue to actively monitor both our partners and overall insurance performance
value of (returns in->return of) these new contracts as we just start working smaller and smaller down the list
sure let me rephrase the question do you think this is a change
and its a tremendous amount of information not only related to comparability
our teams have begun to (renew->review) our existing us and international service center capabilities
with that ill now turn the call over to john (scribante->squermante) john
about 5 are expected to be addressable by our product line
blue mountain has an excellent existing footprint and attractive growth prospects
so this process has its own pace
there are literally dozens of trading integration products underway across the firm
in the fourth quarter we began drilling 2 wells in our prolific (ruston->rusten) field in north louisiana in addition we began drilling our northwest stack position in an attempt to delineate the play
this is an alliance that we believe will showcase the depth and the strength of our remington line worldwide and begin the process of further strengthening the amazing brand equity inherent to this business unit
many of the integrated programs begin with the target identification capabilities of our early discovery business and encompass other discovery sites as the program advances
todays press release is available on the companys website and a recording of this call will be available on the website at investorsnaturalgrocerscom now (ill->i will) turn the call over to kemper
in early 2017 we also have other new and interesting investigational products that we are going to be presenting at medical conferences
this liquidity profile illustrates our ability to accelerate growing the company and still deliver a cash surplus more than enough for a competitive and sustainable dividend so
in my presentation that we have already 3 adcs we have an immunooncology program and because of our great desire to capitalize on these other opportunities
as we stabilize operations and increase revenuegenerating investments in an inflationary environment including the anticipated impact of tariffs and input cost increases partially offset by pricing actions
better for higher quality and this means that our cost of acquisition are have edged up a bit
well in the first quarter the margins in those 2 segments were up nicely compared to last year and were both a bit ahead of
as highlighted in this mornings press release we provided updated full year 2018 guidance to reflect the impact of the disposition of the language solutions business
at this time i would like to say a word about our guidance for fiscal 2017 as we previously mentioned we are revising our expectations for 2 primary reasons
(he has->his) demonstrated expertise in leading global transformational initiatives both floyd and kirk will be essential to our success as we continue to evolve our business with that i will turn it over to dave dave
your overall yearend (*->this) is still impacted by this pushout which (suggests->suggest) we really dont know when that business is coming back so just trying to get more clarity on this and i have a (followup->follow)
as the results of these as a result of these steps early this year we are on track to achieve our leverage target of approximately 35x at the end of this fiscal year
with the performance of cell filtration and the process of gene editing that we have (and->*) i consider this problem as
if we think about (our->a) global macro strategy predicated on debt so the portfolio is being shortened so to
its important because business momentum can be seen in terms of our reported revenue plus backlog and when comparing that (sum->some) to the yearago period it gives us confidence that were doing very well
this program is a great example of the new revenue opportunities created by our merger as we combine the orbital legacy geostar satellite platform (*->and cygnus)
in our compliance business we continue to gain ground on the competition by leveraging the strengths of our bestinclass solutions for clients most complex data management and disclosure needs
we still have to find the right dose what is the number of cells with the potency they have injected to the patient confronting to this tumor mass
please keep these factors in mind when we discuss future strategic initiatives operational outlook and financial guidance during todays call and with that ill turn the call over to dave thompson
additionally we expect to see margins stabilize or increase on (lower margin->lowermargin) products as new (higher margin->highermargin) versions of our higher volume products are released in the coming months
this is (the->*) when i joined the company 16 months ago most of our supported our production was supported from a limited number of (highproduction->high production) wells within the (tawke->torque) field
conservative than the strategy that both of the banks have adopted and we are counting on both banks being able to deliver on their strategies
so far most of the plants are now being starting to be launched in the process of being launched
and manufacturing teams and facilities and so as we go from 2 or 3 launches a year to 5 or 6 launches a year theres a lot of operating leverage
the recent offering of stock and warrants gives us the flexibility to initiate the confirmatory (trials->trial) and continue other (developments->development) of immu132 without interruption
continued so the results were improved greatly from the year before where there was equipment problems moving on to the next page
probably a mix of smaller than what we the last couple that weve announced those are highlighted projects because theyre significant but theres a lot of smaller projects that are still very meaningful
that it will be lifted up and that it will be removed thats the expectation separate from that on the project finance side creditors
thats a key reason as to why the first quarter got off to a bit of a slow start however the good news is that we have a terrific group in place today and are approaching a full national coverage as we stand
in addition to continued secular declines and modest price reductions in (prints->print) there were a couple of projects in the second quarter of 2017 that did not repeat this year
in relation to the results for the comparable period last year reconciliations of the adjusted financial results to comparable gaap financial measures are included in our earnings release
so just pointing that out given that to highlight that the growth in our yields in the portfolio were really core and not fair (valuedriven->value driven)
now id like to shift to our operating priorities we continue to make strong progress against driving growth in our core and adjacent markets accelerating innovation and investing in our people
the completion bond would be added on in the second quarter as well as the third quarter but by the end of the year our hope
thanks john id like to thank everyone for listening today im going to review the quarterly results and share a few details with regard to our business trends and then well take questions
but were just trying to maintain our cost control our cost where we can and if we see something we dont think we need to spend at this point in time (thats->its) not going to benefit the business at this
in the fourth quarter blue mountains operational performance was strong operating margins improved considerably from prior quarters and exceeded the midpoint of our fourth quarter guidance
venue contract analytics allows users to review documents in half the time resulting in easier more extensive reviews within time and budget constraints
mostly because of our merger with american (chartered->charter) in the middle of the third quarter
and that is because we added people earlier in the year and they became productive as the year went by
ecom (continued->continue) and ill get back to (it in a->the) second but of course it is vital that we maintain a very high growth rate
as we have seen historically the cumulative adjustment moves towards (zero->0) as the hedges are ultimately realized during the fiscal year
with building activities slower to materialize prices stabilized and then eroded slightly toward the end of the quarter
as we indicated during our fourth quarter earnings call although buyer traffic is typically slower during the winter months
in a moment ill dive into our business results but first let me set the stage with some brief comments on the housing market
very much beneficial coming in the first quarter and we also had improved operating performance coming into the first quarter
looks to be a bit of an understatement for fluid systems the starting point looks a bit thin
and also to 10 subsidiary offices demonstrating lean expanding beyond operations
the market can you give us some color as to what we should expect that to be
interest rates move and all of a sudden volumes go back up so what we do have is a refinement in our
so i dont know if that answers your question but we continue to feel good about the underlying consumption performance of the portfolio
at the chinese ports tick up a bit and that certainly happened but in terms of the china demand
factor in (all the->to) talk about whats going to happen from a tax perspective at this point in time obviously you know that but
over the last several weeks however we have seen log takeaway increase and return to more normalized levels
i think the approach we took of creating the strategic data platform which links the multiple disparate systems we have in the interim basis
so theres been a huge focused effort on integrating instruments in particular with the rfs business that utilizes a lot of (them->*)
(n->and) for (nausea->nature) that we launched during the most recent quarter that continues to do well and is very successful
weather and the impact it has on heating demand will continue to be the biggest driver of our retail propane segment
these tend to be different call points and relatively different in terms of business case justification
from an improved pricing and channel mix were more than offset by the severe negative currency (effects->effect)
tens of millions of surgeries in dogs every year of which we think several million are painful
(*->has) changed a little bit but from the west coast we havent seen the demand really fall off now maybe what youre referring to is
having (a->the) lower cost structure so that we can continue to run profitably even at lower product pricing
a few examples of these areas include inventory management global procurement and logistics and production engineering
rex american resources assumes no obligation to publicly update or revise any forwardlooking statements
some key activities in the coming years that are important considerations as we work to maintain the momentum
but again its a big part of our opex program being black at the bottom and are focused on having the right cost structure
we saw continued strong performance across our portfolio during the first (quarter during->*) the first quarter
i will now transition to provide updates on our development programs and therapeutic pipeline
this comes despite several days of downtime at one of our oregon lumber mills due to severe snow and wind
the growth has been across each basin in which we operate and we continue to expect growth throughout the remainder of this year
so i think the only thing that we can say is our
and we do see that type of behavior theyre definitely viewing this therapeutic as part of
i dont think youre going to see the rail and transportation issues have near the effect this year that they did last year
the improved labor productivity wasnt sufficient to offset a 70 basis point increase in material costs
but people are kind of excited about the opportunity there and what can happen with the direct sales force
this is partly driven by direct or indirect regulation like in the case of the requirement
the change took place as of january 1 and im pleased to say that it has gone extremely well
the top half of the sales team that is the top 40 sales professionals generated revenue
i feel like we actually performed very well on the hedging side and overall effectiveness
the weather and supply situation in the new england area which is
the application set with the pipeline having (a->the) gas right and theyre very clear about these sites having kind of a 2tier strategy
as a result of obtaining the license to run reinsurance activities at the holding level
these favorable signs are balanced however by continued constraints around labor and lot availability
(at->in) our western timberland operations we expect second quarter harvest volumes will be comparable to the first quarter
in that category and we are not currently running regulatory studies in other surgery indications but
and in particular (increase->increased) the contribution of our fee businesses relative to our interest margin businesses
to make certain that was the case we took a pretty hard look at changes in american (chartered->charter) loan balances
the investment in (this->these) research today will likely add to growth in future years
now that we are approximately 1 year into (the->*) launch we believe the inventory in the sales channel has stabilized
and so that business is not a meaningful percentage of our harvest in the south right now
and i guess new construction perhaps in the balance at the moment in the larger projects but as you see those opportunities i think
prior to getting the full final solution set a few of these key elements that we deem priority
i would also like to remind everyone that we believe the net impact on aratana from this transfer is minor
as our grayling mill returned to full production following a press replacement that was completed in late october
the water circulating around (the->a) facility for cooling water may (be->*) not be as critical to them as
over the long term there are (*->a) number of strategic benefits which results from this transition
in relation to our footprint optimization and our ongoing commitment to improve our cyclical resilience
average sales realizations for our chinese export logs are expected to be lower than the first quarter
the business closure and disposals have already generated cash well in excess of the costs incurred
in addition to historical facts or statements of current conditions todays conference call contains forwardlooking statements
but i dont think at this point were really anticipating a meaningful increase in freight
i urge you to keep focused on mortgage annual profit expectations to avoid being deceived that
the growth was most significant in western europe which was also responsible for the decline in downstream
their model or you guys as a competitor or anything like that
than the quarterly average (and->*) so prices were declining from april through the end of june
so (i put it->*) another way is we think weve whacked (the->a) heck out of (refined->fine) products weve
theres probably going to be a little bit more inventory in the system this year until we catch up from a demand perspective
that just you being opportunistic as in (not->*) extending a bunch of leases that have been up for renewal
a bigger concentration of the marketing efforts around that restage and launch
appetite is a very important variable by which a pet owner assesses the health status of their pet
anything in place in your mind specifically on the expense side that where you can drive that lower or is that more
in summary as we celebrate our 20th anniversary we are reigniting our fundamental vision as a company helping the world work differently
with conservative balance sheet leverage and access to a variety of attractive equity and debt options to fund (the->a) large pipeline of investment opportunities
on any acquisition we make so were very bullish on acquisitions and we look at all of them and any of them but i cant really comment on any one in specific
cost savings from the previously announced voluntary reduction in force completed april 1 are tracking towards the top end of the 2018 savings range
also during the fourth quarter of fiscal 2018 we experienced a holiday calendar shift whereby christmas eve and new years eve fell on a monday
coupled with our demonstrated ability to manage the expense (in->and) capital base we are off to a great start in this (game changing->gamechanging) combination of these 2 firms
so we saw those sort of small factors (combine->combined) to just give us a little bit better margin than what we had originally thought as we were entering the quarter
by ensuring we have a diverse and inclusive workplace and so we were very pleased to once again be recognized by the human rights campaign as (a->the) best place to work
we will take a restructuring charge tied to this cost reduction plan in our fourth quarter results we will also see the headcount (reductions->reduction) fully complete in the fourth quarter numbers
so lets talk about data solutions for a minute the reason were so deep in data solutions is because everything tells you that companies are obsessed with moving into the digital world
basically the benefit if you could quantify or at least qualify that on margins historically from that strategy that we need to take into account if you focus more on cash
(count->*) we feel like as we grow subscribers we kind of provide more variety in different
over the year that i think was (the->a) positive result that maybe we were being a bit too conservative on was the cost at (dolores->deloris)
results were also affected by a prolonged winter season in much of our markets that contributed to decreased demand for parts and service
second faster drill times result in much more aggressive consumption of the equipment we provide and product demand increases with each additional foot drilled per day
as of april 30 2018 we continue to have ample capacity in our credit lines to handle our equipment finance needs
the migration of northeast division customers to legacy cable ones more robust billing system will provide a more consistent customercentric experience
both provide missioncritical equipment and services to our customers global operations both benefit from sustainable competitive advantage through scale and scope and technology and installed base
okay fair enough shifting gears a little bit i was wondering if you can give us an update on your technology initiatives particularly as it relates (to the->*)
for your chinese jvs and i think (youre->*) you and your team have expressed a bit of frustration of that apparent lack of value implied
so were fully staffed were ready to serve the customer and when the job sites arent open because theyre flooded or because of significant rain we incur that incremental cost without the sales
our second priority initiative focuses on sales transformation we are in the process of improving our sales culture and business development skills
got it and (then->*) do you have a target for how many titles you guys plan on offering is that something that you guys look at you mean in terms of the total library
approximately half of the remaining increase is attributable to higher depreciation and amortization expense simply reflecting the growth of the portfolio
that will give both customer segments an engaging and seamless selfservice experience allowing them to interact with us online for a variety of services
spending for capital expenditures was higher during the second quarter due to timing as we had relatively light capital spending during the first quarter
our use of the term ebitda throughout this mornings call corresponds with the term adjusted ebitda as defined in our earnings release
as well as the opportunity for nursing and (healthcare->health care) education more broadly and we are pleased by the progress the team at (hcn->hcm) is making to further strengthen the institution for (*->a) bright future
just as a quick explanation why have we not done it before in large (projects->project) we had the choice
and some of the higher grade stopes and there was some tricky geometry there on the dip of the vein and trying to capture all the recovery
thank you ladies and gentlemen the conference has concluded thank you for attending todays presentation at this time you may disconnect your lines
and many more injector heads as well coiled tubing is the only industrial application of steel that pushes steel past its plastic deformation limits while demanding it continue to hold pressure and weight
but and were real excited about that were working through the final (phase->phases) so i dont have the exact definition of that but this is going to impact all levels of the organization
even if you cant be specific because we dont want to talk about 2018 yet but just in general is there some fall through to make that also lift that bias a bit
were going to be very careful about spend i believe we need to invest in certain activities which weve laid out to make the company stronger in the future
i wouldnt really kind of go (*->in a) transformation because its so new and its still kind of defining which kind (of->*)
furthermore we believe the initiatives that we have launched over the last several years aimed at improving student success and the overall quality of our offerings also contributed to our success
were running today smarter fx strategies thanks to ill say the (quant genius->quangenius) of some of the kcg guys we got some really talented
i will now provide additional detail for our 3 operating segments including our domestic agriculture and construction segments and our international segment
which benefited from product mix in ag improved segment mix as a larger percentage of our revenue was coming from our international segment
todays conference is being recorded at this time i would like to turn the conference over to mr john mills with (icr->icor) please go ahead
were improving our product offerings service and technology across all 4 of these dimensions to consistently elevate the customer experience
inventory spoilage and asset impairments i would note that our uniforms business absorbed approximately half of this impact
the thread design requires significantly (fewer turns->few returns) from stab to makeup than comparable connections and requires no (stabbing->stafving) guides making it significantly easier to handle on a rig
theyve obviously improved quite a bit this quarter (and->*) which is very encouraging and i guess i was wondering what (are->*) your views (are->were) on driving margin leverage going forward
we are developing key accounts investing in targeted inventories and building out our parts and service capacity and capabilities to meet these growing needs
rising well counts longer laterals growing number of frac stages and enhanced completion technologies meaningfully increase service intensity and the strain placed on completion equipment
if you think about the growth algorithm youll see about half the growth coming from new business and about half the growth coming from base business thats been the history
this differs from the reported number because of the first 20 days of july before the transaction closed
the initiatives are key elements of our strategic plan and priorities for our focus in the near term
but its something thats tough for folks on my side to really quantify so if we think about
we believe our growth in this segment continues to outpace global activity levels for 3 primary reasons
when i first got into the business so if you look at drilling a generation ago it tended to be vertical
consistent with prior years we expect our margin expansion will be weighted towards the second half
with a focus on the customer and on realizing the synergies that will deliver sustainable shareholder value
i think what youll see is about half of that growth will come from new business (and->*)
after accounting for corporate (costs->cost) we anticipate we will have positive operating income in the fourth quarter
so we want to make sure that we have (sort of pricecompetitive->so were price competitive) that weve got equipment on hand going into the
dont exist with a lot of the local suppliers and thats why the market is
there is an opportunity for nov (tuboscope->tubescope) to inspect the pipe to assure its new owner that (it->*) is fit for purpose
interest expense declined versus prior year due to the impact of our recent refinancing
by the holiday shift and resulting closures of branches on christmas eve and new years eve
however in accordance with gaap mercury intelligence systems (isnt->*) is reflected in our statement of cash flows
insurance products cover how and where our business is moving
companies i think its within the capability of the land drilling contractors
of acquisitions during that period as well as dispositions and capital markets activities
this decrease was primarily due to a decrease in the level of interestbearing inventory
were already seeing delighted business customers subscribing at a brisk pace
turning to legal matters for a moment last year the company received from the attorney general (of the->to) commonwealth of massachusetts
and our residential construction market estimate is for flat to low singledigit growth
the presentation is directly below the webcast information in the middle of the page
we have reduced our annual operating expenses from fiscal 2014 to
so that we can once again quickly delever back to our targeted leverage range
the decrease between years related mainly to the 3 noncash charges ive just discussed
and extended competitive advantage so its going to be a pretty simple story going forward
on last years fourth quarter earnings call we shared that dry conditions in california
which delayed construction activity and therefore the use of many of our product offerings
a strategy which we believe is serving both cable one customers and our shareholders well
in framework for all the reasons that weve talked about previously and i would expect us to be
we also need to ensure we have a scalable platform to support where the business (*->is headed)
similar to historic numbers they do underscore the balance that we see in our business right now so
in your footprint for broadband was probably a bit lower because of demographics
so you will see some additional production coming in later on (*->on) the longterm guidance
and i guess are some of the promotions centered around getting back to that type of growth rate
retail space to have a very strong service and experiential component to the business
the air force recently experienced delays in processing military tuition assistance
as we have stated we will seek to balance growth operating leverage and investment in the business
okay and just a quick followup on the seating it sounds like you still have
to get some benefit of increased scale which i think gives us an opportunity to go north of that number
yes i would echo that i would also say that one of the reasons
and (then->*) on the working capital in terms of the progress is progress
our operating expenses when industry conditions recover and revenues increase
who potentially we can provide additional technologies and products and equipment to to let them expand (*->their)
thats the kind of i think growth rate you should expect as we think about 2018 going forward
assumed neutral (on->*) essentially a 0 change in working capital requirements
but i dont see us having an issue with hanging in the 2 range
the third point id like to make is that pipe failure in the oilfield is a serious matter
and provide a personalized experience for each subscribers and leverage
our bookings and revenue are coming from a broader set of key programs than in the past
personally like having the optionality that we have with that business
with where we are and certainly as you think about the base growth and our ability to effectively
really (better than industry->betterthanindustry) growth and thats primarily because we think that theres (advantage to->anv)
so its still a mechanized approach but its directed towards more narrow vein mining
and now that were sort of during the budgeting cycle for pretty much all companies in the industry
and id like to congratulate our newest class of service stars that we honored last month
theres a couple of other things i might point you to one was
as we run (line hauls->linehauls) between atlanta and several other smaller markets in the southeast
we are leaving our segment revenue growth assumptions constant for agriculture
your (comments->comment) around (a->the) partner (or->*)
one of the factors was we wanted to keep the agglomerated (ore->or were) kind of on the edges where we would
the increase in new is a result of seasonal equipment stocking
are trained and educated to follow the money
countries and languages so weve been focusing on that and trying to simplify the offering
to offer favorable finance or payment terms
mark in a year tripling the frequency of coiled tubing unit overhauls
and a greater breadth of applications optimized with our particular strengths in chemistry
yet our industryleading technology has driven much of the recent growth weve seen in this business
its more like how much of (the->that) content (thats->is) out there we really want to have so
basically getting good terms (on->in) cash and getting good terms on profitability
in particular we will provide guidance regarding possible future income statement results
and wiser perspective at a faster pace with a flatter learning curve
we also have some zones of high zinc and i think ive mentioned in previous quarters
in strengthening the balance sheet since the company went public 4 years ago
these and other attributes have helped amu to become a leader in serving military and veteran communities
we did actually mine overall probably a higher gold grade than what we (fed->said) through the (plant->plan)
with that thank you everybody for being on this call and have a good day
primarily attributable to the inventory investment we made during the quarter
yet another example of how we help our customers lower their marginal cost per barrel
now a closely geosteered well that lands in the sweet spot in the formations
a lot of different things around scale and increased competitiveness and
and are optimistic related to expanded opportunities in this space
so this year theres only going to be a partial benefit (and->*) the reason we say well have a better rate
filling techniques and marking techniques to improve on that
and with that let me turn the call back over to julie for just some final words
the positive commentary and everything but sports growing so i guess im just wondering is there any more
(*->the) increase in adjusted cash flow used for operating activities
now id like to also mention some disclosure enhancements that we telegraphed last quarter
so on behalf of our entire management team i would like to thank you for your support and interest in waters
between iowa and illinois as well as many other projects contributing to their significant backlog and is starting work on (the->a) minneapolis light rail
this is likely impacting our orchard portfolio business although our contact stream optimization testing which kicked into high gear in the first quarter is making prior year comparisons for this business less meaningful
(ill->i will) talk about the bluestem (brands->branch) performance in a moment the lower (capmark->catmark) performance reflects timing on the liquidation of our remaining commercial real estate assets and the fact that there are fewer remaining assets in which to liquidate
we are moving forward with the retirement of the plants we have already notified pjm of our intent to retire quad cities and will inform miso in the beginning of december if the legislation (does->is) not (pass->passed)
(why werent the conversations being held->wheel) with (the->*) customers to see that this was going to come because this feels like a really big surprise to most of us something that maybe could have been a little bit (avoided->of voided) but maybe not i just wanted to get your thought on that
that we dont have in the second half of the year so thats the sort of the most significant item that influences the timing of the cash flow beyond what we see in just the normal run rate (and->in) earnings in our business
that are causing prices to be lower so i guess just how are you thinking about hedging and managing your portfolio against the fact that if the more of these you get done the more generation stays around
(*->no) i think brian weve talked about this multiple times and hopefully the orlaco acquisition is an example of the sort of acquisitions that we would do ones that
as i said earlier in the call we fell short of expectations with regard to loan growth originations in the commercial banking group were lower than we anticipated for the quarter as we work to build the team to the levels we believe we need to drive expected growth
so as weve discussed in the past delivering all of this organization holistically to clients who (and->want) need advice and solutions is clearly a driver of earnings currently and going forward
we have discussed the benefits of our (mirroreye->mirae) product on fuel efficiency previously with initial trial showing up to 2 fuel savings by replacing the existing (mirror->mir) on commercial vehicles with our mirroreye system
and they see what they have at hand but i also think what is important in our case is that we have 3 things in mind when we make those decisions (and->so) number one is to make sure that we are compliant
we remain focused on growing both our revenue and pretax (profits->profit) at a doubledigit annual pace while continuing to generate annual positive operating cash flows and improved returns
as you know having a good flow is critical to origination and we track our flow daily and understand the number of deals that are getting logged into the system
the model has been very successful not only in producing a good outcome but also in adapting to changing conditions as we also (experience->experienced) today
we continue to drive growth across each segment we are pleased with orlacos contribution to the electronics segment in the first quarter we expect to continue to recognize synergies that will create value for our shareholders
further cost saves will continue to phase in over the coming quarters and are expected to be fully realized by the end of 2018 these milestones were important steps that enable us to successfully execute our strategy
on (the->a) west coast we continue to ramp up our work on purple line section 2 in los angeles with the construction of the tunnel launch pit commencing in (*->century city)
in canada prime minister (trudeaus->to those) commitment to increase infrastructure investment is contributing to new momentum as evidenced by the recently passed budget that included strong support for transportation investment
while the recent announcements involving (zte->zt) and huawei present new uncertainties we currently expect limited effect on shortterm business in china ill explain that in further detail later in the call
we are stymied in many areas continue to be and i expect to have a meeting in the next 2 weeks and try to in some manner determine when we can gear back up
we have focused on helping our customers digitize the vehicle and also on providing solutions for increased vehicle user interface and data management stoneridge is a market leader in commercial vehicle instrument clusters and telematics units
one of the first things we did when we closed the deal is we killed a lot of these deepdiscount highly inefficient promotion deals (it->*) reminded me greatly of some of the bad habits we had to break at conagra when i first got here
shifting gears lets discuss our balance sheet and operating cash our project working capital grew slightly in the fourth quarter principally because of an increase in unbilled cost and the decrease in billings in excess of costs
allowing us to profit on both volumes and margins the continued success at constellation in the third quarter reinforces the value of our gen to load matching strategy
slide 19 shows some of the innovation we introduced which includes new varieties and ontrend flavors and reflects our focus on optimizing price pack architecture with multiple product configurations
we will now sell chipsets and enable lowcost manufacturing partners for subassemblies this action is expected to result in better overall cost structures for our tosa customers
moving to our asia pacific markets activity in hong kong remains consistent with our expectations our history of delivering large iconic projects for our clients contributes to a high win rate
to (fisk->fiscal) electric becho drilling and desert mechanical with their appropriate (margins->margin) so these jobs have a profound impact on our operation
processes and procedures that we have put in place in conjunction with the reorg that we announced at the beginning of october of last year and we reviewed these with you all before in terms of
i think theres no question that theyre going to have to constitute an infrastructure bill in washington because the democrats and republicans it seems to be the only thing they agree on
second quarter noninterest income was largely in line with expectations although changes in mix are expected (other->*) over the remainder of the year as certain income streams are subject to seasonal variance
turning to page 5 i want to provide some additional detail on the growth markets that we will continue to focus on as well as some specific products that are contributing to our current and future growth opportunities
we are pleased to be here with you marking the close of our first quarter for the combined first financial bancorp today i will provide an update on our successful integration and then turn the call over to archie and jamie for comments on our second quarter results
trends are also improving in the water and environment markets we have been selected for several large designbuild water projects over the past few months demonstrating our ability to provide integrated services for our clients
(ive->i have) had the pleasure of working with stacy since i joined the company he will be missed and we wish him well in his future endeavors i will now turn the call over to (tex->*)
we continue to talk we hope to bring those to conclusion over the next 90 days but we have not been able to conclude any as yet
(towards->toward) the second half of the year particularly due to the extreme weather we have suffered across the country in the first quarter
driving our ability to not just deliver returns but to create meaningful added wealth has been our leadership in delivering equity returns on the investments weve made every quarter
we have a very good new and emerging reputation and i think we have an opportunity to elevate and expand our customer relationships
in fact our results in the fourth quarter reflect the resiliency of our portfolio as we delivered a 10 increase in adjusted earnings per share
as a result of various factors including the risk factors described in the risk (factor->factors) section and elsewhere in the companys most recent annual report on form 10k
for information on (risks and->*) uncertainties that may cause actual results to differ materially from those set forth in such forwardlooking statements i would now like to turn the call over to john
accounts receivable days sales outstanding stood at 71 days this quarter which is even with the third quarter and flat from the fourth quarter of last year
as with any increase to our costs we work hard to offset as much of the (costs->cost) as possible through supplier negotiations and productivity
(*->the) purchases of our technology to that type of (an->*) event its probably too early to make that direct of a connection but certainly theres a tone
are things other people have done before and we can draw from best practice the things that are hard to do when you dont have them are the innovation and the culture (and->*)
we see compelling (evidenced->evidence) in virtually all of our business units within our wellbore technologies segment that supports our belief and i want to give a few examples this morning
where we expect to be up and running by mid2018 our completion tools business unit also experienced significant wins in the middle east during the third quarter
we will not look at doing any type of share repurchase but eventually that will most likely be what we do first but obviously
steve will take you through the details of our financial results in a moment so let me shift my discussion to update you on our progress against our strategic priorities
in short we believe affordable tuition and high academic quality provides differentiation and serves national interest by helping working adults succeed in their professions
please note that the following discussion of our results is based on the comparable revenues and cost of revenues as reported in our press release
the nonresidential construction markets continue to be productive with many existing large multibilliondollar multiyear projects continuing
and the remainder would relate to general corporate capital expenditures and capex related to our new york lottery business following (the->a) recent extension of the agreement for 2 years
weve improved our right to win and were leveraging best practices across the organization to ensure we deliver service excellence for our clients each and every day
(*->fees) associated with an acquisition that the company is no longer pursuing as wally commented earlier selling and promotional expense is expected to increase
we plan to increase our advertising spend compared to the second quarter as we enter into the allimportant fall season a peak decision period for prospective students
has exceeded our internal expectations and are also the direct result of the investments that weve made in hardware and game development
this quarter was the first time our ending unit count outside of oklahoma exceeded the ending unit count inside of oklahoma
we will continue to emphasize our discovery series of thermal analyzers while continuing system launches that will add to an already fresh and strong product line
and im very pleased with the new business that our team is driving and the increased focus that (they are->theyre) bringing to this very important longterm growth opportunity
is a result of the confidence that your customers are feeling about the previous form factors (you->youve) brought out and the games that you brought out
significant business growth positive contribution as we continue to progress towards the margin target that weve referenced and weve got the top line
and thats that there is a broadening base of customers and theres been a lot of activity at the startup and (midsized->midsize) level as it relates to our business
and some of the (missed->miss) time when you have as much rain in california as we had some of that just delays projects and everything gets pushed a bit
dont sound like (big fancy->advance of) new products but are really important in terms of enhancing the overall application success of our customers
(the->this) share count assumes a share repurchase plan for the year that will approximately offset the impact to our tax rate from tax reform
as i mentioned in my remarks (the->*) we sort of have grown up through the it world and are well known in that world our products getting pulled out of it
our tax rate benefited almost equally from our tax planning efforts and the new accounting standards related to sharebased compensation
cash flow was also impacted by the decision to carry some additional inventory at yearend buying around tariffs and the chinese new year
the other thing that i found interesting and attractive was the organic growth a lot of the innovation at servicenow has been organically developed you dont see that very often
to comply with their growing burden of regulatory obligations and to provide great gaming entertainment for their guests
yes look we certainly expect to grow the business profitably and when we say grow the business profitably that means to continually expand our ebitda margins
in dialogues with our customers already i feel like i can relate to what the csuite is looking for from our platform and others
please note that statements made in this conference call and in the accompanying presentation materials regarding american public education or its subsidiaries
including significant rain throughout california and cold and (wintry->winter) weather with snow and ice in areas such as the pacific northwest
as aoi was flat in the quarter because of the natural disaster impact we just mentioned the increase was driven by lower interest and taxes
thank you that will conclude our call for today thank you for listening and for your interest in american public education have a great evening
now our key operating priorities for payments this year are focused on solutions that provide for an enhanced experience for gaming patrons
what youre hearing from them in terms of their plans around public cloud adoption and sort of where they see (servicenow->service now) fitting into that and then ive got one followup for mike
consumer internet is quite good at delivering user experience and i think enterprise is behind on delivering comparable user experience
related to accelerated amortization of the deferred financing costs associated with the store master funding bonds we prepaid in august
perhaps an attainable target anymore is that fair or are there some factors in 18 that can still get you to the 100 basis points
frank has been extremely helpful during this transition and i look forward to continuing to work with him as our chairman of the board
im encouraged by our progress and the momentum that we have heading into 2018 which is a real tribute to the strength and commitment of our entire organization
and reflects the increased unit growth we experienced in the first quarter we also expect the new premium (banked->bank) renegade and empire (arena->rena) games
to realize the highest return from our operations we remain committed to growing recurring revenue from our installed base units
through 2 strategically sound and financially compelling acquisitions of avendra and (the->*) ameripride announced last month
and then we work hard to maintain and develop relationships with our contractors to get them to visit us to get them to come into our branch locations
looking ahead to 2018 our outlook generally assumes continued stable demand from our pharmaceutical and industrial end markets
our mill operations are highly integrated with our converting platform as we consume over 85 of the paperboard we produce
but in our literal interpretation of the white paper we saw the opportunity to make the change on the maintenance capex which we did
and coming out of a meeting in california this week with a bunch of cardiologists (theres->*) a lot of enthusiasm for the unique capability
those factors really gave us the confidence that we think we can make this change in the dividend with moving the supplemental into the monthly
to strengthen our ability to holistically support our clients drug discovery early development and manufacturing efforts
(and->*) building a better (reit->read) also speaks to the ongoing focus to make our business better every day by working tirelessly to execute our strategy
specialized or potentially has ability to grow above the rest of your portfolio whether its in beverage (*->or)
when we look at new product launches for 2017 we say we have about 20 products i would tell you that we have a
do you get the sense that regulators understand that distinction and thus (will->would) be supportive of going the capacity
we have a couple (of->*) other items that are pending also before the commission so well give you guidance in february but thats about as much as i can tell you now
(direction->*) i think regulators understand the need for firm capacity (*->to) meet firm load and they understand that renewables are not firm resources
how do you what kind of revenue mix in margin profile
the work continued on the coal mine which we took at lower margin because we needed to fill in for a job that was canceled
and we look forward to providing you with updates as we move forward thank you all for joining us in the call today thank you and goodbye
this backlog represents the amount of revenue that we expect to realize in the near future as a result of firm committed purchase orders
the cloud is accelerating business and as (*->the) migration strategies take shape cloud security is top of mind for all organizations
we finished formally integrating leadership consulting and culture shaping and launched a new business heidrick consulting
perhaps there might have even been some lower prices in the second quarter this year versus last year because of the lags you have i dont know if that played into it (yes->*)
as we all know weve been in a long economic recovery cycle et cetera so we would expect to see exactly what we are seeing in terms of the upward trend (my->mike)
as (weve->we have) been able to accelerate and increase the net savings expected to be realized through our restructuring efforts
and expecting the free water level in the field would rise uniformly over time
management of the free water level has also allowed the tt21 well down to the south to come back on production
as demonstrated earlier this week conjur was recognized by gartner as a cool vendor in devops because of its (leading edge->leadingedge) technology
our second strategic priority is to execute on acquisitions at postsynergy multiples that are well below our trading multiple
cost reductions were quite effective are there any special factors
our ability to take on these stronger volumes was aided by the expansion of our heavy haul fleet capacity with the investment in growth capital
knowledge just because i know that some of the sites (*->that) we had toured a couple of years ago (*->it) was a question of some of the stores needed to be refreshed but some of them
in that process were making sure we understand customer needs and expectations therell be some paperboard integration opportunities for us
(its->a) very strong and capable team is ready to not only repeat crombies first decade of growth but exceed it by executing against the great opportunities
as we begin to look forward this year is going to be more focused on price increases of our premium product where
educating our environmental groups and others around the need for (a->*) firm capacity to (assure->ensure) that we can meet firm load
in 2017 the underlying rate of base business price erosion is likely to be high single digit
in addition to the lower tax rate we also expect a small incremental eps benefit from foreign exchange
we also advise you that this conference call is being broadcast live through the internet and can be accessed on the companys (home page->homepage)
that paul talked about as well as the cost savings initiatives that we have been driving and then in terms of the (claris 1->clarus one) impact
and go through the brain damage of passing (our->out) credits to our largely retail shareholder base and explain to them how to claim (it on their->another) tax return
another extension of time to regain compliance with applicable nasdaq (reported->reporting) requirements
on the price cost and i think thats the primary driver as we start to get see our margins enhanced
(we know->*) the type of capacity to do that is always subject to whats the right mix of short (and->*) longterm contracts and
were not only equity were not only debt weve got to train people to get a unique skill set so the seasoning of that staff that we have today
continue to do so in the future in order to take advantage of the (opportunities->opportunity) so i would expect that in the coming year that we would
some of the services in high demand are leadership development team effectiveness and organizational transformation
this is regarding napabucasin this change in fair value of contingent consideration
as weve gone through this year weve seen you revise your expectations related to
shifting to volume we expect core volume to be relatively flat consistent with recent trends
importantly weve already begun to execute on a number of our plans underlying initiatives and priorities
this has not been an easy period for them and i am proud of how theyve fully embraced the new endo culture and priorities
this year we are focused on the integration of mpi and the continued execution of our strategy
increasing power generation demand and (the->*) expansion of the gasdriven industrial complex
contractors or owners or developers may or may not have started and met the safe harbor under the tax rules
to the best of our knowledge we believe at this point in time that we have not been noticed (from any->for many) paragraph (iv->i) filers so (it->i) think its probably maybe the best way (to->*)
the revised plan reflects a lower estimated fair value for certain reporting units and intangible assets
well focus our efforts and resources behind xiaflex (and->in) its approved indications and in pursuing an indication
the year before was a very difficult period so the factors pushing down
and as we continue along here what we do know is that (that->*) this is a significant cost to the hospital
and we know whats going on with rate base and then (where is->wheres) demand going and so were right in the process now of looking
the first quarter level is typically higher because of the normal quarterly gating of fringerelated costs
as such this gives us an extra degree of confidence in our ability to show solid growth this year
while empowering organizations with more efficiency and speed the devops process is also dramatically expanding the attack surface
but also has a ripple effect on everyone around them including their children families and employers
the team has been extremely successful in driving down (costs->cost) as previously mentioned while improving performance of our asset
where we get nearterm if not immediate benefits and returns that are exceptional ill show you a bit more in a moment
so can you help us just (to->*) understand because your margins tend to be quite hard to predict
the main factor was the increase in the outflow due to the acquisition of (ppe as->*)
the (only->*) other things that id point out a large number of abstracts from our ep group looking at some of the newer
and weve got lots of windows into how the consumer is behaving (*->right) with everything from our financial services business to a multitude of categories
weve replaced parkside and have made every attempt to minimize the adverse impact of this event on the (projects->project) schedule and budget
realized prices on pipeline sales are expected to be significantly higher than on truck export or local sales
and steve thats an important segment for us because many of those customers then are going to see an adoption rate and may then very well move into
they do a very very good job with it and i do believe as well that the volume increase that will occur
we are expecting that a business case will be developed first in (a->the) larger market (to justify->that justifies) the rollout in the largest markets
(well if->look) we look at that and weve done everything that we can and where theres an opportunity to move and get better terms on all those fronts we do
and pricing for that matter because for a year it shows up in that acquisition column so i think its important to note that
to optimize their performance these new resources allow us to better target customers and get closer to their operations
owned the cannon park city (centre->center) in a queensland legal structure known as community title scheme which involves individually owned lots
so whether we believed (in->it) or not as we go through the repack (in->at) a number of stations we will be getting new transmission equipment that will
our strategic focus our ability to make acquisitions our negotiations with certain customers and the financial impacts of contract (amendments->amendment)
with their operating income coming up in the second half of the year i think if you did a composite of all those things that you just mentioned
and also its important to say that (the->*) amortization of the value of business acquired
lets turn to our leasing activities 44 union square is in the midtown south office leasing market
thanks lee we are pleased with our organic performance to date having achieved strong adjusted ebitda results through the first half of the year
to assess their impact on the market and to determine whether reading should in fact adopt some variation of this model into the future
by december 31 we tend not to start all that early wed rather have more people go out before us than
turning the page to slide 5 strategy for the business is to remain the leader in graphic papers
but i think it was more we didnt see the same volatility that some of the other banks had seen because of the nature of the portfolio that we had
our experience (would->which should) suggest theres a little bit more juice from a margin appreciation standpoint to going on our own in those categories
and one of the things that i can tell you weve experienced is (is->*) that by localizing supply in asia for example
in this manner we anticipate that we will be able to defer on a longterm basis any income taxes associated with spectrum surrendered through the auction
our challenges include evaluating the seismic issues and construction risk and making sure we can achieve our investment returns
but it was exactly what we needed to do in order to generate growth through increasing service to our customers and its now paying off
so its kind of the confluence of both of those that we think is going to lead to or is leading to more folks thinking about selling
as a result these transactions can take longer to complete than normal but the benefit is the opportunity to complete an acquisition without competition
(*->not) likely to increase margins in the first half does that mean youre expecting the other segments to show margin improvement yearoveryear in the first half
were looking at we continue to look to buy quality plants we have nothing imminent and have seen nothing on the market
id like to remind everyone that in the course of the call in order to give you a better understanding of our performance we will be making certain forwardlooking statements
so were still excited about being able to continue to drive those solutions and other solutions to improve upon the position in global automotive
well be able to get those deals done in the near term we will not we are not likely to be on every
(a lot of->other) people are cutting back on capacity because theyre not making money we are making money and believe we can make more money if we have more capacity
and third connecticut governor malloy signed (the->a) legislation allowing state officials to change the rules for how electricity
according to our leasing agents the midtown south office market had a strong quarter with 27 million square feet being leased
accordingly were continuing to engage with potential tenants while preserving the flexibility to achieve an optimal outcome
the size of any funding required for the balance of 2015 will be a function of planned activity production levels and revenue at that time
and we look at something called vintage curves and what we basically do is check accounts over time and assess their behavior against previous accounts
because of the culmination of these and other commitments around continuous improvement at polyone we recently achieved certification
to participate in (*->the) growth in china you may have to have local presence especially when it comes to manufacturing
the end of the reverse auction and the quiet rule have led to more than a few new opportunities for gray to acquire additional television stations
this is a situation where were realizing the benefits of being both the operator and the landlord of a cinema at our shopping center
driven by continued product innovation and design with consumer brands well transform the sport chek brand and operations
in large measure the bulk of the teams that we need in order to do that doesnt mean we wont continue to invest but i think the pace of investment will slow a bit
do programs like amcs stubs alist change the way that you look into future as it relates to raising price
though we dont expect these initiatives to bear fruit overnight we do expect them to gradually improve our customer experience over the next year
people will not have a business in most of our markets (so->*) they dont have our station on there so if the economics turn out to be appropriate
to be clear we could step back from this type of investment and drive more shortterm earnings but thats not the right way forward
this being ready for actual implementation at (halden->halton) is there a time line or
those statements are subject to a number of risks and uncertainties actual results in the future could differ from those described in the forwardlooking
and as we said the raw materials continue to be a challenge but (*->i) think that we can overcome that with what were looking at right now
we remain excited about the prospects for our existing (installed->stalled) and operating assets to produce solid results for the balance of the year
since our last call we have been getting ready to roll out our franchise marketing program our franchise has received legal approval in all 50 states
(*->tax) reform share repurchases it seems like youve got a lot of levers to be able to maybe drive something meaningfully better
gray turned in another quarter as we continue to build a larger more diversified (pureplay->pure play)
we will further evaluate the allocation of these incremental funds and our available capital as we move forward and provide additional guidance in the future
corporate and other is not treated as a segment but includes certain general and administrative costs that are not allocated to either of the reporting segments
in march 2015 with an agreement with a regional marketer to export our crude by a truck to international markets
in summary its good to see the positive impact of improved margins and reduced expense structure to our bottom line crops (were->are) off to a good start but we will need to watch moisture conditions throughout the growing season
weve been (laserfocused->laser focused) on improving our quality and expanding variety through unique seasonal offerings regular restaurant rotations limited time offers and exciting celebrity chef partnerships
thank you i just want to take a moment first of all and always take the time to thank our almost (5000->500) associates across the company for the job they do each and every day our record
offset in part by an increase in capital expenditures compared to last year as we invest modestly in equipment and infrastructure (improvements->improvement) supporting the continued organic growth of the business
the sales transformation effort is a multistep process that we believe will take approximately 12 to 18 months to complete fully we are building a rigorous sales culture
grades that we see throughout the deposit probably occur at the lowest depths of the open pit and there are probably areas in that open pit that are higher grade than what well see even in some of the underground
our (waterwolf->water wolf) system recovers oil and removes suspended solids from produced water in a single stage of treatment using hydrocyclone technology that replaces using chemicals filters or tanks
the faster makeup of the connection is partially accomplished by deeper (stabbing->staffing) meaning there are more threads engaged at the time 2 joints come together which minimizes damage by more evenly distributing stresses on the connection
and so its probably better as we get closer to those respective playoff runs for us to give you that dynamic relative to whos in the playoffs versus a year ago but i would say theres nothing of
this momentum has continued into 2018 driven by a great backtoschool season where we picked up wins that benefit our education facilities as well as our sports businesses
i dont think theres anything different in where the companys results landed outside of the hurricanes versus what we had been expecting over the course of the entire quarter
i we launched (our->a) brandnew website last week so i want to invite you to take a look at it it has a clearer navigation cleaner look and also added video content and (in->*) one of the videos you can actually see me put on a (bow tie->botai) which
with the goal of generating reasonable top line support for our successful underwriting operations without getting out over our skis stretching for yield
interest rates are at historic lows there is hazard in both duration and credit risk the equity market is often unpredictable and frequently volatile
appropriately allocate the risk model especially for the price point were charging for these services and weve also been very careful to make sure that our
that we didnt have a relationship with before and so our 1700 locations i always talk about could be everything from a
that brand promise comes to life because we deliver experienced talent who have operated from both sides of the desk usually within the same industry and functional (backgrounds->background)
okay and i was curious are you able to purchase like a gift card or purchase a subscription for the service that you can give to someone (else as->elses) a gift
total company residential hsd arpu growth has been fueled by a proportional mix of marketing such as lack of discounts and improved sellin and upgrades
look at this business over a long period of time well start to report that for you so probably at the end of this year were going to create a run rate for you so (youll see exactly what happens->*) from birth to the end so youre looking through
within the framework was a milestone that was important to us im assuming it was important to you the fact that weve done that and the fact that as ive mentioned that growth rate
copper went through any sort of major step change at (morococha->mouricocha) or (huaron->horo) i was just curious why copper (seem->seemed) to be working so well for you all of a sudden
the decrease in segment pretax income was due to the increase in operating expenses resulting from the continued buildout of our footprint in our european markets
youll see on slide 2 of the presentation our safe harbor statement we would like to remind everyone that (the->their) prepared remarks contain forwardlooking statements and management may make additional forwardlooking statements in response to your questions
our acquisition pipeline has grown over 30 since the beginning of the year this allows us to be highly selective in our investments while creating value for our customers and getting paid for this value
revenue in the first quarter we will have modestly higher startup expenses so its a combination of growing revenue and some of the startup that comes with that as well as a higher tax rate on a yearoveryear basis
since the deal closed in late july we have restructured our business development (in->and) sales operations to leverage our expanded product and geographic reach and consolidated offices in locations
so whats happening now when we talk about mechanization of the mine were starting to slowly mechanize some of the more conventional mining which is on narrower vein structures
each year we bring one of our core values frontline first to life by recognizing the outstanding efforts of those who make and market our products through our annual (ring of stars->ringastar) celebration
we typically start incurring costs associated with new stores approximately 6 months ahead of opening and there will be additional expenses incurred throughout the fiscal year as we prepare to open these locations
(*->what) drops through doesnt necessarily happen on a straight line one way or the other but as we sit here today especially when we look at (the->*) just the pace of the investments weve made in the technology
our growth efforts are yielding results beyond our food business in 2017 we stood up a separate management team for our facilities business were making substantial progress
and again our focus is really around attacking the complexity across the food supply chain making sure we drive continued productivity across labor and making sure
which has been a strong performing market for rgp this is a new function in the executive team and one which will help us move from a primarily (geographicallyfocused->geographically focused) client service delivery model
interest is pretty close to the same maybe a very modest headwind depending on what rates actually end up doing and then we clearly are going to have
yes and i think the other side of that jamie is that as we grow subscribers the same dollars invested will be less cash right because with our margin as we grow subscribers and revenue
as set forth in my opening remarks we are not sitting still weve embarked on a number of important initiatives that we believe will make the company more productive and drive more profitable growth in the future
and new packaging options with early results showing higher sellin rates to faster tiers as well as decreased churn especially from customers (and->in) competitive markets
is very consistent with what we expected from a growth perspective (and->in) that that growth was very very broadbased across sectors
i would like to provide an early progress report on the integration as we said on our last call we hit the ground running on day 1 with our detailed plan that we developed ahead of the deal closing
we believe that big data and predictive analytics will drive efficiency and that as the largest oem of drilling equipment nov is uniquely positioned to bring automation and big data solutions to the oilfield
the third theme is that we have a real opportunity to raise our visibility and awareness with (executive->executives) and decision makers across the enterprise
apart from having our own platform which (weve->we have) given to (a->*) large number of agents and billers we will also work with banks to be able to provide
i guess the lesson i learned from the consumer internet is 8 years ago (there was->theres) all this talk about the big platforms potentially competing with one another and if you look at what (happened->happens) most of them
you are also cautioned that any forwardlooking statements reflect managements current views only and the company undertakes no obligation to revise or update such statements in the future
these forwardlooking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forwardlooking statements
we also have some real estate that is no longer needed and hope to complete those sales in fiscal 2017 proceeds would be used to buy back stock finance growth or pay down debt
pretty much across all the provinces so it wasnt localized it wasnt in one geography or one area it was pretty much widespread across
before we start (our->a) discussion please note that certain statements made during this call may be (forward looking->forwardlooking) and actual results may differ materially from our expectations due to a number of risk factors
these risks and uncertainties could cause actual results to differ materially from those described in our forwardlooking statements and they should not be considered an indication or guarantee of future performance
i was excited about china for my whole career in medical devices and now here at waters and i think theres just a lot of interesting things going on in that economy
during todays call i will provide an overview of our q4 and full year 2017 operating results as well as some broader commentary on our current business environment
focused on innovation focused on delivering on their for their customers and there was ample room for growth for both and i think weve got that kind of white space what we do others are not doing
with this information a casino can create an enhanced experience for their patron and maximize the return theyre able to realize from their best customers
on a yearoveryear basis we experienced revenue growth in tennessee and arizona due to a full quarter impact of the new and expanded contract with those states
the development of our tandem (quadrupole xevo->quadropol zevo) platform has enabled us to meet the evolving demands for reproducible quantification capabilities for both small and large molecules
when i came into the company january of prior year we set targets where we want to get to and began building a business in order to get there and mikes been messaging that
basically all the manual entries that we do now that (*->can) are subject to any kind of human error and require massive amounts of review time will all become automated
is to cut (costs->cost) as far as we possibly can every penny is turned over before being spent here
and we continue to grow our installed base of other premium units we expect to see consistent improvement in our overall daily win per unit
what i can tell you we dont segment it out but what i can tell you is (the->*) majority of the merchants on our platform use more than one service of (ours->our)
so look we believe the maturity of the automation industry as it relates to welding and welding process improvement (they->there) are going to be those customers that seek
for all of his contributions to the company previous service to his country and to me personally id like to extend my sincere thanks to harley
i believe servicenow has the potential to become one of the great enterprise software companies of this era and im committed to building an enduring company
ive been (onboard->on board) for a little over 3 weeks and have had the good fortune of spending that time listening and learning from our customers partners and employees
developing and introducing product solutions like our ewallet designed to assist casino patrons with the ability to seamlessly move financial value
we expect these new investments to further establish our solutions as the clear industry leader and further establish the pathway for continued success
the original rfp was also seeking a potential county (jail->jale) addition to the existing facility in order to replace the countys existing jail in downtown chattanooga
and other products and services that improve credit decisionmaking automate cashier operations and enhance patron marketing activities for gaming establishments
as we intended we have offset much of this cost through negotiation and productivity and have raised prices to recover the unavoidable increases in cost
organic growth for the quarter and i guess im just wondering what kind of visibility you have to (have->that) or what gives you confidence that you can pick back up to kind of get there
on the (games->game) sales side our e43 cabinet is gaining solid traction with our customers and helping to drive unit sales growth
thank you operator good morning everyone and welcome to the waters corporation fourth quarter earnings conference call before we begin i will cover the cautionary language
ill now provide some additional details on our outofstate contract with california as our expectations from this contract have changed from last quarters update
maybe following on to that youve seen accelerating volume declines in international and i think that youve done a good job of explaining that
the goal of every company is to minimize the resources consumed in the running of the company and maximize the resources devoted to innovation and your end customers
okay great thats helpful and then maybe just a question on (the->*) dividend policy i think cash levels are pretty similar to where they were last year is that
one relationship was previously identified as a special mention loan several quarters ago and the other was already classified as a problem
but the workflow redesign that has to go with it is an important piece and this is again a source of differentiation versus some of the other technology platforms
we believe in the value proposition of our combined entity and view our growth story as only being in its early stages however
software and professional service lastly i would like to make some comments on tax reform generally and the impact on (waters->water) specifically
(yes->*) i realize youve been (there->in) a very short time but what needs to happen in terms of is the product portfolio ready to go in that regard is the sales organization set up to be able to do that
(*->help) you go from being reactive and responsive to being more predictive and addressing the root cause and remediating it and
of an existential philosophy that in order to compete for the next 5 years we need to have this or should we or lets discuss what we need to have
further we continue very active discussions with potential customers at both the federal and state level to utilize our idle facilities and available capacity
we had record growth in our games installed base and the number of units sold was the highest since our acquisition of multimedia games
given the path and expected strength of the hurricane (winds->wins) there was no need to relocate any of the inmates (and detainees->into attainees) across the 7 affected facilities
in my discussions with customers they increasingly view our platform as a way to manage work across and outside of the enterprise
but i fully have confidence that our employees around the world are in the manufacturing facilities of our customers talking to them about those challenges
we wont see significant pricing actions in the fourth quarter from whats been taken in the first 3 quarters of the year there will be
okay and so if we back out the costa rican new store impact on comps was there any country or territory this past quarter that was negative or was everything flat to up
as well as our performance during the third quarter and yeartodate we remain confident in our ability to execute during the holiday season and into 2016 before i conclude i would like to take a moment to thank our associates
and unfortunately the competition figured this out and (its->has) been stealing share so weve got work to do and then the third one that we pointed to was wishbone now this is a big category its also a great brand but frankly it has not benefited from enough disruptive innovation
customers are deploying all modules of the bim 360 platform and i am excited to share that large customers like aecom arcadis (swinnerton->switterton) and layton have already started adopting our new platform and we look forward to more customers doing the same
(*->isnt) that bad its just a shade light of what we (were->are) expecting so i look at those data points and i contemplate what youre saying about profitability on the forward and it sounds like the vast majority of the drop
if you were trying to look at one period its probably not going to change that number dramatically because of the relative size of their spend versus ours and the fact that (they are->theyre) pretty close in the percentages to begin with so
consumers have an increasing appreciation for the value of the health benefits related to weight loss which fundamentally changes the purchasing decision and provides (great->greater) permission to spend in a critical arena of their lives
our products were well received and we expect to continue to build on the strong momentum we delivered in the quarter as these new innovations hit the market in 2019 so we feel good about our momentum in the legacy conagra business
roche group through genentech i believe in the second week of this year issued an open letter to hemophilia patient groups with (the->a) purpose of providing information
and frankly i want to get us to the position where we find something else to do and thats the message ive delivered to our folks because even when we had the volume it was fairly empty calories
but by the same token i will tell you we are very confident that we know exactly what to do here (its->*) not an overnight trick this is going to be fundamentals and hard work as weve done before but these are very good brands (as->*) i just pointed out
building out our relationship with them and better serving them through each phase of their weight loss journey and two our ability to grow reactivation revenues as former customers return to us at increased rates as they (learn->learned) about our new (programs->program)
we are taking every legal step to have the vessel released as soon as possible but due to (the->*) slow legal processes locally this has taken longer than expected but we now have a bangladesh high court order in our favor for the release of the vessel
i couldnt clearly understand why it is done by chugai working together or business integration with roche diagnostics may be considered in the foreseeable future (will->*)
in addition were opening up a store in lower manhattan and in brickell so i think as we continue to upgrade our saks locations and the quality of our saks stores that also is important for our brand
of course it is very difficult to predict the future but if i may explain the current forecast for this fiscal year only the price will not be pegged to (russias->roches) thirdparty prices or the market price
during our third quarter we will experience an inflection point where net commodity cost pressures become a tailwind instead of a headwind please turn to slide 4 i want to briefly review our global businesses
in converting our product mix into the premium products and so we have to expand that capacity theres investments happening in our (lawrenceburg->warrensburg) facility weve got additional investments happening in
as we discussed previously hub intends to use its balance sheet to continue to invest in our core business but also to diversify our service offerings to our clients and we feel the best way to diversify is through acquisition
as highlighted we now have a platform that allows us to tailor products (to->and) messages which in turn allows us to segment the large market and target new customer (groups->group) we are ready for diet season and look forward to sharing more on our next call
the details of this growth are similar to the comments we provided during our quarterly call in august in the second quarter the americas motive power business continues to be strong and orders continue to be healthy in the current quarter
there is a little bit of issues going on in terms of following what (rodrigo->urgo) said about some projects that will depend on the decision of the government
what i was commenting before so what are the main impacts that you can see here on the (electricities->electricity) id say that this is (the->a) rate of return kind of story so on the electricity side the major impact is the increase of rate of return
four investing in the business to support future growth we have a total of (seven->7) warehouses across the continental united states over the last (two->2) years weve doubled our frozen warehouses from 2 to 4 as demand for our frozen products has increased
on the 3 businesses i talked about as you can imagine once youre cut youve got a pathway to get back in but its not going to be with the exact same items that have just been discontinued (youve->you) basically got to rebuild
and (*->are) converting it into a platform which will change the talent landscape nationally so we are putting our scale to the greater good of this overall industry and redefining how we go about looking at
we will push cost improvements every day (in->and) every way to maintain and hopefully extend the delight that alpha brings to their customer base (theres->there is) no way (we are->were) going to step backwards
how important is it going to be that autodesk has both the underlying bim data as well as the (plangrid->planned grid) capabilities versus others in the space that maybe dont have that underlying bim data
and on the merchandise price cuts is that just part of your ongoing strategy that youve been using for the past couple (*->of) decades to drive volume or was that to clear merchandise
this diversity will help us to continue to execute on our strategy and deliver value to our shareholders going forward now i would like to pass the call to jerry who will provide an update on our retail initiatives
in addition to providing another independent validation of the value of our real estate the proceeds allowed us to pay down our term loan b and further delever hbcs balance sheet
in the data and do you see the resultant impact (or->*) the reversal in your (velocities->velocity) such that this is going to prove to be a 1year (divot->divit) because your velocities are so strong (there is->theres) almost
part of one of it and you keep the whole of the other part so is this setting your strategy implementation back in time or is it sort of something you had in your expectations as well
i think (we->weve) got off to a good start but (again->as) i (*->said i) think were in the early stages of it i think itll get better as the year goes on as we meld our operations groups together and implement our account management teams so (we are->were) confident in that ability
as dave mentioned political advertising in the second quarter was a record for the quarter and came in substantially higher compared to both 2016 and 2014 now moving to our third quarter revenue outlook
their net promoter scores across all their markets are extremely high so theyre doing very well in that regard (we->weve) got a game plan by market
this market has a promising future and im excited polyone is one of the key collaborators for material and design
thank you liz good morning and welcome to everyone joining us on the call today before beginning we would like to remind you that statements made during this conference call
and (*->on) something like the toy category (*->and) i (know->note) that (*->youve) you appear to have a much expanded toy offering this year from what ive seen (before->for)
and plans to break ground in new markets in 2019 and jumpstart is undoubtedly a key contributor as our brand strength continues to grow
that we spend on outsourcing and we created a lot of optionality in terms of levers that we (can->could) pull and things that we could do to make the business more money
we also adjusted the ifrs 9 model allowance compared to our original assumptions given the portfolios good performance in terms of risk
in late june 2018 we closed on a strategic acquisition related to our (redyard->red yard) center in auburn a suburb of sydney
a few weeks later hurricane irma displaced many people and left large portions of florida and georgia with extensive property damage and without power
im sort of wondering if this has to do with the environment or if this has to do with certain things that youre doing to alw that
all segments and geographies contributed to our success and this is a broadbased credit to our sales team for their collaboration with our customers
hence we believe it is just the beginning of an emergence of a very new era for our company one that allows us to cater to merchants
so what you could do in 50 years in the past in a traditional industry that in a technology industry you can do it much faster and (we->they) have been very successful in terms of compressing time
the increase reflects benefits of mix volume and pricing measures in the americas and integration initiatives
i believe that the first half of next year will be largely a recovery period where we will start to stabilize the business thats been integrated
for an explanation of our nongaap financial measures please refer to slide 3 of this presentation or to our press release published earlier today
(to->*) improve profitability (it seems->since) early this year there has been some fluctuation and early in the year we have the port factor and
help us to understand how it was you generated that line (its->it) obviously much higher than people (are->were) expecting and the extent to which the income you have there is (occurring->recurring)
and their ability to address other critical infrastructure needs and we look forward to the announcement of this rfp by the end of the year
were going to keep we obviously keep a very close eye on it and its not going to be put in place for a little bit of time but (if->*)
how are things trending which one of these businesses is still accelerating versus maybe starting to level off
we are also pleased to announce the latest results of our share buyback program we continued to buy back stock in the second quarter and in april
in the face of rising costs our team worked closely with our customers and suppliers to ensure service support and consistency of delivery
and particularly noteworthy for our circuit this quarter was the release of some recordbreaking documentaries from the specialty film companies
and extending payment terms with our vendors which weve accomplished through improved operating performance and the utilization of lcs for selected import vendors
clearly the work to reposition marks brand with well worn along with the work pj has done on assortment and merchandising has made a significant impact
and this commitment includes investing for the future and a great example is our recent investment (and->*) launch in polyone advanced composites
we were able to update the way we account for recoveries on accounts previously written off moving to an accrual versus cash basis model
recently that would lead us to believe that anything is imminent we look for opportunities in other businesses
through strategic investments in our cinemas and real estate development project and returning capital directly to stockholders
we understand this and continue to focus on the need for marketspecific and curated marketing across our international operations
that residential reentry facility (received->receives) modest damage when the eye of the hurricane made landfall only a few miles northeast of the facility
our materials are on the ground floor of several new product rollouts ranging from hydration delivery to underwater sports equipment
the interest of these brands and the scope and extent of our interaction with them has intensified as construction has progressed on the upper floors
although the facility never lost power we were fully prepared with backup diesel generators and had ample food supplies for our (ice detainees->isotanees)
our innovative proposed solution would allow kansas to address their correctional infrastructure and program needs without negatively impacting the states budget
the acceleration is also caused by the reporting for the first time of that business being part of the yearoveryear comparisons
and that we can move them closer to our platinum vision so its not an integration challenge its an opportunity and its one of the reasons why were doing these deals
won a lot of new programs last year took a lot of market share particularly with respect to release liner for labels
also as we are in both the cinema and real estate businesses we must naturally balance our capital commitments between these 2 sectors
where you have where people have received their bonuses from their prior firm and are so we know whos really looking and whats available and if it fits
this program is the foundation of our strategy to make (data driven->datadriven) decisions and engage our customers as individuals with personalized offers
the bureau continues to project a need for additional bed capacity (for->from) the private sector and is progressing through the process as part of the car (xix->19) procurement
this situation has slowed the pace of our discussions for the lease agreement for our diamondback facility but the states need for capacity continues
continuing with ice the agency issued a request for information for either new or existing detention capacity of up to (3000->300) beds
some of these risks and uncertainties can be found in the companys filings with the securities and exchange commission as well as in todays press release
expansion in europe has been a strategic (*->both) focus for polyone and our investments in the commercial team are paying off
of course design remains a key element of our service offering and thats been exemplified consistently well by our color team
we only did what the merchant told us in terms of these are the number of units and this is the price at which i would like to sell
it comes across as part of our web services framework but it allows us to keep on offering more and more of (such->that) services and connect them to
and on a track to generate superior value for our stakeholders and now ill pass the call to vince thank you chris
our plan is to move in by the end of fiscal 2016 we have more than outgrown our existing facility which was built about 12 years ago
today were comfortable with our us circuit pricing however thats not to say we (arent->are) monitoring currently available subscription programs
productivity will continue to play a significant role in 2019 and our stage 2 initiatives are just about planned out with execution commencing in the new year
customers continue to value polyones unique ability to offer consistency in both solid and liquid (colorants->colorance) across the globe
in addition during todays call the company will refer to a slide presentation that it has made available to participants which can be accessed in a downloadable pdf format
except where it is organizationally and economically better for us to move funds between jurisdictions where we do business
or to update or revise the reasons actual results could differ materially from those anticipated in these forwardlooking statements even if new information becomes available in the future
but with the recent increases that we now know about in the fourth quarter (are->*) coming at us (in->and) really the first and second quarter of next year that may
so with that behind us dev will be talking to us about the financial results for the second quarter a little later but first ill turn the call over to ellen
how many of these new services at this point are you negotiating (carriers->carriage) with directly versus the affiliate group or your network partner acting as a proxy
the expansion in sales allowed us to overcome significant raw material inflation this year as well as supply chain disruptions related to hurricane harvey
another brand success story in the quarter has been woods last year we did a (19 store->19store) test of woods outerwear at sport chek this year we came back aggressively
moving to our cash flow in 2017 we generated strong free cash flow which enabled us to repurchase 2 million shares of common stock
profit was supported by a strong result in the life business in brazil as well as the resilient result in iberia despite a low interest rate environment
trump and clinton and what that did (to->do) some of the national election was he unique due to his public profile or given that clinton also spent less
the transactions (were->we are) working on (very->vary) significantly in size and complexity and attempting to forecast which deals will be completed and when is difficult
while its impossible to predict the timing on any single deal the fact that several discussions are progressing gives us confidence in our ability to complete at least one deal this year
setting the stage and setting the bar i think when it comes to kitchen in particular so for us to have a brand that we own thats a complement to our great partnerships with national brands
something that generated a lot of media coverage so we could take the most famous person in the world whoever (it->that) is right now and i dont think they would get as much press as (donald->dental) trump did because they (wont->wouldnt) say the kinds of things
the impacts of operating results of the timing size and accounting treatment of acquisition our ability to achieve and the timing of achieving synergies from our (acquisitions->acquisition)
much of this merchandising also includes some subtle but meaningful changes to our assortments more focus on accessories and new categories like kids
creates opportunities for us in a lot of ways but theres not were not looking to start swapping with folks to create a different kind of portfolio
we remain committed to the buyback program which we believe demonstrates our confidence in the business and commitment to returning capital to stockholders
will begin to ease somewhat in the coming year we also expect that reductions in our nondiscretionary capital (expenditures->expenditure) should generate increased free cash flow
negatively impacted q4 but all things considered we delivered another strong performance and one that we expect to build upon
importantly this facility will be connected to the (khurmala->kermala) field production facilities where associated natural gas production can be processed and distributed to end users
thats probably the best thing that i can say or the most accurate thing i can say about the competitive environment as i said the most challenging being in em still
due to the underperformance of dss before i hand the call back to bob id like to briefly discuss our thoughts on tax reform
those of you who have been asking us over the past couple of years what the auction could mean for us (have->had) heard repeatedly that we (do->did) not expect to receive any meaningful proceeds
in addition our peru operation is also impacted by elevated repairs and maintenance expense this year most of which was planned as part of our postacquisition integration
composites is a newer technology were investing in but its not of course at the expense of other proven areas where weve excelled for years like the inks market
on that note let me give you a quick update on triangle rewards our early success demonstrates that our customers are engaging with us across all banners
we maintain our cash investments and capital structure so that we are able to meet short and longterm obligations for our business
(but were->*) working on it is there a mechanism that you can see where youtube or any other of the ott players can apply pressure to the networks to make them do
we expect all of our production will be exported via pipeline in the future and look forward to (increase->the increased) net revenue and the further reduction in operating expenses
we (i would->*) say our conversations have become more encouraging the last couple of weeks at least with some providers and some networks
the growth on an international basis the product design capabilities and (brandings->branding) that the (helly->kelly) team has done now has been adjusted by market
our customer made the switch to polyone due to our existing relationships and their collaboration with other polyone business segments
with a robust pipeline and increased capacity in which to fund (the->*) acquisitions we anticipate our transaction activity will provide upside to our guidance
that mature in november and december 2019 we are working towards having replacement credit facilities in place
this was driven by organic sales growth of 5 and the benefit of acquisitions which were partially offset by higher raw material cost
and higher compensation costs due to headcount and the timing of annual raises as well as the timing of recording
introduced in the very (smaller->*) smallest markets so maybe some (*->of) that might give more relevance to that companion piece of business
as a portion of our foreign earnings will be subject to us taxes on an ongoing basis and certain deductions will be reduced or eliminated
whereas to develop from (scratch->scrainage) completely new infrastructure requires (a->*) tremendous amount of investment probably tens of billions of dollars
right so we just want to maybe get a little bit color on like what are you seeing on the acquisition
we may well be (there->either) to pick up some good assets or great assets out of that just as we did when nexstar and media general got together and we were able to pick up
and better depth in categories were trying to be famous for in both national and own brands and well be launching our new brand positioning in midnovember
and again were just (were just->*) not seeing any indicators that theres any softening based on kind of those 3 big looks into the business
so then the rest of the adjustment if you look at the rest of the adjustment for the second half of 17 in our forecast
i should add that the majority of the assets that we have closed or are under contract were secured (offmarket->off market) thus avoiding competitive (option like->auctionlike) bidding this is a complement to our ongoing efforts to further develop our relationships throughout the industry
to mitigate oil production and in fact increase production out of our remaining oilfields they are attractive investment opportunities at this oil price and weve taken our time to really mature those prospects to where were now very comfortable in (growing->drilling) them
globally that will take us to 2020 there are a series of other important project and initiative that we need to carry through to continue developing the firm and continuing growing the firm successfully
and we want to do that in the right way and we think a disciplined approach to acquisitions is a part of that so not able to give you a timing answer this morning (but->*)
through their mobile platform within 1 hour of ordering the limited launch of the product has of this product has exceeded our expectations and we are already looking forward to expanding the program from beyond edmonton into new markets
it demonstrates the inherent seasonality we have previously discussed in our business the fourth and first quarters are our seasonally weaker periods because of the reduction in driving and motor fuel consumption with the first quarter generally being the weakest
with the strongest trends in vegas new york new jersey new england buffalo la sacramento and cleveland our view of supply remains generally unchanged and our watch markets are the same
plus in view of the introduction of the automatic information (exchanges->exchange as) of 1st of january 2018 i think that beyond that point we should see outflows due to regularization tailing (off->of) across the sector so
i will now turn the call to seth for closing comments thank you mark for 2017 we are excited for the opportunity to utilize our strong cash position for the acquisition and development of a new product pipeline
but obviously with the prospect of net new money and then obviously contribution to the bottom line in the next 24 months the vast majority of these bankers joined us in switzerland on the swiss platform in asia and in monaco
as part of negotiations we have sought to address the concerns of government and appropriately allocate project benefits and returns amongst stakeholders and while discussions have been robust we are comfortable that we will end up with an equitable balance
so if the markets are more or less where they are the fx do not go crazy then you can calculate that in 1 2 years we will be again well capitalized from our own capital generation
in the longterm logistics matter we think the trucking problem today in the permian will worsen and (it->*) will erase the economic benefit of using regional sand
now this is the environment that julius baer likes performs best in when its uncertain there are a lot of opportunities there are a lot of ways for us to expand and develop our strategy further
that kind of stuff is going to really come into the market and its a cost that people have not planned on so in that as those costs go up we think that terminals in northern white will come back in those markets
a great example of the convergence of design and make was a significantly expanded deal we signed with (daiwa->daiway) house industries one of the largest construction companies in japan they sell prefabricated homes in the region and are working to expand globally
for over 10 years and as a result weve got a track record there we brought new people (along->on) to help us grow the portfolio so weve got the ability to
but it does seem to be spreading out a little bit more over the course of the last 2 or 3 quarters and i think its important to recognize that we expected this creep this creep from urban markets into more rural markets
additionally if we identify an acquisition that makes compelling strategic and financial sense we have the financial flexibility to take advantage of it and maintain a strong balance sheet
this morning we are showing that and we have been looking forward frankly to the ability that this natural pause gives us to be able for our stockholders to see that
i see many opportunities for us to develop this line of business here are just some of them first our wellsite storage solutions can be provided to customers in any basin regardless of whether were delivering sand to that market
with the expectation that those proceeds will be reinvested in properties with improved growth prospects on that note we have continued to identify and act upon opportunities to upgrade our portfolio since the new year began
during the first quarter of 2017 the prior owner successfully negotiated the settlement of these matters at amounts that were less than previously estimated as a result our exposure to those matters was eliminated
excluding the impact of this charge in the first quarter of the prior year our other operating expenses improved 70 basis points primarily as a result of lower acquisitionrelated legal and consulting fees
the completion of the farmin to the prospective licenses adjacent to (elkantelope->elcantelope) and the acquisition of our largest (*->simus) seismic program for 10 years in that area has the potential to mature large structures for drilling
the improvement was driven by our operating performance including the increased margin contributions from many of our recently acquired hospitals as you can see from our results this quarter we believe that our strategy is working
on our accounts weve been able to pass it on to some clients in some cases i expect that (these->if) negative interest rates stay at this level there will be no new development there i think now we find the right level
population that is coming on stream to bring assets as fast as possible so that we have revenues as fast as possible and at the same time increasing productivity on the existing population that we have and all of that
given this historical information along with the established safety profiles of phentermine (and topiramate->into pyramate) we continue to believe that qsymia poses no true cardiovascular safety risk
we have a strong foundation with attractive markets and customers a proven track record and an experienced leadership team to execute our strategy in conclusion our strong balance sheet
but it will come and i think when it becomes clear were going to see cash balances of clients going down and basically accordingly transaction volumes going up and margins going up and this is going to be a mix of more positive outlook
before we begin (i would->id) like to remind all participants that our comments made today will include forwardlooking statements which are subject to certain risks and uncertainties and could cause actual results or events to materially differ from those
and of course we do like real estate we do think there are still opportunities in commercial real estate but if the new loan yields are not meeting our expectations wed rather
(were->we are) excited to have this asset back from sanofi and are in the process of finding a commercial partner who can fully exploit the commercial potential of (avanafil->vanafil) in these territories as well as in mexico and central america
youre going to be increasing your capacity toward the end of the quarter correct and so im wondering what kind of discussions youre having about market penetration with your salespeople
in summary it was a solid operational performance by the industrial teams holding organic growth flat and expanding the operating margin rate despite soft infrastructure and global industrial markets as well as a significant currency drag
either conservative in nature or really didnt have a lot of revenue associated with them so as weve gone through the process weve not seen a big change in our longterm outlook of course like almost any other company were running
which is good for finning i mean were a second derivative beneficiary of that type of activity and then you know that the liberals with the new federal government are pretty committed to infrastructure spend we just havent had a lot of details on where theyre going to spend it so
customers love to come in and just (like->let) go and have fun in and george is putting processes in place and consistency but at the end of the day its about making the store experience great and im really pleased with the progress our operating teams made and
of course our top line is dependent on customer timing and the complex revenue recognition rules (*->that) we are subject to my executive team and i as well as our global sales team continue to be focused on profitable top line growth
most recently we were selected to supply equipment and services for the site c project in bc this is a considerable win that includes 50 articulated trucks and 35 offhighway trucks scheduled for delivery beginning in the first half of this year
we have already seen a good dilution of fixed cost so in payroll and services this was very favorable in these 2 quarters already sequentially and what we had in terms of
has been very clear in terms of a (highcapacity view leveraging->high capacity of deleveraging) a continuous improvement in the operating efficiency in the constant search for innovation
but in terms of adding additional capex thats something were evaluating now but its certainly not something that can have an impact on q2 just to be clear you (did->do) havent ordered another slug that will be coming in
well certainly take your comments under advisement because youre not the only voice on that side of the ledger so far even though we (discussed->discuss) it with the board and (discussed->discuss) it internally
aggressively pursuing commodity deflation and other pricing opportunities to partially mitigate this impact (it->and) will position us to demonstrate continued operating leverage in 2016 as well as reasonable earnings growth
chinese textile production so its really who the customer is really when you come down to it and if you have we sell in 40 countries and the first thing i always ask is whats the tariff into that country
over the long term we believe we are well positioned to continue growing in excess of the overall automotive market and maintain stable margins consistent with our historical norms while generating cash and paying a healthy dividend
and so which appears to be a pretty similar situation and so i would say that the pressure is mounting on the issue and youve got projects there that are both important
(well->i will) be talking about what we are seeing in the (mid and->media in) the last 2 years and very much in the last year and we still see there
construction that and the gathering system that feeds into that is a bit variable as to timing as well so its not really a question of how much in terms of projects really its just a matter of the timing of those projects
as a reminder we are a small public company with a footprint that covers 13 countries which means that we have costs that are largely fixed in this area the increase is primarily due to increases in employeerelated costs
but beyond that well determine when we come to that point and (we->weve) got that down then well determine what we think the very best use of that cash is from a shareholder perspective
and 4 of the participants are new entrants to our sector they see national mi as an attractive partner for their first domestic mi treaty and we expect they will be receptive to future transactions with us
the effective tax rate in the third quarter of 2017 was lower than the federal statutory rate of 34 primarily due to the impact of foreign tax rates and permanent differences between book and tax income
can you give us some sense of what the rate of growth was in the roadm business quartertoquarter it looks to me as i play with the numbers that it was very steep and (im->i) looking at the guide and im thinking
its brands its products its innovation and it is driving that across all geographies in a very aggressive way and its been very successful and we expect it to continue to do so
we have not seen this what could happen in one quarter or another is a variation of cost because of the distance the radius but the cost itself has no variation
from the ebitda that you generate that is question number one question number two can you comment on the progress that youre making with pricing both in domestic coated board
and i would like all of you (to->*) pay attention to that if you go back to long periods with all the curves of the products based on pulp but considering
the goal being that those qualifications are as coincident as possible but we definitely dont control that and i have no commitments from customers in terms of when theyre going to get this thing qualified but
you to be able to integrate life work and also tourism in your daily life every day so every day is a holiday (foliday->holiday) last year was listed
and we can see that this step of ongoing improvement in governance tends to continue but we do not have any commitment
glad you could join us today and i plan to keep my remarks pretty brief today to allow as much time as possible for (your->*) individual questions and also recognizing we have our analyst day coming up next week on may 11 in new york city
considering strategically increasing our supply in order to have an adequate security for these levels in the long run we have already adopted that and we will be seeing this in the next (years->few)
could you explain this increase and how should we consider this cost from now on and specifically about the average (radius->ratios) what about this quarter and what
and so beyond that what we see is that as additional demand comes on then were going to be also looking at working with our customers on increasing mainline capacity on northwest which will be a good uptick
so our companies were successfully listed in hong kong so these abilities of fosun actually complements one another and facilitate one another of course
additionally we want to be more conservative in our revenue outlook because we are still in the early stages of developing our sales agency channels
at the higher end of activity there as well (*->its) somewhat of a mild winter fourth quarter it just allowed for a more active fourth quarter
this was a good environment to generate (aboveaverage->above average) returns if we look at our main portfolio
its a little bit of a different agent but nevertheless the process is the same so i think the partnering is important
and growth in our saas offerings was more than offset by lower mutual funds volume in us investment markets
we plan to add new stores at a rate that will allow us to remain focused on our existing stores (gross->grow) sales and generate positive cash flow
global presence and the extensive experience to assist us in the review of different partnering structures
opportunity to engage in consolidation and we think well be able to achieve that also at the net
it differs because greenhill has a much wider in terms of
it is now my pleasure to introduce your host mr simon (harnest->harnes) vice president of corporate strategies and finance thank you you may begin
with price increases for the most part and you said you added a large piece of new business can you give us any details there
so the company and senior executives have been unable to purchase the stock in this period
the whole market is in profitable territory so one could surmise one could expect
will have some impact all else equal but the rest of the business is doing a little better than
on that note i would like to conclude our prepared comments and turn the call back over to the operator to address any questions
(that->i) would just say as if more rate hikes happen the real question will be what happens to the long end of the curve
in the previous period but nevertheless weve been able to return to that corridor of profitability
hurricane recovery revenue in retail it was also driven by 2 significant nonrepeating promotional (loadings->loadins) last year
this guidance includes the impact of a significant increase in targeted and impactful investments in advertising
and i was just wondering if you thought any of that was attributable to the passing of the federal budget earlier this year
to be very blunt the only thing we saw in the quarter was a little bit of weakness in hhi so we (expect->expected) a little bit more sales there
these forwardlooking statements are subject to the risks that could cause actual results to be materially different
were going to need to do more with less here and we know that cost is a big part of it and operational excellence is also a big part of it so
were optimistic that we can accomplish this goal because we are seeing strong growth from some of our highest margin products
but offsetting that decline is a category that i referenced in a prior question brian you might have heard it about
although a correlation of our stock chart with the international dry bulk index would lead you to believe that we are similar
at the same time weve been able to create incentive programs for intermediaries
for the balance of the year as a result before any other potential adjustments are factored in
the decrease in store expenses as a percent of sales was primarily driven by leverage on the strong comp sales growth
with our enhanced credit model in place new stores are ramping at a slower rate as we closely control credit risk
since (were->we are) not in the position to try and predict the timing of revenue that is one of the reasons to be more conservative with our guidance
and if we look at the profitability of group and individually continued insurance
we are excited to execute our retail growth plan and i look forward to sharing our success in the coming quarters
were not really sure which group of customers would be
we anticipate that this is likely to have a positive impact on aggregate demand for the foreseeable future
we have some demographic factors and also the retirement issues roman talked about
im from trigon i have a question about the additional provision for general damages
by raising this additional capital we positioned ourselves to continue clinical and manufacturing activities
there have been no new developments and as of today service of the initiating papers in these actions has not been made on the company
progress (side->site) can you give us a little color as to where you are (and->*) you implied that there were going to be some product
people resources and dollar resources into the point at which that becomes a (frontburner->front burner) item for us
additionally in september our website was relaunched with an enhanced functionality and a refreshed appearance
we hope to present these interim results at an upcoming symposium on (genitourinary->genity urinary) cancers
well thank you everybody id like to just conclude by saying that we remain in very good shape to deliver a very solid year
we know that there are some legislative processes that could add greater clarity to the situation
which was partially offset by growth in our saas offerings and higher volume in language solutions and compliance
thank you this concludes todays teleconference you may disconnect your lines at this time thank you for your participation and have a wonderful day
as you may recall we expanded our channel to include agentdriven distribution sales because we knew that over (the->a) long term
the margin expectations for the 12 basis points that well lose in the calculation based on (a->the) lower tax rate
but this is a position thats neutral from the point of view of the net result
as a terrific example of the new thinking about the business this morning were excited to announce a major new
and actually start a process over with a partner we plan to use the materials they are producing
its not our intention to make any further announcements or commentary on fortuna until it becomes a viable project
(im->i am) not an advocate of it in its current form because the process of removing manipulating
for factors that could cause such differences please refer to our regulatory filings with the securities and exchange commission
our (*->kickoff our) plan kicked off in january but it took months to get the right agents in place to ensure solid coverage in each region
we continue to analyze on a constant basis whats going to happen with prices
the most recent wave of claims pertain to (deaths->death)
and so thats pushed out anticipated (revenues->revenue) from the first half of the year to the second half
as well as (cost reduction->costreduction) initiatives partially offset by increased investments in our technology function
lower transactional volume in the international segment and lower compliance volume in us capital markets
and represent major progress to achieve our goal to significantly delever and strengthen our balance sheet
although this approach has been very encouraging in the treatment of liquid tumors such as leukemia
within capital markets were assuming a flattish to modest increase in the second half of the year compared to last year
globally we continue to offer our most popular products in more flavors that appeal to customers in local markets a strategy that has proven to be successful
as i said earlier however the growth in ebitda was modest due to continued margin pressures primarily from cost of sales and restaurant labor expense
in particular our properties at grand teton lodge company experienced strong visitation and spending as the park reached (near record->nearrecord) visitation levels this summer
however we believe that our operating cash generation in 2019 will be substantially improved and we are again targeting operating cash for the year to be in excess of net income
these agreements are an integral part of the upcoming joint venture and document the final agreement on intellectual property rights
which facilitated the identification of a new prospect and remapping of previously identified prospects leading to an overall increase in estimated prospective resources
is excluded from revenue and adjusted ebitda if the contract was structured similar to our other water purchase agreements the cash collected (would accrue->with crew) revenue
i would say the enthusiasm was the alignment of our people out there with the opportunities in the market
in the backlog on average are considerably higher than the existing margins that we have earned over the past years
(an->and) ad medium that creates demand for cars and pampers and vacations and insurance products and political votes
along with the chicken (parmesan->parmejan) sandwich and our crispy buffalo chicken melt these also had a favorable impact on increasing our average check
and we do have the (lots->lot) for that to happen but as bill mentioned earlier the timing of when communities roll off and when new ones roll on
the company assumes no obligation to update forwardlooking statements whether as a result of new information future events or otherwise other than as required by law
im curious about whether or not you are concerned about cannibalization of the express product weve talked about express one of the reasons its been successful
like activities recently from both sides and i know previously you talked about maybe the strategy of (quench->quanch) going
at a higher level the future looks very bright for macom the industry is entering (the->a) next phase of infrastructure spending globally
i would expect (the steel->this deal) to be fully erected by sometime in the third quarter and then (finish->finished) trades (and->in) significantly more
civil segment revenue was up 14 compared to the fourth quarter of last year primarily as a result of progress on the newark airport terminal 1 project
in terms of size so we would expect you to see several acquisitions a year on the quench side that may be a bit smaller and frankly one acquisition a year
they may negotiate from a position of (strengths->strength) that they do not want to put any money in and (*->that) we should go find the money but they realize
for the quarter which actually would be pretty significant improvement over where its been last year before we bought it and then even after we bought it so
in summary were operating 2 successful and growing businesses and our management teams are executing on their operating plans
and whether you might be able to add any additional color on previous peaks for wireless backhaul (fronthaul->front haul) and where you stand now relative to those
however i would note that while were pleased with the strong fourth quarter civil margin we dont expect a 15 margin to be the norm at least not yet
and interestingly the new york times (ran->read) an article about how renewables are not bringing the world much closer to achieving climate goals
and as you know brazil has been one of the weaker points for us as a company and i think it (can->could) be a catalyst i think (its->it) and most importantly (is they->if it) came in
as tony stated before (were->we are) usually the first ones through the door to initiate discussions to purchase an asset which isnt actually for sale
and highspeed rail with all its problems and delays continues to promise to be a very successful project
and in brazil we introduced a red fruits flavor of our (collagen->college and) beauty booster and it was met with a lot of excitement when we announced it at our sales event in september
i do allow them to bill their legal and support (costs->cost) for ongoing (unbilleds->unbills) against it but
as well as favorable adjustments associated with the closeout of a courthouse project in california and progress (towards->toward) completion on a health care project also in california
and we again are just weve got basically 2 people (at->in) the company negotiating most of these big deals and have a lot of other things to do at (*->the) yearend and beginning of the year
i strongly believe vance has the (capability->capabilities) to lead the company into its next phase and i will support him through the management transition
thats producing this and so we feel pretty good about our capabilities in the market coming together and continued growth in that end market
france outperformed its peer group on the top line and continued to benefit from its senior sales team efficient operations
then we want to also grow and that is capital consuming and i mean we have been able to grow
on lumber and then the kind of cost allocation process that takes place as you incur essentially higher
a bunch of deals that (repriced->reprice) on january 1 we have we dont believe in set deadlines and we will continue to grant extensions if we think the conversations are going in the right way
we are told that gray was selected to join this (firstever->first ever) dinner of its kind at the white house because of our companys commitment to local news
in terms (of->*) and i also think that the sense is that by the 3 major players continuing
our lodging results for the first for the fiscal quarter were also very encouraging with both occupancy and rate increases compared to the prior year
this quarter we launched the first flavor expansion of our topselling personalized protein powder in a flavor called mixed fruit in mexico
in addition to a lot of prepared comments that we have whats most exciting is that youre going to have the opportunity to interact with almost 20 different executives and distributors
we spent the last (*->few) years developing a portfolio of disruptive products and technologies to service these targeted areas of secular growth
with volume increasing 19 compared to the third quarter of 2017 building on the positive trends we experienced during the first half of the year
single ott platform with every single one of our channels because we are not prepared to be giving our signals away or subsidizing
in management services we delivered strong results led by our leading capabilities in the markets with high barriers to entry and our diverse portfolio of projects
to be clear we are not seeing anything indicating this in our portfolio today we just know from experience to be mindful of the scenario
was direct cost related to the manufacturing and production side so that goes through cogs more so theres a couple of
the joint venture operating agreement is the last remaining agreement that needs to be signed to complete our joint venture arrangement with areva inc
comparing our (pay->paid) plans to a peer group determined by the consulting firm to have attributes that were similar to us
in addition to our strong operating results in the quarter we also continue to focus on our capital structure as a means to increase value to shareholders
even regardless of the margins entailed within (them and->*) alex if i could just add i think you understand this but our accounting positions were
right you (used to->could) give us a number of accounts and then it seemed like (it->its) sort of flatlined a little bit but given some of these recent initiatives it would seem like that could have accelerated
the outer circle represents high visibility line of sight to future projects and is filled with signed mous and lois related to future projects and phases
this achievement is (one->1) quarter ahead of our internal target as we benefited from continued and further progress in selling price realization and strong cost management during the quarter
at sitc we presented new data in a mouse melanoma model providing evidence that these neoantigenspecific inhibitory responses could be (tumorpromoting->tumor promoting)
as mentioned previously overall power outage severity declined significantly when compared to the prior year as there were no major outage events for the third consecutive year and the baseline level of outage activity also (continues->continued) to decline
so the high level of interest among anesthesiologists is not surprising with clinicians very eager for pediatric patients to be included in the exparel label to that end
got it and then just in terms of the lower revenue guidance lower margins how should we think about the weather impact versus the impact of the higher competition and the higher cost
(were->we are) now seeing the benefits of our bifurcation strategy with modular solutions gaining momentum and our industrial services business showing signs of improvement modular solutions
with regards to aboriginal housing initiatives the federal governments commitment to improving aboriginal housing across this country as we move through the end of the decade remains a federal priority
to every single tumor mutation using that information we identify both the neoantigens against which we want to amplify and concentrate immune responses
this is a normal part of our business but the timing is not something we can plan for and it does create a high base of comparison for us next year
we are starting to realize some significant wins including the recent completion of our fasttracked innovated modular constructed hotel property located in (revelstoke->revelsoke) british columbia
so would you let us know if the study continues as a result of the interim analysis of course (we will->well) find out if the study stops but would you issue a press release
this is a key advantage as the literature indicates that performing hip fracture surgery within 24 hours of injury is associated with better functional outcomes along with lower complications and mortality
accordingly we are taking what we believe to be a cautious approach to our 2016 outlook for shipments (in->of) mobile products as we evaluate the further impact of lower energy prices on the demand for capital equipment
despite the overall softness in the (bismarck->bid spec) construction market for industrial (gensets->genset) this outperformance gives us confidence that we are executing on a key portion of our powering ahead strategy of gaining industrial market share
our whole team has handled this professionally and the value is beyond what i expected in terms of coaching and insights (gain->gained) additionally with the replacement cycle of our tractors jason mentioned
and so we think that having the ability to bill for exparel even in an environment where it is currently the standard of care is going to really accelerate
i feel like youve said in the past youve said you have pretty good visibility on whats going on in the marine business so is the strength there going to be sustainable
has there been any movement in terms of new construction in las vegas except for some of these peripheral things like the convention center and stadium and whatnot
were the most aggressive in trying to hold our customers accountable for us to recover our margins we provide a lot of value to our customers a lot of new technology
as well as what we call inhibitory neoantigens that appear to suppress immune responses broadly and therefore we wish to direct the immune system away from them
first given the excellent safety profile and flexibility of our (depofoam->depoform) platform we are advancing a development plan for intrathecal delivery of nonopioid analgesics for acute and chronic pain
we expect our sales volumes in the automotive oem business to be stronger in the second half of the year based on recently implemented stimulus and easier comparisons to the prior year
and were just getting started the quarter was not a spot market play but rather an intentional and concerted acceptance of commitments with existing customers to meet their needs in the quarter
and ill come back with the outlook for the rest of 2017 scott thanks (rob->rod) ill walk through our results for the second quarter in aggregate and then briefly comment on each of our major business lines
finally horizon north recently made the decision to move all of its manufacturing and production from the (okanagan->okanagon) falls facility to our mt (paul->pal) which is in (kamloops->kamboos) manufacturing facility
i mean what we have said very consistently is we think it takes our team 2 full bid cycles to make this our network and so we are just now implementing
so youre right weve had one of these several (*->years) ago but (we are->were) again going back and reinforcing all of our fire safety protection systems on all our facilities worldwide
we continue to hear exparel success stories from physicians who are using an (opioidminimization->opioid minimization) strategy as a catalyst to shift both large and small procedures to the ambulatory setting
starting this fiscal year we stopped using categories to classify products into strategic and others instead the only category we have is promoted
the automotive oem business made good progress in implementing selling price increases realizing sequentially higher price in each major region of the (world->*)
and so its a lot of dating its a lot of allowing them to understand what we have to offer versus where they are today
in the first quarter we anticipate that trend line continuing the second quarter as well as the back half of the year comex (and->*)
and we plan to install those because these are the ready ones and we feel that we can have a quicker turnaround on these vessels
but it wont happen overnight and we dont expect to begin seeing the (impacts->impact) of these strategies before the first quarter of next year
competitors are getting as aggressive as we are if they do that then we would expect to see some of that volume flow back right now its more important for us to get price
the wettest january and february around but as we always tell our operating teams we have to be able to function because somewhere else in the world you get good (weather->weathers)
very high so if you look at most of our suppliers i wont name names you can do it yourself but theyve had a very good run the last few years (*->so)
at this point i am happy to report that we have completed the organizational restructuring we have some merchants still transitioning but for all intents and purposes we are complete
this plan includes the purchase of the thunder spirit wind farm expansion project along with development and design of a large (combined cycle->combinedcycle) natural gasfired facility
what is the right price to pay and how does that impact their shareholders and so i would say different people have different answers
second we remain on track with our sunrise program with a strong foundation laid in the first year we are pleased to see benefits reflected this quarter that (aligned->align) with our expectations
they have clearly been moved by all of the letters and all of the testimonies that were sent in during (the->*)
for countries across the world and we think that having the distribution footprint through pramac and allowing us to take those natural gas (gen sets->gensets) into that distribution footprint
so just because (the->of) markets coming down the good thing about that is the purchase (markets->market is) going up and if we get our part of that purchase market then we should be okay
the sales reps or the service reps in the field tell us were missing and if we can buy it quicker and cheaper than we can build it well definitely run that through the capital lens and determine whether or not we (should go->sque) after it
please turn to slide 12 i also would like to provide an update on our (sandpiper->sand piper) project earlier this year we received written orders from the minnesota public utility commission
and make sure were getting in at the right entry point im not saying you cant make money ive done it (*->and) but you better be sure that youre getting in and then you better make sure if youre doing it in a big deal
i would like to close this presentation by expressing how appreciative i am for the outstanding work of all the employees of both swift and knight
with multiple highquality markets connected to our system shippers have enhanced flexibility to reroute their monthly volume nominations to alternate delivery points should a market disruption occur like a refinery outage
we recognize that all of our customers have a choice but so do all the customers served by our competitors our retail team thrives on serving customers and competing every day
higher volume activity (at->if) the sponsor is expected to drive meaningful growth opportunities for lmrk the acquisition market for our 3 segments remains very attractive
nevertheless the electricity market structure in ercot is in our view the most constructive for retail competition particularly those with a strong set of capabilities
having our shares listed on a major exchange was a key priority for vistra after emerging from bankruptcy and we are very pleased to (upheave->achieve) the uplisting in line with the time line (weve->we) previously communicated
its going to pretty much (burnout->burn out) and i dont think we really anticipate a whole lot next year unless we see rates (take an->taken) about (face->pace) which i dont think any of us think it will so
what is likely to happen is (is->*) that thing will equilibrate rather quickly in that part of the world because it can move north (south east->southeast) and west
and i want swift to be the best swift that it can be as a result we expect little to no change for customer and driverfacing activities
improving safety and service developing (high quality->highquality) drivers and reducing our cost per mile and cost per transaction
theres no question in our mind that chinese buyers are going to be the big swing factor in the gold market and we (wanted->want it) to be first and we were first
is there a target you have in mind how much do you think you can improve given the efforts youre taking on or any color you can give from that perspective
that resulted from the mild weather in the quarter but the impact of the lower volumes was partially offset by (txu->txq) energys strong margin management and the customer (account->count) performance
kind of have more prolific (benchmarked->benchmark) products have had to react and i do think in general the trend on fees is down but its not going to be a major thing for us
a (risk slide->riskslide) tool to help customers quantify and visualize the impact of market events income tools to seamlessly add options (for->to) stock positions in one click
(*->at our) history in the past to kind of see our track record on cost and our track record on how much of a loaded rate per mile is able to drop to the bottom line
we are now focused on completing the trial with highquality data sets and in preparing for our submission to the fda so that we can file as rapidly as possible
at that facility we had always known that it would be a difficult market in all likelihood when those contracts rolled off but its (proving->proven) to be even more difficult
the things that we put on the wall here to make sure that our entire team from top to bottom is aligned to those growth goals thats all (of the->with a) view toward driving shareholder value
many of which are looking for a to enter into a contract for (*->the) solar products directly with someone who actually owns the project
except to the extent required by law we expressly disclaim any obligation to update earlier statements as a result of new information and now i would like to hand the presentation over to jeremy ford
at levels that tca historically wouldnt participate right so call it in the hundreds of millions of dollars rather than the tens to (a hundred->100) million in terms of players a lot of that has to do with
and superior returns for our shareholders i look forward to our third quarter call this fall when (well->we will) share the boards assessment of our progress and discuss our goforward objectives
these are some of the major factors of why we expect continued high utilization rates on our lakehead and north dakota systems which source their volumes from the western canada and bakken areas respectively
its being able to use our retail brokerage to really go out and get into that market space get in front of these stock plan participants early and often
moving forward to our natural gas business we expect a decline in overall system volumes through 2016 as our system outlook is affected by reduced drilling from producers in and around our assets
theres no question that we will provide a higher level of service if we are less committed
but i will go back to say this i think we did this to ourselves and we created that situation i still think you can be successful as a public market company
so im just wondering its nice growth but does there come a point where you want to slow mortgage fees down just because they get to be too big of a percentage of
to be able to start entertaining the discussion with (agents->*) agencies or at least knowing what we need to do in the next step to bring home a definitive answer in the (nephrotic->fraudic) fsgs so
we continue to successfully execute on our growth drivers and deliver the high level of profitability weve seen since completing our initial public offering last summer
to the commencement of the certificate of need and route permit processes we continue to review the impact of the orders on the project schedule and cost estimates
contained in the press release that we issued yesterday afternoon as well as in our filings with the sec in addition some comparisons will refer to nongaap measures
our value creation journey from scientific discovery to setting new standards of care in modern medicine is taking a huge and next step forward
with respect to the exceptional diamonds when comparing the current quarterly results to q2 2017 we sold a smaller volume at a lower average price
despite the best efforts of both parties to resolve these issues (we have->weve) agreed that the best course of action is to terminate the existing mining contract as of december 31 this year
sure so those assets are what i would say are the traditional wireless and outdoor advertising (assets->asset) so
its just a smaller market so any kind of addition to it can move that but more importantly i believe that what they did to the capacity market
are very keen (*->though) to see all of the (analysis->analyses) that were prespecified because all of those relate to the total burden of disease
so none of those products are (benchmarked->benchmark) products that people can get elsewhere for lower fees ive maintained from the start that based on
we originally expecting to have these acquisitions close in the beginning of december time frame and now it looks like theyre going to start closing in march so
i looked at the operating earnings in the quarter as well and heres what i see when i (looked->look) at the core performance for the bank
produce with the resources we have available as youve probably also seen when you had a look at our
mix of business maybe should be shifting more to (the->*) international side how should we think about that
i would say internally in terms of all our execution on our projects were on track theres no issues
we continue to expect low to midsingledigit growth for this franchise in the second half of the year
so and obviously we experienced (a->*) very volatile interest rate market
the first risk was the sales force in the css segment and the integration and our significant
(your->a year) balance of foreign cash as a percent of total cash how does that come into the consideration
delivering higher revenues (and->in) functional currency and leveraging a reduced fixed cost base from their transformation initiatives
before we begin id like to remind you that various remarks that we make on this call that are not historical including those about
thank you for joining us this morning that concludes our conference call a replay of the call will be available for a limited time on our website later today
(*->as) obviously weve been putting on those forward contracts into a falling oil price market so that will be
we continue to pursue our strategy to diversify and grow the business through a disciplined acquisition program
the breadth of capabilities that we bring to bear when were investing is the most important aspect of making a decision
or for this year we do not anticipate any significant change
but at this point in time i think this is the right way to think about the numbers and again our approach has been to be
so the comparison is somewhat difficult nevertheless leasing was strong in both years one other thing to consider
our expanded and comprehensive portfolios will provide us with additional opportunities for enterprise contracts
just trying to get a sense of oneoffs that we should anticipate in the first combined year of the show early next year
money in that range so we have 2 things that we need to weigh
which is (cigalites->sigalite) but drops off as the consumer moves through what we call the product continuum
and the money that we were spending in global ecommerce (that->*) gave us very little return will be able to (*->be) realigned (to->and profitable)
and counting on the improved revenue drivers and to be much more back on target
and then obviously last time we talked about other ways that we would see pushing that forward and that would be
this can be attributed to the high order backlog in germany and poland and the extremely good weather in this region
now finally with respect to realizations while volatility can make for more difficult execution
efforts for now have not yielded an improvement in sales because obviously this
(*->the) second quarter and so the second half now is about a stable organization thats (welltrained->well trained)
(and->*) getting all the regulatory approvals that are necessary so i dont think we have any more color that we can provide other than we did at the last conference call
all of these major projects of oms are now being delivered so how do you
which enables a greater and more strict selection of the projects for which bids are to be made
strategy here with this consolidated market we feel like its going to be kind of a regular part of our business
so right now i do not anticipate any further (grow->growth) i mean
in coming weeks we will determine targeted tenors currencies and amounts to optimize this acquisition requirement
the main instrument i guess that well be using is the restructuring
we also launched 2 new shows in the period an east coast active collective event
and we have seen a significant increase in the number of short stays over the summer
an individual as you know was hired in the (*->may) late may june period and the first task was for south africa
i think it is fair enough that the customer must understand that we cannot take lossmaking (project->projects) just to keep (him->an)
just wondering if you can share any lessons learned and what goes into your decision to discontinue the show going forward
we should take advantage of this improvement in germany in the future
on both of those and we feel good about what that means for meeting our objectives for the second quarter
the global lp community ranging from sovereign wealth funds to retirement systems to high net worth investors
more efficient local organizations and local synergies as you can see on this slide
continuing to deliver more gold than the reserve model suggested
thats a very good question diego we have no restrictions
so i think the potential for additional (work force->workforce)
(*->right) i think the difference would be we knew that there was the potential for some weakness in the market we could see what was happening to everybody else
cards and capital markets and international banking service fees all contributed to that growth
we believe this weakness is temporary and the leadership team in that business has seen similar cycles in the past
as well as the recognition of project improvements associated with a couple of projects nearing completion
well thank you operator and thank you everyone for participating we look forward to speaking with you again next quarter
which enables us to better understand how our employees
as i mentioned is we see a lot of the independent guys going to (leave->weave)
the industry there is experiencing a shortage of qualified staff of construction material
significantly extend the maturity profile achieve more favorable terms and increase the revolver commitments
lie in those agreements and when i guess when will you be at a point to
in fact what we want to do when the yields are very high
and what we find is the work generally pushes out and thats a little bit of what were seeing in the marketplace today
as we executed work over the course of the first quarter we worked down that advanced (billing->filling) position
its worth spending a few moments on the new government in tanzania
and while many share with us the excitement of what genomic medicine can do for individuals and broader health care alike
volume continued to increase across all clinical areas including reproductive health in the first quarter
with the right type of engineering on (the->*) existing products the higher margins on the new products
product that we should probably talk about i mean (there has->theres) been a lot of product in the channel for a while
we are not seeing fewer participants in the bicycling space so we dont think its a
and we even saw growth despite the escondida (slow down->slowdown) so you can see some trucks going back to work and i think we
representing the smaller electronic cigarette company groups
on the whole we are off to a solid start and our focus is on advancing our strategic priorities
thank you for standing by this is the conference operator
those types of variables and based on these factors we (rankordered->rank order) the countries by size of the opportunity
in chile we are seeing a modest improvement in product support activity across the various market segments
later this year to further strengthen our balance sheet ill now turn the time back to (mauk->malc) for questions
performance on the platform remains consistently strong with fund appreciation of 4 in the quarter
and they intend to be largely private clouds because they think they (had->have) the scale and capability to do that
this vision has been the focus of our employees and has led to our current operating strength
as our average daily population of offenders from california actually increased by about 100 offenders
we havent yet managed to get it to a profitable position but that is our goal
and then in the second half of the year i think certainly we can expect that well have a stable business
i could not be more excited about leading servicenow into our next phase of growth
our games segment continues to build upon the operational achievements we realized
therefore we are now projecting consistent populations from california through the end of the year
(*->that) please turn to slide 14 we also want to tell you about our new corporate headquarters
but weve really come to appreciate here in the last 12 months there is a lot of old antiquated facilities out there
across the country so it was more in line with that than it was hunting for additional partners
we worked with ice to adjust the contract to make the unused capacity available to other partners
might have edged out a bit were not we think we have the leading restructuring group on the street
taking that opportunity to the next level after having made some of these investments and kind of getting things kind of in place
relief that tax reform is here and excitement about a more favorable investment
our ongoing strategy work continues to emphasize the vast opportunities in our pharmaceutical business
then you can have a soft (profiting->cost sitting) on the merchant so anything that happens in the physical store
salaries and benefits and other real estate expenses account for most of the change in each period
a warehouse full of inventory across all (the->*) categories just sitting there i mean
provide our gaming customers with tremendous operational and cash efficiency
how does it work with each other and what is the additional benefit that you get because of this framework
spot cases here and there of having to take some pricing actions but the broad
new customers and we just think over time thats going to become a bigger and bigger piece of our business as our installed base gets bigger
those people that already have our products and know the reliability of our products
now before i turn the call over to dave id like to briefly discuss last weeks announcement
as of the beginning of august all aspects of proposition 57 were in effect
may be considered forwardlooking statements within the meaning of the private securities litigation reform act
and our response to hurricane irma in september that affected portions of florida and georgia
and then in the second half of next year i expect that well start to see a more normalized
our investment in credit risk and our investment in collections and those activities is
well the one thing (id->i) just offer as a quick (passing->pass and) comment on that is that
although we continue to pursue a number of attractive investment opportunities specifically in the reentry space
honestly it was kind of a nice surprise coming out of the fourth quarter and hopefully continues to be
we anticipate raw material (costs->cost) could further increase in the first quarter
it is always a little bit choppy especially when youre talking about large projects
i think the investments weve been making to if you will put these capabilities
all of these market trends point to customer needs that can be well served by waters core technologies
our guidance regarding capital allocation assumes continuation of our share repurchase program
and while servicenow has (done->got) a nice start with our service portal theres ample opportunity
i know the fundamental challenge or issue were trying to address which is how do you help an enterprise
looking ahead we anticipate refinancing 2 commercial mortgages as part of a transaction
address existing customers with those new products and hope to be able to sell into
maybe it is related to the nim contraction and if we will see
on higher organic sales favorable mix and the lower effective tax rate
new accounting rules will require publicly traded companies to capitalize leases on their balance sheet as debt
as part of our new office project we will implement a major accounting technology upgrade
were pretty comfortable where were getting to now and in the knowledge of the ore body (now->*)
but in no way are we satisfied (theres->there is) still more work to do and we are dedicated to making this happen
and achieve scale by offering it at a very exciting price to customers
as you can see from the (www graphs->ww graph)
but i also think a better mix is helping to drive that forward longer term so (at->*)
right thank you very much everybody if you have anything else which youd like to
but we have a target to get those costs our first stop
have them interact for years with all their (with->*) people around the globe
last year we introduced our atm services into canada
so if (you->we) had to take a view that other than what we have
this new technology will automatically connect our accounting pos and banking systems
well when we roll out a product we roll that product out in all markets so were not
it also can assist them in capturing more data about their (patrons->patron) spending habits
company that did not was not able to use international tax systems to defer tax
and the reason for that is all the things greg just articulated i mean in addition to
over multiple economic cycles and governmental administrations that will span the 10year term of the notes
companies as they continue to place automation within their operations so
the strength of our platform provides customers with a full range of service options
we have implemented the provisions of the accounting standard under the modified retrospective method (the->*)
each of these services are offered on the cloud in other words
behind the scenes somebody could be thinking that way but we dont see it as a dominant factor
stemming from actions we are taking to shape the business for our longterm success
(is->*) sort of an achievable aspiration given the areas of the business where you want to continue to invest
this category and i think the reason i mention all that is if you take that blueprint
coincidence on timing than anything else that some of the bigger deals have happened when they have
we will be reporting nongaap adjusted revenue and related measures for the (prioryear->prior year) periods
at a processing value level so the company earns
this doesnt mean we wouldnt do so at this time but again there would have to be a compelling reason to do so
(*->theres) no incremental desire to get something done quick before rates go up too much (more->*)
and the growth of approximately 100 trial units also set another record at the end of the first quarter
or is there a big opportunity to get more (process oriented->processoriented) in terms of how you go to market just
subsequent to the end of the third quarter we completed the acquisition of
but thats obviously not the point if youre in the game for the long term
environment as far as we see in our legacy business in europe has
below what weve been planning (*->right) in the year and again reflecting
where we segmented our sales force between commercial and enterprise but we further segmented it
we do not plan to update predictions regarding possible future income statement results
teach them how you want them (*->approach) to approach clients teach them your culture
as we work through the fourth quarter and into the first half of next year
we are comparing (result->results) on a sequential basis in some places of our presentation today
and more about excuse me how were going to bring the categories to life so
and then the third one is whether this is right or wrong its just very difficult to be in this space without having a brand (really->rooted) in a traditional university in a traditional campus thats rooted in a physical location
content whether that be hundreds of thousands of books or millions of articles and the growth of our content library is the fundamental strategy that we have in that business then what you need to do with that content library as you build it
thats why we believe that it may be in the late second quarter or early in the third quarter that we may actually have this export license move through the process but it is not something that is new
continuing to grow the predictable and recurring revenues and taking our spot revenues as a proportion of our mix down and improving the operating leverage in the business to give us scale where we want to add we can add effectively and get the benefit from it
and other customers for additional orders that would provide visibility into 2020 in the year ahead were very focused on execution to drive sustainable longterm growth and improvement in our operating results
so its a good question we looked at that yesterday and its a hard path for sure but the question is do we (really->*) is that really even though we (provided->prided) the guidance and we dont like backing off of guidance as i just talked about previously
we took certain actions to address our internal lead flows that we believe will help drive a reacceleration next year and we are pleased to see positive signs of this working this quarter with doubledigit bookings growth and solid doubledigit new logo growth
of the renewed momentum within our sales force following fiscal 2017 we were also pleased to see our new logo strategy continue to show results with doubledigit new client growth this quarter and nearly doubledigit growth for the full year
i think last year (and->*) for this you gave us some figures in terms of what the drag from energy was over a certain period i cant remember what it was i just (wondered->wonder) can you give us (sort of->*) an equivalent number in the first half what the drag from energy was (in->inn)
point in the market where we could bring in very large amounts of deposits we have found that pricing point so part of that was pricing related some upper level tiers in our money market accounts if somebody brings us a particularly
as you can see from our underlying performance in distribution they really made significant progress during the year the impact from the overall performance in particular in the fourth quarter was that they reached levels
so its kind of hard to give you a completely bullish answer because were trying to be very very disciplined but weve been very very fortunate in the last 18 months and i hope that our luck continues and that we find things that can really
and i think the biggest proxy for that for us is brand awareness in terms of understanding how successful these marketing campaigns are and as weve shared a number of times our brand awareness continues to go up
and probably most materially in terms of driving behavior and shift in performance has been the shift in the architecture of the incentive structures within the business which has pivoted more towards revenue and longterm performance and away from solely inyear profit
and if so would you like to tell us how much youre running ahead and then secondly was just on the academic business i know that the (gap->gaap) investment was never particularly skewed
(yes julian->ulian) thats (and->*) ill just put it in perspective weve had that particular item being noticeably negative on our margin for the first 3 quarters of this year and getting that to be neutral for us for the fourth quarter
over in 2019 collectively at all of the (above noted->abovenoted) projects we can count many many billions of dollars of recent current and planned capital (investments->investment) for which we will fully benefit while never receiving a cash call
our goal for the event was to outline our plans for driving sustainable longterm profitable growth and provide a deep dive into our product strategy and the actions we have been taking to accelerate our transformation initiatives
but we would only use the atm if we thought it made sense and our historical pattern has been to be very cautious on it we announced that we might do it weve gotten several inquiries from people asking us
(he->*) has been working to identify and leverage the strengths of the tool companies and service companies within actuant as part of this process (weve->we have) started combining the enerpac industrial tools and the hydratight businesses from an operating standpoint
and also in the leverage (calculations->calculation) as i said in the speech the way that works for our covenant purposes is that we use the average exchange rates for the period to translate the borrowings so you are not getting a mismatch between
i dont know if you can bucket it out at all in terms of just headwinds that you would have been facing even without tax savings reinvestment (and->*) i think there was a (callout->call out) on the arizona minimum wage would be one bucket
construction activity monthovermonth has shown steady improvement since the start of the year according to data from dodge work continues to translate funding from the fast act into activity on the ground but the impact (todate->to date) has been negligible
that tends to happen to be magnified when you already are having (a->*) very strong year and i think we had definitely a good year but as you know the first half was still (a challenge->challenged) for us and it was really in the third quarter where we really kind of picked up
all this is to say that we have generally some visibility on where retention will end up for the year but given the breadth of markets and clients that we serve certain factors can ultimately move the needle particularly the timing of larger losses
as we explained at our outlook meeting in december we are gaining penetration with leading electronics oems in china and also investing to capitalize on the rapid growth in automotive electronics
i think if we didnt have the confidence we had in the other growing improvement (at->in) the other businesses we might be a little bit more cautious on that but now that we do it feels to us about the right time to do it so where are we investing which is probably your supplementary question
and it was a very small adjustment as you know so hopefully that gives you a little more color but itll give us more certainty going forward well know exactly how much per ton were going to (be see->receive) after we adjust for inflation so
and thats whats behind whats going on in the platform area whether it be on sales management whether it be on marketing whether it be on customer management and whether it be on what you deliver to your customers either at the event before the event or after the event
when we started on this program we i think for good reason (prioritized->prioritize) what i would describe what i described at the beginning of the presentation as (a->*) renovation both of the portfolio and the product
but were not finished our culture of identifying ways to simplify and (streamline->stream) is firmly established around the company (and->*) we plan to deliver continuous improvement in operational
and you have (lower cost->lowercost) credit facility capacity available to leverage up to your target to generate a higher return for shareholders why wouldnt you do that first and then discuss
but youre continuing to push price increases here at the end of the year so is there a scenario where you could actually be positive on price cost next year is that a fair way to think about (it->*)
we are fully committed to continuing to achieve positive operating leverage we have 3 years behind us in our effort to materially improve profitability and grow earnings we remain committed to further improvement and simplification of our operational processes
our attention to service and our commitment to delivering (*->an) outstanding guest experience will continue to be the hallmarks of our company and the focus of our efforts
as such we expect (the->*) future quarters to show continued margin gains compared to last year but likely at a lower rate of improvement than realized this quarter
we also benefited from the investment and efficiency efforts of the past 18 months which (includes->include) inventory freight
the record high was fueled by performance (at->of) product line extensions introduced earlier in the year as well as expanded product access points
we think that that will continue to be continue to show weakness going into 16 but i should point out that is not a significant part of our commercial business
that the size of that business and the overhead associated with it is significant enough to be a headwind where it would create a loss for us
contributions from highermargin projects added to backlog over the past year are now beginning to have a positive impact on the specialty segments operating results
todays discussion may include certain forwardlooking statements it should be understood that actual results could differ materially from those projected
but based on what the utilities are telling us and based on what were seeing in the development of our fuel were expecting to bring
i think we were able to drive i think with our season pass sales being so strong when we acquired the resort i think we were able to drive obviously a big
were falling back on a chipset business it actually allows with our supply chain partners a better cost structure to our (tosa->toesa) customers
we actually think weve achieved a very unique public record database now and so were helping (to->it) displace our external vendors for title right now
capital and does that mean from a dividend or capital distribution point of view you would be at least
before i turn over the call to john id like to remind everyone that managements prepared remarks and answers to your questions contain forwardlooking statements
and we are pursuing large opportunities in the aviation and health care sectors which we anticipate will add to our visibility as the year progresses
this presentation is based on our current expectations and involve certain risks and uncertainties that may cause actual results to differ significantly from such estimates
the federal transportation bill the first time in 10 years that weve had a longterm bill and then the private sector that is
ms we have very significant margins in that sector but our second half will probably exceed our expectations relative to what we
weve now received the volume production orders if you remember i was talking about they had to go through a sequence of preproduction builds and so
and they believe that they have (vet->vetted) it thoroughly in technical space so between ourselves and areva we are quite confident that the fuel is going to work
as we discussed on our last call we continue our focus on the implementation of the new integrated mortgage disclosure rule
in that arena and quite frankly our downturn has not been quite as bad as some of our competitors that were seeing so
and close them and dramatically reduce the (unbilleds->unbilled) it cant continue to go up i couldnt agree more
to offset what we view what we know is going to be a hole for us for the full year relative to our original guidance so
in conclusion industrial had an exceptional first half of the year and remains well positioned for continued success
in an industry where nobodys left i keep saying it but the truth is in the pudding we have now got 3 straight
i think that the (pass->past) is becoming more and more of (*->a) value opportunity for people as they have more and more choices in terms of where to go so (the->*)
being flat to a little bit down for the balance of the year when do you guys think its likely to inflect and begin to track up as you look forward
canopy tours i think that (exist->exists) certainly anywhere in the mountain and so were confident that that will drive its own profitability and more visitation
as more of these transactions close throughout the fourth quarter well have a better assessment on the overall impact of the new disclosure rule
its probably premature to make those calls right now again the (rule->rural) is (brandnew->brand new) we really wont see the full impact of it
ill conclude todays prepared comments by providing an update on key business developments related to our longterm secular growth drivers
across our markets in the americas we are also encouraged by an increasing pipeline of projects utilizing alternative delivery models
what type of money are you going to get from them so you dont have to dilute the stock anymore
and then the second thing is were going to (get->continue) to build out some products and services for our lender (basis->bases) but it will be more of a moderate growth over the next year or so
the volume point growth was again very (broad based->broadbased) including doubledigit growth in 4 of our top 5 markets for the second quarter in a row
when we go into the next down cycle or downturn in the economy that you think that
that we are and the great thing about the country we have is that different parts of it can enact different rules that meet what their population wants to see happen so
i would like to thank all of our employees for their passion hard work and commitment to our organization which (has->as) always (lied->lies) at the center of our success
were happy to report that all of our employees in the region were safely evacuated and are ready to start the rebuilding effort when it is safe to do so
the details of how it will be operated and what the performance requirements are going to be they dont have to worry about the revenue side of it its just a fixed payment
the demand by utilities for license amendments of this kind is fairly well known
this is the strongest bidding activity that ive seen in my 5 years at macom on top of this groundswell of activity
from the acceleration of a cost recovery on federal contract pension entitlement that (have->had) resulted from harmonizing our benefits programs
we are returning capital to shareholders through our quarterly dividend and are focused on driving performance and longterm value
last quarter we received volume production orders for 3 gan programs that i had referred to in previous calls
the strong margin improvement in overall dcs and in ms and the enhanced pipeline of opportunities across our diverse end markets
importantly our pipeline reflects our leading position in existing markets as well as our ability to extend our capabilities into new markets
or to sell them together offering more flavor variety at a comparable price to our normal 30 serving size individual flavors
with the objective of when we launch (*->it) to everybody we know it works well right we dont want to i think the worst thing we can do with (the->this) new tool
expert real estate evaluations of our future disposition of these properties along with accounting for (our->*) experiencing (and->in) exiting our first 35 retail outlets
today we announced 3 binding agreements with areva np these contracts form the foundation for
to expand our product offering to the larger wellness consumer category we continued the expansion of our premium select line during the quarter
in recognition of the (above market->abovemarket) growth we are generating our management team is driving improved execution
while certain contingencies remain as of this time we do not believe there are any further material costs associated with the exit of these operations
well we compete market by market and were going to be competitive in every market were in as david said looking to provide the value on the ground
my interpretation is what they announced leads me to believe that there (mightve->might have) been a bad actor that made a bad transaction to the bad guys
either orders or 3 customers that you have that have given (you productiontype->your production type) orders would you clarify what you mean by that
british columbia the midwest and new york and also due to the timing of when new projects will begin to burn revenue of any significance
we have opened up one new branch during the quarter and have appointed also 2 new branch managers for new openings
some others across the industry but just want to make sure we understand just mechanically the right way to think about it between how you contract out
financing charges the amortization of intangible assets and financial impacts associated with expected and actual dispositions of noncore businesses and assets unless otherwise noted
and as discussed previously we have been anticipating operating margins to gradually increase with the new work that we have been awarded over (*->the) last year and this is beginning to be reflected in our results
they step up so its just a continuing (travail->trail) that we think in the long run will turn out well but in the short run
we are seeing very solid growth in our colorado and utah markets which benefit from the value of the pass and the strong underlying economies in both areas
yes (i would->*) again back to australia in terms of (*->the) what i would say is we feel like australia is now the indicators are positioning it as the strongest international market
historically we had recorded the costs associated with operating our distribution centers as well as the costs of our purchasing and product development teams as a component of cost of goods sold
results in northern california are in line with unit sales last year a result that continues to validate the customer loyalty and value proposition (of->that) our (pass->pas) products offer
tomorrow youll have the opportunity to hear more about our plans to grow the company including management presentations panel discussions featuring some of our distributors and executives
which are subject to certain risks and uncertainties because actual results may differ materially from those discussed today macom claims (the->a) protection of the safe harbor for forwardlooking statements
i would expect that as those tenders the second half of the year would probably be back in a healthy state i think june is probably a transitional quarter for that
beginning in emea we had strong wins across the region and while the middle east is experiencing a slowdown we delivered profitability in line with our expectations
on an annual basis we now expect civil operating margins to be at the upper end of the 10 to 12 margin range that we have historically seen in civil group if not slightly higher
while we have continued to deliver strong growth in the new york area nearly half of this years building construction profits are expected to come from outside of new york
fairly confident that organic growth would come back to the business in the latter half of the year based on what (we->*) were seeing in the market based on wins based on backlog and
weve got execution to do on the real estate and we have a track record of executing quite well weve taken out (205->25) locations and consolidated them
so now we do not set prices centrally in the bank meaning that that is left to the branch offices to do
and i just want to understand kind of what the offset was (because->and) it sounds like cost pressures are actually rather benign could you help us think through that a little bit
and while these events are incredibly motivating as a whole its the individual stories we hear that inspire us and confirm were living our purpose to make this world healthier and happier
which were basically done like well always be tweaking our teams and our leadership teams but the actual integration is over from that perspective so
that said we were told to expect after chinese new year that the (china the->*) carriers would begin issuing tenders and awarding business
barry brings extensive ecommerce and distribution knowledge to our board and will be a valuable addition to the company as we continue to execute on our strategic plan
theres never been an instance in my 50 years of consequence that the federal government ever clawed back or was able to claw back committed funds
many of our investments are maturing and as we go forward earnings and cash flow from our portfolio of projects will be a more significant contributor to our financial results
we have not accepted those because it does not meet our (expectations->expectation) and one of the concerns and probably the only real concern i have
but these trends are more than offset by strength in domestic bookings and we dont expect currency challenges to have a material impact on our results relative to our guidance
well i mean the future star promotion is intended to give some economics to newer distributors in china
also by way of history we dont price (based->base) off currency we price (based->base) off inflation (and->on) what the consumer is seeing locally on similar products i think pricing off of currency is a
and then resume more normalized growth through coming quarters in 2018 a couple of other things id like to note before moving on to data centers
so in summary standing in stark contrast (for->to) the cyclical challenges that we (have->had) to navigate during the past year the tide seems to have turned
in a way we try to achieve a business model and run a business model that is macro independent in a way meaning that (*->the) changes in interest rates
thank you larry i will address our segment financial performance in more detail as mentioned previously my comments will be primarily directed to nongaap results
within markets different customer segments have been coming into the housing equation at different times i think coming out of the last downturn we saw more of the (move up->moveup) buyers
next i will provide some details on the more significant projects that contributed to our fourth quarter results beginning with the civil segment
and we expect that margin to increase as frankly we raise our margins given the lack of competition
with (the->*) yes no commitment on any given quarter what we will do but id say a broad commitment that were constantly looking at return of capital (is->as) being an important part of
what kind of level of growth are you looking for are you concerned about that country kind of like mexico a year ago when it sustained earthquakes
actually i think the first question around lumber and i appreciate that you guys have the purchasing power to negotiate much better deals than
thanks troy please turn to slide 13 we are pleased with the progress of our business particularly the swing to organic growth in the americas dcs business
where do you think we are in the housing cycle and which of these various metrics or things to look at do you think are the best gauge
been a bit better than probably what we would have expected in terms of the weather but again still very early colorado and utah i would say are very much in line
as well as excluding certain recurring and nonrecurring adjustments (for->from) comparable gaap measures investors have an additional meaningful measurement of the companys performance
(in->and) other material costs that (we are->were) seeing as well as continued greater labor efficiencies that were getting with our production processes in our neighborhoods
after its completed we will begin the tunnel boring machine assemblies followed by the start of tunneling in january
so all in all in this period of dramatic interest rate decline the bank has been able to grow net interest income by
continues to grow with owners (and->in) locations where we have great strength with very little competition to put it bluntly
as we look across our markets several positive trends are becoming apparent first public sector funding in our americas design markets is improving
people dont realize how hard it is to contract with these complex integrated health networks
okay got it and then just one more question and i dont know if you guys can talk on this just because (its->*) kind of recently announced the navy announced that
partially offset by a slow start to the spring planting season that negatively impacted our parts and service business
any color on how much investment will be needed and what kind of margin pressure that would have and if any of that investment has already (*->been) started
not a lot different than what we saw at (manantial espejo->manantie elsebeo) through its life some of our best grades came through the open pits there as well
this trend will continue somewhat into our second quarter as we expect to experience higher inventory levels
in the quarter we did (tip->kick) in a promotion and we plan to do that on an ongoing basis but these are shortterm promotions versus
as all of these systems will be migrated to a single efficient (virtu->virtue) quality process supported by a common infrastructure
construction activity is picking up we have the inventory footprint and people resources to benefit from the current improved business climate
offerings into what we think are going to be the most attractive and interesting markets in the next upturn and i think the company is really well positioned for that (upturn yes no i->turn)
we continue to work across our supply chain to create menus with more vegan vegetarian and plantforward options
and we will be there serving them to assist them in any way we can which in some regards
as the higher levels of excess tax benefits related to the equity awards from the ipo have now been recognized
this charge represents our best estimate and the actual expense may differ from this estimate due to further refinement of our calculations
one independent reports that they have avoided incidences of stuck pipe by utilizing this system which they now use routinely
the initiative (is then->has been) communicated within the company and we will see the transition activities completed by the end of the fourth quarter
i would say the year will end up north of (8000->800) and you would have continuous growth but
though we believe customers have mostly exhausted their 2017 budgets and expect lighter bookings and flat revenues through yearend
this upgraded service covers up to (10000->100) square feet when deployed with the latest wifi technology installed by cable one business
our friends at chase have remained very supportive of the company and management and (while->the) handling of a very challenging medicare billing transition
got it and you guys have talked a little bit about sort of the security opportunity on the embedded side but i just wanted to understand like
and we expect (this->the) segment will return to a slow steady pace of improvement in 2018 as customer inventories of spare parts are depleted
is a continuous length of steel tubing typically around 2 inches in diameter and up to (30000->300) feet in length which is wound on a reel as we manufacture it
which demonstrates not only the strength of our cash generation but the efforts of our team to manage capital effectively
now clearly the mood has changed towards the end of last year and also beginning of this year
our most recent launch encompassed the downtown (quarter->corridor) of boise with early results exceeding expectations
if you have the benefit and the (bounty->bouncy) of customer information and customer orders (*->right) you can be more intelligent this is exactly what we thought
going forward virtus leading proprietary trading technology will power our expanded product and service offering
we could not be more excited about the opportunities that lie ahead now that we are operating as one company and one team
one of the reasons why we have not done much over time is that we would still
so every bid is different and every bid is very competitive so we have to stay priced sharp in order to win those bids
and recent increases in conversion rates that resulted from reengineering student onboarding processes and expanding student service hours
importantly revenue growth accelerated in the fourth quarter and our productivity initiatives continued to gain traction
again really solid performance can you just give us some details on the sources of growth either by geography or (initiatives->initiative) or products
business acumen and strategic expertise have helped cable one (evolved->evolve) into a leading broadband communications provider
and continue to be encouraged by the growth momentum so getting growth in fourth quarter
we also (continued->continue) to experience steady and strong adjusted ebitda growth and margin expansion
good housekeeping seal of approval for pipe transactions a single (joint->join) of octg pipe may be inspected several times through its life
this is a net reclassification in both years between the operating and financing sections of our cash flow statement
ill begin todays call with a business update (gerry->jerry) will review the financials and guidance and then well open it up (for->*) your questions
than anyone out there and that there will be synergies as you pointed out in your research earlier this year
new call it greenfield or expansions but also something we didnt see (*->the) last couple of years in the downturn
do you feel like the average number of resources professionals on assignment at a typical client will go up
we continue to realize the benefits of operating leverage as we grew the bottom line even faster than the top line once again this quarter
the portfolio remains extremely diverse by design with our largest tenant representing less than 3 of rent and interest
were also pleased to have been named the best employer for healthy lifestyles by the national business group on health
in addition to our investments in new stores we plan on opening our new houston distribution center late this summer
this will also help us execute a more productive (middlemarket->middle market) strategy where we see (opportunities->opportunity) for strong growth
came in at 804 million shares or approximately 1 million shares lower than in the fourth quarter last year
looking ahead we continue to see opportunities to capitalize on the rising innovation in highly engineered highperformance materials
and i feel very optimistic and very strong and confident about that but at the same time
such as those outlined in our schedule titled quarterly reconciliation of gaap to adjusted nongaap financials
good morning and thank you for holding welcome to the (conns->coms) inc conference call to discuss earnings for the fiscal quarter ended
(use->used) to rapidly pay down debt and help return the combined company to its current capital structure on a pro forma basis
despite the late spring and some dry conditions most of our customers are experiencing favorable (planting->planning) conditions in may (it->*)
we will continue to measure the results of these tests to ensure longterm benefits for customers and the company alike
our consistently strong revenue growth reflects the broadbased demand for our real estate capital solutions
entering this year and over the course of the year than we were in 2017 we feel very confident in that
a kind of a slow ramp up to that 1500 (tonnes->tons) a day as we get into those stopes we kind of want to open up
were there any specific client types that were stronger any specific types that were weaker
finally i want to thank all of our team members who deliver service excellence every day to our customers across the world
the potential of deregulation is also encouraging and could provide a significant opportunity for our financial services business
(*->of) management time to look for those (opportunity->opportunities) we know where they are but then they come up
offering business customers (to->the) freedom and flexibility of the latest cloudbased virtual pbx technology
it lacks clarity from our side please explain what the reaction from the patient community (were->would) like to this open letter
in new york were making progress on finalizing the contracts with (nyserda->nicerta) and expect to have them signed for all 3 plants in november
we also successfully completed the divestiture and deconversion of the previously disclosed 5 branch locations in columbus indiana and greensburg indiana
and the bidding pipeline is robust to a point of again testing our capacities in that arena
fortunately our processes and systems are already set up this way so this wont be a change to how weve always executed each marketing campaign
are there any concerns about the earning prospects or do you have any specific major strategic funding needs in mind
there (if->do) you have any possibility of the surplus going down before the integration because the (*->lat)
finally were keeping a watchful eye on our fixed as well as variable expenses to make sure were operating with the most efficient cost structure possible
and i mean given currency depreciation has been a constant factor for the country i mean is there any
the acceleration of origination can occur versus what would be some directly originated ones that take 3 to 4 months so you could see
thats driven by sort of distractions right like is it a good chunk of whats happening and thats what gives you confidence that it can be reversed
electronics operating income increased primarily due to higher sales resulting from the orlaco acquisition and lower material (costs->cost)
a little bit about the competitive environment and the margin youre getting on the marginal mortgage that youre adding considering how (a->*) few of them there are around right now
almost all of these investments have been originated on the back of our (relationship based->relationshipbased) network of financial sponsors and bankers
finally on page 9 we offer a number of products that improve safety and security on both passenger and commercial vehicle applications
are you willing to provide (*->it) now that youre seeing some of these headwinds play out and addressing them are you able and willing to give us
we are in the late stages we hope of recruiting a chief product officer who will be a key player in our sustainable growth strategy
our approach is rooted in the extensive study and understanding of consumer dynamics to which we then apply analytics to identify key leverage points
and third i dont want there to be any doubt we are as excited as ever to have the pinnacle family of brands in our portfolio
through expansion of digital customer bases (and->an) efficient channel strategy and improvement of working processes including management efficiency
do you see that that can sustain from here on and probably that is the cost structure with which we will be operating from now on
if the industry is in decline what do you think has been driving that and do you expect (declines->decline) to continue or is there something that will flip the industry back to (*->growth)
mainly due to contributions from the newark airport terminal 1 project and (the->a) favorable closeout adjustment on a courthouse project in california
it doesnt matter if you think if you make dollars and you get it that way but when (youre thinking->you think in) colombian (pesos->peso) it will be hard to
the increase in sales volume directly led to the increase of gross profit and increase in operating profit
looking ahead we expect improved results given we have completed the repositioning of our asia trade finance businesses
okay and then just a quick question for dave just so im clear on how this accretion guidance works and what base were talking about
mr itaya explained that because of many uncertainties annual dividend will be unchanged for now
weve operated there for over (9->90) years were very comfortable operating in the dr and we look forward to growing our business there
resources in the market just as the renewables credits are the cost of keeping resources in the market (*->and) paying for the environmental attributes
new york city has this enormous backlog (governor cuomo->or como) has stated for everyone to hear that he expects to generate
what the future commencing really now has in store the only thing that (i->by)
and our (makoto->macata) business we are building out our investment in corporate banking presence here in canada and internationally
and increasing volume from a large existing customer that has decided to extend our services into one of their other product groups
is sufficient for us to meet our return hurdles while providing a competitive edge for tcap from a product mix standpoint
the one little bit of guidance ill give you because its such a noisy thing is that orchard will more than likely turn around after the second quarter
it is harder to see with the acquisition and the disposition activity over the past year with md (jarislowsky->jaro slovk) fraser
at phi we are encouraged by the process were making although some of this success has been helped by good weather
and we will provide our initial perspective on and plans for the pinnacle business theres a lot to cover so lets jump right in
all of that is reversible but thats the kind of thing that as you can see in the data has really kind of emerged as weve gone through the course of this summer
the declines in refrigerated reflect the fact that with the exception of reddiwip we have yet to bring innovation to the marketplace
the need for infrastructure will continue the challenge is matching the timing with production growth and infrastructure growth
is it a matter of just digging into pinnacle once the deal closed and finding out some of the things that you mentioned or i guess (just->its) another way of asking
we definitely havent been through a full diet season of all channels going at the same time so its something that well be adjusting as we go through first quarter
but what we see is that still the aftermarket business on half yearly basis the number i calculated was has seen an 18 growth
to offer various weight loss solutions that work for as many people as possible weight loss is more relevant than ever
as long as we can get them from the design phase into the construction phase and generate the cost
that shows to us that we have a robust mix that can take reductions and variations in the different sectors we have going forward as (well->*)
and those are the businesses that weve got to get on stat its not going to be overnight weve got some work to do but there is not a doubt in our mind
and on top of that the pricing that we have taken is now in the marketplace and being realized particularly in the second half
let me provide some further details on sales from this quarter i will speak to our december sales results later in my remarks
weve always said that we didnt want to be in the underwriting business we (want->wanted) to be in the distribution business this is a relatively small business
i dont think there (*->are) any particular reasons to take steps the price will fluctuate in the third quarter too
so thats really the only pressure on us we continue to operate strongly in spite of the unbilled receivables
and reiterate what we believe to be our core attributes and competitive strengths butterfield is a (fullservice->full service) bank and trust company
which allows us to provide a better customer experience while improving productivity and risk management
this enlarged facility provides the company with a more streamlined ability to borrow to support our investing and operational activities
when you get into the sort of second half of conagra thats really the first half of what
these statements are based on our current plans and expectations and involve risks and uncertainties that could cause future activities and results of operations
if that effect were not in place and i would point out the way that we measure this tends to understate the impact because the way (we measure it->measured) is simply by looking at
with respect to these asset exchanges we have traded stores that were on average 27 years old for stores that are on average 7 years old
harp too much on that you guys made great progress in the first quarter you talked about the ability to flex up the container order
i think one thing thats important we focused on this year is to make sure we have a good cash flow and a solid financial situation
the short answer is this has no impact on us as part of the hbcs effort to highlight the value of its real estate
is that by having complete control of the system the enclosure the energy conversion the controllers
and we dont see we (*->dont we) cant categorize those and additionally theres a different effect that we have really no way of quantifying precisely
we have a strong offering with (unyson->unison) but there may be other transportation management companies that possibly specialize in (a->*)
what opportunities are there inside the stores that you have that you want to continue to operate that you can enhance profitability
were excited about this acquisition because it will improve the way information can be shared on project and that leads to greater productivity and predictability
during integration the team also focuses on optimizing the operation including applying our retail experience and buying power to improve profitability
we do expect to realize (dray->great) cost savings by using the best carrier from a cost and service perspective and by improving loaded miles
but in reality as you know were huge believers in the allchannel model and one of the reasons why is because the internet is a fantastic tool
maintenance this year (will->well) attenuate that a little bit but i do think weve taken a reasonably conservative view about what the production base will be obviously
and just as a reminder we continue to do all of our business through our branch network still do not accept (broker->brokered) deposits or pay a premium for large accounts
what understanding that investors probably dont maybe like it as much to spend more money on it why not throw a little bit more gas on that fire and
you write about it in the report should we expect that the sort of seasonal effects would be enhanced ie that you will have less or maybe
i think there have been very few orders which of course means that the shipyards will struggle to fill their capacity
asias reserve power organic sales in the second quarter experienced a second consecutive doubledigit decline as china tower
and i will say weve got to spend a little bit more time (with->*) the purchase accounting rules for writing up inventory to market value
rail prices up and your pricing (maybe->may be) down or how do you it still seems like its (still->a little) hard to kind of match it together unless youre (*->just) saying well (*->maybe) its a little conservative on the guidance
but erp systems continued to fill the void in terms of the whole financial planning and budgeting aspects and some of the financial aspects
see forwardlooking statements included in item 2 managements discussion and analysis of financial condition and results of operations
we should remember when we look at the operating income yes it is weaker than last year part of (the->*)
weve signed a number of confidentiality agreements with quality (costumers->customers) and are discussing material term contracts for (our->*) expansion volumes
to the extent you could kind of force rank where youre (saying->seeing) the greatest pressure from and maybe kind of characterizing it in 3 buckets one
so we see the media business as very important to us as well as to our customers and therefore we have
the profit split will be based on actual performance by these specific vessels so we cannot guide you on (and->*) if and when a profit share will materialize
the conference has now concluded thank you for attending todays presentation you may now disconnect
i would also like to extend a warm welcome to all of our new associates in germany and belgium who recently joined the hbc family
would (*->you) be looking for if you did look at truck brokerage would you look at a (mode like->modelike) model or would it be more of the company store company employee model
this quarter was a very active quarter for hbc as we continue to execute on our strategy for targeted profitable growth
our assessment platform ion continues to expand its reach both in terms of having a physical presence in every state and union territory in india
in terms of our ability to execute in that space theres an absolute change in the manufacturing market and that change favors the cloud native
that allows us to reach entirely new audiences and i could go on and on innovation in content is integral to our culture
we remain focused on proactively evaluating all assets and all transaction structures and (will->well) continue to rely on our proven process
well i will already now apologize a little bit because (my->*) im standing here with a bit of a flu
since its not contributing (the->*) your whole guide is still trending downwards i get the revenue guide
yes so i think youre actually touching on something thats important here if you look at the way (thats evolved->this evolves) in the manufacturing space
we also see entering into feed on the (pikka->peaka) unit development (*->in) alaska as being a fundamental for end of the first half this year
and these are typically the old panamaxes that are almost you (can->could) say almost being obsolete because the new vessels are so much more efficient
period and about 9 lower on a yearoveryear basis we would expect activity to pick up as we progress further into the first quarter
before i cover our consolidated financial results and capital allocation for the quarter id like to review just a few special items with you
which personifies our focus on technology and innovation and finally we are excited about the addition of alpha
in closing we were very pleased with our first quarter results even more satisfied with the successful execution of our strategy
because weve seen the challenging environment for intermodal pricing and volume and so as a result of that we lowered our bonus projection for the year
thus far in april we are down slightly in intermodal volume as a result of less demand from our clients as well as a highly competitive price environment
the focus remains on targeting customers for growth opportunities and integrating our valueadded services
but theyre all seeing increases in their material (costs->cost) so really its not affecting their ability to execute on projects relative to their competition
in order to increase exposure to markets with more attractive demographics and newer properties with higher revenue and better growth prospects
so (we are->were) early in that process and weve already started to see the cost (take outs->takeouts) so you (can->*) take the combination of the rail increases
competitor and not just them though but there is some other (asset base->assetbased) players which are being more aggressive in the market so i would say that
and the increased (costs->cost) associated with implementing the recommendations (of->in) the agreement i would expect the efficiency ratio to stay generally in this range
anything increasing in terms of (costs->cost) and so yes i think that you should assume that it should be in the
(is->our businesses) we were one of the first companies to actually look at the climate change resilience of our
but we (listened->listen) to the customers i think were doing the right thing were spending a lot more money than we had originally planned
so the capital risk will be with our manufacturing partner in that scenario but obviously
our total recurring revenues associated with both waters and ta products grew by 8 looking at our growth rates in the fourth quarter geographically and before currency translation
we reference these nongaap measures because management uses them in part to manage the business and to enhance investor understanding of the underlying trends in our business and to provide better comparability between periods in different years
look i think its one of those things that you can always be better at its one of (the->those) challenges from a continuous improvement perspective that as leaders and managers we need to make sure its that people see that data (is->as) important and critical
we saw european strength in small molecule applications and continued performance in (biopharm->biopharma) applications where we are well positioned with our targeted lcms and biopharmaceutical separation solutions
are and continue to produce continuously evolving rating algorithms generating much more granular highly segmented proprietary and predictive models
so where were seeing good returns those are areas where well continue to invest and continue to work with the customer in understanding what theyre looking for and improve their customer experience
in order to continue to minimize adjustments made to gaap for management reporting we did not adjust out this accounting change historically client reimbursements have not been significant relative to total revenues
and what was striking in the (70someodd->70somodd) conversations (that->*) i (had->have) is that in the eyes (of->*) the customer servicenow is addressing a need that the other platforms werent really designed to do
this customer is using servicewatch to not only map internal services but also map external services and theyre using customer support management to resolve the underlying issues
remember the last 10 years in finance has just changed dramatically the culture the career tracks between large institutions and the boutique and the interest in the boutique model
in our press release we have provided a table that reconciles the historical period revenues and cost of revenues as reported to the asadjusted amounts that reflect a net versus gross basis
i want to make it clear this description merely presents our vision and focus we are a single unified company and our employees and customers should understand our purpose
i think we recognize that as were moving through the rest of 18 and moving into 19 wed expect that wed still have some other inflationary pressures around wages or other things (that will->thatll) be impacting the business but we would expect that
im just curious not knowing your internal expectations where are you exceeding in terms of placements in terms of interest or breadth of interest or win rate per day just kind of curious what you mean by that
in (asiapacific->asia pacific) an improved oil and gas (*->and) mining sector combined with our enhanced commercial presence and a broader portfolio (is->in) driving doubledigit percent organic growth in the region
and the need to continually be able to drive productivity especially with those individuals that might be viewing onshoring as part of their supply chain strategy as a requirement are looking towards automation
if youre just going to automate a bad process that doesnt help anyone and so the way our clients are getting value out of our platform is not just the technology but also the opportunity to redesign
as a result of this refinancing transaction we reduced our exposure to (variablerate->variable rate) debt extended our weighted average maturity and increased the availability of borrowings under our revolving credit facility
all the merchants do not use it but when i say service its a web service so (the->*) majority of the merchants in our company use more than one web service from us
out a process solution that might be viewed as more (entry level->entrylevel) more of their first step into automation and we want to make sure that we provide that solution to that customer base
partially offsetting the increases to revenue on a yearoveryear basis was the expiration of managedonly and underperforming contracts with texas and the district of columbia
with the cios and i saw this over the last couple of weeks that you see the cios increasingly being drawn to be the almost the chief transformation officer
it is pleasing (over but->however that) on an operational side underground the mine is looking in much better shape than it has done for a very very long time
looking at product trends on a consolidated basis demand was equally strong across consumables and equipment systems suggesting solid production volumes and capital investment in a tight labor market
they understand our customers and theyre very enthusiastic about building a plan for (chek->check) that allows us to represent what they do now really really well to explore where we think theres opportunities in the market
what i would say is this is a market that our commercial guys are excited about and (theyre->they are) able to do big deals weve done a number of big deals in the commercial segment
has really struck me as very different it is repositioning the world is changing so fast in terms of where you need to be and how quickly you need to reposition to be
so im concerned about that getting worse going forward and i think that would have an effect i think china moving from the buyer to a seller is probably
however these projects are also competing with the needs in education transportation and utility infrastructure all of which are routinely prioritized over correctional infrastructure
thats all id like to say at this point on sales marketing and manufacturing id like to hand over to mike to speak to the detail of the financial
in improving the profitability of the business for us in international so i view that (well->*) much like i view the improvements that weve made at the harris business over the last several years
these statements are not a guarantee of future performance and results may differ materially from those projected i ask you to refer to our sec filings for a full discussion of the companys risk factors
as we have seen this solution begin to resonate with many jurisdictions nationally we have added resources (under->on) the development side of corecivic properties to aggressively pursue these opportunities
february is historically our (lowestvolume->lowest volume) month of the year and therefore the effect of weather disruptions can have a magnified impact on the monthly sales growth rates
this would also naturally (expand->extend) to the emerging markets in both job and ridesharing we are in the process of product development and risk analysis
an enhanced distribution system utilizing selected partners who are engaged in our business throughout the cycle along with the removal of channel conflict
in september the colorado legislature joint budget committee authorized additional funds to allow the department of corrections to lease a privately owned (correctional->correction) facility to relieve crowded conditions
our growth in the premium games category which was an important factor in our first (quarters->quarter) success will continue to be a significant driver of future success
our guidance continues to reflect a gradual increase of offenders from the state of ohio under a contract we signed in april for up to 996 offenders to be cared for at our northeast ohio correctional center
while this process plays out over the balance of the year and into 2018 the average daily prison populations for the (marshals->marshal) service are expected to continue to gradually increase
i dont quite remember what it was in the front half but how are you thinking for the full year here what should we expect in the fourth quarter and then im also wondering if material costs
pullthrough i do think that the organizational change that we made recently about literally pulling these businesses together from an operational point of view (to->doing) having a more holistic sellin process
what we know for certain at the moment is that 2 wells have (flowed at->floated) commercial rates with good quality oil and there are multiple reservoirs offering material potential
and your rent spreads on renewals have been fairly strong for a while now so i assume that speaks to not only anchors but also some of the cru tenants around them as well (a->*)
our interactions with existing customers and prospects increased dramatically again this year we conducted (deep dive->deepdive) sessions with clevel executives to identify ways we could help them better secure their infrastructure
during july we (begin->began) the transition between mining (contractor->contractors) with the new mining contractor expected to take over full responsibility for both ore and waste mining before the end of this year
it will take some time to successfully address the challenges that our company faces today and it will take time to reposition endo for longterm success
we believe that these nongaap financial measures help investors to gain a meaningful understanding of our core operating results and future prospects consistent with the manner in which management measures and (forecasts->forecast) the companys performance
is currently set for trial in june of 2017 the second phase will determine damages and will proceed only if pge is successful in the first phase
allowing us to reach an even broader market base and solve these new (security->securities) challenges cios and chief information security officers and developers are only in the early stages of evaluating solutions
our revenue outlook has been adjusted in fitness outdoor and aviation which are the segments most impacted by the economic and competitive factors mentioned previously
(the->that) developers will figure their way through it and were comfortable with our prospective partner that again we can manage it in terms of the ability to (set->send) rents and the ability to
lets call it a pipeline or a development ladder over time that works for them and us trying to figure out how best to optimize it for both parties recognizing some stores will be
we are committed to taking a (highlydisciplined->highly disciplined) approach to capital allocation with the repayment of debt as a top priority after investing in our key growth drivers
especially with regard to collaboration between the scientific (staffs->staff) we believe (that->the) collaboration will leverage the talents of our larger scientific staff
as you can see from the diagram on the righthand side (the->our) production from the latest 2 wells on the northern flank are now amongst the most productive wells in the field with no water at all
depending on the discussions with the krg discussions are active and progressing and as you may know the cps under the gas lifting agreement were recently extended to end of april
we chose the latter by paying an annual supplemental dividend in such amount as to provide several years of forward visibility to the projected recurrence of such supplemental dividends
as an organization were proud of the accomplishments to reduce debt over the past 6 months however clearly need more needs to be accomplished
we believe that our focus on optimizing our infrastructure will help us improve the operating margin over the long term and maintain it in the (high20->high 20) range
since the beginning of the year weve conducted 5 intensive training sessions on our heidrick consulting offerings for our search consultants we have 3 more coming up over the next month
we are not going to put a specific time frame on (when->*) we expect to achieve this goal due to the number of uncertainties in the near term that could impact the timing of achieving it
you basically have until you file (the->a) tax return of the year subsequent to recognizing the real big gain or theres a mechanism where you can retain the gain pay the tax
(*->and) the impact of foreign exchange on somar with that let me turn the call over to blaise coleman to further discuss the financial performance of the company in the quarter
id like to remind you of our safe harbor any remarks that we may make about future expectations plans and prospects for the company constitute forwardlooking statements for purposes of the safe harbor provisions
and on the middle market investment you mentioned in the prepared remarks that there was one that had a loss in the quarter from a restructure which investment was that
looking ahead we remain confident that we will see significant positive benefit from these pricing actions in 2018 we also expect our cost models to benefit
we are now the only vendor that provides enterprise class protection for secrets and privileged accounts across onpremise cloud and the new attack vectors created by the devops pipeline
as of february 29 2016 we are in compliance with all of our financial covenants through that date and expect to remain in compliance for the foreseeable future
back to you jim thanks in summary we continue to focus on successful execution of our initiatives that drive value for our customers and our shareholders
lowered a couple of times over the years with the addition of more freestanding stores and longterm leases triple net leases and whatnot so (i was->*) just wondering what drove the decision to increase that
in addition this call includes only information available to us at this time to the extent you are listening to this call at a later date via replay please note this information may be outdated or incomplete
primarily as a result of the effect of the previous years most significant upward movement in share price and its effect on the carrying value of the liability classified award plans
which can number hundreds of vendors and thousands of users but small and midsized organizations also want a partner to help them navigate this challenge in the first quarter we won deals with airports law firms
the other thing (*->is) as you (notice->noticed) in the third quarter when you dont have retail sales that uncovers some generation that we can sell in the wholesale market and that helps (to->*) offset some of the cost also
the mou was signed in parallel with (the->an) approval of an exclusivity agreement with brookfield asset management to negotiate a possible business transaction
revenue for the early discovery business also increased in the first quarter we are beginning to see the benefits of the actions that we have taken to improve the performance of this business
is the unique combination of (privilege->privileged) management application control and credential (theft->test) blocking which is strong protection against the potential crippling damage from ransomware attacks
which continues to benefit from the strength of our unique portfolio of rapid endotoxin and bioburden testing systems and microbial identification services
we (charge->charged) 2 (and->in) 20 for owning main street which is internally managed wouldnt it (it->*) would be reasonable for us to have to tell our new shareholders
providing us significant comfort regarding our current expectations for origination in 2019 this expected continued growth in our (lower->low) middle market portfolio
to invest in growth engines that will help drive our results over the long term conjur strengthens our leadership position by extending our (enterprise class->enterpriseclass) solution deeper
since many of our remarks today will concern our expectations for the future they are subject to numerous risk factors as elaborated upon in our 10k 10q and other filings
as a result of these factors our actual results may differ materially from those indicated or implied by such forwardlooking statements i will now turn the call over to (hal->al) to begin
initial target to be achieved we will continue to work very hard to achieve our initial (targets->target) so i would hope that youll continue to give us your support
selling price of polarizing film and touchscreen (panels->panel) declined and therefore revenue decreased yearonyear regarding core operating income
is this the opportunities is more and more like a credit card kind of portfolio and one of the attractive aspects of (a->the) credit card portfolio is actually youve got a high average credit score relative to the yield
one of the most important things that were doing in the company is our fleet refleeting (that->at) express and if theres (*->a) possibility to accelerate that its the highest return project that we have out there and its something we would look at
and so there is pressure on that but again we look to try to preserve our pricing structures by not just competing on those parameters versus providing some other form of value whether its certainty of financing
and even a 25 basis point increase in rates would be accretive third our low cost of capital and diverse funding sources are key competitive advantages for tcpc we remain well positioned with attractively priced leverage
were identifying areas in the field that maybe have much higher gas rates and less liquids depending on (the->*) where gas prices go and so i think the operations team will have the flexibility to pick the right pad to go to based on the commodity environment were in (and->*)
currency (in->and) circulation is stabilizing as remonetization comes to an end the transition to the digital economy has been (broad based->broadbased) across several categories including everyday spend and suggests wide societal participation
id like to start by discussing the groups third quarter results and then provide some more commentary on our 2 geographic reporting segments ill follow that with some color on cash flows the balance sheet and as usual finish with a few comments on returns
another indication of the upcoming demand in additional countries is provided by deployments of cloud network nodes which are smaller than compute nodes and tend to precede them by months and in some cases years
our subcontractor model would it slow down adoption of such technologies i mean the answer to that is no in general but rob just gave an important speech that sort of represents
were very proud of the progress the fedex team has made in recovering from the effects of the (cyberattack->cyber attack) at tnt let me express our appreciation to the thousands of fedex professionals
decades that people value plenty of aspects of what visa brings to the table from our global scale to our risk and fraud prevention tools to our brand et cetera
that we have in france 7 million of those sit within those (triassic->triasic) reservoirs so that can help to unlock the value of some of those resources so we expect by the end of the year to get to
(*->this) type of traffic on a profitable longterm basis the other thing that i would mention to you that is often missed in these (evaluations->evaluation) or the comments about the ecommerce business
for any other reason than the (market is->markets) growing so if we increase capital expenditures as alan said it will be because the market is (growing->going) we think we can make more money and increase cash flows
please note that todays call contains forwardlooking statements (statements->*) that are based on current assumptions and subject to risks and uncertainties that could cause actual results to differ materially from those projected
to choreograph these massive industrial systems during these peak seasons we will begin literally the day after new years planning for next peak season
(tony->kony) just moving on beyond swan and (macassa->casa) it was interesting to note in the reserve update that you noted that youre not really doing much drilling at (holt->halt) right now just given the royalties
in terms of the way we look at how we deploy that capital to look at returns thats a really interesting question because really it is about trying to deploy the capital as flexibly as possible
as we benefit from disciplined pricing strategies and investments to improve safety and efficiency we expect this to continue and look for this segment to have one of its best years in over a decade
as we continue to replace legacy systems like avaya cisco and (genesys->genesis) with our modern cloud technology this release changes the game by expanding our reach to very large global enterprises supporting many thousands of agents
so going back to the question youve got to have a disciplined approach to the mix of commercial and residential packages having said that we are quite confident
and we have very close relationships with our major customers and i think the proof of the pudding is in the eating dave told you were having an outstanding peak well thats because
there are many opportunities in the future but right now (were->we are) using a lot of autonomy to make our team safer and to give them a better quality of life on the road and were using a lot of different technologies to make sure that our sustainability efforts
i think as we get towards the end of this year and hopefully we see some of the uptick in gas prices that we all expect that there would be some good timing in there for that asset to potentially be looked at even in a fully marketed deal so (i->*)
(vending->spending) signings are up over 50 for the year and while it takes time for signings to turn into revenues they are a good indicator of future growth prospects and share capture
additionally they are joining the visa network of (clients->client) financial institutions and will be able to offer visa accounts in europe enabling consumers and businesses to use their paypal funds to spend wherever visa is accepted
none of this happens on its own it takes a lot of hard work dedication and effort and so id like to take a moment to thank our board our management team and our associates every one of you for a job well done
so allison had a followon question do we collaborate with traditional brickandmortar retailers that have successful online strategies the answer to that question is yes
unlike the banks and credit unions that are primarily focused on their own proprietary products our strategy is unique as we look to partner with others including the banks to bring the best products to our members while we control and deliver on the best digital experience
in january and then the crew has already begun some preliminary work on the wilson pad which is the last pad really for this year to contribute production so once that crew finishes up on the (fryes->fries) theyll move directly to the wilson so
bobs experience in strategic finance coupled with the fedex ground teams immense knowledge of ground operations and the industry trend will be instrumental as we chart our course for the future
but fedex has some of the smartest minds in the industry in sales and marketing working with our customers every day all year long constantly innovating our service and marketing our portfolio around the world
in terms of the canadian question and the q4 drilling we actually dont expect there to be really any material production impact in the fourth quarter on those wells by the time that theyre tied in
and at the present time although were continually looking to do whats right for the customers that we have we do not see that our future is constrained by not having the global platform so
a meeting coming up with (us->*) some key suppliers and thats going to be part of an ongoing dialogue yes so we will step up our focus on purchase cost particularly (if->as) things soften so you will see that from us
legacy fluorescent and services revenue accounted for the majority of the remaining revenue and declined by 39 in the first quarter when compared to the yearago period
financial condition and business prospects although such statements are based on our own information and information from other sources we believe to be reliable
going forward building on our industryleading regulatory software we are looking to expand the platform targeting a single solution to address clients global regulatory requirements
you said that your best estimate is that this provision will be sufficient so my question is when will this be checked
increasing the free cash flow going forward by a material amount weve kind of stayed away from giving free cash this year because weve got so many moving parts and were still not done
our stores are tailored to provide our customers with a convenient shopping experience and our crew members are trained to be friendly highly accessible and well informed about the nutritional value
while successfully maintaining the majority of the revenue from that segment by focusing on the (top tier->toptier) escos nonetheless this approach resulted in fewer transactions in the first quarter
also please note that we will discuss certain nongaap financial measures in this call reconciliations on a gaap basis for these measures are included in todays press release
this innovative work in immunooncology by our scientists has been recognized by our peers at the research and development council of new jersey
of that supreme court decision that will make it possible for us to respond according to our best knowledge today the provision is adequate but we have to wait for the details
in that quarter last year because of a surge in product deliveries both to domestic and international customers that happened to fall into
okay thank you carmen and thank all of you who have joined us this morning as we report the financial results for the first quarter of 2016 please note that this mornings press release
these forwardlooking statements and all other statements made during this meeting that do not concern historical facts are subject to risks and uncertainties that may materially affect actual results
over the past year weve been fortunate to attract and retain a number of talented managers to our company to augment the existing team and capitalize on the depth and breadth of their knowledge
these statements are based upon managements current expectations projections and assumptions and are by nature uncertain actual results may differ materially
since we want to be conservative with our expectations for these new agency partners we dont want to assume they will make up the whole difference from lower revenue from small escos in the short term
we have continued to deliver on our commitment to drive shareholder value through our strategy of capital discipline returning capital to shareholders and efficiently managing our assets
and then ill return to provide some additional comments on new business pursuits and our major new growth initiatives before we open up the call for your questions garrett
we were able to offset challenging weather conditions at the beginning of the sailing season and a decline in the canadian dollar by further improving the operating reliability of the fleet
now i would like to briefly highlight some of our other accomplishments during fiscal 2018 during fiscal 2018 we significantly expanded our natural grocers brand (offerings->offering)
with its strong economic returns to fruition however i must state that were not prepared at this point to expose shareholders to significant equity raising in order to fund this project
of sharing the savings with our customers by offering attractive prices on our insurances and so
the types of opportunities in terms of size and scale and when we could actually realizing that these are multiyear projects (when->*) at what point (can->do) we expect to maybe
these new agents are off to a great start but due to high standards of selection we were slightly slower to sign on the agents compared to what we had originally expected
we are in a good position as it relates to (our->*) achieving our cost savings targets and we will continue to look for additional opportunities for savings and report progress each quarter
likely that based on the analysis that (we are->were) doing that something could materialize and having an awareness
in order to accomplish that we will need to continue to see growth from highmargin led products and maintain strong margins on our other product lines and service lines
the increase from yearend was driven by normal seasonality of our cash flow which is negative in the first half of the year and turns positive in the second half of the (year->*)
weve really modeled our margin a couple of different ways with the continued rate hikes and if the december (1->one) was the last one what did we expect
additionally the team is pursuing growth on its existing gas and water business as well as crude gathering opportunities and new business opportunities in the northwest stack
the life insurance market im going to focus on the periodic premium this is what is of greatest interest to us and i think to you as well for several years weve seen
essentially we havent changed our internal management targets for the year but we have reevaluated our assumptions (on->of) how quickly this new channel will contribute to revenue
reporting our main focuses for our investment market mutual fund clients as of june our nport ncen solution within our (arcfiling->arc filing) product was made available
the impact of redirecting a large number of small esco partners was felt on the revenue line (but->which) should be more than made up by new agency partners over time
weve built backlog our sales efforts are strong and the drag from legacy products and services should moderate going forward as those products approach run rate levels
this wasnt the case in our fiscal 2016 as the back half slowed due to the industrial sector slowdown but its more along the lines of what we had expected (on->in) a normal year
as we have (*->a) delevered balance sheet we may look to repurchase our shares under the repurchase agreement in the open market or otherwise from (timetotime->time to time)
we opened one new store and relocated one store during the fourth quarter of fiscal 2018 compared to opening no new stores and one relocation in the fourth quarter
i think its misleading to give percentages because when you have 30 to 40 patients 3 or 4 patients can make a big difference in percentages but i think if
and regulatory filing requirements the legislation and market trends are shifting from documents to data driving a significant increase in data handling and ingestion
record of last year and so this is something that we consider to be quite positive especially as the overall market was expanding
for us in that once we get back to flight status and put a couple of good launches behind us then i think well start to see some
things like court judgments but the goal has been achieved and we count on upholding that level
to talk about potential seasonal patterns for next year whether it will be like this year or like past years but off of the back of the programs that we have
profit level if we look at the overall profitability of the portfolio i (will->would) have the same comment this quarter especially the first 3 months of the year
and so we actually i dont think weve really done much at all on the
once again we appreciate you listening to the call and wish you a good evening good day
we are supportive of any effort to reform antiquated regulatory rules that no longer serve the public interest
in closing we are pleased to be experiencing positive momentum from burger kings promotional offerings
if not we look forward to speaking with you next when we report our fourth quarter results in march
that we want to prudently grow the company over time while still
even though we dont report these wins in backlog we will benefit from the profitability of this work
it seems to me that china (is still->it) was down in the reported quarter
and united airlines (has->have) suspended flights to new delhi due to such unhealthy air
and our strategic supply chain partners to scale production output over the coming quarters
to get our people together weve removed 3 million square feet of space and brought our people together
we continue to believe our private label business uniquely positions us in the marketplace
really translate for the franchisees making a lot more money even when you have
i dont think its driven by a size component its actually driven by the
this (higher end->higherend) line is part of our strategy to appeal to the more discerning wellness consumer
or because thats lower than this years originations would you expect that to be on maybe the lower end of that range
something if youre starting from the midpoint of the range something higher than the midpoint of the range but when (*->youre)
with the goal to drive incremental sales for our distributors and provide a healthier option for their customers
where huawei before internalized a lot of the production of (tosas->toses) and transceivers and things
the thing thats materially different from before the downturn a couple of years ago and now is
todays discussion of organic growth represents the yearonyear change for the entire company on a constant currency basis
operations that we are looking for but we analyze everything
this net leverage ratio when adjusted for the closing of the january station acquisitions
(earlyseason->early season) conditions in colorado have been outstanding with great skiing conditions over the thanksgiving holiday
were particularly excited about their strong positions in wire and cable and textile applications
these expenses were not included in our guidance for the quarter and are not included in our future guidance
i would say that as youve heard from other broadcasters there is a very strong
and then you add on top of that the private sector money thats coming into the market
this quarter we started testing a small volume point value change (in->on) a few products some of our bars
together these improvements will dramatically improve the guest experience this season and for years to come
certain key elements of intellectual property that they bring to the table
these 2 events should continue to enhance our real estate revenues going forward
that we have reached out to and we have opportunities under our right of first refusal
in australia and new zealand we introduced our first ever formula 1 select product
and (*->add) on top of that the fact that the media coverage he got was not because he was a
of all nuclear plants built (today->to date) or under construction adjusted for inflation
i think its something that the model was likely missing earlier
and this is arguably the first gan supply chain that can actually operate with the same
basically arent going to sell it in markets where they dont have linear network
gray accumulated a tremendous amount of political through the course of the year
as we prepare for (full scale->fullscale) deployment of our fuel designs in asia and around the world
approximately 0 currency impact that was included in our previous guidance estimate
so were in a competitive market price is very important but were getting better
and (speak->speaks) to the opportunity we have to continue to deepen our penetration of season passes
as part of this acquisition of the remaining shares in the body corporate
we received a few questions looking for clarification about this acquisition
a reconciliation to comparable gaap measures is available with our earnings release
and the quarter included a reimbursement of our legal fees as the prevailing party in that matter
(send us->san as) an email and we will be delighted to respond if time permits
for our shareholders were looking forward to seeing many of you tomorrow now ill turn it over to john
and the emergence of white box transceivers promises to fill that void
in terms of the power projects that you (referenced->reference) are those
different types of technology that are allowing us to have a little bit better value (add->at)
technically evaluating the fuel prior to being willing to make (the->a) commitment to us
please note that the call is being recorded and will be available for replay from the companys investor website
currency headwinds have worsened since the guidance provided a quarter ago
broadcast company in particular gray posted its highest ever totals
voice of the customer as to what are their needs and desires and how can (that->the) fuel
create a picture but youre right we dont have a perfect window into the international (guests->guest)
as a reminder our current guidance excludes any future spending from this program
in the event a second field in the (hawler->hollular) license area is (discovered as->discover is) declared commercial
with expected cash flows we have also substantially reduced our cost structure
does (a->*) title need to be done (on->in) the underlying properties or not because theyre just basically buying the corporate equity
in summary we expect our various optical gan and fem products
okay so let me take the first part of the question ill let steve take the second part of the question
on our future calls about our progress and our continued success thank you
our market is the existing fleet in the world of hundreds of reactors
a lot tomorrow (*->so) the only other thing i saw that i had a question about was
i think the trump campaign is a unique and special
(reduced->reduce) the number of (cores were->coolers theyre) buying but (weve->we) found ways to improve the efficiency of the business
even if its not been proven to be viable
and can continue to provide low carbon and reliable electricity
most importantly is the sports nutrition category
but we had also
we believe that our initial efforts in this regard are helping drive our performance
great and does that usually close (in->on) one big chunk or like a series of different closings over time
was partially mitigated by the high interest rate environment in brazil
but theres nothing that is going to be announced in the next 2 weeks thats for sure
finally before i turn the call over to jeff i wanted to revisit our priorities
continuously on execution to drive the project margins and you can tell from
and related to that do you think youll capture any market share from sort of ski resorts in the northeast which
open it back up assuming this customer may have been waiting this year to see how the weather played out
due to the fact that there (were there->*) was a (lax->lags) in the approval of (the->*)
to drive our strong growth and profitability in a seasonally strong quarter for the industry
finally trends in our power and civil construction markets are turning the corner
is provided in the tables included with our press release and in our quarterly report on form 10q filed this morning
and this is mainly driven by spain
opportunities we have a large number of discussions in process
we know that we can only deliver on our strategies if we attract and retain more than our fair share of great talent everywhere we operate the talent marketplace is changing and we have to change with it
adjusted ebitda excludes depreciation interest income and expense as well as income taxes in addition to the exclusions for adjusted income from continuing operations
over significantly longer time (horizon->horizons) required significant capital and generated volatile results as compared to its core (customer focused market making->customerfocused marketmaking) businesses
before we go through the financial results id like to remind everyone that unless otherwise noted ill be discussing the companys financial results comparisons to prior periods and guidance on a (continuingoperations->continuing operations) basis
these risks and uncertainties include general economic conditions as well as other risks detailed from time to time in infusystems publicly filed documents with the securities and exchange commission
so the answer is it was designed to use the cash available to get to that (*->1) million subscriber level but as (jirka->jirca) said this year is really going to be the year where we evaluate what is the right
and were making changes so weve either made some leadership changes or some structure changes in all of those practices in order to drive different results
were looking forward to welcoming the avendra and ameripride teams to the aramark family and to the contributions that their experienced management teams will make to our ongoing success
as you recall absorption is a metric that reflects the ability of our parts service and rental gross profit to absorb fixed operating costs
as well as earlier equipment purchases due to longer manufacturer lead times and purchasing equipment ahead of potential steel surcharges later in the year
growth of 8 to 10 and we believe we are well positioned to achieve this goal in fiscal year 2020 with this let me turn the call over to lee
over the past few quarters demand for services parts and brownfield project support that largely declined during the downturn has continued to show (increasing->increased) activity across our businesses
id also like to mention that in addition to reporting financial results in accordance with generally accepted accounting principles or gaap during our call we will discuss several nongaap financial measures
this practice area (*->of) penetration reflects the diversity of relationships we have within our (client organizations->clients organization) and supports the opportunity for growth in other significant clients
the middle east is also a strong source for growth for our process and flow technologies business specifically for production chokes water management separation and early production equipment
turning now to cash flow and capital structure as a reminder we define free cash flow as cash flow from operations less net capital expenditures
most recently (tanja->tania) has redesigned our talent (acquisitions->acquisition) bringing talent in from many (wellrespected->well respected) companies and competitors who will have a positive impact on our business
references to balances and percentages of accounts receivable 60 days plus past due (were->or) reaged on todays conference call and going forward will be at carrying value
how we are very committed to the knowledge transfer back into their environment so clients are left better off than when (*->we) started
but again i just want to come back to the point that from steves perspective from my perspective from the companys perspective
while these are still very early days a shared spirit of excellence has inspired our teams to bring (forward->forth) the best of each culture to make our combined company the best it can be
no one should assume that these forwardlooking statements remain valid later in the quarter or later in the year for a more detailed discussion of the major risk factors affecting our business
that can be developed into deeper (solution->solutions) practices and distributed to more clients through our existing geographic channels especially in the middle market
you will note that there are no adjustments to our current quarter gaap reported amounts as all activities associated with our fiscal 2018 restructuring plan
so (*->when) you can capture those things (and then->i mean) it just drops right to the bottom line so im looking forward to seeing the new year and what our investments will bring (*->us)
of course something that has to be (a->*) real concern during the manufacturing of course and (on->like) the safety of the product but the qc and all the details that we are dealing with
hour of content streamed which is whats the positive impact on margin (thatll->that will) eventually flip at some point but we expect to be able to still maintain (that->*)
results of operations and financial condition to differ materially from results of operations and financial conditions expressed or implied by forwardlooking statements made during the call
response from our customer base has been universally positive as they appreciate the value that a more efficient and scaled firm can add to the financial market
we have engaged an independent consulting firm to assist us with (the->this) sales transformation effort this firm has deep experience in working with companies to improve revenue drivers
or (there will->therell) be a telephonic replay will be available until may 16 and the information on how to access these replay features is provided in yesterdays earnings release
but the compound annual growth rate of that number places us in a leadership position and we have done this while not trading near the most highly valued companies in our sector at least yet
in health and wellness im proud to report that we are well ahead of our targeted goals in our healthy for life 20 by 20 campaign with the american heart association
while we already have a series of patients waiting to be enrolled in these trials there is one significant aspect to be considered for patient safety
we have consolidated redundant office space we will further reduce operating (costs->cost) as we continue to consolidate (back office->backoffice) functions clearing operations and overhead departments
(*->the) increase in our international revenue was primarily due to increased equipment revenue as a result of the buildout of the companys distribution footprint
as we have previously noted many of the departed employees worked in redundant cost centers or offices that generated little to no revenue or even lost money trading
(trying to decide->jointy side) if we have other shortterm investments that could add that or potentially even some reduction as we find more efficient ways to do (it->*) because thats what were trying to
overs and unders 1800 tonnes a day is (the->a) design we feel pretty comfortable with that we would have to do some other things to really think about trying to increase that underground
given (this tough->the stub) period and the various purchase accounting adjustments required by gaap in light of that complexity we are providing an extensive earnings presentation
we have several tax planning initiatives underway to reduce the rate but the timing and implementation of the initiatives must be sequenced appropriately in order to maximize the full benefit
(*->thats) a big piece of it and then the second piece of it is as we locked in our streaming contract for the next 2 years we were able to take advantage of our anticipated
new store revenues and credit performance continue to be in line with our (expectations->expectation) which provides us with increasing confidence in our retail expansion plan
first the legacy kcg wholesale market making and virtu market making businesses are extremely (complimentary and->complementary in) symbiotic and we (were mainly->remain) excited about the numerous
and i understood you correctly to one of the previous questions that the official goal for the guidance is to improve the adjusted ebit margin because you cant control whats coming below
earlier this year we introduced a korean barbecue (meatballs->meatball) shareable featuring (gochujang->go to jon) sauce as well as a new pad (thai->tie) formulation which is a popular dish where we have the opportunity to improve the flavor profile
and its doing it all at a price point which allows us to show fantastic leasing (spreads->spread) but still be very significantly below new construction (costs->cost) while at the same time
we launched the visa ready program for business solutions this is a strategic framework and certification program to help technology companies that integrate with our b2b payment services to ensure that they meet standards and are market ready
more specific to the technology side of the integration were focused on migrating the european systems to our global authorization clearing and settlement systems as well as deploying our global data platform and other corporate systems into europe
and second can you talk about the recent securitizations has there been any discussions over the weekend about whether this impacts that and your interest in continuing to sell loans to that investor given the circumstances that have come to light
i guess echoing (darrel->daryl) its not impossible that we go a bit higher but its certainly been a steady pace in and around this level and we usually dont hope for it to be higher because its been fairly sustainable at the level that its at
it seemed like the again it harmed us a little more earlier the wet that we got in the spring hurt us last year in terms of the irrigation load and i remember sitting here and thinking well we might catch up and i dont know that we quite did
the release and corresponding financial supplement are available at assurantcom as noted in the release beginning in the first quarter 2016 we revised the presentation of (assurants->assurant) results to focus on housing and lifestyle
what we do feel comfortable with is that the guidance that we had previously put out there is the right guidance and we should hold that guidance for the year yes the one final thing id mention when you think of the components of the (quarter todate->quartertodate) samestore sales
recognizing and capitalizing on the way that learning styles of our employees have evolved over the years these efforts are critical as we develop our teams internally in an increasingly challenging labor market
is that top line indicative of how we should think about growth in earnings if we think about it longer term i know theres complexities on the accounting in terms of whats flowing to the top line and whats (flowing as->*) rebates on the expense line
the percentage of automation that each process needs and the volume that were going to require so i actually dont anticipate an unusual increase in capex i think a lot of the capex weve actually already paid for quite frankly
yes well the expansion is around the (different->difference) were doing multiple processes multiple shoes and multiple initiatives not only are we building shoes and volume on a regional basis to respond to a regional marketplace in terms of
this media campaign continues our work from last fall incorporating digital outdoor and radio channels as well as our first foray into television advertising
(*->well) i think weve been very pleased with europe on any number of fronts and especially given the fact that theres been a fair amount of disruption for the people who work in that business between (the->*)
from that those superlot transfers thats coming forward in the residential business were more interested in looking at a holistic approach to our business going forward and part of that is to make sure that we continue to grow
we also continually monitor comments on social media to ensure that (we are->were) getting unfiltered feedback from various survey channels our mission is to always keep a close watch on the sentiment and satisfaction of our owners
and we are seeing very good activity in our submarkets with consistent demand and a steady pipeline of potential deals for our welllocated modernized office and retail properties
taking more time (or->and) more expense than needed or how can you have the expansion (or->are) the relationship expand put in more and more capex yet have slower revenues or at some point its got to kind of all equalize i would think
weve talked in the past several quarters about the strength of the marketplace model with our diversity of investors and about our ability to respond in a rapidly changing credit and economic environment and this quarters results further support that thesis
we mentioned in the fact that some of our expenses weve accrued this year is related to some certainty that we feel (we->*) were a little more predictable than last year and i do think as i recall we had some items that lifted us towards the end of last year
from (dialing->piling) back yes there was a little bit we expressed (that->*) the range of where we expected we could land we did ultimately decide to go on the low end of that range looking at some of our traffic trends that were going (*->in) the right direction we wanted to continue that momentum
that linked to mortgage originations but we do expect over time as we continue to gain share and demonstrate the value of our capabilities (in->and) our compliance that well grow that business 8 to 12 a year on the top line yes i think the key there is
we believe these changes provide a more meaningful presentation of our financials and better reflect our goforward strategy as we continue to work through our transformation we expect to make additional enhancements to our reporting format
this comparable restaurant sales figure includes a 50 basis point negative impact from the shift of the easter holiday normalizing for the holiday shift traffic declined 70 basis points during the first quarter
so overall a reasonably challenging first 6 months for the business but we are seeing some (green->grand) shoots and we are seeing the fundamentals of the business really give us confidence in the future growth of the sector
or (is it->if its) just your expectation that the process will conclude within the next few months so were in the middle of a process and i feel very good about the quality of the candidates that are interested in (assurant and->assuring) that were interested in
weve developed new digital search and access tools that help sellers understand the full offering across all of our brands the ecosystem effort has also included targeted product launches that aid our dealers in winning new business every day
everyone wants things shipped for free so i think right now we are sort of in the place of figuring out how we can more efficiently and effectively provide shipping at a rate (the->that) customer is happy with (and->because) i think thats a problem that we can solve relatively soon
steady (low->load) growth combined with increases in (a->the) number of customers productive regulatory outcomes and the management of operating expenses all play significant roles as we look at the need and timing of our next general rate (case->cases)
with the expected increase in digital payments embedded in a growing number of devices we continue to build out a global network of partners to offer secure digital payment token services (in->and) creating a more secure commerce platform
this may be a variation of what we saw a few years ago with cease and (desist->assist) activity were looking into whether (theres->there is) a legal activity associated with this issue and if so well take appropriate action
and we will continue to evaluate additional contingency plans to help navigate the situation in the longer term with that brief introduction and overview ill now turn the call over to jeff to provide more detail on the financial results for the quarter
we believe this was primarily due to a decrease in international tourism and international tourism spend in new york city which has been negatively impacted by weakness in the global economy
in the first quarter of 2016 we identified 2 events that resulted in material weaknesses in our internal controls over financial reporting and the ineffectiveness of our disclosure controls and procedures
we are very proud to announce this new initiative and join with many others to push forward these policy changes that could make a meaningful difference in the lives of millions if enacted
it is important to know that management and the board have never wavered from a commitment to evaluate any and all opportunities to unlock value for our shareholders
it is our goal to accommodate all of these options into a process driven by whatever the best service options are from the perspective of the buyer
we also with california the facilities they vacated like north fork and like red rock (in->and) arizona we have found alternative customers that we think are longerterm solutions for those facilities
the customers (arrived->arrive) in great numbers and are bidding fiercely to acquire these goods and hence the prices have remained strong
as you get sort of less visibility out there i guess what im trying to ask is there any conservatism embedded in here or is this sort of the demand visibility as you have it
while we already have a strong balance sheet full access to our global cash flow gives us the opportunity to optimize our capital structure for maximum flexibility and opportunistic investments
europe continued to be a strong contributor with fourth quarter sales growing 7 highlighted by broadbased growth across the region from our pharmaceutical and medical research customers
and it was not (capital->profitable) but during the last year we had (regain->regained) some of that share of course we are focused on gaining share too on the retail business
and as weve discussed and mentioned prior quarters we continue to put a lot of focus on generating quality earning assets and we feel we made good strides in the quarter
defined execution strategies and a clear focus free of distractions to improve and evolve the customer experience and to extend our service differentiation
while this is a relatively small contract we are excited to have reached an agreement because we believe there could be additional cities in the region that are interested in a similar solution
we remain confident in the strength of our construction markets as geographies not impacted by severe weather such as the southeast continue to perform in line with our expectations
we also saw strong service revenue from our large and growing base of installed systems for the year europe grew 8 delivering strong and steady results throughout the year
(which->this) is already included in the full year expectation given the great results in our (payments->payment) segment its clear that we are getting very strong returns from our investment in new innovation
their portfolios in the market and really leverage combinations to address overhead (costs->cost) not necessarily innovation and certainly not production
were there some seasonal or sometimes theres events that move around timing (and->*) stuff that helped or is there some reason that it was so strong and maybe (you->how) do we think about that going forward
weve been dealing with increasing cost in steel rebar since tariffs were first introduced in 2017 (weve->we have) been successful in passing along all of the cost increases
as we have commented on in the past we continue to see the expansion of mass spec technology into routine quantification workflows primarily in food safety and biopharmaceutical applications
we would be utilizing our lincoln business system to be able to try to minimize if not eliminate that through productivity actions that well be driving in various places around the world and
david will provide a more detailed summary of the drivers of our financial performance and key factors impacting our updated full year outlook at the conclusion of my remarks
sherry will then review financial details for our reported results and provide our 2018 financial outlook we will then open up the phone lines to take your questions
that 2segment definition is really too simplistic for how our business actually creates value for our customers and shareholders specifically on the (payments->payment) side
while the need for additional correctional facility capacity persists with the department of corrections the state legislature has struggled to reach a revised budget agreement for the current fiscal year
since that time we have and expect to continue to generate substantial free cash flow that we are committed to allocating toward the (highestreturn->highest return) investments
further work to be done and important further work but it is pleasing to get to the end of those initial projects in this respect
which result in improved and highly accurate loss forecasting pricing and account selection that ultimately produces consistent profitable results
we believe these new game themes and form factors will continue building upon the success we are achieving from our newer premium game installations
so we actually have had a lot of inbound interest here in a short period of time weve probably looked at probably 20 or 30 properties that have been on market or maybe off market for transactions
of our new nationwide initiative to begin advocating for a range of government policies aimed at helping former inmates successfully reenter society and stay out (of->a) prison
where do you see the most likely sort of volatility or maybe variability in kind of the assumptions and what markets maybe do you have
for the full year of fiscal 2018 we estimate our ongoing annual capital expenditure requirements to be approximately 2 of annual sales
we would expect a similar opportunity with other new products and product extensions such as our compliance products and our jackpot xpress product
some of the operational things that are going on behind the scenes and what type of successes are you seeing or different types of (the->*) challenges that are presenting themselves either in this past quarter or
and by far the largest national distributor for specialty construction projects serving 14 trades we have a unique understanding of our customers needs
that they can actually do that using either the bank remittance engine which is powered through the company or to go to remitguru and to send money
also in the region india rebounded nicely in q4 as we successfully worked through disruption caused in the third quarter due to the implementation of the new gst system
where we believe we are very well positioned to expand our core technologies into a greater breadth of applications to meet the growing and increasingly complex requirements of our customers
for a detailed discussion of some of the risks and contingencies that could cause our actual performance to differ significantly from our present expectations
(i am->im) also pleased to announce that the number of units on trial at the end of the first quarter is at record levels and has continued to grow through the early part of the second quarter
moving on to page 3 over the last several years (weve->we have) remained steadfast in our commitment to affordability while working to stabilize enrollment and prepare our institution for the future
in other words whenever we have a (perunit->per unit) economics which is negative and you scale it up that you would have a much larger loss
(ive->i) discussed already many of the underlying metrics and other expectations in our 2018 outlook however here are a few other items that may assist you in your modeling
that a government entity will have entered into an agreement with a private company to finance and construct a correctional facility that is to be leased and operated by the government
the first step is to rewrite it into the platform and so its part of the platform its embedded in the platform so that all customers can capitalize (*->that) and take advantage of it
as a reminder the projected margins on our new awards from last year
during the second quarter we will reclassify the derivative liability into equity
(all->*) right (*->outstanding) and can you talk about the level of or
starting the year and we continue to expect some recovery to gradually start towards the end of the (year->*)
to provide our external stakeholders a better understanding of our business and the country
no other material items affected the capital ratio in this quarter
we have reached (the->*) end of our questionandanswer session i would like to turn the call back over to management for closing remarks
late in the quarter now i will turn the call back over to michael collins for closing remarks
which benefited from the pantry stocking behavior that typically takes place around a major storm
and continued earnings growth as well as operating cash
and of our life insurance operations in jamaica and trinidad and tobago
and we are taking corrective actions and should get these numbers back to first quartile shortly
in an environment business activity is accelerating which is contributing to an improved growth outlook
and a cost structure twice as high as we had so now (there is->theres) some pain involved in doing these things but
you can see our reliability numbers reflect the investment thats been made
may include forwardlooking statements regarding the companys financial and operating performance
triangle capital corporation issued a press release yesterday with details of the companys quarterly financial and operating results (a->*)
that its an interesting phenomenon facing the civil works industry today
(im->were) going to provide some general perspective on the business as a whole and our reporting segments as (to->of) the third quarter
and with that (i will->ill) turn the call over to (steven->stephen) for some comments on our financial and operational results
some sort of guidance be that as revenue or ebitda with respect to any or all of your
due to quiet period restrictions we will not be able to comment on the secondary offering on todays call
you think about the incremental cost of funds for triangle as we
as steve mentioned we continue to be disciplined in our underwriting (cost->cutoffs) and credit line assignments
i will now provide some specific comments on the outlook for each of our business lines
the excellent (reliability->liability) we provided to our customers over a hot summer reinforces
and so from the perspective of being down in the quarter we dont read too much into that again i go back to
i would note that we will continue to invest in sales and other business initiatives going forward
the supplementary information includes current and historical supporting data on our homebuilding return on inventory
that they would like us to perform so obviously those are very positive
thanks andy and thanks to everyone for joining us on the call this morning to discuss our companys first quarter results
our new business to go our new business in total (or->*) the business were going to create in total
and there was meaningful contributions from each of the regions
really a very positive development in terms of assets and deposit growing
we are optimizing the fleet all of this brings us back to the value proposition
and senior investments across both lower middle market and middle market companies
looking ahead we will not take our foot off the gas in the legacy conagra business
was a business one of the businesses that was beginning to show challenges but as you can see in your own charts
the quarter was highlighted by strong earnings margin expansion and improved efficiency
our balanced capital approach is centered on being flexible opportunistic and disciplined
where do you see the spending going and what areas of your business would most likely have the opportunity to benefit from this
so i was just trying to understand that if we remove the raw material cost and even on lower sales
but just because youre successful in any given window doesnt mean that that brand is entitled for that success
on task and replaced our former account manager shes making good progress
our investments in our utilities are needed to improve the customer experience and create value for customers
dividend recaps would be another category that we often and obviously track so
this evolution has resulted in increased vehicle intelligence and driver efficiency and safety
automation at that site so there are lots of things that needs to start to work together
we maintain our design basis but look at everything possible we can to be more efficient
we intend to leverage (the->*) improved operating performance
what that is in a little bit more detail and how should we think about that is that just a function of
during the coming quarters as we invest the committed capital which has been entrusted to us
the biggest single element is we need to make a very substantial reduction
outstanding customer and vendor relationships and excellent customer service
similarly we are adjusting our gross and operating margin ranges up 50 basis points
as those equity proceeds are invested and as we move to utilize at least a portion
any comments you might be able to offer on how april is feeling right now
and the fact of the matter is an owner today is fortunate if he gets 2 bids
our discussion of financial results excludes the impact of acquisition and integrationrelated expenses
really make sure that we grow carefully by selecting highquality customers
and we can look ahead here over the next few quarters and see whats happening and it really looks like its peaking out
(and->thats for sure) we dont give any guidance specifically how we expect that to
how much of that do you think is really aimed at the transportation market
today we have amended our presentation and reclassified those costs to within operating expenses
trying to find something to buy where they would have a home close to their grandchildren
is if we reach a point to where its close to what we want
while todays comments regarding pinnacle will be preliminary we will have much more to say about
up 25 last year with no indication that growth is slowing yet this year
costs at a production level and to
on the deposit side again excluding merger and branch divestiture activity
these statements are based on various underlying assumptions and are subject to numerous uncertainties and risks
we are in a rising interest rate environment which is positive for margins
for a full discussion of the companys risk factors i will now turn the call over to michael collins
the bank continues to maintain a highly liquid and conservative balance sheet
(*->the) healthiness of the pipeline meaning the quality of the opportunities we see
turning to page 7 youll see the things were focusing on in response to these challenges
usually on an annual basis starting january 1 but weve continued to move up and as our
good morning everyone and thank you for joining us to discuss our first quarter
finally constellation really hit a sweet spot in the third quarter
discuss them historically and then obviously being sure that we think
that the net financial cost increased significantly and this is mainly
but its not our strategy to use the tax asset just for the sake of using it the aim is
we did see a 60 basis point improvement in credit operating cost during the quarter
to step back and look at our relationships and confirm
information about what has happened so far during the year so they have a quite
weve got an operational focus and a leader in that division today
it should be a solid year for the petroleum additives segment and the company as we
when we look at if youre building off of the base from the fourth quarter
in our discussions of the results of operations we may refer to pro forma results which exclude the impact of items
first in addition to commenting on our third quarter results we wont be speaking to you formally again until february (sometime->some time)
we were encouraged by the pickup in spending from midsize and large us pharmaceutical customers who had been more cautious earlier in the year
on that call i highlighted a refined description of our business focus as that of a gaming technology company
weve been reviving existing brands like noma motomaster and (outbound->opab) these 3 brands have been rejuvenated over the past 2 years
an increase in latam north in industrial risk and transportation due to the issuance of the (pemex->pengmesk) policy
(the->this) superior operational performance was also fueled by the successful execution of our global cinema strategy
in terms of additional costs that are going into the business the only observation that i have about m
which reflects our ongoing confidence in the longterm strong cash flow generation capabilities of the company
and im confident sales will continue to increase as our commercial resources gain even more leverage in all regions
now reading is able to make unilateral decisions about the (cannon->canem) park city (centre->center) without input from charter hall
but i would say almost every company is thinking about themselves as a technology company or is positioning themselves
pricing performance reflected the benefits of prior pricing actions and the surcharge applied to recover tariffs
so expenses must be in line or a couple of percentage points
as the proof of our strategys success continues to mount we remain confident in our longerterm goal
we then settle our operating expenses generally with a lag within traditional trade terms
storage solution continue to evolve into a major element of our revenue mix
and my observation is what the companys done a very good job on over the last couple (*->of) years is to recognize that and then build these
now before i turn the call over to randy i wanted to clarify one of the comments that we made on the fourth quarter conference call
and all of the contracts are being looked at and renegotiated and savings to be squeezed out of that
both are industries that we know well and we expect will realize growth and innovation opportunities in the years to come
now with (taxefficient->tax efficient) access to our significant global free cash flow we see great opportunity in all 3 of these areas
to try to bring that international business to where we see steady continuous improvement in the profitability as we move forward
which demonstrates how well the organization can operate through the cycle it gives me great confidence that we are on the right side of the growth curve
this is an attractive site in a national capital city and (well->will) be deliberate in our approach to generate the greatest longterm value
we expect premium games to be an ongoing area of growth in terms of installations and daily win per unit going forward
but also to kind of (withstand any->withstanding) kind of ups and downs with the market i think we look really really good so we continue to kind of make that point that
in japan and korea and other places so there are great areas for us to continue to grow out there in the asia area
while at the same time improving our customers operating efficiency or reducing their operating costs
looking forward we will proceed carefully and thoughtfully in evaluating our opportunities for enhanced capital deployment
(well->will) accelerate our customer experience and digital capabilities (well->will) bring newly designed store concepts to market
we (continued->continue) to improve our guest technology experience and (increased->increase) our revenue through online ticketing capabilities
put too fine a point on that i think what we saw with our customers and in discussions is just a general
it actually is i would say probably more indicative of our drive to get
and i feel that for a couple of reasons one of which is i just look around and see whats going on with these jurisdictions with either growth or overcrowding
during the second quarter you can clearly see we are moving in the right direction in the second half our model will take further shape
business for us right now in terms of these kits but one that we think has good growth potential on a pretty sustainable basis
these statements are not (*->the) guarantees of future performance and involves risks and uncertainties that are difficult to predict
and patricia its the other greg i would just say it would stand to reason that issuance and redemption would be way up in marks (and fcl->in fgl) because its net new but
and these investments really began to pay off last year as we delivered 7 organic sales growth
revenue for the fourth quarter increased 15 our highest quarterly increase of the year
(*->its) very pleasing to see that we were able to move through that same problem area but (done->down) on level (2 in->*)
more crossborder flow now that theres a major tax regime change that might make people think of where they want to
but i think you have a better firm you have a better company and you have a better product for years to come
consistent performance like what weve seen in q3 is the result of decisions weve made 18 to 36 months ago
the benefits of scale that allows that kind of focus on (a->*) y2k account which whether its not yet a customer
are you did you just say that you guys closed some business that pushed out from september and you closed in october did i hear that right
deep (integrations->integration) that weve undertaken that allow us to create (*->a) very smart and sustainable
i would say that the fourth quarter we ought to expect to see (the->*) same or similar type (of->*)
sports scientists are developing realtime tracking technologies to optimize athletic performance
and because of the way the platform was architected and because of the way frank and team have really jumped on
transitional center to other corecivic residential reentry facilities in texas that were outside the direct path of the storm
weve got a pretty good pulse on how to react to that in terms of what (do->*) we need to sharpen our pencil and our promotional program
by about 2 other key assumptions for q1 include a moderate increase in expenses
which is our highest ever ending unit count and revenues from our installed base were at record levels
and operations had to implement staffing plan alternatives in case the hurricane disrupted (regular scheduled->regularly schedule) shift changes
and importantly we continue to invest in future capabilities like digital and own brands et cetera
of retail that we operate in and i guess my overall comment would be and ill certainly look at these guys but everything that ive seen (i->*)
until sometime in september anyway so were going to kind of be working between both offices for a little while
(good->*) the growing lower than the inflation
designed to tap into brisbanes enormous dog appreciation community and let our (fourlegged->4legged) friends be the main attraction
in how people are thinking about cash flow and putting it to work and do you think thats on the come (*->how) just trying to think through
we believe will result in greater patron acceptance and deliver the greatest value to our casino customers
on the business model and the future ahead but there is still (a ghost->*) looming around
and whether you expect the performance to be different in the downturn whether that be better worse or the same
okay so you dont feel like you need to because you came at the low end of the range for september you dont feel like you need to increase your discount rate or maybe you already have in this december guide thats why the range is smaller
the third quarter was underscored by our continued commitment to profitability as reflected by the 14 increase in adjusted ebitda despite having only modest revenue growth
(yes all right->ry) understood and then the last one for me is as i think about the 18 ebitda guidance it would seem to imply a return to store margin expansion
in light of this in light of the disruptions at the border and very low realization on truck exports at the prevailing benchmark prices the mnr recommended that (hawler->hauler) crude should only be sold (by->via) the kurdistan export pipeline
can you provide i guess a little more detail on why margins in asia could remain lower than the other regions (yes->*) im not sure i would point to anything specifically in the last 6 months
(davenport->devon port) stations ended up with a little bit stronger political as (you->*) remember that wisconsin race turned hot in the last few couple of weeks of the election cycle
the growth for some of the key segments in china could actually come in higher than other regions over the next several quarters
okay so as you (look->looked) a couple of years ago as you looked out its actually (materialized->materializing) where you thought some of your customers would start to look and outsource some of these components that your expertise (is->*) in thats happening
was id say relatively soft at the beginning and then picked up steam at the end but certainly (it->*) was not a record by any stretch and so i think we feel comfortable (in->and) continue to being able to drive growth there
folks who are reported to be interested in or have launched their mobile (or->vp) their (*->mobile their) virtual mvpd product directly i know networks (that->*) are also talking with those folks
ultimately we believe the future contribution from this growth will provide significant operating leverage as we monetize what were previously strategic investments for the company
reported revenue (and the->as a) proxy for the (dealer shipments->dealershipments) was up 10 right so how do we think about that in terms of what happened last year and how to think as we progress through the fourth quarter
that was distributed at the close of regular trading and is available on the companys website as a reminder during todays call the company will refer to a presentation that is available to participants
were always looking at other partnership opportunities where we can further increase that reach we want to make sure that our product assortment is where our customers are shopping so we will absolutely evaluate
please note that our comments are necessarily summary in nature and anything we say is qualified by the more detailed disclosure set forth in our form 10q
(weve->we have) also made significant progress in improving our financial position we have significantly reduced capital expenditures by deferring certain elements of our work program
let me start off by thanking all of us auto parts team members for remaining focused on the customer experience and their continued execution of our strategy and operating plan
the bureau provided nearly 100 local interviews with house and senate lawmakers delivering our viewers both previews and reactions to the presidents first joint address to congress
partnerships like this are vital to ensure that todays nuclear energy facilities have the technologies they need to operate safely and efficiently for decades to come
we know the importance of strong partnerships with national brands and saw some great successes in q3 through our partnerships with (sodastream instant pot lagostina->soda stream instapot langustina) and the rock cookware
i know i say it on each call but the excitement the pride and the confidence we feel growing at these events (get->gets) stronger each time which leads me to believe that our future is brighter than ever
the retrans that we have seen in diligence suggest that we have a significant advantage in retrans because were not just negotiating for a really dominant station in a midsized market
i think its this is dan again i think its probably a function of a certain amount it could be geographic because our northeast restaurants did very well
(and->*) i think thats just going to drive bad behavior and be really volatile for the consumer and thats not something we want to do so were going to draw our strategy has been and right now will continue to be
we spent the early part of the march quarter reloading our production pipeline and had a partial quarter of shipments in q2 current (forecasts->forecast) from our customers and recent tenders from carriers
joined a small group of 15 other local television reporters for a private dinner at the white house with president trump and his chief of staff and his press team ahead of his speech to congress
(we->lee) will then walk you through our financial results in more detail and finally (ill->i will) return to provide color on our market outlook for the remainder of 2017 before opening the line for your questions
well especially looking for extended terms and time on our payables our mix of business may impact accounts receivable a little bit so no material changes
we didnt agree to a definitive plan we agreed to work on prospects for that weve actually made a proposal for a plant to them
and also for 2019 we today announced a doubledigit increase in our dividend and the continuation of our share repurchase program signaling our confidence in the companys future
moving forward were going to take it (one->1) quarter at a time based upon customer backlog order visibility and our operational ability to deliver these new products and technologies
you will see us work to increase that proactively going into 19 this is one of the key things that (allan->alan) and tj have diagnosed as a big opportunity for fgl heading into next year
please also note that percentage and basis points discussed are calculated using net sales with the exception of advertising which well be discussing (in->and) comparing to net online sales
these grants were excluded from our adjusted results and we expect that the funds expensed are not expected to be part of our run rate of our china business when the funds are exhausted
these estimates do not include any impact from potential acquisitions this outlook may be further refined and expanded when we release our fourth quarter financial results in late february
as the housing market continues to improve i believe the company is well positioned to deliver strong financial results creating longterm value for our shareholders now id like to turn the call over to mark
we have solidified our financial position by securing funding for our (plan->planned) 2016 activities and by restructuring contingent consideration liabilities to align payments
weve slowed down work on our heavy oil project its something that we never recommended people to invest in our company related to that (and->*) with the low price of oil
yes i mean i obviously want to see ebitda margin expansion as time goes on and i think the next phase of the productivity program is really focused on our cost structure
been a great recovery there i know the demand has outstripped your ability to supply recently can you give us an update on your efforts to bring that into balance
the second quarter 2018 was the first full operational quarter following the renovations of our reading cinemas at elizabeth in south australia and charlestown in new south wales
the progress of the (onestim->onestem) business over the past year is (married->mirrored) by the success of new contract awards for example
payments instruments is mainly attributable to the fluctuation of the corporations common share market price
but for the remaining quarters of 17 i would expect it to (*->go) revert back
with both of these acquisitions we (picked->pick) up nice liquidity and it allows us to continue to be disciplined pricers on the deposit side
for those members that already have an account they already have shared with us all the information that we need and just like they have an account with their bank
so theres a natural way in which crossselling into other products happens as users discover in a digital way new products and features
marketing expenses and other things and how you see that trending going forward
social media buzz around this launch has been incredible and sales have been growing at a fast pace
we want to be poised to take advantage of opportunities in the future i assure you this decision was not made lightly
our language solutions business (derived->derives) its revenue primarily from the financial life sciences and legal industries
(we->*) with the disclosure of the north and south meeting halls we will undertake the renovation of our jw marriott
issues at specific companies and their need to dispose of assets versus an overarching
finally this presentation may contain information with respect to the investment performance of certain of our funds and strategies
we will be thoughtful about these sales and expect to execute them as we find capital redeployment opportunities that meet our objectives
we (asked->ask) this question to your other competitors as well i would like to understand what kts position is with respect
is resulting in expansion in our loan yields and net interest margins as prime and libor increase
has a lot of complexities to it and as you change over the (pool->*) pools of loans (*->that) youve done the accounting for
well do whatever it takes whenever the right time is to create that value weve always said we would be open
how should we think about the fees youre paying or the percentages for sales and commissions
please note that todays call is being recorded and is also being broadcast live over the internet on the sabre corporate website
and track records of consistent outperformance will be among the relatively small number of big winners
but it is quite regrettable that this measure is solely focusing or targeting against the telecom companies
weve had nice pipeline contribution and then closings from those pipelines in every other market
that reporting unit is impacted by lower print volumes and we would expect to see that to continue
but even more importantly knowing what drives your score can help you make smarter financial decisions (and->to) not only improve your score but also your financial health
on the work that were doing currently with the local communities and the authorities in peru (*->as well)
ladies and gentlemen thank you for standing by
even with the mortgage business being slightly down but when you get to the absolute levels of pipeline
we then leverage our postmedia partnership to get our brand out in front of millions of canadians at a scale that perhaps only the big banks can match
also thanks to the differentiation in the offer we are building and the coverage of the different needs
in the south of the country we have made further market share gains with additional awards of ids contracts
(accept->except) some of the interest that weve been receiving out of our miami office from the caribbean (and->in) central and south america
(specially->especially) given the backdrop of consumers looking for more convenient digital solutions we think mogo is really well positioned to take advantage of that
gone so as we were not informed as of yet of the details of the exact measures
so thank you for that final question i would now like to summarize the 3 most important points we have discussed this morning
turning to slide 14 let me first start with a summary of our financial highlights from the quarter
mostly so that we could get some patterns (*->of) sales patterns and some experience (of->at) doing that understanding what customers were looking for et cetera
you also have a summary of our statements of financial position on the following (slide->slides)
and doing that groundwork is an urgent matter from the companys perspective hence we do have some concerns
the information discussed on todays call may include forwardlooking statements regarding the companys results and prospects
work in making sure that the products that we sell now on the shelves are truly safe
we will refer to certain nongaap financial measures during todays call these measures should not be considered in isolation from
regarding the movement on (deal->these) days the (country volatility->countryvolatility) adjustment is really jiggling around
recommending approval which marks our second developed product to achieve this regulatory milestone
(*->and) we expect this growth to continue into q2 and then perform in the low single digits for the balance of the year
premium and effectively compete in the luxury price points while driving (upperupscale->upper upscale) margin performance
i think the focus is going to be on asset management and being really careful and making sure we hit our numbers
im not i dont have great predictions of those 3 items each quarter just
but is also driving an increase in compensation a trend we expect to continue throughout the year
i think weve done the right thing to get (us->it) through 17 i am
please note that our conference call today will contain references to financial measures such as funds from operations
and our brand is better known its going to take time to find (the->*) replacement channels that can do the same sorts of volumes
and to russia and the middle east in particular where activity is strongest and where we can secure the best returns
however we are of the view that the combined regulations between these types of entities
and what we think we can do on the property side but the overall goal is to grow a highquality pool of cash flow
actual results may differ materially and we do not undertake any duty to update any forwardlooking statements
for example focusing on fully exited transactions in corporate private equity over the past year
and a still highly competitive environment lets look at the details of these results
at the end of december we concluded the transaction with weatherford not as a joint venture
going forward we expect our net interest income will represent an increasing portion
on maximizing riskadjusted returns in newer higher quality and larger apartment communities
our new team that we put in place has been able to launch a new (fund->*) fundraising is progressing well there
so that is really at the heart of the way we manage our (business->*)
and when we think about a partner obviously (we are->were) going to be interested in someone that is really going to have (propensity->capacity) and focus
a meaningful percentage of this investment is directly tied to strong sales activity in travel network
accordingly q4 will be the strongest quarter of the year for us with no property renovation disruption
to prioritizing our investment needs and identifying new market opportunities we are taking a thoughtful
(weve->we have) also made significant progress in our first 5 months toward operating on a standalone basis
the (investment->investing) business is the most important thing we do and we are keenly aware of a lot of the risks around (this->us) and like i said
and one of them being the fact that the trading opportunities are not there
well theres always going to be the clinical and safety profile thats important in this particular market and
your performance and if we look at the performance of one of your main distributor in france it seems that
this what we have said since the beginning of this year is that if we get rid of (the->*)
and on monday we issued a news release announcing approval recommendation granted by chmp in europe
and last quarter we saw this on a spot basis this quarter you see it in the averages so (look->the) competitive dynamics are going to be a factor for sure
so it doesnt mean that that wouldnt change in the future but certainly right now the new hires would be coming right into our office here in raleigh
another point i want to make on tpds that you need to keep in mind as you look at tpds because i think it can be a helpful metric but it also can be misleading
although we believe that such statements are based upon reasonable assumptions you should understand that these statements are subject to risks and uncertainties and actual results may differ materially
i prefer not to give you a precise ratio because we dont really think of the business that way we just want to be sure as you know from knowing us a long time that we have
on page 7 the emissions market has become an increasingly complex with an increased industry focus on emissions controls and monitoring
but we need a bridge solution to keep the units that are important to our customers in place so that theyre available once we do have a carbon signal in the market
and with that (i will->ill) turn the call back to ashton for a few comments regarding our investment portfolio as well as the investing environment before we open the call to questions
we continue to operate below the median of comparable us banks due to the relatively lower (creditrisk->credit risk) density of our balance sheet
we feel very strongly that an investment conversation that includes deposits has got to be a key part of our primary banking strategy
and argentina compared lower with the previous year because of the sales of investment properties that we sold more in the last year
i guess id say efficiently thankfully for us weve been able to raise capital versus where we believe we would price out were we to be
and in such anniversary year for the first time in our 92year history we achieved both record revenues and operating profit
along with a lower effective tax rate and lower weighted average shares prior to our equity issuances related to the pinnacle acquisition
is whats happening now and whats going to be happening over the next few quarters not necessarily whats happened sort of already through reported results
as we have consistently communicated we remain strongly committed to a solid (investment grade->investmentgrade) credit rating and our target leverage ratio
with our longstanding track record it should come as no surprise that we are prepared and excited about 2018 we pride ourselves on leaving little to (change->chance)
we remain hopeful that we can reach a constructive solution that truly is (of->the) best interest for our state and our fellow illinois citizens
also the inclusion criteria of the clinical study seems to be rather narrow in terms of ages and ambulatory function
as one of the global programs domestic project was decided to be pursued between these 2 there is no contradiction
well spend the next several months migrating each of our retail brands to this platform we hope to have this migration complete in time for the holiday shopping season
and im just curious how that would compare to sites that have yet to be reimaged i think (the 2 is->it presents) a really good number thats what we see inside outside
as you might expect with the closing of the merger in the beginning of the second quarter and the system conversion midquarter the period contained a bit of noise
measuring ourselves going forward on the efficacy of those processes and how they will play out in terms of investment results but certainly we would
if you analyze our results on a quarteroverquarter perspective and compare the quality of our revenue during the first quarter with the fourth quarter of last year
in the intelligence emissions safety and security and fuel efficiency markets which are expected to grow at rates exceeding the underlying vehicle market
with such background we forecast that it will continue to grow for the time being and we made a plan this year accordingly
this (represents->represent) growth in both net interest income and fee income as well as a net reduction in credit costs and expenses in the quarter
finally we adjusted eps to exclude transaction (cost->costs) related to the acquisition of orlaco bob will discuss our adjustments in more detail
but if you consider any further possible risks due to the system change after april what would they be
forecasting there in the third quarter compared to the second quarter so 2 of the big things one is were forecasting lower
this growth has been the result of our rigorous approach to modernizing and premiumizing our brands through renovation and innovation and the benefits are clear
in addition many companies are working on (access keeping->excellencekeeping) and there is a little boom now please comment on (it->that)
we continue to work on securing new orders for this business and have taken some steps to further improve operational performance
and that open season is continuing with strong interest and hopefully well have more to report on that in the near future
just wondering to what extent this theme will play out in 2017 and in particular was there any acceleration (of->*)
i want you to just be very clear where we stand on this overall we are very pleased with our top line strength i think you could see from our presentation and im talking legacy cag here
november is probably the highest single margin month for pinnacle because (theyre a hot->they are) their margins are higher in the second half of (the->their) year than the first half so
we continue to see improvement across our 3 primary digital metrics since we launched our strategy over 2 years ago
our second quarter includes 31 days of pinnacles results we remain excited about the opportunities presented by the combined portfolio
thank you michael as both michael collins and michael schrum highlighted butterfield continues to generate strong profits and deliver on our promises to shareholders
as i always do during the month of december i had a chance to visit 4 different countries on a trip that i plan every year with senior members of our buying and operations team
if you have noticed that much of this activity centers around expanding our balance sheet then you are right because that is exactly what we are doing
the new and (higheryielding->high yielding) securities have already stabilized investment yields in the quarter and positively contributed to our running book yield
can you again talk about here what youre seeing what are the growth prospects to get a better understanding how these things
finally our new and active customers were down slightly in the quarter reflecting the previously mentioned circulation cuts
and our capital rebuild is ahead of plan were proud of that and this bank has the ability to generate a lot of capital internally
we are committed to maximizing synergies between the 2 legacy companies and (will->well) continue to identify opportunities for future efficiency
assets and so weve got a lot of (opportunities->opportunity) to work with them as we continue to work through kind of a lower commodity price cycle
the canadian heavy volumes to the area that are most beneficial we did consume a fair amount of canadian heavy in the gulf coast
and it needs to be something that can support these new initiatives that were talking about going forward and to your point thomas we are definitely aware of the challenge that (*->is)
the importance of the relationship of canada canada was the only country where he sent a mission of (seven->7) of his future ministers
in addition more than 25 states and metros have enacted new infrastructure funding measures over the past 3 years
during the course of todays call words such as expect anticipate believe and intend will be used in our discussion of the goals or events in the future
opportunities are presenting themselves for active antenna programs that address certain urgent battlefield vulnerabilities
and equally as important is a reasonable seller and reasonable seller expectations and there (have been there->*) has been a little bit of dislocation in that but
as far as anything that we do to offset it we have not implemented any particular strategy we have not changed our pricing approach next year
as we have said many times before we believe it is important for gray to continue to grow the size and scale of our portfolio with highquality assets
these metrics are not meant to replace gaap measurements but are provided as supplements to assist the public in their analysis and valuation of our company
the revised range for the combination of our adjusted ebitda plus the cash on the design and construction contract
on q1 just wondering if you (have->had) a pace number and what your thoughts are on core and local and national for the year
this new service was developed as a direct result of customer feedback and we have a number of customers live on the system today
we will do the deal if they intend to look for great television to subsidize them then we will not do that deal
work on the facilities will commence upon completion of the contracts and most of the required vessels and equipment are already available
and i was curious as to as you look at where we are right now and you try to assess your strategy over the course of the next few years lets say
and so weve been able to offset some of the lot cost increases weve been seeing come through to protect the margins
the second piece of the puzzle is the ones that havent been successful have been (revenuebased->revenue based)
however due to the episodic nature of our acquisition activity and (the->*) unpredictability of when deals will be executed
our business both expanded relationships with current customers and added a number of new accounts in the period
and potentially the drilling of a new well all of which will target (most->both) the cretaceous and tertiary reservoirs we will
just as we remain as busy as ever at corporate trying to build a larger more efficient and more profitable company
got it and are there (other->any) things that you can point out specifically as far as the areas where youre seeing the decreases
one because of the escalators in the contracts we just signed and secondly because theres just so many contracts that are up next year
by reentering and completing 1 or 2 of the previously drilled exploration wells and drilling a new well
so from the numbers weve seen this year theyre getting back to 80 of the unit volume on the client side of the previous peak
okay thats helpful and youre expecting to give us more color on that over the next couple of quarters is that what you said
the americas design business returned to positive organic growth which is a significant turning point for our largest profit driver
can you help us bridge the gap between the wage inflation that youre seeing and sort of your reported labor costs
they just could not suffer the idea of being off of that cable system for more than a couple (of->*) weeks whereas we certainly can
we feel like the success of the business allows us to also return capital to shareholders and i think we feel like we can use
to be able to proliferate across those programs and scale to meaningful penetration to be able to meaningfully contribute to growth
so you have to separate the issue of delivering production designs and qualifications separate from (a->the) transactional sale
and if you look at what we have been able to achieve when it comes to adjusting margins
(and->id) also i think (i->id) have to say though (*->that) its too early to make any broad conclusions certainly about any kind of market share
what ill call private infrastructure that is like the investment we already talked about that we made in the ohio river hydroelectric project
thank you operator before reviewing our results (id->i would) like to direct you to the safe harbor statement on page 2 of todays presentation
overall revenue growth was driven by (a->*) solid performance in our legacy product lines as (weve->we) focused marketing campaigns on these categories in the quarter
between our largest market which under the current dma is knoxville and a lot of markets that are a lot larger than what we currently are
basically will probably be needed to be done in any country that would license this so i dont
but the china demand has not yet materialized certainly in our revenue and their revenue
we are striving to be the leading builder in each of our markets and to continue to expand our industryleading market share
we also closed the previously announced acquisition of 3 stations in the fairbanks alaska market
except for peru which was impacted by some disruption as a result of adverse weather conditions occurring this spring
during the third quarter we (continued->continue) to benefit from improved market conditions and our ongoing focus on expense management
but there will be repairs and maintenance that we will help with and in the long term hopefully will be a tailwind for us
what is obviously a very substantial amount of cash so if i have one concern thats about it
changes to the methodology included using a higher discount rate to determine the value of future cash flows
i would say the enthusiasm the energy the excitement the media coverage we certainly have had so far from the opening
(*->the whole) market and thatll give us a lot more information but that is a huge opportunity for the future for which we will discuss tomorrow
giving them more product choices than ever before and leveraging trends in food and nutrition to help them attract new customers
our company will always be focused on improving the employee experience which is a core part of how we drive our financial results
however given the continued change in the commercial real estate landscape as well as specific limitations on certain of our remaining properties
actively pursuing at the level we are now (but->*) we think its a huge opportunity for the company and
when i look at the impact it can have on your returns your roes it can make a big difference so just your thoughts there
i mean (in->*) our conversations with the folks at youtube they could not be more clear that they want the affiliates
and (davenport->devonport) had done extremely well during the entire cycle so there was a little bit of uplift from that as (well->*)
in a prudent manner that permits us to achieve greater economies of scale higher returns for our shareholders and a more conservative balance sheet
which positions us to maintain this longterm relationship through a resolution with mutually beneficial results
i just think thats a big driver in the market and as far as the overall cost (in->and) the design and what
which in turn should improve conversion and enable us to spend more on traffic to our sites
that was around first quarter last year that just doesnt exist this year as theyve completely changed their marketing strategy
this forecast was also developed in the context of capital constraints and the uncertain macro environment we face
and factored into the purchase price and some of which was caused by adverse weather conditions in peru during the spring
being (impinged->impinj) in fact the world nuclear association shows that over the coming decades
station (swaps->swabs) dont really seem to make any sense for us were very very happy with the stations that we have and the portfolio that weve built
maybe even in the first or second quarter next year well talk more about it tomorrow and give you a little bit more visibility but clearly
france continues to look for opportunities to (ramp higher margin->wrap highermargin) peripherals services and solutions around the sales of its core products
this compares to only 10 in 2013 and is a testament to our ability to expand strong businesses into new markets and geographies lets move to our energy and industrial construction business
in both industrial and france we are strengthening customer relationships enhancing the customer experience and broadening our services offerings in support of our core product lines
so we know that the growth is primarily driven or strongly driven by the industry sector so we wouldnt have been surprised to see a reduction in our order backlog as a result of that
our backlog increased by 8 in the second quarter and with the anticipated benefits from the federal transportation bill and growing spending in canada we are confident growth will continue to improve
as you (guys->*) talk about the recovery here i wonder if you could maybe measure (your progress->*) relative to that previous peak in terms of what you saw in the current quarter and
as steve mentioned earlier the northstar portfolio had a challenging first quarter as we saw increased credit supply impact marketing response rates website visits and new account application volume
got you thats helpful and then (could->*) touching on sort of a little bit more the strategic side can you just kind of talk about sort of what youve seen in your sort of initial
were also seeing that a growing share at the entry level and the overall level of (housing starts->housings) are (*->its a) very early cycle so (youve->you) got some aspects to the market that are kind of early cycleish and then you have some aspects that seem like theyre more later cycleish
our product portfolio comprises the basic elements of every vehicles electrical architecture and control architecture (im->i am) excited about the opportunities and solutions that stoneridge offers in each of these areas
and really extraordinary if he gets 3 thats the market were in having said that we still have our limits physically and intellectually about how much more we can take
we have additional site functionality and navigation refinements to make before we begin our marketing campaigns but we have no reason to believe we wont be ready for the full marketing launch in the third quarter
thank you dan before we open for questions i would just like to reiterate our key highlights of the year and how they are evidence of our ongoing ability to execute our strategy for the benefit of our shareholders
as ive said previously quite frankly there are so few companies with the resources and experience to successfully undertake these projects
particularly in the second half of the year we (have->had) strong performances in our corporate and investment banking businesses and more modest results in our capital markets businesses
we also remain busy with work on california highspeed rail and are still anticipating volume of work increasing substantially by this summer
as weve discussed we expect revenue growth over the planning horizon to exceed our underlying markets by 2 to 3x this growth will be delivered driven by our focus on solutions
theres more of that to come theres some big big consolidations we just did a big one in denver which is one of our largest offices that are now operating about 1400 people in one location
thanks mike please turn to slide 6 our second quarter results were consistent with our expectations with the exception of our oil and gas business where market conditions remain challenging
this dramatic impact is not really seen in the actual net interest income of the bank and there are many explanations why that is the case
we invest in this business on multiyear cycles we plan our years out and we try to put ourselves in each of our communities in the best position possible to execute as well and give (a->our) chance ourselves an opportunity to do better
then obviously our interest rate sensitivity would be really important to the story so i think in summary i think its (a->*) wait and see i dont think theres any reason to be overly concerned at this point theres a lot of moving parts
it should allow us to expand our mro and consumable products business and is a good example of the expert knowledge and enhanced services we are bringing to our customers
yes i mean i guess kind of (i->*) understand the internal accounting (points->point) but thats kind of just how its represented between the divisions but if i look at the group
ill now turn to the other segment on slide 14 which incorporates the results of group treasury smaller operating units and certain corporate adjustments
my comments which follow are on an adjusted and constant currency basis q4 results reflected strong asset and deposit growth in the pacific alliance
we offer community banking services composed of retail and corporate banking to individuals local businesses captive insurers reinsurance companies trust companies and hedge funds
these results reflect the strength of our operational teams and diverse product offerings across our broad national footprint as well as a strong spring selling season
we are also pursuing several options to expand our capacity which we hope to report on in the coming quarters i will now turn the call over to troy to provide greater detail on our financial results
while still meeting or exceeding our mediumterm financial objectives that said we expect to remain in our core markets across the caribbean region
i dont even know how we could possibly even handle it there are so many major projects teeing up for the next 12 to 18 months
(*->one) variation from that would be (and->*) i think mark mentioned (it->that) we had to move into a new office building that move was done in may but i think we started paying rent in april
top line growth was once again among the best in the industry as we benefited from solid performance in core categories led by sales of (stocked->stock) products
the transportation market in particular holds significant potential due to the emphasis on greater regional connectivity with several light rail and highspeed rail projects continuing to progress forward
building segment revenue was up modestly compared to the fourth quarter of last year as progress on newer projects more than offset volume reductions from projects that completed or are winding down
before i turn the call over to michael collins i would like to remind everyone that todays discussion will refer to certain nongaap measures which we believe are important in evaluating the companys performance
in addition we have now started to make premium payments to the bermuda deposit insurance scheme and finally we now have some new costs associated with being a us public company
james do you think that reward you talk about in terms of the margin (*->and) the marginal business is it enough to color the outlook for the net interest margin for the segment as a whole or is it
but i would be definite to once again state that is the one governing factor that will limit our growth to what we feel comfortable with
we continue to make excellent headway in support of our strategic plan with the acquisition and seamless integration of hsbc bermudas private banking investment management and trust business
in the americas design and building construction businesses these results demonstrate the improving fundamentals in our markets and our ability to capture a growing market share of the opportunity in front of us
we completed major acquisitions made important investments in technology and continued to invest in our people and attract highquality talent to the bank
we cannot comment (any more->anymore) relating to this process but seadrill has never missed a charter hire payment and is continuing to pay us the full agreed charter rate and we continue our steep (schedule->scheduled) repayment profile on the loan
this transformational acquisition is an integration of 2 leading businesses with complementary strengths (alphas->alpas) mission is to keep the world working by delivering solutions that meet todays and future power challenges
and why (did->do) we need to focus on stability first well at the end of the day its our customers this is critical piece of their infrastructure so if we dont deliver and dont perform their network is going to suffer
press comments on the declining of the (projects->project) we see that because they are comparing the full plan of previous years to a smaller plan that (is->its)
(*->and) minimally maintain margins and probably more than likely be able to continue to enhance them so we feel pretty good about the environment and where we are with our rail partners at this point
and here its clearly an area where we need to intensify our costout activities as well as migrating work from highcost countries into lowcost countries
and those patients who have an inhibitor and cannot undergo prophylaxis administration may continue to be administered but the patient access will be impacted greatly
as already discussed earlier the increase in export to roche and improvement of cost of sales ratio versus sales due to change in product mix contributed to this increase
our programs have worked for millions of people and the daily testimonials we receive from our customers are one of the many driving forces behind our desire to bring proven results to the millions more that are searching for weight loss solutions that work
and theyre ones that we will be on top of as we go forward and were going to share with you what exactly those plans look like and what the cadence is of getting these businesses right where they need to be when we do our investor day in april
as you are aware we dont provide specific revenue or earnings guidance and anything said on this call which reflects our outlook for the future or which could be construed as a forwardlooking statement must be reviewed in conjunction with the risks that the company faces
is the same between our (nexsys->nexus) pure and our (nexsys->nexus) ion so lets just start after the batteries and that would be light (assembly type business->assemblytype businesses) thats very similar to what alpha does its taking
whether the orders cover 4 months we do not have a clear picture of demand and supply currently so we are not able to report on anything binding yet
another operational focus for us right now is looking forward to the alpha transaction to make sure that we combine the 2 respective supply chains
several repeat cycles and frankly in the case of duncan hines thats exactly the thing that started manifesting itself this year along with the convergence of new competitive products coming into the marketplace
sales expansion is expected and you plan to ship more is it also a factor (alecensa->acensor) has been remarkably growing
where we might go with that its not done its never done (until->till) its done and coordination around the partnership is an important part of that and were working our way through that but i think were sitting reasonably comfortably
but they are fixable and we are the right team to fix them conagra has the capabilities to put pinnacles (brands->brand) back on track and deliver for its customers and consumers and shareholders
if we look on our own business we see increasing traction on our 4g portfolio as well as 5g portfolio and we have announced a number of wins during the fourth quarter
i think were going to see when theres a lot of money on the table in those last few weeks the people that are using it are liking it a lot so i think its a matter of adoption (but->by) honestly we dont have a good handle
while there was plenty of innovation activity over the past 2 years the results clearly show the innovation was insufficient to sustain growth primarily because it was subpar in its execution
so that (*->there) was a lawsuit filed against several station owners and operators including us and the allegations of that complaint are completely meritless and we will defend ourselves vigorously
with our exceptional team comprehensive product set and integrated service offering bolstered by the addition of an industry leader like alpha enersys is very well positioned to compete for the long term
unless you want to feel the same way as i do and i dont recommend that but anyhow i wanted to talk a little bit about the business environment (*->and) before stepping into more specifically about our performance
but then secondly as you (onboard->upward) the customer it takes time to ramp it up to get to the margin levels you need generally its 90 days 90 days after startup you should start to see the margin levels that you expected
as the impact increases can you give us an update on what youre seeing on a regional basis and to what extent the subs are (cordnevers->cord nevers) or subscribe to linear as well rather than trading down to the larger bundle and then separately
as for operating expenses marketing and distribution expenses research and development expenses and general and administration expenses et cetera have all increased
get reflected in billing rates so thats why it kind of keeps that slightly lower so those are kind of the headline numbers for gross profit rates when i look at
pricing is very competitive this year in the truckload market given the low price of fuel and the plentiful truck capacity (we see->weve seen) more intermodal volume convert to truck than in previous years
there has been a technology shift in the segment where the new vessels are significantly more efficient than the previous generation vessels and in a logistics operation like the container market efficiency is everything
(*->if) you have any strategic idea or meaningfulness to do them separately in japan and overseas please tell us what are the background reasons if any
and as (you->we) can see at the bottom of this slide the actual charter revenues were significantly higher than the backlog going into the quarter illustrating the upside potential from profit share arrangements and spot trading vessels
the (foodservice->food service) business was further impacted by the sale of the trenton facility excluding the hurricane and trenton impacts (foodservice->food service) net sales would have been approximately flat versus a year ago
were in the middle of bid season and in march we saw volume decline (in->and) more pricing pressure so were trying to be realistic about our expectations (than->and) well have more insight when we report on the second quarter in july
i always come back excited after seeing how hard our teams are working on serving our members which resulted in a good month of december let me now spend a few minutes covering a difficult situation in honduras
our mission is to help to offer a platform of weight loss solutions that work for as many people as possible our company culture our employees and our business model are aligned with this mission
where you had a lot of idle units just in the summer last year and now it seems like all the modern units (are->*) have been reactivated and they already talk about building new rigs
i think generally for many shipping segments you also have some new regulations relating to ballast water treatment systems that requires additional investments for older vessels and also
our estimates include known revenue synergies which approximately offsets lost revenue related to divestitures through execution of our strategy we expect to continue to grow (the->fee) income across all sources
since orange life insurance was included as the fourth subsidiary in the (nonbanking->local banking) sector the insurance segments income basis was expanded
these (missed steps->missteps) ultimately undermined brand strength and pricing power while gross productivity was insufficient to make up for operational offsets like a major product recall
please discuss how you are going to differentiate this product pfizer is conducting phase ii study in japan for an antibody product with similar mechanism
some prepayments and some lower origination activity is that is this kind of (merger related->mergerrelated) do you think is it an aberration to see that kind of number i guess (its->is) the first part of the question
so that would be the (lions->lion) share in addition to that we do see one of our competitors has (coughed->caught) up a little bit of blood lately in terms of
upgrading their networks also allows the msos to compete for their fair share of the data backhaul markets which will continue to grow as consumers continue to digitalize their lives
achieving sustainable growth will require that we serve our existing markets at progressively higher points of need and develop repeatable service offerings and new products for broader markets
as one of the final pieces of the legacy conagra portfolio to receive attention our refrigerated products still appear on the shelf today largely the same way they did in the 90s and it shows in the results
on our relationship with several (of other alphas->offas) competitors i remain optimistic though that the strength of enersys global sales network should help alphas international sales
the plans we have in new york and illinois we think of as preserving those units for the day where we have that best design in place and we think that day is going to come eventually
as many of you know nonrecurring dividend and fee income is impossible to predict with accuracy on a quartertoquarter basis which is why we tend to focus on it in an annual context
first things first we will continue to flawlessly integrate the business our people processes and technology integrations are on track today and we will not lose focus on that important work second
is it the cost structure on which we have got a hold off and now probably its more of a sales which we would be looking at in terms of improving the performance thats what i was trying to understand
mortgage in particular has seen recent industry headwinds due to market conditions caused by a combination of a modest rise in rates and tight housing supply and continues to be a potential risk as we move forward
one is (adama sale adama sale were going to explain->aramacell adamacell) later that we brought a lot of cash to the company and an increase of the share of price of (clal->cla) that is valued still at market value
to issue a new series of debt with the collateral of the potential proceeds of any disposal of (clal shares->clshare) so the company now is in the market
the various (veto->vito) points that are in place with certain officers in the firm and how we approach the filtering and how (*->theyre) different from the past and i think we are now obviously
i will be discussing our financial performance excluding orlaco which is included in our (electronic->electronics) segment for consolidation purposes bob will be discussing our results inclusive of orlaco later in this call
and now turning to the south beach diet were learning a lot about the brand and its potential in our initial year of launch south beach is enabling us to broaden our reach and onboard new consumers onto our platform
the health benefits realized from even modest weight loss are significant and were committed to helping consumers achieve their (health oriented goals->healthoriented goal) through a platform of solutions and programs that can be tailored to what works best for them
we prepared the bridge to first show legacy conagra eps drivers followed by the pinnacle adjusted operating profit and (net->then) incremental capital costs associated with the acquisition
can innovate them in ways that drive good profitability and do a fantastic job delighting the consumer when you look at what weve done with our conagra brands over the last (4->few) years
the addition of pinnacle expands our presence in our most strategic categories including frozen foods and snacks and brings together 2 complementary portfolios of iconic brands
we successfully closed the transaction faster than originally expected and frankly im glad weve taken the reins weve all seen the weak scanner data on key pinnacle brands over the past several months
but it certainly sounded to us that you thought maybe initially that some of that pinnacle margin opportunity could be delivered upon under conagras ownership so it certainly doesnt seem like thats the case at this point
and when the consumer is (hyperpassionate->hyper passionate) about a space as they are about spiralized you just cant opt out youve got to give the consumer what they want and figure the margin challenge out as you go if you opt out
and thats been a clear focus of (mine->vine) throughout my whole career and it will continue to be run the plant safely reliably and very efficiently
essentially at least currently are saying that thats probably going to be fairly net neutral in the first quarter we wont have any of the synergies in place really well have some additional (costs->cost) as we
you will have a retailer give it a go but it (as->has) never taken hold and it so it probably will happen again from time to time its happening a little bit now in vegetables
which we see as the ticket of entry at the utilities (and->an) economic imperative at the generation business and im happy to report that the third quarter was operationally strong
a steady demand for their product which is consumed by the enersys sales channel primarily in the asian region has helped them so we had
on page 3 let me briefly cover our first quarter results please note that for comparability to prior quarters and due to the fact that orlaco only contributed for a portion of the first quarter
as i mentioned we are absolutely stopping the initiatives that we can responsibly stop but most of our new work wont be ready to show customers until well into calendar 2019 as a result
the lawsuit does not request a stay or an expedited trial and we continue to believe that the ces design is sound and that it will withstand any legal challenge
and then optimize our manufacturing footprint for what we call light assembly businesses (*->so) most of the lead battery factories are capital intensive
we have a very strong focus on capital a very strong focus on efficiency and the last thing we would do is cut into safety or reliability
was a result of the more diversified nonbanking income fundamentals through the integration or inclusion of orange life insurance and the banking (sector->center) income improvement
this market dynamic is another reason we have been moving towards other more (seniororiented->seniorated) investment opportunities where we believe (risk adjusted->riskadjusted) returns and overall credit protection is better
sort of universally strong this quarter looking at lead price recovery (it->that) should be better in the third quarter than it was in the second quarter (it->*)
and that is what weve got to correct with exactly the things youre talking about which is a return to superior execution on the 3 key leadership brands that we talked about today it means not
on slide 9 we have detailed (a->the) chart to compare the performance of this quarter to the same period last year as noted previously we are experiencing a significant contribution from our recent acquisitions
we havent had the chance to have this discussion with the rating agencies yet because as you could read from the release this is a very recent development
we (continued->continue) to add business development resources to support this business growth in fact we are probably the only storage company to recruit and hire executives from traditional logistics businesses such as fedex
in the third quarter we have been actively evaluating other potential opportunities in our pipeline but remain highly selective and focused on accretive acquisitions that adhere to our selection criteria
a prominent feature in the growth of retail deposits is our (win->wind) flushing program which focuses on increasing our deposit market share in the asian community in flushing queens
this was primarily due to our increase in operating margin this quarter along with benefiting from a gain on translation of our us (dollar denominated->dollardenominated) debt offsetting an increase in our amortization expense compared to the same quarter last year
if i look now on one side at the potential outflows but i also look at our pipeline and purely statistically at the number of rms that weve been able to recruit and (well->will) continue to recruit this year
we believe this is due to our highly targeted digital strategy and exposure to the qsymia efficacy message on the brand website when patients are the most motivated to start a weight loss effort
in addition with (a->*) significant real estate in our portfolio we have alternative capital sources from which to pull to continue our prudent growth strategy in 2016 without accessing the equity markets
a mix of gdp growth and ultimately a mix of interest rates going up where people will not want to sit on the sideline and give up opportunities to generate revenues
(*->and) that helps us secure pricing arrangements in whatever with whatever partner were talking to that continue to deliver value for members and ultimately for our shareholders (tor on->toron) breakage
okay and then just on your pricing commentary and i guess the mix commentary because i think some of the people who are more concerned about longterm structural pricing in hospitals look at this mix
the courts adopted vivus proposed constructions for all but one of the disputed claim terms and adopted a (compromised->compromise) construction that was acceptable to vivus for the final claim term
and although there is substantial exploration opportunity but its very much going to be prioritized by how you commercialize this in a sensible way getting the oil into infrastructure and building
no i guess (ill->id) just say anything more specific than that is going to be based largely on contracting strategy et cetera which is still currently under discussion within the joint venture so
and with the agenda that is currently being pursued we understand that its more of a refocus on us interest that will leave a big space out there that will have to be filled by someone
overall we remain very well positioned to deliver profitable growth and longterm value to our shareholders as we continue to execute on our strategic objectives which (is->are) summarized on
our recent joint venture with lhc group brings our company to another level of focus on home health and hospice and enhances our opportunity to grow this portion of our business
(yeah->yes) jim i would say (that->*) the cost of the fleets are going to really depend on the configuration because we can just rent silos only or we can also rent silos with what we call our (quick load->quickload) which allows for
our vision is to be the preeminent community financial services company in our multicultural market area by exceeding customer expectations and leveraging our strong banking relationships
we substantially ramped up our sales volume through our (van hook->vanhook) terminal and we began manufacturing our first well site storage system fleets to be deployed in the field under our service model
but our effort is to make sure first of all that were integrating the hospitals (that weve->we) bought recently into the company well and i think in our results that you see
and i wish you a very nice day thank you
our commitment to leadership (and->in) quality and patient safety is recognized by the national patient safety foundation for the number of lifepoint leaders who are certified professionals in patient safety
relative to where (your->youre) contracted thats slightly below i think if im doing my math right can you talk me through the dynamics there is there something specific to 4q where (your->youre)
many friends will ask how we can manage this very huge ecosystem i think in terms of management one important point
that takes also a few months and then once the account is open thats the first time that we start seeing the inflow where the client can send the money and then we start investing the money so (is->its) a lengthy process from the moment that the person resign until
of 1995 such statements are subject to risks uncertainties and other factors that may cause actual results to differ materially from those contained in any such statements
substantial progress was also made on a range of commercial agreements required for these projects and again everything appears to be coming together reasonably well albeit as i say hard work
in addition to the strong performance of our samestore portfolio we continue to see consistent growth trends at the properties that we purchased at certificate of occupancy (are->or) very early in the leaseup stage
for big companies listed in hong kong they mainly use this kind of indicator so we hope that there is another dimension for you to have full understanding of leveraging level of fosun international
ill now turn the call over to mike mike thank you bill and good morning everyone as bill noted our first quarter performance was in line with our expectations and we are pleased with the results
so this is a major initiative that should improve the quality of service the frequency of contact the context of advice and ultimately also the performance for the client
for your interest in our happiness ecosystem if you look at (foliday->holiday) and (yuyuan->yen) they are very important platforms and groups
no matter what shape (or form it->reform) ultimately takes we are confident our strategy will continue to drive value for our shareholders patients physicians and communities
we dont believe its their intention to renew so i think thats quite clear and whats also clear is what weve talked about on the actions that were taking and the alternatives that weve had i think the specifics of
except as required under applicable law during this call references will be made to nongaap financial measures as supplemental measures to review and assess operating performance
so we have outstanding people all over the world we also attach importance to nurturing young people many (post80s->postats) people have become our global partners and
we are now also starting to really take this out to the clients weve already seen the pipeline for entrada begin to grow and (weve->we) certainly are now excited to be able to bring an analytics offering to the table as well
very strong ecom growth (and->*) so its a year that we were in most cases very happy with we try to the best of our (capability->capabilities) to be very transparent to you and tell you what we think goes well and (not->that) well (and->*) we hope that (it->*) allows you to make a better decision but i (would->hope) also
are also expected to increase significantly partly as a result of the factors that i discussed earlier and partly because of seasonally higher corporate costs in the first quarter due to health and fringerelated costs
we continue to identify opportunities to streamline our rms operations particularly through the automation of manual processes and implementation of systems to improve data availability and accuracy
our acquisition of eagledream is another step in the right direction and our laser focus on client satisfaction over the last 2 years has positively impacted our maintenance attrition which now has come down to just over 6 on a trailing 12month basis
secondly our focus on key cities our 6 key cities in the world continue to set a pace and (*->an) influence for the rest of the world on how fashion and (sports->sport) trends are being created and also being rolled out
our strategy is starting to play out there and the referenceability gives us more credibility when were talking to other customers in other parts of the world it is a very dynamic market now as youre aware and everyones aware with the business climate thats out there
and so i think that theres a couple of dynamics (that->at) play there that are that need to be dealt with one is that the overall cost of funds in the repo world where we pledge loans to banks who and they give us financing
the ground as we had anticipated id say the client reaction (*->is) probably a little bit better than we had anticipated were being (*->very) careful not to oversell it we have lots of audits through the facility and lots of visits by clients and lots of requests
nebraska louisiana so its typically playing out in different ways in different states so the experience that weve had in florida has been hugely beneficial to us (were->to be) really the only player nationally that has a level of experience we do
its about 70 its (about 70 its->*) relatively stable at this point in time but as weve moved through the past year we have had some turnover that was kind of expected as we really transition from selling products to solutions
were taking a 2step approach for the connection in the home (i mean->or in) the physical connection in the home it is when were opening the roads and when we are active in the (streets->street) we offer the various customers
cardiac and (musculoskeletal->musculoskelpil) opportunities and finally both the federal and state governments have focused on the epidemic of opioid abuse which we believe will increase the demand for (a->our) unique expertise in this area
but the other is analytics truly informing practice and i think thats what youll see as we move over the next 6 12 18 months is the really coming together of use cases that span the entire solution platform
we will (dense->build) the future by (then->*) bringing fiber to our customers by using the digital platforms and applications for better service and by developing meaningful innovations in partnership with startups
continues to be one of the most critical components of the effective execution of our business strategy which is the foundation for our future growth by leveraging the investments we have made and new ones we intend to make
an accomplishment that few cros can claim we believe its a testament to the value our clients place on our contribution to their research efforts and we work every day to enhance that value
percentage from orange belgium to get your cost down to being in line with what youve announced already and then just a quick point around cost cutting it seems like (you are->youre) making very good progress on (*->underfit the)
also we will discuss certain financial information that is not prepared in accordance with gaap we believe that these nongaap financial measures when reviewed in conjunction with our gaap financial measures
made a huge amount of sense and so yes it seems like thats kind of the same logic thats underpinning this combination announcement that was made earlier this week so
but as i sort of run through my model and look at everything its hard to believe that the oems can keep up with what the demand should be or could be based on the rig counts that were seeing
its anchored in a small handful of strategic relationships that could get to a point of saturation (*->and) the ability to bring more clients into that sort of strategic dynamic is clearly good for
we believe the unique solutions that we are developing for mcc of florida including specialized crisis intervention emergency housing and interaction with law enforcement will prove to be applicable in other states
we dont do a huge amount of business in either one of those markets but theres certainly overcapacity in those markets latin america faces some of that not as pronounced as
theyre looking for business partners to help them optimize their operations help drive cost out and help them implement good processes and standardization across their platforms to help drive a more consistent and enduring customer experience
we have selectively acquired assets and combined them with inhouse capabilities to create a discovery business which can assist our clients in solving complex challenges of earlystage research
she will continue to work with us to ensure an effective (hand off->handoff) to her successor and i want to personally thank her for the great contribution she has made and will continue to make to nextgen she will always be part of the nextgen family and will always have a home here thank you (jocelyn->joslin)
before i leave bookings i want to reiterate the point that rusty made in conversations with our clients it has become clear what they need to succeed in the evolving health care world that clarity has led us to make some dynamic changes (*->to the)
this was slightly better than we had expected as (*->the) attrition from the client that we discussed last quarter has not started as expected note we still expect rcm revenues to slow in the back half of the fiscal year
those rates have not really come down much at all in the last 8 years probably the only spread product that hasnt come down to my knowledge and what happened was when the unsecured corporate bond market opened up
this is a solution that was really developed by somebody who truly understands the how to deliver not just a broad analytics suite that allows a data expert to find needles in the haystack
were not engaging with (wils->wills) clients because theyre not our clients at the current time we have an understanding of who they are we have kind of some (euphemistic->eupheimistic) understanding of their initial reactions to the deal
we plan to continue to maintain the ability and flexibility to both execute our own securitizations (to->and) contribute to partner deals in order to optimize results while executing subject to a variety of prevailing market conditions
in addition to improving operating efficiency these initiatives will centralize scientific expertise enhancing the opportunities for collaboration and for implementation of best practices
we are fortunate that we can return a meaningful amount of cash to our shareholders and at the same time use our balance sheet to take advantage of opportunities that may arise in a highly volatile and dynamic market
than what we are currently working with but we think we have a pretty good handle on the basic elements
we have been plowing almost all of the profits back in the business to go get market share because
obviously that accretion translated to an absolute eps number in our models
although they will certainly make good contributions in the medium and longterm
today ill review our progress in the quarter that gives us further confidence that our growth strategy is on track
is that we have made some decisions to pull low roi (programs->program) which
wed look at that as a use of capital depending on where we are with other uses of cash for transactions at the time
in both we could confirm the persistent reduction of the number of (bleeds->leads)
we may need to review the dividend when we have (clearer prospect->clear prospects)
this is the last time for me to make presentations on performance
there was no notable change in other financial income
by the safe harbor for forwardlooking statements provided by the private securities litigation reform act
(intel->mantel) notes that over 50 of the people who want to lose weight are looking for food that has low sugar
we hope our investor presentation on our website and that call answered any questions that you (have->*)
there we always wanted to maximize our ownership stake without providing more capital actually
have created a foundation to a successful turnaround of digital services
well theres a couple (of->*) things that i would say there one is that in most of the countries we operate in
with strength in (our->a) more moderate department store group (we->which) performed extremely well given market conditions
the north sea and the (barents sea->barratze) seems to have a pickup
expanded options the new tools and services designed to help them succeed every step of the way
we dont expect any inventory level revision this time
margin enhancement and operational improvements across all our lines of business
all the other categories (in->of) noninterest expense are in line with prior quarters and our expectations
forwardlooking statements are protected by the safe harbor contained in the private securities litigation reform act
for example the hedges that we have for lead and we traditionally will
and we even see that to gradually increase over the next 5 years
our results serve as proof of our unmatched offering and high demand from advertisers
as you know on october (30th->30) we announced our agreement to acquire the alpha technologies group
last evening we posted slides on our website that we will be referencing during the call this morning
and as we look at how this business gets incorporated into our
so things are moving forward very much according to plan that we laid out at investor day
the quarter saw a very successful implementation of (the->*) new (trid->tred) regulations in all our regions
we think that the rest of the country will probably have a good performance during the calendar year
and what we do is if something looks like the acquisition cost per order (*->is)
i think this is a reasonably balanced estimate actually from what we see from customers
and i will also say my expectation for alpha in the first
although continuous growth is expected on quantity basis
to what our audience share of viewing is compared to what our share of subscriber revenues are
however we continue to be mindful of the situation and are carefully managing our exposure
our actual results may differ materially from the forwardlooking statements for a number of reasons
this guidance is fully qualified by the forwardlooking statements contained in yesterdays press release
have they been coming back a tiny bit and what is the mood in europe that youre seeing
kind of the first half of pinnacle having said that that forecast reflects
and this weakness accounts for the vast majority of pinnacles current challenges
so no matter how you look at december its still the best comp (youve->you) had in years
we dont have any particular updates that is all (for->from) me
is to make sure that we run those operations with the highest productivity
these tools also provide additional data that we use to improve the overall customer experience
as (america->americas) strives to become healthier the first step for many is to embark on a weight loss journey
(*->would) it be a possibility concerning fmi business
but (we are->were) also confident in being able to grow share with not only the existing customers
all of our investments in broadcast assets have provided nearly immediate value to shareholders
diligence process and preclose but then youre saying
second we expect to grow in our traditional customer groups and we will move beyond them
heres just a few of the specifics to give you a feel for where our confidence is coming from
clinically meaningful reduction in the number of bleeds
we have completed our review of media and ill come back to that later (*->on)
im happy to say that in the third quarter we made progress in all 3 areas
for enclosures for electronics alpha does more alpha does more than we do
new product can be in place by september or is this really a much deeper
and when the construction of buildings in yokohama starts
we think that for the whole year (they will->theyll) be up low single (digit->digits)
(there has->theres) also been a lot of pricing pressure from our (model->modal) competitors in this soft freight market
spend a lot of effort and take some additional actions (then->there) on working capital to continuously improve
as the release said fourth quarter at the bank and even the entire year can best be described as solid
and will allow us to continue paying down debt to create additional future flexibility
theres a big trade show in chicago that were trying to get everything launched for
as well as total increase in net working capital reducing the cash
is this in (the->*) both the new york market or is it more related to the florida market
with pluses and negatives across the customer base and within any given customer across
youll start to see them have a little bit of (a->*) revenue contraction as those lower lead (costs->cost)
as people move from just like in the rest of the world as they move (onto->on to) mobile (and->*)
youre including the share repurchase activity done to date in that number
this increase in gross profit dollars was primarily related to the inclusion of hbc europe
so we dont foreclose small markets if we see some unique opportunities or
maybe which banners you might be seeing some of the impact (and->in) that might be causing the downward revision and
and i didnt say that the current price is low
to end customers on a single purchase order with literally one throat to choke
our adjusted effective income tax rate of 19 for the second quarter
is we do a significant amount of contract manufacturing purchases
right and i think that wholesale rate continues to be undervalued relative
however i want to provide some basic information as we best understand it
gives us flexibility to adapt to changing economic tax and trade conditions
operating expenses is expected to increase slightly
there are indications that market sentiment may be gradually improving in the segment
it has been my utmost honor to share this time with you
these new customer onboardings and aggressive organic growth plan
has sort of put a little bit of sand in the gears in the near short term
hospitals are making decisions that being a part of something bigger
as a result the initial rates are a little bit less than lets say (our->are)
the oems cant produce an equivalent number of trucks to offset that
scenario is an increase of margin on the back of (increased->increase) possibly
many factors will influence the timing and size of any buyback purchase including these
retail outlook also is difficult to comment let me tell you this that
(*->periods) and as such leads to lower overall reported cost of sales during these quarters
clients need us to guide them through these markets we need to understand how the new
our own terminals will be able to market directly to companies looking to source their sand needs locally
has been introduced for the swiss platform and the vast majority of clients booked in switzerland now
getting involved in the efficiency of truck movements because we think thats (the->a) real big important part of this
and theyre very receptive in trying to help us get through with the bureaucrats to get these things done
its not an attractive model to the customers so we absolutely see the pendulum swinging towards
analyzed the test results and provided that information to the market
i think thats where our statement of being well in the range is justified
your comment is a fair comment its a balancing act between
as well as 1 additional month of the providence health system that we acquired effective
(*->and) as weve highlighted in the past we continue to have one of the lowest (leveraged->leverage) balance sheets in the industry
and then obviously the second criteria is the quality and what weve seen is that not everything that is big is beautiful
and davids right the plan we have put plans in place to mitigate that trend
in the future we will continue
to improve our service efficiency and operation capability at the same time
this is what we mean when we talk about our real estate providing us financial flexibility
in todays market we must be able to create value outside of just the purchase multiples in these acquisitions
our platforms are well ahead of whats there now and i think we (could->can) make a difference
which offset some weakness in latin america and central and eastern europe
as well as the benefit of the reversal of a previously established tax reserve
in the whole world in (fosun->fosom) fashion
products that we run on different types of equipment that we can run more efficiently
lower channel discount on (autocad->autocat) lp and an increase for multiuser subscriptions
just the increase in relationship managers or is it the type of money youre attracting
technology and innovation global technology development
our joint venture with simon property group this transaction provided a significant portion
and we typically have a slowdown in our mining activities in the winter months in oakdale wisconsin
also our new margin forecast for the year represents nearly 17 points of improvement over last year
and obviously the signing of gas agreements is the trigger for progressing that further
is there any metrics or (any things->anything) that we should be looking for in order to kind (of->*)
which leads to more cost being absorbed and capitalized into inventory during these (times->time) periods
because we have global industrial operation and industrial
and generally what we look for when we talk about (the->*) experienced relationship manager
the range of capital spend in the fourth quarter will be dependent on timing of completing projects at oakdale and (van hook->vanhook)
that should be more in line with its asset and investment appetite
okay so does that mean then that from your perspective the run rate margin
just wondering if you have seen that and what your outlook is on that going forward
we continued to make more investment in scientific innovation
the productivity of the front office and we have last year substantially enlarged
its difficult to see all the evidence of that just yet
so (1->one) is our ecosystem and (n->end) means
as soon as we have the save the date we will send it to all of you okay
now in terms of the manufacturing integration i think one of the things youre probably aware of
against competing projects i think youre aware we have a number of factors we think that
our new investment approach so if i look at our total assets under management
has leveraged the increase in consumer and patient interest in the branded antiobesity category
a lot of them have applied for permits and (are being->have been) turned down by their cities and municipalities (and->*)
in anchorage and if you look at the total experience that we have there
new market environment which again will present plenty of opportunities
does have an impact on determinations that
now id like to address the current downward trend were seeing in the marketplace
on the floating rate loans but get a better quality credit
we will build a platform of global working partners
so thats about our safety of our (debts->deaths)
this targeted deployment of capital will add contribution margin
in fosun we are making investment (in->and) operation in 30 countries
when you provided the prior guidance at the end of september did that include the
and well continue to play (our->a) part in rebuilding with government some of that infrastructure
if you turn to the next slide i wanted to make a few comments about how we are executing on that strategy
and continued investments in product development we are making to drive further growth
the integration of any acquisition needs to be done
below 1 million that is not directly connected to a bigger relationship and
at the beginning of a new phase were talking here about
the majority of our cardiology claims that were accrued
were not concerned but yes it is a strong focus of ours to bring working capital down as we go through the year
by the load and let them be responsible for all the (demerger->demerge) and all that kind of stuff
(and->*) so theres every (reasons->reason) to stay for them to stay connected with the program
oil search has seen a very positive response from northeast asian buyers in particular
as we sit right now and well progress it as a matter of urgency over the coming weeks
these increases were partially offset by productivity improvements in certain of our markets
without commenting directly on (the on->*) your specific question i think id say
are not only from china some are from japan and france
who also improved the outlook from negative to stable
especially in the permian have yet to be fully evaluated by the market
highlighting strong execution as well as adoption and expansion of eba contracts
in line with that i think youve seen over the last 2 years weve started
we believe were making the right moves to position ourselves well for the longhaul
insist on value investment so through investment we can
reference to the companys website does not constitute (the corporation->incorporation) of any of the information
in particular to better match our cost structure with current activity levels
and they have compact footprints compared to the rest of the proppant storage industry
so i think we need to stop thinking about it from that perspective
looking into 2018 we see that the contract that we talked about earlier in china related to some market share gains will not have any material impact going forward
but the encouraging part is were seeing stability in product road maps and were delivering products more on time now than before
the third pillar of our strategy is continued large investment in infrastructure and technology i mean in 2016 weve invested the most
the impact of expected share repurchases we anticipate rail service will continue to improve and that utilization this year will be (1->one) day better than last year
(in->and) workflow enhancements we are in the early stages of this project but expect to start implementing our (streamline->streamlined) process improvements over the next few quarters
yes i appreciate the question barton but you can appreciate as (is->*) a strategy it does us no good to talk about specific companies and just we just never do i mean i appreciate the question and i think
(state->*) and i think were on track to deliver the gas agreement at the end of the first quarter which is quite rapidly followed by hopefully (pnyang->penyang) as well
and it was just the right time for us to go up there and support their growth its a bit of walk before you run i think there are future opportunities for us down the road
our account management leadership team along with our intermodal business unit have done a very good job in streamlining our processes which has reduced our operating costs and improved our overall service to our customers
and workovers on (moran->miran) and (usano->jusano) as i mentioned earlier on a pleasing note for our own company performance has been the increase in reserves and resources
we are largely insulated from this dynamic which is creating a gap and a growing gap between our (sub trends->subtrends) and those of many cable networks and our net retransmission rates are essentially the same
that split covering the rail increases for the balance of the year or does the internal initiatives on box (turning->turn and) drayage and i think that kind of thing become more important as the year progresses
so (with->*) at the outset i think the quadrennial (review->view) can help provide the transparency on the market definition that would open the doors
in basic youre talking to your relationship manager only and in advance you have the relationship manager plus you have an investment adviser at your disposal to deploy your investment strategy
thats the way we see this unfolding in the future were not going to go into the erp space of construction were going to stay on the whole life cycle from design all the way through to site execution
been with the group for 34 years will go into retirement at the end of this year on grounds of age so thats also an opportunity for us to refresh the leadership team and i need to lead
all our work has been done meeting our commitment to good governance being open and predictable (for->to) the market and driving all our activities with a combination of social focus and delivering results
so theyre still investing in technology from our side because theyre all seeing the same kind of small impact (on->from) their material cost but its not translating into any kind of impact on our business because the people have to get their (jobs->job) done
joe can you talk about the incremental changes that youre contemplating for lsi and what we can expect where you would focus more on
is your record of decision are (youre->you) expecting that by the end of this quarter and i was just going to ask that with your negotiations in taking up the option and then potentially selling down
in the short medium term gives us a tremendous base upon which to build the future of the organization so strong resources and reserve position ongoing
of these licenses as many as you can reasonably do in (a->*) certain area so that it makes the commercial issues seamless into the future between the joint venture
weve seen in davos (the->*) speech of the chinese premier it seems that china is quite keen to fill that (void->wide) and then well have to see how does this pan out also in europe
so weve been experimenting in that space what youre going to do is see us getting deeper penetration there from a couple of fronts frankly some of our lead customers are actually starting to become more owners because they see
we have spoken at length about how our wholesale margins are impacted by terms discount from our suppliers whereby the value (*->of) our (pump->prompt) payment discount (declined->decline) as the absolute price of the underlying commodity is lower
(*->ops) are in that category so youll see us getting more awareness in that space simply because some of our customers are starting to participate more in that part of the market
and we are enhancing our construction offering with the acquisition of plangrid first lets look at arr which is the best proxy for measuring progress in our business model transition and the overall health of our business
so we know that we are at the bottom id say of the rate cycle we are also at the same time towards the bottom of the regulatory curve
cooperative development together for the downstream investments it was hard work and im pleased to say we are making tangible progress in delivery of all the key issues right now
(combined->combine) the benefit of all these what i would classify as kind of selfhelp items all else being equal whats the dollar amount of savings you expect this year
the important message here now is that we have gone through now and concluded this review of our contracts (so our->or) business of risks in the balance sheet
i think what worked in terms of programs 15 years ago no longer works engagement with the youth in these areas remains a critical part of our future longterm success
we never really (focused->focus) on them as much just simply because from a competitive perspective theyre usually not quite in the same game as us just due to some of the efficiencies we have with the equipment
(continue->continuing) to grow our margin capture inside the store and then well continue to look and identify long term to find the right dealers to go into those stores that can be (a->*) success for us in the long term
the other factor that well have to observe is the regulatory (pendulum->pandulum) i think its clear that it is going to swing but how far and how fast and where will depend
and another portion will go in june 1 so part of the rail pressure might have already been in the first quarter or (that->*) is that the wrong way to look at it
now when it comes to the manufacturing opportunity what you said there about it being somewhat further out i think what youre seeing right now especially with our execution (*->is)
and next topic here which i think will be important to follow going forward is the foreign exchange and the dollar development
second we are expanding our capabilities in the construction space by acquiring plangrid to complement our construction portfolio as well as to enhance our reach within the industry
those remarks are intended to serve in place of extended formal comments and we will not repeat them on this call we will also post a transcript of managements opening commentary on our website at the end of the call
i have to recognize that on the special tax we made no progress so far and thats super frustrating but even on that front the lack of news doesnt come as a surprise for us and for you all
and (citibank->city bank) colombia while there was some volatility in the region related to trade negotiations and elections we delivered record earnings
is the pinnacle asset just in a completely different place than maybe you thought it was when you agreed to the deal because im still i guess im seeing some of the hearing some of the language
lets turn to page 11 northstar portfolio performance i want to reiterate from previous calls that we evaluate each business at the contribution margin level
yet youve got (coned->con edge) solutions in there i would guess so is that some pressure in what youve seen around margins or more conservatism or how should we think about those numbers
its hard for us to get a real read on any destocking thats going on but anecdotally we do think that there was some of that in the fourth quarter
these examples are only a portion of the exciting products being developed by stoneridge we will continue to drive our growth through our existing portfolio including the addition of (orlacos->rolakos) technologies
i think the exact number is over the course of (*->the) last 5 years weve exited 22 geographies or businesses that we viewed as noncore
we will get what we would historically view as kind of our full allocation of equity coinvest strategy which i think weve always been very consistent in saying that
a reduction in our bonus accrual in the fourth quarter we came into this year with a plan and a bonus accrual set to the target of that plan and thats what we had accrued to
as far as we know or we have heard we havent had that kind of signal from the government i think they (will they->*) are still concerned on the amount of
as weve discussed previously our pst segment continues to contribute positive operating profit resulting in the third consecutive quarter of breakeven or better operating performance
this validates our assumption that our business model flexes nicely across multiple brand offerings as we seek to capture more of the growing audience of weight loss (contenders->and tenders) moving forward
of general and maintenance capital expenditures for 2019 in addition keep in mind that for certain of our large civil projects we (purchase->purchased) equipment that is entirely (owner funded->ownerfunded)
(to->*) optimize how were moving barrels around our network to capture opportunities as theyre available which in that kind of market environment we saw
were well positioned with multiple brands and levers and have confidence that we will be able to continue to drive results in 2018 and beyond as nutrisystem continues to grow
okay got it and i dont know if you could mention the actual is it enough to be a couple of pennies or anything directionally or not yet too early
we are encouraged by the progress that we are making so far but (were->we are) also aware that improving operations and returns at phi will take time
then regarding our debt we commented in the last quarter that we issued debt at the (irsa->yielda) level
quite frankly its a question of cost and if you run the historical analysis within our balance sheet besides that it has been historically
and we feel the potential to be concluded in 2019 and the real issue will be very candidly whether im willing
and so thats the sales activity that you see going on in corporate and thats just purely timing from the point of shipment to the point of inhome
now that we have some sort of economic proposals in front of us is there kind of an internal time frame or a time frame by which
international banking delivered very strong earnings growth of 16 with particularly strong results in our pacific alliance countries
the mix of revenue in the back half of the year (*->is) weights a little bit more heavily towards customers who we just acquired so who are on program and reactivation revenue
(time->*) but i wouldnt necessarily hold your breath that its going to be this quarter or perhaps even next quarter given the way the balance sheet is constructed today were
most importantly our consumption patterns have continued to build which is the real story we want to stress and that will translate to a very strong second half
and indeed on this point it is important for all (*->of) you to know that my primary focus as chairman and ceo is for triangle capital to continue to grow
and were seeing some good success there so im hoping over the next couple of quarters theres some real solid bookings that were able to bring in from this new market
and i wish to recognize not only (the club personnel->bankrup person) who make good things happen on a daily basis but also the efforts of our merchandising and distribution teams who skillfully work
were seeing a little bit of a decline not market related but more project related and we have a few customers that are growing at a great rate
and limited storm activity we still have a long way to go to meet the reliability commitments (weve->we) made but we are working hard to provide the service our customers deserve
loan balances declined modestly compared to the first quarter as originations were lower than expected and prepayments accelerated
again we (spend->spent) a lot of time talking about pst over the different calls and its nice not to have to talk about performance misses and really to be able to talk about the performance
compliance cost go up were able to pass that on to clients because its more and more expensive to take on clients so were continuing to
this growth is coming from industry customers with some very large projects where timing on the investment in that infrastructure
in page 15 we have the rest of the lines of our financial statements so we (finished up->finish off) the operating income
were extremely pleased with our solid performance and anticipate continued growth and success in the quarters to come as the benefits from the merger are fully realized
and to participate richly as the bdc industry continues to evolve and develop into a major component of our countrys capital market system
a lot of what were talking about here has really accelerated very dramatically in the second half of this calendar year so thats pretty late in the equation
the folks that we hired last year being on the books in (january in->*) february march and april (of->*) this year but not last year so the annualization of new hires et cetera
yesterday evening we released results for the first quarter our company continues to drive financial performance through top line growth and operational execution
and so i want to be sure that we are precise on that it does not mean that every transaction was like that during that time period
but theres a significant amount of spend above the line a lot of that is different from the way we spend at conagra trade above the line which is really in highquality
(weve->we have) been able to offer a (soot->set) sensor product to our diesel passenger car customers to help their vehicles comply with increasingly stringent regulatory requirements over the life of the vehicle
as we translate our recent investing experience into a view for the balance of 2017 we are encouraged by our ability to screen for
in addition we see a sustained high level of demand in the pipeline of large civil works projects
most of our industry customers have a shorter horizon of the future and they can have that because
(*->to) drive profits and cash flow in that regard at the same time we were doing that we made some changes in terms of (our->*)
that (idb->idv) is valuing at fair value and we are recognizing (that->at) historical value at the moment of our (acquisitions->acquisition) so when you compare
a certification of that resource sometime during this year when the results of these wells have been fully assimilated into our development plan
and we should basically observe now what the trends are where the whole story is developing bearing in mind all the risks and all the
sure and when you look back at the digital growth there might be a little bit of the (substitutive->substitive) or the enhancement effect where
these high pressures make it difficult for the heart to pump blood through the lungs to be oxygenated ultimately leading to heart failure
i think what youre seeing is an exercise of great discipline but we look forward to continuing to grow the company
thank you for joining us everyone this morning and if youre (in->on) washington (in->or) new york or philadelphia good luck with the storm this weekend have a great (day->*)
we believe (maintenance free->maintenancefree) batteries are the preferred choice of motive power customers emea continues to experience healthy motive power sales growth
note this projection excludes political revenue which is from premion which is reported with our traditional political advertising revenue
since signing the mou at the end of last year the parties have been working hard on (a->the) detailed mechanics and documentation to support the agreed mou principles
our focus on (the->*) process and systems integration (post a transaction->posttransaction) is allowing us to significantly reduce general and administrative expenses more quickly in the acquired business
can you review the timing of the rail rate increases did you start paying higher rates on january 1 or is all of the rate increase
many of the (sanctioned->sanction) projects that are actually coming on are not (provided in->providing) the quality that gas utilities in particular would look to prioritize
(you->*) help us by comparing and contrasting what you think plangrids particular (strengths->strength) were versus the other competitors in that space
under dave the company changed dramatically we broadened our scale meaningfully we diversified the geography of our platform significantly
i would also like to draw your attention to the financial information included in this management discussion and analysis presentation
already you mentioned you dont have much clarity on what will happen on the macro so you dont have anything to share
with this id like to thank you all for your attention were going to be available through all the respective channel to answer any other questions that you may have on our results
from belo to the london broadcast stations to (kfmb->kfnb) in san diego we have consistently demonstrated our ability to meet and beat these hurdles
created in 16 a new division that focuses solely on managing money for clients and here again we deployed our services in different levels
the increasing cost of employing a greater number of physicians and their related support staff and higher employee health benefit expenses in the first quarter
in summary i am pleased with our second quarter results and look forward to a reprieve from commodity cost pressures during the second half of our fiscal year
very quickly and very strongly with price decreases and as ive said in my formal remarks we have actually seen greater amounts of
right now were just going to keep rolling these products out separately and satisfy the needs of individual (products->product) projects (*->projects) in the construction ecosystem one at a time
that we are taking advantage of the opportunity to prove out the margin expansion component of our strategy
as noted last quarter you will see a continued shift from professional services to the salary and benefits expense line as new hires replace consultants moving forward
in summary i am extremely pleased with the progress weve made with the transition and i believe were positioning the company to expand our technology leadership in the construction space
please note this event is being recorded i would now like to turn the conference over to mr robert (j->jay) mccormick please go ahead sir
successful wells on (kimu->kimo) and (barikewa->barrquila) have proved additional resources and importantly in proximity to infrastructure that we expect to be commercial
going forward our general and administrative expense will fluctuate based on activity within our business strategy review and litigation activity
we also supply here a table to be very clear on the capitalization effect so that there should be no doubt what we estimate there going forward as well
as i mentioned were in advance discussions on how to demonstrate value on the armstrong oil option and an equity investment that might flow from that
i do think that they are making those kinds of determinations but whether or not its (a->the) result of
i dont know the specific numbers (terri->terry) i dont know if we (feb->*) but february was very strong and which again is not necessarily historically
the combination creates a more comprehensive cloudbased construction platform for general contractors and will expand our relationships with subcontractors and building owners
we hope to close these additional stores by the end of third quarter however these opportunities remain subject to further due diligence and closing conditions
(*->and) but our volume simply isnt high enough to substantiate us spending billions of dollars to build our own (lithium ion->lithiumion) factory right now
we issued an 8k and press release and held a call similar to this last tuesday announcing our acquisition of alpha technologies
so we can see that the cost out that were taking in service delivery is helping the margins here in networks
in bermuda and if i could possibly find out what the dates are id certainly like to attend with my wife
and therefore we dont think that will have a longterm impact on the market but i would say short term it certainly had an impact because a lot of vessels came out
a much better profitability profile than you had in the past yes youre right kelly we expect revenue for the year for logistics to be up
leaving or is replaced or whatever that is and at the same time media was sort of on the divestment list more or less and now you keep
in the 10k but it looks like it moderates in 18 versus 17 im just wondering if theres any other kind of moving parts that you can make us aware of
and utilize some of our experiences from (papua new guinea->papu gine) into alaska to work with the communities on some of their social issues
the relationships are being built and weve had very constructive discussions with all those parties and (are being->have been) welcomed with open arms on the slope
in addition we have also started our next phase of improving our technology platform by identifying key drivers of success
acquisition effect of (commerzbank->commenzbank) though we confirm here that were able to generate capital organically
during the quarter logistics again demonstrated margin and bottom line growth (to->through) our margin enhancement initiatives along with efficiency gains
so that means that the service margin within digital services is much lower during the fourth quarter than before
and thats no doubt about that but we see a continued solid performance of networks
current conditions and expected future development as well as other factors that the company currently believes are appropriate and reasonable in the (circumstances->circumstance)
andy will speak to you about the (detail->details) shortly but both results were at the high end of the guidance range we provided on our third quarter conference call
were encouraged by the positive momentum we experienced in the first quarter and look forward to a strong remainder of the year
in fact during the quarter we booked significant levels of new business and expanded our customer base with much of our new business concentrated on (a->our) higher (value added->valueadded) molded products
mix and (declining->decline in) commercial in the quarter just anything in specific that you can spike out there or is that just (my->more) sort of demographics related and what youre expecting around that for the remainder of the year
relationship manager deploy the full scale of our (products->product) and services range were going to continue enhancing and investing into client experience deploying our product and services range
in a market that is really avid for sustainable solutions especially for the global (brands->brand) in the continuous improvement of the companys governance
generally people will commit to join you and sign something around the end of the first quarter when they know theyre going to get their bonus they will resign after that
this increase was primarily due to (increased->increase) inbasin sales activity as one of our contracted customers shifted volumes to our (van hook->vanhook) terminal from other destinations and is being charged (*->a) transportation fee for this service
pretty evenly across it the problem is that the trucks and suvs and crossovers are already running at capacity so even though people are buying fewer cars
i am also proud of our continued ability to innovate even in challenging market conditions in the first quarter we launched a new partnership with drizly which is a program that brings home delivery of our products
so that resulted in loading up on inventory a little bit in the quarter for the easter period two is private label we really started to land and bulk up a little bit and well sell through that as we go through the year
and (is->its) simply normal that if and when they decide not to pass on the negative interest rate that this is deducted from that calculation but (is->its) not like were charging employee i mean thats absolutely not true
through this new system we will gain enhanced shop floor labor and inventory accuracy as well as improve business process efficiencies across all functional areas of the company
before we get (under way->underway) id like to remind everyone to review our forwardlooking statements and the cautions and risk factors pertaining to the statements for those of you following along on the webcast you should see these on the screen in front of you now
all that said we are the buyer of choice for many communitybased hospitals around the country and as we evaluate these opportunities
is that the market is going through a moment of reversal of this curve this downward curve and it seems to me that the inventories of paper producers
with great opportunities what we are doing is exercising a great deal of discipline as we analyze those opportunities so
well i think they would moderate to back (to->*) our historical levels i mean if you go back and look at where we were as a percentage of revenue over the past couple of years we will moderate back towards those
while the current market environment has slowed down a bit from the first half of the year we remain bullish on the future we firmly believe in our longterm strategy
well in general the rationale is that (were->*) we are a relatively low capex business we are obviously spending capital to grow the business
we will continue to make major investments into 3 areas which we believe underpins the business model of julius baer first
okay you could argue that before the 2008 crisis it was an environment where clients believed in a bright future and therefore (were->*) holding less cash to create returns in the market
i think you might see a (reverse->rebirth) on those and you (staying->stand) closer to the wellhead and getting more turns per day on the trucks i think thats going to be a differentiator and people are going to have to really
and there is a small price lag there and we saw that prices were still very good in the fourth quarter so could you talk about the net price in each one of the regions
as you know exports from brazil were very much reduced during this period (than->and) competitors from other regions of the world that produce pulp
the decrease in 2017 was primarily due to the realignment of our sales force refinement of our marketing and promotional (programs->program) and continued cost control initiatives
which were seeing a major carrier move away from unit trains thats a huge problem for moving sand right so makes it very difficult for that sand to end up in the marketplace at the right price
and our full year outlook has been adjusted to account for the most recent revisions in independent forecast projections that reflect further production declines this year
to take a decision on what is the best for us as a firm and obviously for the shareholders well balance that between the 2 next question on the phone
we remain focused on providing a superior and consistent experience at every touch point for our customers through innovation quality service and personalized attention
yes and (there has->theres) been a number of different transitions with the product over the last several years but were very confident (in metuchens->mattchons) ability to really boost the product in the future
we are already leaving this bottom and your question about europe of course the prices in europe are slightly higher than prices in china european (clients->client)
our 2019 capital spending will be primarily focused on (two->2) areas expanding our logistics capabilities through the growth of our wellsite storage solutions fleet
(for aeroplan->*) before we come back to the overall strategy around coalitions and contract renewals let me touch briefly on slide 17 to cover performance in international coalitions in the quarter
and we can create even higher return for shareholders so our first opportunity comes from the depth of industry and then as mr (wang->wong) just said
weve looked at the number of markets that (a->the) relationship manager covers again there where weve decided to reduce a certain number of markets that we were covering in the past but where we didnt have
great to your second question i think the plan sorry i just want to answer the second question i think youve seen the plan that we have (that->the)
company considering listing in the novo mercado and the second question has to do with the growth plan could you give us an update please about the companys mindset
this will then be reflected on how currencies will develop (*->then) and its in this environment ladies and gentlemen that we need to guide our clients and that we need to guide our corporate and our investments
using the framework of our national quality program we are standardizing the provision of clinical care and progressively eliminating unwanted clinical variation
overall we expect continued competition for deposits and additional compression on the net interest margin through 2019 we are pleased with our ability to generate strong
i will now turn the call back to mark to discuss our financial results for the first quarter of 2017 i also refer you to the financial results and recent business updates
in addition as automotive industry innovation continues to advance with increasing focus on autonomous driving and higher performance electric vehicles
now i would like to talk about our progress toward executing our strategic plan
we have seen a pretty good rebound in (volumes->volume) as things have (thawed->thought) and several rigs have returned to the area
in shareholders meeting on august 23 we also
and the trading companies were holding on to their volumes
its annual reports on form 10k and its current reports on form 8k
well the only thing significant to add is that they have completed their process
with costly and timeconsuming correlations making our accurate data available earlier
price realization in both developed and emerging markets and commodity deflation
of first defense and any competing products out there which seems very low
from an adoption standpoint im assuming its fair to say that
(*->i) love working with five below (*->i) love the opportunity to really grow their business as our business is growing
its not significant but nonetheless its visible how that might or might not be
in other cases similar to that you see that you have to have we adopted
there is a moderate optimism in the domestic market
the conference has now concluded thank you for attending todays presentation you may now disconnect
with list prices that are slightly higher than others
we obviously (tried->try) to recoup as much (as->of) that as possible through pricing actions in the local market
(also->*) i (*->also) want to elaborate on a few of the details of our revenue for the first quarter
that much better at grand canyon education to which youre able to continue to
we expect our online campus to grow between 6 and 7 on an annual basis
the ladies who are doing the sewing it takes about 6 months for them to get up to standard
and the really the long term the difficulty of it is hiring and training
ill have some closing comments after glenn provides more detail on the financial results glenn
the company does not expect to execute any definitive agreements until the hlc process has concluded
we have an excellent brand name leading technology and reputation in the automotive industry
the decrease in tax expense was a result of higher operating income
the room and board payments of ground students continue to drive up the annual revenue per student number
we appreciate you taking the time to pay attention to our business on which we (continue->continued) to make improvements
that will increase the supply of natural gas to the new york city area by about 400 million a day
with 6 organic growth and record operating margin levels that expanded 70 basis points
the investment to increase our first defense liquid processing capacity
so that concludes my prepared remarks now (i would->wed) like to pass it over to the operator so we can address your questions
the need for lighter weight components and quieter interiors is becoming increasingly important
that are working for us and people know that and its very important that we keep them here
and this step creates a lot of value to all shareholders
or do you intend to have the spot price in practice
second only to the day we wrote our first mortgage insurance policy just 3 years ago
improve our gas selling activities through an active commercial policy
the changes that we have made are not easy and there are many more positive changes coming
and now lets move on and discuss some of the project and operational developments for the first quarter
maintaining a strong balance sheet and dividends remains at the top of our priorities
resources to the sherman plant and just (going to->*) let that one run as it is
were going to provide opening statements on the status of operations and (then->*) our financial results
we are encouraged by the fact that the response to our updated report was very positive
when you can get the cost in line its going to displace its predecessor
and overall developing market performance in a more than challenging and volatile environment
focused on something thats not at the whims of oil prices in terms of development
real estate and related intangibles to a newly formed nonprofit corporation
it hasnt really affected the marketplace per se one way or another
a lot of that was on working capital in terms of the swing in cash flow
just (wondered->wondering) if you could kind of give us a little bit more granular lay of the land on (how you think->*)
but when you have these fully contracted pipelines like transco northwest and gulfstream (you->*)
we manage the quality of the online student body by keeping the percent of graduate students
we will also invest in additional faculty primarily in the college of engineering and technology
i will now turn the call over to steve to discuss our financial results in greater detail
we already have the strategy practically in place and our process of
if youve had any learning now in going through this where youre really
i think it also should make it more predictable for you guys to figure out the model
all products available to reduce the scours (incidence->incidents) on the farm
while we (are->were) proud of the significant progress we have made in our margins in the past several quarters
i need to remind you that certain comments made during this call may constitute forwardlooking statements
and providing solid returns to build capital and reward shareholders
we have yet to fully realize the (benefits->benefit) given many of the reductions occurred in the fourth quarter
the core sfs principles require agility to respond when business conditions change
and completed the last tasks of many open projects especially in europe
our plan right now is to open the atlanta dc in the spring
comment on that right now first we have to turn this plan into a reality and probably
announced maybe within the next couple of years or is that very hazy longer term
for national fuels also turned the heat up a little bit on this issue as well
apart from the increase due to this transaction our ongoing business performed very well
we are grateful to our employees for all (of->*) their efforts in making this possible
we mitigated most of these issues and (succeeded->suc) to
overseas and the implementation of surgical pricing actions domestically
we provide certain information and (database->data based) on traffic flow in and out of the stores
the share gains in the quarter have been broad with almost all markets showing a positive performance
while being agile to changing market conditions to ensure we meet our customers needs
summarize we continue to execute on the 2 core components of our business strategy
this transaction would trigger an obligation to repay all amounts outstanding on our credit facility
a stronger presence in south america and brazil
to make sure that we invest it very very well and that we get the returns
and while we certainly talk about comp and look at it a lot of our
so we were dedicated in the past years
and thats the big driver in addition to that lack of
was primarily due to our decision to invest in the customer
i have a question about
actual events and results can differ materially from any forwardlooking statements
in the power generation market so we think very positive things in terms of
so we would really be looking (in->at) other countries that have a lot of cash
in terms of international manufacturing capacity we have already (sprung->sprun) into action
overall we had a (mixed->mix) performance during the third quarter although we achieved strong growth on the top line our growth (in->and) adjusted ebitda was more modest as we continued to experience margin pressures
every brand we acquire create or bring back to life will have a multiyear multicategory plan that justifies the investment and guides the team in executing our strategy
we have always deliberately not set out a definitive range for leverage we have said consistently for years
over his decades of service to (reading->redding) bills thoughtful advice counsel and insights as a director contributed significantly to making our company what it is today
in addition a reconciliation of gaap to nongaap results is contained in todays press release and in the supplemental information attached to todays presentation
were not in the room with them now so we can only assume as affiliates that the ott providers that really want something and have not been able to get it from the networks
thats probably the other comment that i would make is that we certainly have areas around the world that may or may not see different types of inflation my (comment is->comments) certainly around the broad business and our ability to be able to
and finally our success rate or hit rate if you will on opportunities is up nearly 25 so weve never been (in->*) better (position->positioned) to realize that sales growth
right so (*->but) what was the like what was the effect from an accounting perspective were your allowances sufficient or did the allowance rates go up
shutting down when margins are low have you noticed any production shutins since the beginning of the year just based on the margin landscape
(*->as) commodity (dryers->drives) for a (*->short) period of time now the previous year we werent able to do that because we actually had campaigns scheduled so we have been working on how we schedule and how we
domestically the fox and disney superheroes including those animated superheroes propelled the industry box office to be the (highestgrossing->highest grossing) quarter of all time
have made it clear to the networks that their desire for the affiliates that they (have->*) made abundantly clear last year is even stronger now that theyre trying to get to market
most of those solutions involve us taking our machine technologies and many times software solutions that we have embedded within that machine technology to really drive
and have a pretty robust plan on activities we can take if we do see weakening i mean even go back to what we saw in alberta a few years ago there was a change in alberta (in->*) some of those strategies in alberta as it related to
im not at all concerned about the brand were down to i think the brands in really really good shape and i think susan and tj would agree that its less about how the (brand is->brands) going to be positioned in canada
under development or construction that is not generating any ebitda which continues to be strong at slightly over 2x coverage
that leverage assumes that we take the vast majority of our free cash flow and pay down debt over this year and next year
and as well then weve got to be focused on taking (costs->cost) out of the existing infrastructure on a goforward basis and as we said before thats what the next phase of productivity is about
we continue to believe based on where we are today that this project will deliver significant value and achieve our expectations on which we greenlighted its development
increases in variable compensation costs we believe that our defense costs with respect to the derivative litigation will be substantially lower
yes do you think the organization is collecting data from customer response in an efficient way to really optimize that sales process across regions
we assume no obligation to update any forwardlooking statements most of todays presentation will refer to nongaap financial results and outlooks
reduced that is by the grant of summary judgment in favor of all of our (defendant->dependent) directors by the nevada district court prior to trial
expected growth and strategies key operating metrics and current business indicators capital needs and deployment liquidity product offerings
the remaining lot entitlements via its ownership of (1->one) lot were controlled by charter hall who operates a pub on its lot in the (cannon->candem) park city (centre->center)
were not using paderno as a (high velocity->highvelocity) lowmargin (traffic driving->trafficdriving) brand this is a brand that wed like to have as one of the best if not the best
in december quarter (the->*) company is working on our tax structure to leverage our overseas expansion which may reduce our tax rate in the coming year
as you know we decided to acquire the diversified stations using the auction proceeds which makes the acquisition of these very strong stations and their cash flows essentially (leverage neutral->leverageneutral)
that expertise is pivotal in earning the trust of larger multinationals and our capacity to deliver is winning new business every quarter
now lets turn to our second quarter results first we appreciate you sending in questions and have tried to address many of your questions in our prepared remarks
we have been generally opportunistic and generally patient with growing the company although i guess in the last couple of years (*->even) we moved pretty quickly in that regard
our per sub rate is at the high end of this industry and i dont think we would be able to boast that if we did not have highquality stations
(now->*) to delivery have you seen anything from a competitive standpoint as far as that impacting markets where you compete with some of the bigger qsr burger guys
but its not simply putting feet on the street in addition to hiring these new personnel (we->weve) focused on equipping existing employees with the necessary tools and training
as well as we try to get in a little bit more than that every year opportunistically and think we can do that inclusive of continuing boltons
for some other reasons (mainly->namely) that i was doing them we got we just pushed a lot harder so i think looking into 18 you should certainly assume that
however weve remained focused on the leasing of the upper floors as certain potential credit office tenants have expressed interest in also leasing the second floor of our project
as we enter the second quarter we continue our work to roll out sap in asia and europe to go live during the early part of the next calendar year and we look to leverage the investments we have already made
at a certain level and they dont change next year then we have no charges so its fully dependent upon where we finish
i certainly dont get wound up about whether shipping is free or not it really comes down to whats the end price of the product for (your->our) customer and are we delivering great value or not and
across it all our bureau covers local angles requested by the news directors at our local stations rather than simply duplicating packages
(*->and) its in line with what i would (have->*) thought the closure of 6 facilities and the integration of these businesses would result in
prices are always going to be retroactive to january 1 just out of the fact that there are so few people here at gray
and closing our offices in the areas where we expect to have (*->a) low level of activity in the near future and we have restructured our contingent consideration obligations
we see the longterm benefit of being able to provide customers a total solution of sand delivery from mine to the wellsite with our wellsite solution
very large uncertainties in number of banking groups to take advantage and offer senior experienced relationship managers to join us
(*->say) this and some that (ive->i) said already but the reason i have confidence in our alternatives is we have 5 million highly engaged members
coupled with just the portfolio of the organization as weve grown into some bigger markets i think you have more stability there compared to
specifically in russia and certain middle east countries sanofi will provide transition services to assist us in the regulatory process
and were working hard to create places where people want to work and we have a very stable
so i think on balance we do see some pressure in industrial (and->*) we have factored that into our thought process but we dont see
our win flushing campaign is focused on further capitalizing on this market through market knowledge and understanding of customer needs
we are still optimistic about china china market is big enough and the structure is complicated enough so
retrenching revenue declines that john mentioned in china a few minutes ago of doubledigit declines and thats been significant we think thats more market related
which will be either advised or managed the few pockets that will not be is because they are either external asset manager
the increase in average selling price sequentially was primarily due to higher contracted sales prices due to increased inbasin sales in the quarter
as we look out i think weve talked about some (lowercost->lower cost) generations coming in at the end of the calendar year
if theres any optionality around the term loan potentially upsizing or (refining->refiing) kind of how should we be thinking about that at this point
we also raised pricing on all lenderpaid singles to address the additional pmiers capital charges for singles
difficult end markets such as oil and gas mining and ag in particular and then we see continued
well its certainly very positive for us were really excited about the transaction because it did allow us to obtain
regarding making the investment that you have been talking about and what is the time line for that a reasonable (timeline->time line)
has always been a major player in terms of giving steps in corporate governance and this is another very important step
so (as we->*) assess this quarters performance in the aggregate it represents another strong quarter for the overall company
sustainable high volume supply of finer mesh northern white the one thing we would say is these other basins are getting busier
our operations team did an excellent job delivering the significant increase in revenue while keeping control over our fixed cost
our effective tax rate was 24 for the quarter and we currently expect our effective rate to continue to be in the low 20 range
we do see some signs of more jobs in civil construction
so i think id answer that with what weve already talked about (kenric->kenarie) i think we have and are working on a wide variety of alternatives
ladies and gentlemen the conference has now concluded thank you for attending todays presentation you may now disconnect your lines
and it doesnt impact other products quite as much and as i said being surgical allows you to evaluate those types of decisions
further no interested party should rely on the fact that the guidance of forwardlooking statements is current at any time other than the time of this call
as we look to the future the return we can bring to shareholders by focusing on our members and the value we bring to them will be front and center in our minds
putting these expenses as deductible according to the parameters that are in the law
and we have not submitted this yet we (have we->*) are very motivated and
is operating in the third quarter already higher than the nominal capacity so in the third quarter (and->in) the fourth quarter
were (ramping->wrapping) up our oakdale expansion project so capital spending in oakdale will be relatively low next year
just curious and maybe its a (moot point->mood) with (a->the) sale pending but is there any recovery on that if it was a third party responsible for (it->*)
lower revenue stores with limited growth opportunities into newer stores (and->in) markets with more attractive demographics and growth prospects
therefore repurchasing the companys shares now represents an excellent investment opportunity for both the company and our shareholders
overall we remain well capitalized and our focus on our strategic objectives enable us to
these nongaap financial measures are not intended to be considered in isolation or as a substitute for the financial information prepared
which we will refer to during the call are available on the ir section of our website as well as on our iphone and ipad applications
producer activities in sort of prolific shale plays that may have high associated gas cuts coming with them
thank you dave for your hand in building the platform and the team we promise to make you proud as we take life (storage->stores) to the next level
with movements of early payments of debt within the liability management strategy of the company
growth in hydraulics was down 17 as volume in our demolition shares is correlated to pricing levels in the scrap steel market
typically were still going to generate more cash than we need to fund growth inclusive of acquisitions
how we are going to deal with pricing were going to follow the market parameters list price and
(youll->you) take care of it in the second quarter or is it something thats going to be spread out over the year
so you can expect to see us being class leading in this respect in the years to come
a (single digit->singledigit) million in terms of capex but i dont really want to be drawn further into how much it could be (id->i)
always follow also the american market which is in fact the main driver
our focus over the past 6 quarters has been on cost control and we have begun to transition that focus to the future of this great company
we have additional support for reversal of the valuation allowance on our deferred tax asset sometime over the next year
and we expect several more facilities to achieve this designation in 2017 in addition
the spot prices at lower levels so could you talk about the market and the second question
and you should have a good idea i would believe of what you look to see in incremental revenue from this so i was hoping you might be able to bring that up on this call
because our product has already been used by clients in many different markets and for this reason
let me now turn it back over to brad for his closing remarks thank you glenn this has been an exciting time at national mi
the company undertakes no obligation to update or make any forwardlooking statements whether as a result of new information future events or otherwise
currently lung transplantation is the only option for patients who are not responsive to current medical therapy
before we begin this morning please note that some of the information discussed during todays call will consist of forwardlooking statements setting forth our current expectations with respect to the future of our business the economy and other future events
one thing you do want to be careful of though is (*->that) there is a lag (affect->effect) from (some of->*) the operations and sales to when our royalties were received so we didnt get the full impact last year (at->of) the big price increases some (*->of) that will start to flow
thats (fair yes typically->fairly) the way it works with (the->a) large oem is that you will notify your intent to trigger price increases as per their contracts and then that goes into a negotiation (of the->*)
this quarter represented another substantial step in the journey of improving our operations and margins at (perceptron->percepton) our customer (*->book) metrics of bookings revenue and backlog were all very strong
just a couple (of->*) final thoughts on (*->our) numbers while quarterly results are important i consciously look at our last (12 months->12month) results as a signal of the companys strength and it helps guide my thoughts (in->on) the direction we are heading
increases they were related to increase in chemicals and fuels and there is an important variation regarding exchange rate in chemicals and fiber
these expectations are highly dependent on market conditions on the general economic performance of the country of the industry and of international (market->markets) therefore they are subject to change
our cash is being invested to secure 2 new facilities in asia and southeast asia these facilities will start to come online at the end of our fiscal 2019 first quarter or in about 9 months from now
the higher salaries and bonuses paid to many of our employees and also contemplates the effect of the december 2017 increase in the fed funds rate although it does not assume any further increases in (net->that) or other benchmark interest rates
the stream of new innovative products adding new points of distribution and leveraging our stable of iconic brands is a winning model that continues to reinforce our position as the world leader in tools and storage
our goal is to climb back to 6 to 7 ebit margin as we continue to manage through weak and uncertain market conditions and transform the canadian business for sustainable profitability in the long term
and then my other question was just kind of as i was going across the industry just observing online enrollments and for the most (parts->part) your peers have had
is likely to (creep->accrete) to the bottom line and stay there or how much of it would you say that you are putting back in the business or ultimately going to get more competitive with
so that we may see if there is a big difference still between the net prices between china and europe and where do you believe that prices will stabilize after the chinese new year
we have a great team in place and i have confidence in our strategy to drive longterm shareholder value with that ill turn it back over to eric for questions eric thanks (neal->neil) chelsea may we have the first question please
as in the first quarter lakelands strategic imperatives directed at improving our global presence and competitiveness while executing with operational effectiveness are being executed upon with continued success
for health information system is very strong so (just slowed->yes slow) down a little bit in terms of execution and deployment of those softwares into the hospitals but the pipeline is very very strong
rick if you want to give some commentary (on->*) what we think going forward but thats what weve done to that business to improve it to bring it off the bottom and to get it in the operating range that weve talked about publicly
the reported results include a number of significant items which we dont consider indicative of operational and financial trends i will be excluding these items when discussing our performance
your clean room push in regards to i dont know if you (can->could) talk about who youre talking to or what the plan is there im assuming clean room
and this is presented alongside our effective tax rate and the third bar for 2017 excludes items such as the expense associated with the revaluation of the deferred tax asset taken in the fourth quarter
and took those centers back to a primary location which had a nice effect on the profitability and obviously there was almost no effect on the revenue because most of that had
that effort in the (ovm->obm) area and really excited to see the kind of development that is going on were getting a tremendous amount of well connect (requests->request)
a number of other factors have moved up on the agenda in washington and some of the more normal activities related to foreign export licenses have been somewhat delayed
such statements are based on assumptions of future events that may not prove to be accurate and as such they involve risk and uncertainty its therefore possible that actual results may materially differ from any forwardlooking statements that we might make today
the agreement has been approved by our primary regulator fannie mae and freddie mac are completing their reviews and we expect they will allow full credit under the pmiers for the ceded risk
in terms of the upsize of (the->a) term loan thats not necessarily something we would be considering at this stage i think were looking primarily to the reinsurance to help us there
a very narrow line of (torque and tension->torquintention) products manufactured by hydratight and then we did carry a few complementary lines but not widely distributed and mostly placed in the rental fleet for our own use
a large percentage of our ground students only attend class between the end of august and the end of april however a large percentage of the ground traditional campus costs are fixed and these costs continue to grow due to our anticipated growth
and the power brands are doing even better so our portfolio feels very robust and for those of you who (were->are) with us in washington last year (or->who) followed it thats really what drives behind our market maker strategy which is to build positions
all those areas and it creates a more profitable business and so we focused on regional locations that were primarily (energy related->energyrelated) that were not making money and we simply shut them down
and that excess cash what we do with it will be dependent on share price and when that cash comes in i mean id like to see given the environment the free cash come in the door before were too aggressive
while an application for approval of the proposed sale has been submitted to hlc along with draft documents that if the application is approved would govern the terms of the sale and the shared services arrangement
digital which is a statement of the obvious for most of us has not always historically been the case (at->with) informa and now that is pretty much the watchword through all of our businesses and ill bring that to life a little bit later
this is a great achievement for our young company it reflects the culture of collaboration and mutual respect that we embody in our workplace and that we project in our dealings with customers
our guidance assumes a slight increase in retention and an increase in graduates (between->in) years of approximately 13 the significant retention gains we have seen in recent years and the continued shift to a higher percentage of graduate students
we manage and monitor each component to ensure that we are developing an insurance book in a business model that will deliver sustainable midteens returns over the long term
and (lets->*) talk first about the cash cost of pulp something that we have been stating quite a few times and we gave emphasis in the last quarter is that (puma->pum)
and be fully complete by the end of q1 2019 in addition to this initial
systemic administration to transduce the tissues affected by the disease and express the (proteins->protein) in those (issues->tissues)
however as we launch new products we believe well be able to drive a higher average revenue per member in the long term
staying disciplined on expenses to create operating leverage and deploying capital to drive growth and shareholder returns
for a description of the risks associated with mogos business please refer to the companys filings for the third quarter
turning to our performance in the quarter sales growth was slightly above the bottom end of our guidance range
that are currently sort of scheduled i think weve been telling investment community guiding them
is an exceptionally strong technical and capable sales force but the driver has been about
(we are->were) excited about the opportunities we see to leverage our unique model and help support our advisers
as we mentioned weve seen a significant increase in new member signups and theres no question (the->a) big driver has been this new product and user experience
and so we do feel like we were able to incorporate feedback and gain support from both regions as we design the program so
such as the complete overhaul of supply chain management (systems->system)
that momentum but is there anything else in there in terms of mix whether it be
the conference (is->has) now concluded thank you for attending todays presentation you may now disconnect
all of these are critical to our longterm success and i am confident in our ability to deliver
and finally we continue to make excellent progress in our manufacturing operations and (blareadiness->bla readiness) initiatives
and historically when costs go up we are able to at least recover those costs in the way of pricing
which have been both surprising and frustrating and thus were disappointed that we do not have incremental new data to share with you today
importantly with the completion of our recent financing we are well positioned to deliver on many (valueinflection->value inflection) milestones
revenue growth for the staffing services segment were mixed for the quarter
can you elaborate a little bit more on that how are you actively sort of trying to loosen up properties that you would like to own
as well as deferred revenue related to upfront payments from early licensing agreements
of the dividends that would have gone to renova we keep them inhouse we dont have to segregate them on any special account of any type
or your expectations are now relative to at the end of the last quarter for the balance of the year
core property operating expenses were less than expected in the quarter savings in utility expenses
this change was the result of higher net income on cash flow from operations offset by fluctuations in working capital
will be modest lets take a look at our financial position
and other financial and operating results business strategy and plans as well as other opportunities
we are over halfway through our 100 days of (*->campaign) marketing campaign and are pleased with the results
that we are pursuing and expect to be able to discuss further on our next call
we expect this initial phase 2 project to begin to come online by the end of this year
the good news from a capacity standpoint is that we believe that the current operation
certain matters discussed during this conference may contain forwardlooking statements in the meanings of the federal securities laws
we often point out that there are quarterly swings in many line items and try to look at numbers on a full year basis
the southwest (in->and) texas (its->is) more probably a little bit more story of recovering from some dropoff from energy
our business is built on the premise of making it easier for our customers to grow their businesses
this acquisition represents a strategic expansion and diversification
please remember to refer to the forwardlooking statements disclosure on page 7 of the companys earnings press release
okay (okay->*) and did i hear it correctly that you already dosed the second (highdose->high dose)
to start they usually use other funding sources and so forth so i dont think a big impact there i think midsize businesses
the meeting will certainly cover cmc its our intention to cover all aspects of the program and
additionally robust water and gas gathering infrastructure is driving down operating (costs->cost)
all of this would not have been possible without our hardworking and dedicated employees
and then finally could you just quantify for us the management fee you expect to receive
the outperformance of these new wells allowed our trinidad division to produce 15 million cubic feet
consistent well performance combined with sustained low well cost and operational (costs->cost) contributed to the eagle ford achieving
we do this by helping them adjust their workforce needs to their business strategies
retirement services revenue growth was offset by pricing impacts in the respective (prioryear->prior year) period
revenue with our largest customer was down versus prior year but met our expectation for the quarter
the fluctuations in our working capital between periods were primarily related to the timing of collections from clients
which is a primary mechanism for transporting and delivering refined products
i think its early on because (*->you) remember we didnt actually implement the change until november so
the stability and growth in our occupancy is a testament to our quality real estate locations and amenity (offerings->offering)
over longer time periods than they usually are i know one of your competitors went out trumpeting one (*->of) them specifically
thats where the opportunity that we saw and just taking it from kind of (a->*)
we also anticipate higher operations expense due to stronger sales that i just mentioned
others will realize that they did need it and therell be another kind of surge in sales i think in 16 so
and then lay the 2 lines of the revenue trends over one another and they look almost (like->*) identical
we are in the region we are in the continent and thats something that will pay off in the future as well
were not going to do anything that dumps the shares on the market in a disorganized manner anytime soon
as a result of that and then just additionally with the press reporting that finra is thinking about maybe ending
and i would also say on with respect to sales effectiveness we are seeing success in the pilot
we believe our strategy positions us well to serve and support our advisers drive profitable growth
and it connects directly with your bank and most importantly makes it easy for you to control spending in a cool (and->*) engaging way
the properties we owned prior to the beginning of the quarter performed slightly better than our expectations during the quarter
(it->get) back to the operator brenda to open up the lines for questions and answers
strong group trends also allowed us to better yield transient rates to drive overall profitability
(*->but) i think we like the position were in right weve got more liquidity and lower leverage because our earnings have grown so much
in 2017 we set our sights on drilling longer laterals and larger well packages
we are encouraged by this momentum as we enter our main selling season right now
ill now turn it over to greg to review the financials thanks dave
and should provide expanding margins as we execute the actions mentioned here today
the curry well is solidly in the oil window as opposed to many scoop stack wells
i do i think ill just say that were likely to just like were being (a->*)
the one thing i would say about the securitization is there are certain fixed costs associated with it so theres probably (a->*)
to deliver our results at the same time we made significant investments to position the bank for future growth
so we think we can keep this occupation and also the sales at this level
the (goddamned crooked->godamn crocade) lawyers appealing and delaying and delaying and appealing so they can generate more legal fees
digital adoption increased by 7 which continues to accelerate with good growth in all regions
theres that and then i guess adjacent to that i understand that you cant do all of your due diligence that you want to do on a competitor but
getting mediocre ratings to make them better and we tend to eliminate products that are getting low ratings and reintroduce them and thats constantly
so we expect some of that contributed to the 10 because like you said thats a big swing for our market
and the way to think about that ramp is this our first half innovation is now hitting its stride its fully out there the marketing programs are on
and that goes to the board for final approval tomorrow which will be routinely processed
(but->look) overall we think we have good product good performance in that product too and i think a lot of channels to sell through
but we have a very substantial as ive said before number of claims teed up in negotiations
in the fourth quarter of last year we were obviously the business was not doing as well as we would have liked it to do things started to slow down so we had
were now fashioning those into service offerings and products that we can bring to markets
importantly we believe that we have the right playbook to address these issues and that work is already underway
the exact timing of rate increases will be a key determinant for the magnitude of any margin increase
this analysis makes sense given the fact that we naturally are in the process of deploying the new equity proceeds
weve incorporated the modern food attributes millennials value into our iconic (brands->brand) to reimagine our frozen portfolio
however my confidence in our ability to deliver sustainable profitable growth for investors with this acquisition is unwavering
is there any talk of the government loosening the constraints on currency conversion into dollars
tilting towards proactive investment in terms of footprint expansion product enhancement and infrastructure build
committed to continuing to drive shareholder value through strong operating results profitable new business and focused deployment of our available capital
we see a pathway for others to be disciplined as we have but obviously we need to see execution on that in that regard
we also expect some more efficiencies in terms of operations during this quarter
our (soot->soup) sensor was originally developed as a commercial vehicle application to test (particular->particulate) emissions at the (tailpipe->tail pipe) of diesel trucks
in the residential property lending business there and of course we successfully completed our initial public offering of common shares
higher retail impaired losses were primarily due to higher provisions driven by the full quarter impact of acquisitions
i think the expression that we used was there were times where we were chasing yield as a company
retailers care about category growth and theyre allocating more shelf space to our products because were driving the growth in the category
however setting aside washington the truth of the matter is new york state which is (1->one) of our 2 major
if we see some clients where we dont like the performance and its mostly would be on the credit side of things
the building business continues to be a low margin relatively low risk
the growth in merchandise inventories is primarily seasonal in nature with minor impacts from our first quarter sales (office->softness)
the remaining portion of the sales decrease reflects the soft retail environment partially offset by improved fill rates
weve got export capacity out of beaumont and were continuing to build out that facility
from a financial return perspective the blended weighted average yield we have been receiving on this mix of investments
been fortunate to raise some growth capital back in july of last year and february (of->*) this year and when we
both necessary and we think both longterm positive have been disruptive in the short run
this has resulted in additional emissions testing and sophistication of the (emissions->emission) system as well as additional compliance requirements
and i think finally the alliance refinery was down for maintenance during part of the third quarter
the great data there (of->*) the last trailing 12 months on a quarterly basis i think illustrates that were now running (at->it)
(*->yes well) the (weight->way) loss industry is pretty broad and it really depends on how you define it the way that we like to look at it is
theres a lot more opportunity in the (middlemarket->middle market) space and we just need to build in our staff levels to the
including those disclosed under the sections titled risk factors and forwardlooking statements in our annual report on form 10k
all while not losing a single lender and gaining increased commitments from 11 of our 13 lenders
and then to try to jumpstart volume low roi trade was infused behind price promotion
we also saw inflation on packaging and certain ingredients with deflation in proteins fats and oils
we are working diligently with our tax advisers to refine this calculation in accordance with the regulations as they are released
(*->a) stressed sort of scenario or sort of an outlook is there anything you (can->could) provide or give us some sort of ideas as to what
turning to slide 15 even though we dont believe this market will be a reality we are acting as if it will
we made substantial progress on our (costsaving->cost save) activities during the quarter as we completed the consolidation of 41 banking centers
we expect the acquisition of orlaco to drive additional opportunities and growth for our electronics segment
we delivered excellent fourth quarter results highlighted by strong operating margins across all segments
these increased discounts were partially offset by continued progress on our sourcing initiatives which drove down product cost
and our experienced management team is well qualified to manage our businesses effectively
the calculation of this tax is quite complex and the measurement dates and requirements subject to further irs guidance
these very strong results (are->were) driven by a number of factors including one our success in attracting new customers
unlike last year we did not limit shipment to trinidad to any great degree and had good sales results in december
the increase was largely due to contributions from the newark airport terminal 1 project and (the->a) technology project in california
an important area of focus for us in the year ahead will be to successfully integrate our recent acquisitions
sustainable growth will not come just because we wish for it we will need to reinvest in the business
and were pursuing the compensation for the (0carbon->0 carbon) attributes of our plants as weve done in new york
these plants will need to close and like weve done with certain of our fossil plants and our planned nuclear retirements
also as im sure many of you are aware the retail industry as a whole has been challenging so far this year
you should expect us i would say to be a top 3 participant in this industry overall
(with tglt->telt) that they were supposed to build and give us some apartments (at->as) in the other cases
we didnt lead with as much credit as perhaps we wish we had now as an organization (and->*)
that result from sales and our losses and so part of the acceleration in employer services
do what i would call (traditional->tradition) make traditional acquisitions so were not looking for example for the next
due to the increase in our average stock price during the third quarter as well as higher health insurance costs
(teens->teams) and which means we had really an overall
with a continuing resolution the only way that youre able to start a new program is under an urgent operational need
the idea is that we need to be pushing the entire tool product line through those locations
relative to the strip but thats just where the market has been for the most part and so we just try to (stay->say)
and again that leads you (to->*) some changes and some investments in what you need to have
and now moving to slide 18 and our outlook we are maintaining an outlook
who continue to be an integral part of our efforts to drive change and ensure our successful transformation
our performance benefited from continued improvements in our infrastructure and sales spend
acceleration of (the effort->vehicle) which bodes well for competitiveness it just happened to be that we had to fix this
in addition we expect to discuss certain financial measures and information that are nongaap financial measures
is going to be also dependent on our ability to execute new contracts and we have a number of opportunities that were pursuing
yet your guidance for next year really hasnt changed that much and almost implied like (a->*)
as a result of the increase in libor if you look at our
trying to get a better sense for what normal incrementals will look like going forward
doesnt leave us with the same sort of exposure that historically was the case when you (look to->looked at) the portfolio
you think you can get that expansion beyond the early retirement
material science company that has a fairly nice growing med piece
i think theyre all going to have to change their comp plans i think theres a possibility
so if you add that all up where is the group shaping for the end of the year
we are happy to see a continued overall improvement in our client satisfaction scores this quarter
not trying to dismiss your point but not much i can do about it now because its just too much good news
increased from the prior quarter and yearago quarter due to the larger contribution to the charitable foundation
its probably our best (*->sponsor) not probably its our best sponsor in the entire portfolio
and is a straight equity offering on the table as one of those possibilities
should be sustainably higher than a lot of the other sort of (similar size->similarsized) peers because a lot of the banks
over time you should expect to see this business grow and grow as a contributor to the group
due to a combination of increased benefits from our supply chain centers of expertise
we believe we are uniquely qualified for continued success for several reasons first
and (we are->were) able to offset those with some other situations whereby a function of getting
thanks mays needless to say we are pleased with how well we are executing on our strategy
with the reduction driven by careful management of cash operating costs and working capital
overall we generated significant momentum over the course of the year
not just for 19 but i think (its->*) the way we think about the business which is to have kind of
secondly energy is now stabilized and should see easier comparisons as we move forward
those are the things that we see lessening going forward
today are you running ahead of where you were this time last year
so were actually tracking fairly close to our internal expectations so far through the quarter
denial of any requirement to provide compensation
moving on to the remainder of our outlook we expect
combined with the fact that we got the royalty agreement (sort of->sorted) out with the operator this year
return on assets and return on tangible common equity return on assets
the securities yield bouncing back higher could you walk through that again and some of the reasons why youre starting to see
and the statistics regarding the portfolio with that let me turn the call over to (mays->mace)
the other effect is i think you see that we have actually run down our commercial paper
and so far our approach has been more to create a good place to stay versus
we had a strong year capped by record quarterly shipments of our (selflube->selflood) bearings
and then on the hydratight distribution this is something that jeff and i are pretty passionate about because
and on the other side roger is running a very good diversified industrial business
in summary this was a good quarter for our teams and a great basis for the balance of the year
how do we build our platforms in each of those verticals to give us more scale benefits
this outlook assumes the impact from the change in the tax law on municipal loans and securities
we have a very granular deposit base with a very high ratio of small balance accounts
and so the way we think about it its a little bit more of a continuum
this will allow us to continue deploying cash to organic growth opportunities and strategic acquisitions
sector globally and we want to be prepared for that so this is very much
supported by our continued improvement in our employer services retention
and we very consciously took a step back so that we could focus on
within 3m and that was part of what we also laid out in december
before that i would like to remind everyone that certain information discussed
which will require us to dedicate production capacity to the air force in the first part of the year
shift in climate that required (a->*) retooling of (the salesforce->a sales force) that had
you also have an economy that is incredibly strong and has picked up momentum from a gdp standpoint
expect to continue and then we see actually an acceleration of the revenue performance (*->in)
and id like to walk you through some of those to better understand 2016 and
depending on what loan growth does and the warehouse does for this quarter it may go down from where it is
primarily in 14 investments most of which were senior secured loans
part of the university and obviously the public company has a publicly
the first airframe manufactured in jacksonville arrived in bloomfield in the fourth quarter
we have historically followed a process of
for new gcu to enter into a shared services agreement with the company
moving to the income statement ill start by talking you through the results by division
particularly in our industrial and electronics and energy businesses
(well->we will) also study the potential for supplying materials for purposes other than concrete
so with that i will turn it over to the operator to take your questions
bell is very encouraged by the reception of the aircraft
organic volume and utilization was neutral to margins in the quarter
we will post the presentation on our website for information purposes in the coming days
kind of the low and high ends of the range so to be honest id say last quarter
whether we would deploy it over time for a long time weve responded no
as you know those come in in large chunks weve been working down the last
be difference makers for our clients and to our growth rates but that also fit
(*->that) was a friday going into (the fourth->a 4th) of july weekend and a lot of folks just (got->cut) out of town
of paydowns we were anticipating by the end of june that just didnt occur
this probably represents the closest potential new resource that might be developed
we expect oil and gas loans to stabilize or possibly increase somewhat
in a couple of the businesses we shut down some of the unperforming businesses
in fact we were able to open heavenly and northstar earlier than originally planned given the strong conditions and have enjoyed welcoming our guests to experience the great conditions and terrain in tahoe
were always going to have a lot of deposits that were going to have to invest elsewhere and were not interested in going outside (of->*) our home markets to find loans i think that doesnt usually end well
in total we expect sales in the data centers to grow progressively through each quarter in 2018 as we scale analog and laser capacity and ramp our lpic solutions
and will only have value if the company reaches these important company milestones that have been designed specifically to align with the interest of our shareholders
which we believe is a healthier option than whats currently in the market this innovative coffee drink contains 15 grams of protein only 2 grams of sugar and 80 milligrams of (caffeine->cafein)
such statements are subject to a variety of risks uncertainties and other factors that could cause actual results to differ materially from those indicated or implied by such statements
the (computation->competition) is limited at best so we are selectively choosing those projects that give us the best opportunity to succeed
our goal of (this test->these tests) is to optimize advertising spend while maintaining current demand levels and utilizing the savings to accelerate growth as well as improve overall profitability
where they were fairly dramatically changed through the second half of last year the order patterns are returning to normal and so on but i think its too early to call it for june
that we experienced this quarter but its typically more seasonal so i dont think youll see that same level heading into the fourth quarter
so i would fully expect that huawei would be complying with everything necessary to clean their name and if there was a bad actor they would be taking action where it seems (that zte->*) did not
to gain valuable feedback (from->on) the development of our fuel technology in particular we are working towards formalizing an (end user->enduser) agreement with one of these utilities
looking at some of the moving pieces as i reported last november we saw an abrupt and significant pickup in orders in pon demand for which had flatlined (in->*) the previous 6 months
but the actual contribution to our earnings is de minimis we actually bracketed our guidance to incorporate different timing (and->of) closing we think its going to be very quick and clean
the year is still right in line with what weve expected its not a deceleration of growth its really more of a function of the comparison to the prior year on a quartertoquarter basis
were investing heavily in capital equipment for etching lasers and testing final products and were working to improve yields and increase factory productivity from our existing asset base
we anticipate our third quarter eps will be similar to the first quarter due mostly to the ongoing weakness in the oil and gas market and our anticipated aecom capital realization in the fourth quarter
this obviously has a direct impact on the northstar portfolio business were seeing lower response rates to our direct marketing campaigns from prospects as well as existing customers
with a (royaltybearing->royalty bearing) exclusive license to the coowned new intellectual property to be granted to the joint venture company once it is legally formed
just taking that expertise and capability and meshing it together with our presence in these other markets so that has been a part of our strategy for the past few years
but we are mindful that our customers could potentially eventually overextend themselves with other credit issuers so further underwriting tightening is something well continue to keep top of mind
so they have a plan theyve shared it to me thats logical and then what they would hope is that sometime during that time frame to
given our broader customer footprint and marketleading position (and->in) focus areas of business we believe we can remain relatively agnostic to any potential share shifts
obviously with the soft retail demand and as steve mentioned earlier we are mindful of potential deleveraging in this line item and are being very strategic in our investments
they have tightened up their procurement across their network and so its taking longer and its harder for these particular end users to acquire the equipment
weve passed all those gates now we have the production on those first 3 programs so thats vitally important because performing operationally was the last thing that we had to do
and with the reduction in size of skanska our largest competitor in new york and the failures of some of our new york peers
while we dont disclose individual contract details we agreed to lower the water rate and amend the contractual formulas applied to future water rate increases
the net growth in volume points in q3 was the largest in a single quarter since 2012 and the second highest volume point quarter in total in the companys history
because although theyre a state agency they continue to struggle to do their job and their job as defined by our contract is to get their rightofways out of the way
when in fact our civil business were anticipating 10 to 12 and potentially increases in that because of the lack of competition
the rosewood miramar beach hotel for caruso enterprises the newark airport terminal (1->one) in new jersey for the port authority in new york
difficult to say at this stage what the outcome will be because that is really unclear to us both when it will happen when we will have an outcome and also what the outcome will be
(a->*) disclosure of something called corporate as an offset within the sales category could you sort of just explain to those of us who dont know what that is
there is an inherent risk that our actual results could differ materially you can find our disclosures about risk factors that (can->could) potentially contribute to such differences in our 10k which we are filing today
we find ourselves increasing and increasing that new york backlog to a point ive had all of our subsidiaries have to get my approval before they bid any more work
is pretty flexible and its highly dependent on the sales absorptions were seeing in our currently (open->opened) communities and then (often->also) just our ability to bring new communities online because theres a lot of moving parts
we continue in negotiations on 3 major claims have received significant offers on 2 of them although not adequate
is an ongoing one as you indicated its very important to us because it gives us 2 things that we really need to have as we continue to develop the fuel it gives us the
australia is currently our bestperforming international market and we are seeing a number of signs that our acquisition of perisher will allow us to outperform broader industry trends
for different reasons at the end of the day we use volume points for qualification levels and in different markets for different products we want to test the ability to change those qualification levels
through the past year we have made a number of significant announcements and changes to continue to provide an experience of a lifetime for our employees which is how we provide an experience of a lifetime to our guests
(announced->announce) that its going to be (applying->deploying) to the nrc to extend the life of its license on a reactor here in virginia from 40 years to 60 years
almost entirely outside capital a very small amount of our capital dedicated to it because to produce the size and scale of the projects (*->that) we want to get involved (in->and) we dont think thats
there are significantly more major civil works projects hitting the bid pipeline than we have the physical ability to man
we think were just in a little bit of a high level on some construction projects and then itll start to get back to a normal level okay generally big picture (that->though) you feel good about
thank you very much for your good performance despite the difficult environment as you mentioned you mentioned that before you changed the standard you were preemptive
classified and nonperforming asset balances increased slightly but remain low compared to historical norms and were flat or declined as a percent of assets
my understanding is that obtaining robust data was important consideration for the study design such as how long it takes for a patient to climb up certain number of steps
the merger took place let me give you just a few examples of the progress the first 3 levels of the organization have been integrated into one management team that is fully focused
now that weve had a chance to go deeper and get more granular in areas where we just couldnt get full transparency preclose were quite pleased dave will talk more about this during his comments
our activities will first focus on safety even though the product has been approved we will not start the promotion immediately but rather
again the need for quality effective weight loss solutions has never been greater we look forward to bringing more solutions to more people to help them (with->live) healthier and happier lives
but at the same time the fourth quarter has a lot of characteristics of preparing for a demand surge in the first quarter
the recent drop in spot rates for lead wont improve our results until (mid q3 consequently->midquently) our gross profit (rates->rate) should improve by
but we also wish to offer stable dividends in terms of the amount so we will carefully look at the situation to decide the amount
by the impact from purchase accounting in addition to higher loan fees and earning asset yields which were driven by increased interest rates and a restructuring of the investment portfolio
that is not to say that the current price is provisional the current agreed price is not the price under the normal mechanism that is what i would like to say
cash outflow will increase significantly but we expect that we will be able to address it within the profit and loss of the period (it->*)
good morning my name is anita and i will be your conference operator today at this time i would like to welcome everyone to the fourth quarter and full year 2016 earnings call
we are now very close to the ultimate resolution in both illinois and new york so with that ill turn the call over to jack and he will walk you through the numbers
the feedback (that->*) ive gotten from drew and his team on particular conversations theyve had with their customers ive spoken to our sales leaders around the world
good progress against the canadian banks multiyear target of 1 million new primary customers tangerine also performed strongly during the year
what were old processes that were put in place that may be much more efficiently executed with the same results on a much lower cost basis
and our synergy commitments and now we are glad we did because while we are starting from a lower base we anticipate delivering strong eps growth off of that new base
recent reserve power sales and order trends continue to be robust in the americas driven mainly by increased orders for our industryleading thin plate pure lead batteries across all segments
the optics of the quarter were affected by the impact of last years hurricanes also some (shipment->shipments) slid from late q2 into early q3 which is not unusual around the holidays
so to sum up pinnacle for now the deterioration in the legacy pinnacle business over the course of calendar year 2018 means we have some hard work to do
these strong results continue into (the->*) december as a result of (pricesmart->pricemark) taking a bigger share of the market which we think will continue for the next several quarters
but not to the full extent of the rate reduction as excess foreign tax credits will have to be expensed we currently estimate that the net impact of the reduction in rates
volume should increase with the typical seasonality so earnings should step up pretty significantly i would think sequentially from third to fourth quarter can (*->you)
and accordingly last years innovation was named after a portion size it was called perfect size for (1->one) and that (cake->take) frame of reference was highly limited
and i think there was a period of time in the market that if we had to look back to in 2012 the end of 12 second half of 12 and
our results here tell a tale of 2 cities based on where we have applied our playbook and where we have not the segment overall is up 50 basis points with frozen driving all of the growth
we expect to recognize cost efficiencies (to the other->throughout our) supply chain and (we->well) leverage best practices from both organizations to drive operational improvement across the business
the benefits of our capital investment programs (exgen->xgen) had a great operational quarter with the nuclear fleet producing more power ever in a quarter
and with those words thank you so much were hosting our capital markets day later today and i hope youll join us either here in person or online
with that fresh in your mind todays call will focus on the third quarter results some business updates including actions we are taking with recent power weaknesses
we are well prepared for a variety of future economic scenarios and we will continue to manage risk in a prudent and in a responsible manner
these increases reflect recovery on multiple years of smart meter and other capital investments meant to improve the reliability of the grid across all the phi jurisdictions
we tend to have more visibility in the back half of the year in terms of onboarding new customers so if you look at the mix of revenue just because of the seasonal aspect of (the->our) business
we look forward to spending the (remaining->remainder) of the year executing our strategic objectives with a disciplined approach (and->in) focusing on the (financial->fencial) needs of our business consumer and wealth management clients
look at (is->as) we look at both sides and we have a pretty clear matrix of what (*->it what) any individual deal will do to strengthen
we expect continued growth in our business outpacing our underlying markets which will be led by our focus on highly engineered innovative products that provide highquality solutions to our customers
on the quarterly earnings per share numbers this profit before tax number is a good way to compare periods the next set of numbers ill mention does include the impact of the tax reform act
plus the improvement in the underlying business as well and its meant to be inclusive and brian what we can say is both sides orlaco and the base business are both
so we thought it is better (our->however the) relationship will continue and its a very small investment which we are selling to (jma->jme) so that they become 100 owners
im going to spend a few minutes sharing what weve learned im also going to be transparent about where we see the pinnacle business landing its legacy fiscal year versus its standalone targets
loan growth fell short of our expectations as a result of lower loan originations (net->and) higher payoff activity however we anticipate our loan growth trends will gradually improve in the second half of the year
in another continuation of our comments from last quarters earnings call we are seeing a healthy focus from both existing portfolio companies and financial sponsors
then (were->we are) in digital services we have the first year now focused on getting the right strategy in place softwareled strategy
with alpha included i think that will happen in that late january early february conversation at that point we will own them we believe
on our last call we talked about the internal changes within hub as we realigned intermodal operations to be managed by our account management team
we remain quite focused on continuing to grow this business unit and expect that 2016 will continue to offer both challenges and opportunities
please now turn to slides 11 and 12 as usual we have provided information on a yeartodate basis similar to that for our second quarter on prior pages
as we continue to provide creative (logistic->logistics) solutions that optimize transportation to produce significant customer savings while also enhancing our margin
(gubernatorial->gubnatorial) elections will be the same obviously as 4 years ago in terms of the numbers but its a competitive footprint in some of our big markets currently we have 7 competitive seats
as a result (were->we are) continuing to intentionally reinvest profits back into the business to drive revenue growth and to capitalize on our opportunities in the local and regional ott ad space
more detailed information about these and other risk factors can be found in our press release that preceded this call and in the risk factors and forwardlooking statements sections
but we want to get those products out sooner and have a full line card come this spring for the launch and the feedback i just got a text
of 1995 actual results and trends could differ materially from those set forth in such statements due to various risks uncertainties and other factors
we did both these investments smoothly and successfully probably slower than what we all expected we had to wait for all the regulatory approvals and finally the capital increase went
an imperfect union travels across the country and offers a very unique storytelling perspective through the eyes of citizens on issues
on a product line basis motive power was even while reserve power was down 3 now a few comments about our adjusted consolidated earnings performance
thank you richard we are proud of the progress (weve->we have) made in the third quarter in a difficult operating environment and are focused on the opportunities that lie ahead
opportunities now put on the (side->site) and i really dont want to steal your thunder regarding the investor day but are you still open to opportunities
well whats happening here is we need to spend more resources in delivering some of the large digital transformation projects
weve already received 1500 containers that will be financed with debt were also investing in technology projects including transportation management (system->systems)
we actually think its very attractive asset so we wanted to maximize our ownership stake but at the same time not provide any capital
our local network broadcast content is an integral component (at->of) even the most basic tiers of service as well as all the virtual mvpd packages as a result
like your ability you still have an ability to grow your net retrans between now and 2020 (we do we do->*)
thank you then i would like to thank everyone for participating in our fourth quarter conference call if you have any followup questions there are contact details in the press release
okay and then my second question relates to (kaufhof->kahaf) can you speak to a little bit about what you expect constant currency growth to be for them next year if you have growth at all
providing enersys with the perfect platform to offer a full turnkey solution to so many current and potential customers (in->and) markets poised for growth
you can find all of our reported data and prior period comparatives in the new key metrics section of our press release and detailed in the rest of the text and tables contained there
the fact that we have a broad set of capital deployment opportunities further enhances our ability to continuously adjust to market conditions as we seek to create shareholder value
customers acceptance of (nexsys->nexus) pure is as strong in emea as the americas and we believe sales will make up over 10 of their revenue in the near future
excluding the impact of terminated digital marketing services and incremental political advertising total revenue was up 5 over the second quarter of last year
is as manufacturing industrializes more and more what we classically call building product manufacturers are going to show up more and more
as it is a very important part of our business from a strategic perspective but we have had outsourcing events that will occur all the way through july
with these improvements combined with a better aligned sales structure we are now better positioned to grow share across all of our business lines
we remain excited about having this additional brand as part of our platform and our overall multibrand approach to meet customer demand and capture a larger portion of the (weightloss->weight loss) market
and the frustration with that for all of us is that the time it takes to
it is possible that we may reconsider it (that->but) we will maintain the current level based on the current forecast for now
in addition the contributions of new products are also difficult to estimate and we dont expect much since it is (their->the) first year
our forwardlooking statements are applicable only as of the date of this presentation for a list of factors which could affect our future results including our earnings estimates
with a tremendous amount of opportunity and its not always easy for salespeople especially to get their heads around doing something different
if you start at the end of the consumer the data growth in a way continues at almost an accelerating pace
we expect the vast majority of this reduced volume to be offset once we have additional tppl manufacturing capacity allowing enersys to expand sales
is this (permit->premise) still unchanged and the reason for this accounting procedure is because (you are->youre) not sure how the price (will->would) turn out
i would also like to address alphas developments in renewable energy and their (*->endstorage system) energy storage systems for residential and consumer customers
so that has created (a->the) foundation for the next step and i think that was the expectation we would anyway be at right now
is baked into the rates that are being offered youre also seeing i dont know (if->*) credit (standards->standard) slide or just (go->going) to a point were not comfortable with especially
we expect total company revenue to increase in the midteens yearoveryear driven by both subscription and (premion->premium) revenue growth as well as substantially higher political revenue
(has->have) been a driving (a driver of compensation of other things and->*) what we are telling you is that next year this is not going to be so much true so we are
here our ambition has been to get capital from the outside because we think the media solutions is strategic for our customers
bring the margin down a bit in the second quarter from the first quarter and (that->then) it just goes on down the line (*->from there) as we lap the price increase that we got
in the construction world theyre going to be delivering products into the construction space theyre probably going to be one of the larger prefabricators out there
from a product perspective our goal to design an experience makes it easy for consumers to begin investing (in->and) building wealth over the long term
global offering and this really is centered around the voice pops that weve now scattered around
as i mentioned earlier which allows them to power their numerous contact centers around the world
and at the hotel group we expect revpar in the oil regions to remain challenged
while were demonstrating early success in monetizing our current member base we still have a huge opportunity ahead of us
the strength of these relationships and our value proposition is at the core of our strategy
pushing more on trying to reduce the growth in product (costs->cost) or should we expect
second our modern microservices platform for large to very large enterprises
any capital acceleration for fedex would primarily be for replacement of equipment and technology
of our first quarter numbers and at the upper end of our capital markets (day->d) guidance and
but its always good to go out on top ive known a lot of you for (as->*)
they wake up in the morning and they have certain negative mix is a certain range (of->*)
we are also encouraged by the growing pipeline from our recently added avaya channel partners
ads in (market->*) marketing on the card we actually havent focused on marketing the card really at all over the last few quarters
giving them the flexibility and seamless experience that they expect and hope for when shopping online
down at wvo as well as to a degree the opening of the new sales offices some of our sales offices
this was on top of a long list of innovations we have already introduced in previous years
after a competitive process involving other cloud vendors five9 was selected for multiple reasons
one of the things that we tried to stress and maybe i didnt do it well enough is that
operating margins at some point is that the way to characterize whats about to happen or is it
so if we look at what that means in terms of our operating cash flow numbers
regarding our cash use in the quarter you can see that our total cash flow from operations and investing activities
for executing against our business plan and for continuing to deliver strong results
the order book was strong as our paper continues to be well received by the market
we may be with the platforms and not just one multiple platforms
between labor day and december we plan to access debt markets to refinance maturing debt
and they will try in their own interest to employ those structures in the private market
all this leads to smaller deployments scattered across a larger number of locations
after 3 quarters here at visa im quite pleased with our business progress and our high level of execution
in order to participate in the china domestic market as a (bankcard->bank card) clearing institution
the campaign is designed to drive direct bookings by promoting our richest consumer offer ever
the increased uncertainty around avayas future is causing more and more enterprises to look at (alternatives->alternative)
but underlying constant currency results are more reflective of the actual growth trends
this concludes todays conference call you may now disconnect
so this is a constant effort on our part and we survey our customers
our hunters have gone from just a handful a few years back
we are seeing steady progress with digital payments despite the recent remonetization of cash
(we are->were) making good progress in resetting our commercial terms for key clients (post removal->postremal) of rebates (we->*)
now let me turn the call over to tom for the details on the quarters results thanks steve and good morning everyone
we ended the year with a strong cash position and no debt having repaid (*->our)
(well->no) i think it was just timing a lot of this stuff came on right at the end of the quarter
as the ultimate measure of financial health is your net worth and (key to->keep) increasing that is saving and investing over the long term
so its really just kind of a recycling program for those people who have kind of reached their term
due to the lack of compression (and->i) would not expect that until probably the first (week->weekend)
our presence has never been stronger during peak than it is today
more moderating sales in manufacturing in particular
china is one of the worlds (fastest growing->fastestgrowing) payments markets and is leading the way in payments innovation
combining these midstream interruptions and the earlier delays of our (vaughn->vaugh) and baird pads
and so yes we would hope that as they put their network nodes in some of these other countries
so that we know that this what we put into (you->your) data center is sticky we know we want them to be contiguous
which i think actually serves us very well and even those customers that are
as well as the revenue being stronger than we had thought at the beginning of the year so
and we believe (it->*) will become a real alternative to a credit card especially alongside the new cashback program
i would like to turn the conference back over to john (chironna->corona) for any closing remarks
the driver behind that were these factors that i saw and it was particularly in february
(may->*) which might be spent in the second half of this year and which were not spent
in addition we have identified new opportunities to improve our integrated business capabilities
final slide for me this just sets the movement in our share price relative
we expect yield and volume growth at all of our transportation segments will support
we have not experienced any other meaningful impact from brexit on our business
so we have a number of questions now on
momentum we have in all our businesses and customer retention (and traction->attraction) and expansion strategies
only questions submitted by email will be discussed on the call today
i know you said 75 to 80 is the goal for the end of the year but just looking for a mark for today
if you go back to the fiscal second quarter as you (looked->look) at sort of the trends within your (accounts erik->counts eric) that
reflects our success at being able to closely match our supply with projected customer demand
so have you noticed a higher degree
so it was a lot of work that we did to reduce our expenses
please turn to slide 5 from a business point of view
that the tracking solution given the real strong efficiencies in the energy harvest
are you able to provide any more detail as to
a safe quarter with no material incidents to report
we had already identified that the migration of (heat->hit)
and thats what you should expect to see from enterprise subscription revenue growth
with cloud platform providers continuing to expand the distributed european platforms
when you look at the competitive landscape today most of the consumers financial wallet is with the big banks
extensive competitive advantage and we have declined to participate
and we have the strength and flexibility to support our business over the long term
in terms of color on that i would say it was no one thing
it will expand our digital capabilities to further improve our personalization
ill now turn from the top line to our pricing actions
and they will expand as the customers migrate and were again constantly focused on
is reflective in many different examples and youre starting to see that evidence itself
improving ventilation and other working conditions and supporting future underground exploration
look to test extension of those reservoirs on the western flank of the field (and->*)
as we moved into the second quarter in canada and we did also see the differential
the reconciliation of these measures to gaap is provided in the tables to the press release
none of our forecast reflect any potential changes from tax reform
this will bring the standardization of component manufacturing development and sales to all of our customers and further improve the results
as it relates to the mix within the different parts of hydratight and i guess as a corollary to that i assume that
now that we think weve got an operating model that works pretty well and thats whats behind the desire to move from exhibition organizer to market maker
as scott mentioned our track record of generating relatively consistent ebitda throughout the economic cycles speaks to the resiliency of our business model
well see how it plays out but i think (regulatorily->regulatory) its bad and i think in terms of how we incent people and how we pay people going forward it could change
weve delivered growth in adjusted operating profit and a growth in adjusted operating profit margin despite this being (a->the) peak year of investment in the growth acceleration plan
and now were sitting debating whether we want to take a lower margin on private label which generally if you have excess capacity you might choose to do that
i am not personally i dont think we are expecting a big effect of that on our core client base nor are we expecting because
our ability to drive efficiencies is putting us on the path to a leaner more agile organization that will be more responsive to all of our customers needs
i will talk (through->to) the components of the segment margin shortly but let me point out here the corporate expenses were unusually high when compared to the prior year
construction on the garden state project is now underway and we started construction on the mainline facilities of the atlantic sunrise project
trying to i dont know again why (id->ive) never asked that question before but i dont think youve ever referenced it just trying to get a sense of which quarter you might see positive growth (*->and)
we experienced about 3 basis points of margin headwind during the past year due to a 2 percentage point lower concentration of loans relative to earning assets
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
may at times introduce a little bit of noise to the peo margins now that it is included in our segment results
it might make more sense to figure out an investment in that country where we can better utilize the money without taking the big tax expense
nevertheless we felt there was more operating efficiency we could drive into this business and that (is->*) what was behind the creation of the single
among the changes we made to our segments is the inclusion of adp indemnity into the peo segment earnings
well currently we have 2 boards the university has a board of (trustees->trustee) thats responsible for overseeing the academic
thank you danny and good morning everyone we would like to provide a brief update on the execution of the companys strategic vision and business plan
technical work is underway and our current goal is to be in a position to share the results in mid2016 we are very confident about this project
this acquisition accelerates our product development plans in specialty tools injects new engineering talent and leverages our great distribution channel
were unique that would have put a little bit of pressure on our margins but i think without absent the investment i think
and if any color on how much of that is (leveraged->leverage) versus some of the maybe more (discreet->discrete) items that youre doing to improve margins overall
as you might (infer->infirm) from our guidance we expect some drag next year from lower workers compensation (and->in) sui rates
from our perspective the demand is equivalent to what we are holding ourselves accountable to do
was a specific reserve for the problem credit weve been talking about now for almost 18 months that got resolved (it->that) was supposed to get resolved
whether we choose to call that a release or not i dont think of it as a release i think that weve built energy reserves just not specific reserves because the
purchasing the plastic and the mailing of reissuance because we (reissue->reissued) every single household that we had so (it->that) was a significant number of cards so
we see certainly advantages to higher defense spending and certainly other key advantages to actually having a budget
we expanded operating margins by 50 basis points for the year in a declining sales environment a very solid result
well thank you for joining us for todays call (and->*) we look forward to speaking (you->*) with you again when we report our first quarter results in may
that were going to attract a lot of new customers and it should theres no reason it doesnt perform like the spinners did for us its just a matter of magnitude
we would have done everything we could to at least hold the margins that we realized this year obviously our margins this year were much higher than what we
in many cases it reduces cost but in some cases it increases revenue certainly has an impact on customer satisfaction and employee satisfaction so
the size of the circles represent the relative size of the loan portfolios and the circles are ordered by size left to right
our customer focus is reflected in part by our ability to continue to capture significant opportunities in todays competitive marketplace
this is where we are to date we feel were on track for full year expectations and for those of you who are available
pretty specific terms out there on what those drivers are and give you a lot better opportunity to
and so its quite hard to get your head around if youre not inside the company its also the business thats going through the most radical restructuring
okay we are a couple (of months->ones) behind in that okay not terribly far behind but were not hitting the schedule we thought wed hit
and now we theres a lot of things that need to move through the process and while this is a very high priority for us
im sure youre aware of this jeff weve been going through a number of efforts to be optimizing our global cash position and weve been
it gives us some 2 advantages really by comparison to most of our peers the first is we dont have anything else in this business other than exhibitions
were now into our second year of our graduate training program training more generally has become quite a big investment area for the company
what will be the right (goingforward->going forward) investment level for the business and ive always taken the view that
and those properties are really probably in terms of yield on debt some of the strongest ones we have in the portfolio
just in (regards->regard) to the 20 new programs for this next year what is the mix between graduate versus stem programs
(youll->you) also see a little more portfolio of the kind of opportunities were pursuing in
and thats down noticeably from where weve been in the first 3 quarters of this year so all in for 17 were still expecting the
some of the states in which we do business may be evaluating their tax structure in reaction to the change in the federal tax law and thus we may experience a change
so there is nothing in that credit that makes me think that it should be graded adversely but it is and
our new facilities will initially manufacture disposable products then progress to chemical suits and (on to->onto) more complex product lines
or (05->one half) of 1 percentage point of sales as we continue to build out our sales force to accelerate growth in the markets
we continue to move forward and there are several topics to cover related to our asset management business and holding company initiatives
china truck sales have declined on average and we anticipate calendar year to run about 25 (of->off) last (year->years) peak (level->levels)
so while we continue to see net inflation headwinds we believe this is temporary in nature as more pricing is expected to layer in over time
is as i said earlier a building of capability for the long term and an improvement in ambition
our kids meal has really strengthened the value with probably one of the most pricesensitive
more forensic on their future view of future market rents and (have->*) written those down so you have a cumulative effect of
our corporatewide focus on enhancing the customer experience continues to strengthen our core business
we will follow that introduction later this month with the launch of 2 new salad offerings
for information on factors that could cause actual results to differ materially from these forwardlooking statements
now a quick summary of the financial indicators the main financial indicators
with a very resilient pattern despite the negative impact from the (ultra low->ultralow) rates environment
think it was helpful (that->*) you said that you guys anticipate the availability on the credit facility
and they offer hundreds of thousands of square meters of development potential which we plan to realize
firstly we saw some significant negative media coverage of the sector around june last year
and affordable communities that attract (owner occupiers->owneroccupiers) and this is the most resilient part of the market
as kind of comparable to your thinking in terms of your 2019 guidance
we have created the right plan focused on the most important objectives
is it driven more by the larger guys who are trying to reactivate a lot of older tired equipment
either with their mobile in (our packs->arpacs) where we offer more data or
i would also say that given the fact that we have the aditc extension
the way that the quarter unfolded and so certainly this was part of what
and we are now seeing the kind of activity levels we have been hoping for since the first of the year
we look forward to bringing our team together and the efficiencies of our new office
we anticipate the full company revenue for q2 is likely to be 7 to 11 higher
how that number what the sort of factors around that percentage going up
and growth in that market on the back of increased interstate migration which has doubled
we do appreciate your participation and you may now disconnect everyone have a wonderful day
sort of your fundamental growth rate there absent the recession years
higher than we anticipated earlier mostly for the reason of the high growth of the gross loan portfolio
(and->in) connection with one of the largest fast and growing demographics in the nation
at the same time weve made hay products more widely available throughout our design within reach retail studios
without going too far i might say were more happy with our competitive position in the first quarter
or is it a bigger problem with the new startups just trying to undercut to build a business can you distinguish
on thursday last week i was named to the newly created role of executive chairman
were managing in a prudent way and were confident about our ability to continue to achieve earnings growth
things that are somewhat difficult to avoid to keep a project on track and on time
and the embedded operating system that we deliver as part of pcf is preconfigured to those standards
tied to foreign currency movements such that our eps guidance remains unchanged for the year
in our banking with enterprises we continue to focus in all products and services
a complete replay will be available from the end of the day for a period of 12 months on the companys website
the (lieutenant->latinant) governor has also been in that administration for quite some time also
and what the credit and underwriting looks like we have and will remain cautious
so its those (types->type) of assets that have lower total return profiles into the future
a wonderful holiday season so have a great day and be well thank you
when we look at what impacted our performance and we try to trace it
we expect to report material weaknesses in our internal controls over financial reporting
will position the company to build upon this momentum through the balance of the year
you can see that the increased number of settlements from our strong
if the market gets more interesting here i think we still feel very comfortable with the product that were offering
the goal of this innovative program is to ensure a simple safe and secure exit path
until cash proceeds from the sale of employee benefits are received at the holding company
along with new sites (and->in) maturing markets we have also begun our remodel program
these efforts along with steady contributions from vehicle protection and preneed
throughout the portfolio that were vacant and available for leaseup
and so as we begin that process well be looking at all aspects of
pretty rapidly right now and i would imagine youll be talking to your investors in the coming weeks and months
current active pipeline and work on the current portfolio
continues to attract brokers and prospective tenants
which will push the total business line into small minus for this year
and apart from new capital sources we continue to benefit from reinvestments on the platform
so in summary weve delivered the expected group profitability
i (found->thought) it appropriate to open with a few comments describing how (i had->ive) spent my first 100 days in the role
a portion of the proceeds from that bond were used for the early redemption in april
theres a lot more workload potential in all of those customers some of them are
and again the comparison gets significantly easier as you go through the balance of the quarter
chairman and ceo (position->sishen) i think the board will
we will show a small net growth for the first time in the last few years
in the last quarter we have introduced a new cost planning function for clients
this has a compoundingly (a->*) negative effect on margins
i would now like to turn the conference back over to mr goldman for any closing remarks
is sort of kind of where they seem to do that and so theyre just looking for available capacity on our system
as i talked about on the market trends weve seen strong demand in the ultra
we also faced significant weather interruptions and some customer delays to begin the year
we are very excited about the michigan business acquired and we think
are you seeing particular uptake from anything from verticals that you can point out
this compares to national brands that were down 60 basis points over the same period
by the institution that we referenced and
although the partnership believes that the expectations reflected in such forwardlooking statements are reasonable
we have known that the first half of this year would have more yearoveryear earnings pressure
were getting a good outcome to accelerate some of our objectives there
our consumer products business continues to bring us a mix of opportunities and challenges
somewhat semantics on how were starting up the machine were really taking a very
so i think from a weather standpoint we gave you the number of bad weather days
we need to be able to attract and retain the talent necessary to expand and manage the business
the flip side of that is (*->what) we hear from most of our customers is they are also (in->on) the (work->war) for talent and space
and the impacts of these updates are far off with respect to our business
and actual results may differ materially from those contemplated by these forwardlooking statements
show improvement in colorado and consistently throughout the rest of the year
had some in it but it really got more dramatically pronounced in the third and fourth quarter
so we are encouraged by the traction were seeing in the broader
that is not to say that we havent seen a decrease in the 24hour packages
this whole company is in the hands of the (wallonia->wallun) regions
and if theres any risk in the forecast (its->thats) around were expecting some clearances over in asia on some technology that
first and foremost (there is->theres) a normalization of the pricing levels on the channel versus (the->*) north sea
and enable them to scale up or down quickly based on consumer reaction to new product offerings
to support these growth opportunities both today and in the future we are investing in our processes
that our capacity is increasing
before going on we would like to let you know that any statements made during this conference call
improving our strategic market management improving our product and category segmentation and positioning
weve had many sessions with those 2 teams coming together having joint new product development efforts
which was driven largely by the continued conversion of new customer accounts onto our cloud solutions
(i said->asset) how do you know were not going to get it again (i said that->asset if) they liked us last year (theyll->they had to) love us this year
we now cover approximately 11 (point->*) million lives in our medical pharmacy program
and most recently by a health technology assessment report published by nice
introduction of the low (sulphur->sulfur) that implementation we have seen and also the
remember these systems are at the heart of billing for and collecting an operators cash flows
much like mtn south africa is having us do for them with both their wholesale and residential businesses
in fact weve gone in some places in many cases were able to actually do upgrades overnight instead (of->*) over a weekend
we are now launching the integrated solution selling programs weve been developing over the past several quarters
maybe a question for randy im trying to understand some of the movement in the
i think (*->if) we started the quarter not looking at that strong of a book
weve noted that the environment has been fairly stable (the->*)
well yes i want to correct that i dont think we take a little more credit risk i think we take a little more liquidity risk
i dont want to give you guidance and an expectation until i can deliver and lets let those results kind of form our view in the future
sort of the scope of what those opportunities might be like and how youre approaching
the differences between active and placebo groups were statistically significant
so quite a few in the (ifrs->rfs) business for example so as you would expect we keep a very good
so if you imagine we have this layer of all these disparate systems different platforms and all our businesses
or the washington capital (stanley->staily) cup champion to make dedicated products for a given event
in being that way as we do i think there are a lot of similarities in the (companies->companys)
which is more representative of the earnings of each business on a standalone basis
our first quarter mlr in florida was approximately 90 on a reported basis
we now have something that we can identify the population that needs the most help
this is purely an accounting effect and we dont expect a meaningful impact in future years
section where do you see the gaps where do you think youre a bit underweight where would you like to
which (positions->position) microbial solutions as the only provider that can offer a unique
unwrap a few of those questions so typically in the application set that were playing in in particular in the far east
(those->*) do you have any particular contingency plans around improving flexibility in the
ill then review some highlights from the quarter and provide an update on our platform as a service strategy
significant or incremental pricing pressure (thats->that) compared to what youve seen in the past
we are fully cooperating with the request and (will->well) provide updates as soon as we are able
is strong and i think the strategy they put in place at the outset of the year
as you would do in the spring and summer and fall months
beliefs of the companys management and rely on information currently available
as usual i will provide an overview of the companys insurance operations
what nextgen offers our clients today compared to 2 years ago is worlds apart
beginning with the decision to terminate all of our property reinsurance programs
and its an organization that we have respected for an awfully long time
were doing all the things necessary to deliver a great result to our clients on top of our technology
(*->im) very excited by all of our new hires and look forward to working with them over the years ahead
so on an assumption of a flat volume for some of our main businesses
we are impressed with that attention that the europeans are paying to our technology
and a more disciplined and programmatic approach bringing additional functions into our development efforts
in the government (fee for service->feeforservice) market we implemented a new state preferred drug list program
(whilst water->wha) and industrial grew in line with the division as a whole power declined
we believe that pharma will continue to fund them aggressively we think that they have
the rms operating margin is expected to be relatively flat
we have a robust pipeline of commercial behavioral health advanced imaging
and walk them through the new strategic direction of our company
after the date of this conference call now id like to turn the call over to steve
updating you again when we release our first quarter results thank you
but i dont know i mean the truth is were just very focused on
excluding stock compensation expense and changes in fair value of contingent liabilities
that has a dilutive impact (in->on) our earnings right now because we continue to invest in it
to improve the efficiency of our company
can you help me and tell me where you think the (10 year->10year) is going to be in that period of time
contracts that youre getting and therefore building the backlog and revenue
which were partially offset by the loss of revenues associated with contract (termination->term)
we will be (tackling->tacking) challenges decisively and i hope that despite what we showed you right here
margin improvement is expected to be largely offset by higher corporate costs
our pipeline of (healthcare->health care) opportunities in support of this strategy is growing steadily
the nonclinical section fairly shortly and then to follow that (up->*) at some point during the summer
we have built it into the forecast because it seems very real
the second quarter was the last full quarter of morpheus impact yearoveryear
for instance and really want to engage with us on that and it leads to something else so
and as we make further progress on our network fraud waste and abuse and care management initiatives
we will be able to scale the respective supply over time but it will have this impact
(*->we) want to make sure that weve got the capability to deliver the best cancer treatment
(*->the) event that the order intake doesnt pick up as early as you hope
much like how one of the worlds leading family entertainment and media enterprises is doing
similar to where it was before the accelerated program and (then->the)
the information that we are discussing today reflects our expectations as of today and (are->is) subject to change
okay so its not like these are customers we didnt know before
which were partially offset by other net favorable working capital changes
are as important as the investments we make to expand and enhance our portfolio
in some cases so you can see in some of the
we actually had a great bookings quarter just this last quarter and so
but ill be very mindful (*->of) that our inventory program didnt even kick off until the end of november
segment profit is equal to net revenues less the sum of cost of care
and we had forecast a little bit more growth originally at the beginning of the year
the solid cash flow allowed us to maintain a healthy financial position
in addition the underlying price increases achieved in 2015 as well as our expectations for volumes this year have positioned us well even if the canadian dollar continues to appreciate against the dollar
but you need to invest in your authors and the way in which you manage those relationships so were investing there were investing in international sales capability and editorial capability in other markets because we see that as growth as humanity social science
(specialist that->specialists) we talked about at the investor day these are capabilities that weve added since the first half of last year that i think give us better growth prospect going forward but obviously dont deliver immediately on day 1 in terms of (*->the) business
momentum so whether its the nextgeneration platforms that we just talked about or the midmarket migrations or the acquisitions that we just talked about or progress on the service alignment initiative or the voluntary early retirement program
theres they may not be eligible for syndication for size structural or other reasons they may want (*->a) more flexible lender and so i think they tend to probably run a little less quickly to refinance
to talk about what are their growth plans where do they want to go how do they want to go and how we can better serve them and there have been times that theyve asked us to go places where weve looked at them and said we have no real
we feel actually better and i realize that the guidance and the discussions we had were about 19 through 21 but when you finish 18 ahead of where you thought you were going to finish we would like to get a little bit of credit for that because what were trying to get to is
some of our competitors that arent having quite the success we are get aggressive on price the good news is most enterprises are not making a decision based on price when it comes to contact center infrastructure
these things dont come overnight its a matter of a number of singles and a number of home runs and those just have to take the time to work through one last comment
were focusing on the job that weve been doing here for (*->a) very long time which is making (middle market->middlemarket) loans and (there is->theres) no question that if you look across the capital markets
our focus has been on making sure that people are comfortable with our dividends if you look at the presentation we posted were very pleased that we have been able to
i dont know if thats taking longer (or->*) if im not remembering it correctly but now it sounds like youre only talking about all the efforts adding (1->a) point to growth versus where we are now so could you just clarify that please
they were using a legacy avaya premise system which had become dated and in particular could not scale to handle the call volume during the peak season and which could not support remote agents using virtual (desktops->desktop)
so theres a bunch of related features to the cashback experience that we are working on that cashback actually is going to be live with some of our internal beta users beginning this quarter
to continue that drilling program beyond hbp and i think what the team is looking at now is identifying where the best pads are in the field that we can go back to
and will allow us to quickly progress the project through 2016 we are also focused on developing this new project with the same care and consideration we (apply->applied) to our orca quarry in concert with our first nation partners
we have deployed voice pops in australia japan china and other locations around the world this allows enterprises to keep their calls in region ensuring high voice quality low latency and optimal cost
this afternoon were always happy when we can all be in the same place and have an opportunity to talk to the market and were even happier when we can put out some of the results that weve done over the last 24 hours so
all 4 operating divisions are on track for their growth targets against the gap (program->programs) so we feel confident not only about the activity but also about the projected return rates
interesting exercise as we try to do this and if you look through the announcement weve made recently there are some places where its been depending upon the stage of development
leveraging this will also be key as we continue to build out the platform and product offering and again is one of the key benefits we bring to partnerships i will now turn the call over to greg to review financial results greg
interactions (are->*) dissatisfiers for the client and also increase (costs->cost) for us and so i think weve made progress in the last couple of years in reducing what we refer to as our nonvalue contacts so thats a source of
this provides the agent with valuable insight to where the customer has been whether on their website or in the ivr and gives the agent (insights->insight) into customer intentions prior to them even speaking to (the customer->*)
our design is focused on not just making things simple but a more engaging experience (unlike->and like) many of the big competitors we can offer all of these products through one app no need to have multiple apps on your phone or log (in to->into) multiple accounts
and they value it and so we found that typically that gives us an advantage in some of the deals that we do and there are others where simply people are insisting on either terms or processes that dont work for us
a moment on ais which has generally performed in line with expectations over the course of the past 3 quarters since our acquisition of this oem fastener business
so we have available capacity to meet the growth requirements of our existing customers as well as to accommodate new customers who can contribute to and draw value from our communities
positive development in the last several years and so this is not the first year in 18 where weve had a benefit from what we would call release of reserves if you will now some of that is related to
for fosterville beginning in 2018 looking at other expenses the growth in the size of our business portfolio was a primary factor (in->*) leading to an increase in corporate general and administrative expenses
long beach in particular has been showing healthy sales after starting commercial operations on february 1 of this year and we continue to see several opportunities where we are well positioned to compete with for significant projects
our channel program continues to grow nicely and is yielding results beyond our (expectations->expectation) for example bookings (for->from) master agents and resellers represented more than 25 of our enterprise bookings in the second quarter
as cloud adoption in a given country reaches a certain threshold cloud providers initially deploy network nodes to channel that demand from the local enterprises back to centralized compute (notes->nodes)
this is consistent with softening demand or inventory destocking i should note that the last week of our fiscal march which was the first week of calendar april
many of the rules havent changed around aca it has been some of it has been defanged and youre getting i think the outcome that you would expect if you are taking away
we look forward to seeing the board gaining momentum in the exercise of their legal mandate of instilling fiscal discipline while providing a path towards a consensual resolution of puerto ricos economic and fiscal challenges
before getting into the details let me remind you that we had provided q2 guidance for both our total company results and our base business or total company excluding the impact of the ais acquisition
this new metric is specific to the employer services segment and we hope that as you also use the materials from our investor day that will help you with your models
the fact that we were able to close so many deals in q2 i think is a credit to the platform but probably more a function of coincidence and timing some of those could have just as easily
our (*->soft use) storage business continues to operate below plan as many customers and potential customers are utilizing (real->rail) storage in lieu of the caverns were continuing to work on additional contracts for (this->the) storage season which (we->would) need to be in place by september time frame to benefit this year
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 i would like to remind everyone that this conference call is being recorded today wednesday
at the beginning of july we divested our household cleaning segment the transaction is accumulation of many strategic actions weve taken over the last 7 years towards becoming a focused and leading consumer (healthcare->health care) company
i wont give you any more details than that since the customer is still analyzing the bidders and theres another one we will be bidding in about a month which is equally as big
growing ahead of the market that i think theres no doubt about (it->*) were also coming from a position which i think is important to understand where we (have->had) we are not distributed in the area that we really needed to the evolution of the omnichannel and digital is helping our growth rate
it (costs->cost) more during winter months with the ground but also because of traffic conditions and snow and all of that typically utilities dont ask for as much work
tend to do very well online as consumers go out and look for those trusted brands and find them online so thats probably the one big difference is that we seem to have better opportunities with that smaller tail brand group of tail brands that we have
sales for nonbioflo products were just were not just impacted by morpheus recall but started to reverse what had previously been positive momentum for the business moving into the second half of the year regaining that momentum will be key to returning the franchise to growth
as ive said before (were->we are) not a (rigid->visit) company nor are we displacing an older device (*->a new) with a new incrementally better device novadaq was established based on a unique new idea
we are comprised of strong leading brands spanning various consumer health care categories as shown on the right side of slide 9 over 50 of our sales are in 5 leading brands
typically (improvements->improvement) such as these would not be expected to reach significance until after a longer period of time please note these data are now included within our current corporate presentation which is posted on our website
weve strengthened our internal communications to ensure we allow a broader global organization to assist in the leadership of our chains efforts ensuring we are behaving as one rotork and bring the entire organization along our (chains->change) journey
(*->in) the first half we saw a broader challenge in our va business which we now expect will continue into the second half of the year that said our second half guidance continues to represent top and bottom line growth and significant free cash generation
as shown on the next slide our lease book is well diversified both in terms of industry and also geography and the residual value as a proportion of total lease book is less than 1 well now go through the financial (*->results)
first we continue to enhance focus against our leading consumer healthcare portfolio which is expected to grow over time driven by our brand building playbook as well as structural consumer interest around selftreatment
so that should mean less exports from europe we were seeing a decline in the exports from europe into the harbor they were heading down to the south central america so dont know that thats going to have an impact
we think this business can produce pretty good cash over time as we grow so i think its more of a statement from our perspective of the value of the business model at the moment
so that has not been a (fact from->factor in) the gulf coast and so we are the trend seems to be drawing down in the harbor were not seeing any more imports up there and
we have quite a few participants in the call today so thats why i would ask you to limit your questions to 2 in order to give as many people as possible the chance to ask questions thanks very much in advance for that
and were not really faced with such a stark decision we really do both but if we had to prioritize one today we really want to get our technology into a lot of centers and were really focused with grabbing real estate so to speak so
interesting okay and how would you characterize the pricing structure across your portfolio in the quarter and for the year are you expecting stability in pricing
we also made progress towards extending our global footprint in our latin america and (asiapacific->asia pacific) regions in latin america we signed a training and cooperation agreement with the brazil ministry of health (and->in) 7 science and technology institutions
therefore as previously noted we are taking a phased approach region by region ensuring we have strong alignment and business processes well defined and tested before moving on to additional regions
okay i dont expect it to soften from where we are today but i dont expect it to do what we thought it would do originally and it is a part of the guidance takedown we had hoped for
the commoditization of all products within that space price emphasized in virtually every ad and the coming significant disruptions that will be created by driverless vehicles
is there a view of replacing that (near->nearer) term youve got the (chamouchouane->shabishwin) project now starting to hit its stride do you think that that will be an offsetting factor so that you can sort of (flat line->flatline) the revenue in canada this year or perhaps even grow that
and driving increasing price yield through a deeper understanding of the value our products and services provide our customers as we migrate from a productbased organization to an organization more closely aligned around targeted market segments
in terms of weight and hang it off the walls (type->tight) boxes very thin so that almost brings the same pressure (that->as) you would have in a phone and a tablet in terms of cramming stuff in a very tight (space->*)
and so the future hedged (month->amount) higher than its gone up more than the future months has so this will pull a portion of the refined product timing issue into the second quarter as well
and more depending on natural gas and we are very proud of being part of this system we want to leverage businesses in the sector
and were avoiding a lot of those headwinds so were not faced with the same situation that many (others->other) cpg companies are today and again weve talked about this a number of times in the past about
therefore adjusting for the impact of those discontinued products and looking at the 4 outlined in my previous comments related to our continuing core wheels business
exiting these businesses and our product line rationalization efforts are significant steps in decreasing the complexity of our business these activities are indicative of our commitment to continually improve the quality of our overall portfolio
essentially we recognize the marktomarket of the inventory and hedges for that inventory throughout the holding period in ebitda however the inventory is marked to a current value and the hedge is marked at the future value on the curve
or because you have a high depreciation of leases itll be a balance sheet item
and also where the technology and the performance that we bring (bring->*) value to our customers so i think we need to have that as a basis for the discussions
in general and given our customer credit terms the fluctuations in our accounts receivable balances
in addition we continue to believe that getting regulatory approval for grid modernization infrastructure in texas
impact now but a much greater impact as we significantly take those down in the last half of the year and then
sure i gave you one little bit of an example just now when i talked about our prospect deck and that was one of
now in the middle east we already have a business and we expect
we fully expect to get this approved again sometime probably in the middle of this year (it->*) is our hope
and all the way processing through so we are excited to see the improvements i mean its fairly dramatic when you think about
we have an obligation to serve and therefore its imperative that we work together with our communities as they continue to expand
the community solar facility at the montana plant is the first largescale solar facility to be owned and operated by the company
i dont think it changes much in the things that we do day in day out but i do think
its not just the management of formulary it is also the management of individual patient choice as we see these new products come out
so this is based on our analysis of what could occur (*->in) from the potential legislation
we did see and continue to see our large claim activity continuing to come down
obviously helping (to->you) understand sort of whats going to happen and how that range is going to be narrowed is something that (we have signed->weve spent time) on and ill let eric take that
in past years ive been heavily focused on it since i got here so every day were looking at how we
and through that entire process we got tremendous support not only from legislators politicians
all the while ensuring that our brand remains coveted and desirable as we grow globally
and were also assuming a federal tax rate of 35 so wherever that may end up
our team is quite excited to be working on the technology and is already working on the initial prototypes and test methods
i would like to address one more question in the future
and when you say significant what exactly does that mean just kind of a broad range of expectations
where we looked at their (8000->800) diabetes patients and (4000->400) of those patients were not on an ace or an arb despite being at the age where they should be
during the construction of that project so as we look at other opportunities in maine
we should expect to see increased spending behind them as we move forward over the next few quarters
demonstrating continued progress in extending our value proposition to clients through advanced analytics
as well as more exploration activity providing solid growth opportunities for our business in the coming year
in that context were very pleased in our performance thus far during the selling and renewal season while it is still early
to be something that they want and we see a very strong opportunity to work with partners in retail
connecticut in 2015 and you actually pick those up the following year when you file the returns for those years
beyond recovery audit we are combining this data with advanced analytics algorithms and saas solutions
but can you give us maybe a summary picture here across the (disposal->disposable) areas for where we are today
everything we see and expect for the rest of the year should be in line with previous years
you had a new product approved in that business you had 10 growth which is the best growth ive seen in
the graphic on the left illustrates exactly how noble and champion further our broader effort of getting closer to our customer
while (it is->its) unfortunate we are in (this->a) situation we believe our legal case is strong
of our project backlog historically our commercial focus has allowed us to maintain
and fee opportunities that make it a great contributor to our focus on economic profitability
planning to prepare for the ongoing renewables and how important (ccgts->cpgts) are to backstop that
sure i mean its always as you can imagine youd love to at one level think everybody loves you and would never leave you
and then next year we will essentially assess and monitor how all thats working and from that
we did get some very good regulatory relief and stability going forward
and just not go back in but recognizing the amount of investment were going to have to make that sometimes gets difficult
pricing improvements and a mix of (higher value->highervalue) waste streams into our disposal network
(band->ban i mean) is that what we should be thinking about in terms of what your forecast include with the state utilities
we continue to believe very strongly that maine holds great promise
things become normalized again thats a cycle that we visit every year and if you look at our trends over the last
and so thats one way that were trying to be smart about how we can
it required a number of process improvements and difficult choices throughout the year
and we believe that with servicing our accounts better doing our marketing and messaging better
(*->a) lot of the public events that the cities will do for their particular city whether its
im pleased to announce that we finalized certain agreements with the air force to construct a largescale solar facility at (holloman->holluman) air force base
i think as (bryan->brian) talked about at the beginning we dont have high hopes for a lot of rate increases (though->so) we do expect
so (detsky mir->gfinere) is (a->*) very strong brand which attract people the second thing is
before we proceed with our presentation please kindly read the disclaimer
it has not been as robust as weve seen in 2015 but its been fairly steady
a significant advantage in being able to do both i think wed like to have both
staggering the texas and new mexico rate case filings will help us maximize the efficiency of our internal resources
we recommend a topside adjustment to our modeling tips in the appendix to incorporate this transaction
and this is really talking about some of the largest projects that we have there might be some smaller ones that
some may be a little tighter depending on competition some may be a little further depending on competition
where theyre looking to green up their portfolios respond to their customer and stakeholder concerns about carbon
mostly in connecticut although we are also working up in the (plattsburgh->plattesburg) area of new york in terms of growth
right now strong and getting stronger and we are really focused on winning with the winners
we completed the consolidation of 1 of our 2 remaining legacy platforms
that concludes our prepared remarks for today and wed be happy to answer any of your questions
this financial mindset fuels our business model of alignment and our commitment to client and patient care
our mission is to keep our clients ahead of constantly evolving marketplace trends
yet its not just our premium running products thats checking pursuit and assert both had strong showings as well
but we saw a pretty significant decline in activity in september as volatility abated (the->*)
okay and (in->*) the delays now i also saw though that your
our fifth consecutive quarter of revenue and adjusted ebitda organic growth
we see that as a plus for us just because we have such low leverage and very little debt at the holding company
allowing us to consistently cover our dividend each quarter our portfolio is well positioned for any meaningful rise in interest rates
we believe we are well positioned for the remaining days leading up to christmas and look forward to helping the holidays arrive once again for our customers around the world
consumers especially millennials want more control on their spending but they also want the rewards of a credit card and cashback is by far the most requested reward program
and then on average to compare to nymex we would expect that rate to be at the high end or slightly above it correct
(*->and) good momentum for a lot of products so the overall forecast that we have for our (salesforce->sales force) continues to be
another significant benefit to this arrangement is that it has enabled rex energy to reduce the outstanding letters of credit that support our marketing efforts
was going to be down double digits for the quarter and march is the first month (for->of) the quarter so yes government took a step down from the q2 levels
and were very much looking forward to a bright future ahead ill now turn things over to rustom thank you (erik->eric) good morning everyone
is there is a lag between what were seeing on the ground in terms of progress on initiatives and how that progress is translating into numbers
are we getting to the point where professional services kind of growth will be more in line with revenue growth or is there still future scaling there
the world and well continue to add as we go into new countries and its a huge huge advantage and it does expand our addressable market as you know
as weve (all read->already) the current environment is strong we have very solid business processes in place to balance
explanation of how we deal with these issues and i think it will answer the question that you have in mind
so maybe (erik or rustom->eric i reusum) could you elaborate a bit on what youre seeing here and also what factors could actually get better as you go through the fiscal year
looking to the future our strategy remains the same we will continue to focus on effectively deploying capital from our diverse (lending->funding) sources
into our data centers now each configuration for each one of our customers is different but typically its not going to all occur in the same quarter
some of the resistance which we have seen in the past because the tools werent there to facilitate this (are->*)
so you did see some of that but it doesnt flow through the overall numbers because of the increasing libor rate
i guess the first question here is does the summer release significantly expand your total addressable market that you talked about with
is using technologies like adaptive cruise control lane departure automatic braking all of which compositely make for autonomy
at the mark based on what we know today we are certainly not idle and have moved quite quickly and effectively on the restructuring
for those viewing our presentation please turn to slide 7 in the second quarter we further diversified our portfolio
weve been looking for the right expansion opportunity for quite a while and we were excited to find an excellent partner (in tac->intact)
(quarters->quarter) is seeing considerable pickup in the growth rate in that small direct marketing channel weve moved it from being a more transactional relationship
however legacy systems have hampered their transformation to todays digital world leading to poor and inconsistent customer experience
is reaching into a new country that (while being->will be) the second largest economy in the continent (trailed->showed) other countries by a couple of years
having said that it wont go up as much as eps because of what i said about capex (*->so) i hope that gives you the color that you need
have been running better than we might have expected at the beginning of the year or when we did the acquisition model that valued visa europe
not the sales force but pieces (of->*) particularly around the value proposition and weve applied it to those small customers who are doing business with us through the web
this modern platform is one of the big advantages we have over the existing incumbents as it allows us to be faster and more innovative in terms of features and products
these are not trivial things as they have a big impact on the overall convenience of the experience and its convenience that has always been one of the main drivers of disruption
line of your business actually down sequentially im just trying to understand if the growth in the other parts of your business were actually
our level of chargeoffs is very much dependent on the target yield and risk profile that were taking in the business i think right now we are
kind of whats happening in the revenue growth numbers and in the noise but in the peo the most important thing for us in the peo is profit per employee
outer years so what that means is we finished 18 a little bit ahead of our own (expectation->expectations) so we have really terrific momentum going on
plenty of people out there that are refinancing every chance they get and theres a version of that in the private markets
our remarks and answers to your questions today may contain forwardlooking information about future events on the companys performance
based on this positive cash flow before investment receivables our actual cash used in the quarter was entirely related to our investment in our loan book
and a rigorous focus on (cross functional->crossfunctional) customer success kpis now id like to spend a few minutes talking about our latest
meaning (theyve->have) only been hired in the last year and havent hit their stride yet so we expect that pipeline to keep growing
reconciliation between the 2 can be found in the companys presentation today which is available on its website
on slide 10 you can see the credit performance continues to hold steady considering the prevailing market conditions
the (fixedprice->fixed price) differential will also give us stronger returns on wells placed into sales during the summer pricing seasons
(day->the) guidance and as a result of that strong first half production performance weve taken (the->a) decision to revise
without jeopardizing our sales so you have to plan all this very carefully
im extremely proud of the entire five9 team and our strategic partners for bringing it all together with (1->one) goal in mind
we hope that you found the information and discussions to be useful (*->we) were pleased to have received quite positive and helpful feedback from the event
we all wish jack the best in his future endeavors which he tells me may include running the town chairlift in park city next winter
pretty good and its because we did finish the migration so even though we had some losses towards the end of the (migrations->migration)
and so we havent used it in a long time and it may be that our deployment this quarter is such that it doesnt make sense to use it
and attractive so the more mogo obviously increases its reach its scale the more it has these products the more interested these partners are to
in the digital world its increasingly easier for consumers to switch and unlike the old world where (the->their) friction to go from one bank to the other was a lot
next the mogocard continues to be a key part of our product strategy as controlling someones spending is no doubt an important part of their financial wallet
interest income from originated loans continued to grow as the portfolio grows and from the mix i mentioned earlier
this past quarter however we did see some softness coming primarily in the automotive sector in the midwest
it would be bringing the money forward and not spending it later its the capex for gdp growth rates
specialty finance without trying to take inventory risk versus businesses that have a good franchise and sustainability
germany and the netherlands were solid contributors to big 4 results this quarter and france delivered solid installations at the end of the quarter
we also expect though to see the investment in some of those markets continue some of the packaging markets
we are seeing an impact of mobile demand weakness and have received more conservative (forecasts->forecast) from much of our customer base
thank you for participating in todays conference this does conclude the program you may all disconnect everyone have a great day
now were starting to see greater entrepreneurial activity in our businesses in all of our categories
on the actions youre taking now in terms of benefit for 17 and later
if you allow me to use this wellused analogy so i think it is a testament to the agility of our people
and (of->*) mining operators who i think can better predict going forward (*->but) we havent seen any recovery
the nice thing to say the good thing to say is that theres plenty of opportunities out there there is (a->*)
(pest->pets) and equipment care were quite strong and expect to remain strong energy stabilized
as a gift in this market but we (see->feel) very strongly that our efficiency focus
for example to serve some portions of this market we are developing technologies such as mems and other gamechanger solutions
yes id say its principally that there are some technologies they just turned off because of their cash
helped by the ongoing improvement in passenger numbers but also by our initiatives to drive profitable sales
moving along very nicely in the background as well and then rest of the world not a large part of the business
my comparisons to fourth quarter 2017 amounts have been adjusted to exclude the impact of the settlement
and (on->in) the previous call we are slightly more optimistic about these emerging markets moving forward in aggregate
as our first product launch into that existing enzyme market is moving very nicely toward commercialization
and on a personal note i couldnt be more excited about the opportunities that lie ahead for our company
so the capacity of that factory probably is
the level of (reinvestments->reinvestment) stepped up progressively through the year in both brand and marketing investment and in pricing
the strong margin performance in q2 has set us up nicely to absorb wage increases and promotions
materials analysis drop through was held back as they incurred additional merger (activity related->activityrelated) costs
ill come on to the details of that in the international (a->*) bit shortly but first lets have a look at channel performance
this increases our ability to deliver additional silicon germanium wafers to customers to some extent starting in the second quarter
its really difficult for (and->*) our enduse customers in china to understand how much inventory
of mix that we were talking about really dealt with doing
we also made a key strategic decision impacting the course for (vancive->advancive) our medical technology business
now all these are clear examples that the new connected (4->for) growth organization (with->is) the country category business teams
firstly a more nimble organization including the introduction of the new country category business teams
its not a case that we are strategically impaired because were missing something
can you quantify how much the currency benefit may have been for the year or for the quarter
and drive the overall net profitability of the category by improving the efficiency of our books operating model
a lot of the projects in inline instrumentation which are process related and also on the mining side
(*->and) were working on (*->it) and again were pretty were disciplined about how we do it so we feel good about the pipeline and
and i think thats a good thing just like its a good thing to be a responsible taxpayer or to
during this tenure weve executed against a number of strategic initiatives to better ourselves as a company and as a brand
(*->there) was an encouraging pickup in volume in the fourth quarter reflecting the benefits of connected (4->full) growth
by any means a theme for next year were going to have to continue to do what we do in pricing continue to do what we do on mix
the performance (reflects that->reflected) there was no big publishing trend to match last years strong (spoof->spooth) humor books
as youre exiting the third quarter now to the fourth quarter relative to earlier in the third quarter period
living proof and (hourglass->aeroglass) are both growing at double digits and will begin to contribute to underlying sales growth
was pretty strongly positive i guess how (you->*) are (*->you) thinking (a->of) kind of a normalized level moving into the second half and (what was->whats) the biggest
we think that this level is both competitive in this environment and indeed sustainable in the long term
revenue trajectory for 2019 does that clearance base represent a hurdle you need to jump over
we called it out separately because we didnt think it would repeat (but lo and->the loan) behold it did repeat in the first half of this year very late in the first half
and wed rather be 2 weeks late than 2 weeks early on that recovery because its so hard to predict
and as far as the growth that were seeing in the more differentiated segments of the market
but we are evaluating other growth initiatives particularly (*->in) the automotive sector so this could come up (if->*) the
driving growth as well as driving productivity to be able to hit our margin (target->targets) that weve laid out
business but the 7 which also included swisher i would say is artificially low
that they need to have a little bit more (courage->colors) europe included to start to drive through these structural reforms
one was getting energy ready for what well call stabilization and kind of upturn and i think
all financial references on this call will be on a nongaap continuing operations basis unless otherwise indicated
as john said we made good progress in advancing the projects under the project uplift umbrella
but our goal is to continue to drive growth in the business at that 4 to 5 range over the
but come in and see it because its something were very proud of and continue to work on as we take that cultural approach
the full year favorable revenue impact from currency is expected to be approximately 60 basis points
are being well received in our continued discussions with potential commercial partners
against the background of (this result->these results) i would like to reiterate our guidance
and we will continue to make further targeted strategic investments in the second half
in the by the fourth quarter of this year and then we have an ability to continue to grow out
weve also had a good start to our second half so were confident in the outcome for the full year
develop our ranges and evolve our formats to best meet changing customer needs
whatever the outcome is and part of that has been our desire already for many years nothing new
and we also arent predicting a fourth quarter in the range that you cited either its going to be
and as (in->an) air the underlying performance in rail was consistent across most of the country
in summary our solid execution in q2 along with continued investment in the business
were very proud of our solid second quarter and first half results and the strength we see for the remainder of the year
normalized levels but in the meantime the top line and the end market demand of that business is looking good
but i also want to tell you that we dont live by these 90day cycles and you really need to get off that
and (our->a) recovery apparel which features bioceramic technology that uses your body heat to promote muscle restoration
an industry such as (those->this) which is incredibly constrained from a headcount from a capability engineering
were simplifying our (goto market->gotomarket) strategy on the basis of customer behaviors and needs
that includes the review of our legal structure and we expect to have further news on this shortly
but on the other end of that spectrum older dogs dogs with chronic diseases they have (inappetence->inappetants) that is much more of a chronic condition so we would expect over time to see use in chronic as vets get familiar with the product
so customers with that profile are hidden not everybody gets to them but we do so thats basically it we are going to places where we understand that
and we will be using the same strategy of refinancing for upcoming operations as well (now ill->i) remind you that in the real estate line in the consolidated statements you have 2 compartments the first one is carried out with (the financial->*)
were shut down and they are not reopening at least not for now we are not anticipating any further opening of stores or any significant opening of stores
terms of other initiatives were still working on our heavy oil initiative we dont encourage anyone to buy the stock based on this but we hope to have a test well in the ground by first quarter (or->*) first half of next year
biotech deals and i think i ran into a couple that i didnt even know you had from a while ago recently so maybe just broadly talk about that as a strategy and how you think kind of just data as an asset to you might evolve over time
in a time where they were hit by the crisis so the expectations they (underperformed->underperform) and but we
once the rules are fully implemented for example there will be a lot of vape shops going out of business now weve contracted outside retail agents to call on these vape shops to see if we can convert those over
as we get further into 2018 we anticipate that inventory levels across the channel will stabilize and we will see more robust sequential growth and a tighter correlation between shipments to distributors and moveout to clinics
facility which will open before the end of this year in (saverne->saverna) which is quite similar to the previous facility which i talked about and it will also
we havent seen a meaningful dropoff and in fact i do believe that construction activity in china recently has started to pick back up thats what were hearing from our folks on the ground and so we would expect as we
this reflects the lower operating performance of these plants consistent with the industry this year versus last year and the fact we discontinued recognizing equity income on the patriot plant at may 31 upon the close of that sale
with our customers is probably more optimistic and positive than it was a few months ago but its really hard to tell exactly how those talks are coming along were optimistic that it will get resolved at some point
but our growing volume of (tax->tests) has the opposite effect of accelerating our ability to recognize revenue were able to pull into a quarter all of the (test->tests) reported in that quarter multiplied by the amount we estimate that we will collect in the future
will increase as we gain scale however that doesnt necessarily mean that this will improve the companys margin because as i usually say
but that doesnt mean that results are a generation away or even 5 years away based on our current trajectory and the evolution of the landscape we are driving we see this network effect contributing to the growth of our business now and expect that impact to accelerate in the coming years
although inventories at chinese ports are relatively high we expect them to trend downward over the next couple of months as construction activity and log takeaway have ramped up to more normal levels following the lunar new year holiday
assistant services inpatient outpatient and we want to increase the number of single rooms as well because this is now the standard that most patients require when they spend a few weeks
what is your outlook to grow recurring revenue in 2019 do you anticipate some recovery what could we expect
when you look back in the past where when we have a higher organic growth we had also a very prosperous economy but then during the crisis many shops
we believe this will simply take time and trial furthermore as veterinarians expand the use of the product from acute (inappetence->inappotants) into chronic (inappetence->inappetants) that will drive total days of therapy which has the potential to increase sales
but the other thing i would say is were still optimistic that youre going to see some upward pricing pressure on commodity prices as you see that construction activity really start to take hold as we get into the spring i think were seeing early signs of that now
we believe the vast majority and the (only->reasoning) reason i (mention->mentioned) it of these surprises are behind us and feel that the profitable growth should start to kick in now and well see the success continue
just as importantly we are quickly becoming the partner of choice for companies in (a->the) broader health care continuum where our aligned interest in the patient and the value of their genetic information allows us to work together in bringing extremely valuable therapies to market faster
western housing starts increased 30 in march compared with february as rain and snow receded and we are hearing of increased demand for cement and rebar in a number of areas signs that foundations are being (poured->poored)
because of a tough comparison resulting from a large order that occurred in the second quarter of 2017 this result was consistent with the expectations that we had mentioned on our first quarter earnings call
moving to the export markets in china sales volumes and realizations for our logs declined modestly compared with the fourth quarter in connection with the typical slowdown in construction activity during the lunar new year
for them to be more specialized to really again correspond to the fundamental trends on the (markets->market) and one of those is for the people suffering from major cognitive troubles
the first thing is that weve hired some from aggreko some mobile power generation units for bulyanhulu just to stabilize the power there so that we dont suffer
they say okay you can do that as long as you use my acquiring but once you do not use my acquiring the lease will go to a different level will be charged
which (was used in->reduced the) need for (a->*) secured money market transactions however lower volumes were more than offset by higher average (commission->commissions) paid in both business as a result of market conditions
we would anticipate that would start to drive some of the inventories down and as we get further into the year as long as you see that construction activity hold up (align->*) along the lines of what we think is going to happen
average realizations for our southern logs increased approximately 3 as extremely wet weather limited log supply and drove improved realizations for sawlogs and pulpwood across most of the south
and our perspective is from a regulatory perspective the agencies especially the european agencies they like to see the weight loss tied to a clinical condition and so thats part of our thinking there was to
to give you a magnitude of customers today we have a customer that has 22 proprietary stores in addition to (a->*) franchise
can you talk about the impact to your business from a trade and regulatory perspective both how the solar tariffs may impact flex and then
and almost entirely attributed to the increased levels of investment required for our new businesses and to support our sketchtoscale vision
(a->our) search is underway for his replacement phil leaves a strong legacy and a very solid bench in our operations teams
for example well be able to offer members customized products based on their travel preferences and timeshare ownership characteristics
and the respect of this industry and i think its improved dramatically if you (followed->follow) this industry 15 years ago and you look at it now
were really confident that our strategy to focus on customer choice and to reposition the portfolio sets us up for continued growth in future years
and so far things are going well in terms of renewals and retaining contracts and business and so on so when you put it all together
and elevating it to a more actionable place so we see it as the natural continuation of the brand positioning
the message i want to leave you with is that there is enormous opportunity in the business across the whole company to keep growing and delivering good projects
since completing the shelby project and then paying down the revolver is our top priority therefore we did not repurchase any stock in the fourth quarter
(as->if) the project is coming to a close our focus has been to make necessary investments to hold the time line as best we could to meet our customers commitments
and lastly i am pleased and confident with the teams continued focus objectivity intensity
these members so that we can give them more products more different experiences which can generate a larger share of wallet so
prosecution of the bad guys who are the bad resellers we do everything we can to continue to build the integrity
with successful activities in both the prior and current (years->year) second quarters the moving parts are plentiful and i will run through them today
i guess more looking forward what still has you excited about some lowhanging fruits or some other aspects in that business youre still working towards
we also incurred some additional onboarding costs related to new mobile programs expected to ramp up later in the year
compliance and operating as one stockland to realize the synergies the natural synergies that exist in (that->our) business
now lets look at specialty property which delivered a strong quarter despite ongoing normalization in (lenderplaced->lender placed)
which are leading to many new customer and business opportunities the level of interest for our (sketchtoscale->skettoscale) solutions remains very high
but on the load side and this continuation effect you (ask->asked) i do think (there is->theres) an element of our size of city
capital into that market the other thing to remember is we havent had a big storm in quite a while and thats not going to continue
for the past 5 years weve been reshaping the business and really focusing on a clear 3point strategy
today in boise temperatures are expected to push the century mark where we have consistently been for the last couple of weeks
and we were adversely impacted by a competitive private label tissue market and significant commodity and transportation cost inflation
these offerings now account for 27 of the segments revenue and are expected to continue to grow (at->*) double digits in the long term
got it and just thinking about the directional organic growth of mortgage solution revenue
so from a financial perspective you can see today that we remain in a strong position in regards to profitability and balance sheet
investing cash flows are up at the half year due to timing of projects with the full year expected to be consistent with last year
(a->*) little above what the street was anticipating for both revenue and eps if you could maybe just touch on that a little bit where it gives you confidence
primarily due to the previously disclosed loss of a domestic tablet program and declines within our legacy runoff business
also this year our development completions were significantly lower (in->than) the same period last year and you can see that on the slide in front of you
(*->i) really wanted to talk about what excites me about our business and why im confident in our growth momentum moving forward
which generally stated will help us respond to constantly changing customer demand by deploying the least cost available resource to balance load
before i finish (i have->on) one more topic a couple of weeks back jack informed me of his intention to retire at the end of this year
further both our customers and the company will benefit from the productive regulatory outcomes that were finalized in the second quarter
will provide continued financial flexibility to support our current and future opportunities in the housing and lifestyle markets
the way we get there is through this evolution of our businesses and the focus of the resources on the attractive growth businesses which youve seen us doing
things on top of a market that may be under pressure but at its core and foundation is an excellent market
points range by fiscal year 20 theres been a lot of moving pieces here im just looking for an update now on if those goals all stand
so theres a couple of big themes like a nike and a bose but after that its a very very broad (crosssections->crossection) of any kind of smart connected device
when you have a look at (census data->sensusada) over the last 10 years in fact the proportion of retirees living in a village continues to grow
the need of our customers who more often than not (on->in) these trade areas are leaving the trade areas because were not offering what theyre looking for
in the growth in some of these new businesses as well as us achieving the growth (target->targets) as well as the margin ranges
we see growing demand for our product and interface fueled by the steady decline in deposit rates across the market
important to say that (we are->were) very happy with our competitive position we continue to be very happy with our competitive position
our progress in this respect is consistent with our intention 4 years ago to grow this segment and im very pleased with the progress
in relation to the retail town (centres->centers) its really 3 streams of work the first stream of work is where we develop
and the change to the incentive outlook is that all timing or do you anticipate paying a little bit less than what you previously forecast
in order to cool different parts of the consumer lending market is willing to use this mechanism to increase risk weights
some softness during q2 i think some of our other folks in the industry have also been pointing to a little bit of softness as well
and ability to remain persistent towards executing our shared expectations and making improvements
we plan to further expand the product range building new valueadded services and adding lending products (throughout->through our) sme marketplace
of the 40 to 45 company restaurants we expect all but a handful of locations to open before the fourth quarter of this year
its important to remember that our capital adequacy requirements are measured on the basis of russian accounting standards
we believe our strategic investments and the improvements in our operations position us for future growth in a rapidly evolving market
so i would start off i think certainly we do have a pretty smart and really nice plan when it comes to promotion
and wyndham vacation ownership had a great operational quarter as we saw the benefits of various initiatives new sales processes
can and typically does create a bit of volatility and so the dividend is a way of trying to stabilize the stock
and fourth prudent management of working capital such that we can maximize free cash flows and reinvest in the growth of the business
our patented technology is the only one of its kind that has the certainty of (gravityfed->gravity fed) operations that means fewer moving parts and less dust
performances or achievements including statements related to the companys 2017 outlook to be materially different from any future results
we really have no additional comments at this time and if (they->there) are additional questions wed be happy to take them but
for (kraft->craft) in the domestic market in terms of volume and price that does not change our historic and strategic trajectory
and theyre very excited to get back in the stores to start welcoming our customers back and all the workers (*->who) will be coming into the city to restore
there are enough opportunities concerning the chinese economy we are relatively optimistic of course there are a lot of potential problems
but we can also work with customers say in the permian (that may be->they) sourcing regional sand while preferring our wellsite solution
we do not only trust chinese people we trust value and nurture
very different that would allow us to have a higher free cash flow and probably closer to what george is saying
yes so ill let (tor->door) comment on the breakage (rate->joint) in a second on your first question on pricing i think id answer that
and reward the patient investor but our overall strategy is in fact a growth strategy and (it is->its) only because we generate
i think the biggest problem (inbasin->in basin) right now is not whether or not you can create supply of sand off of rail
maybe (pairing->paring) it back and bolstering the balance sheet and then secondly along the same line of questioning can you provide an update on the extent to which
since the third quarter of 2017 the competition for deposits this quarter was especially strong in the municipal sector
these show that our value investment has achieved good results in the capital (markets->market) especially
in addition the mix this quarter positively impacted us as we delivered more systems than a typical first quarter especially in the americas
the drivers of growth and the leverage for instance the operating leverage we have in the northeast and what volumes mean to us in terms of ebitda there
we raised pricing on both monthly and single premiums for (higher risk->higherrisk) loans and (lower->lowered) pricing on higherquality loans
we believe we have opportunities for growth in each of our existing markets by adding profitable service lines and recruiting physicians
we are very proud of the quality of our people and our culture and we believe (that its->it is) a continuing competitive advantage for us in the marketplace
attrition rates within their target zone and operating margin which improved versus prior year for the fourth consecutive quarter and is now in the high single digits
im also looking forward to introducing our new chief operating officer (micheal dunn->michael dun) hes already hit the ground running and hell be presenting next week
following our prepared remarks mike and i as well as david dill our president and chief operating officer will be available to answer your questions
i do think that other states will consider expansion whether outright or through the use of a waiver
we were involved in very important improvements in the project with our engineering area so were there
bringing more focus to your product development efforts and how that was going to help your leverage can you just give some more detail on that should we expect
third tenaciously pursue greater cost efficiencies as we continue lean practices throughout the organization
regarding taxes the effective tax rate was just under 10 for the third quarter benefiting from the release of a previously accrued tax liability
the yearoveryear increase was a result of higher overall outstanding debt balances and higher interest rates on the floating portion of our debt
posted to the liability management accounts the final cost becomes more competitive than what we had before but if we were to adjust
and up to where this migration will happen and what will be the upside of that for the paper market
have you decided about your commercial strategy when you have autonomy over these volumes because we see some players
(*->that) the recognition of the name and the recognition that were doing something special in that market has taken hold
our goal is to revolutionize the way mastitis is treated by making earlier treatment of subclinical infections economically feasible
our strategies have continued to work we believe that our focus on delivering highquality care and service growth
still with a (tugofwar->tag of war) happening between the different regions of the world so this month will be decisive
and their majority owner is now a private equity firm but we looked at it it was
we remain actively engaged with customers on additional twinshape (duct->duc) programs that we expect to be decided over the next 6 to 12 months
but in my understanding so far we have been very conservative regarding any projections in terms of consumption (*->of)
this is another indicator of our customers desire for our products and clearly will help sustain our revenue growth in the next few quarters
(in->and) a modest cash outflow this is one of the benefits of (a->*) great strong organic growth as it begins to become a bit of a pressure to your cash flow
april and july in terms of the capacity coming online relative to what the demand might look like since its usually softer for that one big customer
and if we invest in incremental capacity its going to be where we know weve got strong contract to support to support that investment and generate a strong return
(*->if) i had a crystal ball so i could predict with certainty when certain technologies would be adopted id probably be doing something else for a living (john->*)
fourth i would like to talk about our financing strategy to build a (commercialscale->commercial scale) plant for the production of nisin our active ingredient in (mast out->masco)
that was caused by our fourth quarter implementation (as->of) a new clinical it system at our (conemaugh->conema) health system in pennsylvania
we believe this will further expand our organic growth opportunities for unique as the need for increased vehicle weight reduction takes hold
we are fortunate to be in a position to report another healthy operational quarter featuring strong organic growth as well as margin expansion
and we had revenues a lot of that just showed up if you will in coming out of the margin of geismar so its a little bit complicated when you think about
and with state (legislator->legislature) to advocate for solutions to expand coverage to people in our markets
as we plan (to->for) contract renewal discussions we continue to evolve our model and offering to ensure (*->a) mutually acceptable return structure with current and future anchor partners
we continue to move forward with our asiafocused joint venture announced earlier this year to offer dedicated quantitative products tailored for the asian financial markets
the market activity dropped faster than the full realization of benefits from the very responsive actions which were taken to transform our business and reduce (costs->cost)
but we will continue to be active and pursue those that we think can make sense and where we can deliver value as we have with the last few
and while we dont pay by unit and we like every other bank in the country should have and probably has weve reviewed all of our pay plans weve had them
in addition the highly competitive and weak shortterm rental market was particularly challenging and had a significant negative impact on canadas ebit in the fourth quarter
(*->to take) advantage of whatever kind of legislation occurs but i think its too early for me to comment on how that would change our capital allocation right now
which has been a meaningful contributor to preprovision net revenue growth over the past several years to contribute significantly to growth in net interest income
we are very comfortable with our liquidity (levels->level) and (we will->well) continue to evaluate various financing options for the future maturity
does that include (cutted employee->capital employed) getting restated because of currency i mean if not what would that have looked like if you (havent->hadnt) got the benefit of sterling weakness
but it will go out on its own (and->*) maybe at that point in time maybe (they will->theyll) probably really concentrate more on their various businesses
we spent more in the second quarter as part of the building out process of sales and marketing and related infrastructure for some of our fastergrowing international operations
and statements of defense have been filed now by both canada and alberta im really going to do my best to avoid
yes we believe its going to be more of a gradual recovery as weve improved the operating profit profiles of all of our regions
we looked at the balance of trade numbers to really see if theres any kind of competitive issues and we didnt see anything there throughout the whole year so we then (i->*)
as many of you (have->*) heard me discuss our intent is to leverage the hydratight maintenance (center->centers) in order to sell a broader array of tools and services
the securities yield declined slightly this was primarily due to higher premium amortization on the sba or small business association loans
(weve->we have) eliminated a considerable amount of inefficiency and weve transformed a lot of our operations to be simpler and easier for both our employees and customers
taking benefits so that was adding and actually putting downward pressure on margins because it was putting upward pressure on revenue growth we now have
if you bring it into mexico from china its 30 if you bring it into brazil from china its 40 so what you want to do is look and say well
i would also like to remind everyone that nothing said on this call constitutes an offer to sell or solicitation to buy any securities
thank you (neal->neil) and good morning everyone i would like to begin this morning by touching on our fourth quarter results which came in lower than our prior forecast
but there was a feature of that conversion option that disappeared in the event that project financing happened in short order which it did
pretty much all of what we planned is happening at a pace and rate across now all 4 of the businesses and indeed in our global support functions where
having said that its a great business the margins are strong its well run we know what were doing i would be confident in saying this is a machine its an operating machine it knows what its doing
thank you darren as noted earlier this year q1 was expected to be slow with wet weather impacting construction activity across california
particularly as it allows us to generate relatively consistent ebitda despite the significant drop in commodity prices and industry activity
the distribution of dividends and the implementation of our investment objectives we kindly remind that (the->*)
similar to last quarter our peo bookings and retention were strong in the downmarket while we have continued to see some pressure from larger client losses in the midmarket
and innovators like slack and (ziprecruiter->zip recruiter) as the world of work continues to evolve rapidly we continue to focus on staying ahead of the curve
of certain categories of exploration (costs->cost) with the aim to be in line with the other oil and gas players
turning to the full year many of the key trends that persisted in the fourth quarter also shaped our 2016 results
pricing of domestically produced gas but also (led->lead) to higher (windfall->withfall) profit tax for our company
and are made pursuant to and within the meaning of the safe harbor provisions of the private securities litigation reform act of 1995 as amended
what we see the most important businesses for us to grow both in united states and overseas based on that strategy right so
we are shifting the use of our customer database to a point that allows us to do
pretty well through 15 on the (parts->part) side where we saw some weakness was on the construction side and when i talked about people not running to the yearend there was
(author->off) and user communities is what allows you to drive usage and ultimately in this market pricing is increasingly predicated upon usage
we have invested quite a bit in this business for some time and we stepped it up and they have had a big investment starting
toy set and if theres any early color or comments you can give on black friday and fourth quarter to date
some of the growth is due to the benefits of securities purchases which we do not expect to be (as->a) significant (a->*) contributor to growth over the foreseeable future
in light of recent underperformance in the overall (quantitive->quantitative) space and resultant headwinds we are currently conducting a complete business review
as a result we came into 2015 with a solid financial position and clear priorities underscored by cost and capital discipline
and finally we are proactively reducing specialty project activity within (industrials->industrial) heavy lifting business to improve longterm profitability
as a reminder we have no cre construction loans in houston and only 92 in total cre land and construction in the entire portfolio
and so most of the investments you see in this business are in and around our platform capability because we feel very good about where we are on the product side
our portfolio has been designed to line up with major global shifts that are underway that we believe are long term and entirely structural in nature
the only caveat that i would put on that is that we will not damage any successful local (enerpac->enterpac) distributor we intend to cover
makes us feel very secure about the margin and the profit as well as using the (products->product) and the platforms to drive the revenue
it would be difficult for us to believe it would be the last 2 because the thing is so similar to what is going on
this strong aerospace performance was partially offset by a 6 full year sales decline in distribution
we started that investment in the fourth quarter of 2016 and that makes up a little over half of the total
im pleased with the progress but recognize we still have a lot of work to do on optimizing the product development process and launch (philosophy->velocity)
to academic it looks like (there are->theres) just a few projects that are coming through given the continued subdued growth there is that an area where you think
we have ample headroom (around->under) the current household ownership cap but of course a higher cap creates even more possible combinations
strong business performance and expense reduction associated with integration of our recently completed transactions
in cash at the end of march and so we have ample ability to do both share repurchases and an acquisition and
during the quarter and that despite selling significantly less receivables than a normal year
more of a promotional environment or just given (with->what) some of the events that are going on or (and->kind of) whats your outlook halfway through the holiday period
and our ability to deliver that speed to market with our reimagined agile model has been instrumental in winning many large transformation deals
try to effectuate some change so im not projecting a whole bunch of impact from alpha
but what would it take for you to flex that down (or->*) are you looking at the adds that youre coming that youre bringing in
we remain focused on providing our customers with an excellent value proposition of (pricing->price and) service in what is a very competitive environment
we experienced strong growth in our enterprise business during the quarter which speaks to the strategic importance of our products (in->and) a healthy demand environment
we believe that our collaboration partners are well positioned to take advantage of stendras (15minute->15 minute) of onset
how about (the->*) strategic funding needs you explained the yokohama site if that is the only major one
while this trend may not persist in a straight line this growing revenue (seem->*) stream is clearly stable
in aggregate the new oil facility (*->or) oil opportunity set we see could add around 30 million barrels
there are a number of factors that could cause actual events to differ materially from those indicated by such forwardlooking statements
in the first quarter we onboarded several new customers and have additional onboarding scheduled in the second quarter
the maintenance price increase for those customers who dont take advantage of the m2s program (and less->unless) discounting and promotional activity
and that over and above what the market is hiring we can and will through this (experienced->experience)
as for the reaction of the patients i have heard that according to various sns sources
so that if rates do go up we actually not only are not impacted negatively but we
roche group believes the actions taken by shire to be totally (unjust->adjust) for the patients
but where we struggle is clearly in our digital services and you will see that we come back to that
some further analysis and discussion and we receive production information daily ian would you like to
weve seen the first signs in 16 of positive net new money coming from the new joiners but i think it should come through
for nutrisystem our direct business continues to benefit from many drivers including increased customer activation and engagement
on (premion->premium) i think you were clear on the up revenue guidance excludes political and i think youve been bullish on (premion->premium) from a political perspective so
these initiatives are (a->*) key part of hbcs future growth and we look forward to realizing the benefits of these investments in the coming quarters
what led to this banking surprise that weve seen this quarter i thought earlier we were quite confident of acceleration but
as we turn to the next slide this chart compares our performance in the first quarter to the results of the fourth quarter of last year
the structured way that were approaching helping our (clients->client) structuring the way we deliver our advice
our best estimate is that more than 5 million antennas will eventually be installed to provide complete 5g coverage
the realignment is also creating significant reductions in our operating costs with further enhancements on the (drilling->drawing) board
(debt->*) that is assuming that the cost stays where it is and doesnt start to go up in base rate or others moving (forward->*)
as we reiterated immediately after the announcement the partnership continues to execute and focus on completing the growth strategy we have outlined
all currently approved products treat the symptoms of pah but do not address the underlying disease
so this is in summary our short presentation for this morning and now i would like to open the floor to questions
i would say not irrational i would say aggressive in this market i would say that (what->but) theyre trying to make sure that theyre turning their assets
(impacts->*) of course then the decrease of financial (costs->cost) in the last few years
all of the msos recognize the need to deliver higher bandwidth and speed to remain competitive against wireless alternatives
we have assumed full responsibility for the development and commercialization of the licensed compounds
that said we would expect it to contribute slightly to revenue growth and be modestly negative for profitability and cash flows for the quarter
is it just that pricing maybe ends up being down and thats just so tough in terms of rail (price costs->cost) up and
and therefore we see a sequentially increasing loss during the fourth quarter
the second vessel will be delivered next week and we will have (*->a) full cash flow effect from the vessels in the second quarter
making sure that we maintain (our gross shares->or grow share) and service our clients effectively and we just feel as though the margins are going to be compressed somewhat
one of the reasons is that in addition to existing indications there are new indications
there is naturally competition for such sales but lng sourced from png is well regarded by the market
we continue to see pressure in chicago miami and our texas markets of dallas houston and austin
if you have any image please for example if there are slight differences
as a lowest estimated level of numbers with the system revision taking place in april
(*->and) we feel we are at least on the right track and are going through tremendous amounts of validation to make sure we stay on track
and therefore no assurance can be given that they will be purchased according to the currently contemplated terms
all right so youre saying that 50 of the rail rate increase you were able to cover with your own pricing initiatives
on the global client franchise weve over the last few years invested in increased client proximity
previously these banners were a small part of a large company which was focused on a completely different sector (*->of) retail
with that ill turn it over to richard thank you paul based upon the progress and momentum of our strategic initiatives
this entire period and i would say for many many years as you know we have been and continue to be very strong in canada
in other words we will continue to export at a great price with roche in the meanwhile
we stick to this promise and of course as i said before (regenerating->were generating) capital
of our annual report on form 10k and as updated by our quarterly reports on form 10q
expense increases were primarily driven by higher programming fees and investments in premion including the new data management platform
and there (had->have) been a range of hurdles to get through some difficult but appropriate negotiations with government to
all of this of course based on the current visibility and the fx rates that we have at the (moment->*)
to be cautious i would say that for 2017 i dont think anybody expects any of these segments to
(well->television telephone we) go back to the phone we have the next 3 questions from the phone
and im speaking mostly in those comments in the van segment of our business
history has been there are always some who benefit from the new definition of the currency and some who at least in the short run
and we further strengthened our partnership with the post office by agreeing a new supply agreement
to their new and existing learning deals which we believe will drive incremental annual recurring revenue
so (we are->were) making good progress on our key initiatives but we still have opportunities to enhance what were already doing
so an exciting deal (and->*) we think its the right thing to do for this program to partner at this stage
i believe this has to do with bad press and all the things that
so that your questions can be included we request that you call (in to->into) the telephone number given in the press release from last night
would you be willing to increase the leverage on your balance sheet and to what levels
or are you facing more pushback from customers at this stage of the cycle than you would typically see
this is just one of the many things we do today with google who has grown to be one of our largest watch clients
already work closely with linkedin in a number of different areas we are looking at ways to deepen that relationship
in addition we expect to benefit from some of our product enhancements which are scheduled to hit the floors in our fall deliveries
and then we had to kind of start to rebuild the assortment and rebuild operations in the field
from the time we take an order until the time we build it by doing that and thats a major benefit to us (it->*)
we are executing our strategic initiatives in line with our plans and delivering against our financial and operating targets
what (theyre->they are) able to do to bring even more power to our mission to connect watch data with buy data
by the end of the year and youll start to see that the benefits of that flow through and one of the key reasons why were doing that is not just
(*->yes) the only thing i would add is based on the commodity groupings that make up the bulk of the material cost for the products that we produce
requested by existing clients as compared to services related to new q4 client wins
fourth we believe we have further margin (improvements->improvement) available through our automation process
in the second quarter and the third quarter and (will->well) into the fourth quarter of really balancing the health of our assortment
a stronger position in (we are->were) working on interesting acquisition including in countries where we have no operation
and investing in systems and tools that we believe will help us to improve our inventory turns over time
our teams are focused on delivering productivity while we continue to invest in expanding coverage and launching new products
these are great complements to our team and will support sustainable growth of lumber liquidators in the future
we also continue to be very proactive with cost management and have been have had solid execution at the factory level
the increase in the gross profit rate for the first quarter of 2017 reflected a favorable channel mix shift
and then secondly weve been learning a lot about the power and (*->the) potential of esports and im curious if you can talk a little bit about how you see that
we believe this will strengthen our partner ecosystem and encourage even more referral business to us
and i would like to say that were through it but we are still churning over the assortment which gives rise to some of it so if were
(were->we are) very pleased with the third quarter consolidated results as we delivered operating income and net income which are comparable
kind of listening to your commentary should i think of this as now you have more time
reserves have been placed on our borrowing capacity and we have seen accelerated terms and prepayment requirements from certain vendors
in the first quarter of next year but yes thats a lot of what has to happen between now and then is clients implementing
we dont necessarily see that translating into any material impact from a manufacturers perspective at this time
our clients can and in fact many already do transact on each of the individual measures already available
in all we believe that improving the style and quality of our product has positively impacted our performance
we generally dont take on transactional risk so this slide focuses strictly on the translation impact for reporting purposes
are being taken and (were->we are) improved every day in giving them the right support and marketing (*->tools)
as anticipated our wholesale sales during the quarter were impacted primarily by the elimination of our summer delivery
so were just delivering it without getting paid for it now we intend to get paid for it the second piece of the puzzle
but were really focused on kind of the reputational things that we believe are important to our consumers
(it->*) the future of measurement is a hybrid approach putting the 2 together having the best of both worlds
we end up protecting ourselves and alleviating any of the fluctuation that can occur
the third quarter saw the largest volume of cornerstone hr wins in the companys history
we generated very strong levels of gross profit and operating income as well as gross and operating margins
as compared to the first half of the year as our mix continues a bit more skewed to some of the (lower margin->lowermargin) products
margins were down sequentially in line with previous guidance as our (lafayette->lofayette) campus had a production down week in july
their own preview of the data so in other words theyll get to see data for whatever they (asked->ask) us to measure
we are working on increasing capacities in many of them and moving product to more efficient sites
many of the fleets were hurt significantly during the downturn as many of us were
how that plays out over the next quarters and into the coming years as we think about (it->*) going forward would be very helpful (thank->*)
so to wrap up we are very pleased with our execution in the third quarter we have a lot of momentum in both of our segments
kind of the transition or the progress there and what the opportunity is (with->at) this account longer term
and so more of the viewing that were already measuring can be included in the socalled currency ratings
almost always take steps especially with the digital parts of our portfolio and digital content ratings is no exception
really early youre not going to be youre going to be having a lower yield until you achieve that higher level so (there is->theres)
the second impact is on margins irrespective of our goforward services strategy
our clients who are those media content owners for them to understand the size of the audiences that theyre
ill comment on that in a moment but first ill walk you through the phases were going through to get there
so these past 6 to 8 weeks is really the first opportunity theyve had (in->*) a long time to focus on nothing but the business
still remain nicely profitable and traditionally look to invest that cash flow into new equipment
but in addition we also see future product applications within the (markets->market) served by our commercial trailer (products->product) segment
they move deeper through the adoption phase and it probably becomes more if (theyre a->their) big media conglomerate becomes more (a->*) part of their
really that people are having to almost remind themselves of what it means and why its important
we now have the task of balancing these investments against top line growth such that we return the company to profitability
its our goal to be able to source product from anywhere in the world that we need to source it
that could potentially include adding some leverage to the balance sheet i think were going to do that in a very
we believe that these modest cosmetic enhancements can make a big difference to customers overall experience
no single company provides the breadth of capabilities as nielsen does and it is a catalyst for our growth
pull back in the (second tier->secondtier) markets and they tend to focus more on the discretionary spend in those markets
our tank trailer business continues to see reasonably stable demand in the food dairy beverage markets
good morning my name is emily and i will be your conference operator today
is there more on the horizon i think yes i think we can see were cautiously optimistic about what our team has in the pipeline in terms of further advancements (of->*)
not surprisingly im just really pleased with our organizations demonstrable agility in delivering both organic growth and operating leverage in such a dynamic operating environment
in addition we continue to see an increase in occupancy cost including depreciation and amortization as a result of us placing into service additional buildings especially laboratoryintensive stem buildings
security remains on track with the forecast we provided in (the->*) last quarters guidance margins for the full year (*->are) expected to be generally consistent with the prior year on relatively flat organic (revenues->revenue)
in summary we had another excellent quarter highlighted by our first quarterly profit and are tracking to a highly profitable second half of 2016 with that
and we think we have a lot to do with that as we change our technology make it (may be->maybe) simpler easier to use and maybe lower (*->the)
our inventory purchases and investments in rental assets are flexible and tightly managed to market demand in addition we expect our inventory turns to continue to benefit from further supply chain improvements
this impacts our effective tax rate each period especially when we have pretax income in these locations as we do not have to recognize any tax expense against that income
in our core business we are continuing to see a very strong demand for (*->our) roadms on a global basis with india and china beginning to deploy roadms in large volumes
in terms of profitability we continue to make our best efforts to maintain the financial profitability of the company and to create value for shareholders
in (securitys->securities) relatively small emerging market domain significant softness in china cut into overall segment organic growth and profitability once again muting some of the gains across the other businesses
dependence and people really looking at those lowcost supplies as something that they would much prefer to connect with either through longterm gas purchase contracts that weve seen quite a bit of
(*->and) so the model is really to bring forth those types of solutions that give more value and (that->*) does (*->that) translate into more beyond the installation (and to->into) certain types of recurring revenue streams
in the past our customers offset our production (flow->floor) system measurements to their (cmms->cms) we now have multiple solutions to (our->*) allow (*->our) customers to do away
we have begun the internal qualification for a process of all the equipment and still expect to be qualified and in production using our 6inch wafers by the end of this calendar year
no other product presently on the market can offer this value proposition work is underway to complete the 2 remaining technical sections required for approval of the new animal drug application for mast out
as expected we have seen our volume in lenderpaid singles moderate helping to rebalance our mix we will continue to take a disciplined approach to this product segment
but in terms of what the revenues we take in it really doesnt move all that much as you can see looking at history and walt maybe youll take the question on the (longerlead->longer lead) projects
in closing ill repeat one of the themes from last quarter with our strong growth in insuranceinforce laying the foundation for future growth in premiums and net income
both of these updates to new products support the first 2 cornerstones of our strategic plan continuously investing in our engineering efforts as well as broadening our product line
this quarter represents another significant step toward improving perceptron through our longterm strategic growth and diversification objectives as well as continued cost reductions
anticipating a lot of increase in construction and have done a good job of getting out in front of that in terms of contracting so (we->*) feel pretty comfortable
that our proposed transaction and structure is almost identical to many others in the industry and is very similar to the (purduekaplan->purdue capital) proposal which hlc is also reviewing at this time
weve got our first material out from an endtoend perspective we begin testing that and going through internal qualification i expect to refine the recipe a few times before
(well->we will) provide updates on our business review as well as the status of our attempts (at->and) resolution with the pbgc to enable us to operate and grow our business in the most efficient and profitable way possible
the cost of production and the time to market (or deliver->are delivered) to customers specific to the other more established players some of them use contractors to manufacture their products
can continue to be successful in the face of tougher comps the combination of the launch of our dewalt outdoor line as well as other enhanced products in conjunction with a more normal weather pattern this year
that review is not completed at this time the company does not expect to execute any definitive agreements until these issues have been resolved and any necessary regulatory approvals have been received
choppy results or its been spotty at best can you just talk about the strength in this area that youre seeing and i guess what makes the value proposition
and we do engage with them i cant tell you that well get a booking next week or next month because of it but we know that in the longer term theyll see more value from our products
financial results for the second quarter were released after the close of the market today we also published supplemental information highlighting certain current and historical performance metrics
we are particularly excited by our work with amazon a critical component of the online marketing and distribution spectrum as they will serve as another distributor for us
these customer metrics are all clear indicators of the demand for our products and services as well as the loyalty of our customers im very proud of the efforts of our team in delivering these results
this reflects negative sales growth of slightly less than 1 at the low end and positive sales growth of 4 at the high end and is reflective of the challenging end markets we continue to experience
continues to result in yearoveryear increases in graduates that exceed our total enrollment growth rate we estimate that our total ground enrollment which is ground traditional and professional study students
the companys actual results could differ materially from those indicated in any forwardlooking statements due to many factors the most important of which are described in the companys latest filings with the securities and exchange commission
the point at which we can enter those markets (and their but->in there look) the japanese have led quality just based on their processes we still think we can add value there
this increase was partially offset (byless->by 1 less) day of traditional campus revenue in the fourth quarter as compared to 2016 due to a shift in the timing of (a->our) residential traditional campus start date
with all of our projected direct commercial sales occurring in q3 and q4 also impacting our cadence is a pushout of missile (fuze->fuse) deliveries from the first quarter into the second quarter
yes i think when you talk about industrial it always boils down to the subsegments and both geographically and also just subsegments within industrial categories
in recent quarters our european management team has demonstrated the winning spirit that comes with consistently delivering organic growth and profitability commitments while winning in the marketplace
by having one set of firmware and software to control the entire system and that is what is most exciting to me in the long run that (wont->will) happen overnight but
something over 50 of the total population in the highlands is now under 20 years of age and we now need to turn our minds to how we engage with them
which historically (have->had) been very heavy during q4 even though our full year expenses are moving up modestly our operating margin for the year will be higher by 1 percentage point versus our previous target
clients and shareholders i believe this is an environment where julius baer is once again perfectly positioned to take advantage of what ought to be challenging on one side
as you heard dave say earlier based on what we now know about the upcoming competitive races some of our largest markets and strongest stations will see significant (funding->spending) for the general election in november
turkey and the commonwealth of independent states including russia were (returned->return) to us by sanofi to avoid adverse impacts to the regulatory approval applications in process
we can say that weve left the low or the lower point behind us but how fast and how many interest (rates->rate) increases were going to see this year i think thats open thats something we need to follow and obviously
with more resources that can help them deal with change particularly when those resources include quality resources that we bring to the table
we have a strong diversified platform that we continuously optimize and expand as we implement our strategy to maximize cash flow and provide (a->*) steady consistently growing distribution for (*->our) investors
any of our (clients->client) wishes sophisticated clients all the way to (ultrahighnetworth->ultrahigh net worth) individuals and the platform is perfectly geared to navigating the clients now through (with->*) this
asias motive power continued its doubledigit organic growth during the second quarter in addition to china the australian market was also strong as we also won business away from a competitor
we will continue to focus resources on growing our presence online as well as enhancing our instore experience in order to deliver a seamless allchannel experience
and selling price recovery more than offsetting higher freight costs and a headwind related to higher commodity costs in an effort to offset continued raw material cost pressure
clients that are direct clients of the firm will be on this platform and then the 3 basis points should come through on the entirety of the asset base in scope
in parallel to that the manufacturing of the (lithium ion->lithiumion) cells weve assessed that make versus buy that were going to find manufacturing partners
kind of (an->*) its an interesting potential acquisition target but it depends upon what its going to (go->do) for us is it going to bring us technology we may not possess or processes
(*->yes) so just wanted to follow up again here on the capital recycling activity so it seems like youre further along on the acquisitions and youve identified the disposition pool but
just to handle the business that we expect to come on board this year so (i->*) in the aggregate i think that thats safe we do not intend we dont have a plan to
it really does come down to prioritizing where we drill and that is driven by how (can->*) we (*->can) commercialize and do that in a timely way
as we look at how each of our segments contributed on the next couple of slides you will see that thanks to the fuel volume and rental income growth achieved from our acquisitions
our strong local stations continue to provide one of the essential ways to broadly reach targeted constituents especially voters and thats clearly reflected again this year
as i have discussed on prior calls we are simultaneously investing in the business promoting efficiencies across our banners and executing on our plans for capturing synergies where available
i can tell you its very cold there now yesterday it was minus 52 but at the end of the day we still have got to be off the ice i think at the end of the third week in april generally
so not only recommendation of buying or selling but also (bridges->breaches) of different clusters of recommendation of levels and the relationship manager can then
what we see when we at least when we discuss with shipyards and when we look at the order books that we have seen being or (newbuilding->new building) orders that (weve->have been) taken over the last few months
in the first quarter we successfully completed this acquisition in the upper midwest region providing us with good fuel volume and inside sales growth while leveraging our existing operational network in the region
we believe it will be in all stakeholders interest to have a financially stronger counterparty and we intend to engage in constructive dialogue with seadrill to find a sustainable path going forward
now moving to the very important content side of our business we continue to improve and grow our innovation efforts shedding formats from the past on every platform
industry is that technology will constitute a larger percentage the reason being that there is no other line of spend which can actually claim to have a higher priority over technology
before we delve into our results i want to take a moment and recognize dave rogers as one of our (fore->4) founders and for his 35 years of service and commitment to life storage
dave has been a value leader as ceo and as a pillar in the industry and we are lucky to have (them->him) remain on the board where we can continue to benefit from his perspective
stations that are strong (that->they) have a cultural fit with us ie the san diego transaction that we did but we are also in small markets now with the london transaction we do know how to operate those businesses
were in 17 focusing on the european booked clients and then we will take care of the asian clients on the discretionary side youve seen weve
we are developing best practices and have created methods to effectively spread measurable improvements across our national footprint
a higher utilization of the fleet but there are certain expectations that there will be more drilling on the back of an oil price of higher oil price and also
improve (crossselling->*) and refining our operational efficiencies to improve service levels now lets talk about the business units
that a lot of companies given that the first major act was initiated by the discount so the conversation all (become->became) around the cap
so (the->*) our approach is that whatever is the technology that is (in vogue->involved) and whatever is the one that is emerging we need to invest and create talent for it
our balance sheet (remained->remains) very solid and we continue to have significant flexibility to capitalize on attractive investment opportunities when they meet our return requirements
a lot of focus on the operating capital of the business and weve made a lot of structural improvements on inventory but also on collection
latin america was impacted by (regularization driven->regularizationdriven) outflows in anticipation of the upcoming automatic information exchange
these gateways are a fast and easy way to power and connect 5g security or any number of other internet of things or iot devices
oil search can offer a value package to buyers that is a differentiator we are offering (point to point->pointtopoint) sales rather than from a portfolio with a wide range of lng spec
high selectivity resulting in lower side effects and ability to be taken with food and drink that uniquely addresses unmet needs among the patients being treated with competitive products
what we classically call our product data management applications and these construction life cycle applications now your last point on the construction collection i wouldnt look for anything like that soon
hanging out there for a material change in kind of the environment that theyre in until we actually see it
from the store managers of those new stores in terms of their experiences and the strength of their trading in our communities
third we target upscale (fashion conscious->fashionconscious) consumers by providing outstanding service
beginning in december we eliminated virtually all advertised promotional and pricing activity
weve already entered into agreements with multiple content providers to create compelling subscription offerings
also we expect our quarterly sales to follow a similar trajectory as in prior years
ill share some examples of those of this progress in a few minutes but starting with the results on the top line
tailoring and (finessing->fernesting) the (*->project the) product to its catchment audience and curating the overall proposition
and they are experienced in helping our customers decide on the latest and best designs for their home improvement projects
as bob discussed our sales associate turnover continued to improve for the third straight year
so there certainly is that potential that we would move right into a registration trial but lets wait and see the data
we believe were highly complementary not competitive and our research tells us this across all of our venues
this was the result of weaker traffic during the quarter due in part to a shift in our promotional strategy
we could look at adding a little bit of leverage onto the balance sheet we have none (*->at) currently
we expect comparable store traffic and sales will likely continue to be somewhat volatile in the near term
thanks kirk before we turn the call over for questions id like to comment on my interim status
however a full recovery will take time and we are not prepared to forecast our financial results at this time
partially offset by more favorable margins favorable foreign exchange movements and lower operating expenses
customer cancellations and production bottlenecks leading to lower margins than expected
beginning with the period (post spin->postspin) from the companys former parent and in conjunction with the execution of new agreements
i mean we are seeing increases in certain things related to corporate expenses as we continue to absorb the lease (costs->cost) here
that can be taken into various categories that can remain very profitable
life is good and if life was a little bit better they would capture more sales and be able to go leverage the cost that we have there
these patients have a very high mortality rate and can have significant morbidity as a result of renal damage
(though->but) with the exception of a minority of headline project the majority of these initiatives are generally smaller (in->*)
their tenacity revealed the existence of these (highcontaminant->high contaminant) labs in almost every state
weve also recently focused a lot of time and energy on our installation and setting material product assortment
we have experienced increased (endmarket->end market) pressures in certain parts of our defense and adjacent markets
in 2018 we plan to invest aggressively in driving strong performance of our key products
during this conference call we may refer to adjusted ebitda adjusted earnings per share and free cash flow
investments for customer relationship management and content management capabilities
and we hope that we can gain a lot from synergies also from (basefarm->baseham) acquisition because they have a very good
some amount of time now if you had sort of unfettered or unlimited supply bruce
thank you again for joining us today we really appreciate it and we will be participating
the success were seeing from our pilot projects in terms of footfall growth and improving occupier demand
(and->in) a more complete selection and be able to put it together better than the others
before getting into a more detailed review of the quarter id like to spend a minute describing the recast
against par pharmaceutical inc in connection with the settlement par was granted the right to sell a limited volume
come (a->along) long (long->*) ways and that (that->*) actually works very well in many of these homes
i mentioned our desire to continue pushing ahead with our accelerated integration and other operational efforts
that would be the first (date->aid) to come online i believe south carolina would be the second now that we are licensed there
so i just i see that kind of stuff and say thats going to start flowing through so to say that (we switched->wed switch) gears on that
but this is a project thats been in the works for a number of months and the team has just done a terrific job of
in terms of deal size im not really going to put a number on that i mean we would
lets take that money and do it targeted in particular cities where the take rate is
the need for (a->*) separate rems would have been the exact same answers if you had asked about the previous settlements we reached
and we believe we will quickly complete a transaction without any (financing conditions->financial condition)
which has a higher cost of reinsurance and conversely a lower loss ratio than personal residential business
or entering into (consideration->consolidation) when the (*->when) we have an opportunity
the question is going to be in any of these scenarios is whats the total capital budget they put towards the build
but boy the its not serial production and so theyve got a big long list of things that they are
before telling you about our plans i think itd be useful for you to understand the depth of the management team at the tile shop
we put a great deal of thought and realistic analysis into developing guidance that we feel is achievable
part of it is how do you explore new indications we talked about 3 new indications were exploring
we expect these and other investments such as combiplex and our immunogen collaboration to drive further value over time
and the commercial appeal in memphis won first (place in->placed an) explanatory reporting for daily newspapers
this sales level was slightly lower than (plan->planned) but the product mix was somewhat stronger
we have a relentless focus on reducing costs and improving efficiency across the business
we have an idea of the type of where we want to be in terms of our digital audience
instead ill discuss what was different in the first quarter versus our expectations
and i think it will always exist (and->*) i think that customer that needs help in creating
in our strategic sourcing program which continues to be a bright spot with schedules and savings on track
and we will be entitled to receive meaningful royalties on (that->net) sales by par over the ag sales period
expected performance versus the performance was predominantly driven by that customer
with q1 and some other projects weve been working on to (final->finally) run that through our numbers and
but even more importantly is the external (conditions->condition) it was very interesting what happened in the security market
on our investment on the quality of the networks on the quality of the service on the quality of the customer experience
have been allowed to either atrophy or become more like a typical retailer
that (explains->explain) we are very satisfied because we both reached volume and value
our voluntary personal lines policies increased by almost (4000->400) policies during the quarter
these results (reinforce->reinforced) my confidence in our strategy in the community shopping center model
since the video player is fixed to the top of the screen as the (user scrolls->users scroll) through the page
to reverse this policy and its negative implications we eliminated all advertised
or it can lead to a better diagnosis and (a->*) quicker intervention to save a patient
and veterinarians are very frustrated with their currently available treatment options in dogs
yes and what i would say on the pricing is a big piece of that was (well->*) that was primarily mix
in 2018 we harvested a greater proportion of our annual volume during the first quarter
services and a day accommodation center as well
we expect this adjustment to move back towards (zero->0) through the year based on the timing of the inventory hedges in place
become a user later on is there any way to sort of quantify the impact of those events
really getting ready to attack that market with a tremendous amount of enthusiasm and i think (*->its)
and not only outgrow the categories that we compete in but also continue to outpace private label
yes so the only restriction on distribution is that we cannot increase the distribution
where we also try to go for further growth where of course (mainly->may be) the
(down->*) earlier in the week or the weekend so that means less gasoline produced
and as we look at the tax rates even most recently theres no change from our perspective we really cant
in both cases the first couple of quarters were marked by little new business but normal client attrition
for businesses and we have improved our performance compared to last year because last year
before we start i want to remind you that certain statements made in this conference call may be considered (forward looking->forwardlooking)
we think its a drug that we want to do some work on to figure out where it could go
great thank you operator and thanks in particular for your assist on the technical issues earlier in the call
canadian natural is in a great position and is now more robust and sustainable
this negatively impacted capital sales and device installations early in the year
so our former american chartered bankers were doing the right thing (in->and) helping their clients through the integration
for oriented strand board second quarter to date realizations are comparable to the first quarter average
and to generate growth by taking advantage of the productivity opportunities i just described
given that we installed roughly the same number of devices in q4 as we sold
we can conclude that the underlying performance is well above the guidance indicated
in the west which is the much bigger piece from an earnings perspective we havent really seen
and we saw (a->*) continued stable credit quality metrics in nearly every area reported
these are some of the variables that we will be watching and discussing with you over the coming quarters
from licensing and collaboration revenue from the agreement with elanco inventory valuation adjustment
but then on the capital side we think that (it is->theres) just seasonality that will pull us back a little bit and then start
the conference has now concluded thank you for attending todays presentation you may now disconnect
product has to compete against and so those things all play together to come up ultimately with what
id like to have your opinion about the
(*->so) im just wondering what youre seeing in apparel which has obviously been a more difficult category for everyone globally
hopefully that provides a lot of insight to everyone on the phone because like i said i
we have been looking to multiple files in the past and
and the milestones you guys are tracking to figure out whether that makes sense
intensifying our actions in terms of development capex it might add
our initial objective is to assess the clinic detail the therapeutic and take an order
forestry spending in the south is expected to increase which is typical coming into the spring
but it would be premature to have any there is no correlation to the distribution structure in the first
the implication of recurring revenue growth exceeding capital sales growth
in certain situations a better decision means better clinical outcome
and i think that some of that just comes from the very effect that youre talking about
i will now turn it over to russell to discuss some financial items and our second quarter outlook
but we also need to work with local hospital networks so how did we go about this well
and in many cases veterinarians and even pet owners approach us with heartwarming stories
yes so let me just start off with a few comments on cash flow and then ill move to the dividend
this charge for early extinguishment of debt is included in our results as a special item
and we feel like (that->*) weve provided the details and tables necessary to understand our performance
thats the tops of the trees type comments and now if you want me to get into the specifics
and to successfully integrate and operate assets (in->and) businesses that are built or acquired
thank you for your participation and have a wonderful day you may all disconnect
i will discuss the early experience with entyce in more detail in a few moments
and the continued expansion of our installed base and higher device utilization
limited number of depository institutions in the chicago marketplace
as we get into the back half of the year early part of next year well provide more guidance on that
ladies and gentlemen thank you for standing by
use certainly in the first few quarters is to hold the hands of their clients
(*->and) the crude group is working closely with our water team to provide multiple services to producers
did you get any color from them in terms of receiving
the last well (in->of) the program is currently being drilled and will be on production this quarter
in q1 top line performance of the business was in line with our expectation
the underlying performance continues to be strong and
thanks for your time i would like to wish you a very nice day (and->*) for those who still
we still would have another big flood or (storms->stones) or whatever that would mean
were very proud of this accomplishment and were excited to build upon that foundation from here
in 17 so if we think about 18 whats a reasonable kind of gross profit
delivery of the defined plan continues and our teams remain focused on growing value for our shareholders
answered at this point but i was just curious if you had any updates on the newer abl business in toronto
that this number will also increase over the next months (*->is)
a complete summary of the amendment was included in our 8k filing in early june
when you think about the california plants and the changes in that market
(*->but) we have plenty of tools and levers that we can pull ultimately to make sure that were continuing (*->to)
i think that if we can execute i think certainly luna will definitely start to produce
should we read that it could be down sequentially in the second quarter versus the first quarter
in keeping with our companys commitment to what we call positive care
and we are also expecting this is very important and i will come back to it
but many companies themselves kind of (move in->moving) the (goalposts->goalpost) in terms of thinking about their cushions for
(*->all right) so if the navy chooses not to
i think this is an incredible achievement especially in the chicago marketplace
this leads to a strengthening balance sheet while increasing liquidity and flexibility moving forward
patients into the hospital system (and->then) they buy into the whole story beyond sort of
all in all while our products are in different stages of adoption
we will not be stuck with the length that we had last year
this is because they can be directly influenced by the management team
that concludes my updates on the individual therapeutics and therapeutic candidates
recently was morris which was a good deal for them and a good deal for us
whether you apply a venture debt or newer stage business label to it for very long time here and there are (a->*) number of people that do that
earn and outearn our dividend every quarter since weve been public and our focus really is on making sure that people are comfortable with that
i think it all comes in a whole package its not just one single specific strategy that we have on the deposit side (brett->brad) its more of a
im curious what youre doing to help build out the ecosystem so that that next derivative effectively the customers who are going to consume off of those clouds
(thanks->great) appreciate everyone for participating in rex (energy->energys) second quarter conference call and well look forward to speaking with you on the third quarter thank you all have a good day
but the movement is there both on the enterprise side and on the platform side and as that happens the enterprises move a little faster and the enterprises (moves->move) a little faster
in their business and like to have somebody that has (the that->*) we do (*->of) being both (for->a) lender and on the equity side of some other businesses
and we feel 19 is exactly (in->*) is in line and contributing to our overall (goals->goal) so were not really changing our expectations for the
not as big as a mix but a major contribution to this growth in margin and the second part of your question
and not to give when we talk about scale scale doesnt happen on its own and the most important driver to help with scale is
turning to operations id like to go over the second quarter results and some of the changes we have made to our current 2year plan operational plan
again we dont have any specific time line but what i can say is at this stage we are looking at offering it as an additional feature
we continue to be comfortable with this level of (chargeoffs->chargeoff) given the yield that were generating off of our portfolio so effectively we look at
im also extremely pleased to report that we had our best quarter ever for enterprise bookings in q2 our pipeline reached another alltime high as well
as the pattern of deployments follow a step function with very large steps even if the underlying enduser demand grows more evenly
each individual loan is a little bit different in some cases the loans are not prepayable for a period of time
we really do have a scale of reach that is significant and gives us the ability to compete with some of the biggest players in canada and is a significant advantage compared to any of the new players
so what that means is theres a whole bunch of things that that allows us to do as we continue to scale up the business and see more operating leverage
our focus remains squarely on managing our portfolio to deliver consistent returns and a wellcovered and attractive dividend to our shareholders
(there are->theres) some things that we were looking on (working on->*) that very could have easily have closed at the end of july and didnt
is there a path to get back to that as well or are some of these changes that weve talked about today for the lower growth more permanent in nature
now let me spend a few moments on the recent performance of our peo revenues for the year grew 12 in line with our expectations
tony earlier referred to significant exploration as well in the northern territory and thats on the back of the success weve had particularly at the (lantern->lanth)
furthermore the various european countries adopt new technologies at a different pace and the local economies grow at varying speeds
i think its important to isolate government in the story here because weve been pretty transparent about a couple of contract losses and government changes weve been making
very direct competitors with multiple platforms (there is->theres) a lot of internal conflict in terms of those multiple platforms in terms of where theyre going to put their
one final consideration worth mentioning is that we are now starting to see a wider range of cloud providers ramping up (their->the) rollout in europe
(weve->we have) done this in great part by taking a highly selective approach to investments staying true to our disciplined underwriting standards and maintaining strong credit quality
are a portion of what weve done and in some of these cases were a much larger participant in these deals and so although they may be
our cloud platform pipeline indicates that the rollout will continue in the coming quarters with more countries coming into the mix
strong cash flow weve been able to significantly reduce the acquisition financing that we took on back on the 5th of january to conclude
what we have approved for the first time is a program of refracs and recompletions over a large number
some of them rely heavily on the banks for distribution and obviously that can compose a problem they also lack a directtoconsumer platform themselves
improving retention and we have emphasized i think throughout our communications that healthy revenue growth and improving retentions are very important to support
through the card program so at some point in 2019 we expect the kind of expansion of what we call the premium account
laws and rules that encourage or force people to have benefits coverage and so we are seeing again this is not a dramatic drop in benefits participation
(*->and) we have expanded a few additional locations based on the success of those centers so all in good light relative to service alignment and
certainly heading towards the upper end of that range so really pleased with the delivery across all of the portfolio in terms of our production
halfway through the fiscal year the biggest difference in financial results compared to our expectations comes from revenue growth
margin improvement because it reduces the number of people we need to service x number of clients and so its really a productivity enhancement
these hunters are beginning to hit their stride and we are seeing a robust new account funnel that continues to build each month
we are running the business the way we have always run the business taking advantage of our 2 decades in the business and our strong sourcing model
so if you look you recall back in february when we gave our capital markets day guidance for our swabbing program we were initially expecting to
nor do i think by the way that there was any sort of price connection between pricing and volume we look at that pretty carefully
but its not just any distribution (theyre->they are) looking for (they are->theyre) particularly challenged to get in front of the next generation of consumers and are looking for a mobilefirst digital distribution
once adoption reaches an even higher threshold they deploy a compute node into the country to specifically serve the local market
in summary we are very pleased with our second quarter performance we will continue to be focused on driving solid revenue growth
to deliver superior customer experiences on every interaction now id like to share a few examples of key wins from the quarter
for that to occur we need strong leadership were confident that such leadership will be provided by the new administration with the firm guidance of the board
you may see an acceleration but i think its going at a reasonable pace and what were trying to convey to on this call (or->*) weve tried to convey
starting next quarter q4 we will no longer have any of this legacy revenue in our results which we believe will make it easier for investors to understand our true underlying growth
enterprises can easily engage with customers anywhere in the world intelligently distributing interactions to the right agent regardless of location
please turn to slide 7 we continue to expand to meet the demand that we see
developing product around brands where we have market positions in communities and categories where we can build a longterm point of differentiation and some continuous engagement
we dont have a formal metric that were measuring on a booktobill ratio in our electronics business it is a fairly short cycle were working with all of our customers there to be projecting
and some well reactivations we have undertaken some of that during the second quarter weve seen results which were beyond our expectation so again we want to do more of that through the rest of this year
for the fourth quarter and full year fiscal 2018 our results and related discussion do not reflect these changes and are therefore on the same basis of presentation as our previous quarters
everything that gets filed directly to shareholders (and->*) if i were to take a chance at a very rough summary i would say that it wasnt a very surprising defense basically there was general
into this year and our guidance also assumed the best knowledge we had at the time from the operators which was for at that point they werent prepared to talk about
thank you before we begin i would like to note that this conference call may contain forwardlooking statements based on the estimates and assumptions of management at the time of such statements and are not guarantees of future performance
will review our financial results after pauls comments i will provide some perspective on the market and then we will take your questions i will begin with a review of our second quarter highlights
so our half year leverage tends to be towards the high point for the year because of the payment of the final dividend from the prior year so its not unduly surprising to see it at that level at the half year
of certain items in the fourth quarter and full year fiscal 2018 as well as the fourth quarter and full year fiscal 2017 a description of these items and a reconciliation of these nongaap measures
you will of course have the opportunity to ask questions and well take questions from participants joining from the conference call but you can also send in your questions via email
these headwinds were partially offset by an increase in nonmetallic mineral products fabricated metals and merchant wholesalers durable goods which were bright spots in the quarter
(*->yes) and by the way were just getting now back to i think it was in the journal today they talked weve been seeing the same thing with wage inflation starting to pick up but its just now getting back to where it was on average over
turning to slide 5 ive already highlighted the efficiency ratio in my earlier comments but visually this represents all the work weve done since 2014 to improve the profitability of the company
but given the fact that we were able to successfully have such strong net deployment so far we thought it would be prudent to simply announce that weve considered doing it
however this may will be offset by the effect of tax reform and its impact on the municipal loan and securities portfolio (yield->yields) which we estimate to be about 3 basis points of headwind to the net interest margin
with the issuance of further guidance by the irs in the third quarter we had to adjust our provisional estimates related to repatriation of foreign earnings and (reevaluation->the revaluation) of certain deferred tax assets and liabilities
additionally the division has seen headwinds in brazil and the middle east (for->from) macro factors in those regions but we highlight that the performance in the core verticals (have->has) been robust and continues to represent a strong base to deliver future growth
and thats a little more expensive model i think to run but i think it also produces some benefits in terms of the kind of deposit base that we have and
and they have really worked hard to drive and control our overall it infrastructure cost so we have seen help from that in this fiscal year and i think (well->we) anticipate that going forward
we also continue to engage with a number of key partners including our recent partnership with microsoft to bring together workforce now and microsoft dynamics 365 business central
about it then and again no different than the rest of our recurring revenue businesses if we believe that and we do believe that were optimistic about next year around new business bookings and retention
in fact we employed it several quarters and we were so cautious in our issuance that we concluded that we hadnt been cost effective in it and turned it off
guess what would be a good outcome in terms of production for each of those or even on a more general level whether (they->theyd) be sufficient to arrest declines and then just second one is
followed by solid growth in both drug delivery systems and medical consumables organic growth in oral care was down slightly as the business continued to be impacted
as our different products can have very different retention rates because of the market segment characteristics and so we take into account our anticipated revenue growth in these various offerings
but acceptable for the risk because of extending the economics for knowing the business having some ability to if we needed to take more active approach
third we have stepped up our focus on new business generation considerably most of our sales force hiring has been aimed at business development
however neither one has changed meaningfully instead we saw lower growth across the board particularly towards the end of the calendar quarter
year benefit from the earnings from the acquisitions but we also have the full cost of the acquisitions in the borrowing number that were using for our leverage calculation so theres no mismatch in terms of the leverage number
that drives over time as the business matures a shift from individual events to verticals and management of longerterm relationships and you (could->can) begin to see the emergence of our business
and the timing of those folks coming to texas is somewhat dependent upon have they done a deal recently (or->*) are they on the sidelines theres a whole bunch of timing aspects to that last bucket
the majority of which took place on the smc (*->and) this strong mineral resource (space->base) lends itself to potential reserve growth conversion in the future
going to slide 7 with record production and a strong cost performance we succeeded in generating solid financial results for the year
national accounts also remained in the high single digits and as expected government was negative in the quarter weighing down our overall growth rate
investors often inquire as to the appropriate level of capital and we have responded that the stress testing results are the primary driver and you can see our (companyrun->company run) midyear stress test results on our website
our view is that our job quarter after quarter day after day is to continue to look for good investments we are always cautious about individual companies and the environment
our q4 growth was positive and in line with our historical trends so we expect consumers organic growth will be back to more normal historical levels during the first quarter
were very proud of that when i (referred->refer) to our high teens in new logo growth we refer about the number of new clients that we were able to sell to
our expectation is that we will recognize less than 10 of our full year net earnings in the first quarter and approximately 50 of our net earnings in the fourth quarter
we are comfortable with our loan concentrations the economy is generally strong were optimistic that the new tax policy will be helpful to generate growth (and->*) weve made some improvements to the origination process all of which
(yes->*) were going to keep pushing and were certainly available at the company should you have any additional questions following the earnings call
things will improve over time can you tell us more
focus on containing expense growth excluding the currency impact expense growth was well maintained
and i hope you all sign up for your nedbank private wealth app when you go out because remember we want to get those revenue levels up thank you
this is one thing the other thing is probably more interesting or should be more interesting
some examples of these initiatives have been highlighted to the right sorry to the left against each of these themes
can we go and see if theres anything on the web or the phones there arent any questions on the webcast or on the phones mike
our focus on these products more than compensated for the decline in pure traditional business
litigation expenses (consists->consist) solely of expenses associated with the alnylam litigation
as with the (alexion->alexionon) collaboration most of this will be recognized as revenue over the next 3 years
the strength in our balance sheet provides sufficient capital to support our clinical goals for our ph
(if->*) the trial would be able to recruit could not be recruited right now because they (*->are) still (havent->having)
and we look forward to continuing to report on our progress on future calls with that said dean and i will be happy to take your questions
i think there were well i dont think i know that there were operators in europe smaller operators in europe
expense question (it->*) seems like your cash efficiency really wasnt impaired much
the majority of patients achieved normalization or near normalization of urinary oxalate levels
to support this in the last 3 years (weve->we) put new leaders in over half of our top management positions
and possible opportunities with potential partners and collaborators and guidance regarding cash usage
we remain as always focused on delivering transformative rnaibased therapies to key patient populations
so that the revenue that we have (foregone->forgoen) in selective origination is more than compensated for in credit losses
so our group has to do some restructuring at the same time its easy to talk about it (*->but)
does that vary if you can show normalization in the majority of patients or do you think
this decision gives companies the right to reclaim the tax amounts paid before
but we have stabilized that operation to the point where our raising cost there meaning the cost to raise
both of which reflect continued organic growth in our core las vegas business as well as our native american management business
core luxury and prestige this will enable us to tailor investment by brand and segment
we collected more cash than ever before in europe core and made a number of operational improvements
and fourth we are focused on expanding our initial successes in the enterprise marketplace
(will->well) have very good performance and we hope to achieve new breakthroughs
second we are scaling up liquid on lips the most tangible way of recruiting consumers
in the difficult political and economic environment that weve spoken about its important
to sum up the economy the majority of key economic indicators have shown signs of improvement for several years
which is also up over third quarter last year of course as a result of better operational
please let me share with you how we see foreign exchange impacting our fiscal 17 results
fair margin it goes back to our whole investment thesis in central europe which is
(guinness->ginnas) momentum continues the brand is growing in africa and in great britain and ireland
or making life easier with easy cocktail recipes or enticing bar recommendations
and work with our collaborative partners we have also made some key additions to our board and leadership team
but then overall when we look at the sequence of the following years never forget
how they engage with outlets and brands and how we build the best incubator for new brands
adverse exchange the impact of disposals and a higher tax rate had an adverse impact
in the same way as a traditional spirit in a cocktail with a mixer or on the rocks
initially in order to fully appreciate the value that could be provided to the marketplace
we have sent our teams to different markets
unless there is much much stronger political policy certainty which will create
and with that let me turn the call over to jack thank you doug
and the ongoing impact of the rate reduction on our number portability services imposed by the regulators in india
i believe this consistent approach to growth productivity and cash will drive better value creation
for anyone who has not had the chance to review our results we issued a press release after the close of trading today
the areas that we bought these in were areas that we specifically had a lot of data
with an average maturity of bonds longer than 7 years
increasing levels of competition and heightening innovation levels as well as consumers and businesses
given our target capital which is pretty high i cannot say more at this stage
thank you operator but then we can close down this call looking at the financial calendar
we have lowered the level of debt and increased the level of return for our shareholders
in that month when we have spring break the consumption level
so when it comes to future developments were going to limit hog production
and affluent client segment as well as the high quality of our distribution networks
there are still a few variables around exchange in fiscal 17 which could affect this forecast
and lower use of commercial paper given the full year impact of receipt of the disposal proceeds
we (*->should) start dosing in q2 and if you just run the clock and allow us to see some of the
i just want further breakdown so that i can understand better changes to the company structure
the increase in noncontrolling interest was largely driven by the increased profit in united spirits
without significant disruption before we close i want to make a few key points
ill begin with some third quarter highlights and then provide more detail on revenue (costs->cost) and cash flow
by the way this is exactly the way we at orange
the hotel expansion phase of the resort which was announced earlier this year is anticipated to be completed
that built the reserve business to the scale it has today built off a single business model
mobile messaging that allows enterprises to engage with consumers from a single platform
weve got to generate business flows on top of that to (seal->see) the strategic case
you can only do that we have discussion with physician panels and ask them the question so
well thank you very much for joining our call and we look forward to talking to you next quarter
and your second question is about cash flow in the first half
just like the acquisition in poland and it was just mentioned
it is because of the fact that this business (is->are) exposed to very (very->*) large and few
thats something we think would be absolutely a very important vehicle in really driving home the value proposition (*->and) building guest engagement with our customers
weve also begun testing a greater use of technology to educate and develop our team members and meet the needs of todays millennial employee
this improvement was the result of a decline in the frequency and severity of noncatastrophe claims and lower general expenses
a violation of the companys business practices along with a lack of full disclosure during this review was unacceptable to the board
so turning to tax reform i know there are a lot of questions about possible changes for us as a result of that so let me cover as much as i can
this was largely due to higher prices for both paperboard and tissue offset by lower tissue shipments from the sale of (the ladysmith->a ladiesmith) mill and lower seasonal demand
(*->now) the business of returns continues to grow in scale and complexity especially for retailers as they are directly impacted by the amount of online consumer spending
has reached a level where pricing is at a point where we dont need to keep providing higher and higher incentives and rebates this is about the right point just a little more color on that would be great and then just a quick
and the presentation of supplemental information including outlook slides providing the companys current expectations and estimates
will produce more predictable diversified earnings stronger cash flow generation and continued capital management flexibility
and that number also includes a 20 increase in domestic new construction activity with the concentration in our (higher end->higherend) brands
as kevin mentioned our real estate strategy calls for the infill of existing markets as we look to optimize the profitability and the efficiencies in our current footprint
we actually want to do it now so we have a very strong economy its certainly good for the people that if we do make any changes that the opportunity for them to get jobs is high
along with the emphasis on (contents->content) and product the tinkoff acquisition machine is revving up to double our active customer base in the next few years
which as you can see in the earnings deck has been a significant increase and steady increase in our source of funding
we believe that our current and prospective business mix will result in our (networking->net working) capital as a percentage of sales to remain within our targeted range
to make the wyndham rewards program even more attractive we are beginning to leverage our unique portfolio of vacation rental and vacation ownership properties
improving the security posture reliability and speeding up the integration of the technology platforms weve been successful on all 3 fronts
to slow down it was great in the first quarter its always difficult to predict so i dont want to say its going to be up every quarter like it was this quarter
these team members are working right now theyre on the road theyre in the air and theyre probably at your doorstep delivering the holidays around the world
whether it is the wyndham rewards program at the hotel group revenue management efforts in europe that are helping to drive our booking pace at our rental businesses
and an additional amount to fund the completion of stock buybacks that neutralize the impact of stock issued in connection with the visa europe acquisition
i think ben what youre asking there is why dont we put up a marketplace ourselves well we strongly believe that we should not compete with our customers
is there anything that changed in the marketplace relative to your expectations around secular trends that are picking up that are causing you to invest more or is this more
presentations and investor days and such the thing we focus on is the fact that we have all this deep vertical (confidence->competence)
first we started a process a couple (*->of) years ago to evolve timeshare sales and marketing to ensure a more (consumer friendly->consumerfriendly) buying experience
you asked about the project and some of the extra spending and some of the surprises weve had along the way
(carrie->carey) will review the results of the first quarter but before that id like to focus some remarks on the quality of our credit performance and the evolution of our investor base
turning to the international markets let me first make a couple of comments on china yesterday we filed an application with the peoples bank of china
timing just so that we can go back and get a little historical perspective on how thats rolled in the past
we believe those more specific messages tend to fall more into (traffic driving->trafficdriving) and promotional activity
and we can do this while still effectively serving the growing ecommerce (markets->market) because automation and technology improves efficiency productivity
induced by the tax rate that is the important part of any increase in capex and well identify which is which if we do that
also note that depreciation will be a couple million dollars higher in the quarter sequentially but we expect it to moderate in the second half of the (year->*)
this the investment thesis around the mortgage solutions business was a share gain leveraging our relationships with the mortgage servicers expanding our product offerings
proactively to adjust some of the terms in the contracts to make them more commercial in a world where rebates no longer existed
in our hotel group revpar results are somewhat mixed we (continued->continue) to see weakness in (oil producing->oilproducing) territories but this was offset somewhat
to meet the needs of todays consumers in an everchanging marketplace we believe this customercentric approach is the foundation of our success
so we feel that collaboratively addressing the issues now will help to prevent inappropriate cost shifting to other customers in the future
too far out of balance and (were->we are) achieving our profitability goals now as we just discussed
well first off the general innovation footprint that we have always has us looking at modern and innovation
based on our ability to consistently deliver innovations and transform our business to deliver the best experiences for our members and affiliates
pressures its an area for us to make sure that the back of the (house is our->houses are as) small as efficient as possible that we have
i want to remind all listeners that fedex corporation desires to take advantage of the safe harbor provisions of the private securities litigation reform act
the effect of these 2 transactions is now included in our updated interest expense guidance
it wont be exactly linear because as a program comes in or we have changes in what were doing that will cause some variability in that growth but it will expand over time
in addition to what weve talked about with respect to the proceeds from benefits the capital release from benefits and also the capital release from health
within our segment there are also many initiatives (under way->underway) to strengthen our competitive position and expand our integrated risk offerings
we also saw smaller orders for network nodes in other countries as a leading indicator of where they plan to go next
for the beginning of the year was adjusted for price and so it was more accelerated at the beginning part of the year
we plan to integrate their ecommerce capabilities into our other assurant offerings to provide a seamless customer buying experience
though the impact was partially offset by higher depreciation expense from an increase in electric plant (in->and) service as we continue our trend of capital improvements
and we believe we are well positioned for profitable longterm growth alan will provide further insight and our outlook
we can see technological empowerment and then in terms of building ecosystems we can be faster
in monthly (premiums->premium) the rest of the industry aligned with our pmiers base rate card as of april
as i mentioned before (i am->im) proud of our teams accomplishments this past year and the significant improvements we continue to see
that people can count on that production being there through the valleys and peaks that tend to occur in the oil business (*->so)
the majority of our surplus inventory can be sold into other markets only a relatively small number of the units are highly customized
this is primarily due to an increase in demand for wavelength selective switches driven by (carrier->pure) deployments in india and china
is the only thing there (*->thats kind of) that i would consider a little out of period or unusual for this quarter
if that is a legitimate concern for sort of your legacy avenue of growth or
we believe we have the right strategy we have the right team we have the right approach to capital allocation to continue to create value for our shareholders
as previously discussed we remain committed to improving our overall expense scalability and efficiency
as a result we have delivered a strong first quarter all things considered with sound performance fundamentals
we need to incubate industries and we should have the ability of turning around
over the coming quarters we will continue to take additional steps to execute (the->a) plan consistent with these financial objectives
before i turn the call over to scott i want to remind everyone that some of the statements provided during this call and in the press release are forwardlooking
as well as the impact of the previously discussed decline in surgical volumes and the impact of the lhc transaction
we are constantly finding ways to improve upon our track record as efficient operators
yes i mean let me clarify that i think (*->its) we typically have the (discussions->discussion) starting in the fall but its effective
and were looking at where this trucking (is taking->has taken) place and were telling these people that were not going to give you a trucking
of the potential transaction related to the royalties that klabin pays on certain brands
as we do we can grow in every market and successfully integrate our recently acquired assets
and finally having terminal (inbasin->in basin) gives us a presence in the basin where we can market our wellsite solutions
for those of you accessing the presentation which can be downloaded on the website these can be found on page 3 of the q1 highlights presentation
so we have to make sure that we are we maintain stability at the same time we have a long horizon
that will likely make that number creep up a little bit in the fourth quarter versus the third quarter but we are definitely seeing another step change
we continue to plan to invest in this area and we know it will expand our ability to compete in the marketplace
our first priority will always be to deliver highquality care and service to our patients
margins were very strong i understand the good volume leverage here but looks like were coming in at the high end
i need to remind you that any forwardlooking statements are subject to risks and uncertainties which are discussed at length in our sec filings
all of this occurred despite a relatively warm winter in many areas of the country and particularly in the northeast
(*->any) region in the world except with (the->a) possible exception of china where we are not gaining share
we also have an employee base that knows the automotive industry as well if not better than anyone else in our space
we have advanced the process of bringing lakeland products online which we view as providing us with opportunities for sales growth
all the things that we talked about a year ago that we wanted to accomplish (for->with) that business were seeing them really get traction in all those areas
as we reviewed during our investor day in may you should expect us to return over time to a capital allocation
and get some get more than our fair share of the market growth by applying the technologies
the results contained in the press release issued last night are clear indicators of the changes we have made to the business
that are outlined in the interagency statement we dont i dont want to give out what our percentages are
price going forward to the extent were going to talk about it for 16 and then jim i think (hell->can) give you a little deeper dive on industrial (and->on) our thoughts
organic growth (remained->remain) strong but diving just a little bit deeper into the sources of our growth it was broadbased
but with a return to growth in 2018 our third quarter results were also negatively impacted
when adjusted to exclude both providence as well as the reduction to revenue associated with the lhc transaction
thanks chuck as chuck highlighted we did have solid volumes in the third quarter and strong financial results for the quarter
three of our existing customers now ship sand through our terminal to north dakota
were reconfirming our 2017 guidance and simplification of the business and operational discipline will continue to drive results
so we think that was a very smart transaction in that regard theres really nothing much more complicated than that frankly
while new equipment sales picked up sequentially from the third quarter the overall demand for equipment (remains->remained) low in all sectors
will result in us coming out of this downturn stronger than when it started and we are on the path to driving (longer term->longerterm) value for our shareholders
we are pleased to report these solid first quarter results which were in line with our expectations
however given the environment and our view that markets will remain depressed for a significant period of time they are unavoidable
the general economics of the agreement provide for national mi to retain a margin of up to 80 of the ceded premium
represents the future of our competitiveness so we will be prepared to invest more
to this end we are developing content and data for our brands for our distributors and online models in the same manner
and as we enjoy the ride up the cycle we dont back off in terms of some of the things that
we do to maintain the upward pressure everything we can do to maintain the upward pressure on (margins->margin) so
the authorization allows but does not require the company to repurchase its shares at its discretion
enterprises so we will make sure that we will do the right thing and we will also do difficult things if necessary
was that a stepup in capacity that came on and youre now constrained going into the following (quarters->quarter) so (*->that) theres
now id like to address regional sand mine development as it relates to the demand for northern white
because of fluctuation in the secondary (markets->market) but i need to say that for industrial and (*->the)
from reductions in readmissions and 40 basis points from certain lower acuity (admissions->missions) such as (births->birds)
a number of quarters before along with the industry in terms of being an area of recruiting pressure and just interested in an update there
in higher utilization of contract labor most predominantly on the nursing side in the nursing areas
moreover the ongoing and increasing desire of automakers to elevate the driving experience
that has been published and we continue to be optimistic that the softness (were->we are) experiencing in the market today
now (i would->id) like (*->to) focus on the great progress weve made on a number of strategic growth initiatives throughout our businesses at the wyndham hotel group our new and (award winning->awardwinning) wyndham rewards program continues to deliver great results
and to make sure that thats clearly communicated to our customers and of course to deliver these exciting new villages that stephen spoke of in particular (birtinya->burtenya) on the sunshine coast which is right next to the hospital precinct
more importantly we ensure that owners remain satisfied with the product long after the original sale by continual surveys and feedback loops were tracking our owners satisfaction whether (theyre->they are) staying at our resorts
once again we delivered on our commitment to drive value for our shareholders in the quarter in maintaining a prudent capital allocation plan we invested and supported the growth in our core business through capital spending and expenses
and in addition to that whats happening in the (region is->regions) going to be a consideration also so theres just a lot of variables that id like to be able to tell you what it looks like today but were not in a position to do that thats why we take 2 years to do this
i also believe that our infill unit development strategy will allow us to continue to build a solid bench and better support efficient brandbuilding locations in our maturing markets
services to provide and there are other industries there that people feel comfortable and that generates more interest and were kind of in the sweet spot right now where people are seeing and liking what they see in idaho i think
a material portion of the remaining land purchases relate to initial payments on some strategic acquisitions that we made in sydney melbourne and perth which all are an investment for our future
in a couple of weeks ill be in india for the first time since joining visa and i look forward to seeing firsthand the opportunity that we have (in->and) meeting with local partners officials and our teammates in india
these projects are progressing on schedule and we expect to begin realizing benefits from improved efficiency and lower (costs->cost) as we move through the back half of fiscal year 2019 and into the first half of next year
we put a lot of (bow wave->bowave) expenses to improve and expand our ground network and as alan has said over and over again we anticipate those are going to have substantial longterm
my travels have taken me to each of our primary office and manufacturing locations around the world and have given me an opportunity to meet and speak with our diverse and talented employees ive had the opportunity to engage with our customers
i think we identified that very effectively many years ago as we started moving into sketchtoscale and started redefining the industry and the era that were in at the age of intelligence
and as hans said while the circumstances are unfortunate i would like to reiterate my deep commitment and resolve to leading the team and to building our business together with our borrowers investors partners and employees
we expect this will help idaho power keep energy rates low and will help its efforts to meet the challenge of integrating an existing large volume of thirdparty solar and wind energy on our system
in addition to weather is there anything that drove that in the first quarter i think i heard something about (vandalism->vandolism) are people not trashing their homes when they default on their mortgages as much or im just wondering if theres some sort of secular shift
when you have a full buffet though like when (we are->were) doing a very large group when youre doing a graduation party something along those lines we do think (that->the) human touch of being able to be there set it up talk to the
offer much improved safety for our drivers and a much improved quality of life for the men and women that are on the road for fedex out there so clearly these technologies wont stop there
and third you have got to have a close collaboration with your major customers who have a lot of residential ecommerce so you know where that traffic is coming from you can prepare for it (and->in the) handle it so
yes (id->ill) just add what do we need to do we need to communicate with our investors and continue to be incredibly open and transparent and the question we have for them is what do they need from us
capacity to meet demand all year long and as the volumes grow we keep matching the volume so our network is so big and so global now that it wouldnt show up on the radar
for example the sale of employee benefits to sun life financial closed on march 1 we expect the dividend cash proceeds to the holding company starting this quarter subject to regulatory approval
revenue at solutions increased 5 from the prior period in 2015 driven by a higher volume of covered mobile devices globally and strong growth in vehicle protection
a charge (or an->for a) impairment or something and i couldnt tell was that referring to a year ago or was that this quarter and if it was this quarter kind of can you give us some clarity or color (on->of) what that was all about
but this order is a positive first step for the company and its customers and it is one of the first utility outcomes nationally in which a commission has established new classes for customers with onsite generation
we have been challenged by balancing our fixed ultraquality capacity with growth in our existing customer base and the addition of new customers so we are glad our new ultra capacity (in->and) shelby will come online shortly
well thats a good point chris (and->*) at some point we should start lapping the issue and it was first identified kind of at the end of the first quarter of last year so the second quarter
the vehicle protection also got very good growth there how much would you say is industry growth thats helping you there or do you feel like youre taking share
net earned premium and fees for multifamily housing were up more than 20 we achieved this increase through our affinity channel and expanded relationships with property management companies
however were approaching a transition point where you will begin to see us dial back network expansion capex as we complete certain critical capacity projects already underway
were reiterating total company as well as business unit revenue adjusted ebitda and driver guidance although our current view is that revpar will be at the low end of our guidance range
and being disciplined (in->and) our unit growth is the right strategy to allow our initiatives to gain traction and build the foundation for the next stage of growth
factors that could cause actual results to differ materially include those risks and uncertainties described from time to time in our filings with the securities and exchange commission
and as we do we continue to receive important thirdparty recognition for the healthfulness of our menu including some recent accolades from health magazine and mens health
the first group of hotels using this new revenue management tool is showing a 260 basis point increase in revpar index compared with hotels not yet on the system
this (supported->supportive) demand environment was reflected in our results for the quarter we were very encouraged by the magnitude and broadbased nature of our sales and order growth this quarter both of which achieved record levels for our business
sure thank you our domestic business is growing and an important part of our unique value proposition in china were the only foreign company with a wholly owned domestic and international business
green hills will indeed capture all of that and more but into the future its important that we remain very proactive in taking real estate and actually rejigging it in a very agile way
well there are a lot of changes in global political and economic (scenes->themes) so many challenges were brought to us with our hard work we have achieved very good results
so with (a->*) deep enterprise we see a lot of opportunities for investment in the world and because we have the turnaround ability and we are working on 2 legs
so we made big investments in these areas and we saw very important progress at the same time we invested in a number of frontier areas
ill begin by taking you through a discussion of the first quarter ill then hand the call over to mike (coggin->cogn) our chief financial officer for a closer look at our financial performance
some of the labor issues that (weve->*) had it will be higher than it was in the third quarter we believe but not back to historical norms but going forward we do believe that
we were prepared for that and were taking action now to protect shareholders weve been working on alternatives for some time and we look forward to providing further updates in due course
so for industrial operation in the world we will identify more investment opportunities so we have more confidence in our management
for what is a totally new environment from a macroeconomic point of view but also from a geopolitical point of view we will talk about it later on
and 6 from the third quarter of 2017 as we continue to focus on the origination of multifamily commercial real estate and commercial business loans with full banking relationship
we anticipate opportunistically purchasing in the market as the market presents itself to allow us to do that we do anticipate using up our full
the market went through this big dispute between mainly chinese buyers and brazilian suppliers
overall everything that we have reported today and the trends in that payer mix were things that were expected as we put our plan together
and its worth remembering that the vast majority of our 5 million members are not frequent flyers aeroplan currently helps them to choose air canada for their travel goals
is that it leaves behind a 3d model that is a huge asset to the owner in terms of managing maintaining and using their asset as time progresses
versus the others but it doesnt seem like its getting much uptake and im trying to understand why and what we could do about it (and->*) i think that (is->theres) a very large market for (it->*)
today we hope to provide additional insight into our business strategy sustainable competitive advantages and consistent positive earnings power
keep in mind also that the cost savings that were announcing today are intended to help mitigate any impact (or->of) major contract changes and protect returns to shareholders
ladies and gentlemen this does conclude the conference call for today we thank you for your participation and ask that you please disconnect your lines have a good day everyone
stephanie thank you wed like to thank everyone again for calling in this morning and for your participation on the call and obviously please contact me if you have any further questions thank you
puts us in good stead in the marketplace it is a premium product we have a strong team out there and as peter said we certainly have supportive partners
beginning in the first quarter of 2017 due to the change in our revenue recognition methodology for (qsymia->tsymia) revenue recognized is based
and our investments in training to improve customer service (within->and) our private label program to differentiate ourselves from our competition and increase operating margins
of participations with another financial institution to prepay as the rates offered through the refinancing process did not meet our criteria
youve seen that (we have a->weve had) doubling of our population but at the same time not at the expenses of the (assets->asset) under management per relationship manager
schedule in the fourth quarter we started a strong work of liability management in december we had we raised in dollars
sure fair question don will give you a little detail but i guess from the top of the house i can say we feel (its->as) good or better about these businesses as we have in the past
so theres no reason for members to do anything other than continue to engage in the program over the next 3 years and as weve said
with quieter more comfortable vehicles while reducing vehicle weight is further bolstering our business creating robust demand for our product solutions
and then well see whether the gdp trend (the->*) first few decimals that weve seen moving in the right direction be it in europe or in other parts of the world
and we hope to deliver more happy experience to you thank you thank you very much for the answer the sixth question is
and labor allocation requirements imposed by our collective bargaining agreement at one of our facilities have resulted in (an->*) increased (benefit related cost->benefitrelated costs) during the quarter
acknowledging also minority shareholders and especially in the ability to grow and to create value to all shareholders
our customers now have the option to selfserve from the comfort of their homes or anywhere for that matter we believe this to be a game changer in our industry
we have measures increasing the productivity (of->*) our front office and also increasing the synergies and investment into scale in other parts of the group
these agreements are fully enforceable and they provide us with positive downside protection through a downturn in the operating cycle
so there will be products and services around these 3 areas and they will be driven by technology and innovation
(*->to) accommodate some of the new business that we have coming but those jobs are typically at a little bit higher margin than our other books of business so
these improvements were partially offset by increases in the amount and timing of payments of our accounts payable accrued salaries selfinsurance claims and income taxes
shortterm fluctuations are very difficult to anticipate in the capital (markets->market) well so we are going to dig deeper into the operations and our assets
i want to take this opportunity to thank all of lifepoints talented employees and physicians who work hard every day to help us achieve our mission and vision
with strong brand capability each has its own clear brand strategy we have also brought in from the world
relationship manager that have now converted their client book into the advisory models have (a->*) portal in the morning that they access to
then more products and services can be offered to achieve happy life thank you mr (wang->wan) because of time we will take the last question here
the transition is progressing on schedule and on budget and based on our current visibility we expect to begin capitalizing on efficiencies from this deployment
given the different dynamics in those markets so we do think there will be ability to gain some price in emerging markets as a result of that pressure from foreign currency
we also experienced a lot of site change in the period as we completely dealerized the (one stop->onestop) locations while adding the ssg sites late in the quarter
the change to the sellin revenue recognition model could result in higher volatility of (qsymia->qsymias) sales compared to those historically reported
point between companies and the tax authorities in brazil we have internal reports
as i tried to explain in that potential migration scenario those will all be entering that program (anew->annu)
that involve risk and uncertainties that could cause actual results to differ materially from those in these forwardlooking statements
reassess some of the decisions that weve made along the way so i think
i think you highlighted that the drug monitoring testing and the vitamin d should come back once you work with the payers
by our consumers and we decided to
in the mid of the year and then we will make decisions how to use these proceeds
the first quarter of 2016 continued to be the type of challenging environment weve been preparing for
the pending acquisition of hatteras is an extension of the capital allocation themes we have highlighted on our past earnings calls
these are the types of things that the board reviews its just a little unfortunate that this one became a public matter
in addition to these various organizational changes that entered into effect this year
drives operational efficiency and provides a competitive advantage with virtual customers
has a lot to do with the level of rates what we saw in q1 was a very sharp rally
taken together we expect the benefit of these items will build as we progress through the remainder of the year
from the companys french and italian subsidiaries resulting from the large project orders that were booked in the prior fiscal year
customers have been supportive by conserving gas consumption we continue to closely monitor enbridges progress
we encourage you to read the forwardlooking statements disclaimer in our earnings release in addition to our quarterly and annual filings
for each new beacon application its necessary for us to map our database to the database (in->and) the customer system
(*->the) impact of slowing global growth and increasing leverage has also affected monetary policy
after factoring in the first 3 weeks of february that contributed to the spring rush
i think at the moment we do not have any indication for further acceleration
us insolvency continues to have good flow available and were hopeful we can keep up the pace of (volume->buying)
growth plus required transformation investment the regulatory effects on oibda are slightly lower
the effects of numerous macroeconomic challenges and structural market factors which have contributed
we will then open the call up to your questions after which dr frost will close the call with some final remarks
for housing finance to kind of get through some of these regulatory issues financial markets have to evolve
becoming more stable sure (well->while) brexit is clearly driving a lot of the political
one of the challenges with newer (products->product) is the period for getting it up and running
so with clarity looming now on dol regulations and also continued consolidation expected given the scale comments
this is (our->*) best quarter (ever eurex->evere) was the main driver for the result in the first quarter
the synergies come largely from the textbook inventory optimization and procurement savings
the speed of change with which our business is evolving and the complexity with which we operate continues to rise
and we will give you then more color on the expected effects for the outer years in the next years
that it is excluded from the consolidated income statement this year as well as last year
make the estimates necessary to recognize product revenues will be in the second half of next year
i was just wondering if after the hts acquisition goes through
this could include the sale of a portion of the business this could include a major acquisition it could include a lot of things
resulting from the irs settlement and is reflective of permanent cash tax savings as well
it looks favorable and i think we actually talked about that in our opening remarks
we believe this is one of the reasons residential sales were up only 35 in the second quarter
at a low cost will be rewarded in the future and we intend to continue to deliver top quartile results
impose a high threshold for revenue recognition particularly for a company that is launching its first commercial product
on page 15 we (recapped->recap) return on average equity and capitalization trends
(what->wondering) did that have (any->an) impact on your or what impact did it have on your revenue per requisition if any
after accounting for all fees rebates and other discounts the net sales price that we expect to recognize
allowing us to optimize our textbook sourcing purchasing and liquidation process
now i will turn it back to phil for some final comments thanks brent
were those which had attracted few assets and were not central to our sales efforts at this time
but we do expect our leverage to increase somewhat as we onboard the relatively higher levered hatteras portfolio
and the evolution toward digital solutions that provide analytics and successful outcomes
(*->for) ways to secure land and commercial property
will be seen in our indirect distribution (costs->cost) and expect that to be around
and that the popularity (in->and) demand for passive products is here to stay as a part of (*->a) clients portfolio
a special committee of our board which was comprised solely of independent and disinterested directors
or advanced metering analytics was much smaller and so it was much easier for us to get through them
and the other thing i would point out is (*->that) this process is an ongoing and fluid process and so the screening would be
a recently published review of published randomized clinical trials concluded that (nutritional vitamin->nutrition of vitam) d
closing process that was the only debt that they had (with->were) seasonal working capital lines
coming back to the bigger picture and let me be very clear our business fundamentals are solid
so we strongly believe that our transformation case will drive up our revenues
we are believing that (that->*) the decrease weve seen over the last several years
been awarded is in dubai and that will be more of a second half
think there was some impact in the first quarter from (the->*) weather (and->in) the flu just what were some of the trends you were seeing in the second quarter there
mix shift towards the shorter (ended->end and) towards the trade finance business transactions and actually this has been quite
we have completed our final integration project as the consolidation of our network is now finalized
and now that pennsylvania business is our highest growth utility option and opportunity so
almost all of these patients fail quickly or fail eventually so
we expect to continue to see some benefit in the third quarter but to a lesser extent than in the previous quarters
how we move forward in our efficiency ratio is really
products will be marketed through a logistics partner and select national and regional distributors
we believe that the elevated maturity (way of->wave) approaching and the increased regulation on other market participants
this is expected to result in substantial future cash tax benefits
we now have the complete solutions that our schools are demanding
and one of the things we saw (on->in) the hatteras deal and what it demonstrated was that even a liquid portfolio of (*->cusips)
and 2 are locations that choose to go with a virtual bookstore instead of a physical store
pretty accurately taken the offset on both the revenue side and the cost side into account
have it come through the appropriation process i think perhaps one of the most significant advantages for us would be that
and we closed our first renewable energy royalty transaction and launched a renewable royalty business which we are very excited about
we did see higher preproduction engineering investment in support of new launches along with an unfavorable product line mix
concrete tensioning sales declined modestly as we (stabilized->stabilize) the operations and worked to claw back lost shares resulting from poor delivery
i expect strategic investments in first quarter to be very similar to what we saw in the fourth quarter
at the same time we also refinanced our debt at the end of the second quarter which resulted in lower interest costs better covenants (and a->*)
much of the improvement came from the oil and gas portfolio and we remain optimistic that we will continue to see further favorable changes
our socalled deposit beta or the increase in the cost of deposits expressed as a percentage of the increase in the cost of federal funds rate
the work that michael is doing maybe speak to that and as that product quality goes up the ability to take a little bit more on price
for total programs at the end of 2018 so in other words how many new programs are expected to launch this next year
core price growth was down slightly in the quarter as we took targeted actions to drive organic volume growth
the good news is so far weve been able to get the pricing that weve gone after and we will continue to negotiate obviously
at this point in time we continue to lay out the plan as we have talked about we are making investment in
we expect to continue to invest significantly in technology improvements which includes (the->a) substantial overhaul to our core systems
the general industrial market (continued->continues) to see good demand and distributors are reporting good retail activity and pricing dynamics
while shipments do not immediately translate into sales due to timing of shipments and inventory replenishment at our richmond and long beach terminal
(weve->we have) been able to call upon the full resources of the clinton group to support the evaluation of opportunities as they present themselves
which impacts our revenue but is ultimately (a->*) positive development for our clients and for our peo prospects
the revenue share between the 2 entities remains subject to completion of a transfer pricing study and subsequent negotiation
but also means that any organic or acquisition growth that occurs becomes purely accretive rather than replacement type in nature
timely release that information so that you guys can all get a good sense of how were looking at this
become more seasonal due to the significant growth of our ground traditional campus and due to the shift in the start dates and breaks between years
but at this point in time at (this->the) stage of negotiations were really going to shy away in fact were not going to make any comment on pricing
to the state tax rates nonetheless we feel comfortable giving an outlook that the 2018 effective tax rate is likely to be
june 30 it didnt quite close through the bankruptcy court on june 30 it closed the very first business day of july
its close proximity to orca means that we have the opportunity to start operations on a small scale utilizing the existing infrastructure
through the balance of 2016 we expect to spend relatively modest maintenance capex for orca and our terminals
thats continued into 18 you layer in what 18 has over 17 is the halo of the spinner
what level of dilution would be unacceptable to you as stewards of the
we are increasing investments in a number of core platforms to accelerate growth in 2017 and beyond
were very comfortable with that based on commodity price movements since the beginning of the year especially in potash and copper
and participants are encouraged to carefully review this reconciliation we intend to limit the length of this call to 1 hour
we do however pay local taxes on certain country operations when those operations are profitable on a local basis
one is us taking actions on addressing our manufacturing supply chain footprint
as weve mentioned in the past the rate of growth seems likely to slow although we still expect a strong rate of growth
is the quality of the asset and in the main we have been focused largely looking at the exhibitions market
we completed a small drilling program in the project in march and have since been developing our evaluation of the opportunity
it neither one has a material impact on the overall quarter theyre just good for keeping the store looking fresh and
rather than just kind of (wallow->walk) through it and were going to try to do something but if something doesnt happen its not like a disaster
and then improving our marketing activity to sit on top of what is now i think a much more efficient sales machine
the reversal in trend of the canadian dollar has resulted in a modest negative impact on our results in the quarter
i think as we talk more about that story and tell that story more appropriately i think youll
this increase is largely related to incentive compensation board transition legal and other external service costs
similarly the volume and inefficiency issues with concrete tensioning did lessen but remain a drag on margins in the quarter
i can tell you (ive->i) probably spent more time working on this legislation than any banker in america
and executing select accretive transactions we will continue to execute our business plan to drive our business forward
okay and if we were to get (under a->another) rate hike in march what would you expect the benefit to the margin to be
the prior application proposed a transaction that would have involved the sale of the companys academicrelated assets
but is expected to be comparable to other shared service arrangements currently in place in the higher education marketplace
id like to focus the balance of my remarks on our outlook for 2017 and capital deployment priorities
we have successfully executed the restructuring actions that we outlined last quarter and we will see the benefit in our fourth quarter
the new law is very complex and as the details are further clarified we may see additional adjustments in future quarters
our strategies require investment of capital and personnel development which is why we have been focused on our cash management
this also explains why whenever we stood back and really looked critically at our otherwise very long life portfolio
back in 2015 we indicated that we were going to be targeting much more substantial returns on capital that could
in spite of the headwinds on volume we carefully managed our (costs->cost) and minimized the use of cash for operations in the quarter
as a reminder our quarterly volumes always have some level of uncertainty given the size of our shipments and our delivery schedule
is that nobody expected the chinese government to come out and say (that->the) chinese ladies could now have 2 babies
here are some of our more important financial highlights for the second quarter as compared to the prior year same quarter
that the securities that were buying today actually have a higher yield than the securities that are coming off and so over time
and really pleased with the progress weve made and its largely been due to a shift into more and more digital strategies
and second (costs->cost) related to our productivity initiatives focused on process improvements and data analytics
we experienced general stability in construction and land development and term commercial real estate loans
(*->and) that security is essentially rooted in again in the middle box in a very robust product and that product pivots around
were working very closely with them to be one of their initial if not their absolute initial first client to be able to utilize their platform from a delivery perspective
contributed a net 230 basis points to the dsa operating margin in the fourth quarter but because the credits are now subject to tax
and theres no doubt that several of the buildings have got potential into the future from a development perspective and
no question though that we would love to see some resolution to some of the kind of macro factors that are out there in the economy that are creating
will be a key component of revenue growth in 2016 and that our ability to provide a total microbial testing solution to our clients
current quarter net income was favorably impacted by a decrease in contingent consideration expense and stock compensation expense related to acquisitions
and where there may be opportunities ahead that we can capitalize on its been an amazing experience overall and im encouraged and energized by the opportunities i see for our company
an inquiry an (official->officient) inquiry to see how we can run the company with more transparency but the shortterm
over the past year we enhanced our access to a variety of capital sources and protected our balance sheet from a rising rate environment
and what you then see is after a few months that starts flattening out again and then (it started->its starting) to go up again so it is pretty much getting people getting the customers
those trains are going to leave the station and were going to see a lot of momentum and pricing will snap back and it will snap quickly because of this pentup demand
as the pendulum swings too far in both directions the market has been so crazy that the (pilingon->palingon) effect has driven down (bank->base) stocks
our new york office simply continues year after year to make more profit than any other region and with pristine asset quality
and third the cost of debt still falling and our debt providers are still continuing to provide us with very strong support
while these statements reflect our best current judgment they are subject to risks and uncertainties that could cause our actual results to differ materially
comprehensive solution for rapid quality control testing of both sterile and nonsterile biopharmaceutical and consumer products
actual results may differ materially as a result of various risk factors that have been described in our periodic filings with the sec
how do you get workflows that span not just that asset but other assets that sit on the platform (*->and) so i briefly (reference->referenced) the reality is
and consistent with our proven strategy to unlock the embedded growth and achieve (a->our) remarkable leasing spreads
because to move theyre either going to have to move to another location and pay (*->a) much much higher rent or go to a much lesser building
(*->and) i think that in a nutshell sums it up and very good acquisition but thats much more recent since the focus of q4 was on (that->*) conversion
these solid results (were->are) driven by continued market share gains in our broadband cable and satellite business and solid expense management across our entire business
this decrease is primarily attributable to the use of restricted cash for the payment of claims and other liabilities associated with terminated contracts
we are still in the early stages of executing against our longterm vision in this highgrowth market and i look forward to updating you on our progress throughout the year
these statements are based on our current expectations and information available as of today and are subject to a variety of risks uncertainties and assumptions
as a result i plan to go back to a more balanced approach in allocating our capital between strategic share buybacks and investing our capital into the business
what weve seen come out of those is not significant change as customers are already very well protected by the existing legislation
between how that works (in->and) your hedges and the extent to which (you are->youre) protected by your hedges
our capacity has filled and we are now operating at (nearoptimal->near optimal) utilization levels in most of our safety assessment facilities
by bringing this continuous improvement capability to our clients we can enable them to guide and evolve their practices directly in line with these great (tenets->tenants)
the decrease in adjusted net income between periods was mainly due to lower segment profit and a higher effective income tax rate in the current quarter
overall we are pleased with the continued progress we are making to drive bottom line results while also positioning the company to achieve its full potential
in residential and retirement living what youve seen is a significant increase in the last 5 years towards the strong sydney and melbourne markets
margins in this segment jumped as we continue to benefit from larger volumes of water coming into our facilities via pipeline versus (trucked->truck) water
compared to 56 a year ago and continues to be the primary driver behind our top line growth shift in revenue mix and margin improvement
coupled with continued robust growth in our safety assessment and microbial solutions businesses on a segment basis
in our specialty formulary management product we expanded the number of therapeutic drug classes under management for both new and current customers
third is to grow the logistics and business park allocation to ideally well above 20 of our total assets
in an increasingly competitive environment its really important that we provide care home care to our customers and the home care sector is (*->a)
that certainly gives us some confidence but its also supplemented by the broader data points that we see outside right you see some competitors of ours
good morning and welcome to the herman miller second quarter earnings conference call
our dealer partners and investors tour our retail studios and spend quality time with each of our executive leaders focusing on ways to amplify our progress
which would be during the first half of our fiscal 21 with regards to revenue we expect mix to continue shifting (towards->toward) subscription
no i think you look at it kind of as what i would call somewhat normal quarterly movements if you look at the margin i think the margin on the cloud services probably
please refer to the complete discussion of risks in our most recent reports filed with the sec and in the cautionary note in todays press release
ladies and gentlemen thank you for your participation this concludes todays conference you may disconnect your lines at this time and have a wonderful day
free application what you see there is that (in dta->indeed) the (*->outof) bundle goes down for a while and then people start using the data more and more and more
we have unrivaled domain expertise in the cable and video markets we work with some of the largest and most innovative (communications->communication) service providers in the world
how were completing those projects how (were going->this will go) through the sales cycle thats probably the one that i would point to as the main reason why the bottom line or the bottom end came up on the range
amount of capital accessed by these biotech companies from the capital markets was the largest in history
these results are consistent with our announced plans and strategy to vacate and redevelop spaces
maintaining our operating discipline and further developing our future growth initiatives and with that ill hand over to (michel->michele)
these decreases were partially offset by the impact of new business net samestore growth and higher earnings in our pharmacy business
the way were set up now (*->and) we were going in a different direction a couple of years ago and so thats the primary reason
a very significant change in internal processes so you have to
our asd winter show which is included in our q1 financials was flat in revenues
the salability of some of the usable ancillary spaces we havent used in the past
we obviously want to maintain our business we want to make sure if the rules change
this quarter we demonstrated the impact of rapidly increasing volumes on our cost of goods sold
the levels of 2018 should be the levels to be expected looking forward
in (the->their) roles but they were still learning their products we filled the rest of those roles in the second in the first
we have also made changes to our fleet composition and are now focused more on caterpillar products
despite these challenging conditions we are pleased with our investment performance specifically
and that was all possible because of our team with the support of our shareholders and (*->also)
we might favor the international transaction simply because its a nice opportunity to use our international cash
for the company on new equipment side now that is going to get better as we go through the year i think we said
(*->so) its a good point and we do (a->have) pretty good visibility and what i would tell you is
we fell behind we didnt have new products we didnt have the contacts to develop those new products
and automating and streamlining many aspects of our production processes (billings->billing) and other functions
helps offset the elevated price environment let me walk you through a few recent transactions
has impacted all the channels in the organization but ill talk to that before i close
so thats basically it the performance of the team has been very good
in contrast the situation on the market in poland is becoming bleaker
patient group and the disease area that weve been operating in and so im afraid right now theres no one clean kind of
pretty conservative or pragmatic about how we think about what the growth expectations can be
we see a scarcity of resources and (their->there are) unnatural limits for the size of the output which you (cant->can)
parts of our business the remainder being the effects we talked about with summer market new york now
we launch our oms (lite->slide) i dont know whether this will be the name
looking at growth is to put our foot on the best exploration ground in africa
this plus was attributable especially to a large project in south america
with developments such as these we are adjusting our outlook also regarding
the real estate development business should continue to make very positive earnings contributions
this service work includes component rebuilds and new equipment preparation
this also explains the growth of the noncurrent financial liabilities
any overall softness or is that just because those youre looking at those events as if they were flat
were seeing a number of promising opportunities and continue to add targets to our pipeline
overall our progress on our key priorities provides me with confidence in the year ahead
also want to point out that increased mining activity and rebound in china
the ebit more than doubled as did the income tax level which left a net income
well since earlier this year weve had a change
so the underlying price moves pretty closely with spot
during the second quarter we completed the expansion of our ott commercial channel
in light of the continued stable order situation at deutsche telekom and the volume of new orders
per your question by the various specific environmental regulations and deadlines
and have brought in a lot of competitive product just need some attendance and attention
and start working with them to be much more proactive in converting those over to vip shops
in (czechia->chekia) in hungary the challenge in the coming months and years
there is also a very successful minority stake in
second we plan to launch new shows each year primarily in our existing sectors
ive not talked much about these i havent put out a whole bunch of press releases and youll hear a whole bunch of things in the next
yes it was our decision based on (*->when) we took a look at our initial plans
and second the transition of realized performance revenues from one generation of funds to the next
actually the people working in the (kiosks->kiosk) werent really impressed with having a new
refurbishing and compliance with the new regulations in germany
as has been true for others who have gotten into the exome game
and then my second question is largely on exome could you give (you give->*) us a sense of the mix there
while we continue to project a modest improvement in our product support revenues from last year
and we are tracking towards a meaningfully higher level of fre by yearend
that might be a speculation that you can get price increases after youve taken the contract
then on fuel can you repeat specifically what your question is
second half bumps along the way or do you think you really started to get your footing here
its comparable to the project which we currently already have in colombia
total segment that we havent seen in some time starting here in the second half of the year
and returns for our fund investors have been very good even by our historical standards
and the action has been very very vivid and moving forward
in our line of sight and not predicting as we move forward where it could go
survey of our staff
relates to linx pay we understand that one of the
so if we see something coming well be in front of it not behind it
we are maintaining our dividend and have just renewed our share repurchase program
while revenues were down we posted a considerable increase in product support
with and without the effect of such lines of credit and subscription lines
so now (i->ill) just give the floor to (ney->ne) so he can say hello
in tunneling on the other hand new markets are not a focus at this time
this is partly due to modest changes in show mix and additional compensation costs
(*->its) per year they could all happen at the same time or not
having some extra costs in connection with the acquisition of scales
this development is also attributable to austria and hungary
we are continuing to see synchronized growth kind of around the globe
had fallen behind over the last year the brand holds a very high share
cancer test growth in the (reproductive->repredictive) health segment but i think thats just more of a matter of (the->*)
and on top of that of course we have another very important factor which is the language problem
i guess post the changes and broken down into the individual assets
individually with just the outdoor retailer brand and so were going to have to work through some
so we still see some of those unique opportunities in the marketplace theyre still there
strongly diversified business will allow us also to keep (a->*)
so we can accelerate our transformation into a diversified industrial company
(we->*) going to decline further compared to the lower comparison base last year
that we should have coordinated with our used business to maximize residuals
we have all of the homes that we are planning to occupy this year
(kew->hugh) and i are keenly focused on growing our feerelated earnings
thanks tom let me start with (the->a) summary of where we are (to date->today) and then provide the detail and our reiteration of guidance
willing to take a historically low unlevered return but
would any issue in terms of (*->the) ag portfolio would just be how long
change our pricing approach in order to maintain the very (trustworthy->transparenty)
its important to remember that almost every single one of these members have bank accounts and now have added mogo to their financial wallet
in the short term we expect our average revenue per member to decrease because our member growth will outpace the revenue growth
so im talking about what the inflation rate is yearoveryear in our bill rates and the inflation rate
assessing what our expectations are for ffo what our obligations are in terms of
this communication does not constitute an offer to sell or the solicitation of an offer to buy these securities
we feel its a prudent decision to keep our full year guidance at the levels that we outlined in february
having said that we now see that the rates are going down and things are quite difficult from our perspective
third going the other way and partially offsetting these incremental costs
page 11 of the earnings presentation displays net flows by investment vehicle
we will continue to evaluate our cost structure very closely and take the appropriate actions
but with over 25 million canadians with a credit score and very few of them tracking it theres a clear opportunity in front of us
that was surprising to us about how much demand came in and our ability to continue to push (rates->rate)
its accelerating so as we go through the year that probably number will accelerate
third we look for acquisitions to be accretive by their second full year with us
as a reminder these collaboration revenues do not have a significant impact on our cash flows
i will tell you the net margins on them which we are heavily focused on as a company right now are very strong
is at that point in time (and->*) in comparison with the carrying value of the assets on the books (in->and) that comparison
(*->back up the) spectrum to more expensive homes at this point in the cycle or is that remaining relatively flat still
and that is also one of the benefits of this investment now
the second takeaway is that we pursue the development of the group
this decrease was largely due to an increase in the discount rate used to value the obligations
i know were hearing from a lot of folks its just a struggle to find good people and at the right price and
which pay fees in excess of our firm average and 1 less day in the quarter
and the ships are therefore in (the->a) further phase of their construction
probably more research which will probably help the pharmacists better counsel on them
third we will continue to aggressively pursue the transactional activity within the global capital markets
in this slide we have presented a picture of where we sit today and the revenue potential as we increase our product
specifically we received a chmp positive opinion
in land development drilling work for both pemex and a number of local operators due to the absence
in terms of outlook (look->*) we maintain our outlook for the year
in addition we completed implementation of our revenue management system in july
we believe the rpo market has tremendous potential on a worldwide scale
on an organic basis excluding the unfavorable impact of changes in foreign exchange rates
before greg discusses (*->the) financials let me spend a few minutes (of->on) our strategic and operational progress
(of q1->*) this product will be kind of fully rolled out to available to all of our members
and you can see that gas will increase while oil and coal should decrease
we opened up 3 new properties in london in the back half
is it more of a kind of do smaller deals and kind of creep up
its more just about an inflection of it not being as high as it used to be so its
will provide a good base for copper prices to hold
we also promoted the new role of the pharmacist linked with travel health
and so thats why okay we will make sure before we make the move
as mentioned on previous calls there (was->is) a significant impact from zika which is more than we expected
theyve been cutting back and so thats been dampening the sales trend to a certain degree
we have been focused on converting existing renters to owners and are pleased with the trend we are seeing
in our revenue mix to one thats more recurring in nature and therefore more predictable over the long run
wanted to see if you could give a little bit more color in terms of the relative
that i think are going to distort that number as far as just being a pure
under our expectations and i think youre right in terms of the kind of gap
expense that we need to keep in mind with ais or (are->*) we all done with that next quarter
during the third quarter we (continue->continued) to advance on the required preconstruction activities
you have quite a bit of an aggressive plan to hire additional headcount and from
brings to them and have also communicated opportunities to further expand our relationships
we are participating down the credit stack with our mezzanine and preferred equity
and for how long were going to have that small investment drag on the profitability
the case for all companies for their local business
this is driven by the increased relative size of our businesses in russia and the north sea
i remind you that none of these communities is a part of our samestore portfolio (and->*)
and the better for the shareholder over the long run so thats really the answer on why now
as we move down the path of obtaining approval for our product candidates
very well positioned in addition as weve
if you look back in a couple of years ago in fiscal 14 your script
and it consisted of installing a primary crusher at the toquepala mine pit
and we will be at the stay front of that we will definitely invest to make sure
over the last few months we have conducted a significant subscription cancellation review process
generating in terms of revenues (it->*) doesnt take much to make a difference
so are you seeing some of those local distribution centers really pick up at this point
and two suggested modifications to the directions for use
thats not the case right now now if youre asking me to kind of hypothesize about looking out
but now that weve got a couple of years of history behind us weve targeted them
where we increased occupancy slightly but we saw (a->*) continued pressure on rate
people paying down on overall ticket value instead of suspending trips
and (will->well) be able to work with all the efficiency needed
these new capabilities will help drive the next (slate->leg) of growth and we expect (well->will) extend the record
but it sounds like maybe the disruption from that has been greater than what you expected
but to the first part of your question the benefits of having new homes
and then on a reactive basis either by means of just the normal course calls that we get
good afternoon and thank you for joining us for our first quarter earnings call
to get people to really understand what we have and what we offer at the property level
and of course we are trying to work with them in order to see
the markets peak impact from porter ranch was january through april thus
its also a confirmation of the criticality of our systems our services
to make sure that (the->*) people will really focus on this very good opportunity
most of the time its a question of when the seller is willing to part with their asset
based on this outlook we expect to generate positive cash flow from operations for the full year
this is a nice business that theres a number of theres a few businesses that do this but nobody
we also think this will further strengthen the appeal of the independent channel and our model
to be the seasonally lowest revenue quarter and then to build up in each successive quarter
and then more broadly on the construction side after the warning maybe a month after the warning
we have been aggressively engaging in various customers and branded
the ability to receive and deliver segregated batches at these rates
explain why you think youre doing so much better than competitors and where you think youre taking subscribers from
we are also in contract negotiations with several more which will add to our base of business
this decrease is attributable to a decrease in earnings from our share of the bostco facility
so all of that was contained in the last week and essentially most of it was contained in the first 3 days of the week
along with that from ge capital (and->we) feel very good about the prospects (of->for) that business as we look into
our emphasis on improving economic profitability as an organization is proving
very convenient for people because they could get their order
is covered under the safe harbor provisions of the private securities litigation reform act
surviving a downturn is always challenging but it also creates many opportunities for improvement
yes so all other things being equal i mean we should end up seeing total services revenue
(*->but) we thought it was a reasonable price for the prospects of the business it is fairly rare i would say that (yes->is)
and it has performed very well in the hands of key opinion leaders going through very tough lesions
this combined with the significant investments (we have->weve) made in internal process and analytical development
to be very clear this is all behind us (we->weve) resumed normal operations globally were going full speed
weve hired a lot of talented bankers across all of our businesses and see great opportunities
the power of premium has placed us among the lowcost producers in the global oil market
well i think that weve certainly got the fairway
continues to increase in its appeal and so weve invested last year in both
(*->this) cycle has at least a couple more years if not more (but->*) one of the things that i would note
and (the->a) third one would obviously be continuing to deploy (our->*) financial assistance or transition assistance
the european community is showing signs of recovery with rising
turning to the breakdown of operations slide 7 you can observe that
on my part maybe it was a mistake that we got pinned down to a range of numbers
the profile really is not significantly different
before we begin i would like to remind you that during this call we will make forwardlooking statements
and then as you think about the delaware basin with our transportation capacity that we have
our collins terminal is strategically located for the bulk storage market
start accelerating up to double (digits->digit) youd have (*->to) really have a period of a multiyear period of
well we have a structure in place that we validated with ofac that (they->the)
because a large number of your potential sources of new talent
theyre on the ground talking to customers looking for new opportunities
if everybody had been sitting around doing nothing last week which certainly wasnt the case because we were
i think (dime has->dims) given itself a great opportunity not to have to get back into that game if we choose not to this year
okay and as we kind of work towards that 3year time horizon in terms of
all while maintaining a conservative distribution coverage ratio
very healthy livers but theres more data from our work (and->in) this trial in particular
one is (*->a) development fee and the second one is a management fee
so in this (particularly->particular) disease category thats rather significant when you look at the fact that
you know the we have a very very broad window within our
so were very careful everything we do in the company is driven by
offset some of the cost of that as customers are changing their behavior so
acquired (nph->mph) stayed disciplined on expenses to drive operating leverage
we continue to see significant premium inventory potential in the powder river basin
was a nice acquisition but i would say as ive been saying now for a number of months and finally we have some
but part of being back to normal is to take the time to introduce our new cfo who
and what we saw last week is that international bank was not willing to transfer the shares
that will evaluate the risk profile of the opportunity and then bring it to underwriting
we are focused on creating a simple operating environment for our advisers to do that
office in italy as it relates to demand coming out of europe and the middle east
technology or digital platform with branch
highlights at this point in the year include the following first
seems a little preliminary until we talk to them but i can tell you as i said in the script that
additionally we will continue investing in our brokerage and advisory platforms
gaining market share from existing customers and picking up new relationships
and we are still carrying a high level
and when i start seeing things that are actually getting awarded that are new projects
(developed->develop) projects that will provide further accretive growth
now let me turn the call over to christian thank you philippe
the operation results have been enhanced and the financial figures have been upgraded
the acquisition of the west coast stuff really pushed those debt levels up to (what->*)
(*->it) not only is it were selling more of a complete bundle but also the clients
growing at a decent rate and as profitable as you are
executing with excellence and capitalizing on market consolidation opportunities
turning to guidance looking forward to the remainder of the year
we feel like by doing so were helping our new competitors more than we
if it tucks right in whether we can expect it to be sort of in line with the company average
i felt like the price estimate had credibility and deserved further discussion
and uncertainties that may cause actual results to differ materially
i also want to provide an update on our overall asset expectations for (nph when->mph)
this is our current thinking and really just to kind of answer your question we think it will be higher
so we plan to stay in the protocol and we hope to see other members stay in as well
where the audio recording of the webcast will also be archived for future reference
and we do not undertake to update any forwardlooking statement that may be made from time to time
and for all of our senior leaders in our business some of them are going to do well beyond that
wells are drilled (year round then->yearround than) completed mostly during the summer
other than the funding piece of it that we think they do exceptionally well
during an oral presentation at the annual meeting of the world muscle society in mendoza argentina
a little bit of margin compression higher expenses but a lower tax rate
to be that big of a benefit but they certainly are all positive for the overall business environment
this increase was driven by a rebound in orders from oil and gas upstream which were
we anticipate the project will be completed in the fourth quarter of this year or early next year
continuing on the group theme you mentioned that you are taking some market share
as far as regular runoff out of the portfolio weve seen it fall to the
think of that again just as timing of various projects as they come through the cycle and nothing of great significance you can see weve done a pretty good job if you look at (*->the)
from us and well continue to say it because we believe its going to continue to be accurate based on our (locations->location)
were serving all (of->*) these markets we see where demand is going we see what the technology trends have been out there
our goal is to be well positioned to participate in this expanding opportunity and we are pleased with the progress we have made to date
increased equipment activations in 2018 will require the industry to look outside the current labor pool
nor the legacy things its the combination of those combined with a great performing clientfocused organization
we will hold our current frac fleet in the permian flat as we expect pressure pumping market there to be very competitive for the near term
securely on any cloud whether it is public or private and help them foster cultures that are optimized for speed efficiency and productivity
with growth above 10 we were exceptionally pleased with this performance which resulted primarily from improved client demand
our bestinclass software and services help organizations compete and grow by giving enterprises the technology they need to build and operate applications (at->of) scale
we are continuing to make disciplined investments in our people processes and systems in order to position charles river to support future growth
so theyre always evolving we have several conversations going on right now with large clients
changes in the fair value of contingent consideration as well as amortization of identified acquisition intangibles
we also wanted to bring your attention that as noted in the 10q we filed today we have received a civil investigative demand letter from the department of justice
acquire somebody sort of opportunistically that would be accretive and a good fit for our business we would do it that remains the case
china continues to present a significant opportunity for us as the government and private industry both fund drug research
we will also be keenly focused on integrating all of our current acquisitions and managing our existing businesses
we were very pleased to see the safety assessment margin above 20 again and believe that we will continue to drive further improvement
if you look at the return on that investment in the finance department you actually see that the rate of financial growth
in addition we recently launched an emergency room diversion program which is expected to produce savings beginning next quarter
we kept thinking that eventually this workover business was going to have to snap back because so much of this maintenance work was being delayed
were in the early stages we have a financially sound company we generate strong free cash flow and have a strong balance sheet
is that number inclusive of entrada or exclusive of it i know you guys have adjusted acquisitions previously (so ill->*) start there
and then become more of the primary provider of the service as time goes on and then they help scale
but were working pretty darn hard and making some real progress (*->and) you mentioned the holistic approach towards serving the customer (and->*) giving them
with embedded (derisked->derisk) growth which we continue to unlock as we redevelop and release our space
for new and reactivated horsepower across the industry causing pricing there to be very competitive
in addition to factors noted during this call a more comprehensive discussion of our risk factors can be found in todays press release
to be able to employ those benefits to the wil organization as we bring them closer to charles river so (a->*) couple of years to get
we believe that our global biopharma biotech and academic clients are searching for the right partner to support them
stock compensation expense as well as changes in the fair value of contingent consideration recorded in relation to acquisitions
around the building as we now have no street seller of our ticket to whom we are obligated to sell our tickets
and for instance we had one customer that sold out in eastern new mexico and we were running 5 rigs a day
companies theres a whole host of biotech companies that are operating businesses that have drugs in the marketplace and have sales and
and then can you talk at all about (the->a) tenant watch list in terms of credit like have you seen any change in that over prior quarters
overall im pleased with our solid results in the quarter and believe were on track to meet our full year financial objectives
our strong execution really positions us well for further investments in our business to drive future top line growth opportunities
that (will->well) be launching later this year into low earth orbit so that we can start testing validating and demonstrating
all of our efforts to date have been focused on positioning charles river as the premier earlystage contract research organization
and all i can say (*->that) to try to answer that question is we will do everything we can to continue to
however we expect to offset this deterioration in the combined ratio by outperforming the market in terms of policies and premiums
i think the key piece on services is to remember that were delivering the level of services that our customers need to be successful on the platform
it sounds like youre saying you do think that youre over more of the hump (than->and) less of the hump in terms of deposit betas are you expecting
what were currently doing for them what the current dialogue is and where we think it could go we do build that up client by client so
weve now revised the presentation of corporate (costs->cost) to more fully allocate (costs->cost) to our (healthcare->health care) and pharmacy businesses
the effect of the change is a reduction of operating income and an increase in our nongaap tax rate
as we further develop our state business we believe that many of these models of care can be applied to our commercial business as well
going forward in 2016 what we may be doing with the observatory and as part of our annual budgeting and planning and
and implementing additional projects to enhance the automation and efficiency of other businesses through it investments
empire state building of the connection with new york city and with its history and with being in the center of new york
were pleased with the early traction in pks deals during the first year of availability and continue to be encouraged by the growing pipeline
at 63 degrees west longitude to expand our services over the americas the caribbean and the north atlantic
our groundbreaking work with individuals with serious mental illness in florida continues to generate interest from other states
this decrease is mainly due to the impact of contract terminations and net unfavorable yearoveryear medical claims development
these large rig packages are important because they reflect the underlying strength of the current workover and completion market
for the completion (and->*) remedial segment revenue (splits->split) it should be noted that we made slight adjustments to the service line percentages
and most important we have (*->a) talented and dedicated employees all over the world who are committed to helping our clients and our company achieve greatness
thats always a good place to be our balance sheet is in a good position and having (refinanced->refinance) weve got a lot of runway
its a specific case that we go for but now every single call that we make were pulling out unifuse like weve never done before and were pretty surprised actually that
while much has been said of the upstream us shale expansion ill remind you that this has not been an area of historical focus for rotork i will note however
we (expended->expanded) a significant effort in the first and second quarters which we believe will pay dividends to our focused pv growth products in the second half of the year
thats a very good question we havent yet discussed any factors that are driving
i guess when i sat down with you for the first time i said (i am->im) going to focus on (clients->client) sat and im going to focus on being a transparent organization i think we (achieved we->*) are achieving that very well (a->*)
and in doing so that of course (created->had) a great opportunity for our competitors now to go in because while they were using one of our products they chose that product
as i said pat will provide more granular investment and detailed financial information during his segment of our presentation
that is why i call (*->it) our technology transformative our imaging technology has created a whole new way of thinking
on that data and its really promising information so we think that if we can get this on label just as visualization
were focused on transparency with the investment community and so as these things come in we want to make sure that were keeping you updated and then just given the
additionally certain nongaap financial measures will be discussed on this conference call the companys presentation of this information is not intended to be considered in isolation
theres typically a lot of the larger contracts come up for bids in the spring and summer
i think we probably would have done better but when you have customers youve been with a very long time and you feel like youre letting them down you want to serve them and you want to be in there with them and sometimes its not all
our business was supported by increasing activity within our oil and gas markets notably evident in smaller to (midsized->midsize) projects such as retrofits and upgrades
some of these bids will be can happen during the current year but they can happen next year or even in 2 years from now
from a facility consolidation perspective we are benefiting from a leaner operations management and overhead structure in advance of project completion in the upcoming quarter
with our new suite of offerings weve made a major step towards being able to act as a trusted adviser to our clients and prepare them for success in a valuebased world
and so the ones that adjust every 5 years you really dont need inflation to do better because what you do is you buy a (year1->year 1) cap rate and then you ultimately do better over time
i dont with interest rates rising i think thatll happen because of inflation as well as worldwide economic growth
we are continuing we have things not transformational elements but we do have some things in the pipeline we hope we (*->could)
not sure we have all the answers but when we talk to our internal and external customers some of the explanations coming up are
jonathan (and->*) i were quite nervous at the midyear and sure enough if they really had their finger on the pulse of the market and all those programs came in in the back half quite nicely as they expected so
about our outlook for 2019 so (first->firstly) we do welcome the recent stabilization of the oil prices
to (borrow->bore) the analogy from another industry we are at the (apple ii->apple2) stage of our technology and that (theres->there is) a lot more to come in the future
one of the things that we said was were about 6 months behind where we wanted to be in launching the programs that we really feel will enable this bookings growth to show up
each of these consolidations are continued to be evaluated on a riskadjusted return basis with a desire to average a payback period of less than 2 years
further defined how were going to reorient those sales offices and consolidations and what have you and thats frankly something we werent going to do until the end of this year
second we are opening up 2 new segments by bringing innovation into power management for computing systems and for tvs and settop boxes
but i just think its too early for us to sort of comment on exactly how well or how what the issues we (will->would) face
projects there is out there the second thing most of our competitors are basically construction companies that are also doing
there are no questions i would like to finish this call we had
we continue to identify opportunities for managementdriven improvements within rotork to stimulate both the growth and (*->the) margin we desire
each site then goes away and they had january to write a documented improvement plan and now those plans are back and theyre executing to those plans so a lot of those type of opportunities
perhaps you could just give us some color in terms of like your bidding activity in canada and where you see that going over the course of the year
will be pretty much reduced in the second quarter ill let mario maybe give you (a->*)
but we do need more data so we are running a few registry studies of different kinds to figure out exactly how they can interpret this
at this point its time to open the line for questions and answers as a reminder the purpose of todays call is to discuss the earnings results we ask that you please keep your questions
in the first half of 2018 we also experienced several major project wins principally in asia which we delivered upon in the third and fourth quarters
healthy economy especially with foreigners coming back into the gateway cities hotels are doing much better now than they were doing before
but i think the bioflo story is strong and the data is there and i think customers get it it is a harder environment to ask for a premium product when youre asking someone to take the price up
of ordering these vessels when the yards are on their (knees->east) because other shipping segments are really struggling and have been doing so for a number of years
through focus positive and productive change and aggressive investment we feel like weve gotten to a point where we have a very solid platform to build on going forward
which is going to be very important for the society as a whole and our employees i thank you very much and well now open for (q->*)
and then we continue with the things we can control and we have good traction so we go into the second half of (*->the) year fairly optimistic
so thats the way the number is we dont like it any more than you do but i dont think it would make sense to go (into->*) any more detail than it is
todays conference is being recorded at this time id like to turn the conference over to brian (ritchie->ritchi) of lifesci advisors please go ahead
towards the end of 2018 we saw a high degree of oil price instability causing some of the larger programs to pause for what we believe is a (short term->shortterm)
many of you may recall in our customer survey work done in the first half of 2018 the issue of quote turnaround times rose to the top in (the->a) list of concerns
a significant portion of these sales are related to the nanoknife disposable approval in china where we have already received approval of our generator earlier this fiscal year
of having (rotork->rotor) a level up here on all critical applications and these are the meetings that ive (sat->said) in a couple of them last year in china
(jocelyn->jostlin) has been a great asset to this organization and a great team member to that end (jocelyn->jostlin) has decided to move out of the gc role and seek that next chapter
risks and uncertainties exist that may cause actual results to differ materially from those expressed in these forwardlooking statements including among others
i mean i feel very good about the leadership team on sales and marketing in general but i think the (wound->room) side is making progress at a very good pace
second one of the worlds largest financial institutions is in the process of modernizing its culture along with its applications to provide better client and employee experiences and has gone allin on pivotal because of our industryleading platform and services
our teams are racing towards growth and we look forward to continuing to update you on our progress both at our analyst day in new york and at next quarters earnings call until then you can find us on the road making things happen for our clients
while the first steps on the path towards growing revenue were ensuring client satisfaction and ease of doing business with us the next step is to make sure our clients understand the breadth of our enhanced solutions and how these solutions can truly enhance their businesses
will compress our margin expansion in 2016 but we are confident that we will be able to leverage our growth and enhanced infrastructure to drive greater margin expansion over the longer term
that generates value and so we really feel like its not the individual components its the totality that is emerging the onestop shop for an entire solution thats emerging that is truly going to drive the bookings growth
that combated our efforts to manage margins we believe our managers were able to produce very respectable results were also happy to see a positive quarter in terms of net attrition where results were the best in several years
and thats really job (1->one) but as we start to bring things like our new acquisition on the analytics space to the table which enables our clients to not just report
we expect services revenue for the year to be relatively flat to last year as we enable existing customers to be selfsufficient leverage our si partners and as maintenance revenue associated with legacy products continues to decline
the gains on financial instruments reflect changes in the fair value of our interest rate swap the prepayment options on our senior notes and the embedded derivatives on our term loan facility
we have undertaken an initiative to enhance our cash generation primarily through improvements to working capital management this is one example of how the investments that we are making that i mentioned earlier will lead to more efficient processes
in the call but i think we may fall short (*->but) its a very interesting thing for us to listen to all of the market and prognostication that is going on
because of that (theres->there is) not a lot of visibility on the figures and on the remuneration because they are not listed on the stock exchange and there is not a lot of publications on the company
thats where kind of the virtual capacity really builds outside of pivotal but just to be clear from a subscription sales cycle the si partners are really helping accelerate consumption of the software and expansion
as a result of various important factors including but not limited to those discussed in our annual report on form 10k which was filed on february 17 2015 as well as other filings we make with the securities and exchange commission
at an effective price has been the cornerstone of our value proposition for clients and has clearly resonated the disciplined investments we are making in infrastructure both systems and personnel
how do you think about the (mile posts->mileposts) that youre measuring yourself against in terms of making sure that the investments youre making are driving the revenue growth that you want that the acquisitions are hitting the return hurdles just (think->thinking) through the process as you evaluate (*->that)
our low leverage on our balance sheet gives us a lot of comfort and flexibility we believe we will continue to outperform regardless of market (conditions->condition)
as we sit here today weve got a single consolidated organization weve got an increasingly connected solution bundle and we are now taking that to market and so when i think about
and so i cant help but think that the demand is building and that all of this is going to whipsaw at some point i dont know if its q2 q3 or when and i dont know (if->*)
the successful execution of our strategy to position charles river as the earlystage research partner of choice a position that we believe will be enhanced by the pending acquisition of wil research
we maintain a (lowlevered->low levered) balance sheet and we focus on maintaining (ample->apple) capacity and flexibility to fund our redevelopment program and to put us in a position to outperform over the long term
studies without having to build new space there were really pleased with our ability to attract senior scientists and the management team for that facility is really quite exceptional
while the entrada acquisition was a great first step in that direction adding an analytics element rounds out our offering and allows us to move towards meaningfully expanding the breadth of our solution and its coverage of the needs of our stakeholders
another thing that they bring there is their open source curated open source distribution which actually forms the underpinning for pks now as well so those are combined
now naturally there are always areas that we may look at both from a partnership organic and inorganic standpoint but its not something im really comfortable talking about on the open (mic->mike) because thats really indicating future direction
right and then where we would bring in a (perficient->perfician) as rob was saying usually if its initial sale a new customer and were doing kind of that initial implementation or what we call a (dojo->dozhou) pivotal would provide that service
from his beginning were really happy with the way our properties are performing we really love our competitive position we like the offering that we have and we like the fact that in many cases
okay so in other words this is essentially just a more normal price or its a more normal situation versus the benefit that
it will get people more used to using data also in their home location and that increases the opportunity for us to do up (tearing->tier) and to migrate people
and so i would encourage you to think about that number holistically and thats why we look at it as kind of a allencompassing number on revenue coverage versus just looking at it from a subscription
business models we have seen (*->kind of) more of a shift within those bookings to more and more recurring revenue and i think well continue to see that trend as we move forward from an overall landscape issue
as we worked our way through it but the history of what we had built with (the->a) smaller agreement with them in advance helped to build upon that because as we traditionally say we like to say what we do then do what we say
do you think there might be an opportunity to double back on the senior secured note offering that you had contemplated earlier in the year maybe when activity levels were less predictable and there was some
we survived the craziness of the year (2000->200) with the regulators and we are still trying to survive the craziness of the regulators today i should get an (amen->am in) on that one (right->*)
as was the case in the third quarter sales in japan (continue->continued) to decline moderately but when looking at asia in total higher revenue in china more than offset the decline in japan
we became a publicly traded company in july of 2006 we thrived during (the->a) recession we raised capital in 2 days and bought failed banks over a period of several years it changed our corporation forever
we continue to execute on our longterm strategic growth plan and i am pleased with our progress to date as well as with the numerous growth opportunities in both our pharmacy and (healthcare->health care) businesses
and i echo his sentiments as we absolutely believe these investments are creating exciting new products and will generate higher revenue and better margins in the future
although deeper mi coverage would help to expand the market national mi does not need a larger market to fulfill our primary financial objectives
current market conditions and our expectations going forward the impairment test we conducted in the fourth quarter did not support the carrying value of this distribution network (from->in) chile
to get it (onstream->on stream) so we should (expect->affect) fairly flattish for 6 months and maybe addition maybe not depending on what you decide to do is that the right way to think about it
during the course of this call we may make comments about our expectations for the future actual results could differ materially from those contained in these forwardlooking statements
(*->lets put it) were looking at everything to be a 30 return on investment on the cash that we have and the heavy equipment does not provide that so that will come last
returns ultimately are built from quality customer relationships disciplined pricing prudent risk management and controlling expenses
and we began reshaping our facility network which will effectively translate to a 20 reduction of our footprint while leveraging field service delivery to get closer to our customers
and financial efficiency in quarters and years to come while investing in areas that we expect should result in a healthy rate of revenue and earnings growth
we exclude from our nongaap results a number of charges or benefits that are either noncash or that we consider outside our core ongoing operating results
our results reflect strong performance in aerospace and a difficult backdrop in distribution combined with effective cost controls across the company
were anticipating that and taking that into account most of our raw material or commodity benefits were seeing are going to be the result of 3m efforts were doing to take
as royalty holders with no cost share but full benefits theres not much better that can happen in terms of bolstering longterm returns (and->than) having an operator announce an expansion
currency headwinds in several of the foreign countries in which the company has operations which had negatively impacted prior quarters abated in the second quarter
incremental strategic investments lowered margins by 70 basis points in the quarter as we indicated during our december outlook meeting
but we have a lot of other areas and theres a lot of energy around this subject has been and i think were getting more effective at executing more quickly
and i would say that compared to 5 or 6 years ago the investments were making on the technology side are much more offensive and (forwardleaning->forward leaning)
if and to the extent the company makes forwardlooking statements we do not undertake any obligation to update those statements in the future in light of subsequent developments
labor set there because youre right in very heavily congested area and youre in some (of->*) quite a bit of that work is actually in raritan bay
we will continue to grow the asset management business in a measured way moving forward our board continues to be open to all strategic alternatives to maximize shareholder value
shown at the bottom right is our expectation for loan growth by product type we are comfortable with our commercial real estate concentrations and plan to grow commercial real estate loans
this is essentially (*->a) many diversified industrial component business with broad exposure to on and offhighway vehicles medical aerospace and civil construction
are significant competitive advantages over other sometimes larger and more established players as we have better control of the design through finished product phases
youre able to double capacity what time frame will you be able to double sales with the double of equipment
sort of constant (word->where it) is is that the appropriate target to think about or do you think (there is->theres) still some basis for it to move gradually modestly higher
okay and was the trigger for that kind of thing competitive actions was it particular projects im just trying to get a sense for kind of
that completed itself it didnt repeat as you can see in the third quarter because the third quarter bounced back to our expectations (theyre->or) actually slightly better than our expectations around profitability
thanks amy good morning and thank you for your interest in williams and williams partners yesterday afternoon we released our financial results and posted several important items on our website
this class is entirely built of the refreshed concept so we saw an immediate tick up in 17 with the refreshed concept
for the (risks->risk) we are taking and the capital we are required to hold these premiums will drive our targeted midteens returns over time
end of the year for that and at some point were going to have customers come in and start their qualification process in parallel with us
as we continue to prudently manage both risk and expenses we expect to deliver solid earnings growth for many years to come
and we want to be there and be a good reliable provider to them and grow with them so i would say its really nothing more than
and capital efficiencies and we are confident in the resiliency of our business model which will support our ebitda and strong free cash flow conversion going forward
and everything were seeing now we see that on track much of that is being driven not by just pure market prices but its now being driven by our own efforts
one of our heartland businesses as well as from roofing (granules->grandles) as we expected organic growth in (health care->healthcare) was similar to the third quarter
certainly looking at whats happening in terms of the economic environment and whats happening to capital levels in the industry generally
please see the release and our sec filings for information on the risks and uncertainties that may cause actual results to differ materially
trying to pull out the geismar revenue i will say though that we do expect a pretty modest uplift
earlier in the year we increased our potash royalty exposure with the addition of additional partnership units from liberty which proved to be very well timed
revenue per student also increased between years due to an increase in ancillary revenues resulting from the increase in the percentage of traditional students living on campus
statements made by management of immucell during the course of this conference call that are not historical facts are considered to be forwardlooking statements
can you give us a sense for the timing of when we might see 10 20 basis point impact on any of the margin line items
and then the third bucket would be the bonuses and any other expenses that you would expect to not recur beyond 2018 (yes->y)
we are committed to driving toward those targets now i have a few comments on our team which is very talented and committed to this company
which was not unexpected and if i take a positive away from it we can see absolutely no argument with any of the facts that we provided
now that its 6 people when it used to be just (1->one) person of just telling that story of what first defense does how you can avoid another vaccine to your cow
in their launch process and as a result more valuable for rapidly improving quality and containment from the first part produced
is it the goal and expectation that (*->that) share count can start now to go down as the impact from higher stock prices becomes a little less
but because of the broader industry feeling towards this if we do migrate towards higher base salaries and less incentives for branch people
with (regard->regards) to the pricing environment things have remained stable providing a solid backdrop as we implemented our midyear price increase
was a little bit lower this quarter versus the prior couple of quarters despite the fact that the stock and the valuation was lower than in prior quarters
this customer is using five9 for its ecommerce customer service organization they were using a premise system that was expensive and required too many technical resources to maintain
thanks scott and thank you all for joining us on the call this morning as we usually do ill make some brief comments on the quarter and cover the first few pages of the slide deck
most of the big brands in the core are in the second half weve got pretty good forward visibility into pacing (a->and) booking on this (so->*) i think we feel good about the core
and some of the questions seem to miss those 2 points and i want to reemphasize that our great service is because of the
consequently cloud providers tend to go for large deployments that will enable them to meet sizable chunks of the anticipated demand from a single location
this year with the ability of the organization overall to overcome the pressures that we had from bookings and retention call it a couple of years ago
both companies have a keen appreciation that superior customer care comes from having deep analytical insight and understanding of the entire customer journey across all points of engagement
the fiber i think the fiber is there our biggest issue is finding the appropriate land at the appropriate value early enough to make sure that the power is there
our investments in existing portfolio (of->*) companies continue to be an important source of new investment opportunities and reflect our strong borrower relationships and the value we deliver to them
okay so part of the changes part of the benefits are being seen in the performance of the core the core is outperforming the company average right now
a particularly larger loan a commercial loan in the hospitality business that we originated in the quarter and thats kind of what brought it
and based on that and the growing resource base we have across the country generally company generally i would say that we were very optimistic in terms of
and as we just think about the energy portfolio and reserves around the energy portfolio and i know theres some questions about whether we (released->release) reserves or
any more color on this (and->*) i think you mentioned a few minutes ago that there could be some higher syndication fees in 4q im curious if this is energy related
in all segments which was (a->*) particular focus as we talked about that in (the->*) investor day and those (should->fruit) playing off and that should give us a good run rate going forward
(oil->*) with diluent and that is the cost of blending that appears here so we are actually selling more volumes in canada (that->than) what (we are->were) producing
during the course of this conference call there will be forwardlooking statements which involve risks and uncertainties that may cause the actual results of the company or of the industry
in the next couple of slides and as i mentioned in the first quarter (that->*) we did approve the drilling of an additional exploration well in malaysia
piece dragged out for a while with operators not with certain vendors not getting paid and (mechanics->mechanic) liens being filed and a lot of legal fees and a bunch of other stuff so
meant to help them but also as we go into local markets doing business with local enterprises in those markets (it will->itll) also help that so yes it expands our addressable market
the conference has now concluded thank you for attending todays presentation you may now disconnect
the interim dividend has increased by 4 which delivers the increased minimum commitment that we made in february for dividend growth through the period of the growth acceleration plan
the next key integration is with microsoft skype for business uc our latest integration with skype allows agents to seamlessly connect to knowledge workers
subject areas that we feel comfortable in and we have already got scale benefits (that->and) we feel very confident about how we integrate for further scale
and we treated it as one relationship with the same guy running both companies and the same executive team and operators and everything else throughout the company
voluntary retirement is wrapped up into that because it has to be factored into the overall amount of labor you have is to increase productivity so increase really revenue (*->per)
relative to national or would you expect international to be one of the strongest growth areas or how would you characterize the strongest growth
there are always some borrowers who prefer to have a lender who gives them certainty who understands their business who understands that
or firms that have raised a lot of money particularly on the private side some of which are putting it out at a very rapid clip and this makes us more cautious
i think the top 2 businesses which are the main engines of the performance of the group at the moment which were the things (weve->we) put under the spotlight externally at last years investor day
that we see at a couple of the competitors that have been acquired is there are resumes on the street (that->there) continue to be a good flow of resumes from those companies
interest expense declined from a full quarter benefit of the third quarter reductions in federal home loan bank advances and the subordinated capital notes
what kind of activity levels are you seeing through those partners at this point are they sourcing (the->*) leads and getting deals closed or is it still (on the->*) in the onboarding process
they go through what we refer to as a direct marketing channel and what weve done interestingly as part of the sales transformation (effort->efforts) is weve taken pieces of it
we continue to have a whole bunch of partnership discussions with a bunch of different firms i cant really name any new companies but what i can say is very very positive response
were constantly in discussions with them about them telling us where they want to go and how they want to go and looking one of the concerns people have is that theyre going to
and most of that progress is being driven by the core team of hunters that have been in place for a while nearly half the team is new
and cause these forwardlooking statements to be inaccurate a more detailed discussion of certain of the risk factors that could cause these (futurelooking->forwardlooking) statements to be inaccurate
thank you alan and good afternoon everyone (i will->ill) open with our economic update and outlook and discuss our revenue performance and business conditions in each segment
are you finding that (you are->youre) doing more and more kind of coinvestments taking on larger bite sizes and thats kind of whats helping you maintain some of your pricing power
could have come on slightly later but there was (a customer->customers) that wanted it like a week or so earlier and it just slipped into the earlier quarter so
and in the syndicated as an example one of them was syndicated (it syndicated->*) eventually but it really started as a private (intro->in)
(*->we) remain excited about the future of the peo now id like to focus on the strong progress of our investments to improve the client experience
which are subject to various risks and uncertainties outlined in the risk factors section of (ofgs->ofg) securities and exchange commission filings
where if you listen to for example blackrock and a lot of these firms that absolutely is one of their core parts of their kind of strategy and goal going forward so
up from about 50 when we acquired it less than 2 years ago marseille is an excellent example of how our communities of interest develop
during this call certain statements we make will be forwardlooking i want to call your attention to our safe harbor provision (for->*) forwardlooking statements that can be found at the end of our press release the safe harbor provision identifies risk factors that may cause actual results to differ materially from the content of our forwardlooking statements
(*->and) some of the challenges they have there and some of the solutions that we provide so its not a commentary at all on 16 but like everybody else we can look at the coal generation numbers in the first quarter of 2016 and they were down
we are well positioned to accelerate our organic growth in the second half of the year now ill turn the call over to (glenn->glen) to provide a more detailed review of our second quarter financial results glenn thanks pete and good morning everyone
(yes->*) thats a great question and it would be on the former (of->*) that you mentioned we believe that were a hospital company that todays platform is built off of our (sublingual sufentanil->sublingus defentinal) tablets it just so happens weve got 2 products built off of that fundamental
demand above all for human resources and subcontractor services also intensified in the markets of central and eastern europe so that the margins starting from an unusually strong level (approached->approach) the group average
we remain in an environment of high valuations and now increased volatility as i stated last quarter volatility ought to remind investors to not become complacent especially as asset prices remain high relative to history
that offer expansion in naturally growing markets including industrial environmental renewable wastetoenergy and other power generation or industrial equipment that serves a broad global market
also (on->in) todays call the company may provide nongaap information regarding certain of its historical results and 2016 outlook to supplement the results provided in accordance with gaap this information should not be considered superior to or as a substitute for the comparable gaap measures
and as (a->*) part of our own (and->*) assessment of when we can comfortably take carry having a solid exit base and therefore having returned a reasonable if not meaningful portion of each one of the invested capital for those funds is critical
and understanding how stable that group was there were some considerations how we thought about our distribution structure and so we felt it was prudent to pull it in so it was our plan initially and it was our plan to pull it in
as we continue to hold on ramping up commercial resources prior to a potential pdufa date for dsuvia we will continue to manage our cash prudently with the goal of ensuring we have adequate financial resources
so it was more introduced as a popup show post holiday that we thought might have some legs and it just didnt and as weve noted in the past we dont expect a 100 hit rate on all new launches of shows well have a fairly good hit rate
just is there any way you can kind of or do you feel like youve accounted for the risk that you could have additional (boycotts->boy cots) with (the->this) show and i guess as it relates to the (winter->winner) show
and really what (i am->im) driving at here is the sustainability of this margin improvement especially given i think i heard you say that dont expect that the parts and service revenue growth we saw in the first quarter to be extended into the rest of the year
of at least a comparable level to that of 2017 and to generate improved earnings now that the alto maipo project in chile no longer has a negative effect on the segments result
as we would expect in this environment our active commodity natural resource equity and multistrategy real asset portfolios posted solidly positive returns and materially outperformed their benchmarks
if (you->we) have followed our calls before i always underpin that i did not expect the extremely good margin in (the->this) segment to remain forever still the current level is a satisfactory one
over the last month weve seen some further deterioration in the outlooks for both of these shows as their pace of sales did not keep up with our expectations as well as reductions in our forecast for the new york now and (asd->ast) summer shows for the aforementioned reasons
new projects has not been approved in the last 5 years we had 5 years in which each year prices were lower than the prior (ones->one) so this is the year where we have changed this trend
i am particularly excited to have announced the acquisition yesterday of the sia snow show the leading national ski and snowboard b2b trade show expanding and strengthening our position within the outdoor sports and recreation sector
the profit on the joint ventures comes through the equity income from investees line which is above (of->op) income and the decision was made to
second i want to remind everyone that we expect a lower level of net realized performance revenues in 2018 compared to 2017 as we transition from the older vintage of funds to the newer vintage
a large payment of cash one way or the other into one quarter or another quarter so i dont think its something you should look at as seasonal so much as just our ability to achieve these milestones and get the
thats a very good question and as we focused on this tough macro environment for the last couple of years we take the same lesson we can control what we can control and we have a lot of room for improvement within our walls so to speak
and to the extent if coal does slow down a little bit faster than we thought weve proven ourselves to be very good at taking out cost and maintaining or driving up margins in those businesses and wed expect to do the same thing
are you kind of pointing to the fact that the absolute dollars that we saw in the first quarter will likely moderate a little bit in the coming quarters or is it the percent growth that
(you are->youre) going to take away all the benefits that you (received->receive) really quickly from the parts (discounts->discount) that you received and so this is a normal cycle i think it lasts for a while frankly i mean i do think a lot of these
but to be clear each of our funds have a set of agreements with our investors that govern how the fund operates including how it uses lines of credit and other forms of leverage for that fund
in todays call we will begin with an update on our view of the copper market we will then review southern coppers key results related to production (sale->sales) operating (costs->cost) financial results and expansion projects
in an environment marked by continued uncertainty and intense competition we are starting to see the benefits of our reduced cost structure and (the->*) improved operating efficiencies canada posted solid results
(with->*) interest but i think you should assume (that->the) default case for us is that were going to do this the (old fashion->oldfashioned) way and build it out which has a lot of benefits from making sure that our platform culturally
first quarter free cash flow was negative as expected due to the acceleration of free cash flow in the fourth quarter of last year as well as an increase in (the->*) internal service work in progress inventories
nothing would dissuade you from coming to that type of a conclusion in terms of relative outperformance now clearly the past is not an indication of what the future could become
commit to our funds as much money as we could possibly take we oftentimes have to limit and we have to limit it because we have to size the market opportunity and make sure the capital we take we can do
the conversation very quickly moves back to that because thats where these plans really need to focus and the other stuff is noise
and when i think about 19 and going forward i really look forward to the ability to explain to people and communicate them
but were really proud of the progress that this team has made how far weve come and i think the opportunities that we have
which clearly can blow in high wind conditions but also can show up for some very low capacity factors like it did
due to the weakness in the permian that began with the production takeaway constraints in the middle of the year
transaction gain in the second half that were anticipating for those hedge contracts that weve already taken out
the comments made during this conference call in the risk factors section of the accompanying presentations
but we understand that our heads are down we still have a lot of work to do (and->*) were going to keep making this incremental progress that hopefully
report on the complete tv set in terms of its progress and development
(principle->principal) requirements this change does not reflect our commitment
and well actually start to see some restructuring benefits in industrial controls in particular
as eric noted our financial results are strong and we have a great foundation upon which to build
to service anthems patients or our commitment to renew the contract at the end of the term
and we have an intercompany money pool that allows us to move money around to where its needed
we do not undertake to update any of these statements in light of new information or future events
im trying to marry that dynamic with the other comment that you made
or at least not including the gas (storage->charge) business were reviewing what were going to do with that at this point
(*->yes) i think as we showed in the one chart that if you have the
(their->the) distribution strategies and (their->the) customer interactions by investing significantly
supported by growth in our core offerings at the branches including direct (lube->loop) sales
some of that was a little bit better promotional cadence and running less promotions et cetera and still being able to drive through
its always difficult to build energy infrastructure so just any insights you can have in that regard
size of the decline given the levels (that theyve->it had) already been at and as we consider the more
but then when we start to look at the wse growth for (the->*) third quarter relative to the other quarters this year it (seems->seemed) like it slowed down a little bit
(we will->well) not be aggressive where it doesnt make sense where we see other ways to achieve a similar result
not surprisingly given some of the macro trends there on oil prices and also whats happening
the chart below shows the third quarter performance for our california merchant combined cycle fleet
the team achieved this while maintaining a 0 pay average per gallon
our canadian business is really doing a great job and continues to grow clients as well
if they change something then yes the commissions will decide how fast the tax benefits do get
we feel that we have the right level of inventory we have the right plans in place
based on current exchange rates and the positive currency impact realized yeartodate
once integrated this acquisition will more than double calpines existing retail load nationally
so we have significant capital investments and growth opportunities and a commitment to increase the dividend now
we look forward to having some things to share with you probably as we move into the (net->next) fiscal year so
in previous years there had been a point where you had gotten to a certain level
those 2 which were a result of acquisitions not a result of losing a client per se
weve really worked hard to maintain the compliance and
and we will continue to work very hard to create access for their products at fair prices
and i think what we have done over the past couple of years now at least is to establish i think (*->a fairly)
how you feel about the pace of volume and the mix
client specifics we only did in this instance because that was such a large impact from
on the next slide (we->well) provide a little more background on the noble acquisition
what kind of number (do->*) you think would be in a broad sense
our plan here is that were going to make one final attempt and approach over the coming weeks
simply put our clients are working with us to create the future of pharmacy
when youve been in a down (trod->trade) for a while you got to build it back up and (it->its) just the nature of the beast
so a bit earlier in the second half of the year yet no change to how we see the full year playing out
small but (theyre->*) which arent huge but they are mighty in terms of it and they dont create any scripts for all practical purposes
and profitable growth over the long term and with that ill hand it over to dave to talk through the financials
were also assuming we (have->get) normal wind according to some of the historical averages
that tends to run at lower margins than the recurring revenue than the service side so
(*->we) continue to believe our shares represent a compelling value at current levels
growth at all levels this is precisely the position were working to put ourselves in
that concludes our prepared remarks so with that ill turn it back to the operator for your questions
which is generally consistent with the (3yearout->3year out) figures we typically present on this call each year
that then informs a strategy that cuts across our entire organization and so while
and we dont intend to keep filling this vital role without receiving commensurate compensation
as this solution takes hold i am looking for increased margins on these products
(a->*) where weve seen over the last 6 months or so a bunch of interesting assets trade in (*->the) specialty space
is the fact that (it->that) actually begins with segmentation so we feel that
i will also discuss the acquisition in the context of our broader capital allocation outlook
we look at the earnings per share for the quarter were actually flat
the ability for us to deliver on time and really being able to just get those metrics in order
in terms of overall economic development and market demand
burton will begin with an overview of our third quarter operating and financial performance
let me touch on that and (*->then) let my partner pick up the other side of that
these are large projects that we are providing our little piece of equipment into
we are now operating just 2 platforms with our soi platform
often reflect the timing of shipments in the final month of each comparative period
we dont have (a->*) direct engagement with customer yet
now looking at the adjusted earnings with all those adjustments
what are those costs for and i guess kind of have you got any idea
so we (try->tried) to strip out the effect of uplift in the first half well continue to do that for the year
and by delivering this vertical product and technology strategy
products product categories that could be significant sales drivers between
to total cap ratio weve got room to absorb some of that without jeopardizing
and so the other thing we mentioned already but we are exploring strategic options
what are you personally most proud of and what are you looking forward to in terms of continuing to kind of
but were looking forward to painting a picture for you guys when you get here
as it relates to the kind of relationship we need to have i think we have the kind of relationships with
(you->youre) really (begin->beginning) to see the cadence build and our partnership with stephen is one that were learning how to do this
and obviously those end markets we believe
we expect this item to be in nearly full distribution by the middle of the summer
to be something worth paying attention to in the next decade and we are going to position ourselves to make sure
looking to be as focused on that core part of our business as we could
i think as weve talked about and others have talked about in the market for some time now
in a really rational way but that doesnt mean that we cant we shouldnt work with the physicians
at this point march activity also looks to be trending similarly to the strong start (for->to) the year so early indications for 2017 are positive but much of the quarters performance will be driven by what we see in the next 31 days
in april we were notified by amazon of their intent to shift our scope of services over the next year (the->this) shift is to assist them with their (highestgrowth->highest growth) segment of their delivery system as they ramp up more local delivery systems over the next (2->few) years
okay and then the last question i had is its more of a clarification around something you mentioned several hours ago on the hong kong investor at the investor presentation that you did you talked about
previous question i just answered just kind of come to bear and has been for the last 12 to 18 months so the pricing on acquisitions wasnt making sense and then getting new product in markets where we didnt have existing product is
our customers are shoppers and they want to appreciate the area before they make a commitment our data further supports our belief that driving customers to the property to experience the lifestyle is the key for continued occupancy and home sales growth
during the second quarter we proposed various healthrelated initiatives to our customers such as information campaigns pertaining to the implementation of bill 41 and campaigns related to severe allergies
throughout todays call we will be presenting certain nongaap financial measures which have been adjusted to exclude expenses and other gains or losses related to (restructuring->*) restructurings litigation and tax matters and certain other items
i mentioned on our last call that we were beginning to get some of the volume out of (the->*) what we call the (lakeshore->lake shore) region going back several months that was consistent with the opportunity and consistent with the investment that we made up there and so that has continued
just like our other products we (work->worked) hard to design an innovative mortgage product not only have we made getting a mortgage simpler and more transparent experience including posted rates that are not only the real rates but also marketleading and an experience that makes it easier to get a mortgage
in our first 5 months as a standalone company we have also begun to identify potential growth opportunities where we can leverage our core compliance and process management capabilities along with our breadth of longstanding client relationships to serve new markets
(be->the) edited assembled accessed translated rendered and submitted to regulators our language solutions and other reporting unit (includes->include) traditional commercial printing as well as our language solutions offering
while the trends we have seen so far in several of our north dakota markets have trailed our budgets due to continued uncertainty in the oilimpacted (markets->market) and supply pressures elsewhere these issues convey the importance
we saw we actually saw during major citywide (conventions->convention) some of the strongest rates (is->if) not actually the strongest rates ever in the city so
also as i mentioned last quarter we are currently having discussions with a number of banks to obtain a larger and more flexible credit facility our goal is to have something in place by the end of fiscal q3 ill now turn the call over to ted
and one of the pieces is definitely just what commercial loans and the way they pay every day (and->in) the month matters and so february cost us a couple of basis points every first quarter
just as many millions of canadians have added paypal to their financial wallets our strategy is to give all canadians a compelling reason to add mogo to their financial wallet by giving them value and utility theyre not getting from their current financial providers and making it easy to do so
large but if you look at some of our subsidiaries we have call centers and we have companies that actually provide services and in these entities the turnover of employees is actually quite high so it would be very difficult for us (to->*)
well highlight aspects of our rems program and the distribution restricted to those that would qualify for receiving our product and those would likely be the main focus moving forward
ultimately there will be a final solution to the zika situation nationwide and there will be a meaningful upside to our operations regarding supply after a couple (of->*) years of outsized growth we now know (theres->of) only (1->one) smaller hotel reopening in south beach
and we have (a resource->resourced) that appropriately and that is part of the (costs->cost) were seeing but we are excited about the possibility of having a new area (or 2->*) to get some new bank customers
we will continue to build on the momentum that (weve->we have) created in the areas where we have seen significant growth such as the venue data room our global language solutions offering and our content management solutions within our investment markets reporting unit
in addition higher mutual funds volume as well as growth in language solutions and our venue data room services only partially offset lower transactional and compliance volume (fourth->*)
so you have this work in the shop its we call it (work in progress->wip or workinprogress) and not able to bill it and then youre kind of at the hands of the regulation process in terms of when (that will->thatll) come out the other end so that clouds that
and the portal companies i believe that there needs to be a sharing of role across these entities and also we believe that there is a role that the government can also play because the actual prices for the spectrum
specific forwardlooking statements may include but are not limited to any indications regarding the financial services industry the economy and future growth of the balance sheet or income statement please refer to our press release
where we support clients in a variety of industries by helping them adapt their business content into different languages for specific countries markets and regions through a complete suite of language products and services
they speak in my mind really well to that continued guidance of kind of 6 to 8 annualized growth despite the fact that the first quarter would argue for something higher than that and that may prove to be the case
(and->on) organic growth without its going to be a very similar spread (than->to) what it was here in the second quarter which is about 3 points of drag overall really for the company and pretty close (or->to) the same for staffing services
prior to the spin certain costs for resources of the business were not recorded directly in our operations but instead were recorded centrally at rr donnelley and allocated (for->to) the company in the carveout financial statements
while much of this progress is not visible externally these changes will drive our overall productivity and help create longterm value for the company we also recognize the importance of aggressively managing our cost structure
our view has been that we have even more opportunity there because we knew that the joint venture had some weaknesses in how it went to market and the consistency of how (it->they) went to market across the geography so we feel very very good
we also believe that this can only be accomplished with (a->the) digital experience and it is the only way to deliver the kind of convenience and personalization along with it being a more efficient platform that enables lower fees and a significantly enhanced value proposition
all of this means that after 4 years of waiting the oil market is now substantially rebalanced this is also reflected in the oil market sentiment where we currently are witnessing a gradual shift from an (oversupply->oversupplied) discount
once again keep in mind that combined with a 70 generics penetration rate introduction of new generic drugs and price decreases reduced (pharmacys->pharmacies) retail sales growth
there is no wavering and we are heads down and were executing like crazy and to move through it as fast as we can and we are almost through it and its now sort of rebuilding headcount but from our standpoint
and some are a little further than that where the platforms (*->are) already there and so we have not committed to as much buildout so as an example frankfurt 11 we did not indicate what level of building
and it isnt easy necessarily to get a hold of that cashback so our first version of this cashback user experience at the end of the month that money is automatically credit back to the account
as previously discussed the deployment of cloud platforms appears to happen in (waves->ways) with the size and location of deployments driven by actual and anticipated enduser demand
align around what those growth numbers look like but today in the near term those growth numbers are in excess of whats been in our irp and so we will just have to look at it and i would like to be able to give you
for us to continue to grow this metric including increase the percent of our members that were monetizing increasing the share of wallet of our existing members that we are monetizing and adding new revenuegenerating products to our platform
while this shift impacted our reported crossborder growth rates it has a minor effect on revenues since this is an intraeu move the platform made to optimize the european business
we expect that the business unit because of the momentum on the top line as it did in the first quarter will be able to offset a good portion of that
programs that the group is working on to continually kind of freshen the sources of our tour generation so i think what youre seeing i do not expect it (*->to)
and potential for india the indian market to kind of leapfrog card payments and go straight to mobile and how is visa positioned on the ground to sort of preserve and grow their share within electronic payments in india
its become increasingly clear to all of us that trust and reliability matter to customers when they choose who will be delivering packages to their doors
moreover the waves of deployment tend to happen quite simultaneously across different locations because they serve (graphical->geographical) areas with similar economic and political environments
clearly visa europe is doing better than we expected this year and accretion is running ahead of the low single digits we had told you but the (year->ears) isnt over yet so well wait (until->till) the end of the year and give you an update (in->*)
i know theres a lot going on with market share (and->in) costco and different things but i just wondered if you look at that if theres a way if you think theres been some acceleration in secular trends
get into the market weve been there for a long time we believe that as we think about growing our network and in particular merchant acceptance that we have to have
this has been a highly regulated industry for decades which is a really really good thing there used to be some kind of bad actors in this industry and (*->they)
good afternoon my name is (leonie->leoni) and ill be your conference operator today
got it and if i can ask one last one i believe you mentioned in the past that and the question comes up about regulatory scrutiny on the industry overall
i think we can get into all that when we talk about 18 so its a little too early to talk about all that right now i think all we were signaling was that there is going to be some shift in europe
at the end of the day mobile is by far the most convenient and accessible way to manage your financial life and as millennials become one of the biggest consumers of financial products they continue to look for the best ways to digitally manage their financial lives
in the long run so that 43 was a bit of an aberration to some extent because weve been investing in 30 to 40 growth in sales capacity we just turned up a few very large enterprises all at the same time
for millennials this really gives them the best of both worlds the highest (cashback->cash back) no monthly fees a great mobile experience and then access to a digital credit solution will be far easier to manage than borrowing on a credit card
this gives cloud providers the opportunity of being able to deploy capacity in a more staggered fashion with (waves->ways) of deployment rippling through europe over the duration of a cycle
in closing id like to thank our employees who are at the heart of clearwater paper for their commitment to always making our (operation->operations) safer and more efficient while keeping a sharp focus on the needs of our customers
and so were creating a lot of efficiency but were also creating the opportunity to handle product (to->*) markets that we havent been able to handle in some of the smaller aircraft to this point
its obviously still very early days in this mission but every quarter we continue to get closer and q3 results (were->are) another sign that this approach drives real results as demonstrated by our 80 growth in core revenue
will it expand beyond that we wont know until the summer quite frankly because were such a leisure summerdriven business but were monitoring it closely and were working with our franchisees
but increasingly new players and digitalfocused players are winning more of the customers wallet fintechs are leading in terms of innovative new digital products but none of them outside of mogo have any real scale in terms of members
well those arent the people (*->for) that were approaching with ovation the people that are right now are taking advantage of the ovation program are ones who have paid off their loans
the effectiveness of our strategy (to have->through a) focus on magnetic customers and infrastructure to build vibrant communities of interest that drive enormous value from being located in highly connected data centers
and were bringing in new clients too so thats kind of from the retail side on the commercial side i think on the middle market business we have done a better job at bringing clients with deposits
then content service providers and cloud service providers and then the various segments which are drawn by the deep and wide connectivity and cloud platforms (in->*)
we plan yearround to meet the intense challenges of the peak season as average daily volumes can more than double with heavy demand for residential ecommerce deliveries
and the fact that if we can leverage across this deep vertical (confidence->competence) in so many different industries and be able to put together (cross industry->crossindustry) solutions that really create competitive advantage for our customers
(now->*) to be honest we have not gotten the kind of response that we were thinking we might see on ovation not as many people have taken us up on the offering but were going to continue to refine it and improve it
so theres a whole bunch of opportunities we think on the credit side going forward that allow us to have less and less capital requirements and ultimately
than it is by competitive situations and although we have strengthened in certain markets that exceed strength in other markets we also have customers that we deal with in all of the markets
(were->we are) also seeing a spread of deployment across a large number of providers as the tier 2 players step up their expansion plans into europe
wyndham is the first global hospitality company to offer economy and midscale hotel owners a means to automatically analyze millions of historical transactions and demand trends
given our leading position in most markets our rest of europe segment is very well positioned to capture future demand from cloud providers as they venture into new markets in europe
can you give us your view of kind of what the acquirers have done with those assets i mean does it feel like theyre getting their act together at all i mean (their->the) numbers (will->would) suggest thats not the case but would love to get your take on whats happening
strong performance at our 2 owned hotels and cost containment measures more than offset weaker global revpar these factors also led to a higher margin for the quarter
to the most important and largest future demographic groups millennial parents and their families a very real compelling position for the long term
and also our increased exposure to the strong sydney and melbourne markets we (enter->entered) the second half with a record number of contracts on hand importantly over 70 of those are unconditional
it is important to note that the goodwill writeoff is a noncash charge and does not impact our current financial flexibility or the ability of our (asset->assets) to generate future positive cash (flow->flows)
to achieve a range of outcomes including minimizing the cost of capital lengthening the debt maturity and duration maintaining our credit ratings and accessing diverse sources of debt
the actions we are taking to build the new business operating framework and to eliminate residual expenses from health and employee benefits will support a more efficient operating model for the future
were also incorporating into our design of our facilities certain elements that will make it easier for our guests to order ahead skip the line and pick up their food quickly and easily
we believe going back to the credit quality question we (lease->leased) to the right (tenants->tenant) to the right businesses we have a high prospect of maintaining those tenants over time
but weve had some lumps along the way its just (that->*) one lump (is->was) a little bit bigger than the next and then all of a sudden it just kind of fell off this quarter so (i->they) didnt really have anything of significance to provide any additional
at assurant solutions we remain focused on executing our strategy of growing the connected living platform globally through innovative products and services as well as new partnerships
with good brand awareness and excellent economies of scales it gives me confidence that (weve->we) got the right things within a very difficult environment to improve over our peer group
i think (anytime->any time) youre looking at a multiyear project in an environment that is as dynamic as the tissue industry and one that has gone undergone so much change over the past few years
its always difficult to predict at the beginning of that kind of a project what kind of conditions youre going to be faced with going forward but your thoughts about how do we manage risk and how do we look at this going forward
its been a common theme this earnings season of hearing about some of the new entrants into the market going on a (bidittowinit->bid it to win it) kind of basis and pricing getting a little soft but
its so hard to tell because (fast casual->fastcasual) black box has a very large presence there but at the same time they dont have 1 or 2 of the largest names so i think (*->id be)
we believe our portfolio offers a unique opportunity to grow income as we continue to redevelop and lease our properties at market (rents->rent) and bring (occupancies->occupancy) to market (levels->level)
for more details on these measures the most comparable gaap measures and a reconciliation of the 2 please refer to the news release and financial supplement available at assurantcom
should we read that as the pipeline of innovation is more robust or theres pretty significant news on the horizon or is there really no correlation (*->there)
our results reaffirm our confidence in the future and progress against the financial targets we shared at our investor day as we strengthen our company for longterm profitable growth
i recognize weve given everybody a lot to digest this morning i hope weve answered many of your questions but i am sure youre all going to have more in the days and weeks ahead
our permian frac business seemed to encounter the bulk of the delays with several of our jobs pushing into late q1 and into q2 the permian basin has been a magnet
let me start by going over a few regulatory matters id like to note that during our opening remarks and in response to your questions we may make forwardlooking statements regarding future events or the future financial performance of the company
during the first quarter we launched a tollfree line for our catering offering and have also been testing delivery (and->in) online programs to further support this initiative
in the past few fiscal years we have benefited from a declining cost environment that led to an expansion of (pergallon->per gallon) margins this pricing environment has changed somewhat
this call is being webcast and (a->the) replay will be available on our website also available on the website are our prepared remarks supplemental tables and an updated investor presentation
targeted operating range of 18 to 20 we continue to believe this range provides a good mix of returns to the bottom line while still providing investment opportunities to grow our business
third we completed the sale of a recycled tissue mill in (ladysmith->ladies smith) wisconsin which allows us to focus on our strategy of producing premium and ultraquality tissue for the retail market
as instead of the first quarter with maybe the notable exception of one brand thats been heavily discounted yes the only other thing (i would->id) add to that was when you look at the comparisons (in->and) 2year growth
overall we are pleased with our first quarter results and are committed to executing our transformation strategy to ensure longterm profitable growth in housing and lifestyle
deliberately keeping some retailers in place at lower rents so we can facilitate the speed at which were remixing so all of those added together probably means that
one of the areas of focus that im most proud of is our work on improving our hiring and training processes we believe that as our economy continues to grow and competition for the best employees increases
want to get (*->in that) the business of predicting what mother nature is going to do out for the rest of the year so but again good results a big driver of the positive outcome in the first quarter
industry data (suggests->suggest) that restaurant sales have softened significantly in denver which has been exasperated by storms in late march and throughout april
i would also like to share some assumptions that we have built into our guidance im pleased to confirm that we will continue to be on track to reach breakeven profitability 8 to 10 quarters from the time we went public
in order to do so we will constantly monitor our investments for the best return evaluate our operations to ensure that we are performing in the most effective manner for our clients and listen to the market
we still think that theres great opportunities and not only do we think theres great opportunities but weve built a worldclass leadership team here and by bringing a couple of people to the table that are new
lending clubs always operated with transparency and it is our commitment to do so going forward and so our intention is to schedule as many investor meetings as we can in the next few weeks
we believe that we will continue to outperform the industry and gain market share in well servicing in no small part because of the size and the spec of our rig fleet
we expanded the retail channel further this quarter with a new relationship with millennium trust and its technologyenabled trust solutions that will allow us to broaden our access to retail investors and advisers
(lateseason->late season) snowstorms in our colorado market a more volatile industry environment and our most challenging comparisons of the year due to the timing of our lto this year relative to last
we believe weve built a program capable of capturing additional catering business as we enter the very busy graduation season in upcoming weeks
mainly driven by wage inflation while most markets remain competitive we believe the industry is approaching virtual full utilization levels based on the current available labor pool
i think its important to say that klabin has been increasing strategically the safety strategy think about security
we are also grateful to our customers for believing in national mi and our shareholders and business partners for supporting us since our (founding->found)
(*->on) our last call we highlighted some of the advantages of our solutions but i feel its important to emphasize again what we believe to be the key competitive edge of our wellsite storage
and if we were to do the math of this expense by the multiple (of ebitda->eva) we would see that there is a discount as well
with us having a continued headwind going into 2016 we will continue to be prudent about our approach in that area and go after specific price actions where it makes sense
significantly over the last few years to make sure that aeroplan is the leading market proposition in terms of value flexibility et cetera and it will continue to be
that said there continues to be some discussion in the marketplace that if we were to see a change any such change would occur prior to the election in november
management believes the presentation of these nongaap financial measures are useful to investors in understanding and assessing the companys ongoing core operation and prospects for the future
in those developed markets we dont see any reason for that to change i think the commodity deflation impact will be an area that we have to watch closely it impacts certain types of products
in our new vcsel laser fab in sherman texas we have completed the uplift of the building and installed a significant amount of the capital equipment for our first phase of capacity
those risks and uncertainties detailed from time to time in filings the company submits to the securities and exchange commission including its quarterly reports on form 10q
we expect the construction of our the third building of our wuxi manufacturing site to be largely completed by the end of the second fiscal quarter in the second quarter
(*->for) setting expectations at a reasonable level and hitting them and also congratulate you for getting an excellent reinsurance deal and look forward to
to support that and really support getting a solid return on that investment so we do have (option->options) to add capacity in the permian at oakdale actually at hixton those are all (low cost->lowcost) options to us but
levels of discount proportional to their size and how often they buy such as (*->is) the case of other players in the market and we are going to avoid (the->a) spot
to serve the 1 billion families in the world we want to develop healthy wealthy and happy ecosystem
will subside by the end of the year as inventories are adjusted and growth will return in 2018 our third quarter bookings support this outlook
to really create a solution that offers much more than just security to our customers security is certainly a core component of the solution but (there->*) are (*->there) other things that we can do such as (the->in) retail where (*->we)
(and->*) thank you for your questions thank you for joining us this morning and im sure well be talking to many of you soon this concludes todays conference call you may now disconnect
to have a transaction this way because of leverage impact and this is why we chose to issue new shares
i think in the january quarter weve talked a little bit about having a mix of sherman in that so theres a combination of sherman
our oakdale mine with its (dual served->dualserve) class (i->1) rail capabilities is well positioned to compete for new business particularly in the bakken and the marcellus
while we continue to improve field operational performance increase order rates and grow (*->a) healthy backlog the opportunity to deliver growth and margin expansion is there in coming quarters
when we do (in->an) acquisition we do it very carefully to either add a specific product capability or add a specific end market
(*->but) i think the next thing that we expect to be doing is testing the (endtoend->endtoendo) material that comes out and validating that its actually meeting specification
as we have discussed in the past we typically have lower cost during the nonwinter months primarily during the second and third quarters of the calendar year as we ramp up our wet plant operations
there is no sound from the engine to mask other road noise and so electric vehicles actually typically use more of our acoustical products
the underwriting environment continues to be very high quality more than half of the business we are writing is at fico scores of (760 plus->760plus)
at the top of the list of things we expect you want to hear more about is the update (weve->we) provided on our partnership with air canada and linked to that are the new details we (are->were) able to share around cost savings
paying them in shares and not in cash and what about the end of royalties and how this (impacts->impact) the claim
(*->its) trying to continue the good momentum we have its teaching the benefits of our (products->product) so that we can steal and compete against (the->*)
before the impact of reinsurance we expect premium yield on our primary book to continue to migrate upward to around 50 bps over the next several quarters
our sustainable competitive advantages include our ongoing focus on developing and maintaining a multilingual branch staff
there was a very big stress in brazil because (of->*) incoming elections and at the end of the year growth was
ill begin by walking you through our third quarter highlights and then provide an overview of the strategies we are executing to create longterm shareholder value
regard do you believe that in the next year or couple of years you will see more of these actions regarding corporate governance in the
starting to struggle in terms of pushing through price like to get your views on that and then in terms of the near term on industrial how do you feel about the landscape right now theres some pressures in the environment
in the trading companies and chinese paper producers is coming down and sometime new purchases will have to be made
so thats a function of the capacity came in early in the quarter (youve->you) utilized it you stepped up youre up at (*->that) level most of the quarter and were waiting for the next slug of
before i turn the call over to management i would like to remind everyone that matters discussed on this conference call include forwardlooking statements as defined in the private securities litigation reform act
as the strong operational performance more than offset tax and restructuring headwinds specifically the third quarter tax rate that don (*->talk) will talk about
in particular we are starting to see stronger than initially expected benefits from steel resin and other base metals manifest themselves in our income statement results
we do have some additional costs that do creep into the system for lack of (a->*) better word in the fourth quarter related to some of the promotional activities we do and instore activities around the holidays
and so you can see therell be a ramp on free cash flow over the balance of the year we also have q2 and q4 are periods where we will see
but i should note that chinas crossborder (volumes->volume) growth continued to be strong this was reflective of the overall trend as crossborder growth was robust around the globe
they are not completely ramped up yet they will continue to ramp up over this year and actually into next year to a degree because not only do you have to open the sales centers you then are
except for one thing in the case of expensing you increase the net present value of the returns if it is a replacement
but i will tell you like any major project we will go back we will look at what could we have done better what could we have done differently and that will absolutely be taken into consideration to make us
now as i mentioned already we have more than (10000->100) fedex onsite locations and we are very very pleased with the usage trends that we have seen so far (thank you->*)
so theres another question here about our view on electric and autonomous trucks and specifically about
secondly was there any benefit in service fees from the restructuring of contracts around the breakup of scheme and processing in europe
its a real testament to our talented and dedicated employees around the world (who are->were) creating a strong culture focused on leadership development operational excellence and driving results
for the full year we continue to expect growth in net operating income weighted (towards->toward) the second half of 2016 new mobile programs
did a survey prior to this tax bill passing and 82 of the brt membership anticipated that if it did pass
our commitment to this market is long term we look forward to bringing our capabilities to the industry by stepping up our engagement with all the ecosystem partners
rate actions at this point are more (the->than) normal course of working with the regulators just reflecting experience in markets so were already seeing some of that normalization pretty far along
(the->*) board with the assistance of an independent outside law firm and other advisers and we reviewed among other things certain (nonconforming->nonperforming) loans that were made to a single
didnt want we turned around and were able to sell those loans to another credit investor in april and did so at par
this media campaign is particularly important in building awareness for our menu items where we have made great progress in the last few months
strong customer growth and constructive and balanced resolution of a number of regulatory proceedings added to an otherwise solid operational foundation this quarter
and then as it relates to our tracking solution the tracking solution actually has an opportunity here as the total cost of (the->a) project goes higher with these modules
there have been no material misstatements identified in previously filed financial statements as a result of the material weaknesses
as weve highlighted in the past the ability to adjust platform interest rates based on economic conditions credit performance or investor appetite is a key benefit of the marketplace model
our decision to take a more conservative approach and commission the paper machine in stages to ensure a smooth rampup of production is what led to a slightly later startup
thinking about bose obviously is one where youre several quarters into that and i know you should see some margin improvement but what are the other drivers there mike we should be thinking about
we believe that these organized efforts were not quite sure the longevity of those or the duration of those
its a very creative innovative group down in orlando that take on these challenges and when they come up we always find a way around them
while the grocery channel has stabilized and showed modest growth in 2018 by comparison the dollar and drug channels have experienced a decline over the same period
we currently do not believe that any of these circumstances individually or in the aggregate have any impact on our reported financial results
mixed bag of activity around the industry and i think not necessarily the most userfriendly thing for consumers because there are so many options
we expect that client migrations to the new systems will begin by the end of full year 18 in moving our european clients to (visanet->visa) we can (provide enhanced network->*)
network as well as our digital tools to make sure that were winning at least our fair share if not more of the business in india as it grows
that (is->were) not affected by the change in standards we continue polishing the ifrs 9 accounting model for our loan portfolios i can share though that
because of the investments weve made these automated facilities that henry talked about we have 2 major hubs coming online next year and a couple more
in addition well be transforming our website mobile offering and digital marketing capabilities we look forward to updating you about our progress in the future
i firmly believe that our operations teams are better focused (in->and) executing at a consistently higher level than in the recent past
also of note in the fourth (*->the fourth) quarter of fiscal year 16 was the first time crossborder growth rates globally hit double digits in almost 3 years
that we can handle vastly larger amounts of ecommerce packages in the future at profitable rates
what makes (this->us) even more noteworthy is that it has happened during despite the economic turmoil in europe along with recent terrorism and the refugee crisis
the enhancement that blockchain offers to global settlement systems and payment systems offer a significant opportunity for us so i think the answer is yes
can you just talk about what your plans are for that over the next 12 months in terms of say exiting rooms from the system and what we can reasonably expect
while we are very pleased with the performance of our initial 2 locations in toronto particularly with guest acceptance satisfaction scores and team engagement which are some of the highest in the system
it seems that visa europe has been exceeding at least our expectations almost every quarter since the transaction kind of took place
however we remain optimistic about the longerterm fundamentals for the tissue business and the growing trend of consumer preference for private label brands
the program will leverage the ways we use our customer data automation and content to create exceptional engaging interactions with our customers
and once that happened from a cash flow standpoint we had enough to support the remaining assets within the cpd division
as a reminder first quarter 2015 benefited from a tax consolidating adjustment that reversed itself during the course of last year
ladies and gentlemen the conference has now concluded thank you for attending todays presentation you may now disconnect your lines
on top of that i think youve indicated that the yield from renewing some of that book of business has been better than expected maybe some more color on that as well
and (acknowledged->acknowledge) there may be (*->an) inequity in the way customers with onsite generation contribute to their share of fixed (costs->cost) under the current system
have you started to see a stabilization on that (*->end) yet and do you anticipate needing to retain the loans on the balance sheet if markets remain soft
as always our closings are led by a designated quality assurance associate to independently explain the contractual terms of each transaction
our supply chain financing programs (will->*) allow vendors to be paid by financial intermediaries on trade payables earlier than the due date of (the->*) applicable (invoice->invoices)
the one thing that is common to all of these situations that the patient has a significantly higher probability of a better outcome and the payer gets better value for the dollar
average price per acre was comparable to the fourth quarter on a generally similar geographic mix first quarter real estate sales included a slightly higher portion of southern acres and fewer western and northern acres
and they dont like to adjust their expectations lower as interest rates rise because they feel like the economy is doing better so my real estate should be doing better too and its a very bondlike instrument that ultimately is falling in value as interest rates rise
all of these activities are now supported by a robust set of kpis to monitor and drive improvements (at->in) our ongoing new product development effectiveness weve taken a significant step forward in appointing our group head of engineering to lead these efforts
and its a very small part of the number at the moment but its doing better than we thought it would and theres a possibility that it can be really additive in the future so i think the (key is->keys) for us is just to stay the course
our objective with the entyce launch was to leverage the experience that we gained in launching nocita and galliprant and we are pleased to report this morning that we believe we have achieved initial success on that objective
and then we have a negative impact of a couple of million from the depreciation of the pounds the acquisition i mentioned before is delivering above expectations and have been well integrated
magnitude of the sales effort in trying to save the morpheus business and how much of the momentum in the other products came out because (what->*) were taking when we look at our dialysis view and our port view for the second half of the year
we will repeat there is not a transformational acquisition around the corner in 17 it is more the bolton smaller type thing we have in the pipeline
you had the impairments you also made up for a large part in your gross inflows regarding okay the loss of the single premiums in the first quarter so i assume you had quite
during the first quarter our biggest opex benefits in timberlands came from initiatives related to logging and hauling efficiencies in our southern operations as well as our continued marketing and bucking for value improvement efforts
so were seeing less coming from the gulf we believe going from the gulf up to the harbor and (with->*) the draws were (saying->seeing) that we should get tighter i think there was i think our bob got pretty tight we heard
we anticipate that a significant portion of this adjustment will return in the second quarter and we also anticipate improvement in our margins based on our new contracts improved terminal pricing and our current operating strategy that mike covered
moving on to operational excellence we began 2018 utilizing thirdparty consultants to assist in the assessment of our operations and the identification of targeted improvement activities
we continue to buy back our shares on dips were not a company ive watched a lot of companies buy back their stock at the highs and (then when->they want) it gets to the lows they have no money left to buy back their shares were the exact opposite
in terms of overall wood demand my view is its much better for us to the extent that the builders can make more houses even if theyre a little bit smaller on aggregate thats better for wood demand
log availability was adequate (*->in) early in the quarter but decreased in february and march due to strong storms which brought several feet of snow and heavy winds to many parts of the pacific northwest
difficulties on the railroads (contributed->contribute) to the strength of lumber at least (the->a) sense of scarcity and im wondering this year with lumber being weak is that partly a function of improved efficiency on the rail network
in our pursuit towards establishing our platform as a service strategy weve now built a strong framework of solution sales programs combining both software and services to deliver comprehensive value to our clients
how do those that type of market condition impact your returns on your net lease portfolio with respect to im really not clear as to what type of escalators or something might be in those loans
that and (thereve->there have) been billions of dollars put into the space to create competitors that rather than address it from the standpoint of just compress spreads and (trying->try) to protect market share we actually decided to make our left and right goalposts wider
and the growth in imaging kit recurring revenue is a little bit less than that 9 its the recurring revenue is driven a little bit more by dermacell (and->*) we talked about that a little bit at the investor day
i am pleased to report that the launch activity to date is proceeding on plan during the quarter we began building (inventories->inventory) of (*->the) new product and made initial shipments to a number of customers
we are also working directly with several national and regional corporate customers we believe that entyce is well represented in the clinics and we are having success in defining and building this new therapeutic category
it is a misleading indicator if you look upon a volume growth or decline within a given quarter it is (truly->totally) related to how and where we release a product and to which volume and to which way (we will->well) release the
that are targeted towards the visualization of certain specific anatomies these new technologies will not replace what we do today but add on to our capabilities
as (youll->you) recall we instituted a quality call to action bolstered by the acquisition of (navilyst->navist) to aggressively build a culture of quality throughout the organization i am proud of our company
we saw hesitation in the release of similar larger projects in the second half of 2018 largely due to significant fluctuations in oil prices and increasing uncertainty on a variety of economic fronts
its important to remember unless you knew exactly the monthly flow of sales you cant calculate dso and i think externally people just take the whole quarter without understanding the flow
if youre doing that in terms of being more price competitive does that inevitably mean that theres going to be upside pressure to your combined ratio simply because youll still be reserving conservatively with regards to ogden or is there a compensating factor
of the changes that we have made over the last few years related to our product mix and how we believe that strategy has and will continue to have a positive impact on our results
however excluding the impact of fx and the morpheus discontinuance underlying net sales were down 1 we will fully anniversary both of these headwinds about halfway through our third fiscal quarter
there are a number of other companies as our presence grows in greater china that we can work with you mentioned a few some are captive silicon makers for the chinese
ill then return and discuss the progress were making on our growth acceleration (programme->program) and say a few words about our outlook for 2019 my first year at rotork has been one of change and significant progress
at earliest 3 years from the day of the potential decision to cancel the agreement but also there we can confirm that there is no indication at all that
weve moderated our guidance for it on capital we think the disposable of those who do have it will continue and we will also be a little bit more flexible on evaluations and (*->the staff) for those thought leaders who wish to start programs
and then i wondered devin can you give us any perspective on what you guys see in terms of inventory sitting in the distribution channels right now
has a little bit more of an interest to the types of folks we hire and have been successful in retaining so
in continuing the momentum into the first quarter i think its probably given the way new business bookings work
and so regardless of what the owner of the business or its financial management team would like to do they cant
i hope youve had the opportunity to review our earnings release from yesterday thomas bob and i will address any questions regarding our second quarter results
the domestic product is closely aligned and integrated with our international importexport business that is doing great
selling and be successful in the multinational space which is (a->*) again a midteens growing business for us and this just extends that
during the period we exited credits at a higher spread than those that we entered
okay so a very good morning to (everybody->everyone) and welcome to ipcs second quarter
and finally note that all amounts discussed today are in canadian dollars unless otherwise indicated
it made a massive turnaround and now we have i think its close to 60 of our new business bookings coming from
have that baked into the plan because we have the good bookings and we have i think a small improvement in retention also
and also reduces the associated letters of credit fees staying on the topic of liquidity during the third quarter
investment securities was up a little due to lower premium amortization but also from purchases during this quarter
this quarter we had sizable bookings from cloud platform providers that triggered the projects we announced during the quarter
out on the road and speaking with you again on our fourth quarter conference call that we anticipate likely in march
and quite frankly one that we think is very difficult for others especially in the startup phase to compete with because
and second a small percentage of new enterprise accounts decide to utilize their own carriers for usage
so were trying to grow the business obviously faster but were trying to grow the expense and the number of people to service those clients at a
particularly given current oil prices and this assumes that we do nothing with the rest of the resource base (now->and i) hope from
banking services revenue was up more than 6 due to higher seasonal electronic banking transaction volumes
until a couple of quarters ago the bulk of the demand came from the top 2 providers and we only saw sporadic orders from the other vendors
the first quarter off of the fourth quarter how do you feel going into the new year i would reiterate strong we feel very strong confidence in
relative to our first quarter numbers and that was at the upper end of our second quarter capital markets
could you help us understand your expectation of relative contribution from these initiatives in fiscal 19 and
and this concludes todays conference call thank you so much for your participation you may now disconnect
second the sales changes have freed up our sellers to engage in more growth activities
before wrapping up ill talk about mexico which is an exciting development for the company
but i think its pretty clear the kind of demand framework and the kind of way that were looking to deploy our capital
also because our service teams work closely with our clients we monitor various other metrics and operating statistics
so we see that really as a key driver from a marketing perspective of (ill say->isolate) a bringing a lot more members into our ecosystem
and financial outlook for the next 3 years we received a lot of positive feedback and for those of you who may have missed it
and look to kind of partner with them to bring that solution in that obviously dramatically simplifies all (of->*) the things that we have to deal with right
on the cost side its a matter of continuing the excellent leadership that we have in that area
as fred mentioned we are proud of the terrific service we have provided even on some of the busiest days in the history of fedex
as always please do not hesitate to reach out should you have any questions regarding these new metrics and disclosures now let me turn the call over to carlos
and in a way that makes it easier for these consumers to become financially healthy this is at the core of our strategy and whats fueling our growth today
looking ahead dsos will increase gradually as (a->the) mix shift to enterprise from commercial continues
theyve also grown faster than the general air cargo markets over a long period of time as well i might add
in early june we hosted an investor day where we discussed in detail our strategic vision transformation initiatives
the new capacity in paris adds to our (product->prior) expansion plans in paris with openings scheduled for later this quarter
and with that ill turn over the call to jan for his commentary on the fourth quarter results and fiscal 2019 outlook
we are pleased with the high realization rates that were seeing which are due to the solid efforts of our sales and marketing teams
in 19 we just dont believe that it could be as large as it was in 19 and dont at least have that planned currently
the success of this initial partnership drove rubicon projects decision to migrate its entire european production infrastructure
and its been fantastic for us and it continues to be a great program its not just (for->the) family members but its also friends (yes->*)
while we have been successful in our efforts so far restoring the full confidence of our customers is our key goal
we also see an opportunity to further leverage our (reverse->reversal) logistics expertise to enhance the overall returns process
including at the busiest times of the year and we believe reliable service is a key factor in our continued growth
(*->and) when we reflect on all these accomplishments which are many in 2018 i just want to thank all of our associates for their dedication
that ends up in the portfolio (that->they) tend to be more the exception than the rule but an acceptable exception if you will based on
in recovery factors there thats very encouraging for us because we do have a facility that was
that they will follow with compute nodes and they will expand with them we will expand with them
we only have (confirming borrowing base->conforming boeingbased) facilities both on the international and canadian side of the business and
last quarter with the assistance of the transformation office we finalized plans for (a->our) voluntary early retirement program
and a little bit of ripple effect from the government shutdown that occurred on some of our core customers who did government work
are intuitive easy to use and that we build in solutions so that people dont have to seek out
and finally provide further support to several marketing initiatives for our butler assets including enhanced credit support
depending on what we see as on how we want to manage our cash and well obviously do that as we go forward
you will find an explanation of the changes in the financial outlook and additional material sections of our investor day presentation
and we promised that we would increase our focus on the business in order to deliver consistent quarterly results
is to high grade the opportunity set in terms of getting into the existing well stock and really trying to optimize
which we feel better about now going into the new year but all the other stuff is just noise and i think the real important thing is
one is that (look->*) we did see softer conditions in february that continued into march
as well as skills (and->in) technical training according to benchmarks compiled by the technology services industry association
this is a key metric that reflects the growth in our enterprise business which is the majority of our overall revenue mix
create that executive intimacy that has been so powerful for us and truly give the sales team a great head start into the back half of the year
before almost 2030 so thats why its so important for us to have really a good footprint
i would say i think the other part of it i think that certainly i do want to provide the other context is that
environment and this again shows how we start to scale our business and how the focus on profitability actually pays off
the (ceva->cva) annual stockholders meeting will be held next week and we encourage all shareholders to participate through casting their proxy votes or attending the event
the space in our leading position allows us to avoid a lot of these headwinds okay last one for me
the (intreas->intrias) team decided to buy additional protection during the year you know that in the (range 1->reinsurance) sector you can buy during the year
in the sense that these ships are much bigger so maybe (they will->theyll) be harder to move around in the network customers will have to accept
we are encouraged to see initial significant positive signals on some of the measures of physicality cognition and quality of life
as we progress through our migration from reactive to preventative to ultimately predictive maintenance programs
as weve discussed with a number of you were intending to provide less information on orders going forward the lumpy nature of our project businesses means that
if there is a finding anything other than absent that goes to a review for the independent pediatric cardiology advisory board
all of this has been accomplished while maintaining our posture of extremely conservative reserving as always
additionally we initiated a detailed product line review identifying a number of product lines to be withdrawn from production over the next 18 months
its also why novadaq continues to invest in research and development because it allows us to maintain our leadership position
im fairly convinced weve got a reasonably growing economy right now with unemployment where it is and stock markets now rebounding up to their near highs again
when you added these elements together would be a (double digit->doubledigit) percentage increase for our customers we took a ship out
these foreign exchange benefits were mostly reflected in our q4 results but (they will->theyll) have a positive impact on our first half comparisons
which is good so were getting a much more balanced growth picture now than (we->weve) had in the past of course we like it to grow quicker but i think the balance of the growth is very important
it doesnt include the fastgrowing online business which doubled last year and doubled again in the first quarter for us
in increasing our responsiveness to our customers and overall ease of doing business with rotork im pleased to announce
to make this investment in this technology and positions us to bring this product to market 6 to 12 months sooner than the current schedule
we are basically what (were->we are) saying is that we will we have seen enough progress we are in clinical already
while i suspect we will see an occasional bout of volatility during the year we think the backdrop for real estate lending and ownership is good enough to provide numerous
this concludes todays conference you may disconnect your lines at this time thank you for your participation
the broadest and most comprehensive line of catheterdirected thrombolysis products (in->on) the market which we believe will allow us to serve
we didnt want to say were going to wait 3 years for these (keyenabling->key enabling) pieces of the solution to come so we took that step and developed that middle layer which gives us those
and further enhances our focus around our leading consumer (health care->healthcare) brands it also allows for future capital reallocation opportunities
but that hasnt really shown up yet and so what youre seeing is kind of a continued extension of good solid execution the way things were
our company remarks on todays call include both our earnings results and guidance which (contains->contain) certain nongaap financial measures
as joe discussed we expected to begin regaining momentum in our va business during the second quarter and its going to take longer than we anticipated
but not the increase will not be as much as we have seen before so i would expect singledigit increase
power declined due to lower activity in the middle east and africa and far east with the far east also reporting the largest reduction in water
you talked about that kind of potentially starting to contribute more in the back half of the year you started doing some bids
to go into more detail on our operational excellence progress over the last 2 years our manufacturing organization has executed on our plans to be more efficient
for canada and what we need to do in order to make sure that we get in
ill take this moment to remind everyone of our previously stated ambitions to deliver sustainable mid to (highsingle digits->high singledigit) revenue growth
driving operational and supply chain efficiencies improving our process and focus within our innovation and new product development efforts
so as we look at all of those underlying factors that continues to give us great confidence because we (can->*) continue to make progress there
and so were really seeing a significant a much more frictionless upgrade that was one of my commitments early on to the client base the next is
this visibility promotes root cause investigation and corrective actions as well as best practice sharing between all entities and locations
its going to take a little bit of time to see that actually show up in our overall corporate results but its a very exciting time for them right now
did they outgrow the rest of your portfolio when you strip out household cleaning when you look at that or was it about even this time
(we->weve) built a much more complete framework and in doing so we feel like we shifted the conversation towards nextgen being a trusted adviser to our clients
i dont think the worldwide economic growth will be what a lot of fed officials think it will be because that yield curve is telling me because its so flat
it is true to say that between now and into june into july into september and into rest of the year
in the second quarter of last year which is also part of the reason why we believe that the current guidance is appropriate and also realistic
and also materials cover different products and the reason why we can manage it in a different way is that we have now
a decision based upon deteriorating results the continuing advertising and technology arms race
is there any kind of tradeoff you have to make in terms of profitability when you sell something online versus through a physical retail store
a year ago at this time it was my first quarter here and what i discovered after the first quarterly announcement
we have doubts about the fed raising rates (4 times->4x) this year that pace would hurt the housing market and we dont think the fed wants to do that
were also pleased that leading surgeons and hospitals are switching to (dermacell->dermacil) both of these factors
(and->*) the monthly impact on (costs->cost) because of the change in the calculation of tariff
in line with our previous announcement and this amount more than covers the dividend paid early this year and (the->*) holding expenses
somewhere between minus 50 and minus 60 as we sit here today were at minus 5 and continuing to trend upwards so
now turning to our key enablers the execution within our next 2 pillars is critical to the achievement of our aspirations
finally i did want to brief you on the fact that we are working on a new on a number of new additional molecules
the first quarter saw overall improvement in prices and margins for propylene and ethylene these results were offset by lower production volumes primarily due to an unexpected failure
i also want to remind everyone that any forwardlooking statements made during this call are subject to risks and uncertainties the most important of which are described in our press release and sec filings
i will talk in a minute about our notforprofit strategy which i want to make clear has nothing to do with current regulations imposed by the department of education on forprofit institutions
its a combination of new markets and existing markets (*->and) id have to go back to last year (and->to) see what the mix was but id be surprised if it was any different
listeners are cautioned that these statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in any forwardlooking statements
we dont need a service provider which helps us keep tuition low and weve had the good fortune of building a very strong university brand based upon (what->whats) happened in our traditional campus
we saw a number impact for total year 16 right in the middle of that range and for the fourth quarter i (will->would) call it very similar to that of
building additional overseas manufacturing facilities and payment of capital expenditures associated with new equipment ill provide more detail on our current investment and growth initiatives
although our existing cash balances which has grown considerably our heightened funding will enable us to further capitalize on diversification and growth of our global businesses
that (*->it) did impact our results although there was no direct damage to our facilities from these incidents both events affected volumes on our discovery and (markham->markum) systems respectively
the purchase price for the transferred assets would be determined following receipt of thirdparty appraisals and subsequent negotiation and would be paid in the form of a longterm note
as we noted last quarter the middle east continues to have the most stability in terms of maintenance activity levels and we saw a nice increase in demand ahead of their normal seasonal slowdown
really good universities we were able to carve out a niche here because we used to lose thousands of students on a yearly basis that would go out of state to private universities that
as far as the third element of our strategic plan (tenaciously->to naciously) pursuing cost savings this is clearly evident when you look at our margin increase in the quarter over the past year
margins will also be impacted by a significant increase in property taxes between years the increase in the arizona minimum wage and the revenue shifts that dan will discuss
your product support was down 7 as reported against this somewhat difficult prior year comparable so im just curious how you interpret the performance of that business in the quarter
to give these and all our other shareholders a more comprehensive view of our performance while we are pleased with our results and the outlook for the company there are some challenges we have been facing
so we think the marcellus and utica (*->has) certainly established itself as the supply (basin->base and) for a lot of this incremental demand and its really the only one that can come on with that kind of scale
and so i think (that->*) what were seeing is a very consistent theme which is people continuing to focus on the very lowcost resources
we also assessed the value of the former (bucyrus->blucyrus) business in the canadian mining unit and the future discounted cash flow well exceeds the value we have on our books
behind us the vast majority of those costs are behind us so (theres->its) really been an investment to build a much stronger business which i think is indicative from
second broadening our product offering to automotive customers this is intended to expand our addressable market and enable us to achieve doubledigit revenue growth
moreover in the more than 30 years that i have been involved with lakeland the company has never been better positioned and presented with more global opportunities than it is today
it is worth noting as well that announcements of this type happen mainly during periods of cyclical resource company margin expansion such as the one (were->we are) now seeing unfold
everywhere in the industry i mean when you become familiar with (what->*) how this thing ends up its going to be so similar to what already exists that youll be
due to higher prepayments which did occur during this past quarter more broadly we have been reinvesting cash flow from our investment portfolio into securities with a marginally higher yield
yes we think (there is->theres) opportunity quite a bit within the auto industry to kind of increase (their->that) rate of adoption just as youre saying
if i can buy the textiles in india ill make them in india and we have an indian operation currently and indian textiles are beginning to come up to
this increase is related to the investments brian mentioned earlier due to the impact of the higher number of dissertation students and the increased occupancy expenses primarily higher property taxes
of 19 that is going to be a purchase thats the first one that weve had as we move forward with these other distribution centers well look at those on an individual basis
many of our key markets were under pressure when compared to the prior year including paper manufacturing mining transportation equipment and chemical manufacturing
we are cognizant of (a->the) need to continue to expand our margins so that we are able to fund our development efforts this remains an important part of our strategic focus
will come online in the fourth quarter also as planned its certainly been a successful quarter on the execution front and were really optimistic about whats coming in terms of growth projects
if you exclude the single commercial credit that was subject to a department of justice investigation in the first quarter or 9 basis points if you include that credit
i want to thank the team thats been working on the geismar transaction and also the team that operates the plant for their persistence diligence and their continued focus on safe operations
the previous 3 or 4 years and we are staying very consistent with what were saying were going to be able to do the next 3 or 4 years and (so->*)
part of our commitment to operational excellence is having the right cost structure across our company in response to the downturn in activity we accelerated these costreduction efforts
and we will continue to leverage clintons infrastructure as we build our business and evaluate these opportunities we will continue to share updates on these initiatives as appropriate
in december and in particular in the last half of december in regards to inventory we dont really see the channel as having excess inventory now
among those predictable sources will be the new longterm supply and transportation agreement with nova that was highlighted in our april announcement of the geismar (sale->sell)
furthermore i assure you that our response is thoughtful and has been done in a manner that maintains our ability to capitalize on stronger demand when we come out of this cyclical trough
we can for a period of time see higher margins as our hedging gains step in and boost that margin we have lower sales dollars from the translation but higher margins
okay thats helpful and then was there any additional restructuring that occurred in energy in the third quarter
our revenue guidance assumes no tuition price increase we anticipate that revenue per student will continue to grow yearoveryear as a result of the growth of our ground traditional student body
(resulted->result) in some of the increase getting closer to (the target yes i mean to->*) put it plainly im just trying to figure out (is->*) as im thinking about next year if i need to account for some kind of a catchup
just trying to figure out what exactly is kind of causing the shift i think a big piece of it is that you guys are shifting more activity to the delaware which (has->is) a higher per well cost and that might be bringing up the average but wanted to get your thoughts there
and that actually includes the cost of building out the residential mortgage business that cost were not really going to see much recovery of our expense there its a little bit of lead time as you build that out (weve->we) brought in a really talented team from astoria
over the many years weve been referred to as a mini new york community bank today i think we look at signature bank as our aspirational business model here its a relationship model they do operate in the same segment of the lending business in new york city
looking forward we expect our orlando hotels to be relatively flat for the balance of the year with potential third quarter softness due to tougher comps being offset by a stronger fourth quarter
various things that could evolve voting rights anything like that and this is all something that we have in place so i would think you can worry about a lot of companies related to sanctions but i think (sulzer->silzer) at this point is probably the company you should worry least about
a little bit but (we->weve) never had really an official target the decision on what to do with the distribution is something thats made by the board on a quarterbyquarter basis
and we believe that the market will continue to be (supported->supportive) in q2 so if what ive just said confirms itself then you guys will rightly beat me up at when we have the same call (in->at) q2 to say that we were conservative on
that refer to future events and thus involve risk refer to the usual disclosures as marty indicated second quarter financial results for fiscal 2016 represented a continuation of the solid start we had to the year
if you take a week of our us business its 15 million of orders now even if you say that we were stopped for the full week and (we->weve) lost 15 million of orders which has not happened we were not stopped for the full week we did not lose 15 million of orders
well cost so we do a lot of things that enable us to continue to make steady improvements in our well (costs->cost) and we cant be more proud of our operational teams as they continue to strive to do that
and other services that help our advisers meet the growing and changing needs of their clients in summary delivering these enhancements is intended to benefit our advisers through (increase->increased) scale lower operating costs and enabling growth
russian market impact that will potentially lead to less business open for us and everybody else but not (a->*) specifically sulzer and renova impact because once again we run (*->our) own show in russia and we dont need anything
for the year 10 of our new and used home sales were existing renters buying the home they were living in and an additional 5 of our sales were from customers who were already living in the community and chose to purchase a different home in the community
while both are doing fine they just simply dont are not as strong as they were in the prior year for the fourth quarter we expect hrs revenue growth will be within the full year range in addition
the brokers start hearing that theres going to be some upward movement in the back end of the curve you may see more refinancings as the year goes along (dime->daimon) will not participate at those rates we dont have to now because we have another line of business available to us
the progress weve made on our capital cost structure operational cost structure and overall capital efficiency these last 3 years during the downturn has been phenomenal eog has never been more efficient in its history
as described in our filings with the sec these statements are subject to numerous risks and uncertainties that could cause future results to differ from those expressed and we are not obligated to publicly update or revise these forwardlooking statements
however given the increasingly competitive gene therapy landscape in pompe weve made the decision not to provide further specifics on the nature of our findings or the (resultant->result in) changes (we have->weve) made in our construct design
we went into the quarter with a certain expectation around what we needed in terms of operating expenses came out of it a little bit lighter than we anticipated thats really the primary driver
so while it isnt our typical practice to provide specific guidance on quarters we do want to be as transparent as possible and provide you with some color on third and fourth quarter this year
while payroll revenue growth in the fourth quarter we anticipate to be at the higher end of the range as we stated in previous calls the fourth quarter will benefit from (one->1) additional processing day this year
jeff will provide (*->an) additional comments on the quarter a brief overview of summary financials and (then->*) provide a snapshot of our financial position and review the upcoming investor conference calendar following that we will open the floor up to questions
we are modifying our training and incentive programs simplifying our policies and procedures leveraging technology to take the friction out where it exists and providing relevant information when and where an adviser needs it
cautious but not being cautious in a way where they wouldnt give us business a lot of these customers they didnt necessarily have an order to place last week and the guys that dont have an order to place they have plenty of time to essentially be
as mentioned on our third quarter call bostco and our florida terminals were left structurally unharmed by the hurricanes harvey (*->harvey) and irma which impacted the gulf coast region over the summer
so were in great shape no need to expand capacity beyond what we have today in the (*->near) very near term that being said we do have that ability you may recall that we have in our facility (at least->leased) enough space
its i tried to express that we believe that the impact would be a singledigit number and i gave you some orders of magnitude and you rightly say that based on those orders of magnitude thats probably a number on the high side
mainly electric expense in california arizona and florida as well as the timing of certain maintenance projects were the main contributors to the favorable variance we also realized lowerthanexpected membership sales and marketing expenses
couple (of->*) months with a bunch of conferences where we hope to be able to provide some updates on our clinical programs and even our preclinical programs as well so i think ill turn it back to
and had some (*->very) active discussions with them in the early part of the week and essentially by wednesday end of business day us time ofac had approved the transaction that allowed us to transfer the shares
but also as we have now clearly demonstrated the promise of our platform with the aspiro results we are interested in disease targets that provide the potential for our work to make a broader impact in larger patient populations
now lets turn to our second strategic priority executing with excellence aligned with this we (remained->remain) committed to delivering results and staying disciplined on expenses while executing on our key initiatives
we continue to increase the size of our well packages and extend lateral lengths while being careful to maintain per foot recovery the goal of these measured improvements is to maximize the npv per section of this consistently prolific asset
and once again its always been run by us respecting all applicable laws that will continue so is the russian market impacted by the (sanctions->sanction) certainly will some of our russian customers be
our business activities were impacted last week and there were some questions as to whats the impact and we put a number out there on the press release which says that we expect a oneoff cost impact
so im going to go through our quarterly results as well as our current (expectations->expectation) for the rest of this year with my additional thoughts on each business segment
ladies and gentlemen that does conclude the conference call for today we thank you for your participation and ask that you please disconnect all lines thank you and have a good day
in an environment where pricing for most of the other commodities were (low or->lower) any more color on how that tends to play out would be much appreciated
theres nothing that i could specifically point you to thats of the magnitude of (*->a) millport or a (dierks->dirts) or (*->a) grayling its really a lot of projects across the system
compared with the (year ago->yearago) quarter higher average realizations and lower cost for logs and oriented strand board were largely offset by lower sales volumes
that means theres less making it to the harbor because all the customers along the line are still taking what they did last year or more
as such actual results may vary materially from expectations the risks (and->*) uncertainties associated with (the->*) forwardlooking statements are described in todays news announcement
our customers also tell us that builders continue to adjust product offerings to increase the proportion of affordable product in response to market demand
we continue to see strong demand for our japanese export logs and expect average log sales realizations in the second quarter to be similar to the first quarter
domestic log inventories are at normal levels with supply and demand largely balanced as supply returned to the market following first (quarters->quarter) severe storms
what we need to do is we need to make certain that the quality of the top line is found on the bottom line rather than having a larger top line so
appetite is very hard to monitor in cats we showed that in a pilot study so thats why looking at (weight->way) gain i think is the appropriate place to go
reported on june 30 and accounted for as equity and the net debt impact of change in (parameter->perimeter) and others
constantly operational efficiency in terms of quality of service (and->*) also efficiency and financial
we are not sure what the markets will do in the coming months so you have the trade war and the potential consequences
overall first quarter export revenues were lower than the (year ago->yearago) quarter due to lower realizations for our japan and china logs
have used a product developed by aratana so i want to thank my colleagues at aratana our collaborators and our investors for having facilitated this transformation
its administered once daily and it travels from the mouth to the stomach then into the blood up to the (hypothalamus->hypothalomas) in the brain where it stimulates eating behavior
now that being said i do think if we see the continued housing construction activity build into the spring and summer season and demand gets back up to where we think it
we believe we may experience some fluctuations in revenues in (this->the) stage of the launch as the sales channel normalizes between distribution and sellthrough to vet clinics
if you can just help us out with how are they pricing it to the pet owner how is it being used is it earlier on in the treatment regimen like you guys had hoped for
we can make that available to additional sites and there is interest well beyond the sites that we signed up but we feel like we want to get that
where mills in both the northwest and up in canada are sitting relative to cash (costs->cost) right now because it looks to me like pretty much everybody must be (under water->underwater)
first quarter new home sales were 15 above fourth quarter levels and march sales were the highest in nearly 18 months
is now getting more towards the newer franchises which does give us a (higher->high) level of stability within our (originals->original) business
strong real estate activity in the fourth quarter of 2018 allowed us to pursue additional transactions that closed in the first quarter
particularly in february deterred prospective buyers at the start of the spring selling season and curtailed construction activity in many regions
i think as we saw the building activity be start off the year a little slower than we had expected you did see inventory levels build up a little bit
while the payments received from this therapeutic during the clinical study will be very modest in 2018 we are pleased to have advanced to this phase
once conversion is largely complete we will begin key marketing initiatives designed to enhance brand equity and awareness around the new packaging
revenues over time they have been slipping for a few years but do you think were reaching a bottom there or is there a structural reason why that may continue to slip (and->*)
in q2 additional shipments will occur including to multiple top retail partners and the product will also begin to arrive on shelves
theres some flexibility around that theres still some things we can do around cost as you know were very focused on opex and continuing to take (costs->cost) out of the
we would still expect our turnarounds before the aosp acquisition to continue generating free cash flow and debt repayments exiting the year in that
as always we will be mindful of ensuring that our financing plans afford the flexibility to repay debt or refinancing as each maturity comes due
and then effectiveness what we like to do is get in and do a pilot study to establish the dose and validate kind of where we are
areas of central mississippi some areas in arkansas a few geographies in alabama and most recently in northern louisiana and so
(you->that) can (*->you) provide to the market in terms of the outlook for production (here->your) cost or the quality of the asset
our teams did an excellent job of flexing harvest plans so that we could maintain production and capitalize on pricing which improved throughout the quarter
all the assets that go through our core areas well look at we look at every one of them we evaluate them we bid on a few and we get even less
position it in a very important segment of the cat population and show what we hope is a good outcome (there is->theres) a published pilot study in cats
strength in the second half of the year do you expect to be fueled by mobile handsets and how much do you expect to be (fueled by->fuel)
additional information concerning risk factors and cautionary statements are available in our most recent sec filings and most recent prestige brands 10k
nor are we expecting a meaningful decrease and so it would (*->be) more or less on par with kind of how weve been tracking in q1 is how were currently seeing it
it is far too early to say that this is the early indications of this this was more due to retail opening and different launch schedules than anything else
we are with some small upside in the latter part of the year for some price increases i think its important to note (jon->john) that
so (itd->it) be fair to assume then that you have spoken to a set of potential purchasers in the past
anybody that could move wood have the opportunity and so i just i think the overall weather dynamics probably mitigated some of that impact
which will pull some of that (liquid->liquids) shortfall into the second quarter so now we have a higher current price
we should be able to introduce new (product->products) in a much faster way and maybe we can also increase revenues but nevertheless so cloud is more
we are also aware that veterinarians are frustrated with their treatment options in cats and some veterinarians are treating cats with entyce even now
for us the way weve been really approaching our business in general is that were really focused on opex and getting our cost structure in place so that we can be
i use those words because you just we really do have to monitor it over a little bit longer period of time im not talking about quarters but
difference and so were quite confident that business continues to run well
continues to enjoy high traction from the market with multiple customers designing products to this platform
its sort of a situation that if you dont have to sell right now most people arent in the mood to sell
i would say were not counting on it that fundamentally what were working to do is
and then for just additional capacity growth to do the activities weve been talking about in china
and increasingly landlords are looking for a customer offer that meets their healthy eating requirements
associates focused on trends and styles as well as making sure
slow approach to integrating acquisitions and why we do that is because you got to preserve the customer relationships
and expect continued strong demand for precision device products across most end markets
so that we can go to in particular the automotive clients and make sure that were serving them
to go faster by making more use of thirdparty manufacturing where it makes sense
we dont think this is by any means set up for a v recovery im talking about the overall energy market
no thats what im talking about so theres growth from the fourth quarter just on that calculation
in october we mentioned the trial that (were->we are) doing in our (holborn->holbourn) and redding stores
we are taking share in this important segment of the market leveraging the full breadth of our solutions
and were going to continue to be disciplined and patient about our capital allocation thank you
frankly from when we started to actually get things done and (usable->unusable) now (what->*) we have
our (mega carry->megacarry) readiness have yet again proven to be right
and as a company that youre not overly (leverage->leveraged) by any single movement within the market
weve won 7 units in total and we expect them all to open later this year
we continued fueling our leadership engine and expanded training and leadership development programs
is the platform qualifications that were truly organic developments
you can see an example of one of these refits in our store in the (trafford centre->troford center) on the screen
specifically organizational restructuring and other actions associated with the new strategy
we (continued->continue) to maintain competitive brand levels of marketing and brand spend
in addition we continue to see ongoing disruption in the upgrading of the network
and i dont know if youve gone through the budgeting process but its a question thats coming up fairly frequently now and
and is this a situation where they can only do that for so long and then wed expect to see the usage rebound
process design kits were released and we are closely working with selected early adopters on products
the math that i just gave the arithmetic i just gave youd see that the fourth quarter of 18 is
that allows us to train all individuals on a real culture of taking care of each other
so turning now to look at profit from trading operations in a bit more detail
at the same time there remains a high level of uncertainty in many countries
and secondly providing superior cost effectiveness due to a very low mask count
and that was a business that we always intended to divest even when we bought it
contributing to a doubling of our total silicon germanium capacity at the end of the first phase qualification
and like all of our other shops in spain we will run madrid directly ourselves
now id like to spend a couple of minutes revisiting some of the key aspects of our business
our cash taxes are relatively stable so i dont see any major headwinds in there
as a result we continue to be very competitive in our media share of voice
this has enhanced our ability to source product and i believe (well->will) continue to improve
with the best product knowledge sales expertise and tools to enhance the customer experience
for details about these risks please see the earnings release that accompanies this call
and also establishes the validity of these codexis patents for purposes of the case
but they do provide a more sustainable financial outcome for these stores going forward
like your ability to drive your (coater->coaters) at higher line speeds and also your ability to
will come from an anticipated major new deal that we expect to announce in the near future
thanks for your attention and im going to hand it over to greg for a little bit more on taxes cash flow and the balance sheet
and that has led to that whole thinking around solutions around service provision
and so as a consequence we divested it we thought wed be able to divest that a lot quicker than we did
should be given to us is 50 of the capacity of the factory
how we do in terms of keeping our people developing our people and promoting our people
we havent been in the strongest negotiating position as it relates to acquiring product
and relatively less when the share price is higher now looking at the (segments->segment)
with somewhat a softer approach in terms of the look and feel of our marketing campaigns
our priority now will be to reinvest (to->*) further savings behind improved volume growth
as well as with new opportunities for integrating multiple (dies->dyes) into a single die
ill provide the usual walks and commentary on the sales operating profit and operating cash
much longer than we anticipated and some other things because thats where that business (is going to->has) run out of
just because oil was down i mean we were driving margin when oil was up
a very big difference than the rf soi but on the margin side its a very big difference
really need our capabilities and technology to enable their own business goals
and we continue to drive very good results from our cost savings initiatives
we continue to see the (cash generative->cashgenerative) nature of the high street and travel businesses as one of (the->*)
and we expect all of the units to be open ahead of the summer peak
in china to really slow down we do expect to see
and are enabling us to expand our total available market and grow our business
in this case to ecommerce it takes a little bit for companies like ours to adjust to that
this progress is consistent with the strategy we laid out earlier this year
we now estimate average shares outstanding at the high end of our previous range
incorporating our customers (demand->demands) and focusing at the most challenging applications
so was our acceleration of the time line to be able to start human trials
both in our stores and across our distribution and supply chain network
really focused on the execution and selling installation in the stores
we are very excited and pleased with our teams solid progress in this new arena
when you would expect those volumes to inflect or be positive
put the margin under pressure going forward or is it fair to assume that these margins levels
thank you very much for your questions
the lowering of dose levels to reduce the ultimate cost to administer (to->the) patients
into zte that have an impact sit among our customer base
this builds on the investments weve made in the last few years in new capabilities in digital
providing more detail on that as we move through the rest of this year
that enables previously unachievable performance attributes quickly
little bit different than what you said we have developed our first enzyme
this is an important proof point for the effectiveness of our managed exit initiative
working against their list of improved drug manufacturing process targets
that the new capacity is now installed and we are beginning to utilize it
the group (*->has) produced a good performance in the (6 months->6month) period to the end of february
gateway west is really about reliability on our system and availability to better manage our footprint
is really holding very very steady (and->*) im just im especially interested in whats going on underneath the hood of the (tract->tracked) mortgages
from the health and the benefits business that youd expect over time you can either take out of the organization or redeploy into growth areas
and then you mentioned the pricing coming with menu news and now (its->thats) going to be accelerating
at the same time we are actively managing the ongoing normalization of lenderplaced with our expense management initiatives
understanding our product offering to make sure that our specialist presenter programs and others are the best that they can be
was really high you had to amend your covenants many times what is being done internally to make sure youre not going to see that again
we currently have about 5 of our villages in the early stages of planning and weve started with holding units for sale at some of those villages
but i can just tell you that our service area in particular is experiencing significant growth and i would say most of it is in and around
the recovery boiler water washes (*->the) higher natural gas prices and the need to purchase higher amounts of external pulp
aside from improving our salad lineups this launch will also allow us to reinforce our world kitchen positioning
we started construction at newport (and->in) brisbane and (elara->lara) here in sydney taking advantage of our large residential communities land bank
if we take that together what that has created is a very strong foundation
that together with the other key driver (being->has been) the reduction in our overhead spend and that is due to the timing of expenditure
strategic execution by the fedex team and a stronger global economy drove improved financial results
on your last response there that the nike revenue run rate is a little bit slower than what you planned maybe a year or (two->2) ago
designed to appeal to the everyday traveler weve made wyndham rewards the most generous and easiest to use program in the industry
todays call will contain other nongaap financial measures which we believe are important in evaluating the companys performance
and the ongoing strong growth in over 65s for the retirement living business positions us to deliver sustainable growth
spend which will come in relating to future new launch projects (ive->weve) got 6 new communities that we launch in the second half
we dont know we dont have any information as to whether this will or wont be implemented and i certainly havent heard anything about it myself
not knowing exactly when that will be i would say the other categories that come immediately to mind are
the order was a positive outcome for idaho power and its customers as the commission both granted our request for new customer classes
without discounting the brand to the extent that it would impact the value proposition (weve->we) certainly (*->have) been very targeted from that perspective
for example where a valuer has carefully looked at a subregional asset and has determined that theres probably more supply than demand
restructuring as opposed to defensive restructuring and as we move into an (offensive structuring->offense restructuring) we think about how do we make our company even
very good about the progress toward not just getting out the residual expenses but going far beyond that as we grow the company
communicate in (*->a) much more impactful way and were looking for ways in some of those medium to small markets
weve been supporting our online ordering through marketing efforts such as our (leap the line->leapeline) promotion on leap day this february
you should also know that were spending a significant amount on our tax structure that is below the line and that will have benefits
there youve got a strong town (center->centre) a fantastic park and open space and (playground->play ground) at the heart of that community
given the fact that we did provide a significant amount of information just a couple of weeks ago my prepared remarks today will be relatively brief
we also announced (a->*) strategic investment and planned partnership with (klarna->corona) one of europes leading payment providers
as (this transitioned->its transition) to a new manufacturing facility during the third quarter aided in driving operational improvements
and because of that ill go to the first part of the question which is i dont think were really in a position to talk about this
retaining focus on efficiency and extensive work in scaling up the business lines (weve->we) built over the last 3 to 4 years
the lack of a major outage in 2018 and achieving higher selling prices in both businesses in the second half of the year
than more simply brand building so thats how were doing it were not leaving it but were making it more specific
with one of the most important and largest future demographic groups millennial parents and their families
we have a very resilient business built on the strength of our core brands and our diversified portfolio
we expect the impact of the cyberattack on our financial results to diminish in our fiscal second half
and third continue focusing on generating cash flow and to begin paying down bank debt in the second half of the year
this strategy was different from others in the marketplace but we felt it (is->was) important to be mindful of our small and medium customers
and that as volatility in equity markets increases this group appears to respond by increasing their investments in (lending club->lendingclub) notes
in june we signed 13 new partners to participate in our token service provider program in all major regions
we continue to accelerate our share buyback activity to offset the equity dilution from the visa europe transaction
a variety of new clients and new programs and thats whats starting to drive up the top line and will continue to drive up the top line
that went in place in march weve also had a series of reductions as weve begun to really integrate our key support functions
so is it just a matter of timing or is there some change to the expectation around how much in dividends you can get up
including the launch of our development program called (my road trip->myrotrip) which we discussed on the most recent call
opened up a i think we talked about this at some point in the past that in february we opened up a new facility in palo alto
as well as its ability to act as a throughput equalizer for our guests relative to the competition
and (theyre and->*) weve driven more than 1 million miles on these on the road so we know that theyre safer
before i move on id like to thank the team for their hard work and dedication throughout this challenging process
but to get on with demonstrating to investors that were able to sustainably grow profits into the future
it feels like at some point on the gross yield side its going higher but the rebate side is keeping up pace to some extent
and im wondering (what does->whether) this mean as we go forward is this the q4 kind of the right mix to think
the sterling performance of our consumer credit businesses and from even stronger growth in our transactional and servicing business lines
it requires a close collaboration between fedex and our customers
on the credit card side the front book weve been taking on slightly more risk
adjusted for conversion and gas prices underlying credit and debit growth rates have been stable all year
also elementum continues to successfully expand its customer relationships and rapidly grow revenue
we continue to improve and expand our design capabilities and reference platforms for new products and markets
and that was also internally discovered and promptly remediated the board hired a forensic auditor
we think thats important because it broadens our customer base it allows us to give to customers what it is they need
was not our strongest asset and therefore (it->did not) was not identifying the places to use some of our (pop health->pophealth) assets
as soon as the acquisition closes maximizing the benefits of our larger organization and minimizing disruption
solid cet1 ratios with high quality with very small difference between (debt->the) phasein and the fully loaded ratio
change of ownership risk that was highlighted by one of your (colleague->colleagues) in (*->a) question previously we dont think it will come (that->*)
in terms of the satellites in terms of the ground terminals and the like and we were persuaded some time ago
on our last earnings call i signed off saying i was optimistic about the quarters ahead and today id like to leave you with that same sentiment
and at the same time continue our relentless focus on satisfying customers as they move more missioncritical applications to the platform
in the fourth quarter this platform along with our real estate portfolio should be powerful additions to our core earnings throughout the year ahead
and importantly redevelopment and new development is really lifting the quality of that part of our portfolio
few remarks the first thing i would say is that i personally (i->*) am really happy with how everyone is performing
the purpose of this call is to discuss the information and data provided in the quarterly earnings release issued this morning
so i dont really expect to see a (costoffunds->cost of funds) increase over the next 2 years because i think any rapid prepayment will result in
these 2 items are fundamental to our policy of returning cash to our shareholders and we remain firmly committed to continuing them
think the last time (i pointed out->*) last time we talked about that we said it would take a couple of years
however (well->*) some of the reasons some people dont like flat leases were actually okay with them because if you believe that inflation is on the horizon and we do
will increase volumes that can compensate some of the market deterioration
services revenue came in slightly lighter than we were expecting as some services projects pushed out due to q4 holidays
second we historically have bought back shares to offset the dilution associated with our employee equity compensation programs
thats not included in that yet so if your question is do we have to go out and aggressively buy a lot to achieve it
a 5 growth rate on the year despite the negative market effect in recent quarters that has been very relevant
and we have enhanced strategies for partnering with our clients thats increasingly more flexible and thoughtful
that would have normally gone to other facilities in the network and (start it->started) at massachusetts could you help us (to->*) understand kind of
the cash position allowed us to continue to invest into our infrastructure and into our presentation of our brand
yes the duc count continues to climb and im just trying to sort through
project starts for customers were delayed by both scheduling and some logistical issues sand and water delays
for information on this matter we refer you to our prior public filings we will not be making any additional comments on this matter on this call
install and operate the platform and get initial workloads on very quickly we find that if they get the platform operational and
by kind of in some way that virtual capacity thats building and the success our partners are seeing which we think is really (goodness->good news) for
you may recall that our safety assessment business in canada recognizes the majority of its revenue in us dollars
the end of the year to say how much stock we might need to repurchase and they get the opportunity to at least
they have great expertise and what theyre doing basically is selecting out of the larger group of pbms available
not the least of which is actually starting to give them a road map for as they want to expand how do they (profitability->profitably) expand in markets around them
and that these customers werent going to be able to hold their breath continue to hold their breath very long
mandates for voo to be honest i think for the time being we do not see that there will be
a physician who is truly responsible for closing gaps in care instead looks at the client use case
(*->now) this is a very customerfocused business and its important that it is we need to respect our customers and their individual circumstances
the strength of our business model leaves us well positioned to make the longterm investments necessary to grow our business in the future
deal models arent the thing that gets (the->a) deal closed deal models are the thing in which you measure yourself for (*->year) by year after year
the early creation and implementation of that amenity helps drive higher residential sales and therefore an overall
well get past this the politics everything else and make the most of our opportunities as we look forward
and some folks prefer to go in a different direction (*->and) we feel good about the progress were making and certainly
one thing that could change would be some of these larger players that are trying to reactivate a lot of old equipment and
this was also supported by lower churn levels compared to (one->1) year back even with the rising competition
we are moving forward with our integration planning process in order to be well prepared for an early second quarter close
manage actually cash management as well as other factors its still a little too early to say exactly
and in our employees to ensure that they have the right skills and talents to deliver for our customers whose business is changing radically
we are optimistic that execution of our sales strategies for both the sterile and nonsterile markets
that were not comfortable talking about frankly in front of the rest of our industry but what i would say is
its kind of stalled yes theres a number of factors of that some of its got to do with the timing of when youve
the second quarter and the remainder of 2018 the first quarter was about as choppy as it gets for our business
you had a benefit last year because essentially
the gain and loss on foreign exchange were mainly related to the change in the exchange rate used to translate
almost evenly split between bridge loans and conduit loans and we have a robust loan origination pipeline
(michel->michelle) will review the items that drove the reduction in operating expenses for both the year and the quarter
so we (have we->*) do have the ability to (play->deploy) capital (when->and) we find true value that are strategically right down our fairway
this is primarily a result of additional anticipated pharmacy sales for our pbm and part d products
(*->and) so when we looked at client satisfaction when we looked at our channel checks when we looked at how people were actually using the application
the midpoint of this range implies an organic revenue increase of 7 compared to the same quarter last fiscal year
ladder has been very measured in its dividend policy with a focus on maintaining cash dividends at levels that will be funded by core earnings
during the quarter we continued to execute on our strategy and again delivered strong results
and on the software and services side thats probably the primary reason why you see the bottom end come up as we see greater visibility into the projects
thanks jamie we continue to make great progress into the future with our evolving organization and (solutions->solution)
the increase is mainly due to the additional debt incurred in the first quarter we expect quarterly net interest expense
in addition the insourcing solutions business reported growth in the fourth quarter as a result of new contracts
the decrease is primarily due to lower discretionary (benefits->benefit) and the impact of higher revenue in the current quarter
during the second quarter we advanced our commercialization plans for a number of products and just last week we launched the cusa clarity platform in japan
slightly behind our recent history but in line with history when the known outdoor retailer and interbike issues were taken into account based on our expectations at that time
we go after very select opportunities where we think we can add specific value and its maybe a bit of a unique situation for (our->a) customer
a new erp system is being installed to record the success and provide data to develop and to react a new compensation plan is built
another influential (sector->factor) were (*->the) higher trade receivables which increased especially as a result of the reclassification of real estate project development
can it get worse in terms of a margin squeeze or do you think the worst is currently about to be digested
and (there is->theres) a section of the show thats going to be unusable space and so were going to sell out the entire (javits->javit) center that has the available space but weve reassessed
stays in order to talk to patients who do not necessarily go through the hospital to reach us
could we probably think that there is still any impact on the cost side and could you please elaborate a bit on the service revenue because
majority of the revenue guide is largely due to the volume is it safe to assume that you have good clarity on the asp as well for the rest of the year
as required by the first time adoption of ifrs 15 we have commented on this effect already in the previous calls of this year
our forwardlooking disclaimer statement is part of our quarterly releases and filings finning does not accept any obligation to update this information scott over to you
this lag (here->*) that we have noted in the revenues we are conservative because we dont have anything that makes us think
internal growth model now looking back to what weve done over the first half of this year this is exactly it we have
were conservative in setting those prices we dont have a lot of history across all of the various tests and across all of (the->*) various payers and so
some relative flatness in some other brands and several very specific issues related to a few of our shows that are constraining this years overall organic growth
are largely driven by our partnerships and so having just signed numerous partnerships and relationships in this past quarter i think helps us too
the repayment of one of our bonds and the acquisition of the minority shares of the now delisted german subsidiary strabag ag in cologne
and then just the way we believe we can run the plant because we can focus on certain productivity levels we feel more confident than we did when we
parts but we expect that to rebalance toward the back half of the year and the margins to come up a little bit in global services over time and industrial environmental
even after the provision weve taken here half of which relates to bulyanhulu were 5 to 6 years away depending on where gold prices go
so we may see some acceleration but i cannot tell you how much i am moderately optimistic in terms of that
the clinical and commercial investments that weve made over the last 9 months have positioned us well to accelerate organic growth in the second half of the year
im not that concerned about the switzerland plant conversion from sap to oracle weve done that multiple times that happens in the fourth quarter
following the ipo and the resulting reduction in our leverage we took the opportunity to refinance our credit facility to reduce the interest rate payable
(*->but) what we find is that the broader industrial marketplace is a better indicator of the speed at which well grow the business
so we did have a little bit of a benefit i would say in global power from timing in q1 we had a couple of projects weve been performing very well on
further objections and discussions with the revenue authority and wed expect to resolve those in the coming months
available in britain after the brexit once it would be workers stemming from the european union that could be an option
fourth element that i would like to mention (its->is) the work thats gone into strengthening our web and telephone
helping your counterpart or following up on data now can be spent selling thats where were going to see the biggest lift in the second half of the (year->*)
a larger volume of recurring revenue in the initial years but then when
that we think the network business can bring again especially of late i think its probably just important to make sure to put the fine point on it that
put some additional cash in india in order to pay off a loan that that joint venture had (it->*) was a very high interest rate loan that was
hospitality capacities with (the->*) facilities that are not all up to the task as they are
with this all behind us and to be successful going forward the organization has to focus on cost to ensure enough cash available to pay for the growth
preserving our autonomy and our own buildings but the idea is to really be part and parcel of what i would call the local hospital platform
and we were going to work internally to drive revenues in the services business that were noncoal and were still very focused on that and i still think theres opportunity there
approach that (will->would) be obviously favorable to (the->a) company like ours given the number of people that earn
we plan to be completed by march 2017 the big value of that is a lot of our decisions are made without a lot of data and not (uptodate->up to date) data
what i said (makes->make) sense for the next 2 years and along the same line i understand that you want to maintain more stable margins but
we can for instance buy a finished building that we then integrate into our perimeter so we have a very clear vision of the physical
one final note on setting our expected rates of collection since we do not have a long history of collections under contracted rates for our multiple tests
experiences so look were working through them we feel confident in the businesses and the brands that serve these markets are highly important to the markets
to the longterm care nursing home and we are currently developing the services
and second of all could you give us the value or the amount of
in a given year the recurring revenue will start to be generated as of next year and because it takes about at least 6 months
we can see sustained growth but going forward with a transformative shift in driving down the cash burn we are confident that we can exit the year with a meaningful reduction of burn rate
and based on our execution for the first half of the year we are on plan with both and as a result on path to achieve our full year guidance
we have been conservative in establishing the expected rates until we see improvement in collections or have new facts that lead us to believe that collections will improve
therefore its not enough just to have the technology because its more than that it involves
a positive answer but a warning that you should not expect that the growth should continue forever like we have seen (*->that) this year
so there are a couple of options in there and id say that we have opportunities for inorganic growth in both of those areas
that (is->its) both sustainable and above the sector average and we certainly look forward to talking to all of you in coming weeks in more detail with the post results (meetings->meeting so)
thank you all our loyal supporters (who have->whove) been with us for many years and to (hell->held) with the naysayers this has been a wonderful 20 years and many have been with us since we started
additionally we continue to evaluate inorganic growth opportunities as well as strategic partnerships that would enhance our programs and offer incremental customer value
the (consuming->continuing) entity is named (telesat->telisap) canada that concludes our prepared remarks for this call and now we will be happy to answer any question you may have
as a result were able to focus on the most vulnerable members while ensuring the integration of all (*->of) their health data stabilizing (costs->cost) and improving their quality of life
but now the game has changed instead of competing against (the->a) traditional known telco or cable or satellite provider (they are->theyre) competing against brands that millennials have grown up with and love
a modest sequential revenue increase from the fourth quarter level due primarily to higher sales of research models after a seasonally soft fourth quarter
have been met and in accordance with accounting standards we have booked an asset in inventory and an offsetting liability in development provisions in order to recognize the likely
of those that amenity provision and importantly that community like many of the communities that weve commenced in the last 5 years is very close to new heavy rail
we will try to maintain it what can we do to prevent competitive environment changing i think not a lot i think we have to continue to run our business well (to->*)
its an exciting time and at the same time a challenging time earlier this year i laid out 3 key objectives aimed at helping our company realize its full potential over the long term
(*->and) in terms of the results that weve delivered this period (i->they) recognize the strong foundation that ive just talked about
i think its important to keep this in mind and in context when looking at basic energy services as a whole the demands on our frac spreads have grown over the years as well
some business just because the stuff is new and itll have associated downtime on that equipment should be less because it is brand new so (the->*) customers tend to pay a premium
were in the early stages and making solid progress in transforming a traditionally transactional and unpredictable software business model into a recurring revenue business
that line double in size against a revenue base (thats->its) only gone up maybe 50 and im wondering and i know youre in an investment phase here but
the combination of these factors is expected to result in first quarter nongaap eps approximately 10 below the fourth quarter
is redeveloped space that includes (prebuilts->prebuilt) and white (boxed->box) full and partial floors ready for leaseup
as far as the approval process goes for the repurchase the regulators (asked->ask) us to submit a plan at
to reshape our portfolio to drive improved profitability from the residential business im really pleased with the progress that weve made in this respect
that the sydney housing market is moderating we are well positioned for further growth on the back of improving margins in our victorian and queensland portfolio
its sophisticated ergonomic design that brings instant comfort is generating critical (acclaim as cosm->claim opcosm) has won a number of awards including the fast company innovation by design award
these projects typically start small but over time grow and get larger as it is geared towards (aboveaverage->above average) market growth from a planning perspective
to more of that legacy conventional production that theyre trying to put back online seeking cash flow from those cheaper alternatives rather than the drill bit
we expect in the second half that conditions will probably be similar to the first half although as stephen noted we are seeing green shoots emerge in that segment
perhaps we will see the fully loaded to go down by 40 50 basis points in the following quarters because of this reason
but that dynamic market is leading to a lot of activity and we like how were positioned both with the domain knowledge of running the managed services and then when you put the
we are living the fact that we are continuing to play an increasingly more important role for all these clients both large and small and
we would expect more moderate price growth this year after a very strong price growth in 2017 and in queensland were seeing continual improvement
given our current cash balance ongoing cash flow from operations and total borrowing capacity we remain well positioned to meet the financing needs of the business moving forward
bear in mind that some of the leasing that we did with early in the cycle early in the cycle of the market as well as early in (the->*) cycle of our property redevelopment
these changes are consistent with our announced (plans->plan) and strategy to vacate and redevelop spaces
from the challenge perspective i would love kevin to weigh in as well i mean the most important thing is absolutely making sure that the guest experience is right and that the food gets delivered correctly on time
to build real enduring growth which is generating the positive momentum and green shoots already evident in this extremely competitive environment
this forecast reflects the latest view for sequentially lower steel (costs->cost) next quarter and a full quarter impact of tariffs on chinese imports at the 10 level
tom durels our executive vice president and director of leasing and operations will then provide an update on our portfolio (and->*)
you dont recover about half of that so that goes straight to the noi so thats part of it part of it is a marginal readthrough of the rental deals that weve done
as we noted last quarter under the new guidance we are now recording certain dealer payments as expenses within cost of goods sold that were previously classified as a reduction in net sales
in order to reduce uncertainty around this small aspect of our business when there are significant developments with regard to broadcasting we will provide updates
and excluding the industry headwinds we are encountering in denver we are pleased with the results (todate->to date) and remain optimistic about the potential of our media efforts
we continue to believe that we are well positioned to resume earning expansion later this year and to give more detail on these items id now like to turn it back to dave
and in terms of the range that really hasnt changed from where we were before i mean it will come down ultimately to
a lot of the things that weve been working on and a lot of the things that weve been saying to our shareholders and (discussing->discussion) with our customers and the like
and client response has been very positive site visits are accelerating and clients are beginning to place their first studies in the facility as a result
and lastly we are building our capabilities to support expansion of our business with various veteran active military and other federal organizations
finally before i turn it over to randy to review our financial performance in more detail i want to reinforce why i like our business and why we believe our fundamentals are strong
we bought the liberty banking corporation in arkansas expanding our footprint throughout the state of arkansas doubled their profits in less than a year (in->and) the best deal (we have->weve) ever completed
due to the planned acquisition of (wil->gold) research and our goal to quickly repay debt cash flow generation has become an (evergreater->ever greater) focus for us
step therapy process of making sure that the statins are fully utilized but also negotiating on behalf of our clients (on->*) in rebates as well for that class
they dont want to have to bring a solution in from over here a solution in from over there and a solution and then assemble them together by providing that consolidated solution and by finding some great
its important to note that the vast majority of these revenues meaning greater than 90 will shift to newer generation products with improved margins and reduced manufacturing complexities
and they are looking at us as the natural provider of them so all these things together really give me confidence now how are we grading ourselves
reflected in all of this lending and financing activity including the efficient shifting of capital among securities mortgage loans and real estate investments
were so convinced that the refinance probabilities are much higher now than they were last year that were probably getting into a little bit less liquid categories but
so i expect that over the year we should pick up more orders also and maybe certain projects that will come up
spy is actually we are getting new we are doing some placements (of->with) spy because some customers still want to do it on that basis which were open to for a limited period of time
(*->a) more of a bond deal the second one was (a->the) private and that has to do with (the->*) expenses but what it really does all it really does is raise some additional capital for you by raising your financing rates
actual results could differ materially from those stated or implied by these forwardlooking statements due to risks and uncertainties associated with the companys business
typically have different purchasing behavior than the hospitals any differences there that you can kind of highlight to help us for modeling purposes
because none of these obligations come due for several years we are able to safely leverage this capital into investments that are higher yielding like balance sheet loans and real estate
the statistically significant benefit (and->in) improved patient outcomes when using endovenous laser for the treatment of (*->a) venous disease are undeniable and have been confirmed repeatedly
for other reasons weve seen some cap tightening in the hotel business because the hotel business has the most elastic pricing and in a reasonably
there were a number of favorable trends in the quarter that put our results slightly ahead of where you expected and jamie will get into those in more detail when he reviews the financial results later on in this call
okay and my last question is just on kind of time line of the various pieces of your platform all converging into what you feel like is (a->*) really
where they have used our technology to show that they can actually see the (sentinel lymph->sentiment) nodes and they have actually done outcomes analysis
that the additional bandwidth (its->thats) going to receive in the second half of this year will pay dividends but its we didnt get to this and our forecast and our belief for this is not a 10 business but
we would like to remind you that webcast participants can beforehand (pose->post) their questions that are to be answered in the qa session
i mean (i->*) honestly (*->i) feel like this quarter was another extension of prior quarters now what we have seen is weve certainly seen as we continue to move more towards recurring
are compensated and care about that see it so were going to get our momentum back but its not going to happen as quick as we had hoped the realities on the ground are what they are
ladder expresses its view of the commercial real estate market and of specific opportunities within it by making loans investing in debt securities and acquiring real estate
this expected decline was driven by lower volumes in the quarter and the subsequent higher allocation per unit of the fixed component of cost of goods sold
i would like to talk about the changes that we had in our (center->structure) as you saw in our material fact i continue as the director of the company and both
this agreement is part of varians commitment to partner with the brazil ministry of health to increase access to and quality of radiotherapy treatment in brazil and latin america
no i dont think theres a rule of thumb i think if you look at what happened in october and november in a 5 to 6week period it was the most volatile period
ill also remind you were on a multiyear journey and that this journey is one of transition building upon the best elements of rotork lets take a look at our full year highlights
natural gas prices are low which and are expected to remain low so the stability of the pricing is extremely important
their new platforms using their own processor chips yet and so i cant give you any update beyond that just because they havent provided us
this feature causes the clo trust to delever more slowly so that the timing of capital returns to ladder is more closely matched to the timing of loan payoffs
can you also comment on your net lease portfolio in this broader environment of strong economic growth higher inflation along with the higher rates
our top sales people continue to perform in line with our expectations and are successfully transitioning to selling our (company->complete) technology as a subscription suite
and so i would say we feel like its really the combination its the combination and its not really at a subsegment level on each product
both retro running (stars->stands) from the 90s that we refreshed and brought back with significant commercial (attraction->traction) the (tresc->tresh) run and (the lxcon are->lexikon) also great examples for new (silhouettes->silhoides)
(*->we) made an investment during the first half of the year to add dedicated fluid management representatives to the business in an effort to drive focus and specialization
we believe this is a unique and highly compelling value proposition to our large existing and new sme customers in australia and new zealand
within the study as a whole there has never been a cardiac result that has resulted in the data (and->*) safety monitoring board instructing that anyone change a dose
sure so let me take the first one i mean if you were to say that our options (were->more) broadly to go really deep in accounts or to go and get a lot of accounts
gross margin performance was very strong inventory levels have seemingly been managed well can you talk about how much more margin profile there is to gain
now turning to new product development to be absolutely clear we are increasing our emphasis on new product development efforts to drive organic growth
this is our highest reported earnings quarter since the beginning of 2014 we benefited from our rapidly growing inventory of balance sheet loans
while pricing pressures will continue a (raft->wrap) of new international clearances bodes well for a more positive second half of the year internationally
for the natural gas users in our case we do much of the work mostly on gas distribution
before the call begins id like to remind everyone that certain statements made in the course of this call are not based on historical information and may constitute forwardlooking statements
but it did in the case of some of the solar activities where again this is work that should have started
the (*->sension) still stands we are very happy with the progress and (we are->were) very unhappy with the state (*->of) where we are but we are making progress in trying to change the (latter->ladder)
given where we are right now even if for some reason they make an interim decision we dont want any of that in our numbers (going->*) for the balance of the year we kind of feel bad that we had that in there
having said this its important to remember this growth rate varies dramatically between subsegments of the market between geographic regions and between the specific application sets
a replay of this call will be archived on the companys website before we get started during the course of this conference call the company will make projections or forwardlooking statements regarding future events
a lot of those contracts are based on (belvieu->a bellevue) index so you are correct we are we have a requirement in our contracts that
and in cats and that frustration from our perspective includes being frustrated with (mirtazapine->mirtazopine) whether thats an oral tablet or the (multipley->multiply) available
there really wasnt any tiein between the sale of the household and the announcement of our planned repurchase back in may
and one of them has fulfilled its goal in part and the other one did not totally (fulfilled->fulfill) the goals
we will have to obviously finance it (and->*) yet the type of financing that we can choose (it->*) can be very specific or it can be a mix of both
yes i really cant comment on what other folks in the industry are doing in terms of production the way we look at it really is just we produce what we can
however theres been a lot more surprises than (ive->i) ever experienced previously or could have ever imagined and basically driven by poor records and poor attention to detail
and we sell to large corporate accounts who are covered by our national account managers these corporate customers can own and operate hundreds of clinics across the country
and the demand for our highquality japan logs (remains->remain) solid now i think what youre alluding to really is maybe a little bit more about realizations and so
and overall economic fundamentals remain positive with increasing real wages unemployment at 50year lows and strong job growth in key housing markets
a better solution with a better fit depending on the scale of the project or maybe eventually your oms business today could probably
and i guess just with respect to your question around philosophy a big part of how we look at our strategy is making sure that we have a really low cost structure so that we can
it goes without saying driving up this collection rate continues to be a primary focus and we are beginning to see signs of success 9 months after bringing our billing inhouse
we expect our western export log sales volumes both japan and china will be lower in the second quarter due to the timing of shipments at the end of the first quarter
this mixed growth model is already very efficient in belgium thanks to the farreaching efforts led by
larger projects as you said the revenue share is larger thats why there should be some room to grow further in the next (2->few) years
and then just in terms of long term i guess youve never really stated a target leverage ratio but
the margins to create new offerings that will allow us to grow further in the future so in fact
we may operate at peak levels closer to 5 and im not sure (*->we) if 4 would be the right floor as well
therefore we made a significant investment to convert everything to the cloud in this particular case we will still have some investments in this first
in total company resources can now be fully dedicated towards the growing consumer health care platform and its superior financial profile
its never ended its an ongoing process we have had a good performance (in->*) this first half
designed to make up for lost time and implement activity that was recognized as critical but previously we had no cash available or the breadth of talent pool to be able to execute
to companies who face challenges in serving their customers with inventories in multiple locations
oftentimes or sometimes these customers do not allow us to work at a profit but
to new york harbor (less than->lessen) a bit as well can you talk about those dynamics a little bit and whether theyre having any impact at least in the (nearterm on->near term) online space
which is in line with our model and our expectations and quite frankly our experience in the first quarter the first full quarter following an integration
and an area of opportunity for us but all in all between the existing customers growing nicely as well as the new partners were signing up and we expect to have a couple more signed up
regarding warehousing (cost->costs) we are experiencing gradual efficiency (improvements->improvement) and the warehouse is largely stabilized as an expanded local workforce is hired
and my last one is on your energy cost i was just wondering how and when you usually negotiate (the->*)
we also have new hirings because of all (*->of) the new initiatives therefore our team increased
and this obviously starts with serving our commercial customers locally and nationally with a strong array of loan deposit and treasury management products and services
given the disruption were seeing with some of the competitors in the wound care space just maybe talk a little bit more about some of those opportunities to win business in large health systems and wound care clinics and
gives them support whenever they have any technical question related to the product even though the product is relatively simple
and we have to just do our due diligence to make sure that every product split we have the capacity to handle those incremental volumes
at any rate we believe that veterinarians are very excited to have entyce in their toolbox and we are very pleased to see veterinarians using the therapeutic tool
we did defer a little bit of silviculture in q1 thats going to get pushed to q2 so thats about half of it the other half is really just around timing of vessel shipments and so
which has increased considerably the management of heavily dependent (residents->resident) on (an->in)
as sean noted our integration and operating costs are expected to continue through the second and into the third quarter as we fully integrate last years acquisitions
because i believe that in the future these hardwares will no longer exist like the plastic will cease to exist in the future but
its a subtle shift but an important one to remind ourselves investors and customers what our business strategy focuses on
if we take you to just as (the->a) run rate for the following quarters we already arrive above (yearoveryear->your) guidance so could you give any comments on that because
that this whole much more aggressive growth plan will turn us a much better position in the cash area so were hoping
i mean this would be 8 growth if you consider the number of stores you mentioned and these are all
and then of course how many come in with digitized family history how much phenotypic information have we collected either directly from their medical record or as a part of the ordering process
as is (the case of->*) our vice presidents that run the core digital and (denis that->*) runs linx pay
look at every opportunity i think we have to look at everything at least a bit we are not going to get
we use margins generated by current products to invest in the following steps (and->in) future growth
credit management and cash collections members of the integration teams created detailed plans and worked diligently adding up to thousands of employee hours
however as our results indicate we also have serious issues that must get fixed
january was the weakest month of the quarter political revenues were under 1 of our quarterly sales
and we consider our internal controls over financial reporting to be effective as of our fiscal 2016 yearend
thanks doug before we open it up for questions i would like to briefly touch on a few financial highlights from the quarter
as shown at the top of (this->the) slide we have earned an a credit rating through our years of cumulative favorable performance
as significant a discount on our product as it sells so i think its a matter of both
the surplus and its resilience will remain the focus of our group capital reporting
which was very exciting for us to be able to create that much innovation in a short period of time
needless to say promoting the deployment of fuelefficient aircraft will help control fuel cost increases
and on top of that i would like to remind you that this presentation contains forwardlooking statements
looking forward based upon our existing production and delivery schedules we expect to generate modest
that catalog will have my competitors products in it it will allow me to sit on top or around
we are driving strong organic revenue growth growing brands and audiences improving sales execution
we are confident that we have the processes controls and key employees in place to remain in compliance as we move forward
in 15 and got margins back to kind of that midteens level which is where weve historically guided the business as a matter of fact
but the real benefit of having a platform like hydrogel is that it has so many potential applications
and before i go through those different offerings i want to go back (a->to) step and remind you how (*->do) we even get here
the operating expenses of the group have reduced through continued strong cost management
in some respects the hardest work is behind us but now (weve->we) got to come in and make it all work
you will notice that us tax reform did not have a net impact on earnings per common share during the quarter
based on the feedback we receive at that fda meeting as well as data from additional manufacturing runs
weve tried to design our comp plans to have our sales team meet the customer (whatever->with how) they want to buy from us
that said when taken together assessing the likelihood that the customers will act on their needs remains in question
okay so just to clarify those are basically the same doors that you (had->*) talked about previously
we are also advancing with investments in human resources which is supporting quality and services
along with our partner regeneron we also continue to make good progress on the development of a (sustainedrelease->sustained release) formulation (of->*)
was relatively close to 0 so (anytime->any time) you saw any growth at all and you could load hot assets you could get
would suggest should come at some point in this cycle so we continue to go out there and fight for every order and believe that we can
focusing too hard on pushing one way or the other whereas a lot (of->*) my competitors theyll pay double in subscription or
and of course (itd->were) partly driven by what competitors decide to do and of course it could be that theyre more interested
phoenix is active in industry discussions with regards to the future of our entire industry
as i talked about in july i took over (as->*) ceo in april (until->and so) in july we had done a lot of work to
todays conference is being recorded at this time i would like to turn the conference over to glenn (wiener->winer) please go ahead sir
this higher interest expense is serviceable but represents future opportunities for savings
for those that exit i think in terms of exit charges so i think ill refer to the fact that
we believe we are well positioned to not only deliver the new reporting but to drive improvement in this key area
but were also quite confident that the businesses are performing at high levels and that we can produce very good returns for our shareholders
there are as you point out a lot of best practices that are available weve got a whole laundry list of
given our concentration on our regulated businesses and our focus on transmission and distribution
including this fiscal year we are projecting achieving a new record high for a third consecutive year
in addition new contracts with large hospital groups are also helping to drive growth
and hope that such a meeting can occur early in 2018 ideally in the january time frame
we will aim for increased revenues and income by taking advantage of the strengths of the lowcost structure
the services drop we were not able to adjust their spend quick enough to keep the margin
those notes those expensive notes became callable a few months ago in december but at a premium
many of which already have a presence in these markets and (*->thus) have the opportunity to drive success more quickly
we provide a great market channel for that technology to all of our licensees and
we expect this capacity to be available in 2017 and help us meet the needs of our customers in a growing market
including 10 key markets we believe that as we continue to open stores and build our wholesale base
(to->*) be (able to basically->*) drive that technology across the market in one fell swoop through the standards process (so->*)
including statements relating to projections of earnings and revenue business drivers the timing and capabilities of new products
internationally we are not anticipating growth and we are taking what we believe is a conservative approach in our outlook
and we are continuously looking for ways to bolster our programming and grow our audiences and deepen their engagement
before handing the call over to pam for a walkthrough of the financials ill provide an operational update
and (5->five) the amortization of the beneficial conversion feature related to the preferred stock that is required by gaap accounting
our pipeline is already improving and we anticipate improving revenue as the year progresses
we will maximize the use of (haneda->honeda) and (narita->areita) as we aim to complete our (dual hub->dualhub) model
(and it states->in a stage) that we could do some very exciting things for the future (and->*) it makes (a->it) quite (an->*) exciting place to be
concerning online we are working on developing an even more fluid and immersive (way of->web) experience
by partnering with our various group companies to utilize customer data and create new value
(*->can) you give us some sort of idea as to sort of how close you (are to->*)
our sales representatives are doing an excellent job building out (the->their) respective pipelines of growth opportunities
billing is a challenge for our industry and we needed to make changes in the former clarient billing process
the funding strategy also supports improving our credit metrics over the (5 year plans->5year plan)
well utilize our alliances with partner airlines to maintain our advantage as a market leader
please turn to page 15 this slide shows our financial platform
with these anticipated cost savings and based on our current plans and forecasted expenses
if you go back to when we had the call last quarter (and->*) we did announce it had gone up its been fairly stable since then
june was also the strongest month in the second quarter for our newly expanded european distribution center
and we think were returning back to an industry that looks more similar to what we would have seen in the 80s and the 90s (than what->*)
in roofing we anticipate modest market growth primarily driven by growth in new construction markets
although we moved up some in our own promotional spend in our fourth quarter we remain far less than competition
across product categories speaks to the importance of being very relevant in what you show to your customers
and are anticipating the automation portion of the expansion to be completed by the end of this year
in the czech republic and slovakia the margins have been falling for several years now the construction climate is getting tenser as has been expected by us
that they just take time to develop we have good folks (tracking->jacking) multiple opportunities we have a great technology and a great product to bring to the marketplace
the total reactivation cost of the fleet to be as well and whether you expect all 20 of these fleets to be working by the culmination of the end of this year
to transition these services into integra in line with our original (time line->*) timetable this was all completed on the same weekend as the quarter closed
in the broader industrial sector we just hadnt seen it in 2015 we built a little bit of that conservatism into 2016 and that was part of the reason for stepping down the growth
enhancement to our core system we did shop this around this system is used by many foreign exchange shops large to smaller ones as well
has many limitations as physicians must choose between invasive iv delivery or slower onset oral medications
that impact different industrial segments and different countries around the world its hard for us to put our arms around specific time lines
audience growth that (wed->we) had (*->had) based on our marketing investments would have a larger impact faster on the retention although retention is up slightly (it->its) just taken us a bit longer
more broadly (then->than) what about (a->*) sales cycle can be impacted i mean are these things that you cant start marketing until the previous show has occurred
and making sustainable improvements that will support an improvement in return on invested capital as demand recovers another area of focus is our rental business
period to hoping that we can see together in milan for our new investor day so i hand over and i just would like to
which we were pleased to deliver in todays challenging markets higher revenues in global power and global services helped to cover a shortfall in industrial environmental
we have also some other costs that have been gone into not only opening those 3 we do have 3 more openings (1->one) is only for this fiscal year we will be opening this month
we continue to benefit from credit spread tightening in our multifamily portfolio during the quarter as well as solid execution in our distressed residential portfolio
and so in those key markets where availability is becoming more and more difficult then we begin to focus our efforts on redevelopment and (in->*) most of those markets weve got
that said there should be no further adverse capacity impact over the remainder of the construction cycle and we expect the renovation of the (javits->javit) center will deliver benefits to us longer term
winter sports industry and well find some customers that will be in the november show and some customers that will be in the january show i dont think the market in the future will see them as separate
are not going to theyre going to obviously proactively invest to grow their business they wont proactively invest in environmental equipment unless they see a regulation that forces them to do so
will provide us a better platform on which zalviso can more easily follow after (*->the) health care professionals are educated on and experienced with
we would expect a final decision as to approval for our dzuveo marketing authorization by early third quarter of this year
in iraq signs of increased activity are emerging in the north with at least one major (ioc->ifc) expected to resume activity during the first quarter
(no->*) i think they tend to make decisions in some ways that are similar to power gen (and->in) some ways different they clearly
the overall market environment in western canada remains uncertain we do not expect the elevated product support revenues of the first quarter to continue in the coming quarters
now with respect (*->to) our portfolio appreciation i remarked last quarter that our recent investment returns will be hard to replicate and i stick to that cautionary comment
our thesis for acquiring shows from associations as well as from independent owners continues to be realized and we expect to add more great brands to the emerald portfolio over time
and hence there we largely depend on the fact whether or not we were in a position to rightly estimate the costs (*->for)
trade between currencies and then of course from those positions they have they can make outbound payments it does also accommodate incoming payments as well so its just a really good
how do we get (a->*) conviction to in fact feel very confident about making an investment in todays world prices are high and therefore we bring to bear
as an integral part of this effort were devoting time and resources towards deepening our bench of talent with clear succession planning throughout the organization
we do not anticipate an improvement in end markets until (there is->theres) clarity on the outcome of the november election however we are encouraged by increased quoting (from->for) mining equipment
in particular (duraseal->duraceal) has gotten to a really good place overall versus where we were last year given the contracting efforts that we put in place and so
last quarter we highlighted our expectation that on average the next generation of funds will be approximately 30 larger than the previous generation
the companys monitored home and personal security offerings have historically included (a->the) manufacturing installation and servicing of its own proprietary wireless 2way voice controller panels
for attendees trade shows allow them to meet existing new suppliers to buy products and services to learn more about current trends and generally network within their industry
and so (we->*) when we look at international expansion were not looking at europe or asia (or->*) anything like that but we are looking around the borders of (cxi and->*)
were actually doing a little bit better this year than what we expected so were in between that 40 and 42 but again we expect it to be closer in the medium term
confidence factor in terms of improving performance in some of the ones where (you->youve) cited them just being sale in (the->a) market or an opportunity to upgrade the location
at this time management would like me to inform you that certain statements made during the conference call which are not historical may be deemed forwardlooking statements within the meaning
to make sure that they are now approved in this country this has really slowed down the production of some of these items that were producing
versus 2016 we plan to reallocate and shift some of the internal resources towards faster new exhibitor acquisition and new category expansion
could you share a little bit where your where its being sold and what type of fee structure were looking at because i do think theres a big opportunity there
during the second quarter we introduced a new brand of cosmetics (nyx->mix) exclusive to our network and very popular with the younger clientele
is it mostly economics or do you think its more relating to regulatory (risks->risk) such as getting the licenses and so on and so forth (okay->*)
as you know a good portion of what weve been working on over the last several months has been a review of a number of things related to both our cancellation practices and the classification of our installer base
as we all know on the call we had some issues last year with our guidance i dont want to put our investors or our company in that situation again so i think were
for our rental business in terms of cat equipment but in general your (comments->comment) around (may be->maybe) coming to (the->that) end of the cycle on used versus new (was->is) probably pretty fair
there does seem to be some overall firmness in the numbers i mean i dont think were not seeing the wide gyrations that we saw in some of our internal forecasts
even though you have said that at the end of the quarter you had a high demand from the distributor and to that as well on france it seems that the margin has been
how does that change going forward how does the industry and youre the leader in the industry how does the industry finally get to a point where they can earn their cost of capital at some (point->points) other than the peak of (the->a) 7year cycle
let me walk you through a handful of these capabilities to illustrate how were being responsive to the specific needs of the technology industry and differentiating ourselves in the market
the most fundamental challenge many of our clients face in addressing this leakage is the complexity and sheer volume of data that must be aggregated harmonized and interpreted to feed advanced analytics and visibility tools
gary and i are extremely pleased with the performance of the entire surmodics team in our fiscal third quarter thank you for your hard work and outstanding results operator this concludes our prepared remarks we would now like to open the call to questions
(parts->pox) washer revenues were flat despite a slightly lower number of actual services performed in the quarter while waste oil collection volumes (dropped->topped) more than 60 million gallons up from a year ago
second as our clients recruit talent they must address the difficulties of sourcing scheduling and tracking dozens of job candidates
so as they assess the national opportunity for each of these verticals they have changed some locations shut off the hiring (analyze->analyzed) their teams but the items that go into this
was that we had (a->*) an impact from a change in some of the work that was to be completed by one of the cros again that just comes back to gaining greater clarity and understanding of what absolutely needs to be done whos doing it and how much its going to cost
structural investments that would drive sort of a step change in our cost structure we (*->are we) continue to aggressively evaluate those opportunities weve met with our board to talk about a few of those were meeting with our board again (at->in) our next meeting to go over some others and
we see in the organization we continue to see a difficult but an opportunityfilled environment and we continue to look for ways to grow our business continue to improve our returns and capitalize on the momentum
being a little bit more focused on positive operating leverage and so i think youre correct that our expense base is higher than what i would have said a year ago i think
to delever are you (are->*) choosing not to or is there a cash flow timing issue (or->where) you actually dont have enough cash and if youre not retiring that debt because i think thats what investors want you to do
and were continuing to make progress as we have indicated on reducing our admin costs which allows us to continue to provide the right pricing and still provide the right returns
when we took them through our approach to creating value starting with complex data aggregation and extending (to->*) recovery audit and leading to broader analytics visibility and saasbased solutions they were impressed
economy or the market situation is up and down all the time so it is hard to handle so rather we choose to focus on our competitiveness enhancement
even with the strong loan growth the commercial loan originations we are putting on the books are on balance of slightly better quality than the overall portfolio which is encouraging to our forward view of credit performance
wrapping up on slides 12 and 13 i think were pleased with both the strong quarter we had and the positive momentum we still see in our businesses from a bonefish perspective we ticked off a lot of improvement boxes
further investors should keep in mind that tecnoglass financial results in any particular period may not be indicative of future results tecnoglass is under no obligation to and expressly disclaims any obligation to update or alter its forwardlooking statements
the timing and amount of insurance service revenue and insurance (costs->cost) in the case of net service revenues and the income tax impact and number of shares granted (in->and) market price needed to quantify stockbased compensation expense
let me close with our outlook we (entered->enter) the final quarter of 2018 with momentum supported by array of favorable market trends and internal initiatives that should bode well for us in 2019 and beyond
most of the changes that weve made up to this point (or->*) all (of->*) the changes that weve made up to this point apply to both qualified and nonqualified accounts so even if the sec comes out with something that is not a big pivot for us based on how weve approached it
yes so (no->noel) i think that (its->is) a fair question bill so clearly this is something that we (*->call) continue to work on and the program that we have currently when youre talking about (the sizable->decisable) deals that would be visible to you
i think having the competitive capabilities of both is obviously an advantage because i think you can think through a continuing environment where both can have certain appeal depending on the needs of that adviser
one its a (great tasting->greattasting) product (*->its) but the other thing is it opens up optionality for us in a whole range of new categories where we feel like we have unique products unique capabilities and the buffalo wild wings brand (is->its) just
finally as we have discussed earlier we extended our scope of services at kroger to provide them with selfservice capabilities for their large base of suppliers to inquire on claims and (view supporting->viewsupporting) information
by identifying these requirements that go above and beyond the standard needs of hr and payroll for technology companies we have differentiated our products from the rest of the industry
taking on those highervalue waste streams i would assume theres a glide path that will help improve margins next year as well but any color you can give us in terms of the capacity that (youve->you) filled and what you have left to go there
in venezuela where activity was also flat sequentially the situation (degraded->degreed us) further with production continuing to decline in an environment where inflation is accelerating and international banks are increasing restrictions
additionally rate case expenses in new mexico can be significant and the estimated revenue deficiency does not justify the time and expense to file finally we believe the delay will allow us the opportunity to fully analyze our options
were encouraged by the strong pipelines we continue to have despite the strong fundings we have experienced and while loans to mortgage companies will fluctuate we are positive on the forward outlook for our loan growth prospects
what are you doing differently ron that your predecessors werent is it better execution is it better technology is it more feet on the street (*->or) how are you doing so much better relative to the past
our advisers many of whom have structured their practices as passthrough entities may also be able to benefit from lower taxes we believe this will both strengthen their earnings and position them to invest in more growth
i think we are better positioned than ever the marketplace as it continues to evolve our challenges are (mighty->midi) and our solutions are great and i think weve got a great leadership team to take us to that whole next level of performance
good morning everyone thank you for joining us starting on slide 3 we delivered another strong quarter that exceeded our guidance with both reporting segments contributing favorably to our performance
and we knew that (the->that) rent (cut->cove) was going to get them to the coverage they were looking for but we felt like
in addition we will seek to tell more brand stories and look for other ways to further engage our consumers
important risk factors that could cause actual results to differ materially from those reflected in the forwardlooking statements
fund our organic and strategic growth initiatives and return capital to shareholders as appropriate
and i just i cant go into this year thinking that were going to see that kind of kick up again
this concludes my comments regarding our first quarter financial performance we will now take your questions
i believe this will take some time so probably for the first quarter next year
what we can expect (it->is) to see (is->*) what (were->we are) seeing during the third quarter
and the only thing that is affecting commercial revenue is the mix of international passengers
and say it will fall evenly across all technology fields so
and support that plan with a capital infusion and new strategic partnerships
to keep up with increasing fragmentation of viewing in the marketplace but its also to better enable us
we will also use a portion of this investment to retire our existing convertible debt
(*->to) fully bake as it relates to what i told you (what happened->would happen) in the month of november so
there was kind of no heads up of that when you reported november 19 so
(*->we) feel those 2 teams are working together and that may have an impact on where you see us source from in the future but
both representing historically strong numbers but down from projections just a couple months ago
and also just touch on the issue of this years seaweed outbreak in the region
our teams have been working very hard and im incredibly proud of them and the work that theyre doing
at the same time we focused on our training efforts this past quarter to ensure that we had our associates
we already have a lot of settop box data in hand we use it every day to drive our analytics business
the number of patients who receive therapy because we know doctors tell us today
finally id like to announce that we plan to attend several upcoming investor conferences this quarter
while it is still too early to put any firm numbers around 2017 trailer projections
thanks alex and thank you to everyone for joining us today we have a lot of news to share
we are in the early stages of evaluating opportunities and we will keep you updated as they unfold
and expanded our federal footprint with the addition of the defense acquisition university
i wonder also about narrow bodies if anything positive is going on there or if thats flat also
and the balance was the result of solid performance in emea and favorable currency
any color on where you think the controlled substance designation will shake out
and a lot of the product that were seeing on the senior housing side is not stabilized product
so at this point id like to hand over to onno to start the talk of the prepared remarks
in our more traditional trailer space we continue to believe that molded structural composite technology
with respect to digital and what that means to their ability to market to consumers and a lot of
this belief is based on a number of factors that continue to be positive trailer demand drivers
we expect to complete the sale by the end of the year subject to customary closing conditions
these new programs will be a bigger and better assortment of funko products to create a more compelling
or the revenue share but beyond that if you think about it from an operating perspective
earnings release and supplement can also be accessed in the investors section of our website
but because of the nature of that service line we do not expect it to impact the bottom line
but we also need to ensure we dont make the process more complicated than it needs to be
early stages its not going to be (of->at) the same scale (that->as what) we would see in our van or tank businesses
at what our business struggled with back in the last downturn
it is you (that->to) drive our business every day and we are fortunate to have such a passionate group of supporters
so thats a nice plus for us but pretty flat overall we will have
in addition to the wellaccepted relationship between dietary sodium and high blood pressure
okay and is it something we could see this year or probably wouldnt be until next year
i want to emphasize that we will however continue to remain selective in these efforts
drive hard (and->*) make enough progress where they can at least have that clear framework in place so
the premier corporate learning university for the defense acquisition workforce
and greatly enhance this operations adoption of the esterline operating system
they could they wont have to necessarily go to fiber they could continue to deploy
as described in the supplemental income provided in our operating results disclosure
basically made whole (for many->from any) lower purchase price we get because
can you guys give us a sense do you have the numbers available (of->*)
will be (lowered->lower) to a range of 17 to 19 based on our current business profile
as you have heard us say we are focused on improving our operations as they stand today
(*->but) i think where were at today is as we think about whats going to differentiate us further
but what were going to ask in return is (we dont->well) take any risk on selling assets were going to be
and the contribution of the efficiency program
in summary (were->we are) very pleased with the companys overall strong performance for the third quarter
i will now turn the call over to russell to take you through the first quarter financial highlights in more detail
our expectations havent changed we still have a lot of work that were doing with them
and since january 1 how many of them have actually rolled back to being commercial patients
we can certainly operate effectively in that environment
much better about going down the path with this particular buyer rather than the previous buyer
focused on content not software and then we quickly learned that the clients were
increasing the size of that panel as this year has gone along by the end of the year we will have in fact
all these factors have caused us to reassess our financial outlook for the year
and properties across an expanding base of products categories and distribution
digital content ratings is the latest part of our measurement system moving through this phase
we typically just give the origin which is one international one domestic
are focused on training between customers theres generally not a day (*->it) goes by when
this is a critical milestone that we established earlier in the year and we met our goals
in addition references will be made during this call to nongaap financial results
that theyre solid in the fourth quarter and might slip out
we are (continue->continuing) to invest in a disciplined way through this latest cycle
complementing and enhancing the value of the other theyll work as a system together
open up new territories in terms of new utility geographies that we serve
we have implementation programs in progress with a growing number of major media players
however it is important to note that this segment is still solidly profitable
in the markets youre in or sort of what youre looking at as you move through this year
so we dont put ourselves in a position where we have a large amount of obsolete inventory
what is going on strategically in the industry
is a return to normal for what has traditionally been expected for this time of year
which should enable us to stabilize our business and position us for longerterm growth
we both work in the recruiting space we both now work in the learning space
we continue to evaluate our assumptions on commercial oe in general
much of this product works also very well with accessorizing with stone
and the second question just relating to the really low credit loss ratio is this
after providing more detailed updates on key commercial legal regulatory and development activities
i can tell you with certainty that our payment terms have not shifted or changed
therefore we expect our average selling prices and overall ticket to increase
thereby reducing the h1 loss to be a smaller loss by the time we get to yearend
but even though (is->its) very significant improvement from where we stand now
and then just kind of more broadly in terms of organic growth in florida
companies understood the risk and we needed to talk about a lot of operational efficiencies around it
of course we are also (try->trying) to increase commissions by (developing->develop) different business lines
the first few products resulting from this accelerated effort are already in the market
that is what were experiencing at this time and we cant say with certainty when our new initiative will gain traction
where we think we will be able to effectively compete in managing our own operations
we will continue to acquire and expand our footprint
also as a reminder our dividend is largely based on the performance of our managed operations
lots of annuitants are very difficult to be placed in the market because i mentioned
to have a direct and meaningful impact on the performance of the roughly 13 stores that each of them (oversee->will receive)
result from our managed operations and solid organic capital generation
this is our usual slide of the key drivers of shareholder value creation
as well as an increase in allocated capital taking a look at our divisional performance
before we begin i would like to note that we have provided a slide presentation to help guide our discussion
given the importance of these guidelines we believe these recommendations provide further validation of our data
its been a busy 3 months since our strategy presentation and im very pleased to be here today
once again if there is no consolidation in the short term in france at least
are you on track and are you going to reach those targets (your->or) internal targets
after considering the current situation and our future (objectives->objective) we must
we will also enhance business scale in europe through acquiring new capacity
but (i->*) predicting where the values will fall out on the value chain is always hard
and that has a lot to do with again just a lot more meat (and->than) a lot more (hogs->ogs)
and weve also seen an acceleration of early repayments particularly in certain sectors
let me comment on each of these factors and what we are doing to improve our performance
policies versus wind versus other and then the average premiums in each of those buckets
what about the acquisition of the asset in poland what was the consideration
with the way that we are investing the way that we are scrutinizing it the places that we
our key priority is to convert the investments into revenue growth
we have always been proud of the fact that being a sales associate at the tile shop is not like other retail jobs
(ill->*) give you one example that we have made public as well together with (the->*) european space agency we are providing a very
providing (tribunes->tribune) shareholders with immediate liquidity at a significant premium
and although we recognize that there is more to be done we continue to lead in transformation
i think importantly given my first results presentation was in the half year last year and we had a window cleaning rig
so we are very focused on capex very much focused on capex but please
and once again retail and business banking continued to expand their return on equity
the overall development trend is quite stable
where existing rental levels allow us to profitably transition to this different use
although we have not seen much of it we still expect some increase in portfolio impairments in the second half
(also->all to) provide us with greater insight into the requirements of our key shopper groups
we continue to keep pace through innovative product (developments->development) and external investments
but dont take our word from that (here is->heres) some direct feedback from a number of newly secured
give us the ability still we need the volume and we need the density but also to be more
that are coming under increasing financial strain in the context of our weakening economy
as (you->youre) aware we focus on local value being highly relevant having a quality offer
i believe (we had->wed) lost our way on many of these factors over the last year or so (and are->on our)
and we additionally filed applications in georgia alabama and mississippi
we need to make our offerings more convenient
that the evolution of the core operating income was very sustainable
these declines were partially offset by positive revenue trends in gannetts digital products
recent (actuarial->actual) valuation reviews have resulted in a reserve release
even though for these clients we may choose to remain their primary in fact
we need to constantly question our business model and how we operate
quarter because the chinese new year
market gives you a sense for the potential of the molecule longer term
i believe we are galvanized around a plan that will return the company to higher growth and profitability
we also need technology to support and manage their relationships with the tile shop in a seamless way
and that puts an occupancy rate now at ahead of where it was prior to
enabling us to be better partners and support our local clients
has resulted in many successful restructures and subsequent positive (rewritings->reratings)
independent journalism on all platforms to diverse communities
on a standalone basis as the industry continues to face its challenges
that we believe will attract excellent candidates and incentivize them to stay with us
this is what we have constantly said and explained to the market
with the aim of gaining transactional market share and lifting returns on equity
what are the categories that you are looking for to moderate more fully (then->than)
what i can tell you is that today we have the best possible offer
and i know you know this is to see an acceleration of
and our value approach is illustrated also in spain as in france
(*->why) leveraging on the synergistic platforms that we are using together there is one (cloud->*)
i think we can triple the profits there on (that->a) sort of nominal basis or regular basis
weve got accounting ability that i never had in the past
and weve announced also the successful closing of a big contract
made a big leap forward in the meat business
good progress has been made on our target operating model initiatives
the training initiatives that we have so to answer that right now
i would say that it doesnt really make a material difference
along with the improvement of the (customer->customers) mix
specifically things have not been looking so well
but i think its more than the vertical integration its our geographic diversification as well
our business plan continues to produce strong financial results for our shareholders
and thirdly we have innovative management
our longterm orientation enables us to look beyond shortterm market gyrations and our focus on creating growth and fundamental value in our portfolio companies
the outcome of the study leads us to believe that we have also satisfied the second point in the crl so with the crl points addressed
while the hotel is in great shape the real (issues->issue) continues to be the impact of zika and the absorption of the new beach supply that has entered the market over the last 24 months
were comfortable with that and if you look at the overall leverage of the company were still less than 2x (the->*) leverage towards our capital so while it will have an impact we dont think it will be a significant impact
other companies that have gone through that threshold and (with->what) the relative success has been deemed to be both in terms of cost absorption revenue give up
development disposition or capital markets activity including potential transactions discussed as part of the companys strategic initiatives
while still early in the process im encouraged by our initial evaluation and the opportunity we have to build new offerings upon the foundation of our core compliance capabilities
importantly as we execute against our goals for the year we have an increasing conviction in our ability to drive growth in both performance revenues
and i think were viewed at least in the listed real asset space as the thought and investment leader
as well as soft corporate profit growth or in some cases declines over (*->the) last few years have created a macro environment that has not generated (a->*) robust corporate lodging demand
let me move forward and spend a couple of minutes talking about capital markets and our balance sheet we were quiet with regard to the general capital markets activities during the quarter
management fees will noticeably grow as a result of fundraising beginning in the second half as we turn on fees in certain of the newer funds
and the first fleets that go back to work are the ones that are on the fence and (we are->were) starting to see that so thats good news and (thats->that was) what was (the->a) driver of chile
its really important for customers to keep their trucks up and running or their equipment up and running and therefore they need a little bit more equipment and we havent seen that yet but that may
im also encouraged by the increase in order intake and backlog in the first quarter however market conditions remain uncertain across our territories
very modest from a realized carry perspective for this segment i fully believe that over the course of this year that will increase in this segment
and as a result we do continue to see our largest investors invest across a number of our funds i mentioned earlier
as we continue to scale our direct lending business our team can retain a larger share of their originations thereby improving profitability
we have made the decision to accelerate certain investments this year to capture some attractive commercial opportunities which will result in an increase in capital expenditure
we expect to turn on fees for our latest vintage us buyout fund towards the end of the second quarter and the new asia fund in the second half of the year
and that helps to offset some of the prices that need to be paid for the great companies that were buying because our thesis is literally
from my background my training and these are prescription drugs but at the same time theres other things that could (be->*)
are actions that we identified following the spinoff to permanently reduce our cost structure which we began to implement at the end of the fourth quarter
as well as native apps for android and ios we believe the advantages of this platform compared to (*->what) the banks credit unions and other legacy players have today are significant
we are seeing some really good results in terms of the number of customers engaging with the site and the new channel (thats->is) already making a positive contribution to our overall part sales
its kew let me offer up a few comments on the usage of (fund lines->fundline) so over the last few years we have heard from several of our limited partners
ask you to wait a couple of weeks and discuss it during our investor day because that will be part of our discussion in order to
moving on to my question then i would like to ask the management of kt what is your priority across shareholders government and employees
i spent some time in iowa 2 weeks ago with the deco team and came away very excited about our continued prospects for growth
but what we see quite clearly is that the concentrate market will be (tight->tie) in the next few years not much (concentrate->concentrated) around
second along with the pace and scope of our fundraising we are selectively hiring new resources to support a larger investment platform
while the supply of new hotels is increasing downtown we expect the demand growth will continue that said in q1 we did underperform our expectations
continuing the top line growth for 8 consecutive quarters since the second quarter of 2015 when giga internet subscriber acquisition actually took (off->golf)
we also believe that we are the leading online lender in canada with the most experience and scale in terms of originating and servicing loans online having done over (a->1) million loans already
we believe this study had a successful outcome in validating the revised directions for use given there were no drop tablets during the study
and so indeed these are the other areas where we will try to be a stronger presence in the market
while substantially better than the fiscal first quarter our samestore portfolio growth is currently not on the pace we had expected
my first question is just scott if i could ask you to elaborate a little bit on the rental strategy (*->thats been)
in order to manage through vintage risk and to properly construct portfolios from a risk perspective
our philosophy in the letter to shareholders in effect say it out loud and as i said we view it as a call to action
so one of those key areas is going to be sort of the small business or (light->like) commercial where the companys legacy products werent really compatible with the needs of that marketplace
issues that the owners are feeling that are going to continue to take some time so yes we are seeing some people leave jobs and get moved to other jobs
that we knew was coming in markets like grand forks and (bismarck->bizmark) but we thought we could outrun it were getting caught near term in a little bit of that supply pressure
neptune carved out from (our->a) french energy conglomerate producing oil and gas assets dispersed throughout the north sea north africa and southeast asia
again continue to evaluate how we allocate capital in the current environment particularly given our recent performance and our projected outlook
okay your press release could do a better job of breaking out the segment its paying a lot of attention to nongaap accounting versus gaap but
(grew->drew) within the existing premises and theres no space left we dont have enough space to handle (the->*)
but its also the region (its->is) a destination of real investment opportunities for us and we do see real opportunity
performance across our funds remain strong (were->we are) attracting a significant amount of new capital and are making great progress towards our fundraising goals
coupled with the retail configuration we have and now (our->a) really strong mortgage business (has->thats) been one of the earning engines for the arlington bank historically
as (curt->kurt) explained we made good progress in the first quarter on all fronts and we are absolutely tracking to meet our objectives for the year
of course each company has a slightly different impact from the tax bill but as we said last quarter the net effect of the tax bill
the structure of this is part of (the longer->a long) restructuring happened in france related to
turning to our real estate energy and natural resources segment second quarter earnings and adjusted ebitda will be lower than the first quarter
does it in particular make sense to maybe generate some additional cash for share repurchases just given where the stock trades relative to nav (so->*)
in not only developing new products in the engineering functions of designing new things that would simplify our rfs offering
inventory will also be another key area of focus where we will implement (our->a) revised approach to stock management and distribution
this decrease was mainly the result of the decline in volumes and our continued investment in new (high volume->highvolume) technologies
in the western domestic market log demand remained moderate through most of the first quarter due to continued low lumber prices
and the fda notified the company that we had resolved all outstanding warning letters and the letters were officially lifted
to emphasize that we have completed this 4year transition of reducing volatility while increasing premium
a change in accounting policies around revenue recognition and the timing of related expenses and a challenging comparison in the prior year
earlier this week or last week on the (the->*) refinery in mexico that went down was on the west coast
we do think youre going to see some upward pricing pressure as well so were still optimistic at this point in the year that were going to have a healthy cash flow for (*->the)
and that we have seen enough progress that we expect to announce at least one molecule this year
continue to give us optimism for continued growth of (dermacell->dermicel) both in breast and in wound applications
in the (quick charge->quickcharge) segment there are a number of protocols and approaches in the market to facilitate a higher power transfer
a few of our recent new product development efforts allow significant operating efficiencies here and we will be increasing our focus here as we progress
are closer and we obviously control our price and so thats another variable we can use to control margins and were very pleased with
were probably competing (*->with) every other upstream company in united states for hedges which is probably why theres a bit of (a->*)
lumber prices were flat through most of january and improved moderately in february in anticipation of the spring building season
with respect to dermacell i think with 1 year under the belt and with (some->*) more clinical data
the technology clearly is working for clinicians as consumable growth continues at a very healthy pace which is a tremendous positive
in the coming months there are certain opportunities there that we will be bidding on
we remain optimistic about the future of each of our business units for many of the reasons we have discussed today and many we have discussed in the past
yes and so we absolutely saw a healthy increase in pricing and ill tell you i think the majority of that is due to weather we had
youre not seeing anything other than normal seasonal increases in harvest (costs->cost) and thats part of what is driving the sequential
and we look forward to demonstrating the impact the product can have on (*->a) clinical effectiveness as well as efficiency and productivity
the bar continues to rise each time you take a layer of these off so now that the team is focused on a fewer more meaningful set
particularly in the west as well as continued efforts by dealers and builders to maintain lower product inventories
clawing back and are getting closer to the 30 going into the third quarter
pulling lots of the most talented people in the company together to ensure were defining the platform of how we want to operate rotork going forward so
well probably (call->pull) through another line of that and kill another round of them because again (*->if) you take these (off in->offen) layers and say
with a longerterm expectation that that market will tighten and you will have an opportunity to realize upside there
and you would think that you would take that investment and put it on (angiovac->angioback) but actually the investment we made was on fluid because it alleviated the entire organization
but revenues from this mandate were not as important as (the->a) project is just starting to hit
and i think that were starting at a much higher plateau this year because we have about 80 people who have experience
we are characterized by a very efficient sales force that is growing with lets say quality of
is this going to change anything in terms of how you manage group liquidity or upstreams in the future
our inventory values include our presold gallons that are at a higher price
or other activities that we currently dont do but always on the energy business i wont start to do
these decisions along with others including more strategic usage of reinsurance structures
i dont think weve guided specifically on that ed i think if you look at the products that we depicted in the first half of the year
(i->*) just wanted to understand on the refined products guidance for the (year->*)
as our year progressed we added our own (experience->experienced) and dedicated operational process improvement and supply chain experts
second quarter we hope by the second quarter of next year we also hope to get our capacity up to about
so a lot of the nanoknife procedure is used in conjunction with other procedures
growth and it needs to reach a level of revenue such that it is breakeven we expect that level to be reached
and those are progressing really well and we have a number of circuits with a particular part
okay thats helpful and then just last question would be on just the velocity of this conversation obviously this wasnt a topic for us
so we sold a few more spy systems but in terms of the level of installations actually pinpoint is running ahead of spy
over time i do expect that fluorescence imaging will be used in a large number of procedures from diagnosis
complete our call yet so please dont hang up as all of you know this is indeed a very special call today as
on the export side southern log export volumes decreased slightly and average realizations were roughly flat
and in those instances where were over 100 we dont look at that as a cause for panic weve got levers that we can pull there are some
(increase->increased) resources applied to fewer and larger revenue opportunities in order to accelerate our development cycle times
we are now driving both the assessments and program management of our targeted initiatives with only very limited support from third parties
right on the back of october so when you look at the oil price decline in october that will have a direct translation into our october input
this conference call also contains timesensitive information that is accurate only as of the date of this live broadcast
and we provided additional incentives and resources to those regions which could drive incremental growth well into our future
is there going to be a quick if the second half develops the way you think is it fair to think about that mix as
it is a tough time to be in the power business but our efforts have helped mitigate these downside risks
versus kind of some of the other options are really offtarget effects of different drugs this is a very
i would now like to turn the conference over to rachel (reiff->reef) corporate communications for aratana please go ahead
we believe international will turn positive in the third quarter and showed continued positive momentum in the fourth quarter
appetite is very important in terms of (the->a) variable by which a pet owner assesses the health status of their pet
and were working hard to make sure it does happen and then maybe ill use that opportunity to switch to talk about cats
we believe that the longterm success of entyce will be driven by veterinarians (become->becoming) increasingly comfortable with its use
you can see that with (a->the) recent development in the currencies we now expect
most of them operated at the lower end of the middle market which we think is a fantastic place to be particularly for gathering deposits
very importantly into the broader adoption of preventive panels like those that we offer so we think that will help us
it is difficult to accurately predict demand for our services and therefore (our->*) actual results could differ materially from our guidance
an idea of the number of stores and the size and the magnitude of the (subacquiree->cip aquarry) and what is the (tef->tf) that you already
of (the->this) technical margin result which has been progressively managed and is going to be managed and so (im->i)
but this is a journey of many steps and the early ones are planted firmly in leading and consolidating key parts of the traditional genetic testing industry
i think we are seeing (*->and) if we convert to chile or transition to chile i think we were pleased with the product support improvement
but i think on a goforward basis far less than what weve historically experienced and if you think about us from a carry perspective
mortgage had a fantastic third quarter as low interest rates drove high origination volumes and strong gain on sale margins
there are 4 million births a year and over 300 million people who could otherwise benefit from proactive genetic information services
had gains in terms of quality to mitigate that the way we look at companies make (it->*)
in the end that (*->that) wont drive the final decision right were going to pick the best opportunities in the marketplace (but->*)
jeff with respect to what the ideal partner would be theres probably 7 or 8 criteria there we pulled that together
he did all he does all the holding of the product he was super positive we hired a joint person that
this concludes todays conference call you may disconnect your lines thank you for participating and have a pleasant day
second we continue to scale our funds and expect improved operating leverage in our business
and as i always underpin the fourth quarter is of the essence for the overall results of the group
okay and maybe just to follow up on that i know you gave a number of pointers but can you help lay out some of your
those individual customer decisions are overlaid by the broader macro industrial (environmental->environment) that they operate in
one of the changes we are making in canada is managing our used and rental fleets together to provide customers with a broader range of product options
weve got great relationships with all of the lumber producers i think the tax thats talked about is
and so there are many other and that doesnt even take into account the fact that we have a
and finally ive spoken in the past about enterprise contracting and our ability to leverage our increasing scale and breadth
(*->the) strong activity in the german transportation infrastructures (markets->market) will last notwithstanding the
makes us continue to try and be agile and deliver great value for customers in a costeffective way and
but how is it possible that people still (insisting->insist in) losing money in practical terms as acquiring
sure let me start by saying (that->look) were really pleased with the progress weve made in global credit and look this is a major strategic
what we did was take some of the activities that we had been doing outside move them inside (under->and are) a great leader
our omnichannel approach provides us with a lowcost way to reach new customers and strengthen relationships with existing customers
(you->*) and im showing no further questions at this time i would now like to turn the call back to mr daniel harris for closing remarks
whether there is any market segment where you could probably have
we are very pleased with the results and (*->we) expect to build on the success of these first shows under our ownership as we get to know these properties even better
what are you seeing beneath the overall macro environment in terms of the execution of industrial environmental and
if it stays warm whereas that probably did not help our market in the winter it would help the coal market a lot in the summer
thus we will provide billable tests not only in our 10q filings but also in our earnings calls moving forward
basically these are companies that (made->make) their projections
those (that have->had) already been contemplated within our guidance for the second half of the year so we dont see a substantial change to that
randy will give you more detail but i think its important to keep in mind that the relative net income contribution of mortgage to our company as a whole
the business is capitalizing on new and used equipment opportunities in a challenging market while benefiting from a lower cost structure
the end of the year and this is a result of an annual inventory reset in september at one of our retailers
customers that are more traditional with clv i just want to understand the difference why
ive spoken about our (equipment->commitment) to expanding our digital capabilities on previous calls and (we are->were) making progress in this regard
will to be work off (*->the) extreme high order backlog of strabag the company is therefore being very selective
i am encouraged by an improvement in our working capital sales ratio which is the lowest weve seen in the last 6 quarters
the big reason there is we have it was more opportunistic in nature in that we have our kiosk partner
its a huge opportunity we suggest in all seriousness (an->and) addressable market of more than 1 billion people in modern medical systems worldwide
but this comes not completely unexpectedly as you know from our previous calls that was a development which was foreseeable for me
with the benefit of a new venue next year combined with improved industry sales we expect the show to strengthen going forward
we will discuss nongaap financial measures and a reconciliation of gaap can be found in the earnings materials on our website
its what we think it should be on growth (or->*) are we still going to be dealing with the occasional stumbling block here
also i would like to thank you analysts for covering us i would like to thank you all and we are available
in the vicinity or in the (estate->state) if you will of (a->*) public hospital by still
depend on our subacquiring business more than anything else therefore we are very optimistic
its more difficult to roll it out in smaller companies because it requires
with respect to seasonality but let me put it back on the cash piece let me remind you that
and how that fair value compares to your cost basis is that representative of whats left in the portfolio
of what you think the business climate might be in the next 4 years and if you think itd be helpful for (ecig on->esaic)
regarding the assistance to caregivers for instance short stays to
total css international sales were flat in the second quarter compared to the prior year
the financial performance of our (globalshop->global shop) trade show in the design and construction sector was below expectations despite being well supported
and all the numbers i will be discussing excludes their (contributions->contribution) both historically as well as the current quarter
before we begin id like to remind you that many of the statements made during this call may be considered forwardlooking statements
quite frankly thus far we are not seeing really any large impacts on our ability to
we investigated this and havent seen any loss of clients as the majority of the decrease is due to normal client activity
the emergence of new distribution channels offers the potential for our brands to reach more directly and deeply than ever before youve heard us talk a lot about the investments weve made across these channels and ill come back to (these->this) later
also we have a continued focus on safety and reliability we have an unwavering commitment to top (quartile->qual) safety performance and reliability so we want to create value for not just the shareholders but our customers and our employees as well
the other area i think would be just kind of world economic health i dont think the worlds going to turn to recession but its kind of a flaky world right now and its almost (a->*) binary things turn on and off
we (continued->continue) to win in the higher value segments of the business performance athletic is a good example where growth has been consistently strong better than 15 annually over the past couple (of->*) years
this is a good example of the type of work that our origination team is doing to meet the needs of these customers theyre trying to customize products that work specific to their needs around energy management we are well positioned to
lets begin with the quarter were now about halfway through executing the financial strategy we announced 18 months ago as this quarters results show were making solid progress on key aspects of our plan and were on track to meet our goals for the year
id say finally the growth plan continues to be supported by statelevel renewable portfolio standards that require utilities to serve a portion of their load with renewable energy this is still an important component of the growth but
because we now have a full handle on what the (networks->network) looks like today and what we think it ought to look like going forward and there (is->are) significant opportunities there that our product supply team is after so we dont feel were impaired in terms of
we have the implementation of a safe harbor strategy where we have enough invested that we can secure up to 2 gigawatts of wind and repowering up to 350 megawatts (and->*) well talk about whats actually in our longterm plan when we get to that portion of it
but were also growing within the less differentiated product lines driving (costs->cost) out and managing pricing (for improved->to improve) profitability in short the strategic course correction that we initiated last year
of that and then as i talked about in my script we also have very significant cost reductions planned around productivity and our digital initiatives our digital initiatives are one of the things thats been driving our improvement
and many of these customers are seeking additionality what that means is they want a new wind farm built they want to be able to contribute to the greener future directly and tangibly by having a wind farm that they can claim essentially as their own and were happy to provide that
so whilst (the->*) quarter 3 might have been a little softer quarter 4 is a little better we look at it at a little bit longer time frame than you sometimes do so what weve seen in the last quarter (and->when) we dont even have the shares yet because they come in with (a->*)
led to another year where our share of spend and share of market was comfortably above 100 this stepup in margin shows that we are reaping the benefits of investments made over the past few years
behind all of this were also making meaningful changes to how we plan build and execute our marketing investments including an amplified focus on return on investment and the ability to positively impact brand perception and consideration
and as we continue attacking the dimensions of our strategic pillars product story service and team our foundation has become stronger and our ability to execute more successfully is (getting->gaining) momentum
because of the size of uplift we are tracking it separately we said (well->wed) do this and were going to call out the numbers separately and when you get to the segmental piece youll see both before and after (and->on) here we just kept it at the before project uplift
the executive team but its much bigger than that because it has to be a holistic buyin from the entire company to deciding that were just going to be better at how we operate and that also isnt limited to just structure process
a (brandnew->brand new) gotomarket process that has been really transformational for the company and we even really havent even seen the benefit of that till beginning in spring 2019 but youre starting to see some of that come together with just the timing
adjusted operating profit this is excluding the net cost of uplift which were showing separately right down there at the bottom for each of the segments since it is quite distorted whilst (we->were) going through the spend phase and the other
and also the procurement savings youve made a big push how quickly do they begin to feed through to the bottom line yes and i wouldnt say so much as a passthrough (as->is) a recognition of an inflationary environment
this presentation will be posted on our website and includes an appendix with footnotes and the reconciliations of gaap to adjusted numbers please also refer to tables included in our earnings press release for a reconciliation of gaap to the adjusted numbers that we will be discussing
looking at our 3year rate cases in both new york and then also in connecticut so we have the assurance of getting 3 years worth of rate increases and stability and also our capital spending for that matter in both those jurisdictions
as teammates here than any other place in the world but id imagine wed be pretty darn close because this is a competitive mindset and one that just does just want to be better and so we (realized->realize) is that we want to be clear we are certainly not declaring victory
can drive better outcomes can expand or extend our model or otherwise be complementary were interested in if it adds shareholder value if it makes sense from both a financial standpoint and a strategic standpoint it also has to compete against
the lower tax rate obviously would be beneficial for our (renewables->renewable) business whereas obviously the networks (thats->is) going to get passed through but also (the->*) any interest that were not being able to (deduct->*) should get passed through as well
and maybe you can give us a sense of how much (price you think->pricing) can be added to new acquisitions and im not too sure if youve already told us this but could you remind us of the time line that we could expect before those pricing increases (to->could) be realized
we made quite a bit of progress in a fairly short period of time more importantly we have positioned the organization to generate longterm stockholder value by focusing our teams on winning profitable business at the local level
is that in fact there are a lot of clients that have always believed in mail that continue to believe in mail that are working with us to support mail and increasingly were seeing health plans move that direction and so weve had several large health plans in the last 6 months
helping our folks understand that were going to service the heck out of anthem we have nothing but intention to continue to do a great job for them to position ourselves well to be a choice that they want to make (it->*) at some period of time in the future when we get this behind us and so
and bring (costs->cost) down in that process and no different than past years we have some initiatives were putting in place to improve and reduce those costs that are more oriented to the second half of this year
focused not only on the electric side of the business where (you know->*) theres a lot of investment needed to modernize the grid upgrade the grid to allow for new forms of generation and demand response like were seeing in the rev proceeding in new york
half a dozen things we showed that prospect using their own data but weve invested quietly but significantly in the ability to manage large amounts of data (that->*) in very complex ways and so when you look at fraud waste and abuse
(is->*) has like 14 interconnects into it and we have other storage facilities but were going to be looking at strategically what do we want to do with this business over the next few months and well get back to you on what we intend to do
sure it was in our staffing services group if we just take a look through the quarter there wasnt much inflection point in those organic revenue trends that we just shared
this solution is called deduction management and will give kroger the ability to provide its suppliers with easy access to billing details
were generally pretty successful at it so thats what gives me the confidence the issue is not that we cant win new business its that we dont have enough people doing it is the answer
consolidated really going forward the way were looking at it is if we have other methods to find
determining the most efficient number of wells to drill and complete together is essential to maximizing the recovery and net present value of the whole asset
this financial strength enables us to maintain a (low cost->lowcost) structure and strategic relationship with our service providers by funding a steady capex program
(*->and) understanding it hasnt closed yet but when were looking out to fiscal 17 and beyond can you just give us a sense for what the sort of margin profile looks like whether (*->its)
profitable organic growth is our top priority and were taking the right steps to manage through a choppy demand environment
data package no other program in the world has been able to show any form of combination of reductions of gags in the csf reductions of (*->gags)
overall builder sentiment remains strong and we expect economic activity in the future to rebound nicely as we move through the balance of the year
and so that translates to having some screen failures that we originally didnt expect but its the right thing for a clinical study and having those
i fully expect us to return to our more typical organic growth levels after a couple of quarters and our team is intensely focused on this
so i cant pinpoint to any particular area that is driving the growth i think its quite spread out which
(yes brooks->rooks) gary (is->*) spot on with that it probably isnt a surprise but i would imagine probably not too far of a stretch for you to think that
a more evenly distributed and durable drug effect and a lower incidence of downstream drug (particulates->particularly) as compared to earlier generations of drugcoated balloons
so you had said that the sales cycle is much longer on something like this based on your response to my question it looks like
and outpacing our technical learning curve and so in every one of these plays and weve been doing this for 2 decades now
realize theres a net benefit then we make the sale of the additional products and turn on those additional modules the best the biggest benefit is when youre selling the entire product
over the last couple of years to build up our capability around pricing and i think the first sort of proof point that we had (*->of)
now after weve identified the leakage areas we can provide point solutions to assist in addressing the leakage and managing (risks->risk) for the enterprise
we believe this integration of our core business and our new technology solutions gives us a competitive advantage to grow and win new clients
with eogs legacy acreage position and this resulted in the opportunity to drill extended laterals and the ability to utilize much of our existing infrastructure in our core area
range for both quarters and so thats why we felt that it was tracking largely with what we saw in the second quarter
we were pleased to further (expand->extend) our base of cash flows backed by these types of agreements with our acquisition of the west coast facilities
its one of the reasons that power was more resilient than you anticipated before and can you elaborate on
and this doesnt change that at all but based on the data that we observed in that primate study we are making
along with dedicated and segregated lines for the receipt and delivery of distillates and jet fuel
you will see advisers go in and try to help clients reposition those portfolios so you will see additional trading activity but its occurring for
okay and then just lastly i want to clarify the comments about historical incremental margins even while you hire these sales folks so
but this is a good protection for minority shareholders who had to essentially digest a deal that happened pretty much over the weekend
all companies that are rebounding after a period of transformation and restructuring its how ready are we for the upswing and
more interesting topic is there any given the variability in earnings due to weather is there any thought or appetite in texas
the majority of our annual and seasonal business is repeat and referral customers the transient business is less predictable and requires more marketing efforts
during the quarter we continued to focus on improving working capital metrics which resulted in improved cash generation from operations
that we should recover once we give you guys (confidence->confident) that all of this is behind us which i hope to be able to do on this call fully today
but we have no hurry (*->we have) theres no (timeline->time line) theres no commitment to anybody in terms of doing anything under any type of (timeline->time line) to ofac or to anybody else
and we can fully use them for financing the company so this is actually a good source of very cheap financing for us going forward as long as renova is under sanctions
its not as low as what we had anticipated in the meantime ill try to dig out a more intelligent answer to your question i apologize for not being more precise
its the one reason to get excited about a down cycle we slow down and take a critical look at how we can improve every aspect of our business
this gives us so much flexibility it served us so well during the last downturn (that->*) we didnt have to issue equity or we didnt cut the dividend
we have work in the west coast in california and also in washington state
weve seen that again here for the first 6 months of with california i mean you could pretty much say minimum wage went into effect at this point in time
our current guidance includes expenses related to certain projects that were originally scheduled for the second quarter that have been deferred to later in the year
the final settlement agreement will be subject to approval by the puct we currently anticipate that the commission will consider the proposed settlement in the second quarter
the significance of these designations is not to be really undermined its certainly as we look to the future going to be helpful for us
the rest of the presentation at this point which is what happened to us last week and how can we convince you that were fully out (*->of)
will see some sort of improvement in that fixed broadband arpu trend i mean there must be a lot of customers on promotional pricing at the moment
of course there also was and is some level of distraction for the current sales organization as we put these changes in place
a lot that would be global we have a lot of sourcing flexibility within that where our sources will come from various parts around the world
through these and other efforts we are building on our momentum from last year when we reduced well cost 7 across active areas
what an average booking window for a sizable group looks like today versus where we were a year ago or 2 years ago just so we have a sense of that
i would say that based on the information provided and we read the same things (that->*) everyone else did based on that information and the perspective that that product
which will be largely weighted toward the back half of the year as in prior years we continue to expect our first quarter
weve been testing the (card out->cardown) internally now for several months and are on track to launch more broadly to our members beginning this quarter this will be a phased rollout where we continue to increase how many members are invited to get the card
it does include a few months of advance it does include the modest impact of higher interest rates what youre really saying is that
given the current environment as i (have->had) said last quarter i believe that we should be growing well into the high single digits and at present time we are not
and we will look to get out of that for certain but well look to get out of it once we have good reinvestment candidates
for cohort 2 i mean obviously patients all had to fit the inclusion and exclusion criteria of the study but is there anything (you are->youre) prepared to tell us at this time in terms of
okay thats very helpful and one last one can you just talk about any or tell us what the appetite might be right now for any additional development projects (give->*)
so one of the things about the visibility there is you have the work inside the shop but the length of time that it takes for it to come out the other end is sometimes past a year
weve updated our (websites->website) and our reservation app to meet the demands of our customers our updated websites are fully responsive providing optimal experience on any size mobile device
plays like the woodford enhance the diversity of our portfolio and provide the flexibility to consistently grow production while maintaining capital efficiency for years to come
of gas per day more than initially forecasted in 2017 we also finalized a new gas contract with the national gas company of trinidad and tobago
before we begin our remarks this morning i want to remind you that during the call we will be making forwardlooking statements about future events based on current expectations and assumptions
with whom were working on (on->*) some of the crispr activities that were doing so we look forward to a very full day and an informative day tomorrow here in new york
yes this is billy helms i think what youre seeing is a result of the increased activity there in the delaware basin relative to the overall program were drilling
now id like to provide an update on our capital recycling efforts as announced on our last call we closed on the sale of the hilton berlin during the second quarter
and while we saw a slight decline in (leaserelated->leisurerelated) demand (*->the) decline was partially due to the easter shift and we expect leisure to improve in the second half of the (year->*)
(*->we) historically and continue to believe that a target is not as relevant as making sure that were maintaining flexibility and so to the extent that
importantly the capacity at these terminals has been contracted the same way we contract capacity at our other terminals
id like to briefly remind everyone about our firmly committed terminaling services contracts which underpin the stability of our cash flows
i just want to ask about retention going into the big selling season how do you guys feel about retention going forward coming into the selling season here
in fact many of our existing manufacturing customers have a need for these production fasteners which creates an exciting crosssell opportunity
started being allocated to the international segment in the fourth quarter of 2016 as well as wage and other inflationary increases and higher bad debt
and i think weve got a lot of product that we could offer to their clients i think this is a good fit were going to see how this goes and but were always looking to say (hey->*) if it makes sense
and so if we anticipate that sales is going to have a good selling season which is what we believe will happen and we rarely (rarely->*) talk about it that way
both of these agreements contain requirements for our customers to (making->make a) minimum monthly (payments->payment) to transmontaigne usually at the beginning of the month
reassuring to get that approved and see their vote of support that this is (an->*) important program to move quickly with as far as the europeans weve had opportunities to meet
which is a really small impact but we still feel like with each of the fed funds moves and the improvement in prime rate
in investment markets we provide products and services to mutual funds hedge and alternative investment funds and insurance companies
from our deep domain expertise and relationships to our proprietary technologies and strong service focus our clients appreciate the value that donnelley financial solutions
our execution in service operations also continues to be excellent as demonstrated by client satisfaction results and retention levels that remain consistent with recent highs
is that we feel very strongly that our approach remains the best one to pursue for the treatment of pompe with gene therapy meaning
commodities freight and wages are all rising to date however the number of our suppliers who have raised their list prices
couple (of->*) things first as you look forward youre certainly not anticipating that the market is changing getting weaker or anything like that would be my first question
im very happy with the achievements on our growth strategy we signed a license agreement with (star trek->starech) at (movie park->moviepark) in germany
you mentioned i think you were going to relook at the strategy in the spring is that because youre just doing planning for next year or youre anticipating interest rate increases coming in the spring
yes i noticed the contribution margin has stayed pretty consistent so i guess thats the better metric to look at when were looking at just overall credit risk of the book right
following the completion of the senior housing disposition our remaining nonmultifamily assets are primarily medical office buildings which we intend to opportunistically sell in the future
the current environment which combines slightly slowing demand with rising labor (costs->cost) has created some sensitivity in pricing compared to a year ago
were also pursuing other (highreturn->high return) investment opportunities similar to this at both richmond and (martinez->martin)
i (asked->ask) this question because if i look at your recent business approaches i do not think that you place high the foremost priority on the shareholders
(were->we are) about to have 4 different products customers can come in directly to any one of these products obviously for those customers that come in just for (their->the) credit score theres no revenue directly associated with it
through most of april we were on track to achieve the midpoint of our sales guidance range however we then saw some softening in may
should the market come back were going to be better positioned to outperform and if the market continues to be strong we should be better
we (were->are) slightly ahead of our expectations with our adjusted level of service with amazon which is a result of our continued good service and partnership that (exists->exist)
growth in annual revenues was mainly the result of rate increases in our florida and arizona encore resorts combined with occupancy increases in the (thousand->100) trails portfolio
when we first started these programs we started with the minimum efficacious dose to be able to be treated in older animals that showed complete correction of disease
which enables clients to store and manage information in a selfservice central repository so that compliance and regulatory documents can easily
the pricing environment remained solid we implemented a moderate price increase in late january and saw nice realization
please refer to the gaap versus nongaap reconciliations in our presentation which contain the reconciliation of the adjusted financial measures to the most directly comparable gaap measures
group strength primarily came from corporate group which was up 35 this is particularly encouraging as we think about group business going forward
ill begin in (a->the) usual fashion by taking you through the operations update and then christophe will run through the second quarter numbers and then at the end of both presentations
is being sold at prices with a slight premium to brent the balance comes from canada just under 40 and we did see improvement in (our->*) oil prices in absolute terms
additionally the agreement will provide better certainty in the ngl differentials and when combined with our strong hedge book will give rex more protection and stability of our quarterly cash flows
in addition we have several tools including a partner portal for them to register opportunities get valuable content build marketing campaigns and request our (assistance->assist)
in the third quarter interxion continued (this->its) trend of (popular->profitable) growth combined with margin expansion despite some negative foreign currency impacts
total platform sales havent been a growth driver im trying to reconcile that with the fact that obviously vending was still a significant driver
it is normal for our business to use cash during the seasonally slow first quarter in order to prepare inventories for the start of major construction activity in the spring and summer
influential (*->in) or in (the->*) most cases drive or actually be the only lender to come to the right conclusion occasionally there will be something that has
and again with a strong balance sheet and strong cash flow generation (we can->were going to) fund this strictly from inside the company while still being able to focus on providing return to our shareholders
i know weve talked in the past about westmoreland and clearfield i think based on kind of where we think pricing is going to go and since thats a very pdp heavy asset
financial services (marketing->market) in canada is massive and measured in the trillions and like many other industries (its->is) continuing to undergo a fundamental shift as it transitions to a mobilefirst digital experience
we continue to take a highly disciplined and selective approach to new investments and while we are passing on many opportunities we have a strong pipeline of potential investments that meet our standards
(the->*) trajectory was down if you looked at the second and third quarter like we were not we would have had a hard time building a great plan so i think the good results in the fourth quarter just were
our income recognition follows our conservative policy of generally amortizing upfront economics over the life of the investment rather than recognizing all of it at the time the investment is made
and so for the quarter when you think about onetime in nature we certainly had higher board transition costs and legal costs in the quarter than we would normally have and
i would also like to note that as we outlined during our recent investor day beginning with the first quarter of fiscal 2019 (well->we will) be making some changes to our disclosures and reporting
in markets use those brands to then drive an ability to deliver more products and services to do that you need capabilities that we never previously had its not surprising because we (didnt->*) really have a business here
but weve been able to i think really take advantage of the broad platform that we have that sources deals in many different industries and types
the class a sublet market could put pressure on some of the (b->*) lease rates in houston before this is all said and done
the business intelligence business is improving at a scale and rate and we feel quietly confident that our ambition to deliver a full year of positive growth in 16 we can do
and a robust and steady balance sheet which gives us forward strength but also the ability to weather changes in external markets is a kind of security feature of the business
now why would anyone keep their money in a savings account that offers half the rate of another savings account theres only 2 reasons one they dont know about the other offer or two the friction (and->that) hassle in moving their money
is to select pads that will exceed the existing type curves and allow us to continue to grow at much more efficient uses of our capital
that branch banking structures become more geared towards base pay and less towards incentives which means the fixed cost if you will of running a branch
a simplified environment and then nextgeneration solutions that are much more efficient to operate efficient more efficient to develop on
such as global cash card and workmarket our leading position in the global hcm market continues to represent a significant opportunity for us
we are pleased with our performance for the first half of 2017 and we are optimistic about our prospects for delivering continued growth and returns to our shareholders for the remainder of the year
when there was (*->a) little more questions around some of the regulatory risk to it stayed through and saw an opportunity to continue our capital
several transactions that are well within our historical yield range including at least one that we expect to close in the very near future
pricing but still very strong for the majority of our international production and on the gas side things remain relatively stable if you look at the chart on the righthand side
that are helping to grow new consumer accounts and some of the other sort of digital and other things you guys have invested in that are actually starting to pay some (dividend->dividends) this year
the improvements to adjusted ebitda continue to be driven by our enterprise business which enjoys excellent unit economics and is consistently increasing as a proportion of total revenue
final question is all the stuff happening at wells do you anticipate that its going to have any sort of blowback on the industry in general and could it reflect in higher
and so i dont think theres any single thing thats going on in the business that you would identify in saying this is truly (a->*)
basis points is that something that you guys might (to->*) be prepared to talk about what you (would you->*) sort of your wake up in the morning negative mix whether its
(we are->were) very pleased that we have been able to deliver on that promise from a financial point of view key elements to making that happen were expanding net interest margin
we will be presenting at the keybanc global technology leadership forum in (vail->veo) on august 8 the 20th annual oppenheimer technology internet
now and so the good news is we have things like our analytics products we have the acquisitions we just talked about so we do have a number of things that weve been working on over the prior
even with this slight delay the timing for compression will continue to allow the company to achieve our (previously->previous) released 2018 financial and operational plans
now i will briefly cover what were currently seeing in the market we continue to see strong demand for (our->*) lending solutions (from->for) middle market companies across a wide variety of industries
momentum with promesa or the budget comes out and (*->it) looks like things are going to be stable would there be any possibility for some capital actions this year how do you guys think about that
which is where weve kind of been operating for a period of time and theres always another rainy day out there so i guess thats why i think
a fourth proof point we continue generating considerable cost savings for our customers through our technical expertise on the plant floor
as a fully integrated solution salesforce lightning opens up a whole new set of integration possibilities and five9 is at the forefront of innovation on this new platform
our margin continues to benefit from a combination of operating leverage as well as some of the discrete initiatives that we spoke about at our investor day
as the ongoing low interest rates and the continuously high demand for commercial and residential real estate are responsible for a generally good framework for this business field
the upside here is that when those bankers get back into the marketplace which they are now getting to do and have access to our larger set of products and services and higher lending limits new business is strong
so admittedly its not easy to see because of a number of moving parts the fourth quarter as ill explain to you and randy will explain to you we think was a good one for (mb->nb) i was quite pleased with it
that seasonality will improve things but with that additional capacity that weve installed ourselves at bulyanhulu and with the new infrastructure that the government is hoping to deliver
despite efforts made by our outdoor retailer team to mitigate the effect of the political situation over recent weeks it has become clear that the adverse impact on the revenues of the summer 2017 show will likely be more
global services had a 4 increase in revenue but the gross profit was down as the mix of work in the quarter favored construction services which is the lowest margin work in that segment
as we have said before we will not experience significant reduction in cogs and operating expenses from the integrations until they are in full swing by midyear with our volume and cogs on their current trajectories and positive signs to the upside for reimbursement
and bring that show to a new city to freshen that experience i think that was also partially a case with the interbike show being in vegas for a long period of time and it feels like theyre ready for a freshened experience so
and then my last question back on the industrial environmental business i was curious if you can talk about any trends that youre seeing in april and may because some companies are talking about markets
is the relentless pursuit of doing what is best for our customers we are not growing for (growth->growths) sake but because our business model the curation the creation of a new network information management industry relies fundamentally on scale
full disclosure this is not (invitae->in vta) intellectual property there are other technologycentered companies out there executing this approach amazon being one of them and i suspect many more given the logical consistency the framework could bring to just about any industry
demand for and reimbursement of our services and our investment in our infrastructure and operations constitute forwardlooking statements within the meaning of the safe harbor provisions of the private securities litigation reform act
the summer (show is->shows) a bit earlier in the cycle so we underestimated the shorter selling cycle between shows affecting us i think we took longer than usual for our retention (and->*) in fact our retention is running slightly ahead
i wouldnt expect it to keep at that run rate necessarily nor would i expect it to be a large loss going forward we make a little bit of money in the china jv and at least right now
specializes in servicing these chronic conditions linked to aging and the age average of our patients for this division is 75 years of age so we have launched a farreaching
on a normalized basis we would tend to lose a little bit of money in the indian jv theres just not enough work going through that we will lose less in the indian jv post the decision to pay down the (high interest->highinterest) loan
over time as we begin to be able to increase those collections as we said before well let you know when that happens but were not going to preview that ahead of time so i think thats one very important place
looking forward we have an active pipeline of acquisition opportunities in various stages of discussion including both independently owned and trade (associationowned->association owned) shows that we will continue to pursue aggressively
(*->the) global power segment had a good quarter with a 19 increase in gross profit that was driven by higher volume and upside provided from a couple of wellexecuted projects that are nearing completion
relative to other (kiosks->kiosk) in similar malls or in the same mall and we were just at a disadvantage and ill talk because that lack of new product activity
we view increases in our gross profit as a critical indicator that we are on the right track by driving up collections and driving down cogs to generate an everincreasing gross profit to cover the opex and other costs of running our business
described so correctly the overall ambition is to keep the margin positively stable and thats what we think we will be reaching also for this year as i pointed out before we now expect
will be organized as you can guess we are working on different assumptions so at this point we dont want to make any statements on these figures caution
you immediately see well if you dont have the leading products (youre->you) really (at->had) a negative as you go forward that probably led to the execution being poor as well because you just couldnt you didnt have anything to bring so
as our new york now team has been working to maximize the (salable->saleable) space that actual available capacity will be modestly lower than we had originally planned due to the construction activity at the javits convention center
to which extent youre still working on older contracts where youre kind of now feeling the input cost inflation the most and to which extent
property funding conditions (further->third) important point for this semester weve reached significant milestones in the integration of our german operations
again i think weve done quite well in this area in 2016 we detail our most important fee initiatives for you in our earnings press releases (in->and) a table section we label key fee initiatives
i think benny what we do is we look at the overall situation were in and what the outlook looks like i dont think we react on a sort of daily or (a->*) weekly basis based on the crude price or the natural gas price
the guidance going out do you have 2 or 3 additional shows already factored into that in addition to the 2 that you already opened this year or (*->would) that be on the come based on when they open
in july which provides a new reticulation line from the center of the country up to where the lake zone where our gold mines are we should see
a bit slower because the amount that we already repurchased is enough to fund the company in the long run
in the long run and this is really what makes us get up in the morning and this is definitely the course that we have set for our company thank you very much if you have questions we will be
i would rather have you (assume->assumed) that we will not have a very significant margin growth there may be some variation in the margins because
although we have enjoyed a good relationship with salt lake city and it having been an attractive venue for the show for many years were finalizing plans to relocate the shows to another host city in a different state
than in normal times simply for the reason that we have a scarcity of resources not only but before all in poland and hence we definitely do not take each and every contract which you could get from the market
maybe towards the end of this year and into 18 we dont expect that will have a major impact on differentials and the reason we believe that is that there is significant (real->rail) capacity
structure obviously to do that weve also chosen to reinforce the specialization of our platforms and we are also developing (our->*)
so i think you can see how difficult it will be for others to get to this point especially in the canadian market again i think were just beginning to see the benefits of this investment
our ability to consistently add reserves at low cost demonstrates the tremendous capital efficiency gains we made through the downturn
of our strategic evolution which will reduce our concentrations in legacy markets and older properties
first half performance has been strong and with continued momentum across the business we expect solid results for the remainder of the year
are working together to make eog the leader in organic generation of new and better premium drilling inventory
these standards of care have not been disrupted for decades and could benefit from new treatment options
also in these first few months ive had the opportunity to meet with many of our employees as well as with some of our clients
as noted in this mornings press release we developed plans to permanently reduce our cost structure and began to implement those plans in december
with the leverage ratio covenant in our credit facility and includes the ebitda we expect to generate
we expect this magnitude of decline to gradually dissipate the remainder of the year as the impact of zika in the market began in august
as a result of the recent political and economic events in venezuela we wrote down our investment in venezuela
also please note that this guidance does not reflect the operational or capital impact of any future acquisition
basically the (and->*) we are in a certain way because i talked very much about the prices of the other energies
(that->*) the number of suppliers raising (less->list) price since january is more limited relative to
displays the current and trailing (4 quarter->4quarter) trend in revenue and breaks out investment advisory fees by vehicle
but they can also instantly see their credit score understand what drives their score and get monthly updates on that score all for free and all digitally
when we look at our existing base of business meaning business with existing customers i give us strong grades were growing nicely
this is a great example of the power of our platform products and brand all working together to drive real financial benefit
while ebitda margins increased by 50 basis points at the midpoint to a new range of flat
we also anticipate stronger transient demand and remain positive about the outlook for the rest of the year
(*->the) eagle ford continues to be a growth asset for the company that we expect will contribute premium return production and reserve additions
and still have (a->*) very conservative distribution coverage so
and have entered into an agreement with colonial pipeline to improve and upgrade our connection
we also began subadvising a corporate hybrid preferred securities fund for (shinsei->chinsei) investment management
good afternoon my name is jackie and i will be your conference operator today
and then we dont break out the detail of international as i mentioned most of the fourth quarter decline was driven by capital markets
we will not increase activity if it means eroding our operational performance or increasing our well cost
and lower volume of compliance (works->work) in the fourth quarter of 2016 investment markets reported
slide 12 we thought it would also be helpful to give an illustration (of->in) our business model as you can see from this slide
hence we believe that it will be important for other stakeholders in this ecosystem to actually participate
disciplined growth means not adding overpriced or poor performing services and equipment in order to grow
are on the system and ensure that our teams will always stay in compliance and as laws change they come in
first of all the internet business acquired 32 million giga subscribers as of the end of the second quarter
ill cover a few different topics on todays call including the progress (weve->we have) made in standing up the company to operate independently
you were able to do that a little bit i mean how far along are you in that and do you expect to see more benefit in the next quarter from that
we have expanded our industry lead in both returns and growth and we are excited about the future
we currently estimate that we do have investment capacity based upon the cash positions and the leverage targets that i just discussed but we will
again our model is to be a broker and as a broker we have the advantage of being able to partner with lenders that we believe offer the best mortgage rates and features
and then moving to florida you have a lower price point in terms of home sales and the profit margin is less
and these are still going to be successive (enrollments->enrollment) just because of how the drug is essentially made or the product is made
the delaware basin is setting up to be our (fastest growing->fastestgrowing) asset for a second year in a row after almost doubling crude oil production last year
we went from being a competitive point redemption price property to the most expensive in the market which drove down our (redemption stays->redemptions days)
there have also been a few online lenders that have tried to cater to prime consumers only but massive scale is needed to get to a viable economic model
whats available then to fund the (divided->dividend) but leaving working capital so that we can address our needs as it relates to
furthermore we expect to continue lowering (costs->cost) through a recently implemented seasonal drilling and completion program
these are the types of investment decisions that are easy to make with expected clear and strong payback
third our leadership (spends->spend) a lot of time in the field with our sales team
looked at how many wells per quarter i just know that the well count in the first quarter is low relative to the rest of the
look at growth opportunities and so im wondering if theres any thought about any change in the structure
last year due to lower zalviso shipments to (grunenthal->grunental) as they continue to work down the inventories purchased
real happy with the performance of travel network in the first and second quarter to date on the solutions side again
you should expect us to be focused on assets consistent with our strategic goals of balance sheet strength improving operations
coupled with great targets and then the (talents->talent) to run those businesses and then ill drop down to the last bullet point (where->when) i talk about
since our last increase in january is more limited than the inflationary pressures might suggest
and i would say thats indicative of people willing to make that investment (i->*) havent seen a lot of what i would call
(*->for) the full year i mean do you see anything in your markets currently that would support that lower end on the organic
these improvements reflect the power of our technology investment (in->and) the platform as well as the impact of our strategic marketing partnership
(per->or) boe and the premium reserves weve been adding are beginning to make a significant difference in our bottom line results
turning to japan we enjoyed our best inflows both before and after distributions
please note that todays call contains forwardlooking statements within the meaning of the applicable canadian securities legislation
we expect to close these loans during the third and fourth quarters of this year and well use the proceeds to repay maturing debt
and not growth for growths sake our strong growth is an expression of generating strong returns first
of course our ultimate goal is to achieve net inflows in all 4 of these segments simultaneously
(announced->and) but that is very well demonstrated by the number of fsrus which have been decided since the beginning (of->*)
we remain excited about our future and look forward to communicating our continued progress in the quarters and years to come
these forwardlooking statements are based on current expectations and the company assumes no obligation to update these statements
and we build these projects primarily from our pipeline we build this pipeline over years and we harvest it (and->*) with the intention of owning and operating these
(tim->no) i completely agree i mean the thing (id->i) love about this business and why im so excited about it when i go forward is one weve got really robust competitors it forces us to stay innovative and smart
in summary we are right where we thought we would be stabilizing fortifying and operating with increased excellence across our business
(im->and) patrick from nomura i have some questions regarding the smart manufacturing and smart management you mentioned that
higher efficiency and doing things faster and using more of things to get higher production i think theres a lot of other things that can be done
the first i think the first (inning->innings) still of (the->a) game where we believe we can be transformative in helping members or their caregivers make the best decisions
bulk and (to->enough) have enough capacity to be able to actually store it for and (*->then) utilize it when lets say the wind doesnt blow the suns not (shining or->shine) whatever
youre probably aware that in new york (is->as) a part of rev the commission is giving utilities (and->an) opportunity to earn up to 100 basis points of incentives
while we continue to navigate nearterm challenges in certain areas of our business the incremental progress we continue to make is laying the necessary foundation to deliver sustainable
literally almost 0 folks go the other way and step out of it and we continue to have plans come into it we increasingly also are seeing health plans looking to potentially clone it
on the acquisition front were targeting companies that allow us to leverage our network and benefit from our investments in technology
you can measure our success in many ways but the most important measure is that we have helped millions of people live better lives
there is no more questions coming in we are going to conclude todays conference call thank you for your participation thank you
the strategic realignment that we did of our sales and service organization within environmental services at the start of this year is really working well
thats our expectation sitting here today and on the (commodities->commodity) side mike what i would say is i would expect to see those start to moderate a little bit notwithstanding
anything specific you guys can attribute that to specifically here for q4 one of it is simply (the->a) mathematical outcome
and most of it is pretty normal routine a couple of projects on the drawing board that hopefully will give us some incremental revenue and
we made this filing in a very similar manner to what other companies in the state have done showing a very similar benefit to cost ratio
addicted to opioids based on a whole series of factors were able to take from the data that we would have around those individuals their prescribers their conditions and so forth
had an incentive that we earned for the first time this last year now its a small amount a few hundred thousand dollars but we actually earned an incentive in our gas business
we will share with our clients and prospects new solutions that build upon the industryleading clinical programs we have collaborated with them to develop
who are willing to take bold actions those who are caring for patients in a way that enable things to be done that drive better outcomes even though those things may look challenging
substantially reduced our inventory levels and are continuing to increase our distribution efficiencies within our product category and merchandising teams
by definition my revenues come down when i can convert somebody from a very (high cost->highcost) specialty drug to a lower cost more efficacious specialty drug
the first and second half volume will be more balanced this year than last year last year saw weak first half and a (hard->hot) second half
and as well as our retention as you know and i would say that there was not anything that (wouldve->would have) been out of what i would call the ordinary in terms of the pricing environment
but well have to wait and see what ferc determines once they get a full commission right now theyre down to 2 commissioners as you know so they dont even have a quorum so whenever that occurs
excluded it from some of the guidance we still have the numbers there so you can still understand what is (what its->*) delivering looking at our
little concerning but we also have an opportunity to bring in people with that can fit the skill set that were going to be needing as the utility of the future
so if i would not be surprised (to->at) coming back to you and saying that was particularly strong as we move forward because
a little more (target->targeted) and specific of what weve accomplished just in the last 20 months and i think its important that people understand the seismic shift that weve been going through
so we have some very good assets but the margins are so thin were not making enough money out of (it->*) and we have contracted storage as well
looking ahead to the first quarter equipment is now (tied->tight) with activity expected to strengthen on the new exploration season in alaska and canada
again being responsive as we can be to some of the requests that weve had and how weve really focused on the core business going forward
were offset by the lingering impact of the supply disruption on (garlic toast->garlictose) and lower sales for branded (croutons->crudons) and refrigerated dips
ill now turn it over to george for his comments thank you tim this is my last earnings call as chairman and ceo (and->*)
those are the kind of conversations we want to have with prospects and so we start with their data and we find ways to create value based on their unique strategies and circumstances
what from my perspective makes this very important (as->is) you think about all the investment that needs to get made in the system be it distribution or transmission
yes and bob so i talked about this in my script certainly there are new drug launches coming out expected to come out
but our regulators as well as communities believe it or not who view this as an opportunity for economic development we created over (3000->300) jobs
in china market we experienced a deeper drop in the first half of the year the second half of the year is still uncertain
in congress or will be we have a slide in our longterm projections (that->to) show what the impact on us would be but there actually could be
now the other thing i want to mention is the gas storage business which weve said is noncore were actually looking at strategic options related to that business now and so weve
the funnel that we have at the top where weve got enough great ideas its a matter of how we can execute them and really run the (go to market->gotomarket) in a way (it->that) will deliver for the consumer
and then lastly the focus on continuing continuous improvement and efficiency through best (practice->practices) is something that we focus on every day
plant capacity may not be the real capacity while the real capacity may not be the strategical capacity either
we are hopeful to conclude the year in the upper half of our guidance range but (wanted->want) to continue to provide numbers that we are confident we can consistently achieve
as we can see that the companys financial structure is getting better and better i wonder
usually for the preorders so we believe the stock level is still reasonable since q3 is usually a high season for ordering
comparing with q1s for the cost without the blackout in accident and the earthquake and the (last->less)
the company undertakes no obligation to revise or publicly release the results of any revision to the statements made in todays call other than through filings made concerning this reporting period
as a result the story remains the ongoing balance of economics between energy and capacity particularly with the upcoming elimination of the base product
such a monumental task and the fact that weve been able to not only maintain the existing network we have but expand some of those existing facilities
covering the procedure but keep in mind that underneath the national payers there are many subpayers that we need to work with
and also seeing whether we can get more suppliers credit that will obviously reduce the total working capital that we need to put in place
think about years 2 and 3 i know you talked about a lower revenue trajectory can you be a little (*->bit) more specific perhaps about
have more than a (metoo->meetoo) offer out there and that we learn more deeply from our customers around the loyalty space
as the company hasnt done anything wrong and actually have been a victim of fraud
this is not meant to be a shelf program but rather one we believe we can execute within a reasonable period of time
they have a very high likelihood of doubling over the next 3 years or so and so as we wrap up
at the same time our current trends confirm that we are on track to hit full productivity by the end of the summer
what are the critical steps and specifically with cst how do you see the entire integration playing out
and its not uncommon to as these programs especially those that are more novel in nature as (fit for work->fitforwork) is
the verdict will be given to all in this case in february of next year
you always think it can happen faster than it otherwise takes but the reality is i think were always thinking long term
in the countries were pushing both growth on services and efficiency
now in prior calls we have defined what an unattractive price would be from a range
so overall from an equity standpoint therell be considerable difference in our equity base compared to the prior year
and are subject to a number of uncertainties risks and other factors which may cause the actual results performance or (achievements->achievement)
how thats unfolding what the timing has been and if youre seeing any response that you can discern
taking all of this into account what would you say the pro forma ebitda is of the network now
and what weve done is because of the increasing volumes and (interests->interest) in quality and (additional->*)
what happened during the first day was that the name ban was lifted on the 7 individuals
it tends to be that versus the second half of the year the first half cash flow is weaker and in (a->*)
i guess thats a question i get a lot from investors because the online players are out there talking about how theyre taking share
above all the management team is working hard every day to deliver longterm shareholder value
whilst an increase in (near miss->emiss) hazards might be seen as a negative our view is that an increase is a positive
we will also see more capacity expansion and that will also improve our overall revenues
they do however achieve operational benefits in technology and supply chain by being part of the same division
and then basically as an aggregator is in or goes into a market
up to 21 million (bales->barrels) as compared to 14 million (bales->barrels) of last year and we also believe that we will
id also note that we use both gaap and nongaap measures and we refer you to our reconciliation of these measures
and so thank you everyone for your participation you may now disconnect
it will get to that point in the next couple of years but were more focused on the asset utilization
weve also continued to receive many questions related to specific performance indicators under the haas contract
and obviously by holding these loans we build a bigger asset base and generate significant future earnings
the revenue and operating income will not be at the level initially anticipated
unlike last quarter when we were able to provide a full update due to the timing of the public accounts committee hearing
strengthens our presence in the baton rouge and lafayette louisiana markets as well as strengthening our food offer in the area
really new standards and requirements for medicaid longterm services and supports and rich spoke to a number of those
and finally our small southeast asian business grew ebit with growth in vietnam a key driver
our international commercial strategy for (keratoconus->cathones) is built on the foundation of working closely
analysis of takeaway capacity (in->and) projects that are announced what i will tell you is
and supporting absolutely our key customers be it our retail partners or our trade painters
going to and (others in->other than) new york fries by the end of the year i think all banners will be
is functioning well given what weve seen in terms of volatility in the capital (markets->market) so
that we have to focus that the cpt code is paid so that they adopt so
the new medicaid regulations further strengthen the importance of independence in these programs
markets by region do you prioritize certain banners and how much of the process do you own versus the franchisees
that concludes our presentation for today well now answer questions we received earlier in the day from our analysts
is more efficient so as a result of that we do think that the second half will present a better picture than the first half of the year
but this is not a consequence of any change in business model or any change in product mix or the business mix
would be a great opportunity for uqm and potentially lead to additional business in the region
the market has backed up as yields across all asset sectors
the steps of this procedure in other applications that they are using the
and these areas has (hypergrowth->hyper growth) in them
to ensure that citizens are able to seamlessly access critical government programs and services
to be as secure as they should so we need to look at that all of us
and so the extension from that final leg and theres a couple of different routes that we would be looking at
so were pleased with the improvements that weve seen in productivity as more of our employees have graduated and become accredited
the financial impact from the haas contract modifications had an immediate pickup
the program is not mandated by law and also requires (a->*) referral from a general practitioner
real mature operations and i do think the nature of these programs is such that in some form
however the difference in terms of the benefits coming from the subsidies does exist so that would be one factor
glasses and contact lenses can be used for a time to address the side effects of the disease
we were going to back those that back us and thats really the strategy (we->weve) put in place
two questions if i can firstly can you explain some of the current dynamics youre seeing in medicare part d
and we do think that there would be a wide variety of financial instruments that we will be able to leverage
as part of the key takeaways i would say we have significantly improved financial and operating performance
for people with disabilities and also focusing also on improving productivity and inwork salary progression
but were working on it our the teams (have->has) been spending a lot of time back and forth (in->and) understanding how
and when you see a company like (ashok->ashuk) one of the largest commercial vehicle manufacturers in the world
and offers conflictfree assessment services to assist them in determining the most appropriate placement
and a negative currency impact of 4 percentage points is now expected
you will remain unnamed only because of the risk of inadvertently missing someone
both in the cpt code payment for the procedure and the drug
this affords us the opportunity as we spread the brand to raise brand awareness through highprofile retail sites
weve checked that off and done it effectively we then said were going to restructure the organization and become a consolidated solution provider both in structure in approach and in strategy
relatively (oblique->oble) questioning of some of our large clients specifically around our analytics solution much like we did with entrada and ive got to tell you the appetite is high within our client base for these types of solutions
my cto will probably reach out to me and give me an even better number after this but were moving very quickly with it and we feel very good about that now as we move forward the question is not
so we are confident enough that the refinance activity will be so robust in the years ahead because of all the capital raised in the space thats causing that spread compression in the clo market
that is what is expiring well continue to do business with (dicks sporting->the exporting) goods (in our->*) normal way of doing business for the adidas brand and of course also for the (reebok->reebulk) brand but i (do->did) want to clarify this what has expired or is expiring
we are working on a comprehensive management structure for charles (river->rivers) safety assessment business which will maximize the talents and bestinclass processes of both organizations
(*->and) the consequential amendments to (ias->irs) 1 we adjusted the presentation of other operating income and other operating expenses in order to allow for a more granular view of the companys operating expenses
i believe this new framework will dramatically alter the conversations we have with our clients and will frame nextgen as more of a trusted adviser they can partner with to enhance the efficiencies of their practice
and we saw strong profitability improvements while continuing to invest in compensating fx headwinds so we continue to see fx headwinds in a year where we had the highest profitability ever in the history of (*->our) company
these capabilities are especially important now when global biopharma companies are making the decision to increase their reliance on cros and small and midsized biotech companies
these arent just acquisitions were going out and finding we sat down and did a complete strategic workup of the marketplace we brought in a consultant to help us really understand from a data standpoint what was out there
if you dont grow income you dont grow bonuses if you grow income you can grow bonuses and if you reduce income you reduce bonuses so thats kind of the new
segment operating margins are expected to be driven primarily by a modest improvement in the manufacturing support segment as well as a slightly higher dsa margin excluding wil
weve now simplified our solution pricing framework in a way that (*->will) allow us to introduce new capabilities to the market and fold them into a straightforward and transparent pricing model that aligns with our (clients->client) success
that continues to grow and thrive entrada already integrated into the solution were already starting to see bookings growth in fact they (out they->*) beat the plan in bookings in our deal model
we believe that these investments will generate benefits over time by providing a scalable platform to leverage revenue growth and accommodate future acquisitions with a more efficient infrastructure
we will continue to work proactively with states to expand our integrated care management programs for individuals with chronic and complex conditions we are currently focused on 3 populations
from an innovation standpoint i will take you through a number of the initiatives that we created and i think that we are very excited about and hope that youll be excited about as theyre hitting the market and some of them are hitting the market
we had discussed our expectation for a better second half of 2015 which was based primarily on the anniversaries of the nci contract cancellation in the third quarter
our app is moving in the right direction and allows us to customize our engagement with the consumer and ensure that we communicate in appropriate way and thereby also optimizing the commercial value of the consumers
as you can see we were not able to overcome the morpheus challenge during the second quarter to the degree we had planned and that changes our outlook for the balance of the year
less overlap than we thought which is quite positive look (the->*) i think the best way to respond to that is our attraction to this company was entirely based on its scientific reputation
beginning with this quarter were allocating all corporate costs with the exception of certain public (companies->company) and other executive level expenses which will remain in the corporate segment
the second story for va does provide confidence for the franchise going forward bioflo sales continue to grow across all product offerings and sales of our recently launched products have been positive
we are adept at developing flexible working arrangements which have become increasingly important to our clients higher revenue will drive margin expansion as will efficiency initiatives
with the weakened us dollar a ballooning deficit and recent economic stimulus added to an already growing economy we feel that interest rates will continue to rise but at a modest pace
this is new product offering in the market and we plan to continue to experiment test and optimize across all sales channels driven by our new business intelligence team
impressive still under 40 i mean are there any major expense initiatives that you have to undertake or regulators making you invest anywhere that you wouldnt have otherwise or anything that will drive that incrementally higher from here
i am so proud to be able to announce today that forbes for the second consecutive year has named us the best bank in america
we are investing a significant amount of time meeting (wils->wills) management and continue to be very impressed with their scientific expertise operational capabilities and client focus
we believe this expansion will benefit the entire pv portfolio the team has successfully transitioned our entire fm business to (this->the) specialty organization starting in the third quarter (and->*)
of the book where you have sort of longerterm duration contracts and then (you->youve) talked to those that have sort of already raised a ton of capital i mean as you sort of continue to look at
as we get out there and as i spend time with the sales team sales (teams->team is) increasingly excited especially because theyve really gone from gathering negative client feedback
maintenance and repair of electricity distribution lines as well as contracts related to industrial commercial and institutional electrical work
(it->that) sounds like a great channel just if i could (followup->follow up) on that when will you know whether that is playing out well and to what degree are these small employers and even (mid market->midmarket) looking for a
(well->i want to) start by sharing some details about an exciting acquisition we just announced that we feel will truly add value for our clients and continues to extend the breadth and capabilities of our solution platform
will be a driver of our goal for microbial solutions to continue to deliver at least low doubledigit organic revenue growth for the foreseeable future
coverage and from a clinical success and ease of use the product has performed as (billed->build) but its also weve had growing pains with the amount of products in the portfolio and thats where we made our investment to address it and now
is something that lots of companies take advantage of so again as i said earlier the diversity and the strength of our portfolio is really powerful from
then ill let you know how we see the year ahead and how we plan to profit from our improved capital structure to deliver strong returns on our investments for the benefit of our shareholders
the (i->*) appreciate the question and yes thats something at the beginning of the year we were banking on getting both of those positive decisions and both of those positive decisions
but at some point i assume that we will come to some sort of agreement which we believe should be quotabased but i think were still a ways off from that
mortgage is better than it is when it has a fantastic quarter like the third quarter or worse than it is when it has a soft quarter like the fourth quarter
the cost of the growth without question is a very key hurdle going forward to that end we have significantly reduced the cost side of the business
we opened those doors after we got our refinancing people are dying to work with (us->this) which (will seem->would seemed) to be a surprise to everyone but with our distribution network
factors that could cause actual results to differ materially are discussed in the companys most recent filings with the sec and in the release
to make business in a country where you have an idea about the language we have an idea about the jurisdiction which is also
our southeast business which is the legacy transmontaigne business on the colonial implantation pipelines was the driver behind this loss
acquisitions with a very clear objective which is to grow the value of our asset base and to increase return for our shareholders
in this sector (we->*) want to be seen as (the->*) best company for the relevance of its services
and the reorder rates and then the anecdotes of how the product is performing so we do want people to think about that nuance because of the way
i mentioned during the last results call that we had expected to see seasonal softness in nocita sales given our expectation at that time
which may place the achievement of the milestone into 2019 we anticipate we will finance the companys needs as appropriate (with->*)
as we said when that new mill capacity comes online and gets up and running full in that geography that micro region we are seeing some pricing tension so
and they do not result in any additional idrs to the general partner in summary we are obviously not immune to market dynamics
i think the bigger opportunity over time although its not a big earnings impact now is the opportunity to grow the southern export business
in the north we anticipate second quarter fee harvest volumes will be significantly lower than the first quarter as we enter the spring breakup season
but given the comparison to the previous year i believe that it is still a rather satisfactory outcome of the segment
(were->where) in coordination with other industry partners we can make personalized medicine a reality for billions of individuals on the planet and a way of life for the next generation
many of our builder customers who were delayed by adverse weather conditions in the first quarter are eager to resume a normal construction schedule
but so going to market the strategy is to work with oncologists who will then use that product to help us
i just have a followup on marcelos first question and i just want to get some more information in terms of the evolution of linx (pay->*)
to allow these patients to lead as normal a life as possible or as independent (a life->alive) as possible
vehicle dealerships we have 2 products one was already operating in the cloud and the other one was not running in the cloud
not only do we think that that will carry over we would expect that to even improve over the course of the year as we continue to focus on operating (costs->cost) across the system
any contracts that are exposed to line space we are buying the line space and getting paid (*->to) that differential so that essentially
the development collaboration includes an option agreement for multiple therapeutic candidates with potential in pain allergy and cancer
and i think importantly were really well positioned if and when those tariffs do come off to reaccelerate the growth out of our southern business
later on this has led us in a certain number of cases to projects where (well->we will) actually be setting up shop
(ago->*) this (road map->right mak) is going to be implemented over the next 3 years because it implies substantial changes
several times and it ended up that it didnt work out it would not be profitable for us although we (can plant->could plan) a flag if we wanted to but
at a much lower price per puff is a major opportunity for vip six new products have been identified
realistic and appropriate in terms of the kinds of evidence theyre looking for to support
we reserved our right to dispute that amount not because we disagree with the amount necessarily because we havent had a chance to audit the (calculations->calculation) yet
our view is that as we see the construction activity really start picking up thats going to flush through probably a little bit quicker on the lumber side
another customer with linx pay and so maybe we would think that these would be
i encourage you to ask the same question (and->*) to look for those details when we have the announcement at the end of this year
second of all we have started to deploy our new real estate strategy which is twofold
most of the savings came from lab materials and labor which directly benefit from higher volumes especially as we automated more of our production processes
the management delayering is essentially completed and we are currently in the midst of implementing the remaining staffrelated measures
we will have to adjust because whether it will all depend on how the social contributions decrease
prepaid which we agreed to pay earlier this year and the assumption is that thats the prepaid amount going forward
so we feel quite good particularly about where we are with the orders we have inhouse for private label and the momentum
while management believes that its expectations are based on reasonable assumptions there can be no assurance that such expectations will prove to be correct
we have addressed the majority of our earnings volatility related to line space (through the->due to) recontracting efforts and other strategies
about half of that is due to seasonality around our forestry and road spending and the other half relates to the timing of our export shipments
comparing our first quarter results with the (year ago->yearago) quarter ebitda decreased significantly due to lower average realizations
improve the specialization of our facilities depending on the local needs when we have several facilities in one city the idea (will->would) be to
too deep but id like to have an open mind oftentimes you may be positively surprised
vast majority of the volatility the amount tied to line space has been essentially eliminated
as the product begins to move into the clinics from the distributors and then from the clinics to the pet owners meaning the product is dispensed
we believe that we have strategically balanced our direct sales organization with distributors to optimize the early entyce commercial efforts
there were some challenges this year from a rail perspective and so its not as though everything went perfectly smoothly this year
yes but i mean is it still kind of worth from a risk return profile to
these statements are subject to numerous factors that could cause actual results to differ materially from those anticipated or projected
it crosses the spectrum from acute to chronic the way that (inappetence->an appetitant) works is we like to think of it as a dog can be
but our goal is to be able to provide good returns in any rate environment and hopefully (in->*) any economic environment as well
there are certain things that take time i dont see any major inhibiting factor
although we saw a couple of things in late in the quarter that but this is not material type stuff right now in terms of
this followed a decline in the first half when (ciroc->seroc) was impacted by the move to the replenishment model
and we wanted to give pra a potential opportunity to benefit from any reduction in rates so
and very alert to the potential threats represented by the greater emphasis on protectionism
in the last week of may we have 2 excellent opportunities to share the probuphine story
maybe last but not least what is not mentioned here we have had
moving on to our third program our wholly owned undisclosed rare disease program
and we are planning to give you an update on this number (versus->with the) second quarter results
so a heartfelt welcome to (federico->puerto rico) as he joins the titan board
we want to make certain that we can provide kind of the best
we have a few points of emphasis in fiscal 17 growing our scotch business
we have completed dosing for both healthy volunteers and patients with ph type 1 (and->*)
of course many of you will be interested in the net sales performance of asset strategy
we believe this will transform the quality and effectiveness of brand building to drive growth
as opposed to shifting economics more towards the tail of attractive royalty streams
in the third quarter we announced a new partnership with mavenir to bring to market a rich
and the progress in network and services as well as customer demand for the new portfolio
so while the price points are lower than premium (core scotch->coarsecotch) the margins are still favorable
to accelerate growth that are still being consumed by buyers of active
my thanks goes to our highly effective team who threw themselves into the massive (challenge->channels)
driven by a combination of both our strong las vegas results and growth in our native american management fees
through sampling it anchors johnnie walker in a long mixed serve for the summer
regarding (dcrhbvs->dcr hbvs) we continue to dose healthy volunteers
categorized as unusual nonrecurring and outside of the
this mindset will be critical to our future success i will now turn it over to tom
we have increased some specific reserves to reflect the reality of the ongoing negotiations
we probably had more of an impact in 2017 but we do still have products
and so weve done a lot of work around even existing centers to optimize our layout
i think that sums it up and to the extent this mix shift has run its course
ivan will talk more about our outlook for us spirits in fiscal 17 later
fourth quarter also contained adjustments for expenses related to our ongoing efforts
adding to the seasonal slowdown in business activity that we usually see during (this->these)
let me continue with more details on the premium and fee income development
we are also collecting at record levels through the legal channel because of operational enhancements weve made
which had caused considerable increases in trading volume (in->on) the fx market
looking ahead there are a number of important inflection points on the horizon
id like to caution all participants that todays call may contain statements related to our business
that we have uploaded to our website together with the earnings release and which is being webcast as we speak
public internet and as a result its very very attractive to some of the
for a patent covering methods and use claims for treating opioid use disorder
when i sort of tried to do the implicit math for the margin then in the fourth quarter
we demonstrated the strength of our execution and we finished the year with momentum
and part of (a->the) protocol that these patients can go into a multidose study
so the plan is that these expenses (we->will be) more than offset
in addition alexion has the right to exercise options for additional payments
but you need the productive immune response which the virus (*->is)
were also creating a third map program which well call map direct
(the->a) key focus as discussed on the last several calls has been our advisory programs
if you could box it in of do you still have aum in those channels
as you know titan received a notice of allowance from the european patent office
(*->to) absorb more capacity so the entire infrastructure in the factory is (ready->related) to
and over the next 5 years i am confident this will unlock greater growth
going forward and some of the opportunities that it presents
we have no reason to believe it will not and we believe (it just->its to) still be firmly in the queue
with the improvement in performance we saw an increase in the number of funds receiving an overall ranking
as the tenure of our collectors continues to increase it will have a direct and positive impact
or any changes in events conditions or circumstances on which any such statement is based
that probuphine has an important role to play in combating the epidemic of opioid addiction
a big part of our a component of our collections in europe and now its becoming so
and the information business segment has been renamed data services
last but not least we also here are communicating on
factors that could cause actual results to differ materially from managements current expectations
as you can see from the regulatory effects that we have seen in q4 you can see
why youre seeking the delay and how long you think this will take to resolve
potential approaches that can be meaningful and so were looking at both
over the course of the last year and obviously this has been going on for a number of years but
expected increases in compensation expenses due to higher collector staffing levels
the negative trend observed in the last quarters of reduction in the balances of our portfolio
on its operational and financial achievements of the last 3 integration years
and we will continue to keep you updated as we move forward
we will be even more disciplined in how we measure and evaluate our brand spend
we are expecting to be making a public disclosure in the fourth quarter
that the money market and the secured money market in particular
and again our base case would be 30 and 30 and you can toggle up and down from there
(*->in our) cost of (service is->services) because those were also variable costs that came out of the business
so that means also that we are satisfied with the retail development that we have seen
that we were able to finally close in the third quarter
gains will continue to come from driving efficiency in every aspect of the business
further moderations in the funds net outflows is evident in january
so if we would therefore we thought really keeping them
is that (probably->part of) the operational changes you made that maybe (allowed->allow) you to buy a little bit more
related to employee sharebased payments through the income statement
and we launched cannon (blast->bless) to compete successfully in the shot occasion
as you have heard from marc and kate we remain confident
going forward our customers and partners can expect syniverse to be more bold
between 8 and 10 years of data exclusivity from the date of approval
and map navigator thereafter when it becomes available
what i can tell you at this point is that similar to our strategy around (ph->p)
obviously were going to carefully evaluate any opportunities that come our way but
and were clearly making progress to getting this business in that range and i think so one thats the standard we hold ourselves to so im
they take a number of years to fully realize the (benefits->benefit) and so a number of steps (but->look) were continuing to roll out new technology in the institutional field force
our collaboratories a key measure of our progress is how well were able to think globally think locally and act on both levels simultaneously
i think it could be the latter as we also said in the call we are in discussions with multiple potential commercial partners
and everything else you see in pretty good health until you get down to academic research which has been a bit of a disappointment certainly in terms of sales
what the primary (*->end) markets for those materials are and whether its the end markets that are growing substantially or whether youre gaining share or both
our markets and our people as well as our capacities to meet our aggressive growth objectives over the coming years and now heres doug baker with some comments
transfer contacts in customers from one side of the business to the other and weve done already quite a bit of analysis around understanding
i mean i guess we had open minds (and it->that have) proved to us to be a lot more valuable to us than we suspected going in but we
ahead of implementing in terms of employee engagement and change readiness assessment so theres quite a heavy quality assurance program sitting over
selling time productivity as we go forward so thats an area thats getting a lot of work we continue to invest in just core erp capabilities
but we also focused on improving our working capital management throughout the organization and made good progress in managing our accounts receivable
there will be a shortterm dilution to our underlying operating margin and eps starting from the point of completion which is (expected->inspected) to be in the middle of the year
but we (arent->are) going to be i think overzealous of those investments we want to see full recovery and make sure that were investing as the business comes back
in the context of our strong balance sheet and high levels of cash generation let me remind you of how we efficiently utilize our cash
build and modernize their full application suite which will touch nearly every process in the company from finance to manufacturing to drug development
ill talk later about our project uplift which you will be familiar with is our drive to increase
and well continue to use the 3 economic models all (whilst->*) selecting the one that gives us the best outcome for a particular territory or (a->*) format
thanks jody good afternoon everyone and thank you for joining us im excited to provide highlights from another quarter of solid financial performance
these increases were partially offset by a decrease in average selling price per boat a decrease that was due to the mix of model sales during the quarter
so weve had another good half our strategy has been and continues to be very effective in creating value for shareholders
we are determined obviously as unilever to operate under the highest levels of corporate governance and what weve made clear is that we will be working under
but it is encouraging to see an overall improvement in consumer sentiment in emerging markets that we already have alluded to in our previous calls
or negate our ability to continue to drive margin expansion in those businesses and i would say we didnt drive margin
choices about the kind of work we go after i dont think (that->*) the conclusion of that should be that it slows revenue growth in the long run because i think theres
managing our risks and transparencies and responsible business models is becoming an increasing competitive advantage so
a hearing aid and a true wireless headset are starting to look more and more alike and theres this convergence between those
simplicity reduce complexity drive efficiency and also act as a platform for our strategy execution also going well
momentum as we go in so yes its going to take a little while to build this business back and regain the 20 we lost
as we said in october we believe this new compelling offer will be of interest to other landlords as they reconfigure their space
and while it will require some investment in the near term theres great potential for us to continue growing well into the long term
on our call a year ago i spoke about our story in the context of chapters the early days going public and then getting big fast
look no further than asia to see how germany is doing a lot of our business in germany tends to be to the machine building and the export
lower cost position ourselves for what i would say (improved->improve) margins going forward once the wind starts blowing in our direction again
for both sensors and displays and on a very unique embedding of artificial intelligence into imaging and other sensors
on the forecast at the beginning of 2019 we will decide to invest to increase capacity in that factory
the one deals with (300millimeter->300 millimeter) where weve stated that one of our growth engines for the second half of the year
as we expect modestly (improve->improved) operating performance in the third and fourth quarters will be offset by incrementally unfavorable impacts from currency movements
so we are already thinking about further development of our capabilities organization and portfolio that will keep us fit for the future
in the second half and very little in terms of operating profit in the second half
ample opportunity to show you examples during this call the changes weve been implementing are fundamental in a number of ways
our innovations are going faster to market and we have steadily increased the level of reinvestment of savings behind our brands
as dean indicated we are committed to returning cash to shareholders and have sufficient capacity to continue our share buyback program
(*->ladies) and gentlemen the expectations for the growth of the world economy remained generally positive since we last spoke in midaugust
now for the core capabilities that we have for the silicon germanium which we see will continue to grow
during the first quarter of 2018 wells fargo bank extended our credit line agreement which had been originally set to mature
that continues to be a part of the productivity story in psm when we can add a new asset and close a facility get rid of overhead
has lead customer having demonstrated excellent pixel performance on prototypes and as well excellent product yield
positioning ourselves for improved profitability in this important growth market so lets dive a little deeper into each of the segments
while acquisitions like netcentric and (mirabeau->mirabow) are further enhancing our digital leadership in continental europe leading to a number of recent digital wins
and earlier human data results we are increasingly encouraged by the potential opportunities presented by our pku program
good morning ladies and gentlemen welcome to a very full house here
in discussions with other opportunities at different levels of discussions but no money has changed hands with any of these other opportunities in china
as strength on the corporate group side indicates optimism in the broader economy and a return to corporate spending
and then taking that further into ebitda combining with where those assets are going on our (platforms->platform) the profitability associated with that mix
so (our->while) momentum for our technology center solutions continue to grow and we expect to convert additional opportunities to contracts in the coming months
improving margins grouping up and unlocking embedded value through our roi projects
through 16 kind of calendar year because i think some things will fall out i think some clients will fall out and realize they should have had the product
remind us of the scale of manufacturing you currently have and kind of as you go into more and more indications
relative to certain market conditions or changes as you might in the other (models->model) so i dont believe you see that
were kind of letting the clients get comfortable with flex and then show them that theres additional modules which will help not only sales but retention
with advanced analytics and functionally relevant application technology to deliver value for our clients
(*->to) anchor a couple of these really big accounts and maybe whats been the hindrance on securing maybe a couple of those
perhaps using it in slightly different ways over time as weve speculated on a bit in the past and some companies are attempting
the deployment of this smart grid technology would require a legislative change and so well continue to advocate for that for the benefit of our customers
with a series of good projects a series of very good projects a series of bad projects and a series of very bad projects
our adjacent services opportunity pipeline increased significantly over the last quarter and we are seeing
piece of your sales but it sounds like that is seeing some traction can you just speak to the end markets
before we begin id like to remind everyone that many of our comments made today are considered forwardlooking statements under federal securities laws
these advanced technologies (in->and) audit processes are important drivers of our revenue growth in our core recovery audit business
a confidential undertaking between us and renova but if voting rights were an issue the voting rights would be adjusted automatically
for lpl the reduction in corporate tax rates will benefit our financial results and matt will cover this in his remarks
it would essentially mean the high end of our guidance at this point would essentially mean that wed be flat organically versus last year for the rest of the year
of our sales and service teams our product strength and financial performance and i appreciate the great work of our paychex employee team
we believe this level of investment provides the right balance of investing for organic growth while still delivering operating leverage
because we have so many variable components like our fixed income business that make it hard to ever reconcile back to that
our investment in nashville (in->and) the music industry and the bankers that have come on board to help us build that business
the collaboration task has been coming in different fronts and different forms (*->thank you)
and its really nothing more than the fact that under 50 (were->where) we were
and were currently working through the preclinical studies for the data package that will be used to determine our readiness for our (firstinhuman->first inhuman) trial
in technology and manufacturing so in the future there (would->will) be some collaboration opportunities
push us in the other direction ie (*->our) the relative share of oil and gas business compared to everything else in sulzer is
lets talk about the middle east the one that we already closed that business has the same margin as every other business
however we expect some continued modest impact until the situation stabilizes as a reminder
one of our top priorities for 2018 is making it easier for advisers and their clients to do business with us
and assuming that target still holds (do->*) you have any appetite to actually accelerate share repurchase in light of some of those tailwinds as well as your capacity
also go back down by about a turn (*->of) the day we sell the shares and we can sell the shares anytime we (want->won) so
turning to slide 8 i cannot remember a time in which so many largescale development projects have been announced in our region in such a short period
the third quarter we saw very good (revenues->revenue) trends in the first 2 months of the quarter they moderated some in september
fortunately the combination of pricing initiatives and our success in capturing (highervalue->higher value) waste streams
a number of increases that until it gets much higher so i dont think were going to see a big impact on small business
well see as the year goes along whether the tax reduction has any impact on the back end of the curve
though these firms have opted out of the protocol you just sort of flip them over to the process that you might use on the other side of that line
ill call it a different reason or a different context perhaps (then->than) perhaps that discount trader and their trading activity
so we use the current market condition i mean that (consumers->consumer) are looking for the best prices and
our team selling approach continues to produce results by introducing the full suite of products that paychex can offer our clients upfront
some operating leverage in the corporate overhead where its not growing any faster than sales maybe even slightly slower
not knowing the exact rule change i cant speak specifically to it and there will of course be a comment period and a process around that
(*->and) im sorry if i missed it (what->*) was the reason why we didnt see more expense leverage at (ftn->fdn) this quarter
let me remind you first that our outlook is based on our current view of economic and interest rate conditions
that being said its appropriate to remind everyone that this is a rare disease and there are models of experience from
the past successful companies in our space who show that you can be very successful with those activities with a relatively modest
sales commission growth was mostly driven by variable annuities along with increases in mutual fund equity and fixed income
we remain confident that our insurance coverage is sufficient to cover the vast majority of the total cost of damage and business interruption
look we were a little bit busy last week so we didnt really spend much time trying to revise the guidance but
and what was in our discussions with ofac and hopefully (have->ive) convinced you that we have anticipated
to ensure that we live in a world where we dont just (sell->solve) the science but we ensure that patients actually get access to it
please be advised that actual results could differ materially from those stated or implied by our forwardlooking statements
but with the second half moving in the application product sales are getting back
within safetykleen we remain optimistic about our ability to continue to effectively manage the spread
and in the appendix of todays presentation and now id like to turn the call over to our ceo alan mckim alan thanks michael
(*->if) and i think thats the right answer i think that changes the equation a whole lot more than anything weve heard so
then what does what will advance include when it is closed so thats when i said in the balance of the year
be comfortable that transferring shares does not expose them to sanctions and this is what we have in the deal that we got
so the oversupply may not occur next year it may postpone to a later time
first and foremost we remain the premier power generation company in the country and have the operating results to prove it
should we think of the aca compliance offering as having been a significant part of bookings and something that
(*->i) think it has to do with the market waiting for us to put a number on the impact
remember that our fourth quarter 2015 free cash flow was quite strong in part due to the achievement of billing milestones that allowed us to collect cash in the fourth quarter which was reflected in the yearend cash position
good morning and thank you for joining us today i will start with some comments about the quarter as well as provide my perspective on what we are seeing in terms of market activity in each of our regions overall im pleased with our performance to start the year
a (regular->*) regulatory change in the manner in which the pharmacies were paid for that i thought we had lapped that effect in terms of the way pharmacies were paid
an absolute focus on parts discounts and service discounts to (a->*) much more focus on availability and keeping those trucks up and running and that (make->makes) sense in (this->the) cycle right you go from a period where youre trying to survive
but turning to the next slide the part that were most excited about actually begins once you have a mortgage in terms of financial health owning a home and getting mortgagefree is one of the biggest opportunities for canadians to build wealth and helping them get there is what this product is all about
that one would think the performance should get better as the year goes on if you look out past (a->*) couple of quarters the biggest driver there ryan being the growth rate obviously to the extent the growth rate is higher thats going to move us further up
just a short personal word before i start to say how pleased i am to be talking to you today and to be talking to the market generally something which i havent been doing for quite a few years (*->now)
which tripled from the additions we had in q2 perhaps more impressive was that this was accomplished on lower absolute marketing spend during the quarter which means that we substantially reduced our cost of member acquisition
thats how (i->ive) described it externally but your point on the internal benefits is (the->really really) important point and as we point this team towards some of our challenges the results
the team has done a phenomenal job on this product and not only is it the first time in canada that consumers can get their credit score instantly online for free but also with monthly updates to track (how theyre->other) progressing and (inform->info on) what drives (their->your) score all through an engaging digital experience
(*->if) the trends continue from a sales and revenue management perspective we should get there in the second half of the year but i wouldnt say that all the risk is behind us at this point im still disappointed
while the actual level and mix of our deployment is difficult to predict in any given quarter carlyles diverse platform has the ability to source interesting opportunities across sector strategy and region
during the second quarter thats on slide 6 we have put forward many different marketing initiatives such as special weekly flyers where many (doorcrasher->door crasher) prices were announced
as a reminder any statement we make this afternoon about future results and performance or plans and objectives are (forward looking->forwardlooking) actual results may vary as a result of factors risks and uncertainties over which we have no control
we all know that you guys and everybody else (has->have) said that international drilling activity had kind of bottomed (midlast->mid last) year but we were (warned->worn) that pricing pressure continued has the pricing pressure abated any
we are pleased with the progress we are making in these recurring revenue streams while a return to a more normalized transactions market will strengthen our results (unbalanced->on balance) we will target investments that can drive a shift
likelihood but the understanding of the requirements and the expectations coupled with some investment along the way and lots of planning i think will put us in position for that when that time comes
the production group (onestim->onstem) hydraulic fracturing operations benefited from a full quarter of activity for the fleets reactivated in the third quarter as well as additional fleet redeployments in the fourth
im not sure i can play connect the dots there maybe you could kind of go ahead and help us out and give us a little bit of color on exactly what happened there sure absolutely so if we look at the compliance side
similar to what weve done with personal loans its all about keeping people engaged to getting (mortgagefree->mortgage free) this is also what we believe will drive longterm loyalty to mogo as youll be more likely to stay with a provider that is truly helping you achieve one of your biggest financial goals
in addition certain costs and earnings of employee benefit plans such as pension and other postretirement are included in corporate and not allocated to the operating segments
we have not yet seen tariffs impacting customer demand although they are now top of mind for both customers and suppliers and are beginning to impact manufacturing input costs
that at a high level thats what were thinking that being said because of the market and how challenging (it->*) is i wouldnt expect a lot of investment into the rental fleet until we see a more constructive
in travel network with the anniversary of the acquisition of our asia pacific business on july 1 revenue and bookings growth over the balance of the year will return to normalized growth rates reflecting our global footprint
towards debt reduction is there also a mechanism all right that kind of mandates that free cash flow has to be prioritized towards debt reduction i seem to recall that you have a free cash flow sweep
(thats it->that said) we (have->got) a tight marketing team and outside of commercial we just have a very light msl team consisting of one with a couple of consultants so we continue to remain very tight
in addition we provide services to international investment market clients to allow them to comply with applicable sec regulations and we also provide language solutions to international clients
and second is would you are you already starting to see some of the benefits from the sales force effectiveness and again if so if thats happening (and->*) youre seeing some benefit
thats for what we are today (and->in) the types of income were generating it just does not fit as well and it takes a very particular expertise a little bit more handholding than we typically would like to do
the excess or were getting through the excess inventory issues weve seen over the last couple of years and you see it in our inventory which weve cleaned up you see it in the (ritchie->richy) auctions
we did however see market activity and deal announcements start to pick up postelection leading to our own activity increasing in the first 2 months of 2017 given the normal deal cycle
the uk and ireland market remains uncertain in the wake of brexit and the upcoming general election this is mitigated somewhat by the opportunity to participate in significant infrastructure projects
does that directly impact us i mean i dont know if we can make the direct correlation but yes it certainly impacts the market i mean youve got all those additional rooms by the convention center sucking up
that theres going to come a point where theres more increases coming from manufacturers that would trigger more increases coming from distributors certainly coming from us and to date my expectation would be that realization is good particularly in this environment
which id say isnt doing us or anyone others any favors our expectation of continued solid performance is a reflection of our business model and our ability to minimize volatility within our results
of historical us institutional sales teams (they->to) number around 60 give or take a little bit more or less thats likely a number we would work to put in a stepwise fashion
for continued investment by our what we believe to be one of the leading investment teams on the ground there to continue deploying capital in that region of the world as it obviously continues to grow much faster than the developed markets
great my next question was in regards to maybe if we can get a little update on the progress of the launch of the low duration preferred fund and
additional allowances contributed 80 basis points of performance in line with the prior year
over half of the fourth quarters investments were sourced on a proprietary basis versus through traditional dealer channels
in areas that would be like military applications aircraft applications space (applications->application)
important risk factors that could cause actual results to differ from those contained in the forwardlooking statements
i think weve been patient and thoughtful and (we will->well) continue to be that but if we find something that we feel is
increasingly want us to be facing them from locations within the eurozone if that proves to be the case
to put them into products that provide a better return from them than just a passive deposit account
and weve got a lot of that going on and its very simple to apply (you are->youre) all welcome to try were looking for people in the south
i think its (a->the) whole conversation of something that weve been at and working on for a number of years that built a relationship with the consumer
around our hotels in new york weve actually continued to have growth both in room nights as well as in (rates->rate)
so when we place the order with the (supplier->supply) when we place (an->the) order with the customer and the supplier we know what the margin is
similar to the third quarter we completed several new investments in the fourth quarter that (continued->continue) to change the complexion of our balance sheet
after the great recession manhattan was one of the few markets to attract construction financing due to its demand fundamentals
but more importantly the ability to better position that business with an asset that they own
when weve had those kind of things you do get more first quarter business on your open footwear than you would normally get
for quality issues so they wanted to get some assurance on that theyve also asked us to look at (their->the) entire supply chain risk management
but weve also changed our strategy so much in the past few years and this is where we see ourselves going forward
some capacity to look for opportunities in the market if they arise and obviously at the right value
(*->the) new business that weve won things have even improved for us when we did this deal originally with sinotruk so there are
we are pleased that sinopharm remains strongly supportive of our relationship and our business
with that im not at all trying to indicate that there no longer is an issue we all know that we need to work through litigation
once thats established with the color solutions portfolio not only will we be backward integrated
you could probably take that off the transmission system so that it would enable that sort of tension people have (about->*) long distances to be removed
for the parties which (with with which->*) we had discussions we were attractive on many fronts
but together that team are working on how we make sure weve got absolutely the right people (we->*)
testing the idea out in the field and showing it off at trade shows and what have you
all products suffered from lower client activity and lower market volumes including the knockon impact
we rotated a portion of our lower yielding assets into (higher yielding->higheryielding) strategies we continue to focus on sectors
some of that i think is taking share some of that has been a decent spend in the municipal space
yes we have to be careful with (that->answer) what i (would->will) tell you (is->*) that price increase was successful but i cant be more specific
the filing process itself went smoothly with constructive engagement with our regulators and key stakeholders throughout
good (good->*) because it sounds like with all the potential business you guys are talking about
(yes->*) i think (*->in) well let me start with new york as well i (*->mean i) think theres a number of tests that we have on
our corporate finance business (is->was) heavily (impacting->impacted in) the quarter by paralyzed markets in our strongest markets in europe
and on the last call you may (*->have) recall that we said that (we->weve) positioned ourselves with our strategy
however the time lines are not in the banks hands but are largely determined by the regulators and authorities
the decline was driven largely by marks (in->on) our securities book and overall underperformance of mortgages
i think (it is->its) important to note if you take the acquisitions that weve done and the small divestitures that weve done
this formula may of course be revised as usage patterns change going forward
so through much more detailed asset management processes by looking at specific components like towers
which saves a lot of energy and time for multifiring applications for controlled devices
we successfully rebranded the company and still maintained our ties to our heritage
our businesses have continued to perform well generating savings for customers and delivering value for our shareholders
was reflective of changing provincial pricing arrangements led by the (zhejiang->jetg) province
so (*->but) thats the only time weve ever found express and then it was marginal (and->*)
or impact us as far as actually cash tax payments are concerned but effectively that will be offset by growth in rate base
and with that ill turn it over to ken to give you a little bit more detail around our financial review
but that takes some time which is why weve been reiterating the point that this is in all likelihood
but you also know that our strategy is we want to do the same with other substrates right so that is more (*->of)
and listening to what you said it sounds like a bit of a hope strategy that you can reprice and everybody else stumbles a bit
and some of the stability weve been able to add over the past few quarters despite the fact we
going back against one of the reasons that we are very excited about this market is
which will allow us to better understand customer behavior and the impact of distributed technologies on the network
this increase was driven primarily by our recent acquisitions and a reduction in pension income
we also retain the ability to repurchase our own shares opportunistically when we believe they represent an attractive value
does that suggest that the adverse result is going to be
please turn to slide 7 for details on the attribution of earnings between our credit and agency strategies
(almost a->theres on the) request from talking to shareholders and the analysts around what is the flexible cost nature of the business
unlike newer vintage mortgage servicing rights where returns are more dependent upon voluntary prepayment speeds
and he has brought a lot of organization (skill->scale) to the business already having only been with us a few months
the second important announcement of (jays->j) speech was meritor identifying peterbilt
additional information on these investments and their impact to our financial statements is included in our redwood review
but the main theme continued to be sourcing and structuring our own investments that others cannot easily access
we believe that margins should return to their historical levels for the remainder of the year
(yes->*) as weve announced the vast majority of our sales recently have been in china
and our financial position remains robust with good operating cash flows and a strong balance sheet
we remain confident in our ability to maintain roughly these revenue levels in the current markets
that said we still expect that the credit strategy will continue to be by far the main driver of efcs earnings
and as (we->weve) mentioned each of our platforms has a certain type of an acquisition strategy
there are functional prototypes today (they->theyve) run across the (dynos->dinos) they have (theyre->*)
for each of those platforms and how were going to develop and expand the strategy and again as you see with
potential investors could we not assume that even today there are those
so to keep it apart (*->it) is maybe a little bit of a mathematical exercise
we also (*->if) weve done an excellent job with the customer and theyre trying to shop around they cant find that product anywhere else
investors should not assume that the statements will remain operative at a later time lastly lumber liquidators undertakes no obligation to update any information discussed in this call
fair enough then the second question is regarding this overhead recovery on (borough green->borrogreen) can you just help us quantify how much that additional cost has been in the first half
the board determined that the optimal way to maximize shareholder value is to execute a plan to transform our operations
at the macro level in terms of total equipment purchases for 2016 weve seen overall industry projections revised downward in recent updates
i wanted to see if you could provide some more clarity on the marketing effectiveness business i know you mentioned some of the business moved to the fourth quarter
while this will represent a small part of the assortment we believe this will add more variety and excitement within our stores to further engage existing customers and (drawing->draw in) new ones
the holistic solution which means not just the learning platform but also the learning experience and the learning content
and while i still see a lot of opportunity for improvement we are pleased with the direction we were headed in relation to sales
frankly much stronger than we were modeling and i wanted to dig into this a little bit more you talked about some of the things that are
we recently engaged consultants to help with this process and are in the early stages of identifying and quantifying costsaving opportunities within the business
we are also continuing our improvements in responsible compliant sourcing both independently and in cooperation with the regulators
i think just now were starting to get the ability to go different places were seeing that and getting the assortment
and for a long time kind of our strategy was to sell it then ship it from our distribution center (*->and) what weve really focused on the last couple of quarters
finally we remain highly focused on remediating our systems and working to increase liquidity in our business dave will speak to you about this in more detail shortly
kind of stays with the customer through the project from the beginning when we do the measure to the end when we kind of do the final walkthrough so we expect
in developed markets revenues were up about 3 in the first half of the year we saw modest growth in discretionary spend and that continued in the third quarter
as going forward i think youll see more of the same were focused on driving traffic in as we continue to debut new assortments and i dont think
thank you before we begin i want to remind you that we will be making forwardlooking statements in our comments and in response to your questions concerning our expectations
these are incremental relationships for us and theres a little bit of (*->a) transition we go through for instance as clients are in the evaluation or early part of the adoption phase (they->theyre)
as you know we continue to execute a balanced capital allocation strategy where we allocate capital to maintain our liquidity deleverage the balance sheet
what the credit markets look like and what a potential target would look like but we certainly have tremendous flexibility given the position were in today
taking another step in our journey in september we announced that brent (yeagy->yegi) would assume the role of president and chief operating officer for wabash national
as i noted the tank trailer markets and the platform or flatbed markets have remained soft
with the release of digital content ratings to our clients this fall we now have measurement (*->measurement) capabilities available in market
while traffic is always going to be important to us were not all of our locations arent what youd call main on main so traffic is really important to us
okay and then would you expect that impact to get smaller in the second half or is that something that we should expect for the remainder of the year
we believe there is significant demand for a modern subscriptionbased content offering in todays evolving workplace
that i was just emphasizing they have to enjoy this moment in history working at the thrilling sharp edge of the media market its just
which took effect on october 1 with this appointment weve established an enhanced leadership structure to provide more effective and coordinated oversight
confirmed order from a customer we also build in those costs into our (costing->caustic) model when were pricing (products->product) so (*->we)
but is there anything you can call out in terms of why clients might be delaying or any sort of change in client demand there
as you know we reset our stores at least twice a year to optimize the return on every single meter drop in every single store
in addition our international business is profitable and growing fast and we continue to win new business with a record period to date
that said were not where we want to be and must be vigilant to continue to execute on the strategic initiatives we laid out earlier this year
now as usual these initiatives come from all parts of the business for example rent savings at lease renewal is a pretty big part of that
as i said this is fully screened and the whole timing of that trial is according to planning
value creation for the customers so while yes were going to see some pressure i think youre going to see something a little bit better (*->a) little bit less
obviously a somewhat weaker demand environment for (van->rain) trailers will put some pressure on revenue margins and profit but not at what history might imply
we are working to meet the conditions of this letter which would allow us to pursue this opportunity we are pleased with sun capitals continued support of vince
when we talk about total audience measurement the most common question we get is how and when does total audience get adopted (as->is) the new currency
and then come the first quarter of next year after more clients have implemented the measurement capability will begin syndicated reporting sometime
the program is expected to be executed over the next 2 years but is not specific as to when or how many shares will be purchased
while we had a positive comp it is important to note that our product mix was substantially different than it was in q3 of last year
regarding our acquisition disposition and investment plans and our expectations regarding our future financial position and (result->results) of operations
so (it will->itll) have at least those characteristics im quite confident and the question beyond that is what i already covered which is time frame
our streak of constant currency revenue growth has been extended to 37 consecutive quarters reflecting our consistency and resiliency through the cycles
is modernizing the entire approach to content so most content today is still sold the way music used to be sold
those that drive traffic and then drive conversion in the stores were likely to keep spending as long as we are convinced that its driving (that->the) top line
we will continue to look for ways to support our stores and our store associates and i want to personally thank each one of them for their hard work this quarter
we have a different level of liquidity and were able to go out and talk to and describe to our vendor partners why doing business with lumber liquidators is important
yes sure so (*->yes) the answer is we definitely were looking at it back in november once we completed the care capital transaction and at that time
this is our growth strategy and it is how we are becoming the goto partner for consumers retailers and (licensors->licensers) for pop culture products
operations systems logistics will provide the infrastructure to continue growing europe and other international markets in the years ahead
ravi we definitely believe that blockchain represents a significant opportunity in the custodial control and chain of control for supply chain shipments we were
as with all new regulatory measures this will require some adjustment for tinkoff but given the nature of our business and the small loan sizes we offer on credit cards we dont expect this to have a major impact
according to our information this initiative should be announced by the spring of this year (it will->itll at) first be (*->a) recommendation and after a period of monitoring and analysis it is expected to become regulation
moving on to wyndham destination network which is evolving its strategy to better harness its inventory and distribution power to send more people on the vacation of their dreams
for greater profitability in periods beyond fy 20 a portion of the incremental integration expenses relates to establishing a new international corporate structure
because of the politics involved in this situation is if the tax bill works as anticipated there will be a significant growth
overall its clear that our pricing strategies allow us to grow volumes and increase (yields->yield) across the portfolio and are succeeding in doing so
everywhere that we can further embed a visa card into the payment stream and build the loyalty of the consumer
we are expanding award night redemption options across the most aspirational of our destinations so now wyndham rewards members have even more exciting travel options
we have improved our reliability we have improved our security and we are also increasing our investments to expedite portions of the integration process
from april well be rolling out our own platform and offering brokerage accounts directly to customers we received the central bank license to open brokerage accounts earlier this month
id like to take this opportunity to thank our more than (400000->400) team members around the world (who are->for) continuing to work hard to deliver the holidays during the home stretch of the season
so this (ones->one is) for henry could you please discuss strategic initiatives to accelerate growth in fedex supply chain and discuss what type of growth you anticipate for this business longer term
the capacity and the production coming out of the new investment in shelby is critical to our longterm strategy to be able to meet our customer commitments
implementing a regional operating model in our consumer products business which is beginning to produce results by taking millions (and->of) miles off the road and reducing external warehousing costs
at assurant ajay will drive business alignment and strategy for technology across the global enterprise and support our broader (commitment->commitments) outlined at investor day
for owners that preserves the goodwill and strong brand loyalty weve generated over many years of providing these families with fantastic vacation experiences
there is still much to be done as we perform a cost of service study and work with the commission staff customers and other stakeholders to find a fair longterm solution
while current market conditions in our consumer business continue to be challenging near term we are encouraged that industry fundamentals in both the tissue and paperboard businesses bode well for the long term
revenue and earnings growth in the second half of fiscal 2018 our plans remain on target to improve operating income at the fedex express segment
quite frankly its because people love working for fedex we actually started a program called friends and family so our employees when their sons and daughters come back from college we hire them
i believe that you guys had mentioned a more modest rate reduction in the state of florida i dont remember exactly the number or the timing of that could you just remind us
around the country youd find cities that eventually hit a (spot->slot) where all those things added up to its not (as->*) quite as good as it used to be i dont think were there so i think (there is->theres) time left in our story
that concludes my remarks and i will now turn the call back to linda thank you john let me now share more details regarding our strategic (projects->project) discuss the market environment
and then focus on the drawns and the drawns depend upon country segment city and it makes for an interesting
theres a lot of factors theres a lot of things that are happening in the region and we have a lot of stakeholders that we will continue to discuss as part of this process
results (for->from) the quarter improved primarily due to higher base rates volume growth and a favorable net impact from fuel at each of our transportation segments
that new owners dont necessarily default at any greater rate than existing owners the reason being that existing owners typically have larger loan balances
unfortunately there was also an increase in the provision for loan loss which was attributable to an increased effort by third parties to encourage customers to default on their timeshare loans
so you get basically a beneficial impact on the fourth quarter cost of risk but thats kind of that would have been spread out through the whole of 2017 but you took it all in the fourth quarter
and there may be some continuation in the third and fourth quarter we expect that the revenue momentum (of->in) the business will serve to offset some of that as well as cost control across the board
who worked around the clock and tirelessly to mitigate this unprecedented event dave will update you in his discussion of overall global operations
to enable merchants to sign up and that is why we initially went with a qr code and now have worked closely with
partly offsetting the higher irrigation sales was a 4 decrease in usage per residential customer as cooling and heating degree days were lower in the second quarter this year
i would tell you we take that very seriously at a management level and at a board level with regard to making large capital investments and how we look at the (risks->risk) how well manage through it
category and this is also where we are (capacityconstrained->capacity constrained) so shelby will give us that extra capacity to be able to meet those customer commitments and as we indicated
yes so a couple of comments first of all we as weve talked about on previous calls we feel very good about the momentum and progress in the mobile business if you recall last year we announced
expenses grew 31 as expected expense growth ramped up from the first half levels as we stepped up technology as well as europe integration spending
one of the positives in the quarter is the improvement in the margins in our feebased businesses which continue particularly mortgage solutions continue to strengthen as we grow that business
which is and in the southern portions of europe and maybe elsewhere that were going that may be beneficial to us so i view it as an opportunity
i will close with a look at weather on slide 10 we saw (cooler than normal->coolerthannormal) conditions during the second quarter but the weather turned hot in july
is really what were trying to accomplish so as we look at the restructuring were trying to make sure that we position our company that we can actually achieve (crossindustry->crossindustries) solutions
faster and more agile and take advantage of the marketplace opportunities because we actually look at the world and think about this whole connected world thats happening and this whole age of intelligence and
separately we are enhancing communications to owners about options that we may have available to them should they wish to exit their timeshare ownership
executing our strategy will require us to invest prudently in our targeted growth areas to further diversify and strengthen our housing and lifestyle businesses
impact sulzers situation does not impact the deal that we have in place and does not impact the license to operate that we have from (ofac->mofax) so weve been (cleared->clear)
may just require our industrial services folks to provide maintenance and turnaround services for them and theyre not going to be heavy waste generators but on the other hand weve got some chemical
is because of the dilutive effect of cable customers coming out wondered if you could confirm please how many cable customers remain and for how much longer
the need for the requested rate relief is due to the additions to plant that were required to meet the needs of our growing customer base and due to the continued load growth that we have experienced in our service territory
our most recognizable customerfacing system and so we are doing that at the same time that were rationalizing our branch network to help
and we are focusing on margins versus volumes at this time with the upcoming changes expected as a result of the imo 2020 regulations
we continue to see a considerable pipeline of medium and large direct loop opportunities and our rampup in the closed loop continues and interest remains high
so im pretty optimistic this was an incredibly busy year up till this point and i think were in a good position moving forward
we are making good progress with this effort and are starting to see some encouraging early data and so i look forward to providing more substantive updates on this program in the coming months
(understood yes understood->*) on the pricing question look its difficult to speak to the specifics of other products and other companies and how they think about these things but
the bank wouldnt give them the financing because of the tight conditions now implied by the banks in miami
they produce what i guess could be viewed as a (highervalue waste->higher value) stream but is there any reason to believe that we couldnt get this kind of maybe (midsingle digit->midsingledigit) core pricing plus a few points
is very very (very->*) competitive and so our bankers have been very disciplined about keeping as much price and getting paid for risk as we could
okay thats my report thanks (jeffery->jeffrey) next i would like to respond to some of the questions raised by
got it great and then looking to texas just wanted to get your outlook on when you see that market bottoming out
(*->the) increase in net insurance service revenues was the result of our repricing efforts and claims activity tracking to our trend forecast
and we are increasingly willing to let things go and to lose an order because we believe that the market is (supported->supportive) going forward
i dont mean to give the impression that this challenge is behind us because were at the beginning of the upstream recovery the downstream recovery is about a year old
using (our->their) data and received a very positive reaction as a result of our improved audit performance and extended capabilities in (analytics->analytic) services
on how to apply that technology in their specific environment the deduction management application came from that and we expect to
these forwardlooking statements are subject to risks uncertainties and assumptions that may cause actual results to differ materially from statements being made today
weve got some good q1 results to discuss with you and we will explain to you the transaction that we went through last week the consequences
unless they had the approval from ofac to do so so just getting the shares transferred from that international bank into another account even within that same international bank
our technology platform or our advisory and brokerage platforms creating differentiators that help us use those differentiators to attract more advisers
is your modeling suggesting to you that the margin will turn in the third quarter and start to move in the other direction or you just havent your crystal (ball is->balls) fuzzy out beyond
i would say in the first and second quarter probably a little bit more contraction there a lot of that contraction will come from the liquidity the additional liquidity thats been put on the books
youll hear more from bj as we talk about expenses but expense control and creating operating leverage is still going to be a primary focus of what were doing
just having to do more with age or is there something a lot more takes a lot more investigation to try to find the ideal patients here
(*->as) best we can in terms of picking the timing and the (opportunity->opportunities) but we see a fair amount of capital or excess capital generation
in closing ill highlight that our recent followon offering creates a strong foundation that allows the company to focus on execution and drive value across our pipeline
(yes->*) thanks operator and again i just wanted to take a moment and thank everyone for taking the time to join us this afternoon and we look forward to speaking with you again next quarter thanks a lot
we continue to focus on investing in distribution platform in the fixed income space through strategic hires and expanding our product capabilities
fully signed by sunday night fully binding we applied for (a->*) sanction (a->*) relief for license to operate essentially from ofac on sunday night
starting with growth we want to help our advisers operate (thriving->driving) practices with differentiated services that win in the marketplace to help achieve this goal
and so as weve looked at where we wanted to invest in the business weve allowed that investment to continue which has driven most of our expenses
hitting our bonefish targets driving return on equity is still one of our primary objectives that we focus on day in day out in our management (strategies->strategy) so
that we have the ability to continue to put capital back in our shareholders hands and invest it in the business and create continued growth opportunities
there are about 1500 customers (subscribed->subscribe) to the solar output and almost 400 customers on the waiting list which demonstrates our communitys commitment to solar power
on revenue growth we think our longterm model in the midteens really is just based on our ability to execute on this large market opportunity we have
and we were allowed to receive payments again we just had to essentially do the housekeeping associated with unblocking everything and putting all of that behind us
we (*->could) do continue to see good growth opportunities across our franchise both in our core banking markets and specialized businesses
view of the world if you like but essentially we dont think theres very much in terms of rate increases in the future but we do expect one in the fourth quarter
but our business in russia was never operationally involved with renova it was never run by renova its run by us
first we generated a benefit of 11 percentage points from tax reform as we are in a net deferred tax liability position and we wrote down those liabilities to the lower rates
investors have concern on and id like to take (this->these) opportunities to report to you all and now wed like to open the floor and time to our
a small deal you guys did there but just efforts that are going on there in terms of hiring and what you think the next step is to expand in that market area
were examining new and different ways to apply artificial intelligence and data analytics to streamline many of our internal functions and to improve on safety
for engaging in that at this time (at->*) this relatively early stage perhaps for a pricing discussion for them because the conversation is critical to getting where we need to go
ladies and gentlemen this does conclude todays teleconference you may disconnect your lines at this time thank you for your participation and have a wonderful day
overall ad views and ad viewability percentages have had dramatic increases since the launch of the player
will invest into it and feel very good about a unique bathroom or kitchen or installation in their home
at the same time we began to change our website and our marketing for those of you that have visited our website recently you will see a (marked->market) change there is much more to come
were closely working with our customers to bid new programs with (rollsroyce->both royce) safran ge and utc that will generate aftermarket revenues going forward
our first (kaikaku->kayako) event was exciting and successful it freed up enough space to easily integrate new business being relocated from other sites
we got a little surprised on not getting through that i think anticipating the lag (in->and) getting some of the customer approvals
however for us a potential offset to that could be additional demand for (c130s->c130) in addition to these military
so what does successful delivery of the optimal community center for (hemel->hem will) look like in capex terms the table here gives some clarity of the scale and range of
initiatives that both broadened our income base away from fashion and retail and delivered meaningful enhancements to our guest proposition
their objective is to support and develop our store managers and our more junior storelevel employees so that they will be able to step (in the->into) store management positions in the future
these programs have been focused on maximizing viewability and duration of ad play for advertisers and improving circulation retention
the slight decrease in our quarteroverquarter margins was attributable to the increased (waiting->weighting) of our international business and our domestic customer mix
our backlog and production forecasts indicate we will see a sequential improvement each quarter from the base set in the first quarter
while we knew these factors were a risk for the year the headwinds firmed up earlier than anticipated and begin impacting us within the last 90 days
these investments continue to be made organically and may be areas of focus for us from an acquisition standpoint in the future
(unlike->now like) a lot of our other managers in the field ive been at the company a long time and like them i take the success of the company very seriously and very personally
that there are patients for whom they think oxybate would be a great therapy but for the sodium load and dont prescribe it for that reason
the second point ill make is that were not executing to the level that i know that we are capable of and certainly to the level that is expected by our shareholders
which are more apparent today than they were last fall when we first presented guidance for fiscal 2016 as curtis has already mentioned
since during promotional periods many of our retail customers were being offered the same discounted price as a pro customer would normally receive
ladies and gentlemen thank you for your participation in todays conference this concludes todays program you may now disconnect everyone have a great day
(and->in) our exclusive fashionoriented products that are available in a variety of unique sizes that are not offered by many of our competitors
(a->*) good fit with our strategy and our capabilities an area where we see a good lead commercial (products->product) to bring us into that
finally our field reimbursement team continues to positively impact the trends (and->in) approval rates for prior authorizations (and->in) targeted accounts across the country
and we actually have received a very material purchase order for that that will be shipping through this year including in the first quarter so well start seeing that ramp up this year
getting the first article inspections for all the detailed parts completed and then get the customers to approve those and that has taken us longer
todays call may contain forwardlooking statements these statements which we undertake no obligation to update represent our current judgment and are subject to risks
we intend to use the proceeds from the notes to pay off our existing convertible debt fund a share repurchase program and other general corporate purposes
within that if you parse it out where youre maybe seeing a little surprise to the upside or youre seeing anything thats giving you a little more confidence here heading into the next 3 quarters
we believe the acquisition of tribune would deliver significant strategic and financial benefits to the combined company which include
as a result a gradual reduction (of->in) revenues in this business is not expected to have an adverse impact on operating margins
will come out of this wanting to do something so i can imagine that one is we go on as we are
and the positive trend we observed in new patient enrollments during 2017 give us confidence that we will continue to generate positive volume growth
how i would go at this and this has always worked for me in the past and i believe that market exists
yet at the same time it does sound like some of these issues are new issues i understand the demand environment is challenging i suspect it got more challenging since the new year
it does exacerbate the fact that were in the middle of a holiday period so we did anticipate some weakness just over the holidays
again im very encouraged by the initial leading indicators that im seeing as we deploy the e3 lean transformation across the business
across the time frame and the associated leverage loss if you will that we get from those higher sales
our adjacent markets seem increasingly likely to (challenge us->challenges) though id point out this market segment is the smallest of our core business sectors
many of these new products weve added are recognized for making the pros job easier and lowering the risk for product installation issues
particularly when factoring in the economic benefit we expect to achieve from the third and fourth quarter takeouts on the balance sheet side
financial line item with the (operating->*) measuring operational capacity and making sure (wed->we) make investments that we believe can earn an attractive return so
the company is in the process of filing the form a with the hawaii department of insurance in connection with our previously announced acquisition of (zephyr->zephr) insurance
beyond that anchor investment remaining capex comprises a range of smaller elements that can be flexed and prioritized to (*->suit) business needs
we have to be focused on recurring revenue not nonrecurring revenue it means we have to be focused on
a homogeneous group with (*->a) predictable degree of sleepiness in the absence of treatment and then the second one was just the
we believe these nongaap financial measures are helpful in our understanding our past financial performance and potential future results
i think the best way to explain my role is to say that it is unlikely that i will be speaking to you as ceo a year from now
with specific positive activity taking place in the defense and training (side->sides) of the business and well release more detail on these contracts once theyre finalized
to advance (in the->into) clinical development we are working with multiple companies toward the goal of improving the target profile and reliability of supply
for the balance of the year we continue to work with the manufacturer of erwinaze to increase the predictability and timeliness of product releases
help us understand is that a tool that you can use to help facilitate changes to the drg payment is that something thats in your control at all
we are proud of our ability to offer (*->our) employees a longterm career path either as a sales associate or in a leadership position
adjusted ebitda for the first quarter was lower than what we originally expected while cash capital expenditures came in higher for the first quarter than we anticipated
so many folks within (lending club->lendingclub) kind of ready to have conversations today and really try to walk folks through and help them digest the information as well
we look at all of our existing villages and its part of our strategy to reshape the portfolio where we see an opportunity to grow or redevelop villages in strong metropolitan locations
we have made progress over the last few quarters and im pleased to see that continue into the first quarter of 2016 executing these initiatives
from the investment community to buy those type of assets so they (move->moved) the cap rate out theyve also been a bit more forensic on the rents and probably in some cases taken a more conservative view on the future market rents
(*->rental) tools operation and the reason we kept those in the mix for the capital spending for this year is that those really have a very short payback period
as he talked about thats about remixing around food around services around health and entertainment where we see gaps in the customer offer in that trade area
i think we have done a great job increasing our private label (products there->product so it) was a little bit of a higher margin so if i look at kind of all the factors understanding our customer understanding how were marketing to our customer location
and unsurprisingly its come out of the categories that weve been talking about on the lefthand side you can see the relative absolute growth of gross rent in each of these broad categories
we show the cost of risk that includes both the cost of impairments of financial and nonfinancial assets as well as the results on the sale of (foreclosed->our closed) assets
mostly across verticals and across all major companies theyre realizing the need to lean into software development itself and to modernize their methods and their technologies
our focus is on delivering the right level of services to grow subscriptions and to make customers successful on our platform as we continue to build virtual capacity with our si partners
and i think the contributing factors to that are the product assortment i think the team has done an excellent job of rationalizing the store base i think we have stores (of->*) the right size (and->in) the right place
this dividend was paid on december 31 to shareholders of record on december 15 with that i would like to open up the call for questions
and the second question is is there a meaningful way in which you can differentiate yourselves in a 5g world how do you think about
the last key focus area has been the recycling of capital out of the lower performing villages and using that capital to reinvest into growing and reshaping the portfolio
(but->*) some customers want to have that ability to sort of use component building blocks that they get from the raw open source distribution
they included aligning the organization to grow our leadership position in key markets adjusting how we execute to drive profitable growth and then prioritizing our efforts and our investments
but we are fortunate to have a small but exceptionally impressive group of entrepreneurs and we think well just keep looking for those great entrepreneurs and (finding->find) the right fit
and theyve been very helpful in the past on several things and so theres probably a couple of other areas that can help us on liquidity in the meantime also
we discovered this problem and i think that we have theres definitely things (as->if) we went through our review things that we can improve and we have those
in addition during todays call unless otherwise stated references to our results are provided as nongaap financial measures and are reconciled to our gaap results
and thats in the face of stronger competition from nonretirement (office->offers) such as apartments or townhomes so we believe that really underpins the strong fundamentals of the business and gives us great confidence
where are the levels of incentives in retail at the moment and also your level of delinquencies in terms of tenants
and then just the last one for me would be if i could get your thoughts and views on just the traditional oil well maintenance work thats out there for the workover rig business
we are also finalizing the standardization of our recipes throughout the system which has proven to improve consistency and throughput in our test locations
overall were pleased with our progress during the first quarter we believe our attractive business portfolio combined with a more efficient operating structure
and from a pricing perspective somewhat similar in terms of the benefits where we are seeing some drop has been a little bit in the industry environment which as we look at our channel checks as we look at black box
and that had an effect on customer confidence what we can say is that weve seen our lead levels stay very strong so inquiry is as strong as it has been in previous years
and second temporary disruptions in the capital markets stopped some of our investors from refinancing their portfolios and temporarily made some highyield bond investments more attractive
but as you look out into q2 q3 do you see an opportunity to take some net price here on top of whatever wage inflation you may experience
(application->applications) in production on the platform very quickly then they tend to expand rapidly and as that expansion takes place we can hand off to our si partners (*->and)
increase difficult to quantify the absolute overall impact on samestore sales but we have seen of those guests that are ordering kids meals that they are coming a little bit more frequently
businesses weve got our teams talking to those guests (we are->were) pinging them where we can through social digital media so its really a much more aggressive outreach targeted
groups out there which is the family so we feel good about what weve seen there and the reality is and i know theres always a lot of talk between
technology is moving very quickly and i think for us we want to stay best (positions->positioned) to help organizations sift through the noise and manage all of that complexity
and (we->*) have had limited pricing in place and have been executing on a frontloaded development pipeline all those have been factors that we expected and were (know->known)
this was our most difficult comparison was in april i think the industry also probably had some more challenging comparisons so i think from a (cheer->2year) perspective it might not be as off as it may first appear
the market is still welcoming our properties for what they are rather than what we were going to make them and we see better and better looks from better and better tenants
that is included in our general and administrative expense this presentation of adjusted ebitda aligns us with many of our peers that add back
(*->so) we do monitor that i dont think theres anything of note that has been added to our watch list as we look at where it is today
there remains significant longterm potential unit expansion for the brand given our national infrastructure differentiated concept
and based upon our reinvestment and the price point that we offer we really offer a unique product both on the office and on the retail side
thanks rob and good afternoon everyone our fourth quarter capped a strong year as we continue to attract new customer and as many of our existing customers grow their investments with us
and then to the extent that customer over time is looking to migrate more workloads onto the platform and theyve gotten spun up in our way of working
maybe some of your target leverage levels that you think about especially in the context of your macro outlook and maybe
i think that thats one situation but given that you guys are doing transactions in the stock at this price
and this seems like theres some real innovation coming about here in how to move
yes (*->its) if we look at (*->lets) if we think about a module as a (*->slot) for an individual slot
a recent report from the hydrogen council profiled the development stage of many of these fcev applications
in the first quarter of 2019 in addition we are in various stages of negotiations
to that end we have a higher mix of our new community pipeline weighted towards these 2 (buyers->buyer) segments
and that presumably this will help with further payments on the surplus notes going forward
one would be what we define in emerging markets where (there is->theres) government intervention or government construction
(were->we are) investing time and resources to control and acquire land positions that fit within our operating strategies
for additional information concerning factors that could cause actual results to differ from the information discussed this morning
and what weve done there is that weve been able to use our lowcost (productions that->production instead) of pricing
(unfortunately->fortunately) i cant really get into the details of our discussions and negotiations with
no i think that what was helpful (was->is) when you started to bracket the size of contracts that those customers could give
other than for the increases to that estimate that will result from the acquisitions we complete during the remainder of the year
currency fluctuations and the previously disclosed customer acceleration of orders that occurred in the second quarter
its hard for us to know exactly what percentage its fueling
this fragile economic environment increases the potential of (the tighteningeasing->tightening easing) cycle by the fed similar
of securing additional acquisition development and construction loans without increasing our overall leverage
it will come back and will pick up but we see a couple movements with some major customers (*->that)
and were not aware of what they do internally in every case but we would expect them on the reinsurance
were (lining->aligning) our pockets with inexpensive stock because we know that theres going to be something really really positive
for a number of reasons that we fully (explained->explain) in our press release and in our form 10q to be filed later today
as i mentioned a little bit earlier we do expect to come off a little bit in the fourth quarter in that segment
and may not be based on historical information the forwardlooking statements are based on managements current expectations and beliefs
business that those products might generate as being something where youve identified a need
and we also did an exclusive range of (products->product) around the star wars film launch towards the back end of last year
improve our market position expand our global reach and generate shareholder value
so yes there is a slight softness in the market now so but we will be pretty much
a lot of what is going on in the construction space youve got both in florida and
this information can be found in our other filings with the sec when available
well do (a->*) going forward to the extent we have these adjustments well make sure we highlight them
we think thats possible because you just look at the pipeline and look at the years in which we signed the deals
and at the time i talked about an accelerating mix within sneaker brands and activewear and (mens wear->menswear)
while the overall trends have been fairly consistent over the last few quarters the mix of activity has changed somewhat
fluid handling is performing modestly better than expected as we have discussed previously
(well->we will) keep you updated as appropriate as we address our capital structure before i pass the call to dustin
i think more (of->*) what youre seeing here is (that->sort) of the tail end of the thing that we talked about (in->on) the last call
with significant and surprising demand strength in argentina brazil and costa (rica->rico)
many of you know this product has been a core bedrock of our portfolio over the past 9 years however
and announced major savings programs and staff reductions this will have an impact
type of stuff going into the future and we need to focus on deepening our relationships with those
however we will continue to highlight what makes (crane->cranes) special and differentiates us as an organization
i will now turn the call back to dustin for some additional color on our markets our benchmark homebuilding brand
while we had very positive peak (volume->from) coming from indonesia and (the->*) taiwan
so the focus will be on that so all this will (and->end) as you get higher volumes (you->we) will also have
if you look at last year when we talked about (meeting->mena) at this time we were starting (*->to) see a bit of a slowdown in egypt
the loyalty space obviously particularly around redemptions but it could be around point earning as well
ranging from destination tours and day trips like shark cage diving in south africa
notwithstanding that youd (*->have) heard me say a year ago we wanted to sequence things in a way that was very deliberate
orders for projects grew in the third quarter but at a slower pace than during the first half of this year
in the energy design standards for all newly constructed homes this code update became effective
the consumables part of our business because of repricing is very stable in terms of margin
so on the equipment side we still see the business in automotive progressing
magnitude seem a little off so im assuming theres some timing (variants->variance) there but wouldnt mind understanding how that works out
in terms of construction delays and the like in other parts of the world
well we think we can be a strong regional player and were going to a regional show next month in april
as people are looking to capitalize on something that could be nicely profitable over the next couple of years
because when (we->you) add up the credit card the fx the revpar and the units it almost seems to point to something in the teens
the document may be found on the companys website under investor center as well as on the sec website
does it mean that youll have to eventually sell them off and if yes then have you already started the process
i will be talking from our quarterly slide deck so please follow along some of my comments today will be familiar to some of you
we believe we are on the right path and the strength of our benchmark homebuilding brand is reaching new heights
high (singledigit->single digit) with positive demand spread across all major european countries
actual results may differ materially from those implied or included in these forwardlooking statements
we love to see but the leverage rates on (the->a) distribution business are much different than the traditional manufacturing
our capital position was robust at the beginning of the year and ended the year at even stronger levels
within technology solutions we worked on over 30 programs in the year many of which randy mentioned earlier
then thats where we would be and thats what were going to do in the future
so that would be the place where i would say we were soft in the quarter on the aftermarket side
the potential reinsurance transaction remains subject to continued negotiation of material terms
therefore the first question is a relative question you need to revamp
results (so->but) i think myers is a small company and its a company that has a longrange growth
if you put those aside we are looking for some very significant growth in the rest of the business just to get
(we are->were) nearing capacity in the midland basin and well need (rebel->revel) 2 as soon as possible to meet growing producer demand in the region
related to market diversification and target market expansion which we embarked on a few years ago
how do i say this once (somebodys->somebody is) in repositrak they can more easily adopt the pieces that weve created
i know that when we chat a year from now that well all be pleased looking back at how 17 turned out
amortization and was not in default in any (movement->moment) so we dont believe they dont have covenants they dont have any argument
so that is the part the most important part of argentina (of->or) the (many different->main difference) in argentina compared with the previous
from (cadiz->catus) ohio to defiance ohio the majority of which we are receiving full negotiated rates on
company to allocate us at our normal market share the calls they would get from our competitors would be
really on track to deliver on the promises we made 2 years ago we are doing
but were certainly going to share with you in the next few seconds some goals that we have for this year
with these significant improvements to our digital ordering experience we are now in a position to promote digital ordering more aggressively
for us this provides revenue opportunities by offering new services to customers
for the same period last year primarily due to the placing of the bakken pipeline delaware basin extension
within industrial and multimarket we are witnessing general softness across a range of power management and interface solutions
all projections are subject to risks and uncertainties and actual results may differ materially
from every system and bring all of that data to wherever your customers are on every device and so
thank you jt and thank all of you for joining the call this morning it is great to be back on the itg team
any substantial costs in connection with (the 3 organization->this reorganization) this is more
on a strategic note we have long looked for ways to effectively enter the rapidly growing market of latin america
schedule and the current (schedule->scale) so you can see in the upper part of the graph that we eliminated most
your insights advice and constructive criticism have always been a great help to me and the board
and im proud to say in spite of the fact that we have added as you know last year thousands more connections
so far the response that were getting from people that weve shown this to has been very high
that we have to adhere to and they have to (here->adhere) to but i think our progress is good and so i dont see a change in
no the lawyers going to say did you supervise to see that the contract that you had in place
this body of work will be critical to guiding our future investments both organic and inorganic
despite the revenue decline we experienced sequential improvement in our trading activity relative to overall marketwide trading
these marketing initiatives combined with the ongoing improvements in the customer experience and improved digital ordering channels
(we->well) just kind of see how we can work down the pressure pumping (costs->cost) but i can tell you that (today->to date)
the way that the titles lined up benefited the international markets as well mike talked about
this new program is designed to (award->reward) those leaders who are delivering the best customer experience on a sustainable basis
there are people in the business that just dont want to talk to the press or do anything that looks like a press release
to bring together the entire customer experience and we see that i mean insurance is a great example of an industry where
expanding channels of distribution and developing dedicated sections in gamestop stores in several markets
and i wonder what the breakdown or the content is what is (that->it) that is contributing to that growth if you could explain (that->*)
than other companies because weve taken a consistent artificial intelligence platform einstein
thank you sir this does conclude todays presentation you may disconnect your lines at this time and have a nice day
rolling the whole budget together for 16 yet but as we think about the various moving parts it sounds like we should see some
our strategic focus on targeting communications and it services in one contract
so weve converted a little into money but im there (are->*) just other things we should be doing first
we have quickly become the leader in collectibles and we continue to expand our offerings at a fast pace
i wish (them->him) the best of luck and i can tell you that (theyre->they are) working as hard as they possibly can to make myers a better company
with higher revenue growth rate as weve always told you profitability will scale substantially
multiple regulatory climates because they exist across international borders that they can accomplish that with our platform
now additionally through the business review were going to be taking a look at everything were going to take a look at expenses
so now the company are looking for the best way to refinance in the market
theres 5 issues id like to raise for you to take into consideration from this call first
in the nordic segment and in the german segment france has a calendar effect of roughly 1 day in that quarter
while our q1 results exceeded our plan red dead redemption 2 moving out of our fiscal year
the campaign will focus on (taste->tastes) and great ingredients in a way that clearly differentiates chipotle from the competition
while i think that that advertising is a model that will continue to be successful and digital advertising well
as a result of the acceleration in (the->*) fourth quarter we ended the year with over (10000->100) supplier connections
we finished the year with 3 consecutive months of (improvements->improvement) in each of our 3 internal customer satisfaction scores
for this project for this product and we see very very strong demand for the games that are launched
as this is my last earnings call i do have a few additional comments that id like to make
our omnichannel ecosystem is a strategic weapon as it drives much stronger customer engagement
all of which has driven a significant increase in sales and profits versus prior year for these stores
lower financial results (of->*) more cost that the main explanation here is
(*->to) sell the shares remember that we dont have the control of the shares we only have the economical benefit
that being something youll contemplate at some point what will you look at to think about doing that
we acquired this land some time ago with the intention of doing the development we didnt we were not
mainly impacted by the timing of national holidays this will then
part of that might not be recurring that we (might not be able to->will) sustain that level in the quarters to come is that correct
the negative impact so that is the impact we are expecting in the long run
handles a free handset as a part of (the->a) subscription as a credit facility
were expanding our repositrak offering what we mean by that is that theres a number of other
this balance is broken down into the amounts we expect to recognize as revenue in the next 12 months or current
so is that because you havent raised your deposit (costs->cost) enough or could you explain that a bit more
so the contribution from all of this will move into fiscal 18 but it ought to give us another
and companies that serve the advertising industry exclusively honestly
further information concerning these risks and uncertainties and other factors is set forth in the companys
the part of the business which are on (workmen->worksman) compensation and our
we will continue to build on the strong fundamentals (by->while) making significant investments in our network
we expect no big (difference->differences) but we dont give (a->*) specific
our investments for organic growth is just looking at the past few years i think when weve been focused on a bit of a challenging macro environment and really delivering bottom line operating leverage weve been in that 0 to 2 growth range
integrating very very well into our culture and our organization and are very happy to be here and were happy to have them so 10 people a couple million dollars to support
as always we remain committed to delivering safe clean reliable and affordable electricity to our customers including finding ways to incorporate renewable energy technology into our portfolio so thank you for your time today and be safe
over the past few weeks i (have->*) participated in introductory meetings with 2 fortune 50 prospect companies in each of these meetings we were meeting with clevel executives who (were->are) hearing our story for the first time
as much i think to this scale and have done it very thoughtfully over the years i think as we look at the business weve got clients with staffing companies that i think are great opportunities for the funding side of the business for them
our paychex insurance agency was named to the business insurance magazines list of best places to work in insurance for the very first time this is a notable recognition and im very proud of the agency employees and the growth weve seen in the insurance business
would allow us to improve operational efficiencies for our (customer->customers) enhance customer service and provide our customers with knowledge and information to make better energy usage decisions including assessing the true value of private solar generation
in addition to our focus on working capital management through lean initiatives our capex was significantly reduced with our capacity expansion phase virtually completed in 2016 as a result
(*->and) now as we seek to enroll (*->some easier) patients to really be able to see if we can extend what will be considered normal or push them into a more normal range of development so its a really exciting time for us to actually be able to consider
it was a large purchase shall (we say and->was saying) i think now weve gotten ourselves to the point where we now have sufficient retail liquidity to do what we think we need to do in order to monetize our megawatt hours could we make some
we expect the implementation of new rates following our 2017 texas rate case will help reduce the impact of regulatory lag so now id like to take a moment to review our 2017 texas rate case filing on the next slide
it continues to put pressure on the industry in the sense that theres very little revenue growth opportunities theres still a tremendous amount of competition for
weve learned to take a systematic approach and not really switch into what some people would call a manufacturing mode because we want to continue to learn and we want to continue to get better
at the end of last year as far as the goodwill value on (planetechs->plain tech so) im just wondering what happened in the first half of this year that led to an impairment
it requires that we build (the->*) inventory for our completion crews more so than weve seen in the past and so that delay is really whats affected our first quarters production
there ever was (the sanctioned->a sanction) risk linked to voting rights renova would adjust its voting rights correspondingly its difficult to transfer shares because you need to get banks to
if shares are held by an investor that is not under sanctions we pay dividends this is going forward but all the dividends that have been held back to release that we would have to get
sales is one component of the equation obviously retention is the other component of the equation and how the pieces of that fit together when we put together a plan tells me where sales growth
so as i just mentioned the guidance that i discussed doesnt include any impact from advance partners so when we close this is what (the->we) anticipate
coy when i know theres lots of questions but the simple reality of the competitive dynamic is an important (priority->reality) for us to factor in now as we think about how much we share but what i can tell you and what we said explicitly in the comments
they specialize in helping clients streamline warehouse and distribution operations to meet the growing demand for online commerce and supply chain solutions
and is the only independent terminal capable of receiving from delivering to and transferring refined petroleum products between the colonial and plantation pipeline systems
setting the stage for what we believe will be a banner group year for our portfolio we witnessed notable improvements in 2019 pace in key markets like chicago and new york throughout the quarter
combined to the new clients but we are certainly going back and marketing to the base that you now have available more modules that you can turn on so i think theres certainly an opportunity there but were not going to rush it and kind of blitz the base
related to the bond issuance and bad debt writeoff we consider this cost base to be adequate to address our expected growth and expect to gain operating leverage as we advance through the year
these factors include market conditions postbrexit the amount of capacity life companies have as they come close to meeting their annual (allocations->allocation) and the appetite gses have for financing rv assets
we see additional opportunities to evolve our capabilities and services our technology solutions are a key component of many of these initiatives and an increasingly important differentiator for our value proposition
in summary we feel good about the business and earnings growth we delivered in 2017 we plan to remain focused on our strategic priorities of growing our core business and executing with excellence
and they are developed in different steps and different (stages->stage) innolux is one of the first manufacturers working on this we have improved the module assembly lines
with close to (1000->100) pictures being uploaded and posted by customers and were really focused on those marketing efforts to remind people to take advantage of the 100 days of camping
so i think were doing well there and brazil has just been slower than we expected a number of things have changed the (economys->economy is) not as strong theres some political stuff going on (and->in) the legislation that we expected
its not for me to say these things because at the end of the (day its->date) for these governing authorities to decide how they look at these things but what im trying to explain to all of you guys is that
in addition this technology is anticipated to reduce procedure time and the need for multiple procedures and it does not require any additional external capital equipment
the combination of increased revenue across multiple sources and the measured control of expenses led to impressive flowthrough for the quarter driving our significant margin improvement
take money and reinvest it for the benefit of our customers and try to be disciplined on the expense side and have a better product for our customers in terms of convenience
the continued strong performance of our other base business assets and the disciplined management of our operating and maintenance cost
our relentless focus on these priorities contributed to tremendous success in the second quarter and we expect continued progress and success in the quarters ahead
of which obviously we would have lots of thoughts and point of view and be a big contributor to that overall process so its hard to be specific but we do think this diversity of the models will help us
perhaps some competitors who are experiencing the same dynamics but perhaps having a bit more of a dramatic impact on their operations than you anticipate on yours
we are pleased to have more than doubled our goal for the fourth quarter of 2017 in terms of accounts that ordered product and we continue to be very pleased with the rate at which we are adding accounts
this was a higher sales volume than we had initially expected and was attributable to the timing of vessels during the quarter average sales realizations for our japanese export logs declined moderately
can you surmise why that might be the case were they a little bit more severe (or->are) they just more responsive can you just do you have any kind of theories as to why they might be getting a slightly better response
upstream and midstream were broadly flat overall but within this upstream was positive in eastern europe but declined in the middle east and midstream was positive in the far east as a result of improved pipeline sales
(*->thank you very much) all right we have no further questions in the pipeline so we would like to conclude todays call thank you very much for your participation and have a good day
but then the new people i think will start to become productive in the second half so i think youre right its kind of fair to assume that the trajectory would be at a high level but kind of similar to the way it was last year
its the instruments engineering team working with the rfs team (in->and) designing 10 standardized packages that cover 90 of our range for example so thats a major ongoing new product development initiative
secondly the group also received authorization from the regulators to operate reinsurance activities at the holding level leading to higher fungibility of capital within the group
additionally ill highlight the significant progress made in our penetration of the industrial process segments driven by our increased focus on these (market->markets) coupled with (the->a) continuing increase in general automation
weve appointed our global group director of operations weve identified our regional operations leadership (team->teams) and weve hired additional subject matter experts to assist us in key areas targeted for improvement
and we have purchased (others->other) shippers line space when those values are negative which means they pay us to ship on their space so the bleeding has stopped
we expect much improved utilization of our fleet going forward which will increase margins for the remainder of the year the majority of (the->*) ebitda for this business is expected in the second and third fiscal quarters
with regard to managing patients in the trial who have been identified to have trace regurgitation on the mitral or aortic valve we do have a
the primary growth in international (market->markets) is likely to come from asia as we are now selling in china japan korea and india and the feedback has been very positive
our business continues to grow and we are generating consistent free cash flow that can be reinvested to enhance shareholder value with that id like to turn it over to the operator for questions
we also executed quickly in changing our compensation programs ensuring each of our subsidiaries are incentivized to make decisions on behalf of one rotork overall rather than their individual location
overall we expect full year margins to show progress on 2018 i remain very enthusiastic to be leading rotork and im very pleased with the level of execution our team (has continued->is continuing) to demonstrate
please review the warning statements in our press release and on the presentation slides concerning the risks associated with forwardlooking statements as forwardlooking statements will be made during this conference call
so (3->free) notches up and you will guess that the (benefits are->benefit) really huge in term of financial flexibility cost of financing for (our->*) future
we anticipate our second quarter average domestic sales realizations will be modestly higher than the first quarter average forestry and road spending will also increase as we enter the spring and summer months
we have no interest expense in the current year as a result of paying off the debt (of->at) the consolidated plants during fiscal 2014 our tax rate for the quarter was lower than normal reflecting several items
and then my thoughts on the individual business units in the full year so i think first we need to put the quarter into perspective
and we are certainly already seeing reorders during the first quarter of 2018 we continue to see moveout into the clinics at approximately the same rate as what we saw in the first (month->months)
the dog market now there are more cats than dogs but in general cats dont like to go to the veterinarian as im reminded every time i try to take my mothers cat to the veterinarian to have its (claws->clause) trimmed
our log (costs->cost) decreased substantially in the first quarter as western and canadian log costs declined and the benefit of lower fourth quarter log (costs->cost) was also included in our financial results
we continue to execute on our site consolidations our early efforts are focused on small and midsized locations with high infrastructure costs and an inherent dilutive impact to our margin ambitions
that generally will work itself out over the course of the year as it typically does and so i dont think you should look at q1 cash flow really and annualize that that wouldnt be a typical way to do it
lower average realizations were more than offset by lower (costs->cost) primarily for forestry and roads we typically do less forestry activity (and roadbuilding->in road building) during the cold winter months
during our first quarter 2015 conference call we outlined some new metrics which we thought would be useful to monitor our progress going forward as a direct sales and marketing company
im proud of our first quarter results as each of our businesses delivered strong operating performance and increased ebitda despite the slowerthanexpected pace of us housing starts in the first quarter
not a lot of large companies have had that experience given that their sales forces might be focused on parasiticides or (flea tick->fleetic) heartworm or broader categories versus trying to sell
thanks phil and good morning everyone lets begin on page 5 we are pleased with our start to the year and results that were in line with the outlook we presented back in may
so if (we ever->i) look through the second half and i look to next year do you find that this is a genuine trend that is helping you and was this confirmed in the second quarter
so thats certainly whats going to cause now most of these programs once theyre gone through (feed stage->feedstage) theyve committed theyre going to spend the money theyre going to go so its not a question of are they going to rejigger these programs so
(*->for) the full year now that all being said with respect to the dividend as (we->weve) said repeatedly one of our core priorities around capital allocation is the sustainable dividend that grows over time and so
and our big projects also on the western side of ontario plus obviously all the maintenance of their network this is a network that is
(we are->were) positioning the company to continue to grow over the foreseeable future but to understand that first let me tell you how i see the current state of our technology
by building on their strengths and core competencies we will be successful in increasing our reach and creating lasting value for (shareholders->*)
the one thing that we have been consistent saying as well is that its likely that we will operate at higher levels of leverage than most other companies because of the stability of our business
as a reminder and in accordance with our debt agreements these leverage metrics exclude our working capital facility which is governed by a monthly borrowing base determined by our receivables and inventories
concerning the redundancy plan we had the (*->agreement) in july some departures have already occurred but the majority of departures will happen by november and december
we had many success stories during the quarter one bright spot was the performance of our acute wound reconstruction business the channel investments we made over the last 9 months increased the capacity of our reps
it was also impacted by (*->an by) operations at our (ebensburg->evansburg) coal refuse power plant that normally generates a small profit but in the first quarter posted a modest loss
ill begin our report to you this morning randy will follow with a more detailed review of our financial results and provide you with added insight into our performance and well be happy to take your questions
(yes->*) we look at hedging every week and look at the market conditions and where we are with our cash flows and our balance sheet we have done more hedging in the first quarter
but we are actively working at it let it be clear no the thing is (that->*) we have quite a lot of different legal entities with different tax regimes so this is what we got during the first for the first semester
starting with aggregating and consolidating the traditional industry for genetic testing and on its foundation building a new industry in which we are the leader in the generation and management of genetic information as a key enabler of personalized medicine
in fact we are very ambitious in this payment arena i cannot anticipate anything but there is a lot to come now in terms of
before we begin i would like to refer you to the comments regarding forwardlooking information contained in our press release and also note that all amounts are in canadian dollars and production and reserves are expressed as before royalties unless otherwise stated
that said if they are facing some broader market headwinds typically they have some flexibility in their timing as to these environmental upgrade decisions
to me it seemed like (there is->theres) some more confidence in the outlook and it also seemed like there may be (a->*) broadening what youre looking at a little bit
and we now have our pipeline of deliveries but and on the other hand we also have other service revenues that are very important on the (*->naps)
yes (again->*) i think a couple of things going on in the quarter in canada that allowed the margins to improve one was mix so relative to q1 last year where we had
that being said i do think we are starting to see some of those pockets that weve been talking about for years really start (the->to) tension where we have the new capacity coming online and running full and certainly weve seen that (in->and)
the correlation to the domestic market here in the west and so youll typically see that trade in a correlated fashion to what domestic pricing looks like in the pacific northwest and then the other piece
she has only been on board for about 2 weeks and her impact has obviously not yet been seen (she is->shes) very experienced and we feel that our licensees who have been not really monitored
all 3 transactions were structured as (assetpurchase->asset purchase) deals and 2 of the 3 shows were acquired from trade associations and in all 3 cases were private sales and not public auctions
we do have and have identified some more value that we can grab from bulyanhulu and north mara in the medium to long term so were focused on that
due to these market conditions coal utilization has dropped noticeably in the first few months as compared to 2015 the question were wrestling with is whether this is a temporary change
the uk now ranks amongst the top cat dealers in the world for registered customers and users in this region our ecommerce channel is complemented by parts direct our centralized parts order processing team
inhouse regulatory and tax expertise aided our ability to pull this transaction together in just 2 weeks on a (propriety->proprietary) basis (and it created->in a creative) structure with significant downside protection for our capital
and that hasnt had a customer impact yet as you look at a lot of that is internal work and so our customer satisfaction our demand is being met but the backlog did improve
(just->to) cycle through the oversupply and we feel as consumer participation in cycling and consumer confidence remains as strong as it is we dont see a longterm lingering effect on this business
we will stick to our business model focusing on technology that is used to design engineered solutions for customers and also generates an aftermarket business for us
we remain focused on delivering operational excellence and industryleading performance to fully capitalize on a wide range of market conditions and drive superior value for our shareholders
we also grow more confident in the unbound opportunity in front of us with the infrastructure and capabilities we have built we are now or soon will be the best answer if the question is genetics at all stages in life
and like i said in my prepared comments (i dont think->telling) anybody well i dont think im certain nobody knows for sure how their nim is going to react or their net interest income is going to react to rising rates i think
research or prepayment we have converted a lot of solutions into the cloud in terms of
in one huge country big smoking country we have 2 companies both tobacco companies (one->want) a large tobacco company (one->want) a very small tobacco company in the country that would like us to
in the czech republic the focus had been on building construction for the automobile industry as well as commercial centers and office buildings for industrial clients
that sale of subacquiring which is a more recent product and i know that you are now training your sales force and that (event->even) next week is very important (*->so)
last year we had already implemented a number of process improvements in equipment forecasting and quoting these rolled out in specific areas of the business and we are beginning to see the benefits
in this effort i believe the fundamentals speak for themselves out of nowhere relative to typical time frames in this industry we are poised to become the leading provider of (inherited genetic->inheritage) testing services in the next 12 to 18 months
according to our own design i mean you do not have reverse logistics you dont have a series of things that you would have when you were talking about a traditional retail company
like we said in the call we would have preferred to invest the majority of that in credit its just difficult getting the right types of credit assets on the books at the yields that we want to have
such statements are subject to a variety of risks uncertainties and other factors that could cause actual results to differ materially from those indicated or implied by such statements
okay perfect and then you mentioned earlier that blending (at->a) buly is giving you a bit of a kind of process improvement can you quantify the recovery benefit there
there were no such trueups in this quarter but we would expect there to be in future quarters (weve->we have) provided a few schematics in the appendix of the slide deck that further highlight these details
in the coming years some of these projects have already started as you can see on this slide 3 examples of what we have built or are about to build a new
is around 10 its also worth noting that even though mortgage net income was much less than in the previous quarter it was not far off from its expected net income run rate
integration efforts remain on track as evidenced by the strong performance in the first half of the year were benefiting from the larger integrated neurosurgery organization
what were really doing in (ithaca->iphica) is (*->where) were creating essentially a microcosm of what we view the utility of the future to be
i would say its a normal characteristic of our business that customers will delay things based on larger programs given where we are at the moment in the cycle (and suppose is->i should) the answer to the last question as well
including continued material reengineering and restructuring savings as well as fixed cost leverage from strong volume growth and the benefit of (approved->improved) product mix
they attend because we develop the industrys most effective solutions deliver the best patient care and drive powerful advocacy to put medicine within reach of those who need it
and would not likely have much of an impact through 2020 and theres always other transmission projects that were looking at but weve not included them in the plan
we continue to deliver strong free cash flow combined with a strong balance sheet this gives us ample capacity to invest in our existing businesses
i think were going to be disciplined and patient is how i would characterize our approach to capital allocation that would include
patient cost compared to what the ideal would be and we hold ourselves to a very high standard on both of those and we see that as a significant differentiator and a significant opportunity for the next 3 to 5 years
this is under armour and as i look to the future ive never been more energized confident and excited about what is ahead for us both as a brand and as an operator
on (millbrook->milbrook) the investments being made now whats the sort of time lag to that kicking through to revenue and pulling the margin up
in addition our digital and productivity initiatives are expected to drive lower (field costs->fill cost) and call volumes in the second half of the year
we learned a lot last year we had a bit of a rough time last year as we were working through (*->on) both our operating model and in general our entire supply chain transformation
(*->a) reconciliation of our nongaap forward outlook to the most directly comparable gaap measures is not included because material items that affect these measures such as
(and->in) how weve worked with them and ive got to tell you its still early so im not going to prognosticate as it relates to pharma inflation for the full year i dont expect it to be low lets put it that way
before we begin i would like to remind you that some of the comments made on todays call and some of the responses to your questions may contain forwardlooking statements
for us to thrive we must transform ourselves to be more competitive faster and simpler so that we win with all customers and across all segments
organic growth was positive in all major geographies with midsingledigit growth in both developed economies as well as in emerging markets taken as a whole
(*->but) could you maybe speak to the quality of the new client opportunities for this year because the past say 12 to 18 months or so has had a fair share of unique circumstances that
finally on the sales volume front were excited to announce we began shipping the new (parmesan->parmasan) ranch flavor as an addition to our retail segments line of (olive->golve) garden (dressings->dressing)
turning specifically to the fourth quarter performance in washington we had a reasonably solid quarter despite the early harsh february weather
our customers and end users look to us to bring innovation to this industry and our leadership in doing so continues to drive top line performance
an indicator of potential changes coming to how drug manufacturers are thinking of pricing drugs and negotiating rebates
we look forward to spending today focusing on the results of our strong financial quarter and sharing our excitement about our future ill now turn it over to eric
and deeply looking at any number of opportunities that are in the marketplace we are big enough and hopefully disciplined enough i believe disciplined enough we certainly have had a history of it and i intend to carry that forward
and i would continue to expect as we roll out those new vertical products were continuing to add value and (*->i) see some additional strength coming from those contributions
so they have come in with their own vision and they are in the process of executing on that but it is absolutely fair to say for the most part
we are increasingly more confident in our ability to deliver greater consistency holistic growth and a more predictable profitability over the long term
that we think really will allow us to grow and get the best out of what were doing and a lot of what were seeing with inventory and whats coming through right now i think speaks to and comes from
before the heat of the day sets in (in->and) hopes of generating some additional extra visits early in the morning rather than losing the (businesses->visits) completely
and some of our centers are designed to create dedicated educational and community partnerships to speed the development of talent thats specific to our client needs
while charting a new path forward to drive longterm sustainable growth and improve its competitive position in the less differentiated segments of the market
do you think the greatest opportunity is owning the wind plant or (moving->owning) the transmission wire that connects the wind plant and is there
and we are continually on the lookout for those acquisitions which will grow the top line and add value to the combination with our business
the order side of things and the (prospects->prospect) side of things not quite so bad so we would expect to see that recover a little bit as we go through the year but clearly
these are strategies were putting in place to be able to compete and win in all market segments this business has relatively high variable margins so our focus here has to be both around
millions of changes that come into (that->the they) all get initiated on january 1 our call center people have to be prepared for that our account management teams have to work with our clients on it
(*->with) a little bit of cash left over and with some debt that we picked up during the year we fully funded all of our capex all of our dividend requirements
and that is addressing both direct as well as the indirect and again weve made a lot of progress there not just in terms of
on the positive side we won additional integrated awards in mexico including integrated drilling services and integrated services management contracts
im wondering if you could maybe just give us some of your thoughts around storage and what that might look like in terms of the connective tissue between wind and solar
(we->to) always have our name front and center and being a good citizen in the community and have the type of involvement that you would expect from a good local business partner
it does enable those economics because we work with clients to ensure that the formularies that are in place are things they believe in and for those (clients it->*) particularly helps our economics with those clients who work with us
while immaterial to our overall results for the year we do expect to see some benefit from the adoption of the new standard on full year revenue and operating margins
youre facing the impact of your (secondlargest->second largest) client having repriced plus youre looking at the impact of the normal trends that occur and you build up a lot of (costs->cost)
and that could have been worth billions of dollars and so when you put those 2 together we think weve been more than fair in offering a very good
and weve also made some strategic investments targeted strategic investments in things like the consolidation merger of panalytical and (malvern->melbourne)
and the one thing were doing is that we are certainly playing the long game and we have learned some massive lessons and a lot of those lessons have been what (patrik->patrick) spoke about with some of the vendor consolidation
asia has been very strong was up already last year as you see up again this year and really the 2 engines for us in asia are china and japan
we increasingly see the consumers particularly millennials are looking for brands that serve a positive social purpose beyond pure product functionality
maybe give us a little bit more flavor on how that has and then maybe even if we could drill down a little bit now (until->into) where the margin characteristics of those now differ
as well as just control reasons and utilization of sales time efficiency so for all kinds of reasons so theres been a lot of transitioning going on
you have certain flows that are qualified in certain fabs and newport beach was the initial flagship for all of the rf soi products also
arrive at sites and then actually shut down at the end of the day and what this does is it allows us to be able to service more properties more efficiently just making sure were being efficient (in->*)
our model continues to yield a broadening customer base across the worlds leading pharmaceutical companies and that bodes well for the future growth of our pipeline
now when making such fundamental changes the challenge is always to keep the car going at full speed whilst (youre->you are) also tuning the engine
to come back for you and start growing in 2q or would it be just that the you expect the iot business to start ramping and maybe there are parts and pieces of the mobile business that come (up->out)
in addition we continue to trial improvements to our customer offer to help drive sales so moving on to stationery
to summarize we continue to strongly advance our mission statement to provide unique value to our customers by longterm road map alignment
much more rapidly than they did before i think thats something were just going to have to manage and be nimble and then finally oil which i would say is probably
with the cloud so that we can better utilize it to inform our sales team in advance of whats going on better direct them to sales opportunities how to help the customer
and i would still say the environment is if we do our job and continue to drive new business and keep our existing customers drive mix and the other
but we also have these extremely small (balanced armature->balance armture) receivers that we (sell->saw) in the hearing aid market that are becoming more interesting to people who make wireless headsets
we can check the box and (if->*) we feel like were in good shape there moving into next year so strategic priorities around driving the business (or->are) just making sure we continue to stick to the fundamentals
now the customers for the most part have pulled back their (forecasts->forecast) from how we started the year and with the (pulled back forecasts->pullback forecast) and what we know of our business and our own judgment on the customers forecast
however in addition to that there is strong drive in the company to increase our served market and in doing that its looking at
change in your sourcing (costs->cost) as a result of the improved liquidity and then also along with that are the compliance costs
id say whats going on i would mostly (downstreams->downstream is) a little softer than we had (forecasted->forecast) at that time theres been some new business that weve had thats been delayed
the transfers the value of the transfers against having capacity at some costplus model and the capacity that
for example we have continued our efforts to improve instock positions on key categories like vinyl engineered hardwood and engineered bamboo
strong demand for our differentiated products across multiple end markets drove higher sales and a tuckin acquisition supported both top and bottom line results
as we mentioned in q2 we reviewed each store to ensure we had quality team members who (are->were) knowledgeable about flooring and available to serve our customers
contemplated beyond (atopic->a topic) derm and also if you could give us any sense as to how the overall milestones may be allocated should we think of those as
how we talk to the customers about it i think probably over the course of the next quarter or 2 well really start to understand where we think thats going to land as a percent of penetration of our total business
high street profits for the half reflect a tough christmas in books where we had nothing like the humor book (craze->creeze) that we had last year
first announced to the market in october of 2015 we have successfully commercialized the molded (structural->structure) composite refrigerated truck body and have been successful meeting (early stage->earlystage) growth targets
now connected 4 growth brings on the one hand more resilience to continue to perform competitively despite the challenges and youve seen us do that again once more
and we learned a lot from that as we rebound over the (*->high) from the high turnover of last year and get our store associates trained
in addition to accelerating growth at higher margins our product sales continued to diversify across a growing set of customers in the second quarter
and as youve come to expect from us we will continue to manage the business tightly so ill now hand you over to robert to do the numbers
and dont just think of stationery in terms of our stores as investment in our (postoffice->post office) partnership and our digital channels
just as a reminder installation sales are slightly dilutive to the margin percentage but bring incremental dollars to revenue and cash flow while expanding our potential customer market
(we->you) simply had distributors taking down inventory in the quarter i mean it could be as simple as were watching these things run through here these things happen
and a favorable end to 2016 we continue to be pleased with the market share of our product of all of our product categories
obviously we need to see growth return at the top line to help drive further improvement in operating income but do recognize the market dynamics being faced by the segment
looking at our market opportunity on slide 9 we are uniquely positioned to be the consolidator of choice in a fragmented us landscaping industry
now what we think is going to happen next year is therell be very modest improvement throughout the year particularly in the second half of 17 but i caution we think its modest
and we want to continue to increase our capabilities in all those areas because we think thats going to increasingly become a very important source of longterm competitiveness
event to talk about but our focus is still within china and not just within the tacoma to be able to do very cost
so finally on international looking ahead and as weve said many many times before the international travel market is very large
but i dont again i think thats going to be well managed as that business expands so will the gross profit (*->and) it will more than cover the investments we need to make
but weve clearly made these adjustments so im relatively bullish on some of these markets there are some other markets we have to be careful about south africa obviously
more phase i expense next year and now were bringing some of that forward to enable us to see and get the results from early human trials sooner which we think (its->is) definitely
yes i mean theres no real significant investments going in the energy business at the moment what i was alluding to was we will
i dont think weve seen the full effect on cost of goods sold yet i think (that->*) weve got some maturity to do there to go there
as we move forward and so those areas are also getting what i would call historically outsized investments as we upgrade those capabilities which we think are
some issues they had around tenant coverages and things back in november that really forced us to put that on the back burner so it wasnt specific to being split (rate->rated) that we pulled back
and based on these findings we now believe were at the stage where we want to enter the clinic
we are now seeing others in the market bring down inventory levels and we are hopeful that more stable currencies
we have been getting a lot of questions from investors on both our capital structure and covenants the next 2 slides address these subjects
with a much higher leverage not only from a covenant point of view but from an operating flexibility point of view
and that will be a great market to serve the one caution youve heard us say several times is that its more than reimbursement
i believe were the only company that has actually generated any clinical data supporting that concept
particularly on a constant dollar basis both relative to our competitors and the macro environment as a whole
we are excited about e3 and expect to hear major news on virtual reality as well as potential new consoles
the systems that are not subject to the quota really are those in military hospitals (in->and) hong kong
relatively low awareness overall and i think we should expect to see strong category growth and strong
our best quarterly performance in over a year germanys top line result was primarily driven by growth in our subscriber base
that included the addition of new dealers and the release of several product enhancements sales execution was solid
for all amounts that you could be offered but on the other hand wouldnt it be a significant advantage for a company your size
the other piece of that (purchase->purchased) transportation line is really some additional solutions that we are providing to our customers
theres an (indie->indy) games opportunity that we see that game trust is just a part of it
i also would like to extend a warm welcome to those of you who are following todays conference online
we do think that the new rules of ecb may represent an opportunity for compass because
our guidance numbers imply flat to slightly down ag sales for our products on a global basis
and so we did see a number of customers in europe trade out their sis for x product
during that investor day we laid out some themes that are important to us we talked about how we are
those opportunities as we begin to commit to those opportunities you can bet we will help you understand them
on page 5 we have laid out some of my initial observations priorities and outlook for the (*->year)
as far as additional clinical work we actually dont have to perform additional clinical trials so thats
and a large part of that was just some promotional activity that didnt play out the way that we thought we would
minimally invasive surgery department to kind of an essential part of the portfolio and as that happens i think more and more
i also think (that->at) e3 for those of you that will go to e3 youll see some (*->of the) excitement around some of the games that we have that will help to
(*->so) there is a competitive advantage in our opinion we do believe and its certainly not surprising that the entire world
we have commented in previous calls that there is a divergent path of growth in the region
about the transactions we do in the country to keep the credit quality of our portfolio pristine
which has a direct impact in terms of cost reduction and margin improvement for us and is real money (so->that) we dont have to pay our mno partner
we think we have a tremendous opportunity from a share gain and market penetration perspective going forward
use and satisfaction with our stapling and energy products has been rising as gen 4 products have increased in the installed base
we are also investing in our fleet by onboarding a significant amount of revenue equipment this year
we introduced some new terms at that day so if you werent there i will give you a primer on our new vernacular
and i think weve done the right things in terms of how we had planned reductions at the beginning of the year
well you should think about it in terms of the iphone and other products that can drive the traffic
however we are delivering on the ziggo synergy plan which we expect to have a favorable impact on ocf performance
central america is doing very very well you know that central american countries are growing above the average of latin america
we harvest hogs to provide a supply of raw materials for our valueadded products
we are not targeting only generating antibodies as most of the competition
starting (titer->tighter) prior to the annual booster which is the green and here you can see that we see a boost effect
(so->*) what this lets us do is print on that film that is turned into the bags for the food or medical products wherever they might be
investments to deepen our regional capabilities and to develop new technologies and services were important in the past year
before we begin id like to inform you that comments mentioned on todays call may be deemed to contain forwardlooking statements
which was completed during the third quarter and yearoveryear impact of new destinations across the pacific
going very quickly and very rapidly they are expanding the amount of linear footage in the stores
but it will not be a lot it is a structural change that is supposed to last
how comfortable are you or i guess how much have you been able to vet of the company and
(*->and) that is going to be the engine of growth for us in the b2b space so we have to invest in products we have to invest in people
i think we learned a lot last this year in the first half of the year about our
they have already also in their results the impact of the installation services for the (rieter->retail) machines business
which was largely a factor of onetime (cost->costs) associated with the companys acquisition (in->and) transition of the (resultz->results) business
including good progress in our molecular imaging program as well as improvements to our endoscopes and image processing algorithms
(*->and) the point (*->that) i made this morning was that i think everyone needs to continue to focus on adapting to
now the spot side of that business is very positive for us it (fills->feels) empty lanes it does the right things in our network
but also updating you (*->on) various ongoing initiatives and addressing some key questions we have been receiving lately
and this is an important point this is not just a costcutting exercise (and->*) i think weve seen or you are likely to see
wasnt beyond the (wit->whit) of man to assume at some point they are going to put those bundles together and we have done the same thing with great success
in the commercial space to be able to move into the professional highproduction digital label printing market
some of that was spillover from items that we did not take delivery of from (the->*) fourth quarter so
and the success of other of our strategic initiatives and on slide 7 youre going to see that weve been doing just that
since were now sort of experts given our belgian acquisition for the record we do not see a seismic shift
it seems that its going the right direction so eventually there might be some opportunities in argentina
this means that the countries where we are anticipating a possible growth in our portfolio
in addition todays press release and supplementary financial data tables have been posted to our website
and cost management levers at (macdermid->mcdermott) that we began to exercise in the second half of the (year->*)
we continue to have dominant share in this category and capture significant share at launch of new titles
this concludes todays conference thank you for your participation you may now disconnect
whats been better than expected since you got into the weeds there and whats been more challenging
that having been said we are focused on rationalizing the business and have already taken significant steps in that regard
the key messages we already told you in late january
frequent communication not specifically on that topic but on all the opportunities we have
and we expect more of the same dynamic to play out on traffic and software and hardware growth
between our manufacturing operations in (ingolstadt->ingolstad) and the manufacturing operations in (usti->uzte) because what happened
and to achieve a return on invested capital above our weighted average cost of capital in the third full year and we expect ais to meet both of those financial hurdles
compared to last year in our guidance and where we were aggressive and then had some real concerns the remainder of the year i dont have those concerns this year i think our guidance (is->*)
i mean just comparing the segments would be a little more helpful and then finally when you guys showed trailing free cash flow numbers in the slide shows before you guys (spun->fun) out and then at the bank of america conference
do you have the initiatives in place that youre going to train the sales force to get price in this environment and exploit price in this environment because thats a key part of maintaining organic growth
our top priority (here->*) remains to produce strong organic revenue growth across all aspects of our business and leverage our cost structure to generate increasing ebitda margins
such as higher labor expense for annual inflation and higher volume (handled->angle) in our warehouse additional support to our new stores in the network and expense in (it->id) to improve the network performance
to some extent that distributor has been (outgrowing->growing) you even though they are still in negative territory so i would like to understand why it seems you may be lagging there
while we continue to see strong interest from various lending sources to finance our mh and rv assets the combination of several factors is contributing to additional scrutiny by lenders as they evaluate opportunities
the simplest takeaway from the letter is that the asset management industry in its current form is no longer a growth industry for a majority of traditional active asset managers
given this positive feedback in conjunction with the actions we are taking there are exciting opportunities ahead of us at the same time i (recognized->recognize) that 2016 was clearly a difficult year
this includes the impact of the change in scope of services with our largest customer along with a couple other large accounts that (*->have) had significant declines due to the changes in their businesses
in 2018 which billy helms will update you on shortly as a result we are in a position to generate healthy financial returns even in a moderate oil price environment
(and->in) that discussion and then also how much you might have to put in for that midyear increase to catch up to what you think might be the new run rate just any kind of color you (could->can) give us on that
and if any projects might fall out of the mix as another one enters because its so challenging to do so many things at once
(*->yes) and the pricing you have to compare not the average of the years but compare the september to september pricing which is much higher
our guidance includes the interest expense associated with the debt we assumed with one of our acquisitions as well as the impact of the refinancing activity we expect to close in the second half of the year which ill discuss in a moment
i think its also important to highlight here that we made significant (investments->investment) that were making across our platform and (while->why) there are real barriers to entry for smaller players who dont have our scale and resources
one of the biggest challenges to creating a real challenger brand to the banks is (define->to find) a compelling revenue model many around the world have tried launching with a card only as their first product and have struggled financially as the scale needed is massive
okay great and just lastly at what point would you guys look at expanding the business into other provinces and is that something thats more dependent on the success of the upcoming feebased products
which was primarily associated with the change in scope of services with our largest account we strongly believe these acquisitions have provided and will continue to provide shareholder growth and returns
regarding our outlook it remains promising that we have seen smaller accounts and our local accounts continuing to grow and in particular residential construction continues to perform well
excluding this reclassification the decline in gross profit margin was primarily driven by lower transactional volume offset in part by productivity
growth (i->id) just say it seems to not vary quite as much as it did last year we seem to have like i said less variance in our daily numbers that we see from our hotels and our weektoweek
credit cards or auto lending begin to see early ticks on credit warning and those arent categories for us at all but if theres a signal to be gleaned from it well be paying attention
but as i look past the next couple of quarters i am very confident that these are the right changes and will deliver stronger growth levels more in line with our historic expectations
which is not large enough of a sample size to move the needle for the company and id also tell you look theres other green shoots that were certainly seeing but theyre not big enough to move the needle for the company
we remain committed to supporting a highly diverse and global distribution platform to deliver our expertise into those markets where these strategies are highly sought after
for example during (a->*) recent storm that caused hundreds of flight cancellations one of our customers used this technology to determine a crew recovery 4x faster than current industry benchmarks
we believe we are well on our way to capturing better growth and value creation over the long run as a (focused->focus) company capitalizing on decades of deep experience and relationships in the midwest
the under allocation is most pronounced is both in the wealth and what i would call the retirement channel the defined contribution channel which as you know weve been adding
as we have discussed in the past while we may be required to pay special dividends from (timetotime->time to time) in the future we want to operate with sustainable quarterly dividend covered by operating cash flow
because the cost of doing business will continue to rise and fee pressures will persist were implementing strategies to more aggressively manage expenses and improve productivity
the rest (it->*) was really made of investment in the development of the training material for the new pos system that will be
and that they dont start moving more aggressively on price the likely timing for that would be beginning of calendar 2019 but of course depending upon how hot things get we could always go sooner
and you know that when you look at the overall period of construction of the ships and how the working capital evolves there are periods where you have cash consumption in working capital so those are the 2 reasons
while the renovations are i think done very well we cant sell rooms that we dont have and we didnt have that in the initial numbers at the beginning of the year but it is in our guidance now
our fourth area services for our largest customer have met or exceeded our revised expectations following the changes in scope of service we announced in april
those efforts will expand in 2018 our average lateral will be 8 longer this year and we expect the average size of our well packages to more than double
regarding supply we expect a weak response as a result of the consistent decline in (investments->investment) that several companies have had in recent years in addition to this
can you give us a sense of how much of that was how much of the dollars or some of the metric how much of that is wins versus renewals of deals that you basically were able to close earlier and lock down
which is exactly what were seeing today with the increase in member signups over time our goal is to continue to increase our share of the customers financial wallet with products like our upcoming spending account and new mogo mortgage product
related both to one investment timing as the majority of our new investments took place late in the quarter in december
what were interested in either because of their geography or structure and it wouldnt be a good cultural fit
that can always change fairly quickly from environmental issues (planned->plant) turnarounds things of that nature
with the introduction of the new customer bag notification tool which went live in july of this summer
that have happened so there are many markets where we pay above minimum wage there are some that we pay at minimum wage these are generally the higher
for more information on our forwardlooking statements and the risks uncertainties and other factors to which they are subject
and we are addressing this (worst->was) performance with the launch of new catalogs for next year in brazil
to evaluate the companys performance and improve the comparability of results between reporting periods
in our diagnosis of the business ive been deeply embedded with our global teams who create the customer offering
is it fair to say that you had some thats opening later in the fourth quarter thats kind of what it (sounds->*)
we can make a difference and there is economic sense in participating in that
slightly down compared to the first quarter of 15 on a constant currency basis primarily due to the decline in ag sales
its an efficient business so its one that has nice operating margins thats highly consistent with the rest of the business
we are also expanding local production capabilities throughout the region to reduce cost and to shorten lead times
part of that was incorporated within the restructuring charge activities and some of it was just
we have continued to extend our geographic reach and expand our program management and network planning services
we believe the results will be better economies of scale greater consistency across brands
until that happens and then to the extent that does happen and then therell be a return of capital
i know that customer relationships tend to be very sticky in the industry and i was just wondering if
the operations and manufacturing teams did a tremendous job completing the projects on time and on cost
and over half of our end market exposure is related to industrial applications
well i think thats what were doing in this culling exercise where its not so much a segment
where do you see your operating rates in base epoxies at this point (craig->greg) and
we need to remind you that this presentation is available by (audio cast->audiocast) and that you can also follow it
and one of the exciting things is that were an additional exciting thing is that
but at the same time with lighter deal flow we still were seeing at least some interesting opportunities to consider
we plan to use the proceeds from (the->this) sale to invest back into the business and for general corporate purposes
these services are being provided across the country in more than a dozen metropolitan areas to several customers
if you take a look at the underproduction in nafta that we were frontloading the underproduction this year
are continuing to improve and interest rates remain where they are so our expectation
we encourage investors to review these reconciliations in connection with the comments we make this morning
we see that actually as bottoming out and therefore we are not dramatically concerned about
the leveraging of these positions will require the reinforcement of our commercial teams in the field
thanks mainly to the high level of activity in the czech republic for both water and waste businesses
particularly at a time where there is not significant excess capacity in the industry
that will be more heavily weighted to the first half because most of that fx change took place in the second half of last year
we will continue to take a longterm approach to capital allocation focusing on strong capital projects
to really selling the most differentiated the most sophisticated (of->*) products which as you could imagine
this is in line with the guidance we provided in february of a flat to 2 decline on a reported basis
these investments were consistent with our strategy of focusing on companies that have positive longterm outlooks
where do you see this administration going with rules and regulations regarding the color group
good news for the water french business (it means->its mean) that a lot of people
you guys are trying to find reasons not to disclose and not really looking at some of the benefits so what do you think there
and it is on a quick delivery cycle is very much desired by these customers
we want to continue to demonstrate that the company can operate at these types of levels
i am pleased with the progress that weve made in asia pacific and we see a very bright future in these markets
but in general i think thats an important piece to the future perhaps its not as linked to our flavors group
as i told you before the first milestone of the integration are very encouraging
its been a little bit choppy i mean i think that youve seen the commentary from some other competitors which
now ill turn the call (over->*) to shelby to provide some details on our financial and operating results shelby
we also have an inefficient cost structure and an organization thats not nimble enough in the marketplace
so when it comes to being more balanced in making sure that the inventory we plan and buy
which stands for something good and proves its strength with every new market and every new country in which we (open->*)
some of these products have already hit the shelves and others will take several years to make the conversion to natural colors
much more specific guidance at our investor day on june 7 (its->*) we think its really important
we also hired (a->*) gentleman who was with graystone consulting and acted as a very (high level->highlevel) pm
for the full year we grew in all of our major commercial regions and grew in all of our major end markets as well
right so we do have price discipline youre absolutely correct and we have lost
now let me spend a few minutes on the impact of tax reform as mentioned earlier the (result->results) of this quarter
for almost the entire period you (were->are) in a situation with surplus
with low volumes in france and in spain compared to last year and low (inflations no surprise->inflation not a price)
funds on behalf of our clients in a discretionary manner and we will be doing that
we continue to increase new project engagements with many heavyweight customers worldwide
while we keep strong discipline and even more selectivity on capital allocation
good morning and welcome to the american airlines group third quarter 2017 earnings call
in terms of being able to create a case that shows that american jobs are at stake
and everybody is but thats really at the end of the day net neutral in terms of profitability
in terms of the regional splits wed agree with in terms of germany being slightly down france
what we should do in terms of investment and who is going to invest
the conforming of these definitions with our peers did not have a material impact on our prior period disclosure
and ultimately using technology to build upon the spirit of hospitality that is core to our company
the total backlog calculation reflects solid performance as we booked new work and renewed existing work
i would also like to remind everyone that comments made this morning including responses to your questions
or is the market just kind of competitive and that makes that sort of contract evolution and negotiation challenging
we went into this program based on the strong preclinical data we had observed recognizing that there was an opportunity to potentially move this program rapidly through drug development should the data support it
so dont worry about voting rights voting rights may be a problem for other companies but voting rights are not a problem for sulzer because this has been taken care of (in->and) the transaction that we signed with renova over last (week->weekend)
in addition plans were unveiled for a (4acre->foraca) resort to be located within (the->a) westside development called (montecillo->montesil) a marriott brand hotel and resort would be located near a top golf facility that is already under construction nearby
please be advised that statements made during this call that include the partnerships expectations or our predictions should be considered forwardlooking statements that are covered by the safe harbor provisions of the securities litigation reform act
but that said as we know we have a number of things that wed like to get accomplished this time so if we need to take this case to full litigation we will and our objective will be not to delay any of the procedural deadlines
we feel good about the progress we made on our strategic priorities as we grew organically acquired nph and delivered operating leverage while also benefiting from a favorable macro environment
we still think that oil and gas is a great market to be in over time we think that weve made our footprint more flexible and that we will be better able to flex as the market fluctuates
and people purposely trying to understand what does this change mean right and so i think there is the expected conversation that would occur around kind of the change assessment (that->*)
(*->at least) over the intermediate term it will do that for us and thats just the price of being in the business and we have to we look at other ways to leverage the business to ensure that we deliver the bottom line
to partnering with hilton and future operators to meet and exceed our operational goals and create longterm shareholder value with that i will turn the call over to sean
interest expense during the quarter was skewed by the fact that after the bond issuance at the end of february was completed we took approximately a month to fully repay the pesodenominated debt
in the bakken last years activity was focused on drawing down our inventory of legacy drilled but uncompleted wells which didnt have the benefit of our latest precision targeting techniques
i think thats why were a little bit more focused on the operating leverage side as opposed to an absolute number on the expense base if you actually look at where expenses are growing
i had some sense from comments in prior quarters that it was possible you might increase your spending against those 2 programs if you saw
on march 14 the administrative law judges in our case issued an order adopting a procedural schedule as the schedule indicates were currently immersed in the discovery process and weve been busy responding to numerous requests for information
linked quarter decline can be attributed in part to typical third quarter seasonality as well as less favorable market conditions with lower volatility experienced in the third quarter
during the downturn we took the opportunity to upgrade our rig fleet to one of the most modern and efficient in the industry on the completion side we expect to complete 5 to 10 more
resulting from last years (hurricane->hurricanes) in excess of our deductibles we continue to work with our insurance representatives and other advisers to process our insurance claims in an efficient and timely manner
if you look at the investor presentation that weve had out there the last (2->few) investor presentations (*->the) one page we do have out there is where we compare dimes yield on loan portfolio to maybe 12 other peers in our marketplace
significant investment in trying to expand existing relationships to get them used and utilize more of their existing lines with us
(there is no->theres) nothing essentially so its a very clean deal its a very thorough deal and as we told you last week it allowed us to fully resume operations pretty much on thursday we were back up and running
we have these licenses from ofac that were fully (in the->into) clear ofac has been very supportive in terms of getting the news out there they circulated the information directly themselves to some of the banks
during the quarter we also started the marketing process for the sale of 4 additional noncore assets as the initial part of phase 2 of our capital recycling program
have gone out of the (broker->*) protocol has (*->it) made it more difficult or is it actually spurring people trying to jump ahead of it or just how has that changed the nature of your recruiting effort recently
the well we highlighted when introducing the woodford the curry 21 is a fascinating well that continues to demonstrate a very low decline rate particularly considering that it is a shale reservoir
we will keep you posted on our progress as the marketing process for the initial phase (of phase->*) 2 unfolds as well as any progress made on the subsequent set of assets in the months ahead
our ability to provide strong and stable distribution growth to our unitholders is underpinned by our portfolio of strategic assets
and the whole point of faster and better was to say the market is going to rebound soon and as the market rebounds the differentiating factor is going to be lead times essentially its our ability to ramp up and execute
our first quarter results reflect the need to complete the second half of our rate relief process so we can recover our infrastructure investment in the region the loss also reflects that most of our sales occur during the summer months
an environment where theres less emphasis industrywide on products like commercial real estate et cetera so i think its going to make our business more competitive i think that could have
finally as we work to provide you with more insight into our business we added new asset disclosures this quarter on our corporate advisory and centrally managed platforms which we hope you find helpful
we must plan for this continued growth in a prudent manner to ensure safe clean reliable and affordable delivery of electricity to all our customers at this time ill hand the call over to nathan who will discuss our financial results
phase 2 buildout we are currently in active discussions with several other existing and prospective customers regarding future incremental capacity at collins
these risks uncertainties and contingencies are indicated from time to time in tecnoglass filings with the securities and exchange commission the information discussed during the call is presented in light of such risks
we continue to exercise the appropriate patients in order to maximize the commercial potential for each of these devices and sign the appropriate deal for our shareholders as you may recall
client risk profile client to them then it goes through underwriting as well so thats why i think theyve done a very good job on risk so it wont have to we wont have to
this would come out of renovas pocket not sulzers pocket now i have no intention of selling the shares at a lower price and if you see where were trading today and hopefully where well be trading tomorrow were well in the money
remember (that->*) revenue was much much stronger than what we had anticipated and (forecast->forecasted) and so that had an impact in terms of the percent but one of the things that we mentioned in the prepared remarks here
and then as we have in the past we continue to look for opportunities to return capital to shareholders through our dividend policies as well as our repurchase (programs->program)
fairly limited to the area but its done well and i think were always looking at ways to expand it if that opportunity presents itself and so were very open to doing that
again that would be continuing to invest in our corporate advisory platforms (in->and) our centrally managed platforms things that are going to attract more assets to places where we create more value
the manufacturing operating margin will be driven primarily by infrastructure enhancements in the microbial (solutions->solution) business as well as synergies associated with the (celsis->salsys) acquisition
we continue to focus on developing and delivering a valuedriven client and member experience with an emphasis on care and quality in the most complex areas of drug therapy
we will also continue with our very successful productivity and efficiency initiatives which have enabled us to enhance our operations and increase the value that we provide to clients
we believe our specialty (healthcare->health care) products including radiology benefits cardiac and musculoskeletal management will expand through continued strong sales to new and existing customers
but given how the business is doing given the organic growth opportunities that i think that are out there for us for me theres no strategic imperative for us to go out and do (that->*)
safety record are key attributes that we believe will enable us to win new business with these utility companies and possibly with others
so all of those will contribute towards the design wins for (the->*) second half beyond that we are designing new products which will not be necessarily revenue in the second half but it will hit
as our volume increases (we are->were) able to better leverage our manufacturing overhead increase the benefit from our operational excellence efforts and manage growth in operating expenses to be slower than top line growth
(the->to) tax as an executive committee member and director of (advamed->avomed) the medical device industry association ive worked with our local elected representatives over the years to bring light to the issue
media reports and public filings indicate that other companies in our space have received similar requests in the highly regulated business in which we operate we receive these type of inquiries from time to time and this one
this would more than double free cash generation in the prior year or for that matter any of the last 3 fiscal years demonstrating the potential of the business following our recent period of integration investments
we improved manufacturing efficiencies and (continued->continue) to drive our commitment to regulatory excellence as a result we generated substantial cash from operations during the quarter
we will continue to integrate business acquisitions made in the past 2 years in order to capture crossselling opportunities across our network
really bring those 2 things together along with entrada into a really powerful combination that not only identifies problems but truly allows those problems to be addressed
we concentrated 1 year on an efficiency project that changed the way we operate resulting in a model of management and a leap in profitability and we have stuck to those principles today
so if you have to pay more for it its just like steel going up in a construction project on the other hand because of inflation which oftentimes (accompanies->a company is) rising interest rates and thats the reason for the rate rise
such as the dedicated integration team we established in 2015 identifying and hiring the best scientific and operational personnel
so that is also an (opendoor->open door) opportunity for us to get in and bid on some of their transmission and distribution contracts
we believe the key to capital sales becoming more predictable will be the positive guidance and coverage decisions for the product leading to worldwide reimbursement
thereby keeping more volume ie is it a defensive move or do you think that this will actually produce tangible profits for you
we are confident in the longterm prospects for these investments and believe it is prudent to continue to forecast (the->a) return on our (investments->investment) in certain life science venture capital funds
this quarter as we (continue->continued) to manage our revenue and expenses to meet or modestly exceed our expectations while investing (in->and) making great strides in the core strategy we laid out last year
we are looking forward to updating you on our progress at our next quarterly call somewhere in august well advise you have a great day
the biologics business reported one of its strongest performances ever in the fourth quarter delivering robust revenue growth and an improved operating margin
now that our leadership team is in place we started increasing our investments in our operational platforms new solutions like our awardwinning (ascendon->at cindon) digital services monetization platform
i think even on a flat volume in 17 we would expect our mobile business revenue to grow and the reason for that is essentially
well yes i mean certainly the cloudbased nature of it the fact that we can deliver it at price point that absolutely generates value for both our clients and our investors but also
we expect significant opportunities over the next several years as many states will look to procure solutions to improve (healthcare->health care) outcomes for those individuals while reducing costs
in conclusion we are continuing to execute our strategic plan and we are pleased with the sound progress accomplished to this day
and that is the last 20 years of record growth and profitability we have now completed 20 years as a banking organization since we opened up here in conway arkansas
and finally i wanted to briefly address the unsolicited acquisition proposal received from related fund management and respectfully declined by the company earlier this year
every day the stock market goes up 300 points a certain (*->amount of) money moves into the bond market and comes off the table and i do sense that theres a fair amount of demand right now for spread product
you can see this come through this quarter in our software and services areas in which we have targeted efficiencies and cost improvements to help improve the financial performance of our carrier business
in our florida smi specialty plan weve seen continued modest benefits from our operational and medical action plans and have recently added some new initiatives
i dont know the actual makeup of them i do know there were a couple of reasonably large ones in there (marc->mark) fox is furiously (thumbing->summing) through some things right now while im talking to you
we saw challenges in some of our lifestyle accounts which also had a negative impact on our numbers and some of the key franchises (were->*) particularly in the beginning of (the year->*)
the overall population but admittedly its a little bit higher maybe not statistically (significance->significant) but it is a little bit higher both on the reduction as well as on the response rate so
in order to compete operators are reallocating investments away from traditional it and backoffice solutions into new solutions that leverage and optimize new technologies
and the loss of revenue from certain customers in connection with the replacement of our telstar 12 satellite with our telstar (12 vantage->12vantage) satellite early last year
we expect 2016 to be a more robust year for revenue growth because of the strength of demand combined with enhanced strategies for partnering with clients
the increase in the effective rate was mainly due to reversals of tax contingencies in the prior year quarter from the favorable settlement of state income tax examinations
with that in mind were about to kick off a 20city road show to both existing and potential new clients so that our leadership team can meet with senior executives including myself
as well as hydro one in ontario (has->as) put our subsidiaries in the forefront of business opportunities that may arise in these key markets
the softness in this revenue line was largely in line with our expectations and we expect software license and hardware revenue will remain under pressure for the remainder of the fiscal year
where you can find the respective presentation available you can control also the (slide show->slideshow) the replay of this event will be available soon after its end
were not focused enough on markets where we can really make a difference so we need to focus on growth markets
we will prepare our resubmission dossier which we anticipate being able to submit in the first half
explanation about the decrease was really part of (a->*) large (*->this)
trying to introduce electronic meters but if you look carefully at what theyre offering they may have only (1->one) size
but especially during our commercialization of the product to make sure that things are kept well under control
and we dont want to jump into the market and compete headtohead thats not our value proposition
and were taking our new subscription acv or annual contract value
(whats->with) sort of the backdrop out there of some of the excess product of some of the liquidations and so forth
which is being impacted by both the political environment and an excess of sale (priced->price) product
total revenue and a slightly decreasing situation license so our market was (matured->mature)
as well as (the->*) increase in fat this study is also expected
a rate which outpaces the growth of (the->a) global economy by more than 3x over the same period
hatteras shareholders are urged to read these documents as they may be amended from time to time
with a broad selection of affordable course materials and operate as the official
the next step that (were->we are) going to do is just in a couple of weeks doing the same thing
and were going to be investing a lot of time and efforts making sure that we deliver
these opportunities include further energy network modernization investments across the group
the graph at the bottom shows transitions in operating income and operating margin
weve always been partners with the publishers and
the increase was a result of higher sales of both residential and commercial meters and related technologies
this concludes my presentation thank you for your attention
at the bottom of this slide we show transitions in unit (costs->cost) based on this policy
we have a few professional lab services agreements we expect to close in the second half
we continue to work with payers to secure favorable reimbursement and are making incremental progress
got it and the other question i just had was regard to flow instrumentation i mean
and on the other side we look for acquisitions that principally give us a scope
this market environment led to a group revenue
and the other one was we are struggling to maintain the skills
as we continued our conversations with hospital (systems->system) ceos from around the country
flight to quality market we would have seen more price stability tighter spreads
earlier this afternoon we issued a press release providing an update on the companys product development programs
but were certainly watching them and certainly continue to develop to be more competitive even within those price points
along with (a->is) superior service and system support
to enhance operations and reduce expenses surrounding the delayed dextenza launch
particularly from a lumber perspective and the question comes back (as->is) how much of that can you get back in the market through pricing
and also available by telephone at the replay number noted on our release
motivated and dedicated they have a deep understanding of their customers
finally the transaction will deliver compelling financial benefits
i would tell you that we still have the bias to the upside as we did in the first and second quarter
then well enhance shareholder returns in order to meet the expectations of our investors
however shareholders equity increased due to building up of the profit during the period
and we have a growing network of franchise skechers stores in countries where we handle the distribution of our product
we believe that both the fundamental and technical landscape in residential credit will remain favorable
theyre always not sure of an investorowned (utilitys->utilities) motive in wanting to do something together
talk about what we need to do to potentially serve them in (a->my) broader way
creating a new business and wanted to launch a full brand and a full business in less than 4 months
our offerings and were working with the customer with the offering so were putting some
but just you (shipped->ship) less because they want to see how it actually plays out
i will now pass you to jim who will take you through our financial results in greater detail
risks and uncertainties that may affect quest diagnostics future results include but are not limited to
our commercial team has already begun proactively reaching out to physician customers
not because you are intending to do anything wrong but because
of any product reform that we implement
for clarity we have shown the value generated from management actions separately
weve also had the benefit of adding
and so we did not buy into that space its overpriced significantly
but really when you get into managing the business and understanding how that eventually yields margins
so that had an impact so all of those things kind of (pull->pulled) together to make a perfect storm
integration or data flows can be registered as services in the catalog
in addition phoenix life continues to execute valueadded
last year as well and because you are reporting it for the first time so im just trying to understand whether
in addition as depicted in our investor presentation we filed as well
and on top of it were seeing our business deliver very disappointing results so
remains at the lower end of western european peers
but we are seeing this thing bottoming out now and we believe were going to be able to drive some growth
and they dont like the idea of working off of somebody elses system
we had to have it so were rolling that out in q1 and announcing that here
this concludes todays conference thank you for your participation you may disconnect your lines at this time
and we delivered once again on our promise to be a defensive dividend stock
in restructuring and other costs associated with the companys recent initiative
the annual effective tax rate is significantly lower than our previous guidance
and we report (*->to) today a shareholder capital coverage ratio
we will continue to focus on delivering value to customers and shareholders alike
the decision ended solar net metering in teps service territory
so were (*->an) independent (vendors->vendor) so were able to play with all the different
our distributor sales were impacted by latin america and central eastern europe transitioning
so we continue to monitor market developments but simply put its all good
using all the available data we have from the first trial from the (completers->completors) of the first trial
and finally is be prepared to ramp this up as quickly as possible
the transformation of the team has been truly additive and the quality of the people weve been able to attract and retain
as well as storage and transmission opportunities in arizona
and took it all the way to a business that was doing hundreds of millions of dollars
the combination of good revenue development and cost discipline were the core
the provision for income taxes as a percentage of earnings before taxes
opportunities do you foresee for the platform itself
or (are->*) getting better at it certainly in a lot of places so i think its where its supposed to be
to reduce laboratory spend and bring down the cost of care
was to speed up our growth and i already alluded to how were going to do that
these projects will not only create construction jobs for area residents but will also provide a significant number of fulltime employment opportunities upon opening
all our (front line->frontline) clusters reduced expense growth with the exception of rest of africa where we have invested significantly to build scale in our subsidiaries
for the china business operating performance continues to improve and maintain steady growth
in addition we view ourselves as a buyer thats focused on compliance (and->in) the customer journey which we believe our sellers value significantly in the current environment
i hope and believe that this will create a change in (the->*) americas but its too early to say and its too early to say (hurray->horae) for the (1->one) quarter
that is really a best guess and its based on what weve observed and i think other companies have observed as well
i believe in the second half things will improve for sure over the first half
positively impacting the results during the first half of the year but insufficient to compensate for the impact of the higher weatherrelated claims
the biggest change is in how we scale up distribution and physical availability of our mass luxury brands by using our broader sales force
you dont really need to assess whether youve had enough reduction to mitigate the disease you just dont have the disease anymore so
moving to slide 12 lets take a look at our free cash flow calculation for the 9 months ended september 30 and ill close with some balance sheet comments
and the joint working group is now validating the results and yes you may have heard about funny results
we do this by benchmarking the optimum cost of all elements of (a->our) product to its sales value and to competitive benchmarks
crown royal lapped the launch of the highly successful regal apple innovation in the second half and both it and crown royal deluxe grew
so the third key area of focus is obviously then our managed operations and we believe they produced a solid performance in a difficult operating environment
as we look at these (valuecreation->value creation) metrics our goal is consistency sustaining our improved performance and making more progress from here
to hold our fixed expenses flat at this point again well continue to evaluate the business and i think history shows that
together with continued investments this has depressed the roe to 3 well below the cost of equity
including new digital content and the use of seasonal flavors and sampling will enable wider recruitment delivering the brand back to growth
and there was a real concern that collaborations might impinge our ability to execute on our own programs and so we sought to try to
explaining (to->*) the world that we are not investing enough which might not be your point of view on the french market
albeit that we expect this level to reduce for all market participants under any of the proposed new codes once finalized
in the enterprise space we signed an important contract with a large global shipping and logistics company to provide mobile messaging services
much of the success we have seen is the result of our longterm view from 5 years ago which gave us the ability to expand our capabilities
in a combination of cash and an equity investment at a premium is also a significant transaction for dicerna under the agreement
since the first quarter of 2017 we provide you with the figures in terms of watching how convergence is delivering
its a report that will be published on the internet on our (webpage->web page) and there you will see more details
your first question is (*->is) there are some variable costs that actually did go away part of the reason why we actually didnt have any increase in our
we continue to improve our quality of earnings by growing the fee business thanks to the strong contribution of our own and (third party->thirdparty) products
the cost of equity has remained relatively stable even after the sovereign downgrade indicating that this was largely priced (into->in to) long bond rates
we continue to execute on our plan to reformat all our branches and deliver a range of integrated banking channels for our clients
the solution to the problem of what to drink when you are not drinking nonalcoholic it has 2 variants designed to be (drunk->drink)
by normalizing or (near->mirror) normalizing the oxalate if we allow them to cease doing the disease management it will have (a->*)
invest in npls another key element of the tax act is a provision that limits interest deductibility based on taxable earnings
automated platform also in terms of delivery of those cloud services that goes more and more into hybrid cloud and on the application space this is the data science
one of our fundamental strengths as (the wh->ah) group has to be the arbitrage of meat around the world we have to find the best market for that
more than half of customer care interactions and 26 of commercial transactions were done through digital channels together with
gordon did mention taxes really what thats all about is the timing of deductions and refunds versus payments
investment performance across the complex (continue->continued) to gradually improve including a notable improvement in several of our largest retail products
and was unfavorably impacted by weatherrelated claims in personal lines due to the heavy (rainfall->rainfalls) in certain parts of florida during the quarter
we need to stabilize high temperature products and improve performance of low temperature products
we must stabilize high temperature products and improve performance of low temperature products
and i would expect to deliver further progress against these measures in fiscal 17 in addition to continuing to execute our strategy
and the progress were making in our newer technology areas of data analytics and iot such as our messaging monetization service and secure global access
the syniverse and (mavenir->mavenia) partnerships bring to market a simple global connected platform that operators can use to enable messaging for enterprise customers
so i think this whole move of convergence is really putting us in europe and i could talk also of whats happening in belgium
we need to position ourselves in such a way that we can compete in a stronger manner
to this years forecasted last half i think itll be the same kind of story i think well be able to cut the loss by about half
on top of this agreement of acquiring the abb business we have also entered into a cooperation agreement (with the->*)
ive given you examples of how we will keep our premium core brands vibrant and talked about increasing growth in mainstream spirits in india
on the other hand they have immediately put a bill in place and passed it already through the first chamber of the french parliament
key drivers of the lower interest rate were the reduction of debt in united spirits as well as the maturity of higher rate diageo bonds
interest payments reduced with lower interest (costs->cost) as i shared earlier and we had a benefit from the timing of payments yearonyear
as brendan stated in his remarks we are working on opportunities in our wholesale and retail segments to better capitalize on the brand equity while taking actions to reduce our cost structure
so the primary focus we have now is on recurring revenue growth and so the best way to drive better cac ratios
i think if things are going to change in the future with these subscription videoondemand platforms if theyre going to ultimately embrace the kind of measurement we can provide
add value so either youve grown some share or youve done something so that these pressures are being blunted in some fashion
but while were in (*->the) early stages of assessing whether the timing has come under pressure due to the various market and environmental challenge that we just went through over the last half hour
this has given us the opportunity to grow the business with consumers licensors and retailers and we are leveraging our success into an expanding assortment of products and distribution
we are introducing the subscription so were giving people the opportunity to buy content (specialized->specialize) for their industry specialized for their geography
what we try to do or what i (try->tried) to do on this call was just give you (*->a) perspective specifically on subscription revenue which as you know weve been disclosing now for a while we do not expect subscription revenue to be
is influencing both driver and carrier behaviors leading to the continued need to refresh equipment or to add equipment to increase (drop and hook->dropanhook) opportunities
should the reason why we expect our business to continue to grow at attractive midsingledigit rates with the big media companies is because we are in fact doing this work
next digital content ratings our beta was a success our software has been fully tested by our partners and its now available to all clients
you can also refer to our supplemental financial information provided in powerpoint presentation format that further supports our earnings release
there is a high level of execution in our operations and business functions across the company which is reflected in our results but it is more than just solid execution and operational improvement
weve also done a lot of work to prepare ourselves for that so it wouldnt take us too long for us to at least bring the capability to offer it to execute on it to offer it for our clients
(*->a) factor in how theyve improved their (costs->cost) and then esterline is an important source to a lot of people so youve clearly had some pricing pressure along the way
okay do you have a view on what (chlor alkali->chloralkali) operating rates were for were in china last quarter and maybe where they are today
yes with (regards->regard to) strategic accounts (and->*) ive said this many times in the past these are binary and they typically happen at the end of the year so while the team does have
ill call out a couple of factors affecting the comparison incremental revenue from the dat acquisition was partially offset by a negative impact from foreign currency
just started to undergo a process to clearly identify what those targets may look like i will say that we want to leverage the
as well as incremental investments associated with strategic initiatives including our direct distribution model in europe and other international markets
so in terms of earnings for full year 2016 recognizing the productivity and cost optimization momentum that was displayed in the first 3 quarters
while modest this improvement would allow us to leverage the progress that we have realized from our continued operational excellence initiatives this past year
this technology offers significant material property advantages compared to existing materials including weight savings sheer strength and energy absorption
to be more services heavy in q4 as we have historically experienced that many of our large enterprise clients finalize projects before yearend
you can be assured that we are still driving improvements with our eye on the same goals and the same intention of creating a more valuable organization for all our stakeholders
its important to emphasize that while we were making significant progress there is some opportunity cost because of the breadth of the work that our team is focused on
trailer needs next year can you give us a little bit more context there just in light of a lot of these truckload reports where capex has been cut
it has been almost assumed and taken for granted in recent times but i think people are again realizing and remembering all the reasons why its true and
we will be able to shift the sales mix towards more recurring revenue which in turn will drive improved growth rates and higher margins
and the fluctuation in currency exchange rates in international markets we sell into may cause material differences between our expectations and actual results
the income tax rate in the quarter was a net benefit of 03 this benefit was the result of the lower net income and discrete benefits
which has adopted (a->*) comprehensive information technology governance policies and procedures additional details regarding our remediation plan can be found in our 10q
it is safe to say that our people and our platform are very (wellpositioned->well positioned) to meet that demand and to deliver the highest level of service in each of the markets we serve
but too often i think people think of this choice between highquality panels and big (datasets->data sets) as you have to choose one or the other and we just think thats the wrong way to think about (*->it)
our teams have created several enterprisewide resources to share sourcing data analyze our spend levels and track our achievements and our progress going forward
with a holistic solution to meet their learning and development needs which further differentiates cornerstone as a leader in corporate learning
it does exactly that and so whether im an advertiser or an agency im incredibly interested in seeing that clarity in the marketplace (*->and) ultimately
all point to this idea that this is a global phenomenon this is not one group or one industry or one region this is the whole world every industry
over the past several months weve had many oneonone discussions with senior leaders of our clients regarding the need to redefine the currency and (this->*) those discussions have been productive
our growth initiatives in both watch and buy are strengthening our competitive advantages as evidenced by new client wins in both segments and the launch of new products into the marketplace
we intend to leverage our position as the largest distributor of global online training with hundreds of millions of course registrations each year
it helps shift to more recurring revenue and helps improve the cac ratios at the same time were looking at a number of different approaches to cost containment
(but->so) it was literally the quarterly flow for this year with international revenues was exactly what we expected
investors should not assume that the statements made during the call will remain operative at a later time and the company undertakes no obligation to update any information discussed on the call
players in that space you notice that they start with the platform they develop their distribution capability and then they support that effort with more and more content
from dpg however not wanting to rest on any of these accomplishments we will continue our focused efforts to drive ongoing improvements throughout the business
in their view about the currency the more inclusive that theyre going to want to make it the more comprehensive its going (*->to) be the closer itll be to truly a total audience representation
our strong third quarter results are a testament to our ability to execute and gain client adoption in this rapidly changing and increasingly complex marketplace lets take a look
an important part of whatever it is they do (benioff->benny off) obviously talking about it with regard to sales enablement and how you train salespeople
and i think (were->we are) starting to see opportunities around the world to now continue to have those discussions as we go into 2019 and (i->*)
every best practice we can bring into the business from what iberdrola has (rolled wide->worldwide) and anything else we can find thats going on in the industry
right now where we see it is as it develops and i think most would agree that the storage is not
which we were embarking upon but we saw the opportunity to acquire an already (market accepted->marketaccepted)
so we can do that with renewables we have rate cases that are already in place that are going to help us and its getting more efficient with all of our operations
(someone->some) will travel a long way but not with frequency when we look at most of our stuff from (*->a) marketing perspective and our current
then the projects that transco has in the ac proceeding would be up next (a->*)
towards the end of this year and then also weve talked a lot about aggressively dealing with inventory weve done a lot of that in the first 3 quarters
this is what we feel most comfortable saying this is the foundation for a strong plan (*->and) we think its an ambitious plan and were excited (about it->*)
the other thing that happens in the unitary tax regime is sometimes states will change their allocation factors whether its
we completed the migration of (ambrose->amros) in q1 and during the third quarter we completed the accord migration
we continue to focus on controlling cost to maintain positive cash flow and look for any potential opportunities
i think we have a lot of flexibility and we have built these plans with the eye of being able to effectively scale up and scale down
so look at our assets and regulatory diversity that provides stability and predictability that you want to see in a company like ours
credits going forward so in that year so all the businesses improved but the earnings ended up being flat because of the taxes
and meeting your needs as investors so thank you very much and look forward to talking to you (at->in) a future (date->day) thank you (byebye->bye)
to continue to service the client with information and the data they need to do their job well continue to bring them costsaving opportunities and
so in closing i just want to say thanks for your attention we really feel optimistic
its probably fair to say that theres a little bit of (a->*) capacity going in there ahead of demand so thats one to be careful of
and you look at the acute care that you can deliver through a strong retail network you look at the other things you can do to (build the->deliver) star ratings (the->to) health plans and other things
we figure well be able to improve our automation and then get more system efficiency out of that
finally offshore this has been touched on a little bit and its really mostly falls outside of the planned scope but its (a->*)
so no change on a consolidated basis for that item but when you do look at the renewables results they look a little low for the year
i think you will definitely get a sense (theres->there is) a very rich opportunity set here and we really have the team to deliver in this moment so
we believe that by listening to our clients and offering tailored products that solve their critical needs
and unfortunately for us we scratch our heads with that because we (wouldve->would have) liked to have all this done in the backroom and (figured->figure) out how to solve these things
that said were looking forward to sharing a deeper perspective on our strategies and our longterm outlook with you at our december investor day
gross profit for the quarter was also weighed down by increased depreciation expense and 2 unusual nonrecurring charges
to put these programs in place because we in some cases we take risk on our ability to go out and contract these things
quick questions it looks like your operating margins were a lot better kind of relative to the rest of the fiscal year here
including all the things which weve already talked about and (john->jon) will be covering a little bit more as we go through the business segments
regulators currently authorizing returns and you make that judgment as to whether you can stay out our preference as i said from (*->a) rate perspective wed love to stay (out->up)
where you can then utilize it to help in the distribution system and then also for (the->*) transmission so youre bringing (in->it into) the
the what is how should we think about what you guys are exactly planning in terms of getting into the earnings sharing
(there is->theres) a more natural churn there with brokers and so forth and so some of that when you look at the churn its not any one reason youve got a couple (of->*) different market segments
what can we do to help solve the energy issues that were facing in new york and new england
and i think when we drill into the large money center banks were talking about a handful of clients
we could be facing a more moderate growth in us shale production in the coming years than what the most optimistic views have been suggesting
we value anthem as a client and we very much would like to continue working with them for the long term
but as i mentioned earlier i think our target growth model of midteens will have a combination of
number three you have nuclear plants upstate that while theyre being supported now by this concept of zecs zero energy credits
procurement is somewhat similar story we started on that quite early theres a lot we can do there in terms of bringing
make them more intuitive if we have something in the patients history even if they werent our patient at the time that were able to get and understand
(*->and) are looking forward to a nice easy year with minimal challenges and hopefully more opportunities
relative to our expectations we are realizing some early benefits from our efforts to drive greater efficiency and effectiveness
so its the smart move to pick your battles carefully and focus on the work that you think is going to be most
with the changes relating to the corporate transformation program and the organizational streamlining now well behind us
the goal this year is essentially to implement and put in place all the technology
times to drill each wells are beginning to shorten with one well being delivered in a record 16 days from (spuds->spots) to total depth
about this time (*->or) a little bit later last year announced (the->a) nike transaction which wasnt (our->a) new project but (we want->it was) to take some of our existing merchant capacity
of the repricing so we did roll those prices out but well see some continued benefit coming into
the tax equity market is still available although theres a lot of (wait and see->waitandsee) on tax reform exactly how thats going to be impacted
we provide endtoend digital business operations and technology services for their global asset management group
retail segment growth can at least pick up from kind of a 1 run rate improvement level
so just a few more slides on the financial aspect and then as jim mentioned well get into the more details (around->on) the businesses themselves
is really what tells the story here and were starting to get more and more case studies around the success of the technologies that we deploy
be as transparent as possible as to the results and be responsive to the comments that we received from investors over the last year
i dont know if its really directly impacting us per se with the constraints on the crude side
now for q1 of 19 we expect to be in the low end of this range now were going to have the normal impact of winter
have a great rest of the day this concludes todays conference call you may now disconnect
if you take out freight and you look at the commodity side weve reached sort of (*->a) place where we feel like
(*->i) feel like i ask you this every quarter but back on the balance sheet as it relates to your cash pile
just made recently to move into the next phase on shared service centers which is really around feasibility
of 2017 now unfortunately we have not yet been able to obtain the needed regulatory approval from the russian authorities so
and (well->will) leverage our leadership position in rfid to build partnerships and grow share within the core business
industry trend of a sector base does not overly impact you and i think were pretty good (positioned->position) for that
for future initiatives particularly investing in technology to drive further efficiencies in the stores operating model
we have to recognize that this is an important longterm customer decision that needs input and careful consideration
depending on the structure that we employ for revenue in these collaborations can affect the timing of the revenue recognition
within 2017 we reset several business strategies and tactics to enable greater value production shipments
field technology and customer connection (technology->technologies) were going to continue to invest there make sure that we have a leadership position
similar utilization rates in the second half of this year versus what you had in the second half of 18 or (was->is) there any
to put it simply we used to make too many pieces of traditional tv advertising and we used to take them (offair->off air) before they reach their full effectiveness
the additional activities that we have are focused on growing capability on
we believe this investment has been a key driver of our likeforlike sales performance along with the growth in passenger numbers
to have the initial (rate->read) has been very positive but we really dont have what i would call a fully baked
in each of our business units we continue these activities and as well a few additional target activities with specific market leaders
with regard to rail transportation we were able to level out the (effects->effect) from the reorganization of the segment
invest the total net proceeds of the (spreads->spread) sale into buybacks this year and no more and no less than that can i just be clear
reflecting the timing of various rollouts (where->but) we continue to expect sales to be up about 15 for the full year
as you know we benefited from a soft comparator in the fourth quarter last year as we lapped both demonetization in india
this focus on returning to profitability is our overarching mandate and is incorporated (in->into) all of our initiatives
we continue to evaluate opportunities to grow the business in additional areas where we can leverage our competitive advantages
at one point (early->earlier) in the call that you had a little bit of a pickup this quarter just trying to understand how youre thinking about that going forward
against the first quarter we are very very excited and optimistic of (*->a) continued organic growth
weve changed the way we innovate quite significantly and (were->we are) pleased to see that our innovation pipeline
meanwhile our large store in heathrow terminal 3 is currently being redeveloped and will open in the next few weeks
across all categories as we started to see these new products come online in our stores so
down modestly worse yearonyear than the third quarter simply because the fourth quarter comps of last year included
that begets inflation it drives up our raw materials in that market and weve got to get pricing to offset that which were doing
this includes a couple of very significant wins for us in madrid and rio de janeiro which ill come on to in a moment
issue stock as consideration for the transaction which is a good tax answer many times for (*->a) closely held (companies->company) so
its terrific to see the acceleration of product revenues unfold in 2017 our new guidance range for product sales
line id like to point you towards is the (5th row->fifthrow) return on sales this is also excluding the cost of uplift
in 2016s difficult operating environment we have focused on driving new business gains by helping customers to lower their costs
can be found in our press release posted on our website at knowlescom including a reconciliation to the most directly comparable gaap measures
and we continue to invest here to provide new formats to landlords as they reconfigure their space
better in the stores i would say were if you ask us where we are on that were just getting started
the business has faced a number of challenges over the past few years in particular sales growth has been volatile
weve been at or above the high end of our longterm target range for organic sales growth for the past 2 quarters
relatively longterm view of the business and so i dont feel like the (cupboards->coverts) are (bare that->barred) are going to need to be restocked per se
so we expect to leave the year with very good momentum and fewer hills to climb the external environment
original gallium (nitride->nitri) devices for gas sensing are also fabricated on gan on silicon wafers
customers that add value to them on highend platforms and that were being very successful in
this part of the power management market addresses about 50 of the overall pm market and supports many end applications
which are not yet in the first half so i think on the volume and pricing side (will->*) be more skewed towards the second half
by individual salespeople (it went in->within) swisher and obviously thats not how we distribute our product for safety reasons
the first store opened in gatwick before christmas and is delivering for us very pleasing results
so lets turn to retail branding and information solutions while we are the clear leader in the apparel labeling market
as you know we integrated the polish rail activities into the (metrans->matrans) group and gave up unprofitable routes
and ultimately we look at that were going to start lapping those comps starting a little bit in the first quarter next year
that go well beyond the performance possible with todays rf soi processes and will provide us a strong competitive advantage
ill go back to what we said early on which i havent talked about maybe in the last quarter which is the open nature of the platform
in contrast the forecast for scandinavia and the baltic region has been increased again
theres 2 major drivers that we are looking at for growth organically
our acquisitions in personal care contributed increasingly to usg through the year as we started to anniversary them
so if we look at net debt the group continues to have a strong cash position
continues to be challenging and its mixed but we believe manageable from an economic standpoint
as in previous years the biggest contributor to this margin improvement continues to be category mix management
we have strengthened our partnership and processes with key vendors to provide consistent and reliable products
while overall market volumes are soft there are plenty of opportunities for new sources of growth
in parallel were growing and choosing what proteins to target in what applications and markets
and i think we spent a great part of this year building that compliance team and those capabilities
(*->and) obviously the third one and an important one that we are reporting to since a couple of months
i think youll always see that as a part of our lineup a couple of things that i will mention (is->*) as far as the time line first
later on todays call i will provide you with an overview of how we are benefiting from one of our more recent deals
the only shift id say from the trends weve been seeing is really in russia where (it->its) stabilized a bit
pockets of deflation overall things are stabilized and we dont expect much impact this year going into next year
you mentioned mining (you expect->expected) to rebound in fourth quarter on easier comps but you also mentioned benefit from new sales
either in the cloud or on the apps processor and theyre finding more and more applications that can fit in this processor so as you go throughout the year and the products (are->*) introduced well talk more about the use cases but they for sure are expanding
and so these are technologies that theyll turn off in very dire times but they will end up turning (it->them) back on because its not very smart economically to have these turned off for (a->*) long (period->periods) of time because youre going to (be->*) basically blow out your pipe
so (i->*) its a little bit hard for me to commit to that although i think (there is->theres) one customer that is (desirous->desired) to press release with us on what theyre doing at 300millimeter but for the most part i think its just to track the revenue and listen to the calls watch the numbers
these range improvements were a key driver of our seasonal performance with christmas cards wrap gifting seasonal (wigigs diaries->wiggings darries) calendars and decorations all delivering a strong performance over the christmas period
this past quarter we announced availability of design kits for this process which enables us to broaden our customer base in this new served market we are seeing strong interest in this technology with multiple highend serious engagements
to summarize we remain pleased by the overall margin performance of the businesses during the past 2 years as key markets had continued to contract along with strong potential presented by new product offerings already developed or in development within the group
thats why we have the confidence of the greater than the 25 but its really based on what the customers are telling us and our judgment of the reliability of the customer and their own markets and their position in their own markets
and as i keep saying it is impossible to predict how many tenders will come (onto->on to) the market each year but we expect to continue winning between 20 and 30 units in an average year well into the long term
well continue to monitor these results closely while at the same time were developing a trial for smaller stores as well as a lowercost version and of course well keep you posted on the results of those trials
part of that is making sure that we are (trend right->trendright) and that our styles match today what our customers are looking for and then focused on innovation and so youll see us
as always value creation for shareholders (remains->remain) central to our plans and so well continue to focus on profitable growth cash generation and optimal use of cash whilst investing for the future
customers recognize that our audio solutions are optimized to deliver the best performance for these types of tasks and this is resulting in strong design activity across all types of iot devices for our microphones as well as our audio processors
our strategy of effectively managing our space and assets continues to produce strong cash generation and sustainable profits gross margin was (wellmanaged->well managed) up 80 basis points in the half
within the present (served->serve) market by doing activities such as we had (announcement in->announced within) china that we didnt specifically talk about in this call because no specific progress was made (no->on a) material
our successful high street strategy remains unchanged we continue to deliver on our margin growth and cost savings with more to go and well continue to work on how we use our space to best deliver the strategy
we also saw installation services were additive to sales we believe installation services helps us improve our brand and increases our access to a wider customer market (we->*)
so im really not that nervous about what we believe is going to happen in the raw material markets which we believe raws are going to move up next year but we do believe (were->theyre) going to move up in a fairly orderly fashion
with the promise to provide innovative and robust products and (improved->improve) responsiveness taking root we look to further develop our midwest channel and begin expanding our indirect channel into (*->the into) additional regions of the country within
this includes our ongoing work on space and category mix management improvements to store layouts and environment as well as developing store formats that position us well for the future
for full year 2018 we (were->are) pleased to deliver 11 top line growth with strong operating leverage ahead of the expectations we had in the beginning of the year and well above the growth rates we saw in most of the end markets we serve
and didnt reflect the store set that you see in one of our current new store openings meaning that we didnt offer everything in those stores i would say probably about
we already have a huge installed base of information collection capability we want to make sure that we fully leverage that to our advantage and our customers advantage moving forward so thats going to get an area the second would be talent
truly owning that customer experience with somebody else at the helm in terms of the installation so weve really focused on installation training and well continue to do that that will always be a big part of what we do
this additional space combined with strong promotional offers and our increased focus on design fashion and product quality has helped us deliver a very strong performance in stationery during the half
and i think that exits that dont meet (expectations->expectation) is going to have a significant chilling effect on ongoing investment by private equity when that starts to really
lead customers really dont like to give out what theyre doing and somebody thats working on an advanced platform its not necessarily that straightforward to do a joint press release
weve had good interactions with multiple people within the government and i think that theres a lot of excitement to move forward but the next milestone has not been hit yet
so they would be done i would call it opportunistically because we thought it enabled us to either grow faster expand faster or supplemented our technology in some way that was beneficial for customers
that deterioration was a function of additional promotional activity some of the clearance work on (bamboo->bambu) and engineered categories as well as the same obsolescence and mix effects of installation sales we saw in the yearoveryear comparison
by the end of 2016 we will have replaced over half of our product with a fresh contemporary line most of this assortment is in our stores today and customer feedback has been very positive
our extended gifting ranges performed particularly well and our new fulfillment center in guernsey enabled us to (meet->make) record levels of demand for both gifting and (greeting->grading) cards over the key events in the period
this effort will yield us a (cadre->category) of targets that will allow us to utilize our strong financial position to accelerate our growth and diversification efforts while leveraging our strong competencies in manufacturing execution
something (they->that) were doing with our platform there but i think probably the strongest way to measure us is just on the continuous quarteroverquarter growth and what well be updating on
as we look at the next several kind of (*->called) quarters matched up with the order season which we said (has->is) kind of pushed out into the q4 q1 time frame were not looking at material costs that are terribly dissimilar to where we were at this time last year
and in addition to madrid were also pleased to tell you today that weve won another very significant tender which will see us open our first shops in south america in rio de janeiro
we were correctly informed (that->at) the moment that the expiry date was there that they had not the intention to exercise and so i think both parties
run what we think will be the final clinical study to result in the full licensure but really work with those veterinarians to understand the therapeutic gain increased confidence in it
each of these categories are providing net savings ranging between 5 and 8 weve been actively staffing the procurement organization and we are now at 80 of our expected staffing levels
will help us and then as we roll out the final solution set those individual links to that (middle ware->middleware) if you will just go away and theyre seamless so i think the approach weve taken
going back to the points (*->you) made earlier about your improving financial flexibility i know you gave some sort of guidance around your debt (rating->raising) capability in the past when we were discussing
after our external assessment of our senior leaders in the first half of 2018 we quickly developed and implemented our internal talent review and succession planning programs
and (*->we have spent) considerable effort to minimize future volatility where possible across each of our businesses we are attempting to provide our investors and analysts as well as the entire market with the best information we have available
about their experience with entyce so we believe that our enthusiasm for entyce is shared by veterinarians and pet owners and the primary quantitative metric by which we are measuring interest
despite a slowing global economic environment and these dramatic fluctuations in oil prices witnessed in our fourth quarter we continue to execute on our specific growth initiatives to drive our results
consistent with the third pillar of our strategy around capital allocation we will continue to be disciplined capital allocators to drive longterm value for shareholders
we remain focused on our balance sheet with greatly reduced debt (*->and) leverage as our goal were looking at the possibility of monetizing certain assets
in the data business the number of subscriptions continued to decline yearoveryear this was again partly offset by a more favorable average pricing
we will continue to drive efficiencies in the management of our new product and innovation efforts through improved project selection at the group level rather than our historic individual division (use->views)
our performance was impacted by the anticipated factors which i discussed on the previous slide we continue to expect revenue growth for fiscal 19 to be concentrated in the second half
we see this cycle as very normal and thats why for this quarter weve shown you in our press release how our loans and deposits performed with and without former american chartered loans and deposits
and paying down debt and then more recently with our stock price where it was we did have an opportunity to go out and (buyback->buy back) stock at a price that we
quite well building a balance sheet with superior profitability and lower risk in 2016 another one of our strategies for building a great company is to diversify our profit and revenue sources
american chartereds revenues and fees and loans and deposits are fully present in the fourth quarter but only partially present in the third making it hard to understand balance sheet growth
however we expect to make up most of that in the remainder of the year based on current inventory values presales already in place and the expected lower (*->way cog) going forward
how are you thinking about freight (if->*) and i know its not easy to separate from weather right now but do you think freight (costs->cost) for your system are going to moderate later this year
the divestiture enhances our financial profile and further concentrates our efforts in our leading and growing consumer healthcare platform which well talk about in detail (in->*) later
during the lunar new year period we do see a reduction in construction activity and so youll see a little bit weaker demand during that period and youll see the inventory levels
second it means that the bankers who came to (mb->nb) from american chartered were intensely focused on helping their clients get through our september systems conversion (and->in) the aftermath
taking our hr function from that of a purely transactional organization to one which recognizes the value in and power of our human capital and serves as a true partner to our business
within our downstream business we see continued positive momentum in both refinery expansion and (petro chem->petrochem) this is driven largely by growing global population and increasing prosperity
factors that would tend to reduce our gross profit percentage include a shift in mix towards pinpoint and dermacell which are currently toward the lower end of our gross profit range
pat will follow with information related to investments and investmentrelated activity along with some additional commentary regarding the companys overall finances
we then have a room full of people running that modular toolkit if you will against every site we have then each one of those sites get on a conference call with our inventory expert
the primary variables of our guidance will be rack margins for gasoline and diesel crude prices remaining around current levels and drilling activity remaining stable in our core basins
as we conducted our planning for 2016 in the late summer broadly speaking our options were to either remain static in terms of the size of the sales team
and the primary quantitative metric by which were measuring interest is the number of clinics that have ordered entyce and we are pleased to be well ahead of our objective on that metric
and from here we really do look forward to continuing to position aratana as a collaborator of choice as we continue to further define and execute on the exciting pet therapeutics model
to the country teams are in decline and we have seen a negative development in the license business for (*->our) football clubs particularly driven by the exit of chelsea
so no change from our previous and then the only thing i would say is that we as we picked up american (chartered->charter) and the investments there i think i believe we had a little bit more
and we continue to make progress on freight and warehousing costs experienced in fiscal 18 we divested our household business which is positive to our financial profile
does some kind of normalization the last (two->2) winters have been much warmer than normal so to keep going back to normal seems like youre banging your head against the wall
and as they now begin to fill up that would also improve the situation so we have seen a better balance
that we pulled resources from other areas on to focus on that particular program and thats a great example of those 2 working together to really drive an improvement in our business
and further well continue our commitment to bring additional diversity into our business one example of this is our joining of the 30 club which entails a commitment between our chairman
weve selected our goforward enterprise technology platform as the microsoft dynamics 365 platform and hitachi solutions as our systems integrator and our implementation partner
that providing new anatomical and physiological information to the physician at the point of care will lead to significantly better decisions
compared with the (year ago->yearago) quarter average price per acre increased significantly due to a much smaller proportion of sales (for->from) montana where timberland prices are regionally lower
ill close out by making a few comments on the outlook for this year 2018 began with very strong oil prices which supported expansion (and->in) larger programs
open the calls up for your questions (novadaq->novadac) is a fully functional medical technology company now with an effective sales team
i will note that the weather in southern oregon was particularly severe and we lost several days of harvest activity and incurred some storm damage on our property in that area
what happens is as those prices (stabilize->have stabilized) now (we->*) weve built all those increases into our bids without affecting our win rate
which is more efficient allocation of resources and we expect a contribution
we are in final negotiations to complete the bayou divestiture and expect to complete the transaction by mid to late august
that covers the highlights for the quarter and ill now turn the call over to rui to talk about our financial results in a little more detail
and this should be particularly noticeable in the first quarter as that 9 basis point recovery we had this quarter will (be gone->begun)
so could you elaborate more on that and what could we expect in the future in terms of additional
so going back to your question because of the paypay online implementation
the delays which we believe have now been resolved were associated with the customers implementation of a new payment system
to (zeroequivalent emission->0 equivalent emissions) with no commercial constraints on supply or technological readiness
and thats why were going to have a financial intermediate holding company as i mentioned earlier in my presentation
we like managing to reach the (number->numbers) so we will make adjustments so that we could reach our numbers
we will provide updates in the coming months as we work through these processes as well as our assessment for our remaining international footprint
in our next slide we talk about net income we see here
we disagree with this draft decision for a few reasons it creates new uncertainty in the market
any of the 2 businesses to bear any extra losses give me another month or 2 and i will clarify everything for you because
in terms of not just cost of operating the business but also maybe a more friendly
and as you can see from the chart on the right north carolina production has increased significantly due to the communityone acquisition
has been taken out so that the best practices can be shared and put into a separate company
gross margin was impacted by unfavorable cost variances associated with lower production
and used the proceeds to make a capital contribution to essent re to support the ongoing growth of our bermuda business
similar to lloyds our international specialty segment continues to experience challenging market conditions
and whether it be media or for commerce we will strive for further growth
when it comes to (stamp->stem) prices were more or less in the middle of what we see
so i shared this with you in the previous results meeting as well but going forward
as we have expanded our commercial footprint (in our->and are) expanding our penetration beyond the initial contract win
we still strive for certainty and stability for all stakeholders in a declining market and that means that
there will be more users who deposit money or have a balance with yahoo and we would like to offer
its going to take time because (the->*) users that participate in (the->a) campaign
and much more job certainty for the people working in that market
i would just like to thank all of you for participating in this call thank you and have a very good day
and external options to identify opportunities for additional shareholder value creation
we are ready for the challenge and excited to start (a->*) new chapter for westport fuel systems
compared to 57 basis points for the second quarter and 55 basis points for the third quarter a year ago
to serve attractive end markets as a global provider of highly engineered advanced materials
and the other one is back office where the (tellers->tailors) take the checks and then they scan them all (in->on) a batch at the back of (the->*)
options for paid search advertising have been introduced once again so for paid search advertising
mismatch of timing wherein the commercial paper had been raised and the money had not yet (flowed->flown) to government of india
we are generating strong cash flow while cautiously investing in those areas of our business
give you any expectations about (expenses dilution->expense evolution) but
competition because of the fact that market is so strongly declining and what we do see
and thats what you see forecasted here in the gray bar on the left side
this base of recurring payment processing revenue provides stable ongoing revenue from which to grow the business
a large part of that was also due to the growth of losango who
was not quite easy for me to get your first question could you maybe repeat the point
i think we can all agree that the opportunity in our existing customer base is already quite substantial
to work together with (sandd->chance) people to further detail out our implementation plan
for our repayments and on the contrary of all those discussions i am glad to mention that
now this is admittedly a small number but we hope to see continued improvement from these products going forward
now speaking about net debt here we have a significant decrease
they havent been able to (post->pose) such high growth as you (were->are) able to do it and
our objective is to have nominal and percentage reductions in expenses
and we achieved those good set of earnings despite
all projections are subject to risks and uncertainties and actual results may differ materially
that in a market that is so rapidly declining it also has a very negative effect
so how is that accounted for in this outlook please let me know as much as possible
what we saw in the what we reported in the quarter isnt terribly different from previous third quarters
we are excited about the strong earnings outlook for the second half of the year and look forward to providing additional updates in the next quarter
while the other one is still moving ahead on track and we hope to close that (bit->bid) in the marchapril time frame
and (well->will) offer (sandd->sent) postal deliverers a job against postnl terms
the matrix management of expenses is working quite well
when there will be a decision of acm and when the decision will not change from what we see
if (we->you) think about q4 we saw particularly strong consumption and sales in the core lip care
to have the expense leverage to continue to improve as the expense ratio goes down and then as the book seasons
at luxfer we strongly believe that our best days are still ahead of us
second we continue to be pressured by rising commodity costs and ongoing inflation
got it and then in terms of the with the new
we entered the second half of this year with an active and robust sales pipeline of approximately 400 prospects
associated with defaults that were in the portfolio at the end of the year and in addition as we settle claims we have
but the working capital requirement related to those contracts are the normal working capital
its like search and shopping (a->*) long tail user experience we believe (is->its) important as well
and we have personally invested our own money into westport fuel systems
are in the final stages at this time and have you seen any variation
given the first quarter results and the improved outlook for the remainder of the year
i think we feel very confident that we can continue to deliver healthy cost savings well into the future
we set a goal to get a capitalization that would give us the capability to
because of how we have built and shaped our business over the years we are now able to provide these labs with the ability to provide
for the ldr but can you tell us about your target going forward with the change (thank you very much->*)
contracts on your existing book of business which frees up more dollars for investments i understand you expect
the yield that were getting right now its not going to get much better and generally the amount of (molybdenum->molyb denimum) will fall
weve been seeing improved quoting activity and order flows though order sizes have been much smaller
the cash effect of this charge and the existing reserve will be incurred over the next 15plus years
and therefore the assets will be also transacted at fair value so we do not expect any hit from this transaction
and focus on downside protection during the frothy credit markets of the recent few years
because we have internally developed capabilities ranging from innovation to platform development to manufacture
please refer to our earnings release issued earlier today for a reconciliation of our nongaap adjustments
have you seen increased volumes related to (their->the) large acquisition and if not do you still expect to in a meaningful way
thats why the recovery is coming slowly and not immediately visible in the profitability
it is also estimated that over 70 of women will develop the (candida->candidate) infection during their reproductive lifetimes
these encouraging signs of new activity (leads->lead) us to believe that the bottom of this (down turn->downturn) is behind us
where we were clear in saying that we thought it was good for the danish society
this growth in market share is consistent with the trend we have witnessed for several years and is in part
you can see that after (nine->9) months we have basically doubled the customer base and we still have
that model has generated engagement 8x higher than average depending on the specific device used
on various products along with production capacity discipline and price increases in raw materials
this enables us to assist the consumer throughout the sales process from design to installation
this is providing us with feedback giving confidence to us that our strategic approach is on the right track
we will continue to focus on driving industryleading top line growth and profitability
the second is as over the past few years we have kept investing in some of these new higher
and when were talking about other metals like nickel our results are
thank you operator and thank you all for taking time to listen to this call today
we have also analyzed the new bundle model and believe the downside risk of (these 2->this too) are modest
please note that based on the timing of certain working capital changes and maintenance capital expenditures
and i know weve talked in the past about how you (had->have) unique ways to keep your content cost down
our strong cash flow generation has enabled us to grow both organically and through acquisitions
reporting every month so i dont have the information right in my hands for the channel growth
we just want to make sure weve got a lot of them growing at the same time so that we dont become too heavily exposed or concentrated
move these clients up in terms of their annual spend the one thing we dont control is the timing but
the first quarter was not as good as the second quarter in terms of
this is especially true in the diagnostics field where little to no vertical integration has occurred
moving processes for the first time tend to do so on an fte basis (that->it) allows us to provide
before taking into account any other (cost->costs) and expenses associated with the offering of these services
statements made throughout this presentation are based on current estimates of future events and speak only as of today
(*->the) proposed rule is in the (comment->common) stage and we do not know if these incremental changes will be sustained
from spain and imported it into dundee in the northeast of england so that gives us a lot (of->*) more flexibility going forward
the increase in revenues stems mainly from higher fabrication levels throughout the corporations operational units
in this environment so we are working on development of some of those products
i wonder if you could elaborate on why this increase is occurring
and we are the only postacute provider that will have all of its patients on an electronic medical record system
but by implementing these projects below expected cost weve been able to further drive the growth in incremental margin
our hybrid model which again incorporates both enclosed and open air provides us with a distinct advantage
so we terminated that buying activity the other thing that occurred is
the increased usage of aluminum in automotive has been the primary driver behind our growth activities
wouldnt you think that with the strides youre making and given that cardiac and stroke are so closely related
but i think the most impactful for us has been the number of people being driven to that
cost savings and modestly higher capacity utilization in the fourth quarter
i will now hand the call over to jim to comment further on our operations and market conditions
an increase in underlying ebit will be offset by increased depreciation and interest costs
we booked a net reversal which had a positive effect on the financial results
what is significant is that the approval was granted just 3 months after its submission
we could not be more pleased with the strong operational performance by our managers in the field
(*->trade where) we trade and you want us to be fighters and (we will->well) continue to do what were doing
a substantial portion of this rebate stems from the increase in specialty drug utilization
all of which gives these guidelines significant credibility within the physician community
as evidenced by the (tubi->tobe) roku and (xumo->zumo) agreements i also discussed
which included acquisition costs and also amortization in respect of acquired intangibles
its one of those things where you get a number of claims coming in
weve made excellent progress in adding to our portfolio of new york state department of (healthapproved->health approved) tests
its also important to remember that the move towards technology (*->and) enablement and automation
to the midpoint of the revenue range consistent with april guidance in prior years
the opening of this new hospital will depend on when we receive the final (con->co)
available to the companys 24 million user base (has->as) an expansion into live sports programming
supplying the type of product that we believe the market would be willing to buy
all the more reason we continue finding ways to continuously improve efficiency
im also pleased to announce that were in the process of expanding our aerospace presence
we think (and->*) we are cautious that we may peak out at these levels
talking in right now december 31 so the facility will start to move up
benefits of trex versus wood are resonating with both trade and consumers
execution of our manufacturing cost improvement initiatives and increased capacity utilization
now i would like to go into the presentation and first
despite a not very helpful environment also continued steady fundamentals and trends
in order to deliver operational efficiencies the networks business is also moving to a national functional structure
we said our approach to integration would be from the perspective of best of both and we have been true to this ideal
(and->*) one of the bigger challenges that we have as you can appreciate is in our large project businesses and so in businesses like
this was taken from a public information source its a summary of
significant factors that could cause results to differ from those anticipated are described in our earnings release and our filings with (the sec->*)
help us to understand how these reserves are going to work in a rising interest rate environment (how->*) are you going to keep
i think one of the (larger->largest) themes at the paris air show was that defense spending actually looks better
market we really have not seen any material improvement when you think about the business around the world a little bit of
where we believe our customer shops and so were kind of evaluating that now
but what weve said is that we really havent seen it it didnt show up certainly in our order book in the first half of the year
need to maintain the metrics around and we feel confident that we can continue to do that
(*->but) we also see a lot of very good sales initiatives throughout the company
how are you guys thinking about that potential threat to your business and your ability to extract pricing
our team across our entire footprint continues to look for and challenge but from a pricing
we are clearly in a scenario under which the interest (rate we grew->rates will grow) by
from our existing hotel clients in part because of the ease of use of our new digital booking tool
as our loans and securities reprice additionally we expect to continue to harvest cost savings from our recent merger integrations
both rebounded a bit (on->*) in the fourth quarter a bit stronger performance in the middle east and in africa
in the first quarter anything specific i know its early in the year and its a small quarter but
that im fully reassured quite yet and the reason i say that is i regard volatility (adjuster->adjust)
to mercers proprietary investment manager research opening up a new distribution outlet for mercer
increases in all regions of the world and were also seeing increases really in both mobile
there will be different number of people who apply and they may not
this is the same slide as the one used during the mtbp meeting in may this year
while we dont provide quarterly guidance please keep in mind that last year spring product deliveries
thats created the issue for us but what i would the way i think about it is largely a timing issue
now were much more focused which we think will allow us to stay in stock on (bestsellers->best sellers) chase the winners
we (believe we->*) are well on track to deliver on the financial targets that we set out in
since we had the opportunity to discuss this transaction on our first quarter call i wont go into great detail on this
as this guidance indicates we remain committed to balancing growth with increasing profitability
the growth that might be expected for the business in fy 18 because we dont have a number of
now lets go into the different markets i start with europe
as dan mentioned we expect to close in the spring and would then be in a position to update our guidance
we continue to grow with our international partners and see significant opportunity for growth in these markets
excluding these impacts in both quarters operating expenses would have been up approximately 7 (the->and)
we had a decline in europe largely attributable to weaker orders in the middle east
we are also investing in renewable and power generation to contribute to australias cleaner energy future
on the other hand there are some risk factors there as well such as
id like to remind everyone again of the impact that the 2 merger closings in january
could you remind us if we as weve gone into past recessions is there a lag like how should we think about
based on the positive reaction we received to the new collection i am confident that we are on the right path
in payments so like a lot of the fueling guys are trying to do mobile things or have your car turn the pump on and so
we see demand for chocolate increasing with higher income per capita in those areas
while electric sales in the first quarter were below expectations we expect sales to improve in the second half of the year
before we are able to really get to the point where were offsetting the inflation that were seeing
positive surprise but as well all other markets were doing well now
earlier in the year although the average didnt move all that much and capital levels do remain strong so
dan has had 2 successful years leading the ir team and will soon be transitioning to a new role
that we sell into and i think more than anything what we need is we need predictability and i think
because theyre taking more room nights with us we think because of that tool when we study the users of the booking tool
were restructuring our businesses to improve competitiveness and returning cash to shareholders
we have a deep bench of talent throughout our firm and take succession planning seriously
where we continue to see a (vshaped->vshape) recovery in the construction machinery market in china
the third transaction thats still out there was icon (ive->i) talked about them for a minute i was in houston
and the detail of the final plan will be contained in the exploitation plan or development plan
yes i think weve actually processed the last bit of ore (that->*) was scheduled to go through the mill this week
can you just sort of like give us a little bit more color on whats driving that was it all sort of the incremental growth from the online booking tool
(*->to) the hard work to reduce our costs and to improve margins as we go forward
the company opened a (both->booth) in recent (ceatec->citic) and attracted a great attention
discussions of these nongaap measures and reconciliations of them to their most comparable gaap measures
was there anything unusual i know you guys said there wasnt really anything out of the ordinary but what sort of drove that increase in the quarter
the first one if you look at europe then if you look at the whole political situations the elections
and are working earnestly towards figuring out things that (theyre->they are) doing in and around their own business models
so i think that is all in place but at the end of the day in combination with
given the size of what the federal government is to our particular business im very unconcerned about it
the corporate payments category continued to perform well and was up 28 organically during the quarter
due to progress within branded consumer goods and good contribution from orkla investments
in russia there are some investment projects in progress in the areas of natural gas and chemical
id say were pretty comfortable at 8 because it doesnt require really a lot of delta sequentially in what were doing
the increase in comparable store sales was driven mainly by an increase in the number of transactions
and im happy to see signs of improvement in the weight management categories
representing another year of significant reinvestment in building our business through acquisitions
i think were comforted by the fact that our position in the market is so strong and our ability to obtain allocation is obviously quite important
and those new investors are truly right on the front end of the value creation for us where they can have a great experience in their first fund
i was wondering if you could talk to the decision to grow the development pipeline and maybe comment on land prices and construction costs
which are subject to risks and uncertainties actual results may differ materially and the company cautions (do->to) not place undue reliance on these forwardlooking statements
and the anniversary of the expiration of the service contract we previously discussed at the beginning of q4 last year
dont really know exactly whats going on in chicago its been a struggle for us throughout the market so its not just any particular part of the market
this is important because industryleading shows enjoy a strong network effect that attracts the greatest number and the best quality of exhibitors and attendees in the marketplace
i just want to understand better your change in tone here is it more about the macro outlook or
any forwardlooking statements made today do not guarantee future performance and undue reliance should not be placed on them these statements are based on current management expectations
(*->the) kind of the new company volume the returning company volume and the categories that we have in the show we also anticipated that the recent
weve been working on both of these initiatives long before the spin and are pleased to see them making progress consistent with our plans
we remain confident in our process and as the markets normalize that our relative performance will revert to more acceptable levels
as well as noticeable equipment repositioning costs as we shift more of our international capacity towards the middle east and russia
and netnet when you weigh all the positives against the one challenge i continue to feel very very good about our ability to drive
also the presentation we make today contains pro forma or nongaap financial measures which we believe are meaningful in evaluating the companys performance
these statements involve risks and uncertainties that may cause actual results to differ materially from the statements made on todays conference call
as we said last quarter the growth of our credit business will take time but this quarters results demonstrate positive momentum
while reducing operating (costs->cost) through ore crushing efficiencies even with an increase of the ore material (hardness->harness) index
our isometric marine acquisition system remains unrivaled and represents one of the biggest engineering achievements in the history of our company
in closing im pleased with the steps weve taken over the past few years to improve the operating performance of our business and reduce fixed costs
no it probably wont be part of the summer show and ultimately the market will see a consolidated combined
the ability to take data look at historical trends look at machine utilization and come to better judgments on
the (improvements->improvement) seen in the first part of the year on the business side and as well on the capital position are confirmed by todays (results->result)
taken together will challenge future growth and profitability for most legacy investment managers however
if we determine that we need to update our projections to reflect the lower baseline coal utilization we will as we have done before
which is intended to be an objective evaluation of the secular headwinds and also the opportunities currently facing our industry
corporate profits in many cases have stabilized and have begun showing growth yet we have not seen this translate into more robust lodging demand at this point
a business we started over 12 months ago focused on providing an integrated completion and fracturing offering in the unconventional market
with a little bit of optimism for infrastructure (pick up->pickup) is there an appetite to refleet in any way or is it really just putting
up and running it didnt mean we couldnt do payments before it just we couldnt do forwards and were not doing forwards in the bank yet
only (show in->shown) our portfolio that uses the entire exhibit space were going to benefit of that on the comeback and in fact well expect to sell this show out
and the reason for that is that our own operating units are processing more than what we (have->had)
we have reached the end of what we call our countercyclical business development program and we are really shifting our attention to project execution
before we begin ill remind listeners that during the course of this call we will make forwardlooking statements within the meaning of the federal securities laws
before i provide the numbers for the second (quarters->quarter its) instructive to point out that despite our outperformance in the first quarter we are maintaining our original full year guidance
however many of the other segments have weakened which is consistent with the general economic trends and slow growth others are reporting
on the equipment that we provide so i mean this is nothing new for us we have (weve->*) already made significant investments into this we are quite competitive
share gains in the first quarter weve held steady here and we believe that we will see future share gains there so i mean id like to have the same
i think airline capacity is actually growing and (it will->itll) be higher this year than it was last year so not to be confused with
the nonoperating results were primarily due to unrealized gains and losses on our seed investments
the challenge will be to execute strategies that can deliver more for less by staying focused developing talent
particularly for the mexican projects we have to be sure of what we want to do and how we want to do these projects
although these were partially offset by stronger (sis->sas) software sales and increased product sales from the drilling and production groups
were studying that question not only with data and analysis but were also talking with our customers about (the->*) specific units and fleet operational plans
prior to this change distributions from our japanese subadvisory business were recorded in net flows
we capitalized on higher demand for product support from other customers and our team has done a commendable job implementing a mitigation plan
the overall pool looks the same feels the same i would say in general we try to keep a particular look at the pool that we hold
and reinvestments are now classified as inflows prior periods reflect these revised classifications
the first and third calendar quarters are disproportionately higher than the second and fourth which is typical of the trade show industry as a whole
you end up getting these reclasses between interest income and credit recoveries or credit (impairments->impairment) that are difficult to predict
extend our leading capabilities on the online travel side of the market that largely consumes our web services offering to enable their business
were convinced that asset managers who are focused on a limited number of historically inefficient markets with strong brands
situation with (a->the) big impact in 17 behind us we have a couple (of->*) other things that i cant disclose going on in the portfolio that are positive
weather in russia and central asia mainly affected wireline although this was partially offset by record highway stimulation operations
our estimated range for full year organic revenue growth of 0 to 2 reflects good growth in many of our brands
and just in terms of investment activity over there whats going on in terms of development or anything on the acquisition side
we started doing that in part because we couldnt find product in markets or submarkets where we wanted to build out our franchise
here with me today are ron havner and john reyes before we begin i want to remind those on the call that all statements other than statements
to (exploration driven->explorationdriven) organic growth drove increases to premium net resource potential of 22 billion barrels of oil equivalent
as well as cash restructuring associated with our (cost reduction->costreduction) actions and certain spinrelated cash payments
and stability of our cash flows we believe that our business can more than adequately support (this->the) somewhat higher leverage amount
and knowing that youre making material of the highest quality and youre seeing the results of that in our clinical data with an excellent safety profile and outstanding efficacy
the main challenge for us is that we have a record backlog and we have to transform that into sales and that means that we really have to ramp up the production in our facilities for the water business
on migrations its always better to be on the newest platform but frankly the existing platform is satisfying a lot of needs for existing clients and
where it came from if it was i dont know all us or only asia if there was some sort of (*->sku) there that was the first question and the second one
we then leveraged our post partnership to promote and drive awareness of this and the result was we increased our new member signup threefold over the previous quarter
we have many enhancements to our loan experience and our road map over the next 12 months which will continue to improve the convenience (to->for) our users and dramatically improve the efficiency of our platform
this additional revenue was driven from a combination of new customers visiting our resorts existing customers returning and adjusting the rate where demand is high
we could have offered to buy more shares and the balance that we came to 5 million shares was what renova was willing to do at this point
where we can achieve marketleading efficiencies we will consider opportunities that allow us to enter at an attractive price point with upside for growth
specifically we talk a lot about the investment we are making in our technology platform and brand but weve also built up a very strong team and capabilities
as (francois->fasoi) mentioned we are expecting these rules to be published in the next few days if it does happen obviously
that when it comes time to the next increase i would expect strong realization rates particularly given the environment right now and the headlines around inflation
the tax law enacted near the end of 2017 had a number of effects on eogs results of operations cash flows and consolidated financial statements
to the extent we see over time real cost pressure we have the ability to move both from a sourcing and a marketing standpoint for our customers
thats a fairly concise summary of what went on if anyone has any questions with respect to
our deep premium inventory in multiple basins provides flexibility to adjust to changing operational conditions in any given basin
in capital markets we provide compliance products and services to companies that are subject to the filing and reporting requirements of the sec
but globally please note that those (bolton->bolt) acquisitions are very consistent with what we have been doing over the last few (*->years)
while its too soon for us to discuss the timing of sales or pricing for these properties we believe there will be significant interest from a wide pool of potential buyers
programs where we come in into projects as some sort of preferred player so i dont think youll see us
early into this year its kind of broadbased it makes us feel good that the processes are working and our market coverage model seems to be well received
connects to any bank account and lets you transfer money directly and instantly from your checking account to your new spending account we believe this is the first in canada
the first area that id like to cover revenue trends have been mixed with both some positives and some soft spots during the past few months
that we think are relevant to the (market->markets) main terms of our agreement with renova so first bucket dividends
and that we have reached (*->a) satisfactory agreement with the insurance company that will cover damages and loss of (profits->properties)
so i would think the mix ill give you a better answer next time when i look at that in detail but from what ive seen at this point the mix is more
while the transient component of our rv business only represents 5 of our overall revenue it is an important feeder for the rest of our rv business
these agreements provide for our base of highly predictable (terminaling->terminalling) revenues through either throughput or storage agreements
it is important to note these transactions were undertaken during a period with strong demand and we are pleased with the pricing we have achieved
the size of these packages are going to be very area dependent its really complex geologically and we take as weve discussed before
although our third quarter is our weakest group quarter of the year we are encouraged by the pickup during the second quarter
we chose credit unions because we believe they will continue to lose relevancy especially with millennials and dont have the ability to invest in technology and make that shift to digital
something deeper there so thats the most important part about that (that->*) news is the relationship is sound theyre moving forward
we are very pleased with our results this quarter which further illustrates our internal growth strategies are working
or is this youd like to see what you have and then determine if you want to take the next step (about->by) further consolidating
the decrease was primarily attributable to gains on sales recorded in the comparable quarter of the prior year
these by the way as well as links to our financial statements and our investor presentation can all be found (in->on) our website
our aav manufacturing leadership position continues to be an important element of our overall corporate strategy for longterm value creation
we were in fact very pleased to release our first product for use in europe just this quarter another important milestone for our manufacturing operations
as i mentioned earlier 2016 was a challenging year for this part of the business but our client relationships and reputation in this space
to drive more payroll from accountants into a third party has been slower much (slower->lower) to happen than we expected
we see oil and gas with good momentum versus anything we felt over the last few years we
okay and then (with->was) any use of capital you get how would you decide between an acquisition and buying stock back what would be the thought process there
as well as a few sort of smaller ones arm in boston and a few other things so well be very active in the next
once we completed our inventory of ducs we completed a few fantastic wells in both the bakken and the three forks targets
that is located on the big island of hawaii we are seeing a slight impact from the volcanic activity that began in early may
our new monthly credit score monitoring product was a great example of this not only can someone open an account through web or ios app in only 3 minutes
even in the event actual throughput volumes are less than the contractual minimum volume of product during that period
if you look at the overall company the margins are improving yes its a result of new properties being added to the company
we werent getting commensurate leverage on that the model was losing productivity and effectiveness for a lot of the reasons i mentioned changes that happened
and continue to stay flexible and to learn and to continue to focus on cost reduction
within the capital budget is different then the other thing that in our capital budget and bill alluded to this earlier we are testing
our regulatory capital ratios on slide 11 are above the regulatory definition of (well capitalized->wellcapitalized) and our internal targets
with respect to our operating plan for 2017 id like to share with you a few of our key priorities first
with the west coast terminals audited financial statements that we filed in relation to the acquisition in february of this year
and then this business actually goes to market essentially solely through dealers
weve got a lot of opportunities ahead of us and i look forward to reporting on our progress throughout the year
so the plan going forward is that dependent upon how the situation (and->in) the financial markets change
as we continue to invest in our commercialization activities and in our clinical and research pipeline
let me focus my health segment commentary today on our haas contract
are able to participate in the diagnostic process and be relevant to their
early on in the year even though its a smaller part of the volume of the market and a tiny part of price
it is now my pleasure to turn the conference over to your host mr doug (vanoort->bannort) please begin
as we presented last year when we started last year there was no j code
its a combination of all those variables that has underpinned that result
we continue to have the best endtoend solutions that deliver the most secure
that we did not extend by mutual agreement at the end of 2015 second
in a positioning that stays around the home its important for us to give
relative cost advantage of manufacturing all the worlds glass in china and shipping it all over the world
we expect to see additional gains when the lab information systems and lab facilities
we also have a very big opportunity in my opinion on material cost
of setting the pace and tone in how they could address these various current assets
i would lump them largely into 4 categories one is the area of beneficiary support services
in terms of the project itself there are many benefits for our marketleading paints business
so there was going to come a point in time where it made more sense for us to have our capacity available to us
and the opportunity in the next couple of years really seems to be driving that utilization up as you talked about
perhaps that is why i struggle to accept the public markets view of our current value
our sustainability measures around waste generation and water consumption are in good shape
is reasonably good and theres good roofing activity which typically supports a little bit more stable pricing and as a result
in the form of new work versus the form of rebid and i think as i might have mentioned on my call notes
as is the case each year we said that we would continue to make progress toward our goal of creating an injuryfree workplace
with a single test menu and a uniform service offering by the fourth quarter
and we continue to identify areas for further efficiency gains and cost reductions
now i will speak to segment results starting with health services
the second question that i would like to ask you is that if you look at your second quarter overall
what was your previous revenue expectation for the haas contract for
thats ultimately what helps us continue to win in that space
natural gas revenue was impacted by a 40 decrease in aeco during the quarter
we expect another year of earnings growth as our business should continue to benefit from growth in new construction
thanks for your continued interest and now i will turn the call over to rich
by delivering excellent service we expect to maintain this (rapport->report) with our customers
for example we see through our arch program
together with the supply chain projects ill then conclude with comments on our strategy and outlook
over the course of the last 3 or 4 years when an industry is going through a very challenged time
but we still have fairly good visibility to those separate results for the first quarter
there are is a lot of standardization of the lines or commonalities between the lines
we are maintaining our revenue guidance and still expect to be in the range
the same can be said for our entrance into the longterm services and supports market
is of tremendous value and we intend to maintain our position with our key accounts
to differ materially from results and events contemplated by such forwardlooking statements
the comprehensive (testing->test menu) that weve developed that takes a lot of time it takes a lot of effort
(*->and) our expectation is that the ongoing tax rate will continue to be
and we believe that we have achieved a stabilized level of operations
without this additional stock build our metrics would have been at least in line with the prior year
we will also keep on improving the efficiency of our marketing investment
so far weve had very strong client retention and very positive feedback from clients
i dont want to throw out a specific number at this point in time
we havent historically seen from clients that maybe havent even historically outsourced this function
that (said->so) even if its small at the beginning if you see it being able to grow rapidly that will be
much more of a requirement to ensure that theres a single point of entry for example for choice counseling that
the footprint of the factory is approximately the size of 2 very large (bunnings->bunning) stores
and were finding through best practices as our teams get together (*->and)
we are running our business debtfree and with a considerable cash position
distribution for this product is building with trials now in place at a growing number of (bunnings->bunning) stores
we do compete against all of the players that are in the microwave business
our new combined sales team is performing even better than we expected
and the second factor is the appropriateness of the various accounting treatment that is being done
we continue to see favorable trends as demonstrated by the strength of our pipeline
masters and based on import statistics we make our best view around all those sort of things so
given the uncertainty we see in the global economy today and the volatility of some of the markets
the financial results we have delivered are roughly 1 year ahead of schedule
product offering and any color you can add around that and then if i can add a couple (of->*) others
you can get a whole lot of special effects that weve now got doors with insulation you can get the (dulux->jewelx) color
i do want to note based on some questions that have been raised by investors over the past few months
the other thing that we mentioned in the script was we have
from one state which was responsible for dsos of 3 days
on the other hand what we are seeing is (governments->government) shift their emphasis from the classic
we did not repurchase any shares during the second quarter
can you remind us what else is in here besides trucking cost and is that primarily whats driving it
and the fact that the rule really does emphasize the importance of choice counseling for beneficiaries
any of that to actually happen or are we just going to see more related party transactions
have been lower than both the client and vendors anticipated
and this coverage of manufacturers positions us strategically in relation to some new product launches
the credit (facility provides->facilities provide) flexibility for royalty acquisitions which meet our criteria
the reason for that is because in the first half of the year we did do some (capital raising->capitalraising) activities
yes (yes->*) and i dont think its (a->the) fact that its a shift to
on behalf of the whole neogenomics team i want to thank you for your time joining us this morning
because our view still based on all the lead indicators that we have seen is
that becomes our revenue when its reported to us in the first quarter of the following year
as the capital (projects->project) start following that youll get a little bit more efficiency
of additional projects as applicable with that ill turn the call over to al
these risks and uncertainties include those set forth in our earnings release published this morning
now i would like to turn the call over to matt to address our third quarter financial results
theres been activity going on so we try and strip that out as much as we can
i dont think we would handicap how many we close we have a good track record of closing acquisitions throughout the year we have a very strong pipeline were in various stages of discussions with acquisitions so its an important part of our
we believe this is largely a consequence of our relationships and our reputation in the market as a strong and respected operator and trusted stewards of the events post acquisition
youve been growing (tef->tf) and i just want to get a better understanding about the customer profile that you are selling (and subacquiring->sub acquiring) can you just give me
so therefore i mean as i work towards having profit i do not focus on the top of the pyramid unless i can have a differential and charge a premium for it
and i would like to ask you if you could maybe quantify the overall input cost (headwinds->headwind) for maybe for the group and also for the segments i mean
this is why the earnings should continue to be generated at a satisfactory level while the output volume is expected to exhibit strong growth
but (it->*) potentially the answer is yes it doesnt mean that we will buy more companies it doesnt mean anything like that but
good morning everyone and thank you for joining our conference call where we will discuss our operational and financial results for the first quarter of 2017 and provide an update regarding our ongoing projects and operations
these are stores located in (farther->further) geographies we have it in stores in bahia in the north of the country
and they just they come and (theyre->they) kind of they take a lot of our time and they want to move forward and we would like to do a small test (on->in) some of these countries (where->or) we dont think theyre very viable
got it so would you say youve got some contingency plans already because i know when weve talked my sense is you think about this quite a bit even before this
so we have switched to an active and regular management of what we call the case mix just like in (*->the) hospital
when a lot of these people are coming forward with their plans and their commitment and their money so thats where we are (long answer is->has) there (*->been) anything further with the (mansour->monsour) group and the egyptian market
will be available shortly after the event (has->is) concluded before proceeding let me mention that forwardlooking statements about future events operating or financial results
we do not see a turning point and as i may probably add to this i do not expect that for a very
we would exhaust those prepaid amounts and the prepaid vat amounts which are treated as corporate tax over the next 4 to 5 years
the consumable growth is an indicator of the success that were seeing with the adoption of cusa clarity (and->as) disposable sales are a good measure of capital utilization
so that in terms of an underlying price is constantly moving in terms of the prices that we are actually paying at the moment weve locked in
the reason i felt (that->*) it was important to mention (*->this) is that we spent the first 7 months of the fiscal trying to make global ecommerce profitable and investing very heavily in the division
this reflects the frontloading of some investments into the early part of the year especially in personnel allowing us to scale the business to support our highvolume growth expectations for the year
there is (linx pay->linked spay) appearing very visibly and this gives more exposure to our brand
in general the combination of high demand and lack of skilled labor has led to (increase in cost->increasing costs) in most of the markets also (in->*) this segment
do you have enough levers to pull to really offset what (*->you) potentially could be (seen->seeing) in terms of a faster acceleration (pace->base) on the retirement
these parties at an early stage before the contract with the client is concluded and with risk premiums estimated for expected price increases during construction
retail numbers i mean the retail numbers in december were not very good sales in december in the retail were lower than that of november
our focus is on containing our opex growth throughout the remainder of the year which is within our control and a key component of proving that the business model is working
so all else being equal if we had 2 equal opportunities and one was a little bit more one was international and one was domestic
have a respite from caring for their loved ones and it is very important to organize a network (of->*)
were continuing to deliver free cash flow and even though q1 was expected to be the weakest quarter of the year and will be the weakest quarter of the year
kind of mid to late march and as we got into it we saw some of the categories that have been growing well are still growing well just not increasing at the capacity we thought
which provides significant capital flexibility quick payouts and high returns on capital particularly when we can leverage our infrastructure advantage to keep costs low
when i say adjusting it can be upwards or downwards the point being to be fully attuned to the needs expressed by our clients the local needs
if our actual collections turn out to be higher or lower than our established rates in the quarter that we realize (*->this fact) we will book the (increased->increase) or decreased amount to revenue
our guidance on future company performance assumes among other things that we dont conclude any additional business acquisitions investments restructurings or legal settlements
and slightly higher than the first quarter of 2016 we believe this metric reflects the strength of our portfolio of events and the important role they play in the exhibitors businesses
will be down as well due to the refi and bill will talk about that in a second ill turn the call over to bill to expand on these areas and to (explain->*) further explain the financial results
i know that there are some additions here and there but the teams that had to be put together for the new projects are they all already in place
(so->through) in the first few years it will account for (a->any) significant amount of our recurring revenue but even though i may sell more
a third organic growth component over the medium to longer term will be to explore international expansion opportunities where those make good sense for our portfolio
and then pick right up back on our growth trajectory as we move into 17 so we still feel really good about the business its the right business for us to be in
we spent the time trying to understand how to do it what would move it (and->*) we just came to the conclusion that despite the revenue growth we couldnt make that profitable revenue growth
with regard to the acquisition of new (complex->contracts) the entire hungarian construction industry is currently in an unusually active phase
those markets and we know those markets we can read the numbers like everybody else we probably know the (markets->market) better than anybody else because of the time we spend with our customers
taken together these products will give integra a comprehensive set of solutions for ankle fixation and arthroplasty further differentiating us from the competition
an ongoing strong growth as we have seen it this year that would not be a serious statement especially due to the fact that as ive underpinned before
the months to come will be dedicated to evaluating the business and planning the integration process which will start upon closing
and we will most probably know the size of that during this quarter
holiday has (a->*) especially strong presence in the growing twin cities metropolitan area
and we hope to have the (pilot->pipe) program underway before the end of this year
because it was only a few years ago we had 10 share of the new housing market so were not just going to chase share for shares sake
(and->to) make sure that youre not going away from that and that you continue to work at that
so that as these volumes pick up were in a great position to take advantage of it so thats something thats
at famous footwear we expect the success we have had with casual athletic product to continue
it is tough out there but our teams in the field and in our offices are creating a lot of value
thats just not a big number right now but you go into the year with just wage inflation
that reflects both the opportunities and challenges in the evolving china pharmaceuticals market
weve chosen to acquire additional land to provide flexibility for future expansion
the channel mix you (*->will) have for the individual products and that will evolve over time
that dont have a unique advantage today that really (need->needs) some kind of relative competitive scale
that as we shrink the size of the group we actually shrink the size of the organization accordingly
to better understand these risk factors please refer to the documents that (sciclone filed->cyclone files)
our discipline as well as the realization of our additional synergies allowed us to keep
how do we weigh that how should (we weight->weigh) that in terms of assuming
there is a lot of newness in some of the trends and sellthroughs and products that were seeing right now
while that was gratifying and confirmed our own assumptions about our business
the kind of the recovery which continues in kind of government spending from the last several years
and if i think about our position in there just to go one level down weve obviously got the (dulux->jewelx) brand
completely be offset by the cost measures that we are implementing
and so (youd->you would) expect to see across them really improvements in working capital over time
and appointed us to provide full (logistics->logistic) supply auditing services across (this->these) new operations
we should have some insight into which pathway is most feasible in coming months
our expectations for next year would be a continued development compared to what we have seen
lots of great flats out there right now so when we look at some of the trends
the innovation in food is obvious to everyone no matter where you are in the world and (it is->its) good for us
and youve got this movement from (*->ill) call it the lab space into more of a commercial application
from our perspective weve started our stakeholder engagement to make sure that were feeding into that strategy document in a timely fashion
and so and part of that is weve also built databases and
we did fail to come through the ccar process for our small trust bank successfully
both were oneoff (the->*) events compensating for the continued pressure from the low interest rate environment
potential ipo your optionality around that and what you think
and you might view that as our investment into client loyalty
i think our volume of testing is not related in the product sector which is (the->a) majority of (our->*) earnings
we intend to focus on our (cost->core) strategies to grow our commercial business
which are similar to the one they run in their data centers just because people are not
(and->now) let me close with the normal health (warning->wanting) to pay particular attention to the cautionary statements
the improvements are primarily related to system sales increasing faster than central overhead cost
(*->and) getting their first (vehicle->vehicles) up and running to be able to demonstrate to various customers
in addition to a solid fourth quarter at famous we also wrapped up a great year
its a very high retail base (but->and) as we grow as a company the real key is going to be starting to bring
this reflects again strict cost discipline in a pretty weak revenue environment
and im not going to specify that anymore in relation to some antitrust matters where
kindly like to refer people to rather than us speculating on what ecb eba are going to do
these are (subscriptions->subscription) for business for employees and customers that we work with
and we are well into that process of getting there
we continue to see strong sales growth from several new and existing customers
but we do want to always think about positioning our product portfolio as we go forward
june and fully coming in effect in the middle of july
we continue to move forward with our other restructuring efforts outside of germany
so this is a new level of efficacy which is why we are already now planning
unfortunately these positive results could not offset the negative impact
and we dont want to give any guidance here on the sizing of any of
we do believe there will be a flattening of fuel demand over
will be gradually widening as we continue to improve our profitability
as an organization our purpose is to bring energy to life so what does this mean
advisory business where we have seen some bigger transactions
cost development for the remainder of the year are on the one hand
but its a little difficult to get people with the skills
good morning my name is sharon and i will be your conference operator today
so i take it that these expenditures come out of the advertising (funds->fund)
so (the->a) way to look at this from a clean perspective on the operating power of the business in the quarter
it will actually be the positive income impact rather than negative impact
doing and how weve been recognized as a quality producer over there
but i think you stated on (a->*) previous call that theres many many ways to get into china
we are already well placed on costs this will step change things further
other ways to execute on their business plan we have not given up on them but
i was wondering how many employees have you hired and
lets start with the portfolio and market performance and then return to capital allocation
this increase is due to the additional borrowings for the sthubert and original joes transactions
and this year we experienced significant storm activity particularly in upstate new york
in summary we continue to see a lot of momentum in the market
when you think about it what we did is
(for->are) subordinate and voting common shares and multiple voting shares outstanding
but theyve kind of sat in their own little silos and
a general meeting to approve the necessary resolutions will take place tomorrow
(youve->you) heard from several of our peers already its definitely choppy out there
but it is the journey for most of our customers
exactly (that->*) and thats why we called out a couple of things continuing into the first quarter
and (then->*) in the meantime on the stores that are coming up we have (a->*)
the physician activity engaged in switching patients from one product to the other
our courtyard in los angeles (west side->website) continues to deliver impressive results
(are->*) your expectation for putting this program into the cst location
and i just dont see that the story is being told youre talking to us and
yes ill start by saying that we believe our scale and focus in the space
benefiting from the work weve done to strengthen our lowertier brand propositions to capture some of the downtrading as it happens
we are gaining share in laundry but ice cream suffered in the fourth quarter in brazil from both the economy and (the->a) poor summer
of new wins and the growth of existing business in the (segments->segment) of beverages and dairy
as we get closer to finishing (those->though) some of those off well were going to try to be a little bit more
i would like to remind the participants that the presentation does include forwardlooking statements
quarters that has a big impact on margin there are impacts (on->*) from
as a result and overall the pipeline is stronger and better qualified than it ever has been before
with expanding gross and operating margins strong earnings growth and multiple drivers for incremental revenues
for further analysis using our data with npic and as well as some of the other tools that we use in our study
and we will not let you down were very bullish on the future and were glad (youre a->you are) part of it so thank you and talk to you again soon
with additional talent new facilities to service the wide diversity of our clients
so a bit too early to really see whether its all according to plan or whether it is 1 or 2 weeks longer as (it sometime->its own times)
part number mix that were supplying and customer mix inside those major product lines and i really didnt
and again we see the evidence that sustainability is increasingly a longterm driver of growth
the focus is on continuing to improve flow of goods delivery models transportation and handling cost
(*->tends) to have a lot of emails contacts these days but this is almost like a bit of a surprise
and be able to actually activate marketing decisions and marketing plans based upon
how much (total->toll) acceptance we get in the marketplace because (weve->we) put some pretty aggressive price increases out there
for the first half of 2018 we have increased gross and operating margins by over 200 basis points
a large asset retirement obligation associated with your germany acquisition so i was just wondering if youd give me a sense of
well thank you andrew and as were still in january may i wish you a happy new year to you and your loved ones
in all cases our model is one of consistent investment to protect and build our brand equities
i have no issue at all with environmental and other approvals being run on projects on a casebycase basis
as far as we can see but we have to get through this and continue to do the right thing for the long term
these methods will allow us to extend our pharmacy offerings deeper into our communities and store footprint
while sales have been soft on the front store side i am confident in the plans we are implementing to reverse these trends
happens nevertheless i would say that will probably slightly impact our q2 for care chemicals but no reason to
and allowing customers more choice and control over what speeds and data plans they want
what we have is a gas price crisis this was the natural economic outcome of insufficient supply
(markets->market) as we run from a commercial perspective which is the lancaster market what we call the delaware valley division as well as the lehigh valley
organizational changes to our sales force in new york that were implemented earlier this year are beginning to bear fruit
we are bringing sophistication to our reimbursement strategies which will yield results in the coming quarters
to help us understand changing consumer behavior around consumption patterns and pricing
and together we are working on developing and executing sophisticated strategies within retail and specialty
it is becoming clearer that as much as half of all chinese imports could face a 25 tariff
ill now turn it over to tim to take us through our results for the quarter and then ill come back to discuss a look forward
but it goes beyond that (syndicate of->semicap) investors are constantly worried about a downturn in the market
will be between 3 to 5 but it will be skewed towards the second half this time much like it was
and their businesses (*->that) they sell into every day so we think that that could be a real game changer if it happens
our conventional gas drilling program in the netherlands and our light oil development projects in france to name a few
one of our associates took first place in the challenge and 6 of the 9 finalists came from cable one
but as youve heard me say at least a few times before our financial results really dont tell our story very well just yet
most notably as a result of the high foreign currency losses in argentina
that being said while our variable cost model allows us to take action to reduce (costs->cost)
when we looked at our turnover we realized that we (would be->were) replacing almost half of our sales force each year
so i agree and our indian organization (*->that) is obviously very close agrees that we will see a certain
we have made this business now more global and we have very rapidly compared to our competitors in food
while still offering a strong value proposition for the patients and customers in the markets we serve
as you can see pharmacy is the growth engine of our business just as important
our business partners indicate that in general the southeast was softer than the rest of the country during the third quarter
the sale development was slightly negative yearonyear in a still challenging market
that shows the metal price going back to 2016 and you can see its been steadily increasing
we want more people to be directly linked to the results in the marketplace and being held accountable for that
that business is doing very very well for us and the tea business is actually also consistently improving
the program will extend beyond this as we take it to further countries and deeper into our supply chain
it has been proven time and again that an engaged workforce delivers better results
we will provide weldments and precision machining capabilities to the korean equipment suppliers
i would first like to refer to the advisory regarding forwardlooking statements contained in todays news release
looking ahead to the next few years net financing costs are expected to reflect an interest rate on net debt
struggle with that as well in the markets that we are currently dealing with besides what i mentioned to you
in a number of countries we faced disruptive increases in the cost of the materials that we use to make our products
part of (the->*) their requirements would come out of inventory before they would place new orders
and reduction in other overhead cost due to our focus on maintaining a lower and more efficient cost structure
so of course when we send email invitations out half (*->of) the customers arent getting them because they dont have email addresses so
and i think its because as i have said the relationships between
our strategy aims to deliver a combination of consistent per share growth and meaningful income to our shareholders
this decline was due to rising contained metal costs as well as the increase in freight costs that jack mentioned
we also took a holistic topdown view of the entire fleet to determine where we compete
and our solutions business contributing a greater share of our overall revenues which will drive higher margins
our customers revenue growth and the growth of just about every supplier in the wfe market
growth was in fact due to our core business as opposed to our acquisitions and i did that because
the gas market reform group is also implementing the earlier decision by the (coag->coague) energy council
and how much would be driven by actual new customers do you have any color there
clarify what the benefit is is that savings that will drop straight through to ebitda or is that in sales
and expectations of possible agency widening as the fed continues to unwind is it fair to say that we could see capital allocation to agency creep up throughout the year
(*->that) will change yes (*->we) i mean when we started the year we said modest reduction in new equipment and modest growth in product support across the company and i think
scaling our funds will not only drive fre growth it also improves our ability to invest in both (target->targeted) investment capabilities and critical growth areas like global credit
okay and i guess along a similar line as you think about optimizing your supply chain and increasing roic how do you balance those objectives against the potential for
and if there are good opportunities out there in the market to go ahead with new transactions we will certainly review them and recommend as management to our board
i would say that the investment pipeline from what (im->i am) seeing remains very robust the key is (*->is) making sure that were picking our spots and finding those investments where we bring value to the table
continue to focus on credit in 2017 as we believe these types of assets will deliver more stable returns over current economic (industry->interest rate) environments
as dan mentioned (were->we are) happy with the improved activity levels in the broader market that took place postelection and the resulting impact we have seen in the first 2 months of the year
while we are pleased with this activity i should note that our normal seasonality within the quarter results in the majority of our first quarter revenue and profit being generated in march
but we always are monitoring all our opportunities i mean we like the credit strategy we think its a little bit more manageable in the current environment than an agency strategy
taking into account our results through the first 6 months of our fiscal year current market conditions in north dakota and the impact of recent sale activity
we estimate that the escondida strike reduced our ebit margin by about 30 basis points in the quarter and we expect a similar impact in the second quarter
capture that demand and hopefully present them with another (carlyle->carlisle) opportunity i cant tell you whether its coming to (carlyle->carlile) or not coming to (carlyle->carlisle) i think (there is->theres) a handful of
and it is in our backyard in peru (*->and) i mean (*->i think) we ought to look at it that doesnt mean (were->that we are) going to go there and develop it tomorrow and competing with the other projects that we do have
so were excited to be with you today we feel like we had a really successful first quarter included as you can see in some of the bullet points (our->*) earnings per share up 30 over
at least not in the retail space now weve done real (asset->assets) institutionally and those have been very effective and i think thats
distribute and track corporate governance financing legal and other documents in an online workspace accessible to internal resources and outside advisers
like our other products this is all about helping consumers get better control of their financial health by giving them a convenient and free way to better manage their spending which is perhaps one of the biggest consumer needs in the marketplace today
enhancing customer value and maintaining cost and capital discipline in order to generate sustainable profitability improvement i will now turn it over to steve
and highlighted moving forward so those are the things primarily were preparing for moving forward our clinical data is obviously and our safety and efficacy is very strong
the caspian and kazakhstan (declined->decline) although new contracts beginning early in the first quarter were awarded for operations in both kazakhstan and (turkmenistan->turkmanistan) looking ahead
a lot of that stuff never really rebooked and you have had supply but do you think i mean is there do you study the trends do you think theres any (its->was) international down (too->to) is that
over the years (carlyles->carliles) consistently strong investment results have generated a steady stream of performance revenues and we expect that to continue
more than 100 carlyle professionals across united states europe and asia worked together for over a year on this transaction which is expected to close in the second half of the year
(*->the) remaining decrease was due to expenses related to our operating real estate activities which we consolidate for accounting purposes but we do not incur these expenses directly
and third the level of first quarter actual compensation is reflective of our full year expected compensation and our full year revenue expectations
weve only touched (this->*) the surface of it and we do have very large ambitions to grow so if i can now break that down a little bit clearly were already large in the clo business and we have no intention
continued dollar strength and fears that deutsche bank could actually omit dividends on certain (corporatepreferred->corporate preferred) securities resulted in a strong (risk of->riskoff) market
(*->yes) well were just trying to the branding the rebranding of what used to be commerce national bank in the first merchants is 2 years old at this point and so
just because of the advancements of our new investments as i say very profitable additional production is about to come on the second quarter of next year
we are excited about the outlook and we are ready to deliver the best products and services to our customers and superior returns to our shareholders thank you very much for participating in the call
but aggressive approach in our actions though its still early days the steps we have taken and those we will continue to take will further strengthen our position in our core offerings
our deployment of capital appreciation of our existing portfolio and realizations from exits let me talk about each in turn with respect to deployment
that more than 60 of our capital commitments come from investors that are in 6 or more of our funds i think second of all we continue to see new investors come to the platform
beginning with this quarter the assets under management tables in our earnings release now reflect distributions as a separate caption following market appreciation
in addition for both public and private transactions many of our clients use our venue data room offering to manage the transaction process and increase efficiency
our portfolio companies continue (*->to) exhibit (a->*) very strong underlying growth and results in our private equity segment our portfolio companies taken as a whole
is frankly more a product of a multiyear push on our part to convince institutions that preferreds really are a strategy they should consider
occupancy in some markets is related to new product deliveries which of course helps drive rents but contributes to vacancy in the near term
they now have an account with mogo so if we offer them a competitive rate typically lower a better experience to get a mortgage and a significantly better experience once (they->you) have the mortgage you can see the potential for this product
these 3 transactions are just a few examples of the types of investments that carlyle pursues which quite frankly few firms have the expertise or resources to complete
on time and under budget which is one of the key characteristics of the company because by doing that we achieve (a->*)
really want to be holding in cash abroad or some amount thats required by regulators so essentially how much of that cash is liquid and then how do you think about the use cases for that
so turning to slide 3 canadians have primarily relied on their banks and credit unions to help them manage their financial lives yet while the banks enjoy record profits many canadians struggle financially
in contrast to our commitment to stay focused on real assets and alternative income strategies as the most effective way to consistently (delivering->*) deliver alpha
in technology deployment into the (*->shaled into the) shale industry and again this is why we have continued to invest into this business in terms of having capacity because if you want to be part of changing the outcome of the game
for the closed loop we continue to target doubling the volume of direct lubricants sold from that of 2017 we remain confident about the compelling value proposition for our direct lubricant offering
my expectation with some innovation that you have coming online would be that from that kind of 1 base growth level that we could see that
would your view be (then->that) when (gross to net->grosstonet) is expanding or high that it enables your economics or do you think its or do you think you hold those economics no matter the environment
and second the current year treatment of the favorable tax impacts relating to stock option exercises (with->within) our tax provision as further discussed in the footnotes to our previously filed financial statements
and i keep using the word repeatable that we can make it happen over and over again for us and that we have the ability to know whats coming and that our consumer then knows whats coming and all that timing begins to align and i think thats (whatll->what will) make us a better organization
the expected transition of the catamaran business at the end of 2015 and into 2016 of which the primary services provided (were->where) formulary management
to use energy more wisely and to be aware of the services that are out there for them to use energy more efficiently all of thats going to be done within if you would a microcosm of the (ithaca->ethica) area
lower tax rate and you lose the interest deduction and then the capital (expenditures->expenditure is) fully deducted wed still be at 8 to 10 growth now do we have a backlog yes we probably have i think we saw in the presentation
the chart (on->in) the top right shows our generation volumes for the third quarter as expected volumes in the west (continue->continued) to track below 2015 primarily due to the suspended operations of our sutter and south (point->pointe) plants
i think theyve been looking at a lot of things since they first came out with the california forward capacity market kind of concept 8 or 9 years ago at what point do you just kind of for the merchant plants
we will continue to look at every contract and every sale on a shortterm basis until we have better visibility on the impacts to our collection markets and the basin blended oil markets
todays presentations also include references to nongaap financial measures you should refer to the information contained in the slides accompanying todays (presentations->presentation) for definitional information and reconciliations of nongaap financial measures
and that we (pushed->push) so hard in order to build this engine (*->and) now were at a moment in time where were really getting to refine and to put a real plan in place to put a play in place that we can everybody knows what it is we can call it we can run it we can do it on a consistent basis
had the wind contributed during the peak at a capacity factor similar to last year or even closer in line with average historical performance market conditions this summer would likely have been much more interesting
so last year was a bigger year than you would expect this year i would call a more normal year maybe (*->even) a slightly light year but i would call it a normal year for us both in terms of mix of business as well as the size of the book thats out there
for the as far out as we look and this has been true even without the super high inflation weve seen in the last couple of years has been those that can dramatically affect outcomes that are better for patients i think the other piece i would say is (that->*) its twofold
thats all predicated on the market its hard for me to predict that right now as we look at q4 were not anticipating it going up or down in our current guidance but obviously oil prices will have (a say->stay) in that
in summary we delivered overall financial performance in line with our expectation and expect to deliver solid results for the year i will now turn the call over to tim thanks eric
so its not just the name of (the->a) company but its people to put a face to and a name to and realize that were (*->the) same as they are (and->in) part of (their->the) community
we can continue to grow in our targeted verticals with that id like to turn the call over to bill for our financial review thanks burton
in front of us and so theres work to be done and the thing thatll tell all of it is when you see the great product that compels you to want to buy and were proud to see consumers making those choices a lot more for this brand right now
that they can flex the scale scaling of how fast they can scale our various initiatives that we have has been a really important aspect of how weve thought about the vendor consolidation so
we believe were going to get it they want it for the rev process and then the distribution improvement program which is the grid modernization so those are the 2 that are in the highly likely category
batteries are generally sized for 2 to (4 hour->4hour) discharges not usually 8 hours and once discharged they typically have to be recharged for an equivalent period of time before they can be used again for a similar level of discharge
we have our base adjusted net income 50 of the growth is coming from secured capex networks investments so these are the ones that have already been approved by regulators
and so the question is how much worse would that be if you didnt have an independent pbm and i think what actually our mission is not to be constrained by any other
everything else being equal that can create some significant rate pressures for consumers so we have to be as absolutely efficient as we possibly can to offset those rate implications for our customers
that remains an opportunity for us to optimize that as well weve invested in tools weve invested in capabilities we have some great folks here and we continue to believe that theres an opportunity there to drive some improvement
sort of an (intentional pull back->attentional pullback) on the timing of some of the consumer promotion work and that was mainly around the new york frozen as we were having supply constraints as you might expect we pulled back on advertising because there was (no->*)
my revenues come down the beauty of all that is (is->*) thats our model of alignment and (*->our) so our patient (costs->cost) go down our client (costs->cost) go down and our shareholder value goes up and thats what were all about
how doable it is so i think youll find that all of us really feel very good about where were going how were going to get this done and that its just a very solid opportunity for us
unfortunately that load growth was fully eclipsed this year by a remarkable contribution from wind during the peak hour primarily as a result of windier conditions as well as to a lesser extent new capacity
regarding the economics of the acquisition (thad->tad) has already discussed how we redeploy capital from wholesale generation into retail tripling the ebitda on a similar amount of net capital deployed
(weather->*) the (lower->low) hold percent began turning in our favor in the fourth quarter and has continued into june and july we have been effectively managing the impact of the increased minimum wage
we had some governance improvements we actually added 2 new independent directors and we were a finalist in the new york stock exchange governance award so all in all our governance has been improved fairly well
turning to our capital allocation strategy on slide 7 as mike will touch on we expect a good cash flow performance this year and (will->well) evaluate the best ways to deploy that capital
(is->*) still going to be there (that->they) were the ones that theyre going to deal with our reputation in this space for developing and constructing in a responsible manner is also important to many of our customers and our energy management skills which (i->ive) talked about and well talk about
jimmy as you know were always looking and always interested in talking to people who have a good company to sell so were going to continue with that and of course were looking for something that is complementary to what we do
in that business in terms of just mining activity (theres->because) a lot of conversation in that industry about whos going to bet on the future (*->and) on increased demand because theyre going to have to (sink->think) some capital
net new business i would say one of the things weve never had a lot of losses but i would even say this year our losses are less than they were on the last few years on a run rate which is
while there was nothing of similar scale this year despite both the publishers and our best efforts at an expanded range of humor books and so it was a difficult christmas for us in books
the lower buyback this half just reflects that there were a number and variety of investment opportunities which we were considering and while doing so held back on the buyback there has been no change to our capital allocation policy
now looking ahead commodity cost increases will remain relatively low in the first half of 2018 but we do expect the level of commodity cost increases to rise again in the second half of this year
just a couple of highlights then from the first half on a number of those points you see on slide 14 our malvern panalytical business there on the top left
but i think that that becomes the big thing is to be diversified within the business units as well as to have diversification from business unit to business unit that any certain
were now starting to enter a period where were going to start lapping and its going to quickly move from a headwind to a tailwind almost under any normal scenario if you dont believe oil is going to
is not necessarily overly expensive but its not cheap to build that out so during this period of time we are aggressively pursuing opportunities
pricing was a little stronger than historic norms notably as mentioned in the industrial control segment and combined with procurement savings more than offset the increase in material labor and overheads inflation
for the global standard these customers prioritize speed of service in times of both time to quote a new order and the (order to ship->ordertoship) cycle as well as competitive pricing
the changes we are making will help us adapt to meet the challenges and opportunities of a changing world and were confident that we will deliver on the targets we have set out in our 2020 plan
id say were probably looking (in->at) a similar type number on mature products but i think one of the things that i would just mention is (is->*) that asps overall with the new products (in->and) the mix that are coming
nevertheless the economic institutes are starting to incorporate several burdening factors into their models (*->the) growing (tensions->tangents) in global trade dont need any further (explanations->explanation)
so within the prime sector film grew faster which is not unusual than what you saw on both prime paper as well as variable information labels
we are supplying a wide range of pixel sizes for different machine vision applications on this global shutter technology platform that will enhance our leadership in this market we expect to start production on this platform by the end of the year
thanks jeff before i provide commentary on our financial results for the fourth quarter of 2018 its important to note the fourth quarter of 2017 included a royalty settlement related to a license agreement
these statements are subject to the risk and uncertainties as described in the companys earnings release and other filings with the sec including our form 10q to be filed later today
i see so i mean is that to imply that you actually ceded some share in that (*->and) so then you could one could argue that this volume growth (or->that your) organic growth that youre posting is even that much more impressive
we never stopped innovating better products we never stopped cultivating powerful consumer connections we never (stop->stopped) identifying ways to be a better retail partner and weve never stopped evolving our culture as a team
that we have to deal with i still think its better more skewed towards the second half that these markets are fully starting to unlock their growth potential because a lot of the markets that we are in
thank you and good morning before we get started today id like to remind everyone that some of the statements that we will make on this call may be forwardlooking in nature and reflect a number of known and unknown risks
got it very helpful and then as a followup can you discuss how much input cost inflation youre currently seeing as it relates to labor and materials and what proportion of that you believe you can pass on to customers
with very strong indication of share growth within each of these new served markets and of course we remain focused to protect and grow the share of the highvalue offerings within our present served markets
adding solutions capability in our test and measurement and materials analysis and seeing where we can also grow our industrial controls and industrial monitoring businesses
we remind you that well make certain predictive statements that reflect our current views and estimates about our future performance and financial results these forwardlooking statements are made subject to the safe harbor statement included in todays earnings release
can you just explain what went wrong during the first 3 quarters of the fiscal 18 where organically that business was declining and what changed to lead us to growth and with that growth accelerating going into the next year
over those offerings which were starting to become commoditized we begin to see the benefit and for the rest of the year based upon customer (forecasts->forecast) we target sequential quarterly revenue growth
indeed in the second half when travel has its peak period travel will make more profit than high street does in the full year and thats another milestone for our travel business
however across both businesses and all cost lines we remain focused on cost efficiency and cost management in high street we continue to identify cost savings as part of our cost efficiency program
rotating equipment (and->*) monitoring and we will be investing quite heavily on the back of that acquisition the second acquisition (we->was) just completed in july
the pest business really takes off when you have some density and so what weve been able to do in a number of what i would call is the asia pacific and latin america markets
our recent investment in strengthening the leadership team will ensure that the international business gets the focus it requires as it continues to grow in both size and complexity
which offered liquidity to large (share of->*) shareholders and was an (effect an->*) efficient method of continuing the share repurchase program that we have had in place during our time as a public company
it is a good example of how successful local innovations can be picked up and rolled out globally in fact these innovations like (cif->sif) are now in 15 markets or more
as ive mentioned before while the post offices are not necessarily helpful to sales within for the stores in which they are located particularly for (backlist->blacklist) books which is (*->where) most of the space comes from
and we will be looking at ways to leverage that as well for some of the oe customers who are in that area and also the specific capabilities they have which are quite interesting and quite
before proceeding with the presentation we would like to inform you that the financial information contained in this document has been prepared under international financial reporting standards
and today largely as a result of (federicos->puerto ricos) strong leadership (molteni->malteni) operates both directly and through its network of specialized partners
during the first quarter the market volatility provided a window for us to capitalize on opportunities both traditional to annaly as well as external opportunities
this flexibility has been requested by both students and educators we will continue to leverage our existing campus relationships to expand this program
who will support medical education efforts related solely to rayaldee our marketing and market access teams are fully staffed and are working on pricing strategy
first of all i want to send my thanks to our team in british columbia as they manage through a tough situation caused by the rupture of enbridges gas transmission line
well if youre talking specifically about the index products thats correct the index products (would be->will) obviously be part of the blended rate
consumers patients are asking questions of what they (can->could) do to lower their outofpocket cost and also serve themselves in a better way
we (dont->*) all conduct ourselves in the same way so price is one thing but the level of activity for a patient with a given condition is also a driver
weve seen one of the competitors effectively raise prices is it something that you are looking to do also to improve your arpu or
that volume tends to go to you have you looked at the opportunity that might present for you and given any sizing of that and then is there any update
youve pivoted your adviser business i think you have an underappreciated balance sheet and now (there is->theres) a potential earnings impact from the (changes->change) in the corporate tax rates we just mentioned
little variation overall with the upstream oil and gas segment marginally lower while we grew in other segments that have benefited from improved terms of trade
at this time ill just highlight a few key items please note that all the numbers i am about to give have been rounded and are therefore approximate
in summary (we will->well) be able to provide unmatched access to affordable course materials and significantly expand our footprint
take advantage of current market volatility expected industry (dislocations->dislocation) and the unforeseen opportunities weve been waiting for
we further stated that there could be no assurance that any action will be taken as a result of this exploration we have made no additional comments since (the->*) may 4 announcement
the intention to more optimize the use of our capital as our credit positions evolve but i wouldnt expect any material change (*->in our)
our 2 companies will remain intently focused on being a true strategic partner to the colleges and universities we serve
that weve made available to advisers on the platform will have been screened and approved for platform use by a respected and impartial (thirdparty->third party)
presented us with a potential loss of supply thankfully enbridge was able to get (it->its) parallel (30 inch->30inch) transmission line back in service quickly
this mornings results capped a challenging year for our company brent will provide more details on financial results but i wanted to give a few highlights
except to say that that transaction was truly a transformative agreement for titan and i thought then the best use of time
so basically we share the savings with our partner and that will ensure that as were saving the (healthcare->health care) system patients and the payers
we need to do things (step by step->stepbystep) so we have (a->of) course that were pursuing with discipline and intensity but as i said theres a strong focus on the short term
cary will begin with opening comments followed by scott with a detailed review of the quarter and year and an outlook on the future
certain statements contained in this presentation as well as other information provided from time to time by the company or its employees may contain forwardlooking statements
we achieved new record highs in all income categories including ordinary income and net income attributable to owners of the parent
while attracting incremental investors in this challenging marketplace where conservatively valued yield options are increasingly difficult to find
a number of our other strategies also offer competitive track records across various time periods and in our view have the potential for broader appeal
various remarks that we make during this call about the companys future expectations plans and prospects constitute forwardlooking statements for purposes
lower visitor roaming growth and the retention focus in the prolongation cycles of customers affected by customer services and network issues
sure we did mention last quarter the expectation of a i think we (call->called) it
a reduction from the 8year period (were->we are) currently in for (riio1->rio1) while we certainly prefer the stability and benefits to customers
we have in the recent past pruned expenses in a couple of cases reasonably aggressively on products where we think we have a real opportunity
those of you who have been on these calls for some time will note that many new names are populating the sales list and we believe this to be a positive development
weve been working closely together for decades and we expect that relationship to help with (the->a) seamless transition and integration
the most positive part of the past few weeks was holding our investor days in toronto and new york where we issued our new 5year capital plan
(well->will) solidify our platform and position upcoming business opportunities as growth drivers and then move towards the future
let me move on to margins so from funding to margins we have been able to maintain the net interest margin over 20 for the quarter
a slowing of growth but markets are still growing so as of this point i dont think we anticipate any significant changes
its those additional challenges of putting it under a pit lid underwater underground and still being able to communicate for a decade
in more than 30 countries and is a preferred and qualified partner of a number of international organizations and nongovernmental organizations
and that (we will->well) have some operating synergies so if you throw those things (and->in) as an impact of the transaction in terms of
now over the last several years what weve seen them doing is taking them off and rebuilding them and putting them back on so that has impacted the business
these concrete steps along with ongoing efforts to train and increase our staff will put us in a better state of preparedness
across all of our environments we understand well the dynamics reshaping asset management and distribution and as reflected in our comments so far
and we have a lot of flexibility i think we acknowledge that there is kind of a fluid process and (there is->theres) a lot of
and that has helped us mitigate the impact and we dont foresee a change in that overall environment we dont foresee a change in pricing discipline we do not foresee
even after splitting a fee with subadvisers we think we have a respectable fee attaching to this business
following his remarks i will provide an overview of the financial highlights for the third quarter of 2017 before we open the call for questions
two important program structure changes to map navigator have occurred since our last call
means that we were able to compensate part of the volume decline through other effects
the entire schlumberger organization is fully primed and ready for the business opportunities and challenges that lays ahead with a clear objective of clearly exceeding the expectations of all our stakeholders
and may include financial projections or other statements of the companys plans objectives expectations or intentions these matters involve certain risks and uncertainties the companys actual results may differ materially from those projected or suggested
largely due to the combination of lower contributions from hedges and weak summer liquidations most of the downside was in the west and texas while the east was relatively flat yearoveryear
and how do we make sure that where were doing business its really meaningful (and->*) impactful and that we can have the (ateams->a teams) that are working on our product (*->is) because footwear is one of those many things (*->its) defined by the last 10 or the last 5 and making sure that we finish there
i am pleased with the progress that the insurance team including the new actuarial team has made to improve our pricing processes and discipline
if i could ask you to make sure you get a microphone before you ask a question and also for the benefit of those on the webcast if you could introduce yourself and your company please thank you we have
in addition many buyers of renewable energy see it (is->as) a good hedge against carbon risk in the future this competitiveness is underpinned by (support of->supportive) tax incentives we (*->have)
with the addition of our el dorado incinerator were setting new records for drum volumes and we are drawing more waste streams from the ongoing expansion that we see in the chemical sector
first during the third quarter we fully implemented the corrective actions on our frozen garlic bread business and we are now supplying the business at normal levels we do not expect further supply (disruptions->disruption)
even though (you->youve) had less promotional days its still stabilizing at pretty low levels relative to historical so any thoughts on what point you start to recapture and some of the drivers there
of the group strategy around moving towards customer solutions adding software adding service into our capability predominantly in test and measurement and materials analysis
and now ill turn the call back over to (burton->berton) thank you bill i am very pleased with our third quarter results we delivered strong financial performance
into your system into the grid and using it almost as an instantaneous generator is kind of the way to look at the way storage would operate using that with the renewal business
with respect to this plan i (would->will) reiterate that we do not anticipate any significant updates to our 2018 restructuring plan and we do not anticipate any additional plans or charges next year
and so obviously the planning phase of all of that is key to (a->*) successful delivery we have been working for a little while but as we go into phase 2 we will now start to ramp up
might not necessarily make the headline but significant ones count on (one->1) in 19 and (one->1) in 20 some of that is related to where we are in the value generation in the field
customers of these products make more of their buying decisions locally and theyre willing to make tradeoffs to achieve their (objectives->objective) for example substituting locally sourced raw materials
without any doubt is that we continue to operate under the highest levels of corporate governance and having taken the (pref->prep) shares out having the yearly votes for our
more innovative more strategic thinking people with better technical backgrounds so were looking at this as a great opportunity so well use attrition to be able to fill these roles that we see for the future
while significant road construction negatively impacted business at club fortune (in->*) nevada that construction was completed in late october and the property is now performing well
so in general were just starting to go through the budgeting process with each of the (decisions->divisions and) so its kind of hard to have a point of view as far as where were going to land on this i know were going to be giving
as you mentioned that as time goes by our competitors will pick up but dont forget that innolux keeps improving (itself->self) as well we will make us
we would still have very strong ratings given where were starting from we think thats one of the things that differentiates us from some of the others in the industry (and->*) when youre coming from a 24 (or->*) 25 net debt
along with other investments in the business in the second half of the year while staying on track to achieve our nongaap operating margin target of approximately 21 this year
that revenue on a per claim basis isnt just an output of inflation and filling what it really is impacted by formulary design and what we do
as i look at the evolving (healthcare->health care) landscape it is clear that our powerful collection of assets (protects->protect) our clients against tomorrows (healthcare->health care) challenges while we address todays acute client needs
whether its solar or wind being able then to store the electricity and then use it as needed is something we see would be actually very beneficial now to do it in
and what problems they solve in each region it includes our current benefits offering and whether that resonates and where that stands in that specific market
particularly on the imaging side of that business weve launched a new product there (microhawk->microhook) last year which is doing very very well indeed and they had last year you may recall very good growth
and keep in mind (*->we) also have the ability to build another gigawatt under the safe harbor and 300 megawatts that we can then repower that again arent even in our forecast at this point
and what were building is the ability (of->for) our business to be repeatable and when i look back and i say i dont know (*->if our) how great our product was in the last couple of years or how great our storytelling was this isnt about any individual
when you think about it were probably arguably one of the highest growth rates in the industry and what i want to do today and with our team is explain how solid this really is and
and its going to be a combination of the right product with the right value and volume will clearly be an element to that in terms of wse but its not going to be the end
i mean are you going to kind of look (and->at) take the current spread forward or are you going to try to impact or try to incorporate some of the impacts the spread could feel (for even->from either) that waste oil pricing or maybe even vgo pricing
because we already have most of the data through the recovery audit process and we have a sophisticated large data infrastructure which maps data to specific analytics tools and algorithms
while this seems rather high to us directionally it is supportive of our view that our assets are very well positioned as the market continues to prioritize the economics of capacity revenues
we havent built a lot into the plan ill tell you right now we just have 50 megawatts i think jim already mentioned that 50 megawatts in this the numbers to date but its an area where we can do quite a bit (more->*)
even allowing for this there was an encouraging pickup in momentum by the fourth quarter we were seeing the fruits of our new connected (4->for) growth organization with a much more agile approach to innovation
its going to be very difficult to be honest with you i think we ultimately are going to push the team to put something on our internal budget so we can hold ourselves accountable to a number to make sure that were focused (in->and) driving to an internal number
we encourage you to review our most recent public filings with the sec for a more detailed discussion of these risks and uncertainties that may affect our future results or the market price of our stock
beyond that though i can say that we have a portfolio of projects that were working on the transmission side that we feel very optimistic about and we think can add significantly
our work on these issues is already having a positive impact we have stabilized our workforce we have significantly reduced open headcount and employee morale has improved across the network
an update to our codexis pipeline snapshot with data current as of june 30 2017 note there is a modified more informative format to this years pipeline chart
but i would assume that it would have some small impact in us how much i dont think it is huge but again all of the customers that are mentioned (as->is) shipping
our target is to be a company that always has growth in the full picture as well as organically organically is a more important part for us because thats really the
we also continue to refine our offprice channel distribution as it remains a strong area for the retail industry overall we believe we can drive profitable growth (from->in) this channel without sacrificing our brand integrity
if you look at the volume over the first half and the second half i think we will have to the reason why we are a little bit more positive on the (highervolume->higher volume) components over the second half
so cash was abundant and allows us to be in a position to look at other opportunities of increasing our served market both organically where we might have to invest
we see opportunity to expand our store footprint however and will continue to make investments in new store locations where we are confident we can produce an attractive return on our investment
and our projections of pretax income for the remainder of 2016 we expect that our tax rate in the near term will continue to be impacted by valuation allowance and deferred tax considerations
that were as broad we want to advertise across the entire assortment rather than what we were forced to do in the past was kind of go very deep into a narrow assortment so youll
our aim is to target these stations as the opportunities arise to build a meaningful network of this new format and wed expect to open around 50 of these over the course of time
into these markets but it would come at the expense of margins being shared with (a->the) partner but were also lining up to have the option to go direct at least to the major users
this will dovetail nicely with our overall marketing efforts as we are looking to bring the brand back to our la roots and build a story around our luxury product that allows her to be fashionable (and->in a) very effortless (in lowkey->and lokey) way (we->*)
but overall based on our assessment gives us confidence in the feedback and the current quote activity and discussions that are occurring (in->and) some of the orders that already (have->*) been placed give us
and decreased discounts from the liquidation of excess inventory in the first quarter of fiscal 2016 partially offset by higher allowances and supply chain costs
marketing sales and distribution channels to support the (ligase->ligate) product launch are being developed in parallel with a target release date for the availability of commercial material around yearend
we actually grew (in->at) our largest customer in 2018 but it wasnt on mobile it was on all the other products and i think as we start going in and i took a look at this harsh
primarily due to lower parts and service revenue in our branch locations as we transitioned our phoenix location to an independent dealer in july and had significant flooding in our baton rouge tank parts and service location
but rather simply accelerated and hence we expect this years extra spending will translate into commensurate savings in 2018 with improved confidence from the preclinical trials
the market was such that we had our eye on being able to refinance our existing bonds and have some nice accretion from that transaction given where interest rates were
we also just completed a survey of our customers to gain additional insights into what they want to see from the brand we received some great feedback and are working to analyze the responses and come up with appropriate goforward strategies
okay great and then just shifting over to the hearing health you sound a little more upbeat about it than you have in a little while can you talk about kind of what drove the turnaround in growth and the expected growth going forward
and finally while the broader economic environment is challenging weve made a good start to the second half of the financial year and were confident in the outcome for the full year
we are confident in the modernized (compliant->compliance) system we have in place and we will continue to make adjustments as appropriate to ensure quality and safety for our customers
this guidance assumes revenue from an anticipated major new deal that the company expects to announce in the near future it also assumes significantly higher revenues in the fourth quarter compared with the third quarter
and its not just air and rail where were developing formats for future growth the hospital channel is an important and very profitable business for us
our borrowings under the revolver increased during the first quarter as a result of investments (and->in) working capital driven by payments to vendors and the timing of collections of receivables
well continue to focus on and build critical mass in our emerging hubs while ensuring we go for all sensible opportunities to further grow the business internationally
but were going to have to see how successful those products are so i would say overall the breadth is pretty good the pipeline is full and that 2 to 4 stands
first while weve had more than our share of legal and regulatory issues to address the broader organization is not consumed by them we are moving forward and are focused on managing the business and sales performance
in addition we will continue to invest in new stores across all of our channels in uk and we expect to open between 15 and 20 new stores in the current financial year
and as you can see on the screen theres a picture there of what this looks like in the post office in leeds now this agency agreement will run for 5 years
i would also add that as marty talked about obsolescence were also making sure that that plays a part going forward in what we call our line review process so that were thinking about
sales (continued->continue) to vary by location but were generally seeing good growth across most airports both the big international ones and the smaller regional ones
its exactly the reason why we did the diversification and the acquisition we did in 2012 and potentially setting up very nicely to see those benefits over the next couple of years so
our call today will include remarks about future expectations plans and prospects for knowles which constitute forwardlooking statements for purposes of the safe harbor provisions under applicable federal securities laws
but then it becomes a lot of other things and its a wide variety of things even within mobile within ear (there is->theres) a lot of different things people are thinking about with this device and i think
as a reminder ladies and gentlemen this conference call is being recorded and may not be reproduced in whole or in part without permission from the company i would now like to turn the call over to steve (calk->kok) please go ahead
(weve->we have) changed the fundamental composition of our business and it is clear (weve->we have) made significant progress toward transforming ourselves into a highermargin diversified industrial manufacturer
our work is far from over to bring this business to desirable levels of performance but (avte->avt) backlog is now at its highest level of the year and we are well positioned to finish 2016 on a positive note
driven by continued strong organic growth across defense industrial and automotive markets and the impact of a capacitor acquisition which closed earlier in the quarter
but they have so far not chosen to let that happen for their reasons and we respect those reasons we found an alternative approach to be able to measure viewing of video on demand through svod platforms thats been critically important to (*->our)
what is the advertiser or agency response to this process are they prepared to potentially have to pay for a much larger audience once (this->these) additional leakage i guess is plugged
silver lake has extensive experience supporting both growth and margin expansion initiatives and we believe their advice and support will help speed our transformation into a highmargin growth software company
going back to the way you framed your question yes it should provide me a little bit more freedom to spend time looking at how we reinvigorate the growth opportunities for the business so that can include
the tax rate for the first quarter of 2017 reflects the offsetting effect of the valuation allowance established against our deferred tax assets in the fourth quarter of fiscal 2016 due to this offsetting impact
not much no (*->i mean) theres nothing new about that idea or chatter associated with it a lot of times what i think you see there is that players are looking to work together in the industry but its more focused on analytics
and (will->well) continue investing in key areas to drive longterm growth we would expect the rate of investments to decelerate as the year progresses and be in a position to begin leveraging operating expenses late this year and into next year
second we see clear opportunities to drive additional cost reductions through our ongoing strategic sourcing initiatives we expect to achieve significant savings in the areas of benefits and travel
both of our retail and licensing partners recognize the benefit of showcasing our products through video content and we expect to do more of this going forward especially as our preorders often increase when we link video with a new product offering
in addition to the organic growth initiatives already underway well continue to seek out ways to increase returns and value for all shareholders while assuring that the proper balance between risk and reward is considered in all decisions
we are pleased with progress to date this project certainly created some logistics challenges but thanks to outstanding cooperation and support from the city and contractor this has been managed quite well thus far through minimal disruption to production rates experienced
that all leads us to the fourth phase which is transact once viewing is measured comparably across all screens and platforms and the metrics are adopted by clients then they of course move to transact on those metrics
thermal performance extended asset life and other operational efficiencies were also making progress establishing strategic relationships with key partners in the composites world for both the development manufacturing and further extension of the technology
throughout 2017 as a reminder we are also in the process (to->of) developing our (patent pending->patentpending) molded structural composite technology that we believe will have broad applications in the dry and refrigerated truck body and refrigerated space
yes thanks tim i dont know that i would quite characterize them as pushbacks as much as questions or options and everybody sort of has a slightly different take on the pluses and minuses of the (options->option) but lets look at some of the dimensions one is time frame
and (*->it) will enable cornerstone to return cash to those shareholders who want to monetize their investment in the near term while preserving our ability to fund growth opportunities and increase shareholder value in the years ahead
that big (dataset->data set) in order to allow it to really reach its full potential for the marketplace and so weve been preparing ourselves for that and thats why you see the size of the panel increase now as far as acquiring settop box data
the third pillar of our strategic plan is to extend our leadership position in the global learning market by growing content sales of our new regional and industrybased content subscriptions
at a time when traditional toy companies and retailers are struggling we believe our continued strong and consistent results are a testament to our differentiated business and operating model funko is not like any other company in the marketplace
which has driven and we expect will continue to drive faster and more efficient implementations also please (know->note) a large majority of q4 services revenue is expected to come (from->back) from our backlog of services
(yes absolutely->oh) they have a big interest in seeing this get clarified and for the market to operate with more transparency and efficiency if you will and one of the if im an advertiser (*->who) used to be a brand manager so if im thinking about this from
(*->up) for more (ecologically->echologically) friendly packaging i know you have capabilities across several different substrates but can you comment about how you see that trend impacting the industry in general and (reynolds->rentals) in (particular->*)
as we experienced in december when the more seasonable weather set in there is a lot of pentup customer demand from such a long period of sustained warmerthannormal temperatures throughout last year and into the early part of this year
but of course this is phase 1 for the second phase evaluate as we bring new capabilities to the market we work with our clients every day to help them understand the data and importantly how they can use the data to run their business
but with regard to the measurement part of our portfolio weve been clear at every opportunity over this past year that the way we see the future of measurement is that yes (it will->itll) still involve these highquality panels that weve historically
before i begin with the quarterly financial review id like to highlight the expected nearterm financial impacts of our goforward plan that adam just discussed the plan has 2 impacts the first is on revenue
with that (its->is) my pleasure to turn the call over to (dick giromini->dicker muted) ceo thanks mike the third quarter marked another excellent quarter for the company and delivered bottom line results that were among the best in the companys history
our products are channelagnostic and sell across a wide variety of retailers and channels around the world our business is not (hitdriven->hit driven) but a balance of mixed evergreen (back catalog->backcatalog) content and newly released content
last week we convened a meeting of players from across the industry including a wide range of media owners and agencies to continue those discussions this was an important positive and productive step
some digital native players maybe in a case like twitter in the news this week does it really open the door to allow you to bring more of your products to bear with these clients (yes->*)
more than doubling the number of yeartodate cornerstone hr wins among new european clients when compared to the first 9 months of 2016 we believe cornerstone hr will continue to drive growth
again we love our competitive position and the progress weve been making on total audience measurement as this year has unfolded and where we stand right now look we have more to do but were in a great spot and were going to continue to execute
our teams are laserfocused on our free cash flow performance we are running the place with intensity and this gives us the fuel to grow and return cash to our shareholders again a strong quarter with solid execution
the capability orienting their systems around it in particular one thing that theyll want to do and i would say even need to do is start to line up how digital content ratings work in their business process
looking at the regional banks balance sheet on slide 7 you can see the strong growth in multiple areas of our commercial portfolios
and it is because of that success that we began looking for additional retail platforms to expand our customer reach noble fits that objective to a (t->key)
what dimes what the existing portfolio is so what i tried to express was that we have runway without growing the balance sheet there
so at that point thats the end of my prepared remarks and id like to turn it back to gary and if we have any questions be happy to take
(ria->*) because the regulatory environment gets tougher and that value that we provide from a risk management standpoint
as such we are continuing to work very hard to evolve our service offerings and capitalize on our growing gotomarket momentum
what is somewhat less obvious but equally as noteworthy is the extreme level of flexibility required by the market from these units on those days
we think the changes we have already made across our platforms will help advisers better support their clients and differentiate their businesses
second we had a 7 percentage point benefit from our estimated state tax rates from prior years which ended up being lower than what we had estimated
as you see the medical large medical claims normalizing is that a good level to think of for the insurance cost going forward
that sulzer is probably the company you should least worry about in terms of further sanctions because once again we have everything in place we believe to
you (gotta->got to) remember one of our key strategic initiatives is driving core growth and so that would be the place that we would tend to prioritize that
we havent seen a lot of the dialogue change now maybe some of (that->thats) because the firms that have opted out of the protocol thus far
cameron revenue in the area was flat with the third quarter as increased service system sales in india were offset by reduced activity in saudi arabia
were excited to add up to this portfolio a technology that offers significant advances over the current treatment of complex
on the second quarter of 2017 before we begin allow me to introduce the speakers today
wrapping up with the east energy markets (remained backwarddated->remain backwardated) in pjm given the expected addition of new generation capacity over the next few years
this demonstrates our bankers ability to remain disciplined on pricing while generating plenty of opportunities for growth on the balance sheet
one of our main drivers in the international activity during the year was the continual rampup of our integrated drilling services business
these new developments are in addition to other largescale projects already under construction in our region including the restoration of several downtown buildings and hotels
larger multimeter multijurisdiction (load->loan) in all of the geographies in which we have gen and with respect to
getting deals closed and started remains a high priority and we expect to see significantly improved adjacent services performance
the combination of these factors together with a large selloff in the equity markets due to concerns around global growth and increasing us interest rates
how do we drive assets with new store sales or attracting new advisers how do we grow assets in support of our existing advisers
smart technology development i think it is the directions for all manufacturing industries
this acquisition is the most recent extension of an initiative that began several years ago when we first emphasized our efforts to get closer to our customers
the q3 results are the most recent indication of the improvement in the insurance business
note the lower tax rate of 274 in the current year reflects the favorable impact of the recent tax legislation
as we make larger inroads into the residential market we expect this market to become a larger and more significant portion
what appears to be sort of a flattening trend line in terms of loan demand particularly with
this deal represents the largest subscription software contract in the companys history and provides significant momentum for this solution
with noble well be adding a new highly sophisticated large commercial and industrial customer base targeted through a direct access model
and we continue to have steady success we have now surpassed (25000->2500) unique direct customers as of september
i am very pleased with our execution in q3 my team delivered strong financial performance
i dont anticipate that well have to because (there is a->theres) very theres a lot of clarity from (ofac->fact) that the 50 of capital is the rule that they apply
the nocs and independents are starting to see the need to invest in their resource base simply to maintain production at current levels
as we told you on our q2 earnings call we took the next step in the verticalization of our direct channel
i believe we have the contractual framework and the contract base to start demonstrating to you and the rest of the investment community
because of (a->*) relatively negative speech from the french government and from the french president
third technology companies (should->*) use equity awards to attract and retain talent
we do see that as an opportunity or an area where we can be again frontfooted and lean into a little bit over the foreseeable future
third and finally we are creating new (paths->pads) to our customers to supplement or even circumvent the markets
as you can see from the chart in the upper left during the heat wave all 11 of our peaking units were needed each day that week to serve peak load
so well be surgical about it but we do think theres a big opportunity so you will see us grow but were going to do it in a very thoughtful manner
our primary focus remains investing for organic growth and we plan to deploy more capital into recruiting and technology
a delay will also help us avoid filing rate cases at the same time as other utilities in new mexico which will reduce the burden on (commission->commissioned) staff
commercial real estate growth was largely driven by the funding up of prior commitments yet we remain active in the broader cre market
there is more work going on in the refineries and many of our customers we believe (will->well) be doing a lot more tank cleaning and other
(touchy->hitachi) situations where customers are on the fence and hesitating to give us an order because somebodys been (whispering->whispring) in their ears
where we might improve and enhance our overall processes techniques and approach to selling and recruiting
and finally we are well positioned in our markets and (will->well) continue to redeploy capital in ways that are most accretive to our shareholders
before we move through our standard disclosures let me highlight the key messages to take from this slide as shown on the right
in the north sea activity in norway was flat with only minor seasonal impact our performance was strong (with->in) integrated projects
expense in the bank was up as we continued our investment in strategic hires in expansion markets and specialty businesses
i think were starting to see what (bryan->brian) talked about in terms of (cre->cree) trends emerging right now and weve had several examples of that occurring
but im sure that all our customers are continuing to kind of work through their budgets and look at their plans and opportunities and the iocs have
although earnings were negative for the quarter we continue to see positive economic growth in our (regions->region) and to experience growth in the number of customers served
i guess you could say we and the rest of the industry have gotten pretty comfortable working in an industry where rates dont do very much
past the summer its hard to imagine that the current cost pressures could sustain a whole lot longer before manufacturers have to move much more significantly if thats the case
fourth (*->the) services provided to our largest customer have met or exceeded our revised expectations following the change in scope of services we announced in april
although we have seen a few changes resulting from large accounts adjusting their current needs these customers continue to thrive and we continue to have relevant relationships with them
our guidance also does not include any expectation of future increases we dont look at forward rates to determine what guidance should be we simply
now your other question could be what if instead of being capital (doctrine->suddenly the doctream) changes and its voting rights we have everything in place with renova where if
innovation that (eliminates->may eliminate) the need for the use of (thrombolytics->thrombolypics) reducing the likelihood of icu time and bleeding complications that significantly affect patient recovery and outcomes
(*->on) making (*->the) investments we need to make to grow the business and driving efficiency and controlling costs in ways that we create positive operating leverage
such as ffo and adjusted ebitda you can find this information together with (reconciliation->reconciliations) to the most directly comparable gaap financial measure in yesterdays earnings release
yes i think first of all for new (business->businesses) small businesses and those who are starting up typically dont go through a bank for their credit anyway so i dont think (therell->theyll) be too impacted by
(*->oh) its always a possibility that we would consider additional centers around the world to facilitate enrollment so i wont rule that out (but->*)
we collect a lot of core data and our goal with all that is to find better and better inventory than we currently have we think that is
but i feel very very good about what i see going on in the organization in terms of expense discipline focus on controlling and managing expenses
the largest credit unions in canada control millions of customers and billions of dollars of assets their strategy has been (to->*) sell multiple financial products to (their->the) member base driving very high average revenue per member
but we also increased our ica deposit rates by an average of 4 basis points (towards->toward) the end of january assuming no further changes in fed rates or our deposit rates
as always we remain disciplined in our selection criteria with a focus on serious (and->*) lifethreatening diseases with significant unmet medical need that we believe are good targets for the science
to appreciate those factors that may cause actual financial or operating results or the timing of matters to differ from those contemplated in such forwardlooking statements
as foreign exchange rates were not favorable for monetizing the funds going forward we expect to see normalized fixed interest expenses based on current debt levels
of realizing the full benefit of premium drilling in 2018 well improve in every category we use to measure performance internally
if that makes sense at some point in the future and thats what the owner wants to do then well go down that path
well also drill a number of stepout wells in the bakken (lite->lot) and other areas to continue testing and refining our latest precision targeting and advance completions outside our core operating areas
is a challenging one to clear currently so i think the its a really long answer to a simple question but i think one i dont think renova is trying to do that at this point (is->*) my understanding two
we are closing a lot of businesses also in colombia but when you take the whole picture it will keep the same proportion
i can tell you from personal experience that this card has become my goto card in my wallet and not only has it helped me control my spending but (its->*) has helped me lower my utilization rate of my credit cards which also helps improve my credit score
im curious what your view is as to how much inflation we should start to expect to see over the next year and
whats interesting to actually note about (it->*) is that theres been an uptick in the number of diagnoses in the past 2 years i think because more clinicians are becoming more familiar with these diseases
to the temporary staffing industry including payroll funding and outsourcing services that include payroll processing administration and invoicing the staffing outsourcing business is a growing industry
probably increase a little bit more you may see a little bit more virtual because thats where weve seen (*->some) more of the growth in the last few years but (theyre->theres) still field resources would continue to go up as well
our advisory and brokerage platforms through new workflows new investment content lower prices that help our advisers position themselves to differentiate and win
and that gives us a lot of flexibility to be patient and (focused->focus) on the best place to deploy it so i think were focused on it and hopefully we gave you a fair bit of color on how we think about where it should go
this obviously takes time and traditionally a lot of money because of our unique partnership we can afford a marketing campaign that otherwise would have cost tens of millions of dollars
however as the market changed and the sales process became more technical and complex we (recognize->recognized) the need to evolve our sales model
was driven by contributions from our phase 1 collins growth project coming fully on revenue during 2017 fourth quarter revenue
and people tend to prefer the track record business because they know they deliver and (delivery->deliver) is important in this business
(onto->on to) our asset management initiatives we continue to make significant progress on both the revenue enhancement and (costcontainment->cost containment) initiatives
on our last call we discussed the agreement we had entered into but not yet closed to acquire 2 terminals
on todays call i will review highlights for the second quarter related to sales operations and product development (efrain->effort) will review our second quarter financial results and discuss our full year guidance
we estimate a net benefit of roughly 12 percentage points from tax reform as the (14 point->14point) reduction in corporate tax rates will be partially offset by some deductions that were eliminated
resources that are expected to fund the company into 2021 we are excited about our multiple upcoming milestones and look forward to sharing additional updates with you as our work progresses
based on these learnings we have finetuned our construct approach and have already designed manufactured and begun testing new candidate vectors in the pompe mouse model
and (will->well) probably continue to dilute that by the acquisitions that we make but the rebound of oil and gas will
that we would love to be at and just a word about the multifamilies and the payoffs and so forth the idea (of->*) having this line of business these business development officers
well continue to use transition assistance and i think we continue to explore how to use that in a really targeted creative way to attract the type of advisers
therefore activity and inventory will build particularly in the first quarter and there will be fewer wells brought online in the first half of the year compared to the second half
the other question you may have is on (*->overhang) what are we going to do with the 5 million shares (*->look) were not in the business of owning our own shares this is not what we aim to do (longterm->long term)
this has been a strategic move on our onpremise teams as we see many new opportunities to infuse our current operations for clients with these special services
but weve made changes to pricing and to the underwriting we increased our analytics and have made progress in this product line
our critical growth and transformation investments while also deploying more capital to shareholders
its also important to note that were still (in->*) at the initial stages of this multiyear growth opportunity
and with our peers reconciliations of nongaap measures to the nearest corresponding gaap measure
and we feel like we have the ear of the engineer and the heart of the engineers so new people coming (onboard->on board)
and (i guess->then just) on nexium can you comment whether or not (you have->youve) included an additional competitor in your guidance for this year for that product
a discussion of risks and uncertainties is included in our form 10q and other sec filings
esystems accounts for 40 of the backlog as we continue to increase market share
now ranking ninth on the future 40 responsible leaders in canada list the highest ranking for an oil and gas company
these highlights underscore the magnitude of the transformation weve made as a company in a short period of time
you got india demonetization youve got some of the weakness we saw and trade stock dynamics playing out (of->in) the middle east
our gum business (continue->continued) to grow and take share and (milk and->milka) chocolate performed in line with our expectations
let me start by saying that this has been a strong area of focus for quite some time
this was an opportunistic addition based on attractive contracting terms we expect to average about 12 rigs
these statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations
a pause in the sales activity as a result of the proposed (mergers->merger)
potentially as soon as the end of the year in addition given the scope of the combination approaches we want to explore
which have been shown to correlate with greater magnitude of treatment effect from checkpoint inhibitors in other clinical studies
that said it has very restricted expression in healthy tissues making it a promising target for antibodymediated therapy
lots of opportunities we have (*->to) put a few of the foundation pieces in place with it but
this deal (*->that) we did with metlife and theres a significant pipeline behind that these are really important
already looks pretty fast or is there an element of pricing consideration in there as well when you think about prevention versus treatment (all->*)
many years ago in the north sea for us in norway and then spread across the company and (served->serve) as the foundation
so we have goals that were going to set in the next couple of months about what those (costings->cost savings) can be but theyre going to really be a byproduct of
(we have->there are) many opportunities to drive efficiencies in the business and we have the right leadership team in place to leverage (*->the) operating discipline built by modine
we continue to see a high level of global activity relating to electric vehicle in the automotive specialty truck and bus markets
acquisition or integration (costs->cost) would be excluded from that number
we did not have a similar benefit this year excluding these settlements we would have seen an increase in gross profit
is going on throughout our business it touches a number of departments its not just customer care
so i mean (the->*) q3 is always a little bit of a high watermark for our margins
in new york on november 16 more details to follow if you have any additional questions in the meantime
above what weve seen with these other adcs so were hoping that we can have a much (better->*)
we would emphasize that these patients are checkpoint (failures->failure) so were working in a population who have a very real unmet need
with lower pyramid (skills->skill) so that allows you a much
but the mechanisms do offer some value and theres some values where weve been able to integrate our components (and->in)
but it is going to change the dynamic from an expense ratio standpoint in the sense that it is more expensive business to acquire
on the slides on slide 2 youll see that certain comments we make on the call will be forwardlooking
the advent of these emerging trends that are coming out in quotes and now
since these assumptions are based on current expectations and involve assumptions that are difficult
so in summary our underlying performance in the first half came in largely as expected
all for one flat rate and at a fraction of the cost of standard phone and (voip->voice) providers
now during the first quarter we also extended our capabilities with amazon web services
if youll turn to slide 9 ill cover some operational highlights from the rest of the portfolio
we continue to focus on addressing our performance challenges at certain cis locations and on driving operational improvements
so sand really hasnt been a big issue for us i was looking at some data the other day comparing
on todays call i will discuss our third quarter results including an update on our business segments and strategic initiatives
i mean i think the important thing here is that we are investing in these offerings and
players and the japanese players are not really actively able to sell there so its being regulated
we just concluded the 90day operational phase of the 2 (train->trained) lenders test in july
over the last decade we took a number of bold actions to create todays mondelez international
due to the difficulty in reliably projecting this expense as it is impacted by volatility (and->in) price (per->of our) stock
the conference (is->has) now concluded thank you for attending todays presentation you may now disconnect
excluding the impact of the malware incident and the india goods and services tax
as we continue to adjust our spending levels to match the market dynamics in countries like brazil and argentina
we expect simultaneous publication of (fourier->furier) in a leading medical journal with supplementary materials
the overall business but we dont have any major issues (in->with) respect to what some of our competitors are dealing with
(their->the) cost of the people (in->and) transition is not
during the study on exactly the timing of the treatments in relation to (*->when the)
if you turn to slide 5 ill review the quarter financials in more detail
our second quarter financial performance was highlighted by strong ebitda and operating cash flow in our consumer business
as we remain committed to operate the consumer business to maximize profits and free cash flow
chocolate continued to be strong as we executed our plans and the overall market conditions (remained->remain) good
but were very much focused on (pcb->pcd) very much focused on the mainstream of the market
be focused more on the mechanisms and the latch systems within the rear seats which we have a leadership position
these include adding clinical sites and increasing enrollment in the ongoing phase ii clinical trial
(*->that) some of our lower spending on both the capex and opex side is not just
i think the work weve done over the last several years (is->*) really culminating with (this->the) singular (focus->focused) vehicular business unit
and as a result we are investing in it we started to invest in (the first quarter->*)
in terms of your battery business just to continue where you left on in the third quarter
you can drill too fast in these unconventional plays and we like to make sure that (we->weve)
we expect this to be a key growth driver in the second half and into next year
moving to the middle column our second quarter financial results were also notable
to allow for the (increase->increased) patient numbers and other indications and will pursue the lung indication separately
thank you all again for participating in the call today for those of you keeping track of our progress
maybe give us some color on what your thoughts are on your production and distribution facilities going forward and are there further opportunities to consolidate there
and they run all the way through to delivery where we need to balance the need for speed with the need to maintain our trading environments and therefore our retailers performance and our income
the results we presented this morning are underpinned by a range of strong performance metrics at property levels (*->so) id like to spend a little bit of time just walking you through a few of those headlines
right now that doesnt help us because were looking back at periods when there was (no vyxeos->novyxeos) available a couple of years from now theyll be looking back at periods where vyxeos was available
let me now turn this over to ali thank you bob and good afternoon everyone let me begin by reminding you of an accounting item that came up in the period (post spin->postspin)
and of course health is a big trend we need to combine healthy elements with our products as well
i still think that it (will->would) not be (as->*) sustainable for in the long term for 4 players to be in the french market
for the product where theyre sitting on the sidelines waiting for a future launch date and theres a mechanism that if sales fall precipitously that
and expect to experience continued intraquarter variability of defitelio sales and i would say dont get too excited when they pop way up
while its not my intent to remain as ceo i can also say that my personal commitment to this company is strong and i intend to leave the company in good hands
and then in my closing slides i will talk to how we are responding to this environment both in the (shortterm->short term) and over the (longerterm->longer term) from a strategic point of view
which is going to drive some of that increased performance in the fourth quarter but its going to be a fairly steady
we continue to focus on income as weve mentioned today and we believe active asset management remains critical and that we have the team and the skill set to deliver
one of the things youve heard me say before is that we are leading with digital as the consumption of news and information continues its migration towards digital
i see and then we saw obviously some improvement in the revenue trends in the first quarter but there are other publishers that have indicated a little caution
right now weve lost a lot of that market we intend to get it back so (i->*) its hard for me to answer you in (percentages->percentage just)
on the offset of that we actually made an acquisition earlier in the year so you asked a question about inventory i dont know if it was for china
placing the video in a fixed bar at the top of the page allows the user to continuously view a video embedded on an article page
(*->and are) now (coursecorrecting->course correcting) quickly and decisively together with the rest of the organization we have set out to restore the tile shop way of doing business
those facilities are showing marked progress (and->in) clearly identifying the issues that need attention and implementing detailed recovery plans which will result in sustained performance
we can see that many of our retailers importantly and retailers in our categories or target categories continue to perform well and importantly are expanding
in the upcoming cowen conference as well as (*->the) barclays (health care->healthcare) conferences and hope to see many of you at those conferences this will now end our call
make the most of (the->*) our existing molecules as well as bring other molecules into the company as we have with our immunogen collaboration
last summer we launched gravity for mobile already the product is generating (7->*) several million dollars of revenue and growing very rapidly
we are not a typical retailer we do not sell products that are purchased without a human connection or products that lend themselves easily to ecommerce
so we have to look for other markets and thats what we do we have sales offices in many different countries we have people assigned to different countries and so
so when our federal government seeks payment or decides to acknowledge a refund those can trip over a quarter but generally speaking for the year we expect
and balancing delivery of community strategy with delivering attractive returns on investment so in conclusion
a byproduct of our promotional activities was that we alienated some of our key professional channel partners that had been so critical to our business for years
and we were we got the presidents the financial people and the sales and marketing folks together and really did a pressure test of
its going into an area that our competitors have dont have the same amount of ability to go into we can carry a larger selection
the progress were making on all these initiatives will create efficiency across the business and support our achievement of sustainably stronger operating profitability
i would say its almost certainly true that we will enter a third therapeutic area will that be in 2018 hard to say
to achieve this gannett must remain strong and have the financial flexibility to support investment in critical resources
now we are not where we need to be yet but we hope to show some progress in the second quarter this year and especially in the second half of the year when we should have fully implemented the new plan
so as we develop the future leadership team for the tile shop you should not be surprised that we will focus our efforts first on our inhouse leaders
as mentioned in the previous slides in order to keep our competitive advantage in connectivity we continued our investment efforts
we really started over the holidays saying lets go through and do a robust analysis of what the risks are and are we just seeing some of the risk items that (*->we)
the primary adjustment is to add the month of october 2014 into the first quarter and shift the other months appropriately
the purpose of our corporate team is to support those store managers our new regional sales management structure will allow our most experienced and successful retail managers
this is what has always worked for us in the past we stay away from the commodity product that the boxes carry en (masse->mass) and we go to
and then on the second part of your question in terms of interest in entering a new therapeutic area i think if you think
we developed various programs focused on training product assortment merchandising and marketing to increase the level of service to the pro customer
in new york on june 7 and well be sending out the invitation for that soon so if you would like to make sure youre on that invitation list please email
given the companys return to its historical focus on product service and presentation rather than price
and we think its an interesting place to study (solriamfetol->sole reamfetol) given some of the things we know about pd patients and we know about the mechanism of action of this drug
we work very well with growth profitability and investing back in the business and i think that we are demonstrating that we are doing it in a very responsible way
products you can pick them up and eat them any time around the clock basically any time you feel like it you can pick it up and eat it
as is evidenced by the recent parliamentary hearings and in us maintaining our level (2be->2 bee) status under the (fse->fsc) codes for (eight->8) consecutive years
that beyond q4 you should start to see inflation gradually start to moderate the other thing that were seeing is now that was commodities if (youll->you) look at freight
and move them into networks not just wired but also wireless network and it is an area that we are seeing (a->*) tremendous growth and tremendous demand in
very good progress already in terms of driving to common vendors and making sure that we start to
and were hoping that later this year therell likely be another solicitation within which we can submit this project and (we will->well) have it ready for that
participants on this call will make forwardlooking statements these statements are based on current expectations and are subject to certain uncertainties that could cause actual (result->results) to differ materially
you need a good foundation and i think weve done that in 2016 with the rate cases that we completed so were in good shape there number two
while these items may recur in q4 as well due to their nature it is not possible to estimate their exact impacts
in any forwardlooking statement due to a variety of factors which are discussed in detail in the companys most recent form 10k filed with the securities and exchange commission
we continue to invest in global expansion and as (you would->youll) have heard in the highlights we have seen very good growth
are pretty well populated with equipment the opportunity that we need to find is a new location to install additional equipment
we have a big footprint in new england in the east coast we have a strong position in renewable energy and we really see the offshore market (as->is) likely
just to give you an example one of our largest banking accounts (who->we) went through that shift a couple (of->*) years ago (the->*)
its due primarily to a fall of a particular contract with first delivery (day->dates) shifting from the first half to the second half at the customers request so we can see all of that
(in->and) another part of our engagement within their core operations (well->will) be helping deliver a substantial boost in their productivity through automation
but no so there will be more (more->*) to come and then well also see a similar development in the malvern panalytical business
(i->*) and so those additional costs will now come in as weve taken that decision to move into the feasibility and planning stage
again weve become very very good at predicting and intervening ahead of when a patient becomes not adherent based on factors that were aware of
our guidance also does not account for the impact from shifts in the regulatory environment including areas such as immigration or tax
and has moved into new product lines including specialty and so when you take a look at that collection of businesses again that with the exception of canada (that->*) doesnt produce scripts
is attributed to our focus on generating cash flow from operations and managing our capital structure to maximize shareholder returns
and i think as weve said before right each one is on a different schedule in terms of shifting towards technology
to ensure that we deliver not only the best cost outcomes but look at really what else can you do in managing the total member and what role can retail play in that
(*->a) question on the cash flow again from the lower tax rate your appendix indicates that you are expecting lower
struck by the turbines (*->and) when theyre migrating so many things were doing that are on the cusp of new technology that were implementing today
and the distribution improvements which we fully believe will get approved by the new york commission but they havent been yet so were putting that in (the->a) highly likely category
thats settling down very well but (there is->*) theres certainly another 6 months to a year of work to be done there i would say to get back to
let me begin by reminding everyone that our discussion this morning may include forwardlooking statements which are subject to the safe harbor provisions of the private securities
we have the pipeline there to do it its getting the ppas (agree->agreed) to and we dont want to get too far out ahead of that so
with respect to our balance sheet capitalization not much has changed since our last commentary we continue to have no debt
more specifically we anticipate mail growth and new generic launches will drive increased volumes as the year progresses
if there are unique characteristics trickling into the selling cycle this year as well (from->for) maybe high retention rates or any other trend that youre seeing
so all of these point to the need for greater infrastructure in the region and this is a project we continue to move forward with
can you maybe talk to some of the benefit that youre getting from improving or consolidating your relationships with specific manufacturing vendors
weve increased the renewable piece (and->in) the spending but were probably not going to see a lot of the revenue because those are more (at the->*)
and as jim mentioned going to this concept of adjusted net income were really looking to focus on the core business going forward
this is how we (planned->plan) the business to better align with customer demand along with an expectation around improved international service levels in the fourth quarter
the nature of that business is lower margin for us but also from (the->a) pricing point of view because its projects versus service
but at the moment there is nothing tangible on the horizon that indicates that opportunity will be presenting itself anytime soon
that were in there and they would have been (at->*) probably the higher return and now we have more (*->of) the distribution projects which are probably a little bit lower
we also have quite a bit of activity across the group around implementing lean activity not just in our operations
we take each one of them individually we love it when we can start with their data and understand their unique challenges i mean for an example i saw a prospect deck yesterday
and part of that is due to some of the marketing and (operating->*) particularly marketing efficiency issues weve been talking about the last 6 to 9 months
this year there were a couple of things going on which weve talked about also i think is unusual (and so far as->insofaras) orders growth far outpaced sales growth
is to sort of highlight the amount of network interfacing that goes into these products and these products really are made
even in an economic slowdown so i dont anticipate the overall demand for the types of products that get labeled
and what weve been able to do not only compounds was not (*->a) one and done if you take a look that (as->is) a daily battle for us to stay ahead of
more important though we began laying the strategic foundation to ensure we achieve our longterm financial goals for this business
while continuing to grow the dividend repurchase shares and pursue (value enhancing->valueenhancing) bolton acquisitions
your hand on this call but my question i guess is when i think about net price realization going forward
what we saw in the most recent quarter and what the outlook is a little bit farther out and then ill maybe jump into pricing to allow you to put the whole thing together
in 18 years weve had dozens of (earnings->earning) calls hundreds of investor conferences and thousands of meetings with you
at this moment isnt as key to us as (a->*) commercial and industrial we think a little bit later in this plan that will start to take
for meeting various targets within the overall rev initiative we made a filing in december
can you talk a little bit more about what we should expect in terms of retail growth acceleration
sure it does i wouldnt say it comes up in the majority of the cases it probably comes up in (*->a) what ill call is a small to medium minority of the cases
we believe we are the best partner to service anthems complex business and are well positioned to improve the competitiveness
thank you before we begin i need to read the following safe harbor statement statements or comments made on this conference call may be forwardlooking statements
okay everything we do we challenge whether were doing it the best way and we constantly look for best practices across our utilities
i think you got 2 of them (mixed->mix) i think our inventories are pretty much in line now the growth is where youd expect them to be new distributors that turned into subsidiaries
as certain customers have had difficulty obtaining us dollars to pay our invoices these late payments are timing issues and are not bad debt problems
with our large installed base of handset customers we see an opportunity to acquire additional pervasive technologies that we can offer to our licensee base at economical prices
feel like people who want to exit this business we are the logical home for these assets so it was a wonderful opportunity for us to extend our european business to the east and to the north
and so all of these had some level of investment throughout the second half and theyre all coming together in the platform but the real (real->*)
and continuing to the right we can show the various uses of that cash over the period (through->to) 2020 as can be seen
perhaps just as important we were able to stabilize the clarient volume which had been on a steady decline over the last 3 years
and this is to increase the visibility of the brand on the social (networks->network) these are users of ours that communicate on brand (use->news) over the social (networks->network)
and dependable missioncritical networks with the lowest total cost of ownership this has been the foundation for an increase in our win rate
were currently offering this test commercially and have just hired 2 sales representatives and a product manager to more aggressively market the test
while we continue to deliver cars out of that facility that meet our customers expectations the cost of doing so is far too high
capability in flow cytometry were actually adding some capability through work that weve done with this support vector machine
former clarient and neogenomics senior and middle management people and teams have been effectively reorganized to manage our combined operations
a (product a 01->point 1) product release where were just addressing some issues this is all innovation that was necessary for us to have a platform
this (insensitivity->in sensitivity) is partly due to the additional surpluses within the withprofits funds and the group pension schemes that i have just talked about
this is definitely part of our strategy to manage (our->the) network in an even more dynamic fashion to make sure that our network is fit for future
that (will->would) be the time of year where our experience has been the industry tries to drive to low levels of inventory and yet we were seeing pretty broadbased shipments
id like to remind everyone that statements made during this conference call relating to the companys expected future performance future business prospects
expanded distribution of our brands over innovative platforms like nextradio will enable additional opportunities for enhanced integrated marketing revenues
steve will describe this more fully but id like to give you a highlevel review of our performance and comment on some trends and dynamics
our performance is being driven by many factors most notably our strategic focus on building strong local radio brands with compelling personalities and content
it is true that we believe that our presence in major cities is an important element of our international strategy going forward
such as free cash flow and pro forma operating expense reconciliations of these nongaap financial measures to the most directly comparable gaap financial measures
to prepare for the accelerated growth in europe we completed the expansion of our european distribution center to 1 million square feet in the second quarter
depending on what the top line is it depends how much (do->*) we have to invest in china which is growing very quickly and we have to get there and automate and be able to process for (this->*)
relatively stable pricing through the year and with us being able to get a little bit of margin improvement from asphalt cost deflation was a very good outcome for us
for (bills->build) coming in the fourth quarter so the cost of starting that operation back up as well as all the cost associated with it being idled
this is the first quarter that our results reflect the contribution from huawei and we believe our results show that we got the deal done on the right terms
we are pursuing opportunities for upgrades fixes and services and are working to expand our overall footprint and share in this segment
this has been popping up (around->in) customer discussions just over the past few (month->months) so we have to address that and start putting the practice around that so how fast that could take (us->off)
and the companies weve talked to theyre starting to think about that and talk about (those->that) as well (there is->their) service bureau to the rest of the company
now you could really start leveraging the power of the different integration capabilities you have and the different endpoints you have in the business
i think that relationship (maybe->may be) extended a bit in the second half of last year weve heard that from other sectors of the building materials industry we track
i think michael used the phrase that our product is useful and undeniably valuable i think that thats a simple description of how we think about the insulation business
well i must say that we have were lucky that we havent really experienced any surprises so far
these all were necessary to be that glue to make everything to work together as a platform all of these have been invested in
larger and more longterm relationship with these customers so how did we support that and what did we do in terms of investment during this
early leading indicators of this investment and this strategy provide good indicators that we are having much more
given all (of->*) this disruption to our normal sales process they worked very hard and we are fortunate to have achieved strong results so quickly
previously (clarients->clarions) more limited test menu required a large number of molecular tests to be sent out to other labs for processing
its all either being released in q1 or putting in public (data->beta) so we could (gotomarket->go to market) at the end of this quarter with a true platform
and how it can reduce the planning deployment and operational complexity (of->on) microwave links saving customers time and lowering their costs
clarity to our users about who we are and who we are not we (are->have) a home (*->home) and living (player->players) so we want to extend within the home universe
so ill finish up hitting a bit on the targets and ambitions we have over the (mediumterm->medium term) so
however that does not (that->*) mean that we do not see the opportunity for inorganic growth we do which is one of the reasons we have maintained a strong balance sheet
pursuing solid expense management and making significant progress across a number of strategic initiatives that are enhancing our capabilities and growth potential
we plan to open approximately 30 to 35 more stores this year including a store in the new one world trade center
the tax credit in 2015 derives from the settlement of a number of historic tax issues
this demonstrates the groups confidence in its capital position and also help facilitate the new revolving credit facility
and this shows the excellent integration we have achieved between the 2 teams achieving a record time in opening this first store
international and online sales both of which (continued->continue) to increase (their->the) penetration rate in our overall sales
that we can have in 19 is the beginning of the investment on our new distribution (center->centers) in the north of france (thats->*)
given the progress we have made over the past 2 years we are well placed to access the markets at an appropriate time
we havent had any (discussions->discussion) specific about that but that question has come up from people i got to tell you for all the hard work that weve done i just dont see how that makes sense right now when were so far down the path
we believe a large part of what drives retailer performance in these community shopping centers is their increasing (differentiation->*) from (super regional->superregional) malls which are increasingly driven by leisure and entertainment or dayout type shopping
the judges (said->set) it best it would not be an overstatement to say that the pressure for reform from usa todays reporting has significantly reduced the possibility of a public health crisis
we are now looking at customer acquisition (costs->cost) based solely on new annual recurring revenue versus based on total sales and this has highlighted additional opportunities for us to save in this area
these research outcomes have resulted in (*->the) full reprofiling of the capex program that lawrence highlighted in his section and the identification of a range of opportunities that will serve to reposition our centers effectively
yeartodate in the first 6 months you lost about (200000->200) it looks like theres an increase happening in your consumer line loss i was wondering if you could maybe give a little bit of color on whats going on there is (it->that) just the pickup in competitive intensity weve seen this year
we needed to do that to open up a bunch of footprint because were integrating dat and another business that wasnt even one of our big 6 integration projects into that same footprint which is going to work really well it fits the model perfectly
i know you said youre not looking at selling the entire enterprise but why not take a look at selling these 4 plants or other specific businesses that have been chronically problematic (yes->*)
clients are also transacting less and in smaller amounts and from a banking point of view those of our customers who are on packages are transacting more (inpackage->in package) to avoid the fees for transacting out of package
i think it hasnt been a surprise i think its been a very positive experience we really enjoy working with the teams and weve got detailed integration plans that we are beginning to execute on and we look forward to giving you the new guidance in a couple (of->*) months
in the current political and economic environment we also need to maintain a robust balance sheet as is evidenced by our strong capital ratios and liquidity metrics as well as the levels of interest rate risk in the banking book that we currently maintain
in a subscription model that gives us recurring revenue that grows our recurring revenue it actually helps our margins and it gives our salespeople something else to sell in their bag which obviously helps with
educating the customer on the risks associated with unstructured data do you believe that customers now are beginning to really understand these risks and (do->seeing) you guys (have->*) more of a strategic security investment
we have right now factored into q1 effectively no change and now what we have been told is 60 to 90 days we are already
the first is that despite this guidance revision we have tremendous confidence that our accelerated integration activities are progressing they will generate the incremental returns were aiming for and theyll drive permanent improvements to efficiency throughout our business
historically the company experiences a use of cash in the first quarter as its generally the lowest revenue quarter of the year and incentive compensation payouts from the prior year are made in addition
this increase over the past few years compares favorably to single product lenders shown on the far right which originates most of their loans in the highrisk (buckets->bucket)
with that todays call is about our financial and operational results for the first quarter and our outlook i ask that you please keep your questions focused on our first quarter results
so if somebody just transacts less but still does all of their banking with nedbank they could fall out of our technical definition of main (banked->bank) customers but i think your point is well made it is certainly a very difficult target
target and any other similar words may be used to identify forwardlooking statements such forwardlooking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from such statements
so why are we so confident in our retail positioning i wanted to reflect back on 2 slides from our strategy presentation in december the first of them we believe community shopping centers
in 2016 he became our first director of talent development and was responsible for creating and implementing a comprehensive new sales associate and store manager training program throughout the company
its really very analogous to our operations in poland and romania which is where these feed grains are (grown->growing) so we have very favorable conditions there and when price levels in europe
particularly in light of the current trends in energy prices (which->this) has the potential to affect (the->*) operators view of fleet economics which may translate to a stronger aftermarket with longer runs on a number of our legacy programs
these are just a couple (of->*) examples of the new products that improve the user experience provide better results for advertisers and improve the overall monetization of our digital product offering
our proposal would result in a company that not only enhances our current leading national and local media company but also strengthens flagship brands in regional and local markets
is what it sounds like which is were building new lines new production lines weve got some existing footprint that we can fill out and we can put in new production lines including this year weve done some dry sausage lines
so one of the questions we had around the move towards emphasizing the higher quality or going upscale a little bit how do you demonstrate that quality to the customer because
i remained on the board and was serving in that capacity through most of this year during the third and fourth quarters of 2017 the board and management initiated a comprehensive review of our business strategy
our 2018 strategic initiatives are designed to specifically address each of these core issues increase the level of service to our customers and improve our financial results
(hog->of) production (assets->asset) in europe they have very low cost so are we going to acquire more assets
shifting gears to the international markets the asia pacific region had its second best quarter ever the team won a landmark deal with samsung in south korea which is our first client in south korea
this work included launching a new training development and compensation program for senior assistant store managers which became the foundation of our efforts to effectively develop new store managers
on average the payback that we get on that remodel is less than 2 years its often better than opening a new store in terms of the return on that investment so we think its a good return for sure
this proof of concept really gave us great confidence in strategy and a sense of urgency to fully launch the (masterplan->master plan) approach across all the assets and to (kick start->kickstart) the reprofiled capex program which is underway
and sales were strong against key geographies categories and channels and balanced between evergreen (back catalog->backcatalog) content
should we expect those 2 variables to continue to weigh on your profitability in the fourth quarter and early next year
on independence (if we->*) just go back to that one for a second i think its one that people have taken for granted for so long
representing reported and constant currency growth of 13 we (continued->continue) to see improvements in profitability
will certainly support that overall demand will likely be somewhat stronger than what the thirdparty forecasters have indicated
as we think about the rest of 2017 we have added back our prefall delivery in the second quarter which we eliminated last year
in the corporate world to start to monetize that in (*->a) better way and were doing that really for 2 different reasons
we are benefiting from the actions weve taken over the past several years to grow and diversify the company into new products and new markets
they are making progress on the work that they need to do to fully take advantage of the new components for example look at cbs
to our board immediately upon the closing of the transaction which is expected to occur by the end of the year
we believe the investment by silver lake and linkedin not only endorses our plan it accelerates it
(were->we) also continue to believe that the technology will provide a superior refrigerated truck body product for our customers
the point where passengers from the airport and from the (sea->city) will originate their journey
wait as long as (thats->its) going to take for them to make it and so we want to move them out of the portfolio so yes so i dont think
while our systems migration challenges are not fully behind us we have made progress and continue to focus on addressing open issues
in terms of how we manage it so all those things bode well for our ability to take advantage of
even more in the future and so panels are really expensive to do them right if youre going to do a panel right its expensive
from both our recent and ongoing operational excellence and margin improvement (initiatives->initiative) and our proposed actions to strengthen our business
of which the data will also be presented in q3 so these are very important moments in the history of the company
gaining full ownership earlier and catching more of that upside (make->makes) sense given youre going to have all these proceeds coming in
we are working with our larger retail partners to improve instock and inventory productivity at levels at retail
finally id like to thank all of our dedicated employees for their unwavering focus on the safety and comfort of our customers
this dynamic along with the successful release of digital content ratings this month and increasing demand for our (video on demand->videoondemand) measurement
it is important to note that our large enterprise delivery business is the least profitable part of our global operations
there (was->is) some risk there (in->*) our ability to exit assets at that coverage and so we said well give you that rent cut now
and contrasted with the somewhat weaker demand environment than what we had previously anticipated for the tank and platform businesses
and we are scheduled to go live later this quarter which is again is why (were->we are) really trying to work with those retailers to pull that revenue
we continue to validate this technology through designs that provide customers unparalleled value through significant improvements in weight
(*->you) just tell us what your leverage was at the end of the quarter as it relates to your debt covenant and what your borrowings were under your credit facility
(*->and) the last point i want to mention is the successful integration and efficiency program following the acquisition we made
we believe (a->the) 6 target is the best estimate as of today but i did want to point out this nuance in our financial outlook
the second is on margins irrespective of our goforward services strategy and based on our operational efficiency plans
after the prepared remarks management will be available to take your questions for as long as time permits now ill turn the call over to (brendan->frendan)
in addition we saw high single digits in southeast asia and midsingle digits in the middle east and greater china despite all of the turbulence there
your conversations for genesis assets that have yet to close that youre still negotiating relative to those that
let me first give you a backdrop for my views on our market and prospects for the balance of this year and then next year
also we anticipate that other factors could potentially result in further negative changes to the availability (under->on the) revolving credit facility
first and probably most importantly is the excessively aged nature of the van trailer population
project and if you have any time frame any estimate of when we could see the
an annual number and theoretically that number gets spread out over the course of the year
and remain excited about the continued growth opportunities in our us business as we have discussed our business is very diverse
that could be an opportunity but theres nothing that weve looked at so far that (*->weve)
as i noted on our last call we have been analyzing our cost structure to help better align our resources with the growth areas of our business
average minute is in fact the way we report television right now but itll probably also need to include a reach
our operations teams have done an excellent job executing on our customer base growth and retention initiatives
i would like to remind everyone that forwardlooking statements for the (respected->respective) companys business financial condition and results of its operations
and may ultimately drive increased demand for new equipment as stronger carriers attempt to recover lost productivity
our earnings would improve our leverage would trend back toward our more historical range and our coverage would improve
actual results may differ materially from those indicated by these forwardlooking statements as a result of various important factors
we can develop and begin preselling new products in a matter of hours and can ship from our factories in as little as 70 days
investment activity in our business visibility into our business model and results the reduction of
the good news is that we have an improved infrastructure to leverage a higher demand environment without additional investment (and->*)
to provide our clients with a netflixlike experience serving up some of the best content available
probably are not skills that you have today and so training becomes incredibly important in that world
specifically if you look at groups like our strategic sales team or the large enterprise sales group
our consulting partners will be able to deliver these services on their paper which is their preference
pointed (than->*) maybe what you would have seen at comparable periods in the past so we generally feel
we are focused on multiple fronts to secure additional liquidity options and improve the capital structure of the company
so that has the potential for us to keep us sort of where we are even if theres a decline
regarding our renewed focus on recurring revenue we are taking multiple actions to drive growth
but they are still going through (*->a) transition so we expect (that->it) to be another several quarters before (their->there)
from (nic->nick) only because this (was->is) a really unusual year in terms of the flu season historically
before you can start to incorporate that into either the analytics or some sort of your measurement products
thats where theres a lot more incremental business opportunity for us and so itll play out differently in those different parts of our business
that have different rates of performance in any given period of time whether were looking at a particular year or a particular quarter
we are also seeing the start of new investment programs in countries like mexico angola indonesia and china where total production has already been in noticeable decline for several years
that our natural strengths are ready to go if this market does evolve as we hope it does so i guess just to finish on a strong note that beyond 2020 there is
we continue to progress a project we call connect new york this is an underground dc line essentially from utica through the congestion points
generation volumes in texas were roughly flat while volumes in the east were higher yearoveryear due largely to our acquisition of granite ridge as well as stronger market conditions driven by summer heat
do you think that the pricing strategy has to change to go to more towards (performance base->performancebased) to kind of see more technology adoption
product that has more value with price with the ability to continue to add as burton said selective sales teams into the verticals where
obviously utilization has to continue to stay on the same path no reason to expect that that wont but those are the really the bigger drivers
as weve all talked about multiples are a bit high right now but that doesnt dampen our enthusiasm or our activities in that area and then certainly
these solutions include an expanding range of programs which combine our deep specialized approach to patient care with our ability to creatively contract for best cost and care outcomes
consistent with recent years we anticipate revenues related to a large client contract will be realized in the second quarter due to the structure of the contract
a couple (of->*) extra days on a couple of our planned turnarounds so nothing outside of the ordinary but they all kind of fell together in the third quarter so we do have quite a bit of waste to burn and
both companies are struggling with the same issues of massive data complexity and difficulties in getting accurate spend visibility and identifying where they are leaving money on the table
invest in that and as a result bring down the (costs->cost) we incur around call volumes again a lot of those initiatives are in process and well have (an->a)
in terms of how the website presents opportunities for patients which has doubled our daily (retail to mail->retailtomail) conversions and continues to for those patients where thats a benefit and where the (plans->plan) save money
if you should have other questions afterwards we will open the line to the floor this will be our procedures today
but are you guys starting to see some work related to that cleanup are you getting any indications of whether this can be a real opportunity and when that might start to convert into business for you
becoming more disciplined however does not mean that were on the defense in fact discipline gives us the freedom to elevate our innovation agenda even further helping athletes to redefine what is possible
that is why we have implemented a lot of measures such as in reducing the cost and (our->*) management expenses
so from that standpoint i would not read through the what has been a sequencing of ebitda that ive seen for most of my 18 years in this business anything different as it relates to that in our first quarter results
its not that we dont explain ourselves its not that we dont point folks to things that they can read (and->*) draw their own conclusions but as weve done that what i can tell you is the conversation very quickly turns back to
and again how we convert that technical performance into commercial results through the contractual arrangements as well so i think we have a good view on (one->*) again what needs to happen we have a good dialogue
we can typically deliver value in a much faster time frame and at a lower cost than others in the recovery audit industry or in the sourcetopay technology space
the sustainability of that gross to net and what it tells us about how well youre working and maybe what it tells us about the economics of your business
and our retail bankers in the markets do an excellent job of preparing customers that are going to have to move
and then lastly and this is an area that we made good progress on in 2016 and much work to be done going forward and thats our focus on continuous improvement
(*->to) give you some ideas on that now this is probably one of the more important slides not that they all arent important but this gives you an idea of why were so confident in our forecast
to provide supplier communications and support services using prgxs lavante supplier information management technology platform
and frankly what problems theyre solving in each of those verticals and how they can most easily create a frictionless service to build their business
or in our latest reports and filings with the securities and exchange commission each of which can be found on our website avangridcom we do not undertake any duty to update any forwardlooking statements
(is->as) hes just been to every office and visited nearly every major account that we have around the globe so with that fresh perspective i think is probably the best way to be able to phrase and answer that
and i just wanted to touch a little bit on those before i go into the presentation so jim touched on safety its something we stress every day and its something we strive for zeros
from product retail and sales to our regions categories and the functions that support them globally we are working singlemindedly (and->in) driving resolutely into our next chapter
so very important for us to be a part of the community and do outreaches we get involved in some of the charity (fund raising->fundraising) events that are locally within our (neighborhoods a->neighborhood)
besides there are some patent barriers and technology barriers our strategy is heading to automation and complete sets
you heard in the comments earlier i think what we described is that our aggregate commodity inflation net of sourcing activities was about 1 of our consolidated
growth in environmental services was driven by veolia (and->an) improved mix of waste streams and increases in our industrial energy and field services businesses
i wouldnt say that thanks for the question (garen->darren) i would not say that i see anything dramatically different as it relates to (this->*) sort of the mix of whats out in the market for
want to start with our yearend results which we had very good results for the year notwithstanding some of the challenges (that->*) we have with guidance during the year but for our first year as a company
while growing our core lines of business (and->in) our branches and advancing our direct (loop->lube) oil sales model overall we look forward to a strong conclusion to this year
we felt very very good about the progress we saw in terms of revenue growth as well as continuing to control expenses and to create operating leverage
their operational footprint should afford us more opportunities for growth and drive more waste streams into our network particularly in the gulf and midwest going forward
last year we did have the (iroquois->iraquary) sale that we were aware of at the beginning of the year obviously thats behind us and weve not contemplated any other onetime items going forward
this momentum is the very fuel that drives our reason for being to make you better by delivering performance solutions you never knew you needed and cant imagine living without
within the retail space specific to the commercial and industrial segment the combination of noble and champion places calpine among the top 3 national providers by volume
for the patients who should be on them and the pharma companies that want to work with us on that basis are coming to the table and making great choices and we hope that continues
so i think youre right as energy volume comes back youre going to see sort of (outsize contributions->outsized contribution) in the near term as you build volume back in your (plans->plants)
we will use some of that what i will call extra contribution to reinvest back in the energy business where it makes sense
before handing over to gordon let me take a moment to provide an update on our litigation against (enzymeworks->enzyme works) which we initiated last year
the economy is strong and consumer confidence is growing along with it so we believe that we will benefit from a strong retail season
is getting stronger and i would actually argue the strongest it has ever been our local teams are now empowered to deliver local innovations
is that the wealth creation that is happening in this country and ive been alluding to that many times is really only going to a very small part of the population
we also have begun codeevolver engineering efforts targeting additional enzymes that are needed for the molecular biology and diagnostics markets
and then youve got a big capital problem if you want to continue (the->*) flow of material so its a number of those instances
comparison to the prior year is significantly distorted by the extra week in the fourth quarter last year and the associated shift in the calendar
so theres a payment and a milestone on a technical transfer upon a payment technical activities are (done->*)
our second strategic initiative strengthening our value proposition requires integration and alignment across all operational areas
in addition we have evaluated compensation plans at the store level in an effort to provide a more balanced structure for our associates
portfolios going into next year and beyond is it a cost of equity that the reits have to get a better advantage of and
but what was important for us is that the customer responded to our new assortment and to our marketing so and (*->i would)
but we dont see the declines anymore and already stabilizing this and from there moving (*->it) forward (is->its) for us very positive (from->of) where we came from
we collect data in nearly (a->1) million customer sites around the world and we want to make sure that we connect that data collection capability
in addition we are working today on several exciting projects that will drive very high volume in the augmented reality and virtual reality markets
for example in the half we saw savings from rent at the end of the lease and continued productivity gains in stores and distribution centers
(i->*) mean it looks like i know weve asked this before but it looks like youre going to be well ahead of the longterm target by the end of the year
i continue to be very optimistic about the growth prospects in this market given our long and successful history of solving challenges in hearing aids
the impact of this increase was even higher as it was offset by efficiencies largely in advertising production from (zero based->zerobased) budgeting
now even with years of savings the high street cost base is still substantial and we continue to build a healthy pipeline of trials
crossselling opportunities and how they are benefiting your revenue growth certainly in addition to your positioning with
with that said were also getting pricing fairly significant pricing as a consequence of the devaluation that have occurred down there from a currency standpoint
finally we are making progress in the expansion of our business as evidenced by our performance in installation services
would you consider moving that to (ridea->rite a) structure should we expect maybe for you to do more (ridea or->rite a) some other kind of operating joint
have had the enviable position of having your stock go up for (the->*) most of the year and share buybacks come in a little bit below expectations
to continue our strategic approach to pricing service enhancements customer retention and new business development
i think youre just seeing the fruits of that so our expectation is were going to have a very strong fourth quarter a little bit artificially strong
when i (looked->look) back over time i think youre starting to see that other products with this customer are starting to drive a fair amount of demand for us
are starting to give us a true competitive advantage in addressing the growth opportunities that i referred to earlier
already just at the halfway point of 2017 we have nearly matched all of the product gross profit dollars
meanwhile we continue to be very disciplined with our capital allocation through a progressive dividend policy and returning cash to shareholders
this is particularly pleasing for us as it comes in a period where weve had to change our ranges and our promotional offers
product knowledge is something we focus on day in and day out and i can tell you that most of our stores
(i think->*) you want to go ahead and kind of reevaluate your portfolio even further and maybe sell some more assets at this point
this was however amplified by a softer comparator and the start of improving conditions in some emerging markets
are a combination of availability of some of these product and affordability of some of these (product->products) that (their->they) cost
please take a moment to read the cautionary statements on these materials stating that this teleconference the discussion and the slides include estimates of future performance
have a solid operating plan and have the right team in place we do understand however that we have a long way to go
is making sure that we have the right product in the right place and thats in our stores and not all (of->*) the product belongs in our stores but
but this was somewhat offset by obsolescence costs related to the transition of the assortment and to a lesser degree the higher mix of installation sales
so (the->as a) consequence of that even in a relatively flat environment if you assume no material activity change and we continue to
on a phone would be taken up by other people that our customers could ship into shortly so the market itself would level out
can you just give us a little bit more color as to the strength that youre seeing there and whether or not you believe that can be sustained in coming quarters
the changes in our channel landscape also give us the opportunity to reach more consumers with more differentiated products
by next year just so i can clarify when you make that statement do you believe that you can
our team is very focused on controlling these costs as we continue to build the right foundation for lumber liquidators
because (of the->its a) process of negotiation what we can say is (is->*) that we do know today when those contracts that are underwater
given us all i believe a taste of the rapid changes that are happening in (the->*) society and that in my opinion are only going to speed up
as well as propositions than weve ever done before and weve taken advantage of this again this year
the (changing->change in) consumer preferences the changes in customer channels the new media to communicate through with our brands
these technologies can lower existing (costs->cost) reduce the amount of water that it takes to execute ex mining i mean people are still mining
how sustainable is your ability to continually drive productivity in that regard looking forward
longer term theres probably 2 key areas that were going to have (outsize->outsized) emphasis one i just talked about in terms of
triple that capability by further buildout of san antonio that becomes not very cost prohibitive
while our first quarter is being impacted by an inventory correction in smartphones we expect this to largely be behind us by the end of the quarter
mobile continues to be the main source of traffic to the site and our investment in web development continues to reflect this
so (mani->moni) i think we dont have anything quantitative but there is an intuitive sense that if we allow patients
given that as well as the sheer size of the market our plan is to partner this asset following proofofconcept data from the phase i trial
in literally all parts of the world with regard to how we address that capability and roll it out for their
steady growth in the first half of the year in wealth and asset management was offset by weaker insurance earnings as well as the impact of a stronger rand
at the same time as we are managing these shortterm economic headwinds we are continuing with the exciting work of building a more agile competitive and digital nedbank for the (longterm->long term)
we had a very modest clinical capability and a pretty small organization we are in a rapid growth phase
and had a very strong year in 2015 primarily due to continued growth in (*->the) database and targeted marketing which drove healthy increases in both slot and table games revenue
within our part of the value chain if we have closer cooperation altogether so i think it is really about cooperating across
and as a global manufacturer we are committed to protecting the environment earlier this month we announced a 5year international partnership with water aid
they have suggested that they may be open to a full approval instead of an accelerated approval a full approval being obviously a better outcome
and as consumers in emerging markets trade up primary scotch price points can sit between local mainstream spirits and premium (core->coal)
which means that there is a negative development in the single premium business because single premium you will usually get when you write new accounts
will opt to go into the longterm extension and this was actually part already of the informed consent
while the pace of change in nedbank over the next few years will remain (frenetic->flunetic) all of these taken together should result in a significantly improved client experience
my final introductory slide is an important one particularly in the context of the vital role that nedbank plays across all sectors of our society
(zimbabwe->zimbwe) is scheduled for october 2017 these investments have positioned us favorably to support the growth in clients
but mentoring doesnt need to be in a physical space this month we launched digital johnnie walker mentoring to engage consumers in a totally new way
we will use timelimited innovations to meet specific consumer opportunities and we will focus on productivity to continue to expand margin
we believe we are adequately provisioned on our defaulted book due to the restructures we have implemented as well as the security we hold in the form of guarantees and other assets
i think that banks are a function in many ways from a revenue point of view of the underlying levels of activity in an economy that flows through our systems
in addition efficiency gains in marketing offset increased marketing activity overheads increased as a result of the higher bonus and inflation
reflecting the combined (effects->effect) of slower revenue growth and the (firsttime->first time) consolidation of (banco unico->pango unicor) which previously was reported in the associate income line
turning to category performance scotch improved significantly moving from a 5 decline last year to a bit better than flat this year
the optimization of our back office resulting from investment in digitization is also evidenced by the continuing slowdown in net new rollout of branches
this enables service providers and businesses to focus on becoming more efficient and more profitable in this age of digital transformation
our strong capital position and ability to generate organic capital has supported our ability to increase dividend growth ahead of (heps->haps) growth
in the material processing side which is one of our growth areas that were concentrating on there was slight negative growth in the quarter
first telling inspiring stories the keep walking campaign evolves around a constant (truth->troop) that progress can be a force for good
last year and for the quarter should we expect that to be somewhat flattish this year does it get depressed as you have to still
so we will continue to have a high focus on a stable pricing environment in this segment in the quarters to come
we still anticipate submitting regulatory filings in the second quarter of 2019 at which point we will be able to fully discuss the program and strategy
favorable results in terms of the mts growth portfolio and thats an example of a new product introduction and new innovation on data analytics
we anticipate an improved second half of the year notwithstanding uncontrollable factors that include market uncertainty and weatherrelated claims
our view is that for the strategic investment case to hold its not enough to just maintain it as a financial investment
you will end up close to the number that i have mentioned of course we also have retained earnings that have a positive impact (*->on)
and the most impactful sales activations and we have a transformed marketing organization focused on the growth engines of release
the consumer needs information to make responsible drinking choices and we are providing more information on our key brands starting with johnnie walker
this allows us to influence what theyre drinking in the (on trade->ontrade) it gives us access to valuable data about consumers and outlets
our strategy is simple we will increase spirits participation in emerging markets and support premiumization in developed markets
on a mobile device without requiring the brand to develop or the customer to download a standalone app
we believe that silencing of the disease gene will prevent production of the abnormal protein and thereby slow or stop progression of the liver fibrosis
directed toward our having our own products and so we set out to find a partner with whom we might create those and the second part of this
and to improve risk management with a focus on financial crime market conduct and mitigating other regulatory risks
with respect to west africa its our view that the conception of entering that market through (a->*) partnership arrangement is valid
so in fiscal 17 we will invest more behind these growth drivers with a digitally led plan to drive even more brand awareness
we will see the investment in legal as an expense recognized in our income statement first and then in subsequent quarters see the corresponding cash collections
and the new st (jamess->james) gate brewery and benefited from disposals the weaker pound and continued growth of our business will lead to an increase in capex (so->and)
and we have seen (a->*) very good order intake and thereby also good visibility into a very strong fourth quarter that we currently are executing on
its also one of the fastestgrowing markets in the world and one in which we have made changes both in people and ways of working to accelerate our performance
not in our backlog it is in our pipeline (of->*)
with most distributors we ship in bulk and they distribute to the end users so we dont have complete visibility on their reach
for crisco a decline was anticipated reflecting (loss->lost) distribution at a key retailer in the club channel
ill come back to this concept of higher usage in a minute when i talk about our network acquisition costs and our related buying strategy
our investments in innovation are starting to pay off and are critical to future top line growth
last year and this year we dont think that theres a difference in the overall situation because the regulations remain the same and
and their passengers and then we make some direct sales to tourists that are in alaska during the summer season
that contract is set to expire at the end of september this year the bids have been submitted
part of the decrease relates to additional technicians that we added for our expansion efforts
customers and id say some of the areas around deregulation (will->would) be helpful as well
in our launch plans and we remain confident in our ability to grow natures recipe in this space
between all of our sites and can see the flow of materials as you know weve got a highly integrated structure where
i think there is also a lot of other (productivitytype->productivityp) initiatives (that->*)
now for our company in terms of the batteries it belongs to lg chem were not going to
but again when you dig into the leases that were signing the redevelopments that theyre setting up
(*->now) by now (youre->you) probably sick of hearing me say that the size of our network has more than tripled from just 1 year ago
for example maybe some insurance companies are going to be difficult to deal with (theyre->their)
levels of activity performance goals or achievements or any other future events or (development->developments)
the fact that green was declining was probably coffee was probably a good space to play in during that period of time
and so now we would like to take questions that we have received online
we also provide firefighting and other utility services in alaska which tend to be much more active in the warmer months
to amalgamate that information and you compare it against the original amount of revenue that was recorded
some being written about them throttling back production in some regions for environmental and seasonal reasons
were opportunistic in (take->taking) advantage of the liquidity that we found for these assets and the second thing
is the smart connection technology that allows them to do that so were very excited about that move keith is very excited about that move
impacted by that they know what their costs are they know where they can save (costs->cost) they know what their customers want
and is that a requirement that you see to accomplish in 17 to position yourself for that 18 growth
so what i did was go through in further detail
restructuring costs associated with our margin enhancement initiatives are largely behind us at this point
first (i->id) like (*->to) thank our global team for their outstanding work not just in the fourth quarter but for the whole year
as well as net new also presents an opportunity for us to be able to grow the revenue
patricia would tell you that is a key element in our value proposition and a reason behind the health of our sales pipeline
i look forward to reporting to investors and analysts on the growth of our new products and other initiatives in our upcoming calls
this year and next year is there anything that we should be made aware (of->*)
creating large mixeduse projects were not taking centers down completely were not changing drastically
you will be hearing more about this in the coming quarters as we begin implementing some of those initiatives here in the fourth quarter
accurate cost information in particular related to our colorado production facility
despite the current pause seen in the marketplace we remain heavily involved with our customers
the question was that in 2020 there is some talk about china getting rid of its subsidiaries (*->subsidiaries)
in response to this (*->response to this) accident each of the norwegian and uk civil aviation authorities
but before moving on to our network operations i want to say a few words about our current sales efforts
which reflects the fact that even on a smaller portfolio weve leased more space
its informing our capital recycling decisions right its part of why that will always be part of our plan
it is they know how important it is to save money on their data (costs->cost) what they havent seen
and it allows us to more effectively utilize an asset
with that now i would like to turn the call back to sam (wholl->who will) provide more detail on our financial performance
the company assumes no obligation to update any projections or forwardlooking statements except as required by law
during the quarter we executed several master service agreements with large midstream and petrochemical companies
a change in the way that chart does business in one or any of the segments
well be meeting with investors in the coming months and we look forward to updating you on our progress
so the way we look at it dylan is that in (the->a) later stage
improved balance sheet and reduced interest expense we feel good about our future
will you guys use some kind of legal recourse to try to
now this business also helps our aftermarket sales support business because
organic growth for the year was a robust 7 compared to the prior year this is outstanding growth
this concludes todays conference thank you for your participation you may now disconnect
as we projected our third quarter revenues again grew over the same period of (last->*) year
many factors could cause actual results to differ materially from those expressed or implied by the forwardlooking statements
if you have additional questions after todays call please contact me i will now turn the call over
will be updated on a semiannual basis starting in june of this year
or how the business will perform as we look forward to next year (*->to) extent this sort of volatility continues
and believe that there will be no additional proceedings relating to these matters brought against the company
that we signed about (five->5) years ago started the deployment over the past few years
kind of brand awareness opportunity where people (would->that) travel from all over the country or the world
so as a result of that we do think that our earnings going forward will continue to be maintain a very healthy level
criteria that was determined by the technology and were automatically added to the footprint
other than standard legal fees there were no fees or other expenses related to this placement
while this growth was modest its good to have 2 in a row and 3 in a row makes a trend
right when you get a corporate deal that is governed out of
could you outline what are the key swing factors that cause you to put out that
which is in line with where we ended on a full year basis with the most difficult comparisons in the second half of the year
we will continue to prudently invest in (networks->network) to improve our coverage and lower our cost of service delivery
broadbased contributions from my colleagues have led to strong results during the past several years
may cause the companys actual performance to be materially different from the performance indicated or implied by such statements
so i think thats worthwhile noting but let me see if i can address your question
overall domestic weather was slightly favorable for the quarter and flat yeartodate compared to the same periods last year
we can go anywhere with the platforms provided a customer wants to go drive business success
we will expect to maintain at least that level of growth through 2017 but we will assess that when we get there
with the new disclosures and now 6 months behind us in terms of how well we feel about
so the way i look at this year next year is were going to basically use up about 40 ducs in our inventory
the second is content were seeing a really big content opportunity we rolled out
interruption incentive schemes include customer interruptions and customer minutes lost
which we now (*->all) know didnt add incremental value to our business and negatively impacted our rate of growth
because we already help employees in virtually every industry and geography to realize their potential
like wellness and fitness services food and beverage and other entertainment options
its not necessarily that we would do it but we would were considering it and i think its also important to say that
the comments around where gas prices are going if they go up absent discipline by the industry
the us enterprise business has always been a rock for us the exception was the first half
product marketing and field marketing having led teams at stack overflow microsoft
is set to become a significant contributor to (the->*) business so these things are now becoming
and as mentioned already we continue to see increases in the raw material prices
and we are pleased with the rapid pace of execution against our strategic plan as always
instead as we move through this transition we believe the best metrics to gauge the progress of our business
for pillsbury persistent competitive activity and soft category performance continued to impact top line trends
into our other new orleans manufacturing plants by the end of the calendar year
and we havent given exact guidance on this but you could imagine that this is at least an order of a log
with past practice having said that as we do more of these strategic account deals
i will tell you (going->though) thinking about last fourth quarter and go 2 years ago and 3 years ago
any investment required to comply with the clean power plan would be incremental to our current capex plan
we operate in highly competitive markets and we (intend->attempt) to differentiate our properties primarily (in->on) the basis of community design
of the drug benefit that its on and the amount of money thats spent over the course of time
we are typically able to bring real value to our clients in a matter of weeks and sometimes days
because we had already established (a->*) ecosystem of partners over the last few years
in conjunction with these commission plan changes and in furtherance of our focus on recurring revenue
represent a continuation as weve messaged throughout this segment of customers sort of in that middle
and i would like to take a moment to thank our teammates across the organization for their hard work and dedication to our customers
clearly that (that->*) run up to the holiday and that softness right after the holiday correlate pretty closely to the weather we saw
yes john i think thats the right way that i look at it is everything thats not ohio (and->*)
we believe there will be more to come as more and more companies and people realize the citys advantages and opportunities
we see a number of companies that are in a position thats a lot less favorable than the position were in
this is another example of an initiative of innovative scope that simply would not have been possible a year ago
candidate data gives us competitive advantage in recruiting and so i think we (can->could) each help the other
in spite of what you said about (the->*) retail shopping centers im getting mixed signals about the health of shopping centers
both transaction take rate and total take rate benefited from revenue related to our hedge gains
they could help us also gather further data that could have further labelenhancing opportunities for us
engagement scores so its obviously higher than the numbers
what if any thoughts do you have about possibly doing a tender offer for a piece of the shares
in the services revenue line item would likely flow through to the bottom line on a dollarfordollar basis
we expect to refresh the appearance of approximately 70 stores in our southern markets in the first quarter
(proved->prove) developed reserve additions positive performance revisions and the improvement in commodity prices
carl ive never done this before but im actually going to go back in the queue and ask you to come back to me later on
factors that could cause actual results and trends to differ materially are set forth in todays letter to stockholders
(x percent->0) of sales or replacement cost what is your thought as far as expected valuation ranges on deals
if you think about private label david they tend to be almost always our short
so i think thats a major consideration i think someone may be able to develop a product and
such as large mergers and acquisitions that can cause our annual dollar retention to fluctuate
we processed just shy of 10 billion transactions in the year
and finally we are confident in delivering on our 3 key financial priorities
if you make a comparison or contrast the total amount of virus
we are also integrating fda feedback into our approach and timing
and we saw a major transition there as we moved from
going forward we expect to continue this sustained improvement by focusing on the following priorities
this decrease is primarily related to a decrease in debt outstanding under our revolving credit facility
(were->we are) expanding our merchant and financial institution partnerships throughout the countrys ecosystem
today were a diversified global asset manager that covers all major markets and sectors
if you just do a fourth quarter to fourth quarter comparison i cant give you a better
the increase for 2015 is primarily driven by the lower depreciation expense from the asset life extension
and we now have a new opportunity both with cornerstone hr and with content
our (lantana->atana) place project is a mixeduse development project in southwest austin
having said that when you look at the margin separation
but were doing it all inside of the model where we think were making an investment
this amount also includes the funding of 2 new european data centers in paris and frankfurt
we will keep most of these projects and convert as much as we can into recurring revenue streams
from what weve done in the past and you would expect that would have some reaction from the sales force
that comes from legacy systems revenue or conversely comes from new platform product revenue
that is better equipped to compete in canada and around the globe today than we were a year ago
to build on the strength in our tire category and capitalize on additional margin expansion opportunities
this exceptional demand was a result of stronger market activity and traction with our new product offerings
we are purchasing land at a measured pace as we stick to our strict underwriting standards
we were largely unaffected in october because we didnt have a lot of exposure to tight spread commoditized sectors
the usage of equal parts for different models help to reduce complexity and to save money
(*->on) a backlog basis where we have major (major->*) contracts however we do have one with best buy right now which we did
our ability to repeatedly go above and beyond for our customers is a key differentiator for us
thats very important but equally important in my opinion is the high quality of our net investment income
kind of using the (vetri->vetery) model away from a lot of the competitive intensity
making sales (theres->there is) the problem if you do the sales you wont have a problem
and while we had a good start to the year we have not made significant changes to our full year (expectations->expectation)
and if to be a fitter for (those->us) even though (youre selfemployed->yourselfemployed) you have to now come in and be tested
early in april versus what was going on at the beginning of the quarter
well and im not look i think you guys are doing a great job (and youre->when you) trying your best
in a way that we mentioned to you that we selected customers we wanted to grow with and by using
the company undertakes no duty to update any forwardlooking statements that are made during the course of this call
those programs are obviously designed for remaining in place for a couple of years time
really enjoys that having the extra product portfolio and the same is true with
todays results reflect another solid quarter and a strong finish to the year
the competency of (blending nubiola->blendingubiola) products with our products and creating
this continues to place us on the conservative end of our industry with regard to balance sheet leverage
(it will->and itll) probably even be a little bit weighted to the front part of the year as some of it ramps up
good morning my name is james and ill be your conference operator today at this time id like to welcome everyone
were going to have to figure out the right structure i think that is possible eric
reflects that the net number of people who left the island from september 2017 (to->and)
and if we cut much more then we cut into the real meat that we need to go forward
those reits that did get involved in jumbo (originations->origination) have by now largely exited the sector
much more around training and that whole team working together in each area
we intend to build on that momentum and (*->then) update you on our progress in april thank you
if for some reason it doesnt sell then we will just clear that stock weve given them no volume commitment
this in part reflected our ability to put the proceeds from our july equity offering to work accretively (we->*)
including better traction on presales and using price to carefully manage pace
our dynamic hedging strategies along with a commitment to maintaining moderate leverage and a strong balance sheet
and so we think we can meet the target of supply of gas (by->*)
and making it very easy for consumers to shop either online or (in a store->instore)
our focus is on building advocacy and loyalty for the benchmark communities brand
the factors described in our historical filings with the new york state department of financial services
more junior members of the team (a->*) cost of living wage increase in the year
the cost to produce gives us that advantage without causing profit (disruption->destruction)
it is important to note that our earnings level is a reflection of our risk posture
what are your guys thoughts on as far as shareholders have you done the math on
weakening in the last month or actually where you thought it would be roughly
so in all instances we have had the money for that goods before weve paid our suppliers
litigation charges in the second half of the year
in addition there have been press reports of lawmakers mentioning the possibility of finding a way
as chris described we will continue to manage the business in anticipation of increased overall competition
(the->*) lowerend customers that dont use all the high products but they like a nice midcut
these are products that arent even fully defined by the prospective customers
our strategy of investing across a diversified mix of assets based on favorable (riskreward->risk reward)
as a result we would not be required to have our independent orders complete their report
with that id like to turn the call back to peter for an additional comment
and similar expressions identify forwardlooking statements that are inherently subject to (risks->risk)
thats really (enabled->enabling) us to work very closely with them on developing new product
we are pleased with these accomplishments and the continued expansion of our benchmark homebuilding brand
we believe weve made great progress on the strategy that weve implemented
as noted in the form 10k we have taken a number of steps to alleviate our liquidity situation
foreign exchange headwinds should we be looking at sort of more like low single digits and potentially even
order activity accelerated into the fourth quarter in the west and southeast
what has changed since early this year is the general sentiment of the market
allowing us to tightly manage our sales and marketing spend in light of this demand
as we see new challenges emerge in the market (ellington->ellingtonet) financials focus remains the same
thats a bracket of something that i was looking for
more details on the specifics for each of our business lines are included in the redwood review
an area of housing that we believe offers accretable and scalable returns to our shareholders
pursuing investments that drive higher net interest income and overall returns for shareholders
(in->*) inks and frits and glazes have been under pressure over the past couple of years
as you move into the second and subsequent quarters are we pretty much done with these types (of->*)
but the problem is that isnt the problem the problem is we have to start
again they now know our customer very well so we can work closely with them
so we truly want our customers to have a really excellent experience
web team who would now (be->*) able to be much more nimble and do a number of things
and so we continue to think we dont have any specific target for it
our expectations are that our conversion rates will improve as will our (customer->customers) experience
and as a discontinued operation within the consolidated statements of operations
and with our new (vetri->vetery) model were targeting the higherend customers
as well as good working capital management by the end of the year
so we do have some principles in which we are making our decisions and i hope this helps you
repeat those successes and its something thats doable
it makes for a very uncertain environment to predict the (policy->policies) given the
we meet these challenges with an elevated speed according to our reinvent program
without the impact of a central bank or (a government sponsored->governmentsponsored) enterprise
compared to the adjusted ebit and (caused->cost) particularly by lower interest (costs->cost)
the share of international revenues has increased
we are optimistic that a refinancing will occur and if it does
we view this as a path to sustainable and profitable growth for our shareholders
this strategy reflects our view of global risk and return opportunities
also on our performance especially at the beginning of this year
(in->and) new applications and new product releases moving forward
and a 16 increase in the average selling price versus the prior year
(*->we) are now hard at work doing the same with our subsequent equity raised in january
and thereby remove kind of that issue for investors such that we think we can have better execution and further differentiate ourselves from being a snf reit so our position right now is that were going to be opportunistic
then theyll choose that and everybody will sort of think through it make that assessment theyll have to decide whats true for the short term (*->and) versus what its likely to look like a few years down the road i think the longer horizon people take
theres been a lot of noise in it over the last say (1->*) year 15 years if you think about the interruption weve had in several of our assortments so were kind of seeing that return to normal if you will
first on the new clients could you just tell us a little bit more about who are those sort of new clients are they generally coming from the ad tech ecosystem are they smaller players and then second with current clients or current partners
i highlighted the importance against that backdrop of strong sales and operational execution and that sentiment remains true we have along those lines continued to make progress on our key strategic initiatives
for example we have revised our schedule to match aircraft availability for retrofit program and we expect to make up volume that slipped in the quarter from supplier issues
and it means we need the right partners to help us get there and do it in (the->a) profitable way and so thats where silver lake comes in thats where linkedin comes in as you know linkedin is part of microsoft
in the first quarter 2018 while this consolidation impacted and will continue to impact our results in the near term (were->we are) extremely proud of the year overall
turning to our revised guidance for the year as i have described the slow start to 2016 was the result of a combination of factors in 3 platforms which led directly
once we better understand the impacts of our goforward services strategy well have (clearer->clear) insight into 2018 revenue trends and (will->well) communicate that detail with you as soon as possible in the coming months
while seeing a continuation of our transitional status into 2016 is disappointing we are working as best (as->*) we can to get this work done (and->*) in the meantime to better anticipate and respond to the challenges we see externally
its a successful formula if we can go just take cost out of our products and if i have to give a chunk of it even half of it to the customer to grow the top line and the bottom line ill go do that so
our continued strong free cash flow allowed us to maintain liquidity at a very healthy level our first priority for capital allocation in addition to funding our organic growth initiatives and other capital allocation priorities
(*->it) as weve expanded and grown the business it gets that much more difficult to spend appropriate amount of time overseeing the myriad
certain nongaap measures will be discussed on this call we have provided a description of those measures as well as a discussion of why we believe this information to be useful in our form 8k furnished to the sec this morning
assets trade in texas and we still feel like the offers that were looking at are also very positive i think part of the challenge that weve had and were continuing to work through is identifying where those operations should ultimately
we believe our first quarter results demonstrate the power of our model and that we are executing against our strategy on the content side we are leveraging our success in the new licenses properties and business opportunities
technology is moving very quickly jobs are being transformed by the day by the minute and the skills that people need to do those jobs are changing very very quickly at this point
a participant or sort of dictating the process because you as a reit you want to make sure that you have (a->*) use of proceeds at least to some degree line up over and above the seller financing idea
the tank trailer business continues to experience softness in certain markets which is creating top line pressure in the segments largest business this prolonged softness is creating weaker top and bottom line results than previously expected
these factors (continued->continue) to put greater pressure on our liquidity and absent a timely resolution of the immediate working capital requirements the company could encounter product shipment delays which would adversely impact the business
we expect any tax expense or benefit for the company in fiscal 2017 will be near 0 to further explain this any tax rate used to generate an income tax expense or benefit
and its breadth in other words every single slice included or just some of the (slices->slice is) included one of the things that weve discussed with some of the players in the industry is even the prospect of a rolling metric in other words
and i was just incredibly impressed and theyre really fired up about being part of nielsen and having a much bigger platform on which to demonstrate all the great things that they can do in the marketplace
we want our customers to feel welcome and engaged every time they walk into a vince store or visit vincecom and believe we can do this by bringing more warmth and a relaxed feel that reflects the modern (effortless->effort with) style we stand for
our incredibly strong business model and execution continue to deliver consistent growth through the cycles strong profitability and great free cash flow which position us to grow and return cash to shareholders in a meaningful way
alternatives out there i know (youve->you) in terms of either how youre deploying capital how youre looking at options i mean is the board looking at anything else in terms of enhancing shareholder value
all of these initiatives are coming at a good time the momentum in our business is palpable over the last few months we have seen the reversal of downward trends in our gotomarket efforts
until now we have required that all implementation services be contracted by us and then we subcontract the work to our implementation partners as needed
saying that they will be needing more trailers and plan to order more trailers other cases the numbers are about the same and in some cases the numbers are less so it varies
in q3 we continued to grow our user base adding more than 1 million net users amounting to a total user base of more than 33 million subscribers
if you just think generally about any job you can think of today 5 or 10 years from now that job is going to be dramatically different because (of->the) technology and the skills you need to do that new job
and then there is a set of (beside->besides) the unusual items theres a set of professional fees legal fees other operating expenses that we are as i said in my comments scouring now and really trying to impact as fast as we can
these include improving store performance strengthening our value proposition to our customers ensuring responsible compliant sourcing and expanding the business
before we begin let me remind you that certain statements made on this call may constitute forwardlooking statements which are subject to risks and uncertainties that could cause actual results to differ from those that the company expects
once we better understand the impacts of our goforward services strategy well have (a->*) clear insight into 2018 revenue trends and (will->well) communicate that detail with you as soon as possible in the coming months
we also saw trends in our fullprice retail stores dramatically improve in the first quarter and so far into the second quarter we attribute this to better management of our product offering promotions and marketing
to do this most efficiently and in order to accommodate as many business models as possible the market needs to redefine the currency so that comparable metrics are available across television and digital video
and so its not surprising that more and more people are talking about talent management that more and more companies are trying to enter into talent management that are talking about learning and development as
all subsequent written and oral forwardlooking statements attributable to the partnership or persons acting on its behalf are expressly qualified in their entirety by such cautionary statements
which we believe will ultimately benefit readers and business partners and result in significant and sustained value creation for gannetts stockholders
these nongaap companydefined measures are being provided because management believes they are useful in analyzing the companys operating performance and cash flow before the impact of various reorganization and other charges
and im not going to comment on any specific deals that might be in progress right now but safe to say were in active discussions with some of the major mvpds and dont be surprised if you see us announce something before the end of the year
my question is as you (gotomarket->go to market) with the content (ratings->rating) and total audience do you add those as a bundle and try to add them to existing contracts or are people buying those one at a time
the remainder of this first quarter shortfall was (execution related->executionrelated) and while these revenues should shift forward in 2016 we expected to capture them in the first quarter
our expense base has benefited from our neverending focus on operating efficiencies and our conservative approach toward managing our balance sheet continues to be a differentiator for us
included the addition of many new stone and accessory skus now we are working through the process of introducing an additional (1000->100) new skus over the next 6 months
(the crossindustry->across industry) meeting with the multiple stakeholders was (a->*) very positive very active very productive discussion and everybodys looking forward to the next session to continue the progress on the issue
watch margins expanded 57 basis points as we continue to drive productivity and operating leverage in the business our watch segment remains strong and our new products are gaining momentum
this is an ongoing process and we expect to identify other areas where we can reduce (cost->costs) or improve efficiencies across the business whether it (would->*) be centrally or at the centers (themselves->them)
thats exactly whats happening here last year we delivered hundreds of millions of course registrations hundreds of millions of hours of training and that translates to
and so what were doing (as->is) the leader in learning is becoming more and more important and we recognize that both with regard to the size of deals that were closing these days
(when->and) compared to the current (positioning->oppositioning) it delivers major reductions in fashion floor space and variety store floor space and rebalances that with provision of
ongoing overall audience measurement contract and subscription with us thats the way weve generally seen it play out so far with the big media companies that we work with and i think it makes a lot of sense (it->*) certainly works well for us
our new structure as we mentioned which is decentralized is designed to ensure we are nimble dynamic and totally focused on (tailoring->tailing) our offer to the needs and aspirations of the local communities
they are not meant to be considered in isolation or as a substitute for comparable reported gaap measures reconciliations of gaap to nongaap financial measures discussed on this call
the (esthetic->aesthetic) of the store reflects the local relaxed vibe with clean lines neutral tones and an inviting atmosphere we continue to evaluate additional retail locations opportunistically (we->*)
we already report c3 we already report c7 in fact in all of (the->*) data that goes out to the marketplace we have the capability to extend that even further so thats one dimension the other dimension is more about the breadth
to systematically change the process and the way we do business and if we cant do it with the process then we need some different people there and either the people change the way theyre doing things or we got to get different people in there and
this is incredibly difficult to provide the market with applestoapples comparability across those metrics and the ability to deduplicate audiences across platforms so its a very high bar
but i will repeat what curtis just said we are not anticipating that we are going to repeat the execution issues that we encountered in the first quarter
the increase in nonrecurring service revenue has been the unfortunate side effect of the success weve had selling upmarket to many of the worlds largest organizations
but the progress that were making is going to be good for us and with that opportunity out there to say that hey lets go look at other options right now versus stick to our guns and finish what we started
through the launch of our direct distribution model in europe we have unlocked demand and have significantly grown our business across emea we believe further investments this year in key areas such as sales
on the cost side we have been successfully implementing actions to improve efficiency in the distribution system through the consolidation of several distribution centers in multiple cities
the other is is that we go on with a more targeted approach towards (*->where) which cities are built i think its a fairly (broadbrush->broad brush) approach
(*->id) like to thank you for your time and attention today and were very very happy to (*->field) questions firstly from the floor and then well go to the (line so->lines or) the people who have dialed in
and i feel good that the team has embraced it we have brought in a pretty significant amount of either external consultants or people that have done this before
a reasonable framework for how to think about your business in time for the 2016 upfronts in time for the 2016 upfronts and everybody is aligned around that interest everybody that came to our meeting last week
each of those groups (have->had) its own unique requirements from the center and our (masterplan->master plan) approach needed to be balanced to ensure the end product effectively (meet->meets) each of those groups needs
the changes are new to us or anyone else in this market were working closely with our clients and our partners in the industry and weve been making tremendous progress especially on our total audience measurement strategy
was attributable you put to execution issues and im guessing obviously most of that was unexpected do you see part of that gets recaptured here in the second quarter it sounds like but
got it so it sounds to me like this is really just a new paradigm and you guys need to find ways to mitigate that cost with some reductions or either higher prices from your customers (exactly->*)
while our focus will be on remodeling stores in 2018 rather than opening new stores we continue to believe we have a significant opportunity for unit growth
and governance of it projects that we identified at the end of fiscal year 2016 during the first quarter as part of the remediation plan we established an it steering committee
a new more broadly defined currency that represents more of the total audience across all screens and platforms not just the viewing that fits into the rules that define c3 for television
will grow at about the same rate or perhaps slightly faster on a yearoveryear basis than it did in q3 therefore and consistent with last quarter
there are some new projects that we know are launching this year with at least one of them and then we have trials going on in a couple (of->*) different technologies actually with both of them
we will be investing more than double our historical average annual amount of remodel activity our goal is to have the best product presentation in the industry
spreads out across all these screens and platforms and also i think reinforces our point that were already able to measure all this stuff even though its not all included
so weve had a lot of conversations with clients in the marketplace historically already and we already have a pretty good sense of where they would like to see us go first
roger will then discuss our quarter 4 performance in more detail and well then open the call up for any questions that you may have
replaced during the last downturn or shortly thereafter and theres still some catchup going on trying to get that equipment out
yes and then as far as (of->*) them bringing in new clients as they become part of nielsen they have all the same assets they (had->have) before now they have even
with regard to the overall performance of the sales team (and->*) obviously we have multiple sales teams different geographies different industries
associated with development and regulatory events and a minority is associated with (sales->*)
that said as i noted in my earlier remarks we seem to be paying an opportunity cost thats attached to the time and attention required by these projects
for the marketplace that will really determine the time line far more than our ability to take it on board to incorporate it and to execute on it
with the salespeople all of which will allow for better focus on recurring revenue this also is supported by
but again that recovery didnt happen quite as fast as we thought so on all of those i wouldnt say that theyll all come back exactly in the second quarter but
are you saying that theres not going to be a decline in february and march and if there were would that lead you to the low end of your guidance or
the strategic plan calls for a continuation and expansion of the margin improvement program we began last year
thats offset some of the medical and the interface other interface technologies again another year in a row i think our gamesman business last year
and the outlook for 17 has been cut as well (*->or) are you trying to make a distinction between whats expected on the tractor side versus the trailer side
which runs through the end of 2017 let me now touch on a few specific financial highlights from the third quarter
as another part of our plan to increase liquidity (we have->weve) engaged various specialized consultants to help us identify cost savings in the business
but the reason that we are confident in it is because now weve got a set of tools we can go look at the process and we can bring in outside sets of eyes and expertise
yes and i also would just add to that we continue to have a longterm horizon in terms of how we think about and invest in the emerging markets (and->in) the
i am very pleased to report that we significantly exceeded our expectations in several areas in the third quarter
with that id like to turn it over to brian to discuss our third quarter financial performance and our outlook in more detail
a core capability but it definitely wasnt before and so were struggling through some of those but i think were gaining a lot of great momentum (*->got it)
while we are no doubt facing some nearterm challenges in our business we continue to make good progress across our objectives in these areas
of course were not quite ready to talk about that yet we havent submitted yet but clearly we think this could be a benefit to
in the meantime we have our solutions out there were working on a solution that would provide more comprehensive if you will syndicated coverage of all of that viewing
specifically in connection technologies resulting in segment margin dollars almost exactly on plan
and so boy with all that going on to go switch gears and look at some other alternatives right now id say is not a big focus for us
effectively (*->it) permits you to be a much (long->longer or a) bigger brand whether its 8 feet over time or even greater is that how we should think about it as incremental space and just better
after all were changing the way we operate and run the business the early results from some of the first transformations have been very positive and encouraging
the customer demand came in strongly and with some of the steps that weve taken over the past couple (of->*) years
our sellin (to->the) sellthrough which allows us to maintain and keep our retailers in a much healthier inventory position than we were than they were in
and we have not made any such decision as far as that article im not sure who that came from and
so far this year (no->*) is that what youre looking at before or this is just going to be how things flow at a bit lower volume level next year
so does that mean that if execution doesnt improve for the year (that->*) theres downside risk to that updated outlook that youve given
and frankly weve shown patience and (discipline->disciplined) with our growth which (has->is) really (come in->coming) chunks over that span of time
if you take a step back from that and if youre a player in the market who only covers say part of the market (may be->maybe) only digital or you only have settop box data
through the fourth quarter academic centers represented the highest number of ordering accounts by type as well as the highest volume of orders
areas (in->and) other markets we certainly want to leverage the strong businesses that we acquired as part of the walker
with respect to our portfolio reshaping we continue to expect our sale of certain wallop assets to close in the first half of this fiscal year
we have been pleased with the favorable response to this initiative and see an opportunity to further expand our assortment by offering additional thirdparty brands
in fact with the steps we took last year we are in an even better (positioned->position) to take advantage of a return to more seasonable weather
weve gotten a little bit bigger this year into pennsylvania we have a few more utility areas that well be looking into
resulting in the associated move from our oe customers to seize that opportunity for efficiency including inventory rationalization
that we incurred in that first quarter to use that as a baseline to say that were going to have
thirdparty independence is to the measurement business and to the business models of all the players in this marketplace thats always been true
at the conclusion of that process taking into account ongoing feedback we have received from some of our largest shareholders
then they would move through the same phases that i talked about before with respect to total audience theyll evaluate it and theyll choose whether or not they want it to be adopted
the reality of the commercial aviation market is different today than we expected then also
the strength of our free cash flow and our business model positions us well to continue to deliver value to our shareholders
on combination with some of the targeted therapies for aml that might lead to some of that use could that potentially come this year will it be next year
in addition we are strategically getting our message out around sale and promotion in a way that feels exclusive and brand appropriate
i think another thing to bear in mind that gets lost sometimes in (the->an) analysis is that exports out of europe
the positive news is that there has been industry capacity coming out of the liquid tank space and we are well positioned to take advantage of stronger future demand
so we may have already seen the bottom for these markets and as exhibited by our strong financial results have managed through it quite well
we continue to have strong engagement by clients across all segments of the media sector many of whom participate in our ongoing client advisory boards
to unlock the value to unleash the value of big (datasets->data sets) across our total audience measurement framework both the digital (datasets and->data sets)
and our growing roster of referenceable accounts will allow us to continue to penetrate this largely greenfield segment
this platform was affected by lower sales compounded by operational challenges resulting from supplier issues
our debt level did increase as we funded the higher levels of working capital primarily the increase in receivables
which uses and consumes the rubber so once automotive moves down
creating value for all of our partners and customers across the entire payments ecosystem
third our market leadership and global footprint affords us additional economies of scale in procurement manufacturing and marketing
the message here is that there will be a lot of financial discipline from this company and we have a guidance here from the
had a significantly greater likelihood of disability improvement than those who initiated treatment later in the course of their disease
we are targeting more than 300 million active accounts on our platform
as i mentioned previously we believe the current price of our stock is significantly undervalued
in the data center cooling market and the build and the construction of data centers around the world
comes from an overall project in manufacturing of increasing utilization of assets
i think the style of the kinds of acquisitions that weve been making through the downturn has evolved a bit
and place gun (barrel->barrels) straight wellbores more precisely and accurately sets the stage for compelling business opportunities within (the->this) segment
in addition management will make forwardlooking statements that are based on our current expectations forecasts and assumptions
establish the milestones getting to that range (or->*) are we likely to see that
with record revenue and net new actives and we are well positioned to continue that growth
we will drive for a consistent manufacturing look and feel to quickly assimilate good ideas across the network
as highlighted in the press release momentum continues to build for our evolve services with several new jobs secured during the quarter
and thats true across lots of things that we sell (in->on) wellbore technologies it was also true in rig technologies when
and so with that in mind i think how i would see it is (*->the)
so we are the only ones in the industry to have this and were probably years away from anybody else in the industry
market dynamics and our introduction of new delta premium connections set this business up for a stronger second half of 2018 and
drug treatment facilities as well as licensed law enforcement currently about half of our (medsafes->medsafe) are deployed
i think one thing that really caught me (is->as) a big positive is that theyre back to being able to export some equipment offshore
we see a similar development where europe and asia has been strong america
this is not to imply that they are not recurring as the vast majority of these revenue streams are stable recurring and growing
currencies were again a burden for us in the third quarter but to a lesser extent than in the previous quarters
when capacity is constrained shippers are willing to pay a premium to relocate trucks to ensure their freight gets covered
because it requires deeply ingraining this as part of our normal culture and behaviors
any forwardlooking statements speak only (*->as) of the date of this call and the company undertakes no (obligations->obligation) to
these 2 items are closely tied as it is difficult to improve the utilization of your fleet if your freight basket isnt full
that represents our highest annual spot revenue growth rate since separation
i was under the impression that those with betterthanaverage fuel efficiency actually slightly benefited from higher fuel prices
used equipment is starting to move if its good the equipment that
so far this year have been flat but there have been others that have come within the range of our targeted range
which are subject to uncertainties risks and changes in circumstances that are difficult to predict
and it is in services so its in those 3 areas where we have the main investments in the (air treatment->atriput) business
weve had some frustrating and frankly embarrassing trends over the past couple of years in our insurance and claim line
a little bit lower than the midpoint but as we look at what transpired during the quarter there are 2 things that stand out
we have a few core messages that we want to make sure come across relating to the second quarter
our (fiber glass->fiberglass) operation could be the poster child for the (crosscurrents we have->cross currents weve) been talking about over the past several quarters
we (all->*) are in line with our own estimates when it comes to industrial and order intake
you (*->can) just watch the tv and its happening now in europe you cant have
so yara is (theyre->*) sort of in conversations with the government and we expect that to be
the total number of venmo users who have made a monetizable transaction
a more stable development when it comes to order intake overall
both of which more than offset the cost of ramping up our operations and the wage inflation that is taking place across the industry
to all the best places to sell giving them the opportunity to reach more buyers and drive greater sales
in the regions of the world where you have available uan it is a very effective and efficient fertilizer
plans for (newbuilds->new builds) over there when do you see those orders (going->starting) to come through are you building up for that or is this
i think what were seeing in other regions was however it wasnt
in other areas in order to strengthen our product offering to these types of customers
no one should assume that these forwardlooking statements remain valid later in the quarter or later in the year
expect to grow our pretax income you should see the effective tax rate trend downwards
these are ecommerce weve talked about this in the past i mentioned asia in the last call as well
i hope that i have (tackled->taken) all of your questions on currency and argentina
when fuel prices increase the opposite is true and we actually have a negative impact associated with this structural lag
in this area and were quite optimistic about the opportunities in china
to start with in 2015 ill admit that there were several areas where we felt we fell short
one other thing that i mentioned in my remarks that should be emphasized
tom will talk more about this later on im also very pleased on the work that has been done on the balance sheet
that still a part of our overall digital initiatives that we are undertaking for the group
which muted our ability to improve rate per load (resulting->resulted) to our desired levels
as well as paypal venmo and paypal credit payment options for existing and new merchants
instant transfer revenues continue to increase and as a result
we flagged 6 months ago that there would be identified headwinds from contractual increases in input (costs->cost)
maybe you can talk a little bit to that i know part of it is obviously going to be second half but
and slightly higher than we (have->had) estimated reducing this investment remains an integral part of our business plan
is there any reason why quarterly earnings as a percent of total would vary significantly from historical averages
and i figure itll probably be another 4 or 5 days before they
latin america namely brazil is down significantly to prior year for reasons i will discuss a little later
tactical plans in order to be ready for an increased competition while we speak
and indeed we saw some substantial hardware placements in q2 which i called out
we are seeing improved incident rates with this equipment compared to the equipment that it has replaced
as a result we did not lose share however we did not gain share at our desired rate of growth
that we both manage and balance the (impacts->impact) that this has on our business in the (shortterm->short term) while at the same time continuing to build a more agile competitive and digital nedbank for the longer term
and a productive immune response against the virus by the patient or (0->cero) conversion and the combination of those 2 is generally agreed to be a functional cure and is
when it comes to packaged meat we continue to launch new products and in the second half they will create greater contribution to the company
price discipline in this segment is extremely important for us it is an area that we have worked on the last years tried to professionalize the way we do pricing in this segment
is about structural changes leading to such fluctuations q3 according to the trend
more agile and digital it platforms should both improve our product offerings and in so doing our customer experience but importantly at the same time deliver a more costefficient operating model
the highlights of this would firstly be the listing on the johannesburg stock exchange with a secondary listing on the london stock exchange of a new south african holding company to be called old mutual limited
weve noticed recently in the last couple of years or so in south africa a greater desire by major shareholders to participate in strategic direction of those particular companies
and expected to grow double digit (3rd->third) space does present logistical challenges but we intend to lead here ensuring our brands take full advantage of this cultural phenomenon
do more with less centralizing resources and making better use of shared services will allow our markets to be totally focused on execution and driving growth
as dean reported earlier we did have a full hearing last week so that represents progress were still not able to predict any outcome at this time but (anticipate a->anticipated) ruling from the judge in a matter of weeks
so while in the (shortterm->short term) our financial performance has come under pressure from both the economic environment in south africa and from the underperformance of eti we remain committed to our medium to longterm targets
developments and results may differ from those projected the risks and uncertainties related to these statements are detailed in our filings with the sec during this call we will also discuss nongaap financial measures
i dont think that we can get any direct read of how not targeting the (x gene->xgene) affects what the data would have been like the
right now our leverage ratio is squarely within the 25x to 3x range we target as a result we are not yet in a position of having excess capital to deploy
how long will it last i cant really tell you an exact number because it involves our procurement strategy and i dont think we can publicize that
in fiscal 17 were transforming the program again to ensure it remains at the cutting edge of marketing thinking and building in the latest technology around measurement and evaluation
that as a telecom operator we have decided to embark in mobile financial services there is a lot of synergies and so this is going to be built over time but honestly i think for all of you
we can bring that to life and i think that is playing to our expertise i think we can explain it i believe that also plays to our expertise and
this trend has significantly increased at the start of the fourth quarter as evidenced by record production in october which by itself nearly doubled the new business premium written during the entire third quarter
the return to volume growth in fiscal 16 was a key driver fueling our top line with improved volume growth in all regions and a significant turnaround in us spirits
how long does it take to consume the inventory it really depends on many factors price fluctuations and consumption level and seasonal fluctuations
(jon->john) we thought a lot about the commercialization path there is a lot of analysis going on both using outside consulting firms and internal resources
move a lot faster and more innovative than ever the worlds most connected company perfectly describes syniverse we (developed->develop) the largest private network ever built
as clients both delever and save more the deposit side of our balance sheet is growing very strongly and as a result youll see all of our liquidity metrics are in excellent shape
have and will continue to shift our online presence back towards a design and product focus that encourages visitors to come to our stores for design assistance on their projects
should have a positive operating profit impact in fiscal 17 thereby increasing ebitda both of these factors should play towards improving our leverage ratio
up 10 for fiscal 17 our strategy for johnnie walker is to recruit consumers through 4 pillars consistently and beautifully executed
we are also helping customers build smarter relationships with their customers and we are crafting the most secure (and->*) most flexible business platforms of the future
we have no intent really to go out and dilute shareholders weve been saying that for quite a while now we use cash on hand (as->its) our intent to close the zephyr transaction
while hog prices have been rather low we have made very good use of the export advantages (and->*)
from local sourcing of material and services to support local economies to training to improve the employment prospects of women and young people in disadvantaged communities
entering (in the->into) conversations with the company now and im speaking in a hypothetical way we bring to the table a much more mature organization with a much stronger balance sheet and a much larger team for execution
we expect to dose the first chronic (hbv patients->hvv patient) during the second quarter of 2019 the study is designed to evaluate patients in 2 different groups
almost entirely offset by declines in headcountrelated costs network costs mainly due to network optimizations as well as reductions in data processing and software maintenance costs
the majority of the balance of deferred revenue associated with the alexion collaboration will be recognized over the anticipated 3year term of the initial research programs
certain statements made during the call today constitute forwardlooking statements made pursuant to and within the meaning of the safe harbor provisions of the private securities litigation reform act of 1995 as amended
which was the same as the second quarter of 2014 the current quarters loss ratio was favorably impacted by the inclusion of commercial residential business and favorable prior quarter development
seems adept at blocking so at least makes intuitive sense that you would try to do something to stimulate that immune response whether thats some
a good example of this on existing brands is johnnie walker platinum where weve identified opportunities to make our cost more competitive on the gift box and bottle
the lag in terms of getting patients into the open enrollment portion of this trial and (then->*) is that lag due to the completion of any preclinical toxicology work that needs to be done to support
we want to see this through to the end if timing of sales is such that there is a sales decline we are going to we may have to slow some things down if we see (that->the) uplift
we continue to streamline key productivity tools such as electronic (time->dime) capture which provide us with important data in order to make better productivity decisions
using proprietary machine learning algorithms to find that proverbial needle in the haystack that novel protein sequence from a nearly infinite selection
and when the cycle is down margins go up because its mostly recurring revenue its mostly service and consumables and as the cycle recovers margins decline because youre starting to get project business coming in
at all and indeed as we look out into the future (and the->in a) world where (we are->were) doing actually more remote asset monitoring remote services industrial (internet related->internetrelated) services
and fx has really been the problem thats been the most challenging for us to negate because its not going to justify any pricing or drive any pricing in the market raw materials
and (*->then) the second one is on legal review you said that its going well and will be concluded shortly and i noticed that you bought back all the preference shares so i was wondering if you (have->had) any comments on
a few days ago but that the forecast will be skewed actually towards the second half in terms of (growth->gross) and margin contributions
this dedicated project team arrangement was initiated in the second quarter and is a significant step forward for us in developing intimacy with this great customer
through our digital business practice we use data and analytics optimized with machine learning and artificial intelligence and of course intimate knowledge of our clients businesses
benefits to be reaped (and->*) not just in the course of project uplift but well on beyond that and finally footprint we have a couple of projects there which are
besides reducing overall fixed (costs->cost) the new business model will allow us to more easily scale resources up and down based on value to the customer
in the second quarter we typically dont talk about these things as we go through them because we typically dont have big issues as we turn them on and so were continuing to invest there
both of which we see as good areas of future growth will help drive stationery sales into the longer term and ill come on and talk about a couple of initiatives there shortly
its a very exciting time as i dont have to tell many of you in this room who know it as well as some of our businesses do huge transformation happening in terms of technology
the second thing is that our customers are really struggling with a lot of the new technologies coming in and one of the things that weve heard time and again over the past couple of years is that customers dont just want (to quit but->equipment) they also want (to->*) help
to basically take labor thats adding nothing to the bottom line for the company and then redirecting it into projects which actually recognize the value of the services we deliver
and we also think once more that having 60 of our business there and obviously these very strong positions that we are very well placed to capitalize on (that->*)
and there we are at (*->we are at) the (whim->wim) of the larger engineering contractors and other delays that other suppliers might bring into those projects that we just get pushed out a little bit
believe to see very very longterm growth trajectories within that so that would be (focus on->focused in) san antonio and the reason for the cross qualification there presently
this slight increase was overcompensated by further declining roadbound transportation due to less transfers in the cargo volume of the greater hamburg area
we also did 5 new brand introductions and we did the landmark disposal of our spreads business following the carveout over the last few years
where do you deploy your talent and so were thinking carefully about how we develop our talent how do we train them for the next generation and the next generation of work after that
(were->where) we have been increasing our investments in these last 2 years in spite of fx and energy headwinds its important to continue to do that in the business we have a
combined sales force and one combined marketing thrust and making sure that we are getting the most and delivering the most value that we possibly can
and we are now with the combination of those businesses really playing into a number of the trends around electric drive around autonomous vehicle around hybrid
working relationships with general contractors continue to be critically important and customers are looking for solutions not just a specific service from us
definitely a lot of energy coming from this business (hovr->howvere) also expanded into our sports style footwear category with the launch of slk which strikes the perfect balance between sport and street style
it will bring product expertise closer to the customer and it will include a delivery model that supports industryleading speed of service in short
i dont think investors should take the view that because we havent changed it after a couple of quarters of (overperformance->over performance) that we think theres a cap there i think its a matter of just
this all adds up to our dynamic thriving company with leverage to help us achieve and sustain profitability these are exciting times here at codexis with more to come
in precision devices we (continue->continued) to execute our playbook and drive strong revenue growth and operating margin improvement both organically and through tuckin acquisitions
as we work to close out the second year of this transformative chapter as we work to protect this house we are steadfast in the challenge of becoming better at every turn
as the worlds technology dependence increases and the definition of digital broadens to encompass new technologies our market opportunity keeps expanding
an ideal platform as those of you who visited will have seen to acquire (in our->now) smaller businesses in this area we have good management team in (millbrook->milbrook) who are
and retail branding and information solutions is making good progress both financially and strategically delivering solid top line growth and margin expansion
(*->and) related to that are there any other above or (below the line->belowtheline) items next year that we ought to be mindful of that could lead to significant changes in profitability
and that will be also we believe a very important driver of growth for that particular side of the business which were excited about
we also saw a net benefit from price and raw material input costs as we continue to reinforce our pricing discipline particularly in the less differentiated segments of the market
and while we (had->have) been improving the operating margin each year in the business we fell behind (in->on) the trajectory needed to achieve our 2018 targets
consumer demand measured in volume grew by less than 1 even allowing for growth in new channels which are not picked up in most of the market data
before turning to guidance id like to take a few minutes to provide some additional color on the change in the revenue recognition accounting standard we adopted in the first quarter
we anticipate returning to revenue and earnings growth in the second quarter as we benefit from increased microphone sales into ear and iot markets
at the brand level we just launched (will makes you->willmakesu) family which speaks to the hard work hustle and grind of everyday training the relentless effort and commitment to improving ones performance
would have been almost flat the growth in container throughput was mainly driven by an ongoing positive development of far east volumes
i think the word proud will be said many times from people in atea today at least from me we came in at (a->*) revenue
some of which may be outside the control of the company that may cause actual results to materially differ from those expressed in the forwardlooking statements
and preparing for full rebranding (of->*) circle k and (couchetard->couchetar) in the cst network the rebranding this year will focus on markets where both brands are present today
operating ebitda margin on system sales (*->is) typically lower in the first quarter due to system sales at the lumpy (and->at) the lowest level following the busy christmas holidays
our discussions with the client are ongoing and we are optimistic that we will achieve a solution that is beneficial to both parties
we still expect our tax rate to run between 37 and 39 but more towards the lower end of that range
but its just (start->*) a start to the journey we also work to be brutally transparent and we never shy away from a discussion
that is not really (a->*) increased (rebate->rebating) for an individual product but just a gradual evolution that happens over time also for that matter we have decided
is your manufacturing facility in colorado still up for sale are you still looking to sell the building or
waiting to see if there was (an->*) increased competition amongst the internet banks but what we actually saw was that several banks
i view it as a better risk profile we really do have a more stable footing for both the client and maximus with these revisions
yes theres a little bit there its actually more up in china actually where we saw some of that and if you have a look at the provision youll actually see theyve gone up as well so we took
is an excellent number youre starting to see now in our projections that the franchise is leverageable at the improvement that were forecasting in the efficiency rate
if thats new business driving the increase or reprocurement i know theres some comments there that over 50 is new im wondering how that also compares to
in many of our core markets such as eastern canada arizona georgia colorado and new mexico while dramatically increasing our presence
including those plans beliefs and expectations of our officers and directors with respect to among other things gaining access to global markets
some of the work we have been doing in parchem and (selleys->sullis) as we originally (stretched->stretch) into civil and commercial construction is another example
that was primarily in the first quarter a reversal of that in the third or fourth quarter would then be a negative and a drag
starting the process of reducing product cost and most importantly continuing to take care of our customers our job is clear
and tim how long do you anticipate the reorientation of the sales team will take until you have it where you would like it focusing on those 2 different distribution channels
it takes a little bit longer because payment is established based on the number of claims they receive
together with (the->a) reduction in future outside storage cost that would have been incurred without (these investments->this investment) the project is on track and on budget
reversal of rebate in first quarter of 16 when you look at the (norditropin->nordicopi) numbers but even with that the second quarter this year
customer and market for uqm i also want to mention that our longtime partners proterra and (zenith will->xenith who) continue to be strong customers
the contract was modified to put a greater emphasis on carrying out (facetoface->phase 2phase) assessments at a reduced level
sales were flat overall with the adverse impact of the divestment of opel during the prior year offset by currency gains on translation
and we havent had an org structure that puts a champion in charge of that to drive (that->back) those improvements across all the banners
we have not used lightly the term the best weve ever made and weve received strong endorsement from both the trade and our retail partners
(as we->*) weve got a number of actions taking place right now to optimize the design to tool it up to reduce the cost
we believe that this contract will yield operating income margins in our typical range of 10 to 15 in future years
(were->we are) encouraged that the concept of beneficiary support services really extends now to the medicaid longterm services and supports community so theres
now are you still focused on allocating capital towards acquisition first or maybe or (what->would) a dividend increase at some point be in consideration
we had a strong quarter compared with last year but more importantly is the upward growth in our sales and new business wins
now ill touch on our most recent acquisition which we announced on july 10 since we had the call 2 days ago ill just go over the highlights
which contains new opportunities across the segments and in all of our existing geographies we will continue to deploy capital in a prudent fashion
you may recall that new zealand is around 10 of segment ebit we were pleased that this impact was absorbed within the overall segment result
of fiscal year 2016 these modifications are expected to lower our future revenue run rates
reviewed a study in conjunction with one of our key suppliers about the demographics related to trips into our industry not just circle k but our industry (and->*)
got it so i guess as we think about that composition of your deposit base do you think that mix will change significantly from where it is today
so every business across the company has been focusing on improving working capital productivity and cotton is a good example
we had a need last year to be a bit specific on the pricing development because we had to revise our longterm financial targets but we do not believe its meaningful going forward
on a comparative basis as a percentage of revenue i do think that (that->*) is one point that you should take into consideration between the 2 companies there is a difference
the new rules reinforce the ongoing efforts to modernize and streamline the enrollment process and the continued value of independent choice counseling
anticipating lower prices and operated more hand to (mouth->moth) there is sufficient bean inventory cover by the processors
faster than the market so we are implying that we expect to continue our market share gains and so robust (front end->frontend)
a commercial show there for not only western europe but eastern europe and parts of the rest of the globe theres a lot of international players (coming to->come into) that show
its only one case we do not need to be there so its not the complexity of the procedure they already are performing
what are we doing to purposely make investors aware of the opportunity and i do believe the opportunity is there
the general trend in ltss has been to ensure that individuals are in the right setting and receiving the right level of support and care
the unwinding of the discount will be recognized progressively through the interest line with the other side of the entry increasing the value of the provision held on the balance sheet
but it no doubt helped the improved share position i referred to before it built share as the year went on
the segment was unfavorably impacted by a 5 decline from foreign currency translation
several years to go from concept to legislation to program to rule to (*->operation) and to (startup->start up) and then to
and that was an opportune time for our company leaders to convey the new strategic plan to our store managers who in turn are spreading the word throughout the company
after the peak season things will go back to normal level
as weve indicated we are eager to negotiate a transaction with tribune and believe we can come to an agreement in good faith
that unique kitchen or bathroom will always be with us and i think theyre willing to pay for something unique
massachusetts and rhode island were filed maybe 60 days ago and we are working with those departments
improving the technologies in relation to our (productions->production) we continue to learn
we are now investing in digital solutions to rapidly grow the client base and improve client experience
enable us to pursue significant opportunities to broaden our portfolio through corporate development activities with a continued focus on longlived
during the second half was not considered in this (srep->threat) decision so we could expect this to continue
finally we had drifted into a centrally driven business structure and our store managers had become too task oriented
real estate brokerage and pension consulting (businesses->business) however this could not compensate for the decline from swiss life select
the recently opened turkish restaurant in (walthamstow->wolfamstow) is a prime example of that in action where the occupier was carefully selected against those factors
really look at it i would say that there really havent been any surprises (but->that) their trends are fairly consistent with ours the opportunities that we think are there
to do that we have to offer the best product assortment presented in the best way possible in our stores and the best design and sales service in the industry
now i would like to introduce to you someone who along with myself kirk and others in the company is spearheading this effort
a large part of which we now drive with rigor in the (rbb->rwb) transformation office which we have established and ill talk to this later
because of the increase of profit level for us business the operating profit contribution is already more than half
our sourcing team has been very busy selecting new and exciting products that we believe will appeal to our core upscale fashionconscious customer
(well->we will) continue to expand our scale and achieve great achievements and developments
the final phase is expected to be completed during the first half of 2018 and finally turning to prospects
the business has made good progress towards implementing the single policy administration system for both life and nonlife insurance
in 2018 our global sales force will continue to educate health care providers on the importance of recognizing hypersensitivity reactions
that is required to achieve the zone theming we set out to deliver and the principal capex investments that will support this delivery
especially as we continue to grow our usa today network to include more local markets and more new platforms
a little shorter so it really depends on product mix but that is a focus for us is trying to continue to make sure that we manage our
i dont see us losing that same amount this year i think (that->*) well essentially cut that loss in half this year
the largest local to national network of journalists in the country this would include more local markets and new platforms
high view was also designed to benefit advertisers by providing better delivery of preroll ads to consumers
in the last couple of months we have made a number of significant organizational changes that we believe will make us more effective
our new threat models are well received so far they (work->walk) out of the box and provide meaningful (alert->alerts) about potential threats to data
prior to the launch the ratings were approximately 40 on legacy video players for the same article placement
and as we benefit from the recovery in eti and growth of our rest of african operations following the investments that we have made
this change has no impact on reported operating income operating cash flows net income or earnings per share
over time we believe these initiatives will result in an increase in traffic a reacceleration of pro sales growth
number three we have implemented a new sales associate compensation system that we believe will allow us to attract and retain top sales talent
if you want to ask a question please just put your hand up introduce yourself and where youre from and a microphone will arrive
and to maximize performance our community shopping center proposition must align to the audiences we serve in each scheme
the safe harbor provision identifies risk factors that may cause the actual results to differ materially from the content of our forwardlooking statements
thats why we have to develop our trading platform expand our business network to achieve
premise of the investment decision into (eti took->ati to) a view on our strategy for the rest of the continent
the (gun lake->gunlake) casino also had a strong fourth quarter and year resulting in our management fees (in->from) this property increasing double digits for both periods
as well as the lower levels of single premium investment policies following the high growth experienced in prior years
these position us well for the tail risk that could emerge should the local sovereign credit (*->date) rating downgrades happen
how long can you rely on the inventory level
great so i was hoping that you might be able to provide a little bit more color on
have a different selling point and to potentially bring other products in development or other commercial products along
so what does this look like in practice or on the ground a series of merchandise precincts as you can see here
and a continued reassessment of the overlay provisions in the book with some releases having been processed in this half
in digital and some other areas will be there the cost opportunities that we think will be there are going to be there so
the new deal is a commitment of 4 telecom players on the french market to accelerate
and we are working on further initiatives in those areas to enhance our offer and support retailers with their forward and reverse logistics
and to illustrate the (masterplan->master plan) approach in action id just like to take a few moments to give you an overview of our established plan at hemel hempstead (and->*)
a heavy social media presence an active voice and a focus on local events in additional local markets
volume target for any particular country its about where can we sell that meat for the highest possible value and thats where we try to take it
this slide shows only our defaulted loan book and excludes performing loans classified as such (postdefault->post default)
our pro customers felt that our pricing strategy was undermining their ability to do business with us on a profitable basis
in the first half because of lowered raw material prices and seasonal factors
our product mix improved gradually with continuous increase on (a->the) proportion of new products
and with that ill now turn the call back to our operator for questions
last year specifically related to the completion of that joint venture ts program
there may be much less many more permits that are required in some markets
while revpar at our luxury hotels in hawaii benefited from renovations and greater (air lift->airlift)
putting through price increases against those commodity cost raises in that segment in particular is nominal (if->*)
and providing the commitment to service and quality that is not typical in this space
(to->*) invent social media but when we recognize something can help our business we fold in pretty quick
how orders get processed under milestone c which was (a->the) first time for going through that process for us (*->so)
i think theres a lot of opportunity for that i personally see some upside to our conservative guidance
and from that perspective we look forward to lots of folks signing up and using the card but
at one point we had 5 segments and it was very difficult to focus on what we needed to do
new cobranded credit cards from chase and amex should enrich guest loyalty even further
in terms of combination the data that was presented was actually supporting
continue to be a lot of acres planted going forward so we think that
led by our field leaders our teams are more aligned than ever on the (priorities->priority) for 2017 and
last summer we formed a new joint venture with alibaba to improve service and sales for chinese guests
idea of getting (lease->lead) certificates also in other buildings in our portfolio
thank you all who have taken the time to participate on todays conference call
we branded or were in the process of branding gasoline offerings at 17 locations
for which we had received prepayments in an earlier period in which we had discussed earlier in the year
for the shareholders that if we are approved to keep the control of this company
(in->and) turnover and how you think that may be influencing your execution at the store level
and in terms of the proposed jv have you already started working on (who->*)
have declined to a more normalized level
going through h1 both of these will flip once our investment program has been completed
im pleased to share with you that we now have made further (improvements making sure->improvement and can show) we can double
(that and->*) do you have any plans for how much you will (own->*)
the backlog in our aerospace business tends to be impacted quite a bit from timing
the decrease primarily reflects reductions in litigation (costs->cost)
so using this royalty income the partnership (paid->pays) administrative expenses
this is entirely consistent with the operating efficiency and the cost of operating that we saw
i think theres going to be a lot of conversation about costout execution
for 5 engines to power buses (in->and) palm desert and those engines were shipped last year
which could cause future results to differ materially from those expressed in or implied by our comments
and it also shows the investment agility that our model allows us (the->*)
but nevertheless because of we try to maintain the
and the value of the program really is about both (pointsearning->points earning) and where can i use those points
we delivered on important customer (fuel->field) trials and business development activities
if the questions on direct marketing (expansion ie->expenditure i) the operating costs
whether that (numbers->number is) still in play in your mind or whether thats changed since the last time you commented
we had a lot of the growth in china which is probably our highest margin part of that business
so thats what were working on right now is making sure that we (derive->drive) the order rates in the flow business
we have a problem with that i think (were->we are) confident that we have enough equity in the domestic market and we have
these statements are subject to numerous risks and uncertainties as described in our sec filings
and you can go buy them off the shelf (and then->i know) google do things like that and others will
and we think by having that loyalty program and that breadth of choice we drive
were also working aggressively to continue to attract and convert more new and lapsed customers
my question would be your technology and its efficiency and speed
pulling 2 big companies like this together and 2 sales forces and the uncertainty that comes from that
these are always hard because it depends on what happens with which currency but just most broadly
we are largely doing this by (increasing->increase) our retirement savings match of associate (contributions->contribution)
can you give us any help with where you think that will end up at the end of the (year->*)
and to have some cash for new acquisitions
driven by growth in most of our major end markets and regions
i would say excluding brands that we own
but having said that it was a relatively small test so these were 3 markets
you guys are becoming a pretty big restaurant operator
please refer to the detailed note in the companys earnings release regarding forwardlooking statements
of which we may get some funding on that we are looking at
in the left we can see the international activity main building in the international
on disclosure of certain details so what is the dialogue happening on that front
i think that the large part of that decline
are not contributing much in fees in part because they are
for our business as usual their work inspires me thanks for all you do
rather than in the investing activities section as in the past
we are well positioned to win more business with these programs
we have also signed a definitive agreement with (usha martin->wusamarten) to acquire their steel business
where should we see evidence of that is it mostly just the revpar line and
so you might want to pull (that->it) back a couple of percent couple of points
opportunities we have together to grow this program and obviously well be talking about
in the first and second quarter eased a little and mro strengthened (of it->a bit)
and our data shows that customers become more frequent in restaurants that are delivering a great experience
and the construction will be paid and (the->*) remaining the rest of the price
ill now turn the call back over to tom for his closing remarks thanks bruce
in that case you move like a commodity we manage in that case margin and
next i will provide you with an opportunity to ask questions
equally im delighted with the velocity in all aspects of our business
based on our performance yeartodate taking into account current market conditions
and then two can you give us a sense as to what it has been about a year since
is it just optimism or are you actually seeing improved business conditions
and refinance in the market i think that will be the main source
our restaurant teams and field leaders are quickly embracing this new focus with enthusiasm
this concludes todays conference call you may now disconnect
last quarter of the year (ended->into) december have generally been the strongest
given our scale we are excited to think about what we can accomplish once integration is complete
no explanation is needed for those who dont none will do
so theres all kinds of things (in->and) discussions and negotiations (*->that) were having
our many accomplishments since then confirm that (were->we are) making solid progress
where we expect to be back march 1 with the annual report for (fy->*) 16 so thank you all for listening in
how best we can accomplish that is what we are looking at and we will let you know as we keep progressing
and what some of the conditions are to be a preferred provider but also what some of the structure is including things that we are hopeful about
to slowing growth and declining corporate profits in a highly leveraged world are now finally being realized and manifested in obvious ways
we have seen that being in line with the expectations already throughout the year and also in the course of the q4 we have not seen a major effect
realizing the situation is fluid we will manage (costs->cost) responsibly and evaluate uses of our capital carefully
so is that driven by acquisitions or do you think that organic growth will improve from the 05 that you reported this quarter
this study will evaluate a single weekly dose of (hghctp->hdhctp) versus daily injections of currently marketed growth (hormones->hormone)
however we also do expect that we will see further bouts of volatility in the intermediate term and consequently are mindful of liquidity considerations
so with that thank you for joining us this morning and we appreciate all the interest and the questions and look forward to talking to you soon thank you
in (riio2->rio2) one of the aspects highlighted in the framework is the requirement of each company to develop customer engagement groups
because of our unique positioning (in->and) liquidity we were able to move quickly and decisively in our acquisition of (hatteras->hataras) announced a few weeks ago
weve increased focus on multicultural consumers and cannon blast is bringing new consumers into the brand through the (shot->short) occasion
as well as we can and maybe a little less focused on adviser count as a result secondly as weve said in (the->*) recent past
when the new pricing regime comes in you all have also mentioned to us that you expect your pension to be fully funded
in stark contrast to the situation at the time of our last conference call the publicly traded capital markets have improved significantly over the last 2 months
some reductions are very creative for example our legal team in south africa now have a preferred supplier list of upcoming lawyers
our clear focus lies on making use of innovative new technologies to design simpler faster and better processes
how quickly you think you can capture share and then just from the outside what are the key dynamics to understand around the (ramp up->rampup) of business and your focus points going into january
so we expect our first sales for our animal health division to begin early in 2017 and i can tell you
talk about philosophically how we approach this our advisers have been desirous of having index product for some time
whether maybe the leverage levels might change categorically for like maybe the agency portfolio and the credit portfolios
moving on to productivity we shared our plan on productivity with you at the conference so let me update you on where we are
including those discussed in the risk factors section of (dicernas->diseras) most current forms filed with the (sec while->*)
are very specialized and different from country to country which gives them a lot of experience in looking at
in less than a year of full distribution we are already gaining share in johnnie walker and smirnoff
with that ill turn the call over to bob to discuss our financial performance following bobs remarks we will take your questions and conclude the call
these declines were mostly offset by another strong quarter of growth in our eis business as well as our mts growth products
we invite you to read the complete disclaimer included in the first page of this presentation which you will also find on our website in the ir section
with regard to iot as well as other implementations using the technology and as i mentioned earlier
first we are working to create subadvised index funds for inclusion in our map advisory programs
what were the assets that were talking about here would just be a subset of the overall funds assets
our sector has an opportunity now to return to historical valuations by rationalizing operating models and cost structures
these changes are already having an impact smirnoff is in a competitive segment and we adjusted price to improve competitiveness
in a lot of those markets tends to be lumpier and (im->*) trying to get a sense whether we should view
the working capital movement was caused by the comparison yearonyear we saw a significant drop in operating working capital last year
id now like to take a few minutes to provide a recap of key 2018 events and recent notable achievements
again some of these unique customer dynamics that we saw in the third quarter and fourth quarter of last year well have to deal with in the fourth quarter of this year
and any discounts rebates and product returns we expect the earliest (well->will) have sufficient visibility to reliably
these adverse impacts were more than offset by operating profit growth higher associate income and lower net finance charges
and where we have a very competitive product i think to that extent that thinking has been
and we are expecting also to continue on that lower levels for the next year as i have explained with the guidance before so
this standardized way of working drives growth because it ensures our brands are available in the most dynamic outlets
that are requiring us to go through a negotiation process that is taking much longer because the majority of these credits are in brazil
will be considered forwardlooking and as such will be subject to risks and uncertainties that could materially affect the companys expected results
that youre really looking at your cash generation as opposed to gaap earnings so is it fair to say that your cash generation
so that we do not need every time we have a new project to start up the entire engineering development (departments->department)
just the number of text messages that are being delivered between operators that we actually handle that volume is just going down a little bit
the letters of credit business continued its upward trend (over->of) the last couple of quarters as demand is picking up from a more diversified slate of clients
and we remain enthusiastic about the prospect of our proneura platform for the treatment of select chronic diseases
i am very proud of our leadership in promoting responsible drinking including the work we do on drink driving reduction
in our current business plan we are performing very well and consistent with what ofgem i believe would expect from us
our forecast does have us pulling back a little bit in the fourth quarter not necessarily because of
following our hypothesis that rnai potency and duration of action may be dependent on the target site
if you have not already done so we encourage you to download the quarterly report on form 10q and the slides to use on this call
a lot of these broader architecture changes would probably happen regardless of what happens to the rule could you give us an idea of
and supporting new innovation and service offerings investing in our digital services platform and enhancing our network infrastructure
its going to be a transition year and so i think until we see how some of these things play out with
you know that we have divested the china business but it has not yet been closed so china is still part of our numbers and are impacting the numbers more negatively than expected but the problem is solved going forward
but of even greater longerterm importance is the work were doing to make our marketing more effective diageo has marketing flair our teams create great marketing campaigns to drive the growth of our brands
it will be delivered in 5 areas the first pillar is net revenue management we believe we can access significant value in headline pricing the effectiveness of our trade investment and promotional spend
that we thought were complementary to what we had might be inventive and new in a passive construct and maybe even (edge->edged) toward a factor tilt and away from the most undifferentiated products and so
were therefore working closely with government and our industry bodies to ensure these concerns are reflected in the transition process and we welcome the formation of a specialist international trade department
our part of the management fee attaching to the index products is the blended rate is obviously much higher than that because today it comprises only our active products
and again please let me mention that swiss life will be hosting an investors day next year on the (29->29th) of november in order to discuss our new strategic program
we will make forwardlooking statements during the call which are based on managements current expectations we caution listeners that these forwardlooking statements are subject to risks uncertainties and assumptions that could cause actual results to differ materially from our expectations
we come to a conclusion that (*->we) the earnings power of the company will not support it over the longer term (then->and) were not likely to do it in a way and maintain this in a way that we would continuously dip into our cash balance for that but at this point in time
and that really is one of the things that gave rise to as we discussed having thirdparty support for the creation of our map navigator product and ongoing screening thereafter and i would say those are the
our strong belief that the addition of wilshire was a very important component for the program and for (our->*) advisers and that has taken time to think through and get contracts and start to frame out how that will work (so->*)
were under no stress or urgencies (to make->*) urgency to make that decision with all the (the->*) lack of clarity at this point obviously this is something that the board reviews on an ongoing basis and well continue to monitor going forward
and the key to this molecule is that it also shows a relatively potent (antagonist that->antagonistic) feature towards the prostate and so the plan here is to develop a phase ii or to start a phase ii study
well the fee levels are essentially consistent across the programs theres some variability that the adviser is able to charge based on the level of services provided
having finally received a full hearing last week we are encouraged that the judge heard all arguments and indicated he would be prepared to issue a ruling based on the merits of the case in just a matter of weeks
high visibility so it is also should not be a surprise to anybody that we do need to see positive growth in this business in order to meet our full year targets on the offshore (markets->market)
todays call will also include a discussion of certain nongaap measures including adjusted ebitda and free cash flow you will find a reconciliation of each of these items as well as other information about our use of these nongaap measures
partner trading remained seasonally strong as we saw the benefits from the migration due to the 4g focus we also saw strong demand on (vdsl->vbsl) which more than (offsets->offset) the adsl losses
to have rayaldee added to their formularies while we expect there may be some utilization management restrictions initially we have a number of access programs to help mitigate any potential impact including a patient assistance program
in the (xetra->clipra) segment we from now (on show->onshore) revenues from listings separately previously these were included in the other line item
and if we would have to change some of our analysis it (will->would) be part of the statistical plan so operationally it doesnt hold us back to start
to continue with (at->*) this stage (were->we are) very careful in making sure that we can devote the funds to the key programs that can provide the most value right now
we intend to work that out with (our->*) potential partner for further (developments->development) and i dont know for certain that things will go in that direction but i do think ive captured the
in particular we recently closed an agreement with a communications services company in latin america to assess their business and identify the best approaches for launching mobile engagement campaigns
we anticipate the expansion will provide the property the opportunity to grow revenue by allowing casino guests to extend their gaming stay particularly on weekends and increase midweek business by capturing group demand from social and corporate business
we are responding with actions that we believe position us well to remain an important relevant industry participant and to sustain and accelerate our progress let me now turn the call over to brent for a deeper look at our financials brent
how that rule moves forward we have a lot of folks on the ground right now moving these projects forward in the implementation stage and so
these are defined by the private securities litigation reform act of 1995 they are based on information and data that is currently available however the actual performance may differ due to various factors
in the institutional channel net outflows moderated from the third quarter but remained negative in the absence of sizable wins outflows (remained->remain) subdued (this far->*) thus far in january
as a reminder we now report uncollectible balances associated with patient responsibility as a reduction of net revenues instead of bad debt due to a change in revenue recognition accounting
their comments will be based on the earnings release which was issued today a copy of the long version is available on the corporate website any comments made by the executive officers today may include forwardlooking statements
this is an exciting innovation potentially creating a new category and we are there from the start route to consumer has been an area of major focus for 3 years but its still an area of opportunity
(distill->digital) ventures is our brand incubator it has already made 10 investments of which the most recent is our investment in (seedlip->seadlip) this is as the entrepreneur behind the brand says
we continue to focus on building our operating capabilities in new markets such as italy and poland and for example in italy we now have both inhouse call center and legal capabilities and we are working off a new collection system
thank you jack its i think its fair to say that 2018 was a true breakout year for dicerna and i would like to thank our entire team our partners and our shareholders for contributing to the success (we have->weve) achieved thus far
our global efforts are focused on disease awareness and medical education to expand health care providers knowledge and recognition
and weve seen increased momentum during quarter 4 last year which encouragingly has continued into this year
a critical element of our success will depend on the ability of our organization to work smoothly as a team
this acquisition (would->will) bring a new source of expertise and innovative technologies particularly in data management
towards the end of the first half (what do->would) you think about your inventory level
it is our understanding that this carrier is reviewing major capital programs and our vectoring program is part of this review
however its worth noting that our teams are acting on numerous recent proposals in these business areas that could prove fruitful
we can attribute slightly more than half of this sales miss to weaker demand and (scheduled->schedule) movements across our various end markets
also the need to create very (high quality->highquality) environments and to remove the friction from our shopping visit which we believe is essential
now it took some time to turn off these programs and it wasnt until december when we were fully able to curtail these pricedriven approaches to the business
our people are what make the products we sell come to life our goal is to offer the best service in the industry
with respect to citizens insurance the optout percentage in september was significantly lower than recent trends and expectations
some of our cash flow level has been affected because of payables and receivables
would you please discuss that further (and->*) kind of circle back to what youre referring to and really the implications
our fourth quarter has a number of fairly significant projects that are scheduled to deliver in the fourth quarter
execution we do expect that to be coming back in but its not going to go all into the second quarter
and there are some companies in florida as well that we think could be very compelling to us in terms of
and we do put it in that light so i mean there was a chunk that was up (*->and) in everett where we did the (kaikaku->quacaco) event
coupled with the temporary inefficiencies of the kaikaku segment operating margins were adversely (affected->affecting)
i talked about the cash flow weve got upcoming over the next couple of years in addition to our existing balance sheet strength
so overall we take confidence (as->that) these strong metrics demonstrate the relevance and resilience of our community assets
we also have people in place who know intimately what made the company successful in the past and hence know what we are seeking to achieve in the future
as weaker in so far as it is the best quarter in fact for a second quarter in (fiber net adds->fabranet as) ever
the asset (masterplan->master plan) approach that lawrence outlined earlier is at the heart of defining what shape that investment takes
id like to highlight a few of the investments were making over the next 12 months to support each of our key strategies
you have expressed your concern over the development of (shuanghui in->shanghuai and) china
our innovative approach to the claims process has been (wellreceived->well received) by our customers and agents and differentiates heritage from our peers
business is a key national asset in south africa and the financial services sector is something we can all be very proud of
these risks uncertainties assumptions as well as other information on potential factors that could affect our financial results
the repositioning which is really about how we focus on our accessible locations which we believe have appropriate scale
as we veered away from the 5 critical success factors which have historically driven our success over the past 2 decades
its other countries like mexico and korea where we have made some major increases in our export volumes and so
firstly lettings and contracts as lawrence said weve had very good momentum on leasing and letting across the year
so the way we view that segment as much as we have over the last few quarters that its going to be a declining trend
needing to book and ship this year and while theyre very optimistic about it and aggressively going out there
(this->these) good results allowed us to sustain our investment efforts in line with our full year guidance
consistently falling as people and shoppers chose to go elsewhere for their facilities and experiences that they desired
adjusts our gaap quarterly results by eliminating special charges and then applies the tax rate to the result
we need to expand our trading volume construct a stronger network
we are recruiting new people with energy passion experience and a deep understanding of (a->our) changing and exciting industry
that took place at the end of last year at this point were very comfortable that we will continue to
a unique experience that maximizes both overall video views and playtime additionally
and we will also be continuing to add more opening (*->point) price point products as we have done successfully in the past
this should lead to continued improvements in the financial performance and efficiencies in rbb over the medium to long term
was the were the bookings in line with your expectations and maybe is there any particular areas
how it plays out i do think that we have a pretty consistent rampup through the rest of the quarters as bob mentioned
lets now turn to spain where we continue to deliver
additionally i am proud to report that last month cornerstone was (made the->named a) strategic leader
you heard in our comments today that a separation of our efforts on the adult side
based on our review of the situation over the last few months i believe many of our problems were selfinflicted
i dont think its fair however to look at given the number of execution issues and incremental costs
we enhanced our debt structure to provide significant capacity to move quickly on opportunities to expand our business
with 2 major pork plants coming online at the same time were going to have a lot more hogs if you look at
again that would assume a static portfolio so not continuing to launch products which we of course hope to bring in and secure
as well as (taking new accounts on->take into account some of) the differences in the european market but probably a little early for us to be trying to comment
we are already actively committing investment (in->and) making related (masterplan->master plan) aligned leasing decisions to that effect
therefore its critical as we move forward that we continue to be true to the tile shop way of doing business
and we do see a little bit of increase in technology we are moving things into the cloud which we can no longer
in relation to international enterprises now we know a lot more
broader weakness in our avionics business and (*->an) intensified level of pressure on our diversified industrial markets
including taking on additional debt to repurchase specific shares we hit the pause (button->by)
(*->smaller in) scale and nature and deliverable in shorter time scales enabling us to operate in an agile manner
we will truly offer good better and best products with an emphasis on the higherend product offerings
our usa today network is an ideal partner to help expand this brand
however the segment is well positioned for new student enrollment growth (in->and) its online platforms
great thank you ware i want to touch on just a couple of nonfinancial highlights for the quarter before we turn it over for questions
we have identified gaps in operations of the business that were starting to experience
this primarily reflects quicker progress on achieving some of the benefits from the restructuring initiatives
achieving the highest overall marks in their respective categories and regions based on customer surveys
moreover as part of its financial strategy the company seeks to amplify the options available for funding sources
during q1 we realized revenues from our previously announced win of a mobile carrier in the middle east
this concludes todays conference call thank you for your participation you may now disconnect
both of which are a reflection of our continued commitment to our core value of supporting the communities in which we live and work
is that starting to swing your way to put up those types of sequential leverage numbers
overall earnings as a percent of sales will continue to be flat to slightly up even though its on the lower sales
which included minimizing regulatory lag and achieving the allowed (returns->return) set by each regulatory jurisdiction
and is poised to fuel growth over the long term and were off to an exceptional start this year
not very good data in terms of market share outside of funds but on an overall basis we feel like
as well as the impact of stranded costs we are tracking to our plan to reduce our home office expenses
totally clear to all and also the strategy that we set the company upon was the right choice
and we see a very bright future ahead were expanding engagements with current and new customers
our strong financial results so far this year combined with continuing high oil prices
which is expected to provide additional distribution distributable cash flow growth in the fourth quarter
as compared to 2012 and the best indication of applieds resilience is our services business
the only reason i say its difficult to classify between cost of sales and other opex is
and also bear in mind that we have recognized somewhat fewer units to consumers this year
which is why were giving ourselves perhaps a little bit longer runway to drop the assets down
once they figured out that they have a large corporate initiative to support responsible investing and that these were
we anticipate our effective income tax rate to be in the 16 to 17 range
so were looking for ways to shrink it what we are seeing is that when we are dealing with some of these
that will require us to make an estimate of what we think the pension deficit requirements will be
we have provided slides for this presentation and our earnings release issued this morning on the investors section of our website
its just that for reasons outside of our control and unfortunately outside of our ability to forecast
and is lower this year due to the successful recovery of several previously recorded bad debts
we bought from first data weve been dealing with those guys for several months and we were lucky enough to buy their
(the->*) new accounting guidance adopted in the first quarter requires these net excess tax benefits to be recognized in earnings
and excitement in our business as always we are committed to building a longterm value for our fellow owners
while we are deeply saddened by roberts passing and he will be sorely missed we are very fortunate to have phil
with bananas reaching their lowest selling price in 10 years in europe during the second quarter
overall volume decreased 15 due to lower (yields->yield) from our sourcing areas in costa rica
maybe some of your competitors would have a tough time getting access to labor with their new plant
these statements are not guarantees of future performance and therefore undue reliance should not be placed upon them
and we put the finishing touches on (the->a) modernization project at our ohio falls hydroelectric facility
and is a portion of that business already in the unbilled receivables or that would
we expect revenue to increase approximately 3 to 4 compared to the prior year
this years record shipments will further expand our services opportunity next year
and we had previously spent most of our time looking at competitors but now
some of our specialty consulting areas on the core accounting side and were also seeing
you may also visit the companys website at (freshdelmontecom->first delmontecom) for a copy of todays release
our utilities remained among the very best for customer satisfaction in the regions we serve
that tends to pull down the average fee rate in the fixed income category
from the oil cargo that was sold with crude oil inventory that had been built up from prior periods
i cant see any large swedish or for that (sake->*) scandinavian (developer who->development)
future technology inflections are more (capitalintensive->capital intensive) and we have a pipeline of new capabilities that create
what we can reflect in our guide is what gets communicated from our customer base
my 4 priorities since taking over as the ceo in april of this year have been the following
looking at the full year expectations this year we continue to project total revenue growth
additionally we are seeing improvement in the business jet and rotorcraft markets while global uncertainty
during our last call with the exception of a recent downward revision to our foundry outlook
given we are years away from settling our tariffs or setting them for the electric distribution sector
in addition and for the second straight year ppl electric posted its best year ever for safety
and describe how were evolving our strategy to take full advantage of the tremendous opportunities ahead
to significantly increase learning rates before i turn the call over to dan ill quickly summarize
where we continue to focus our efforts on the network deployment in order to improve capability
(*->sure) well most what i always ask people is what was the price of oil 10 years ago
who can provide expanded capabilities and scale for implementation of seachange solutions
information materials for that (*->meeting) materials and they can vote electronically at the meeting or of course via phone
and we still believe its going to take a long time for their technology to mature
we expect display to remain a powerful growth driver for the company over the long term
additional information concerning factors that could cause actual results to materially differ from those in the forwardlooking statements
compared with 85 days a year ago with our seasonal billing and collection cycle
and then with respect to some of the (parter->partner) opportunities we would expect those to have a shorter sales cycle as well
buying someone elses asset management business and inheriting their culture and inheriting their people so we want to do it very carefully
i think some of your customers are making some progress on the technology front i think one of your nand customers
our semiconductor systems group delivered revenue that was slightly above the midpoint of our expectations
quite significantly this year in additional water handling facilities which will allow us
in the coming weeks once the evaluation and any potential testing operations are complete
with (the->*) redemption of the convertible notes in the second half of last year as expected
there were no significant changes in our balance sheet (*->in our balance sheet) inventories are a little higher due to (the->*) delay of certain shipments until later in the year
and format (it->*) in a way that the (building it->billing) can be passed on to the billing system seamlessly and thats where the challenge comes in because
our core expenses for the quarter were up less than 2 which is primarily a function of variable expenses on core revenue growth
these take into account benchmarks that we see externally and we will continue to seek ways to improve and ensure that these levels are maintained
we will use this performance as a platform for accelerating our pace of growth to an average of 49 annually over the next 5 years
this growth was partially offset by higher business development (costs->cost) related to our efforts to progress our (hydro pump->hydropump) storage opportunity in arizona
this is my first question my second question is could you elaborate a little bit about some openings at the international side
more pronounced this year i focused on describing the platform and strategies we put in place to outperform in these demanding markets
at present we plan to begin this operation in fiscal 2020 and expect this to contribute to our groups growth strategy
i think that (the->*) sort of that level of detail is really something that i dont really want to go into at this point
the first thing that we wanted to drive during the second half was generating more proximity with our customer to drive collaboration
an exciting company that we could use as a platform for the next 10 to 15 years of (axway->xway) and it sets us
with our footprint as well as our expansion of our nonwovens business with the gastonia investment so it was really a logical next step for us
is that valuation may deviate from net asset value temporarily but should revert back usually over the course of a business cycle
ladies and gentlemen thank you for your participation in todays conference this concludes the program and you may now disconnect everyone have a great day
the challenge with cellular is and in fact you can try this out john go down in the corner of your basement and see what kind of a signal youre getting on your cell phone
speaking of the longer term id like to highlight a few recent initiatives that move us beyond hardware and into software and new services
in a market that is clearly in search for yield i also wanted to address the relative valuations of the mortgage reit sector
and its possible that we would continue development there but i personally wont speak to the timing of that but we have (1->one) successful
and i mentioned the investment in (terms->term) of resources and training within the company we doubled the number of customer success (manager->managers) that we have
when store traffic was impacted by specific unfavorable factors during the year including the yellow (vests->vest) movement in the fourth quarter
to becoming the marketleading hybrid reit expanding our ability to further invest in areas across the agency residential credit
we of course intend to bring the company back on track as quickly as possible and i will say a few words later on about the initiatives were taking
thanks glenn and to all those joining us today this has been a difficult year for our industry and (were->we are) not pleased with our results
(*->rates) very quickly far more faster than any other state regulated or provincially regulated jurisdiction
before we begin todays call i want to remind you that the discussion will include forwardlooking information which is subject to the cautionary statement contained in the supporting slide show
the past sales opportunity is a unique characteristic of licensing businesses and one that we think will continue to be a nice value driver for us over the coming years
however should a (cap->cat) be introduced we (do->would) not expect the impact to be material given around 80 of our customers have no exit charge
i guess in a similar vein do you think the issuance of (the->a) conforming securitization by chase last month can be a meaningful part of the market
we do not undertake and specifically disclaim any obligation to update or revise this information except as required by law
another option is to bypass that provider (*->and) try to go right to the sap system that all of these entities are using and were also looking at that
we also will expand revenues for the cargo and mail business shown in green and the lcc business shown in orange
we will aggressively go after new private networks deals where our technology and services are highly differentiated
and at the same time we (continued->continue) to push hard for capturing the synergies between our mail
we continue to focus on finding additional opportunities to grow beyond the current plan for the benefit of our customers and our shareholders
we discussed on (our->*) recent earnings calls our expense improvement actions over the past few quarters (and->at) our newly acquired properties
after i provide you with some additional color on our first quarter numbers i have a couple of announcements to make and then well brief you on some recent developments
primarily reflecting the differences between the short and longterm rate assumptions and the negative market movements over the year
and then make some comments regarding our balance sheet additionally you can view the reconciliation of gaap and nongaap financial measures in our press release
if you think about just a small increment of royalties across our entire base thats that can be a huge amount of money
to remove the effect of quartertoquarter fluctuations which have the potential to be significant in arriving at adjusted earnings and adjusted earnings per share
the air transportation business built on the favorable performance of the first half and steadily captured passenger and cargo demand
so you could list them and (they are->theyre) available to see in the catalog and this is what the customer would be running if they bought the amplify
owens corning delivered an outstanding year the company is at its best when all of its businesses make meaningful contributions to our financial results
as we observed on our last conference call property pricing has leveled off but not yet been impacted negatively by the slowing transaction activity
we will expand our network into white (spots->spot) by including such methods as utilizing alliances with overseas airlines
part of the selling expense as you go through the whole thing in the second quarter was just (a->the) shift because were doing more international which is more second quarter
so the first goal (was->is) to grow organically in the last couple of years when the markets been fairly challenging and protect our capital
we are uniquely able to provide new products and services to the schools through complete solutions of affordable
i wanted to provide an update on a decision that itc received from ferc on roe matters just after our new york investor day
we remain confident in our ability to expand our market share (and->as) also we focus on expense management
trying to be reliable in many aspects of our business
customers will have more choice and we will expand our addressable market to include schools that need virtual solutions
and we thank our customers employees and industry partners for their diligence and cooperation as we manage through the situation
weve always had those plans southern crossing would be the first step to see if we can (extend->expand) that to tie into the lower part of the enbridge system
im really not focused in that area clearly as (*->a) public company if someone is prepared to make fortis an offer for some part of our business
(well structured->wellstructured) industry right now and in fact its moving in your favor due to what were seeing out there i mean is there anything that would really concern you if
i think thats primarily related to construction cycles maybe gapping out a little bit in the second half of last year so
the public utility commission takes the legislation and puts it into action (and->*) into their docket we would obviously closely follow that to the extent that there were opportunities to do
unfortunately many of our customers do not have sufficient it personnel internally to rapidly provide us with the necessary information which has caused a slowdown in this process and a corresponding slowdown in new orders
(highlighted->piloted) about 10 digital courses at select universities is there any update on how thats going what type of traction youre seeing and kind of what the feedback from some of the universities such as penn state might be
at the end of the fiscal third quarter our inventory levels were below last year as we continued to put greater emphasis on improved textbook purchasing and inventory management
the bottom line here is i think we should get ourselves down to a normal backlog run rate by the end of the year which means that yes it may have some impact on the third quarter but we should be able to catch up by the time we get to the end of the year
as is always the case however we constantly monitor our financial outlook to ensure it supports our plan for return of capital over the long term
an improvement in sales trends will require us to focus on particular asset classes and approaches to portfolio construction where active management has greater potential to deliver alpha
so federicos joining the titan team comes at a very opportune time federico is exceptionally well qualified to help us consider and evaluate
but (*->they) what we have found in our industry is that the water utilities view their data their customer data as very valuable proprietary data
and a quality improvement project plan which detail the steps we are taking to upgrade our processes and systems to further enhance our manufacturing capabilities
agency spreads look modestly attractive compared to last quarter particularly considering the more accommodative posture of central banks that being said we are not planning to increase leverage over the (nearterm->near term)
i think as our expectation is as the collectors season and become more productive that (that->*) will have a positive impact on our cash efficiency metric
as i will describe further value and yield investing in certain sectors of (*->the) equity market has clearly become more rewarding and more easily defensible in 2016 (the->as)
in my remarks last quarter i also discussed our outlook for 2016 i stated that because of our diversified platform and low leverage profile we were positioned to
and (*->a) higher percentage goes that number goes up and then if you take an aggressive case and you say that lets say half of it goes and half of it goes (nonproprietary->nonprorietary) you come to a different number but i think
now let me address a matter thats been of concern to many people over the past 2 months on may 4 of this year we announced that the company was exploring on a preliminary basis various options to enhance shareholder value
residential credit spreads further improved in the second quarter supported by both strong fundamentals and broadly more positive risk sentiment on the back of stabilization in markets and more accommodative central bank policy
our third and fourth quarter comps are going to be easier compared to the prior year because we had a stronger first half and we really got weak in the second half so now the comps become a little bit easier
to promote stable future business expansion well pursue an optimal portfolio for our air transportation business as a holdings company to support our resource strategy
consequently the majority of new assets we acquired were purchased at meaningfully cheaper valuations compared to both the beginning of the quarter as well as at (quarter end->quarterend) given the ultimate recovery in (this->the) sector
as part of social well enhance universal services particularly at airports resulting in promoting a society of coexistence that respects diversity
so you (could->can) have some labs that might have lower pricing (with->the) same pricing as we do but theyre actually charging more because theres more activity for a given condition so really the focus around
the effect of higher product volumes on capacity utilization modestly higher prices and lower material (costs->cost) particularly for brass (castings->casting) contributed to the higher percentage
we continue to believe that a longer acting factor vii administered either by iv or subcutaneous administration could change the landscape by permitting children and adults to more easily (selfadminister at->selfadministered) home
and with the new funding options we recently procured these facilities will serve to optimize our dedicated capital in each of these strategies unlocking incremental returns
also this gives us a better we now have a better ability to manage our inventories as one virtual eventually one virtual inventory for all of our stores and (mbs->nbs) wholesale
our success in part has been due to a constant belief in the value of active management the importance of financial planning and meeting clients goals and objectives and the steadfast commitment of our employees
actually is when those shares vest throughout 2017 but again some of those shares were granted at much higher prices so the benefits that went through the income statement
we wanted to provide you with some more insight into their historical financial performance which we have carefully vetted and discussed at length with their management team
we also added a haneda to (jakarta->jakarto) route in august and (a narita->an areita) to los angeles route at the end of october both routes are performing steadily in line with plans
in the advisory products we expect these funds to be available early in the second quarter and to be available in the existing map program immediately
the last mile i call it to go from your hub out to a (salesforce->sales force) im not going to build (a 1000->100) of those (or invest->who are investing) it somebody else does it better (id like to->i can) work with someone else to provide that
and the attractiveness of (*->the) map itself we think is enhanced by the addition of the index products and then once it leaves and that percentage which goes to navigator how much migrates to nonproprietary product
residential and small commercial customers who install solar will now receive a monthly bill credit for excess energy exported to teps distribution system
now we are focusing our efforts on a tightened span of distributors which in our view provide the best opportunity for asset growth and efficient home office and wholesaler coverage
we will continue with aggressive capital expenditures as shown in table 1 to the right ebitda is projected to exceed the capital expenditure during this strategy period
that is (the->a) constant challenge that were taking on and going to continue in that investment in 2019 but we were able to do a lot of it in the second half of the year
although the worst of the negative cycle is over as i had mentioned in the last call we continue to monitor proactively our existing credits to enable the bank to act promptly
including increased scale and cash flow generation which will provide us with the flexibility to explore growth opportunities in this rapid changing industry
the acquisition also serves additional strategic and financial differentiation david will speak in more detail about the return profile of the portfolio among our other strategies
and we are encouraged by the customer response in our promotional and digital marketing efforts for general merchandise especially as it relates to web orders
there should be a fair amount of mom whether its (a->*) momandpops or (whoever->wherever) it is who are currently in a lot of trouble that may not make it to 19 do you think thats a fair statement
our team is focused and determined to execute on those opportunities as we look ahead to 2017 now let me hand it over to marty to walk you through the numbers in more detail
by excellent operational execution across all areas of our business and significantly supported by continuing favorable demand environment in the commercial trailer products business overall
the ctp team remains very excited about the entry into the truck body market in order to take advantage of future growth in the final mile and home delivery space truck body
so we feel like were set up extremely well for the rest of 18 and beyond (and->*) but with that being said we know theres room for growth and to get better and were investing in people and were investing in systems
and it will be hotly followed by work on an extended large store in heathrow terminal 4 we believe this new format will continue to present new opportunities
the decline in cash was primarily attributable to recent operating losses and a planned build in inventory during the third quarter partially offset by increases in our payable accounts
we undertake no obligation to update our forwardlooking statements to reflect subsequent events or circumstances and you should not assume later in the quarter that the comments we make today are still valid
they probably all look at themselves slightly differently none of them see every other platform out there thats what an independent third party does we look across all the platforms we look at (them all->the mall) on an applestoapples basis
the success youve had with that iconic piece of your business from a branding perspective stretching into some of the other categories particularly some of those that you might have (inquired->acquired) in with the loungefly acquisition
so this is something that will be there forever so we will have to (evaluate->alloy) this every quarter and you will see from time to time positive and negative things there
let me begin by reviewing our third quarter operating and financial performance then (i will->ill) update you on the strategic initiatives that we laid out earlier this year
by increasing our reorder points on a few key skus we strive to ensure that the product is at the store versus our distribution centers and (are->theyre) there when the customer wants to take it
we expect all but one of these sales will occur over the remainder of 2018 the expected delay of one being due to a potentially longer (hud->hug) approval process
despite these market segment weaknesses the operating businesses have done a very nice job of containing costs and maintaining respectable margin levels within those product lines
as brian indicated at a time when other traditional toy companies are struggling we are reiterating our full year outlook and feel very good about the underlying trends in our business
going forward well convene a series of additional multistakeholder meetings to continue the industry dialogue aiming to reach consensus on a new definition of the currency and the goal
this was the basis of our good better best campaign we believe we have the best assortment in the market but (we have->weve) also simplified the shopping experience for the customer
thanks greg as we close i want to reiterate that we are confident in the potential of lumber liquidators we believe we offer a great value proposition for our customers
but i also hope investors agree that getting the cost structure right is a different kind of problem than sharply falling sales in any event optimizing the cost structure is at the top of my action list
(*->we) will also apply this richer experience on our ecommerce channel for example we will enhance our photography and improve the (layer->layout) of the site to better showcase our elevated product
while at the same time driving sales per passenger in existing stores through (investments and->investment in) improvements to customer offer and active space and margin mix management
now as usual well update you on our 3year guidance when we present to you in october so lets move on to category performance and ill start with books
when you look at pure (sweet->swift) flavor business that is more (correspondence->correspondent) to some of our largest competitor
contributing to that whether its your food colors or your food preservation some of the extracts that youve been getting into can you talk a little bit more to
ladies and gentlemen good day and welcome to the galapagos results webcast at this time i would like to turn the conference over to elizabeth goodwin please go ahead maam
caroline has an impressive track record of success with extensive and diverse design experience and creative expertise brings with her tremendous talent retail experience and leadership skills
i will say at this time we feel generally well positioned with where the customer base is at (at->*) the moment with the deals that weve closed we feel its appropriate for where the market is at
as we continue to work together across functions we are better able to ensure we have trendright products where and when our customers want to buy them at a competitive price
the outstanding performance delivered in the third quarter was a result of the teams continued execution of a market strategy committed to optimizing both top and bottom line a capable workforce
in other words if were able to measure all (the->*) important sources of viewing in the market do they want all of those important sources of viewing included in the currency or do they just want some but not all
so during the half we launched a new larger store format in order to provide a compelling offer to landlords in order to give us additional space
and so i have a high degree of confidence that that philosophy in managing our business for the long term and the sustainability of our distribution
but before i update you on our work i want you to know that there is another priority that informs how we execute on our initiatives that priority is returning to profitability
then that will make it easier to manage labor expenses (just->*) because youll have more of that revenue to work with and in terms of rate
although lumber liquidators believes that the expectations reflected in its forwardlooking statements are reasonable it can give no assurance that such expectations or any of its forwardlooking statements will prove to be correct
in the current environment specifically on the tank trailer and the platform side over time to turn around and start to come up at exactly the time when we need them
including (reckitt benckiser->wreckitt vankiser) our relationship with rb has deepened beyond consumer insights and expanded into an engagement that is focused on measurement strategy and technology
we have seen and felt was worth the risk of turning into (a ridea->our idea) structure and
this move now allows me more time and freedom to increase my focus on further growing the company and continuing the great success that weve experienced in recent years
i think that private equity just has a ton of money that they have to put to work so but i think its more focus more a matter of discipline on the part of
as we stated throughout the prior year while our fiscal 2016 results were disappointing as a direct result of the record warm temperatures throughout the heating season
and a challenging books market for us this christmas with no big genre to match the humor book titles or (adult->other) coloring books of the previous 2 years
in 2018 with the globalization of content and the worldwide recognition of our brand and products we are seeing significant demand for our products around the world
the late fourth quarter uptick in demand was especially pronounced in the pistol ammunition category winchester has continued to see growth in its core commercial ammunition business
and we are in advanced talks with a limited number of potential new national and international bank partners and are optimistic to
we have been conducting preliminary research in select market segments where probuphine may be used for the treatment of (opioid use->opioiduse) disorder
bouncing around not just every day but for the past really since last summer so we want to make sure that were protecting capital while producing these returns i would say
let me remind you what they are as you may remember in july we announced a global cost reduction and efficiency initiative with the goal of reducing annual supply chain production and overhead costs
we are proud to have finally completed our biggest outstanding integration project and are looking forward to capitalizing on this achievement in future (*->years)
floor to that development we are seeing also that once you would expect those policies to go back to normal
and (established->establish) japans first lcc propelled by the expansion of the international business we have continued to accelerate the speed of our growth
for our okinawa hub well continue to evaluate the competitive environment and demand trends in asia and pursue further optimization of the business scope
for those that do migrate to the other map programs we would expect that the adoption of map navigator with its expanded choices would be higher than that for map direct
to that end we are excited to move forward in a strategic partnership with (molteni->multinie) whose strong track record of success
secondly cellular is much easier to do in aboveground applications so you see a lot of cellular in electric and gas because theyre on the side of the house
and goes into this amalgam of map and direct and most of it goes into map under that aggressive case and then you say
given the softness in our flow instrumentation business the decision was made to offer the early retirement program to certain individuals as well as not filling open (positions->position)
our strong growth profile coupled with our highly regulated transmission and distribution businesses gave us the confidence to extend our dividend guidance
while taking a hard look at country sector and client concentrations the combined effects of these elements made it very difficult to produce asset growth during this quarter
period of no growth or (a->*) very level adviser count for some time and we dont expect a material change to that in the near term
this has been a really busy quarter and theres a lot to talk about so im going to immediately turn this over to steve rubin to begin the session
next ill discuss the full year earnings forecast we are considering participating in a new maintenance outsourcing program to stabilize future expenses
of any of the options within the network so thats about what we can share right now and were very excited about it because that is different from historically where we would get a network and
the (complainants->complaintists) to respond to that filing and then ferc has to really take that material and then make a final order on those complaints
brought together a lot of resources where weve had to analyze everything in that light and i think weve moved down the road pretty well but again i think those are the key points
we talk a lot about united optum is in the process of buying davitas medical group i know lots of that medical group practice
these strong results validate our strategic approach to value creation and we believe that we will be able to continue to generate solid longterm shareholder returns
(itll->well) keep looking good if we keep up with this hot weather but robert you know that this weather normalization is a little bit more of (a->an) art than a science
diversification and operational efficiencies all of which will help deliver significant value to shareholders for many years to come
thank you austin and thank you all for joining us welcome to the titan pharmaceuticals call to review financial and operational results
preservation of capital is our priority while we provide our shareholders with longerterm primarily floating rate cash flows as a strategic complement to our agency portfolio
more importantly we continue our practice of not providing specific guidance on future earnings we believe specific guidance does not serve the longterm interest of our shareholders
currently we are planning to consolidate facilities around haneda airport to achieve efficient training while increasing safety the foundation of our management
in discussing our first quarter 2017 i will focus on the main aspects that have impacted our results and i will make reference to the earnings call presentation
now ill turn the call over to david finkelstein thank you kevin as all are aware the first quarter proved once again to be a challenging environment for investors
with that (i will->ill) turn the call over to max roberts to discuss the compelling strategic value of this transaction in more detail as well as our results for the quarter max
we will be the leader in the delivery of affordable books and course materials and driving (students->student) academic success looking ahead
our plan is to first solidify our business platform then use the international business to accelerate growth and then pursue sustainable income growth
each of those subsidiaries is using a particular billing system that is provided by a relatively small provider
are really owned essentially by a few providers at very very low fee rates instead we tried to add products to our platforms
revenue trends are solid as we are looking to grow in line with the german market commercial momentum and successful synergy delivery drove significant oibda growth
while (rav->rab) growth and recovery would be lower over the longer term another important point ofgem confirmed last week was the use of economic asset (life->lives)
this recent order provides guidance on fercs new methodology for establishing roes which is expected to be used in addressing outstanding (complaints->plans)
we continue to be awarded new contracts which will result in opening 2 additional stores expected to open before the end of (the->*) fiscal year
expenses will increase temporarily during the fourth quarter so we will maintain the revised full year earnings forecast for the first half financial announcement
we spent much of the first quarter evaluating the potential fit of the hatteras portfolio with our own assets and we continue to feel positive about the combination of the 2 portfolios
so thats why you i have to tell you that i cannot give you concrete guidance on the development that (youll->you) see here further
and you said earlier that youre slowing down the transition to that category is there a target you want to
its all about the people and (*->we) i think we are very (wellpositioned->well positioned) for success in just about every area in which were dealing so i want to thank you for joining us
that means all alternatives and its unfortunate that everybody (really->immediately) jumped right away to the idea of a sale but thats what the market tends to (do->*)
with a goal of outperforming industry from a growth point of view thats our aim now were obviously challenged by a shortterm situation
as a reminder revenue per (req->rec) is not a proxy for price it includes a number of variables such as unit price variation business mix
such statements are based on certain estimates and (expectation->expectations) and are subject to a number of risks and uncertainties actual future results may vary materially from those expressed or implied by the forwardlooking statements
let me start with vyxeos we were pleased to see demand accelerate in the fourth quarter driven by continued growth in key academic institutions as well as higherthanexpected early adoption in select community hospitals
better trends with respect to (governmentpay->government pay) patients which is the change in patient mix we saw particularly starting in the first quarter last year although it continued throughout the year so were seeing
limited in our willingness to invest resources behind trying to grow it right now because we dont want to create demand we cant fill right thats not fair to our customers and patients
the fact that weve got as many people focused on improving their business and taking (costs->cost) out and getting up to the type of green performance ratings that i would consider worldclass is very encouraging to me
on the product front gannett has been leading the industry technologies and delivery systems focused on mobile video virtual reality and others are key target areas for us
so that we can operate in such a way to promote further growth of the company in terms of our developmental strategies
fairly significant amount of internal machining down in mexico that we were anticipating to outsource originally so that again is a little more complex but is all the right stuff to do long term
have talked about 5 to 6 major points in relation to our future development and these are his conclusions after looking into the chinese market
we believe that we are in front of much more attentive market and that we are the only company that can (serve->solve) the massive challenges companies face in managing and protecting the unstructured data and (file systems->fire system)
we continue to believe (were->we are) well positioned to make any necessary investments to support our longterm organic growth strategy and return any excess cash to shareholders via our quarterly dividend
our initial catchment and focus group research identified 3 key demographic groups that were heavily represented in the catchment and whom our (masterplan->master plan) approach needed to actively and effectively target
hitting the ground much faster than we had anticipated but ill let john give you some more color on it (yes->and) some of the production cost reductions come from closing some of our offset presses
our strategy based on differentiation (for->through) quality and premium services is bearing (fruits->fruit) as the premium mix is improving by 3 points yearonyear
we also granted par a nonexclusive patent license to launch its generic sodium oxybate product as of december 31 2025 these entry dates could be accelerated under certain circumstances
(yes dana->vena) i would say probably too early to address that question remember that were talking about submitting for (solri->solary) in europe late this year which would put it a full year behind
the reality is we have been demanding a great deal from our organization while implementing our operating system pushing through site integration and compliance projects and driving our portfolio reshaping
include adjustments for businesses retained by the parent such as clipper magazine and gannett government media and adjustments for corporate allocations related to equitybased compensation pensions and other various items
we had become concerned about some of the weaknesses in our business that we reported to you in previous quarters and we were concerned that the strategy we were following was not producing the results we wanted
besides (pressuretesting->pressure testing) these individual forecasts we have taken a hard look at our historic and projected ramp rates from a macro perspective through the remaining quarters of the year
stone products are particularly attractive for the tile shop since we carry many of the (trend->trim) pieces accessories and maintenance products that they require they also tend to sell for a higher price point per square foot than manmade products
importantly these initiatives are within our control and largely and by that we mean (they are->theyre) within the existing building envelope or land parcels that we already control or own and many of them because theyre within our existing building envelope
and the kind of i dont know how to name it but the nice move of the government in france which says okay i want to have more connectivity and im ready
and some additional impact because weve decided that our best path forward is continue to (continue to->*) accelerate our integration projects and get them behind us so that we can get back to a clear focus on operational execution
in mobile banking is also supporting (the->*) telco activities in terms of acquisition of new customers in terms of retention and so its a global project its not only by chance
while also improving supply availability for patients in the future so i dont have a good shortterm answer for you which is why we are predicting some supply disruptions throughout this year
we continue to see pressure on margins caused by the increased cost of funding from basel (iii requirements->iiis) as well as increased levels of competition in the marketplace in the hunt for scarce quality assets
the acquisition of (zephyr->zephr) insurance is expected to close in the fourth quarter of 2015 or the first quarter of 2016 subject to customary closing conditions and regulatory approvals
in the first half of the year packaged meat performance well we have all seen the figures
what ability par has to launch its own generic starting the end of 2025 and whether they would need to have their own independent rems program in order to launch that
this industry is going through some basic transformations in china so concerning this segments performance in the first half
the execution of these actions was accelerated into the first quarter and the financial benefits recognized earlier in the year than were originally contemplated
being a store manager at the tile shop has been and will continue to be one of the most desirable positions in the retail industry for people who want to run their own business and be paid based on their results
with hindsight we now believe the (increase->increased) promotional cadence over the last 4 quarters leading up to the black friday holiday weekend likely alienated many of our pro customers
products and services on a net basis as a reduction of the associated digital advertising revenues rather than in operating expenses in our consolidated statements of operations
were excited to see our pipeline growing (in->and) the portfolio of investments were making grow across the spectrum in terms of phase and across our therapeutic (area->areas) so i would expect we will continue to
our math wouldnt work to earn a return for our shareholders that doesnt mean that we arent seeing lots of opportunities that we think are actionable at prices that would in fact
and i think thats again sort of if you look beneath it its got to do with the different pieces of the value chain and us extracting the value out of each part of the value chain
together with an increase in weatherrelated claims experienced in insurance as well as the overall impact of a strengthening rand
moving to slide 7 we recently launched the new syniverse brand as the worlds most connected company
when you grow your domestic (collector->collective) workforce as much as we have in 18 months its expected for average tenure to decrease
ramp up the productivity of all these new hires or is that offset by a more favorable macro backdrop
we must also reassert ourselves in products with strong and improving performance and bring our best thinking to product innovation
our east africa south africa and africa regional markets businesses (all saw->also) improved momentum in the second half
the new reporting methodology will help to avoid the corresponding volatility in revenue development
the low growth level of expenses was achieved through an ongoing and disciplined focus on active cost management
but that the latter program also will be of appeal to a subset of advisers for whom outsourcing of fund recommendations would prove attractive
we are not concerned that this would negatively impact our plans as we currently do not have projects that (we->would) meet those conditions
from that and we expect the level we have seen in q1 to be certainly sustainable
it will convert people will convert it because (it is->its) currently very attractively priced for people who
the disease is a genetic disorder where mutations in the disease gene lead to the production of an abnormal protein
to more effectively reflect syniverse as the company best positioned to address these key focus areas
as you know large distributors are in the process of pairing their investment product platforms
this was attributable to the weakness in nigeria brazil and the export channel (in west lac->and westlac) as i discussed earlier
and this is where we are launching new products within the shorter time cycle and this is enabled by our newly
the remainder of the year is expected to be challenging with further consumer pressure and subdued investment sentiment
this capability uses our private network that is independent from exposure to the public network
on the revenue side we have already started a series of portfolio adjustments for the o2 (plan->brand) as well as in the (blau->blou) area
what we should do when it comes to (a->*) thing (i am->im) not sure if i (i->*) think the question was that some of the initiatives take a little bit longer to execute
theyre very nice when it comes to having volume locked in you dont have to worry about being in the spot market and some kind of
as you heard from rubens the economic and political environment remained relatively volatile in the region during the first (months->month) of the year
which is somewhat new we had already put that into our (plans->plan) for (riioed1->rio ed1) which i think helped justify
we (expected->expect that) the inclusion of index products in map will further enhance adviser and client satisfaction with the program
investing in our research capabilities and emphasizing tighter integration between our investment (and->in) sales and marketing personnel
so as a consequence of that i certainly believe that this set of numbers is best interpreted as (two->2) chapters
turning to expenses we increased our forecast on cost management in a slowing revenue growth environment
at what we are focusing on over the medium to longer term and our medium to longerterm financial targets as a consequence of that
kind of unique customer dynamics that actually happened in the third quarter of last year when this eu roaming regulation actually went into effect
so we are not yet out of the big issues we have had in (the->*) americas but at least we see
(is->its) no longer present in the company so it makes sense for us to more aggressively seek downstream participation
(and->*) i think our track record shows that were not afraid to take bold action if we believe shareowners will benefit in the long term
we remain an important (financier of small business->financial) and infrastructure and (were->we are) also a custodian of the nations savings
all of which will be delivered in a very wellestablished environment of worldclass risk management for the benefit of our shareholders
or will you be financing that externally and the second question is by redeeming the convertible bonds
and solidified 2 new substantial collaborations based on our (galxc->galaxy) platform with eli lilly
this increase was mainly attributable to the costs related to the launch of the new syniverse brand during the quarter that dean described earlier
rather the independent investment consultant would create these models utilizing our active proprietary product
over the past couple of years we have worked hard to focus our people on managing working capital every day of the year
our asset management businesses continue to win industry awards for their performance and stewardship of our (clients->client) savings
the business was also ranked second in the private banking category which is a significant improvement from last years fourth place
when we put it into our modeling looking at both the price at which the option was struck and the yield on it
in addition to the substantial cash flow generated by the business we have capital available for portfolio purchases
in our franchise and our way of doing business which have demonstrated our ability to adapt and adjust quickly
and if there was a clear and compelling path to drive additional value we would certainly consider it as weve always done
we continue to optimize our branch network through the closure of a net 72 outlets in this period
through tramlines (tramlining->trendlining) reduces cost in a way which does not diminish consumer value
(*->well) obviously (continued->continue) to take a look at that as we go forward but right now next couple of years we dont have any plans
taking the majority of net flows in its category over the last (four->4) years moving on to insurance
our capital spending during the first 9 months of 2018 continued to be primarily focused on enhancing existing
and i think in particular we do remain concerned around the tail risk of a local currency downgrade
the level of documentation were getting now from the sellers is spectacular and its very different than weve gotten in the past
have our efforts really focused on the discovery phase and have our partners do development
adjustments in the fourth quarter included noncash charges for the payout of pension benefits
and what percentage of sales maybe in the last 2 or 3 years those channels might have represented
what sort of offering from companies would i get at the moment because it seems (that->like) most listed players are pulling back given the
were not prepared to talk about what the commercialization organization is going to look like and the timing of the build
and so we (focused->focus) on grinding through the lengthy and protracted restructuring process of the existing problem exposures in large companies
the stage 3 pressure is going to diminish over the course of the next few quarters and depending on asset growth
yes plus also the remainder of the roaming effects that we see from our customers being abroad
we have put a link to the video at the end of this presentation take time to watch it its an awesome story
and as we leverage our marketing messages through inoutlet activation using our activation army
selective rather than aggregate and i think its probably the way that we will continue to approach that
due to a decline of settlement activity (and the->as a) consequence of the equity market environment
we are studying those well circle back with our shareholders when the time is right on what we plan to do with the cash but
were running the company and with the board as prudently as possible so its not like we havent been thinking about things but
and then whatever we have left available into the export market but like weve said over time
some that will be more and more interesting and we wont hesitate to continue to commit capital
and a little apology for (a->*) delay in the release of those results this morning which was due to
the industrial wood coatings transaction is a perfect example of when we would look to use leverage in a valuecreating transaction
obviously we have relationships with other pretreaters where we need to go in with someone to provide a total solution
but around the world and our results are very strong and again while its difficult to speculate about a label this early
a market question in that is there something different about the structure (weather->whether) its distribution
clearly i think all of us have been pleasantly surprised by just how (stronger->strong the) markets have been even in the last 6 months and even as we look (at->out)
so please refer to the press releases for the associated risk of such statements i would now like to
a significant part of the patient population both within a category and across multiple categories
in the third quarter we completed our experience update as part of our comprehensive and consistent unlocking process
but the indexes are certainly looked at in terms of the value of the product
the first quarter tax rate benefited from the adoption of new accounting rules for the treatment of taxes on equity compensation
a bit more in our capabilities to digitally enable all that advice with online goal tracking
and then that kind of segues into the second part of your question which is the export part of the question
that all of our noncore markets were to generate cash to support the growth of the derm market
in those markets and theyre using price in many cases to try to get early access into the marketplace
is there any increased sense of urgency to pursue any of these kind of paths
which chris can allude to if we can actually get that to (work->word) absolutely right you can convert (mponeng->imponane) into a sunrise
we can work on getting scalability and operating leverage that we (already->really) believe we will be able to get
and then there are a lesser percentage of that that do that on an ongoing annual basis
participated in the feasibility studies and was instrumental in the negotiations with the government
half of the increase was really an adjustment that reduced fourth quarter (costs->cost)
we did this (potentially->intentionally) in a few areas and in (*->sort of) for a few different wells and in different areas
thank you everybody and thank you for your interest in (century->central) casinos and your participation in the call (for->*)
(we have->weve) got the best execution team which has actually delivered a project rather than actually going out into the market
this agreement was concluded on the 16th of november last year it is anticipated that about (3000->300) employees
but we are pleased to see multiple continental european bank sale processes ongoing
the issues that went wrong in the past in terms of actually the (level->labor) model the community model addressing all of that
as rick said we had another quarter of outstanding performance delivering strong top and bottom line growth
these were partially offset by improved productivity compared to the same period last year
far more competitive to our foreign competitors which make up a significant part of our peer competitive
as our revenues also build from our asset sensitivity normal seasonality and our good organic growth
that are kind of making this growth ramp more gradual than you initially thought
four of the 5 subsegments posted organic growth and all 5 saw increased volume over the prior year quarter
weve obviously been very sensitive to the need to minimize job losses throughout that process
the third quarter results further demonstrate that our progress towards transformation is on track
each year we update our (expense->experience) tables to incorporate an additional year of information
we resolved the xifaxan ip litigation and expect to preserve market exclusivity for our top product
than what the market composite was but we did see a nice turn in that business there that we (hope->hoped)
our approach to value creation that we talked about also in february when we met
so what were looking for (in trinity->intrinity) is something that really changes that picture something that shows response rates that are
this method of recognition tends to be driven by the product loadins to the wholesalers which can be lumpy
change it and we cant order up a new one we have to work within it and this investment
will continue with a supplementary explanation on specific points of this periods results
and we think that this fund being a little bit smaller a little bit more nimble well have the ability to be able to invest in that
most of them trade in a very narrow range even given the different kind of economic conditions weve been through
impressive quarter so some of my questions have been asked but i wondered if you could tell us a little bit about
which are recognized as revenue when shipped to them this is a common way of recognizing revenue
this change should make it easier for readers of our financial statements to understand the cost of running our organization
bob has really cleaned up our balance sheet with this infusion of cash and we have
or may not be successful or sufficient to meet regulatory standards or receive the regulatory clearance or approvals
excluding the adverse effect of the south african taxes the normalized tax rate for the group
with production (costs->cost) and capital all meeting or beating our market guidance
i think i dont i wouldnt expect huge differences in what were doing but i think were looking forward to
we are maintaining our sales volume and adjusted ebitda outlook provided at the end of the first quarter
id like to share details on one realization earlier this month
before we get started i wanted to remind you that some statements made today are or may be considered forwardlooking statements
the future opportunities there but were really not going to comment (on->*) anything specifically at this point about the future (product->*)
this includes both alignment of operating investment with capital allocation discipline and measured return (*->hurdles)
i dont have a number on the arpu increase of that but all those packages would be
we plan to present full data from both of these studies at a medical meeting later this year
that said were pleased with where we are in the process and (well->will) not sacrifice the productivity of our investments
we start to test whether or not we truly have enough supply in western canada to satisfy the demand
commentary so if i caught you correctly you guys remarked that about half of the
important factors could cause actual results to differ possibly materially from those indicated in these statements
we also see that we are able to keep our position in the valuable customer segment
also the companies would like to point out that this call will include forwardlooking statements
with that ill now turn the call over to jay thank you andrea and good morning to everyone
we still see european nonperforming loan pools as an important part of the opportunity set
i think we also want to maintain though plenty of liquidity for these type of opportunistic
what we continue to do is be very much focused on the strategic growth of our business
the question (were->we are) currently evaluating is how much of that payment is related to future services and thus will have to be spread over the remaining period of the contract and how much of it is
textbook sales were impacted by the delayed rush and the community college trends as well as increased consumer purchases directly from publishers and other online providers
our marketing team has also assembled a large group of nationally recognized key opinion leaders into a trained speakers bureau which will educate (chartered->targeting) nephrologists and endocrinologists on (*->the) appropriate use of rayaldee as a reminder
please see page 19 lastly i will discuss esg and provide a summary of this strategy we believe that it is the responsibility of global companies to create both social value and economic value
debt service obligations and capital expenditure requirements into the fourth quarter of 2018 this is of course subject to a number of assumptions about our clinical development programs and other aspects of our business
earnings for each quarter of this fiscal year represent record highs for operating income and ebitda please turn to page 31 this slide shows an overview of our consolidated income (statements->statement)
at this time we continue to explore (our->*) options and hope to have this process completed during the third quarter i will again remind you that there can be no assurance that any actions will be taken as a result of this process we have no further comments on this process at this time
the third point is the utilization of open innovation and ict by improving our product competitiveness and promoting (work style->workstyle) reform well contribute to the realization of the ultrasmart society
to make the platform tangible and for our people to really understand what is the concept of hybrid integration platform and how it tied and how it (validates->validate) all the investment that they made in the past toward the future
our strong cash position continued and was the major source of funding for the acquisition concurrent with the signing of the acquisition agreement we amended our credit facility
the exchange offer material including an offer to exchange a related letter of transmittal and certain other exchange offer documents and the solicitation recommendation statement contain important information
well utilize these technologies not only to simply reduce costs but also to innovate products and services and support human resource development this will lead to increased revenue and (improve->improved) basic quality
now on to the results yesterday after the market closed we released our second quarter 2016 results sales for the second quarter of 2016 were a record for any quarter while earnings and earnings per share were second quarter (records->record)
were up 35 margins were strong again aided by lower copper prices although that benefit has been diminishing as copper prices have risen somewhat over the past 60 days and the relative benefit compared to the prior years quarters has decreased
our pilot programs for courseware solutions were completed and we now have plans to grow the programs in the fall (we are exciting->were excited) that this offering now includes a print companion so that students can learn in either format
and in our industry we know that you have to offer the full range of sizes to get any traction at all so some of them may have (rushed the->rush to) market with one quick one that (*->they) private label out of china or something and i think theyre going to have trouble (getting->gaining) any traction
where we expect many many employees and people (whose lives->who slice) he touched to join and meet with us so very turbulent times (a->*) sad milestone (but->*) at the same time an opportunity to remember where we come from
thank you for taking the time to participate in our meeting the main topic is our new corporate strategy but first i want to provide an outline of our financial results for the third quarter which we have announced today
now that (theres->there is) a broader acceptance of the need for lower rates for longer the paranoia that has surrounded (this->the) sector is beginning to dissipate for the larger more diversified participants
were going to be doing that by increasing our market focus and in order to achieve this an important milestone was achieved or announced last month when we restructured our global sales force along vertical market lines rather than geographic lines
(i->*) wonder if its possible for you to give us some a little bit more details on the improvement in (the->*) manufacturing process particularly regarding the (particulate->particular) matter previously found in the finished product
are waiting for their vendor to get them the number get them the data so they can send it over to us so theres always this period of time delay from the time somebody says i want to use beacon until we can get the thing installed
the expansion of business scope resulted in increased (operationlinked->operation linked) and (saleslinked->sales linked) expenses plus maintenance expenses also increased due to a comprehensive review of safety and service quality
the current assumption is that it would but one of the opportunities that we have by staggering the trials a bit is to be able to look at some of the data obviously in an (unmatched->unmassed) way to be able to inform what we might do with the second trial
the same thing on the cellular there are people who are now running around saying well we have cellular too but you have to look very carefully at that because some people are referring to a cellular backhaul in other words the water meter
before going exactly on how we invested i want to use 3 key successes of the year (3 key successes->three cash) that demonstrate the value of the amplify platform and our strategy the first one a large bank in brazil
as steve discussed we expect to launch rayaldee in the coming weeks id like to provide our thoughts around expected revenue recognition over the next several quarters related to rayaldee accounting guidelines by the (sec->*)
the first point is to expand our airline revenue platform both ana and the lccs will improve basic quality then we will pursue an optimal portfolio and expand our revenue platform
this is perhaps an obvious statement to make after receiving 2 complete response letters but it is important to keep in mind as we are moving ocular forward to be able to support not only dextenza (manufacture->manufacturer)
turning back to the first quarter and beginning with our agency portfolio agency spreads were certainly not immune to the dislocations that plagued markets in the first quarter (a->our) relatively low leverage durable cash flow profile
now i will go over the details of our air transportation business please turn to page 36 this is a yearonyear comparison of changes in operating income for our air transportation business
we start from a set of unique strengths that we still have despite the tough market environment they include the fact that i believe now after 25 years in the business that we have one of the most powerful brands in the business
please see page 18 now ill explain management resource allocation as we advance our business and improve free cash flow our policy will be to shift stages in our business management cycle
the analysts and the (market is->markets) telling us thats where its going but from a business model and from a financial model if you look back over the last 10 years weve been relatively flat on average
if our signature metric is growing then the health of our new sales is growing and continuing so as we go through this transformation we may have positive or negative license throughout the years but (*->if) my acv is growing
okay (*->and) maybe we could just talk a bit about the dividend and talk a bit about how what payout ratio that youre comfortable with
we have already begun supporting the many new kids styles we have introduced for backtoschool with television and instore campaigns and we will also be supporting our mens and womens styles with numerous new commercials and accompanying campaigns
as we continue to delever into the rest of the year our reduced leverage and improved credit profile should open up additional favorable financing options for the benefit of shareholders
we expect q1 revenues to be flat to slightly up from q4 with improvements expected in margins and spending we anticipate our losses will lessen significantly from the q4 levels
a new viking oil transmission pipeline is being built and should go into service by the end of the year this will extend the life of the pools in the area and lower operating and transportation (costs->cost) for the producers
i remain a believer in the longterm market opportunities that tim and his team will pursue agi is ready for the next stage of development under the next generation of leadership
the recent widening of permian differentials is a positive indicator for feebased activity levels on our permian systems and provides additional visibility for longerterm demand for incremental capacity
in the existing business and then if you could talk to potential investment outside of what youre doing currently if (there is->theres) any way to provide a little bit more color there i think that would be helpful
subscription specific but other elements like mft they may want to continue to run it in their server room for their own reasons and buy a license for budgeting or other reasons
have followed along with that (fund->*) phenomenon so its been general credit spread widening in all asset classes (and->*) we do think that the market will recover
we had thought that that (day->date) would be 2 years in the future in fact due to the terrific work done by all the managers here we have accelerated that date of independence from high volatility to today
are expected to be roughly offset by increased expenses associated with trucking and other system balancing costs we are incurring until our permian debottleneck activities are completed
as a result of that i think we said a number of times last year we didnt really see much deflation in 2015 until really the middle of the second quarter so we have one benefit in 2016 which was wed expect to see
even with the decrease in domestic wholesale we saw growth in our kids division as well as womens active and sandals and mens sport and mens and womens on the go and work
quality and style in their footwear we look forward to maintaining our position as a brand leader and further growing our market share around the world now turning to our business in detail
people are getting to know each other better are working well together (in->on) teams we have common aligned goals and objectives and incentive plans have now been established for every single person in our company
but the real power and where this all comes together i (cant->kind of) call it the glue of the platform is when you invest in a foundation layer that gives you (governments->government) management
other than to note that weve been very consistent in noting that there are 3 fundamental criteria with which we look at any potential expansion which would be does it strategically fit
second the implementation of new (emerchandising->immerchandising) algorithm improved the relevance of product display and then substantially enhanced access (for the->to) pages
clearly given the entire tone of this conversation we have very good and valued relationships with our regulators we have as we model it forward and already built into our market share and the development thereof
in the fourth quarter as well as the fourth quarters own indigenous seasonality and so as (we->weve) sorted that through we are where we were which is our credit models are consistent
and so what weve tried to do is to make the events of july 16 when they occur to simply be the next turning page in regard to this type (of->*) analysis which weve been doing for 2 years now
he was initially told that his only option was a corneal transplant after his vision was significantly impaired leaving him and his family with a series of (questions->question) and uncertainty
we commented in our last earnings call that our approach to integration was to be deliberate extensive and to move with speed as we told our board last week
that would depend on how many stores open during the period and where we show our growth in china and what we need to support it but i think itll be pretty consistent with first and second quarter
we have worked through with them what is appropriate and it will be the case that we will not force ourselves to sell assets for anything that we would regard as an unattractive price
and also the acceleration and release of cash so i end where i began which is were agnostic to the underlying business were capable and competent and happy to take on any
and as we take on these actions it is also our job to maintain a strong balance sheet and to be positioned to act on valueenhancing opportunities as they present themselves
thank you and thanks for your attention and for your questions and so this is a very good day for us (as->*) it announces that we are moving to a different level of maturity as a new company
we believe that our combined portfolio of over 175 managed care and large account arrangements is strong and a key foundation for continued growth
its a pretty logical effort to try to optimize your business that you would try to use some contract manufacturing to maybe load assets that were underutilized and we (were the->would be) beneficiary of some business in that regard
strong commercial and operational execution combined with a lowcost manufacturing network and a tightening capacity environment position the business to continue the momentum we have established
(when->where) we went into a very strong season and then had a big slowdown (because->as) everybody looks at last year to see what it was in september as we announced on the third quarter conference call last year was the (holdup->hold up) in the quarter
were also pleased to report that the volume of tests processed per day increased each month during quarter 1 so there is good solid momentum in the business
your view of this being an uptick in the market versus just some seasonality into the end of the year or customers trying to take advantage of whats a weaker pricing environment
a future potential reduction in cash interest coupled with high insider stock ownership entercom clearly is an attractive platform for both debt and equity investors
the equipments (expensive->expense of) the (techs->text) are very specialized and theyre not easy to hire and theres a lot of process around doing fish and doing multiple menu fish menus like we have we have over 60 different fish
after the transfer process is completed and the patent value is determinable which we expect to occur by the end of second quarter 2017 at such time
and all of this to become a leader in the hybrid integration platform market by 2020 so with all of this strategy and if we could become the leader in 2020 that really gives me
as part of this were working very hard to create a (1 company->onecompany) culture with a common understanding of values and behaviors and attributes of a highperformance team
we talked (publicly->probably) in prior discussions with you about how even when youre training employees youre pulling other employees off the line to help train and mentor them so consequently you get the benefit of those folks (who are turning->returning) to the (lines->line) so (across the board->acrosstheboard)
and positive duration enabled us to weather the rates rally without having to change our asset and hedge composition in any meaningful way
we can provide an expanded selection of new and used textbooks to lower the cost of supply
the enhanced ability to go to schools and offer the hybrid solution that we dont currently have the capability on
and he will continue to be an inspiration to the many people whose lives he touched through his irresistible passion and energy
as oil becomes more valuable as the rigs become busier we will probably see that replacement business pick up also
in addition to our air transportation business revenues and income for (airline related->airlinerelated) businesses also increased
as in the first quarter international wholesale achieved the highest percentage (and->in) dollar increase of our 3 distribution channels
able to be played with and used by our sales (team->teams) so they can understand what were talking about and what were trying to do
so i want to come back and look at the platform again in a different lens its a little simpler way to look at it you see on the
which did not allow for the opportunity to replace the decreased supply of used textbooks as a result of rental
can (you->ever) speak around what exactly those other factors are how transitory (do->*) you think those factors (*->are) going to be moving forward and then
as you know we and our collaborators have conducted some (pilotscale->pilot scale) experiments in the past to evaluate the feasibility
and so currently we are focused very much on continuing that pattern and so
combining these industry leaders will enhance our ability to deliver on our mission of providing affordable
or potential customers in the backlog who want to install beacon and want to start using our products
there can be no assurance that the actual future results performance or achievements expressed or implied by such forwardlooking statements will occur
please turn to page 40 this is the status of our international passenger operations
our design agility which is one of our strengths needs to even be sharper and we need to continuously reduce lead times
being able to keep this momentum that we build along the h2 and during this first semester to have a very successful first
and our distributor base so the bias barring any significant changes in mix or currency should be to the upside
primarily due to reduced projected domestic earnings combined with increased projected earnings from our china operations
additionally the (contents->content) of this conference call may contain timesensitive information that is accurate only as of the date of this earnings call
complete solutions that (empowers->empower) students and faculty and (drives->drive) success in the classroom and beyond (it->*)
and thats our strategy and were pushing into it we should expect strong growth in that line item for quite a while
then you (could->can) have an integration team with inside the customer that (could->can) actually start doing the integrations
or more frequently dosed oral formulations for the treatment of parkinsons disease symptoms and restless (leg->blag) syndrome
mandated government discounts and the discounts that we expect to be earned on our volumebased contracts with providers
to get ready for next year so but as of right now i would tell you that that would probably be my forecast
as usual this conference call will be recorded and is available for replay let me now hand over to you gregor
we will invest in quality to enhance our products and services and maintain our groups greatest revenue platform
and if you go (a->*) step further and where our catalog (in->and) our products going to go over the next year or so
please be advised that this call is being taped at the companys request and will be archived on the companys website starting later today
maybe also just some additional context around the benefit from mix in the quarter in terms of how much that contributed
our walmart locations continue to see increased traffic and be well received by customers
in addition while not a primary endpoint the iop reduction will also need to be clinically meaningful for regulatory approval
also note that nothing on this call constitutes an offer to sell or solicitation of an offer to purchase any shares
domestic passenger international passenger and cargo and mail businesses all recorded increased revenues
volume was softer than expected due in large part to the specific market dynamics highlighted by steve earlier
executing additional strategic or financial combinations and attracting the incremental investor looking for income
but all of these were individual products they were all standalone components and so the market is moving and were moving
some of our larger acquisitions which are in the early stages of integration and therefore not yet delivering full margin
but in each case you have to be able to take that beacon data that has been brought into beacon from the water meter
as well as promote work style reforms to increase productivity and further improve our cost competitiveness
its too early they really get going in august and september but our anticipation and what we hear for sellthroughs gives us
but i can tell you that in preparation for titans potential direct participation (and->in) commercial activities
the mental model that we use around valuation for not only mortgage reits but most funds with a liquid portfolio of assets
who doesnt want to give up their code for us to do it (for them->right yes) so they dont want us to do it for them but they dont have the resources to do it themselves
please see page 6 next ill explain some themes related to our new corporate strategy
importantly we can launch this offering with minimal investment by using our existing product and manufacturing resources
of our shareholders and the type of shareholders that we have and why they own us especially in this world thats
we have a complete product range we have one of the largest design portfolios in the industry very deep technical knowhow
in order to focus resources on highermargin segments and enduser customers where we see fewer competitors who can match
through the steady implementation of these themes we will establish our position as a global leading airline group
kind of refresh our memory on some of the international segments in terms of (a->*) percentage of your international wholesale business
(*->with) that overview of our businesses let me turn the call over to adam for a discussion of our recent financial performance adam
and adam (logal->logo) chief financial officer will provide an overview of the companys financial performance during the quarter
these (commercials->commercial) as well as ones for womens sandals and our sport division supported our many key lifestyle initiatives
weve assigned additional personnel to assist our customers in this process and expect to work through the backlog over the balance of the year
before we get into those details i want to give you a quick update on a few items that have transpired over the last month
so we have to see what they think and whether they might engage into broader consultation on this matter so
as i said in my remarks they operate virtual bookstores and hybrid bookstores this will give us
therefore itc is currently reviewing the order and considering its options including rehearing and appeal
as well as (a->*) particulate reduction strategy plan and so between that information
and the third example that i want to use is for a major (alternative->automotive) equipment provider in europe
thank you since there are no additional questions this concludes our call again thank you for taking time to participate
that both gave you some cost absorption actually the growth could contribute some amount of earnings and then we started to see some pricing that also helped us sustain 50 operating leverage over the last couple of years (we are now->were not) kind of entering a stage where our assets are a bit better utilized
revenue and volume growth were excellent separate (and->*) distinct comparisons of the old neogenomics and the old clarient will become less appropriate for us in the future as we integrate customers (and->in) lab systems
(i mean->and) part of that is the very basic business as well its part of it was in a very basic brown and black business thats an annuity business that seemed to get hurt a little more than the rest of the athletic business in the second quarter
we will also make references to adjusted operating income and adjusted operating loss which are not measures in accordance with gaap for a reconciliation of adjusted operating income and loss to operating income and loss
i dont know right now were selling pretty well i think our margins are better than most of those for our customers so right now were in a status quo but we certainly do watch all of that to see what will take our space havent heard that anything is outrageously significant yet
okay and then just sort of international by region maybe help us understand western europe the big markets how do you expect those to grow in the back half and (then->in) latin (american->america) as well yes i still think theyre in (the->*)
moving to working capital dsos were 99 days which was consistent with both our second and third quarters in fiscal 16 dsos continue to be impacted by slower international customer payments as i just noted
but certainly the underlying indicators of traffic homeowner intention to buy affordability some of the other things that drive housing have continued to improve and would suggest that (we will->well) see another year of good housing performance this year
how do you think about it maybe from new tests versus existing tests how does you guys have been very innovative with new product rollouts how does that help support future volume growth could you put some color around that
and so there are 2 ways that (while were->will we) doing an acquisition wed like to be able to advertise that we have better coverage because of enhanced cash flows and that they are attenuated they go out further years thats why it was important for us to take that
this is because we only recognize revenue related to the first half of the patents that were included in the consideration we received from huawei we currently expect to recognize revenue related to the patents yet to be transferred
this now marks the fourth consecutive quarter of accelerating organic revenue growth for entercom and as you will hear in a few moments our pacings look strong for the remainder of the year and we are optimistic about our ability to continue to generate strong samestation growth
restructuring that bank debt and lowering the interest cost of that bank debt as weve described a number of times over the past few years however we have an ambition to reduce the proportion of bank debt
while i often emphasize the importance of recurring revenue our strong track record of reporting past sales is consistent with what weve always maintained that the value of a license is more important than the timing of it
which is attributable to the significant pull forward of orders into the first quarter this year as well as the challenging and promotional retail environment which included closing of some account doors and a surplus of product in the marketplace
like many businesses of our type and size we are much better at buying than we are at sourcing we are much better at engineering for function than we are at optimizing for both function and cost
initial commercial success weve had around the platform strategy and the share with you what that means for the future and then well finish up with the targets and (ambition->ambitions and) open it up for questions
as i said earlier in my prepared remarks price remains well below the prior peak even on a nominal basis we believe there is further opportunity as this product is fundamentally useful and undoubtedly valuable
and as i love to point out on these calls that is a noncash tax provision in our financial statements as we do not pay cash income taxes nor expect to for a few years turning to balance sheet
so that gives us much greater flexibility in terms of thinking of our funding requirements associated with an acquisition but if you stand back and look at how we would approach an acquisition
in addition to the strong sales performance we also benefited from a stable reimbursement environment in quarter 1 this is a welcome relief from the situation we faced over the past 6 years
the regulatory landscape is evolving and we believe it is therefore essential to have an operational model that is specifically designed for the management of closed life funds
these forwardlooking statements are made only as of the date hereof and except as required by law we undertake no obligation to update or revise any of them whether as a result of new information future events or otherwise
were fortunate to have excellent billing management and many of the outstanding issues are being aggressively resolved while much work remains in billing were seeing tangible progress in many areas
we believe there is a tremendous opportunity to continue to grow the skechers brand around the world as we build our presence through marketing retail expansion and gaining shelf space within our wholesale accounts
but overall were looking for probably some growth in the overall market which would suggest growth in new construction may be flat to a little bit down in (the->that) classic reroof market with a stable stormrelated or weatherrelated market
this test mix change is (the->a) result of the addition of clarients larger mix of lower average revenue immunohistochemistry (tests->test) our operations team is also doing a very good job
the groups longterm cash profile not only supports our investment grade and our dividend policy but provides the group with greater flexibility in growing the business through acquisitions
even with that for europe for england in europe we havent seen a significant change its very its a quiet time for us while june is the biggest month of the quarter and we shipped well to our expectations
political advertising remains inconsequential for the quarter although we expect a nice lift from electionrelated spending beginning in september and while it is very early our pacings for the second half of the year are quite strong
as we discussed at investor day improved earnings better working capital performance and our advantaged tax position will translate into a high rate of conversion of adjusted earnings into free cash flow
so now you dont need to take away the merchandise you just pay (and->at) go and you get it delivered a few hours later to your home this is very successful has been deployed in 6 large cities in france and will be further expanded
all right based on your delivery guidance which i think mirrors what (youre delivering->you delivered) in the second quarter perhaps at the high end (or->*) even a little bit better than that is there anything in the composition of that that would
please note these forwardlooking statements reflect the companys opinions only as of the date on this call and the company undertakes no obligation to revise or publicly release the results of any revision of these forwardlooking statements in light of new information or future events
an approach that we think is particularly well suited to certain segments of the iot environment where there will be both a huge need for innovation and a massive number of participants who will rely on that innovation for their products
sporting events (and->in) about 30 of our markets that open up a new revenue stream and we see a much different client that gets engaged in that business as well
as for the first quarter we are pleased to report that programs put in place to improve revenue trends are beginning (*->beginning) to show positive results
over the course of several months the board had more than a dozen independent committee meetings plus 7 full board meetings and conducted a thorough evaluation of proposals
today we are committing to a plan which we expect allows us to achieve the rule (of->*) 40 by 2020 with a combination of revenue growth and margin expansion
at a very reasonable leverage ratio and that were very comfortable that we have the capacity to do that while continuing to organically invest
third the shift away from certain delivery services allows us to move away from our least profitable business line to more profitable business
as a result we expect the annual improvement in sales and marketing as a percent of revenue to be even greater next year than its been over the last 2 years
with both schemes seeing significant and sustained positive footfall growth from the moment those facilities were launched the positive shift in performance continues to be the case to this day
these processes have been led in all cases by refreshed and extended research into our catchments and demographics and through engagement with our targeted shoppers through focus groups
to reposition our shopping centers which is really around their positioning within the communities and their retail mix (the->their) customer propositions we call it and then to refocus (on->our) management team around this initiative
the dislocation in the energy market and uncertainty in a number of industries has the potential to impact this piece of our business our full year projections have taken that risk into account
to tribunes closing share price on april 22 and it provides certain value by eliminating the (risks->risk) associated with tribune continuing to operate
in the coming months and with the benefit of our improved focus and process in place to facilitate our planning well be taking a very close look at those longterm targets and reassessing the time frames
soon well be rolling out gravity enhancements to support mobile web across all of gannett plus adding gravity capabilities into our local market applications
through the first 9 months of the year services revenue has been lower than historical averages due to the timing of service delivery which is often dictated by clients
we anticipate (a->*) midyear approval which would enable us to begin our eu rolling launch and our pricing and reimbursement efforts in select countries in the eu during the second half of this year
in 2017 defitelio became available in canada and we submitted for marketing approval in brazil our global team continues to identify further geographic regions for expansion
and based on hemels current positioning we consider this to be an anchor investment that will act as a catalyst for wider change in hemel and in delivery of the other planned initiatives
and create a unique product offering that people will not be able to put together easily or see elsewhere
instead of subcontracting services we will allow our partners to directly paper or contract delivery and implementation services with our clients
specific to the e3 program we now have lean transformation activities either planned or being implemented in nearly 3 million square feet of space throughout our global operations
at the bottom line we expect to benefit from incremental leverage as sales improve each quarter and as we work through the operational challenges (we->weve) discussed
of esterlines normal and usual and historic performances across the board we do not see that repeating as we go through the balance of the year
over the last couple of years weve focused a lot of attention on building out our good better best assortment in manmade product categories such as porcelain (and->*) ceramic tile
we launched wave 3 of the initiative in january identifying several more product areas to focus on and business functional spending targets that can be improved upon
as ive mentioned on previous calls we believe japan represents a substantial market opportunity and that it would become a top 5 market for cornerstone over time
simply put clients with hundreds of thousands of employees demand significant upfront services to deploy our software to their offices around the globe
weve been successful with some new customers there to gain some market share theyre testing us out and that was really a story of our ontime performance was not where it needed to be
my leadership team and i continue to assess these challenges while taking actions to be sure that the right people and processes are in place to overcome obstacles and build success for the future
(*->the) important note to make about this is that the vast majority of these initiatives are really around increasing our floor space productivity and james is going to go into more detail on this
we look forward to identifying additional attractive assets executing on our commercial initiatives and delivering meaningful therapeutic options for patients and sustainable growth to shareholders
(*->so) the way that were thinking about it is that were our indications are that we will see an up year over what was a strong year and that is driven by (the->*)
leaving it out there youre creating this overhang that we have to lower our estimates when you give us until next quarter so if you (get->could) maybe just tell us what the mix you expect or
improvement initiatives that are part of our operational excellence program including those related to (order to cash->ordertocash) automation and (the->*) level 0 support
so i would say that its a little bit of visibility on some of the book and ship and as frustrating as that is for us we had to go back and look at it
and helping our sales force develop and distribute compelling solutions for our advertising partners and improving the experience for our consumers
we believe that our unbranded narcolepsy disease awareness efforts are helping patients as evidenced by the increase in newly diagnosed narcolepsy patients during the investment period
we believe this plan will allow us to achieve the rule of 40 by 2020 we have entered into an agreement with silver lake
i guess i would argue that the last couple of years have seen rapid evolution in retail where maybe your (categories were->category isnt) moving online but i think consumers are becoming increasingly (price aware->priceaware)
now in the digital world independence often comes up as captive metrics if (a->*) publisher has (this->an) incredible level of detail about the activity happening on their particular site
what does that look like (and->*) what do i get on a net total reach basis and so (the->a) total audience measurement system like the one that were building and delivering to the marketplace
so that is real (and tangible->intangible) the fact that i can go put my finger on our 4 problem sites that are not really hitting on all cylinders is encouraging to me
and an operational issue (with->at) the central pharmacy in the second half of 2017 caused by implementation of a new automated phone system that delayed some prescription fulfillment
but its about the active remerchandising to increase our exposure to the growth in online resilient categories and to differentiate ourselves from the larger superregional shopping centers
third we are focusing our capital investment over the next 12 months on remodeling approximately 30 stores to support our product presentation strategy
maturing and evolving rapidly and really nicely and when we were first exploring the alexion and lilly collaborations (in->and) early talks with those companies
and how in turn this has impacted our balance sheet income statement and assets under management to help you interpret our financial results as a consequence of the operating environment
in conclusion we are optimistic about the momentum we are seeing in our business and believe the key economic and operating metrics we are experiencing indicate that a las vegas market recovery is underway
together and accessorize a complete bathroom that a person would consider a work of art in their home this is
as a result our average working capital as a percent of net sales value has improved consistently reflecting the strong capabilities that weve put in place across the business
you may not have heard about (3rd->third) space but im sure youve been there those consumer occasions which are not in traditional ontrade or (athome->at home) occasions
weve worked with them for over the last 15 years so we know that our longerterm commitment can make an even bigger difference to communities where water is a scarce resource
our segmented market approach allowed us to post excellent results at the high end and low end of the market with (such->soch) plans
slower asset growth combined with resilient profitability also means we are strongly (capitalgenerative->capital generative) which is supportive of the growing dividend that youve seen us declare
we (had->have) not recorded any additional taxes due related to this transition and we will continue to evaluate the ongoing impact of these provisions as additional (guidances->guidance is) forthcoming throughout the year
and clearly we would have some time between now and that conversion date to decide if we are happy with that or if theres anything else we would like to do to prevent any form of dilution to our stake
by us moving away from traditional products more into unitlinked products and we are also driving this so we actually we are acting on all the 3 levers
as previously mentioned we do not intend to issue any equity in connection with the (zephyr->zeffr) acquisition and we intend to pay for the transaction with existing cash on hand
and operational experience combined with a more mature regulatory environment these factors contributed to our ability to purchase some larger portfolios that met our return thresholds
the share buyback program that we did in the first 2 months of third quarter until we stopped it in connection with the announcement of the abb transaction
over the last couple of years increased (the->*) capacity and part of that has also been to prepare for the next move so they could also relatively easy and fast
(i->*) believe your third quarter is the strongest in terms of booking or at least last year it was very strong in terms of booking do you see that driving revenue into the fourth quarter as (well->*)
it seems to me like the government and the public authorities are a little bit worried that 5g deployment might not go as quickly as they would hope probably
mobile financial services in orange which is one of the key diversification roads we have decided to embark on
after the decline expected (in->*) second half 15 and beginning of 16 (we have->weve) seen improvement the last couple of quarters as a result of good project execution
followed by a modest increase this year as the natural impact of top line growth was partially offset by the continued gains were making to improve working capital efficiency
(fiscal 17->*) our fiscal 16 performance came from strong execution it is the result of the changes we made the consumer is at the heart of our business
we spent significant amount of time and effort this year to expand both the operational scale and capital available to be ready to accommodate (the->this) steady building supply
selections especially in stone and then (the->*) higherend ceramic that can be accessorized with stone that we can display in our stores
particularly in cash and in our offshore investment propositions again exactly what one would expect from a more riskaverse customer base in the current environment
in china we reduced spend on expensive promotion in the modern ontrade given the current low returns on these programs mainly behind johnnie walker
just based on the numbers we put forward there will be more movement among our own fund family and between active and passive and with unaffiliated funds
as we invest more in training them about our products and our way of doing business our best sales associates are extremely knowledgeable about our very broad product offerings
portfolio looks like toward the end of the first quarter after we close the acquisition but i think thats a good conservative baseline
after being negative in the first half of this year i have to say that this is very much in line with expectations this is a business where we have (a->*)
but we now believe the increased promotions instead of increasing traffic were having the opposite effect on our business over the last 4 quarters
what i can assure you is that through our quarterly earnings calls we will keep you abreast of both the successes and challenges that we experience as we go forward
while our focus will be primarily on the best tier as this is typically the most important for our core customer our goal is to be able to serve all customers at the highest level
and so if we were to do an acquisition i would be inclined to pursue the path where youre getting maximum shareholder appreciation
on the credit loss ratio we expect that our (high quality->highquality) advances book and excellent collections teams will continue to evidence themselves in a low credit loss ratio
the cost of restructuring changes were offset by savings from our january 2014 global efficiency program and increased gains from land sales this year
(*->so) and the second is just the technology resources attaching to these programs but i think its more the former in getting the program just right i think its a
i know these managers personally and i believe they understand our company what made it successful in the past and what will make it successful in the future
weve heard from some of our largest distributors and while we are not unaffected by this process the majority of funds affected by this recent rationalization effort
our strong balance sheet and history of conservative capital management allows us some flexibility around our dividend during this transition period
our target customer the upscale and (fashion conscious->fashionconscious) homeowner relies on these professionals for assistance and we need to assure these professionals that we can serve them and their customers properly
working in excellent conditions and receiving fair remuneration in addition we continue to invest in staff and leadership development notwithstanding the tough economic environment
to work with our distributors in emerging markets like colombia where we have grown our distributor network to ensure we have the scale to deliver on our mainstream spirits agenda
my point in reviewing this detailed information with you about our organization is so that you will understand that while we are changing our business strategy in a way that more closely resembles what we did years ago
the work we have done expanding our distribution reach strengthening our big brands through better marketing and innovation and upweighting recruitment efforts were the key drivers of volume improvement across all of our regions
in latin america and caribbean net sales were up about 1 with a weaker second half due to the unwind of advanced purchasing in the first half ahead of the december duty increase in brazil
our overall insurance earnings were affected by the catastrophic event related to the (kynsna->naisna) fires in june as well as other significant weatherrelated claims including the western cape storms
in addition to delivering our goals in fiscal 16 we also returned our global giants to growth and achieved a significant improvement in the performance of our scotch and beer portfolios
equity in financial services institutions or other banks does come with higher capital reserving charge and so you would have to leverage that business
in kenya we are investing in our distributors sales capability with training and support to improve their efficiency and increase our trade coverage our results clearly demonstrate the impact
the highest level of knockdown that the galxc system is capable of and (then->*) certainly in the animal (models->model so) its capable of essentially complete silencing so were very hopeful to have a very strong response here
beginning to be hired in sort of first part of november and coming on fully online into december with training so again not a fully loaded cost in the quarter
as a result we expect more stable growth rates in fiscal 17 if we look at our performance by developed and emerging markets we see a consistent performance with both growing net sales 3 this year
however in order to preserve frances overall budget balance the french government announced its intention to implement an exceptional tax for large companies
thank you ivan im now going to look in a bit more detail at what is as ivan said a good set of results with better top line performance margin expansion and increased cash flow
and we intend to make it even stronger so let me now cover the 3 areas where we will dial up focus to drive further improvement in fiscal 17 starting with scotch
(were->we are) working with alexions team on the joint discovery and development of (galxc rnai->galxcrnai) molecules directed to 2 complement pathway targets for the treatment of complement mediated diseases
researching and declaring clinical candidates which subsequently need to go through formal preclinical development before a clinical entry so there is a substantial period of time lets say
highlights we continue to expand our geographic reach during the third quarter we signed new business with customers in a variety of places across the globe including japan india china and brazil to name a few
we also launched cornerstone blend the first whiskey from the noble collection a series of allocated annual releases highlighting the craftsmanship of crown royals distillers and blenders
we believe these customers are recognizing the value of our highquality route structure and secure network and are turning to syniverse to help them increase the utilization of mobility to communicate and engage with their customers
i would expect other finance charges to increase next year with higher pension costs and the recognition of the increase in value of (zacapa->sucapa) our adjusted net debttoebitda ratio
as previously announced red rock resorts inc has filed a registration statement with the securities and exchange commission relating to the proposed initial public offering of class a common stock of red rock resorts inc
(smirnoff->spirnoff) is up 2 we are continuing to focus on recruiting millennial consumers through the brands inclusivity message positioning the brand at the right price and providing standout packaging
many people especially millennials are (light category->lightcategory) consumers they enjoy discovery and seek out new experiences and maybe for some johnnie walker feels like a big brand
we still have to defend because obviously some of our competitors are also looking for more attractive accounts so the market is competitive its there but there are some specific accounts
relative to last quarter where it was up in spite of the higher interest but it had lower working capital usage when we look at the inflow of cash from payables going up
not perhaps an indicator that your origination is too selective and probably too conservative and had you known it was going to land up as low as it has been that you would have opened the credit taps a little bit more than you have
the consumer in las vegas continues to show signs of improvement contributing to our growth in revenues and our operations team continue to execute effectively managing our operations to produce strong (flow through->flowthrough)
as referenced in our previous earnings calls (weve->we) filed a complaint challenging the legality of the rate action on the grounds that it was issued in violation of statutory procedure and was arbitrary and unreasonable
(and->*) so from this perspective i am actually pretty confident that we will reach with (finma->finmark) an agreement on the new models
we built new call centers and new capabilities we expanded existing centers and existing capabilities all ahead of the opportunity we have seen and continue to see especially in us
moving to slide 5 we are expanding our offerings in the ways in which we go to market to serve our customers as the new syniverse and that includes partnerships
are concentrated in 10 clients we monitor these clients and the collateral (held->health) on an individual basis to ensure that solutions are applicable to each specific environment we then (work->*) closely
the strength of employee engagement is evidence that across diageo people share my view that change has built a stronger company that everyone is proud to be a part of
and this focus is set to continue from fiscal 17 we will increase efficiency as agency costs and (pointofsale->point of sale) spend will be managed through global procurement
to ensure we are focused on our customers at every level of the business we have launched an executive sponsorship program targeted at strengthening relationships with our most vital customers around the world
automotive customers and if we were to stay in this segment we would need to invest heavily into new generation of wires that are needed for the automotive sector
we will continue to accelerate our digital transformation journey augmented by ongoing active cost optimization as we strive to build a sustainable and profitable business through all cycles
our results in fiscal 16 were a good set of results and they delivered on our specific goals for the year and we gained ground against our performance ambition
and unprecedented levels of documentation being provided by sellers we will start seeing more accounts qualify for the legal channel than we have in the past 18 to 24 months
what id like to focus on now is (the->a) deep dive into the drivers of the 3 improvement in organic net sales growth versus last year with all of our regions delivering improvement
(*->and) with all the related activities thats highly highly unlikely not going to happen and were going to look at other options were going to be visiting with their executives in the very near future
our work (can provide a->in provider) credentialing (that->*) started more than a decade ago our portfolio has since grown to include 6 contracts along with a healthy pipeline of additional opportunities
(*->we) jointly discuss what the impact of cfius holding up the investment from (sinotruk->sinocharge) is going to have and how they would like to approach it as well and then i can well know much better after those meetings
so i think it comes down to individual items and there have been a couple already this season where we saw some reaction and some early indications and we went out and bought more product for second quarter and the third quarter but
a multitude of all those sort of things and again no one can predict the future but i suppose i look at the track record and the longterm consistency and hopefully that backs up some of the commentary im making
enabling us to continue to pursue inlicensing (of->or) product acquisition opportunities to augment our marketed and development product portfolios and additional strategies to create shareholder value
and weve had great results from that and a bunch of those businesses sit in the fmt portfolio and i really should say i should add price right we continue to get positive price
invested capital so i think the point was that were certainly open and interested for the right opportunity and not really seeing any major change in the environment
so there inherently you will have as you launch a product you will have a gradual decline in the average realized price which is a natural consequence of obtaining broader penetration of the product
really trying to dissect them and understand what the potential impacts are going to be and quite honestly it could be some time before the states themselves digest them and figure out how theyre going to operationalize the rules
we recently broadened our ltss capabilities through the acquisition of ascend based in tennessee (ascend->cent) is one of the largest health assessment providers on behalf of us government agencies
could be exposed to competition from ace910 this should be expected to happen gradual as the penetration and approval around the world will be gradual
that in 2017 we should have some material impact from that work and even in the short term on some of the rapid replenishment as were piloting some of those things we should have some early read on that too so
clearly the transitional issues that impacted the first half of f 15 were disappointing however we do believe that the opportunity for growth in this business remains very strong and that we are well placed to deliver
further there is no current plan on making substantial changes or terminating the haas contract some of the modifications that were made to (our->a) contract were done in parallel with the government spending review
sales and distribution effectiveness and customer service may seem simple as a combination they have been very effective (i will->ill) take you through some recent examples of these shortly
we have started the initial shipments of our dt systems to (ashok->ashuk) for their pilot (build->*) bus (builds->build) and we expect these shipments to continue over the next few months
positive cup growth certainly and positive basket growth as we get those customers in but we need to do more to make people aware that weve got a great cup of coffee available at (a->*) great value (at->in) our sites
but they have just done once again a terrific job on profit execution focusing on niche markets where they can go get some growth and we really like this business for the long term
better occupancy the (popes->books) visit was really 2 days and philadelphia had effectively shut down the city so it made it very difficult and we had a lot of room cancellations across the city
acquired revenue growth from acentia was offset by expected organic declines in the legacy maximus business as we mentioned last quarter
thank you all for participating in our quarterly conference call today please feel free to contact us directly should you have any further questions thank you very much
and discussions with key opinion leaders and regulators about a possible accelerated pathway for the innovative antibiotic vibativ are continuing
with a lower cost and weve talked earlier about the supply chain we have the biggest supply chain in the nordics for any (it->*)
and then obviously when you bring in customers like a peterbilt as first adopters theyve been able to demonstrate that this is going to be a successful product and
our outlook for 2016 is influenced by several factors including the overall growth rate of china pharmaceuticals market anticipated pricing pressure on the provincial level
yes so let me talk about kind of the rationale behind it so when we think about these things its not necessarily just a growth profile that were looking at its really around
across brands channels retailers and consumer segments provides us with more flexibility and better positions us for a constantly evolving retail environment
we just dont have a lot of it and without a lot of visibility into our fourth quarter and the uncertainty that were seeing in the overall macro environment
ill come back to this slide and some of the (entrances->interests) in it (in the->*) months to come but i can tell you that we have more opportunities
in the second quarter or third or fourth we may end up breaking even or even making a slight profit since were incurring expenses now for stuff (thats->that is) going to be delivered later on this year
can impact your profitability there so i think thats the only thing were now going back and looking at what does that truly mean if that business grows disproportionately to our total business
we have provided alternative metrics which adjust for this as you can see these are broadly similar to the prior year and comfortably above the levels expected for (the 9months->a namlins) credit rating
the increase in cost reflects higher development (costs->cost) driven by the pioneer program for (semaglutide->all silveraglutide) this is partly countered by lower (costs->cost) following the completion of the devote trial
as you know we completed the gas distribution sale on the 31st of march the accounting for this large transaction has added (a->*) layer of complexity to the results for the year
we expect some of these fourth quarter trends that impacted naturalizer to continue into the first quarter specifically the impact from currency and the planned product exits
this means that we can complete an increasing number of assessments equally as important we are continuing to see steady improvements in the quality of our assessment reports
and i also want to remind you that these are actions taken a long time ago by previous employees and that the company has gone through all processes
again as a reminder the cfius (*->a) process approval only applies to the proposed foreign investment in uqm and has no jurisdiction
and i want to say thank you to all the (7000->700) actually 7100 employees who have been on the journey with me and a lot of my colleagues
overall margin potential with what were doing in the rest of the business so when i think about our execution and our positioning for any kind of improvement were in a good spot
with that review of key financial highlights i ask you to turn to slide 8 where we provide a more detailed review of our business results beginning with our insulation business
im also full of pride we have acquired and developed an extensive catalog serving customers from family farms to port facilities and everything in between
and we plan to do so in 2019 additionally 2019 is still a year of some investments we have to do so i still have to do some work on the
we are making system changes to accommodate best practices we identified in our planning and we are working to execute these changes as quickly as possible
what were not doing yet is doing it well and doing it efficiently and obviously doing it to the point where its generating profitability for us
what it does have is lighter restrictions in relation to the approvals we (would->*) need from the banks to engage in acquisitions
our customers recognize this value as they assess their tco although we have improved our processes and become more efficient in supporting this market
is largely a function of the pricing dynamic that you have very high confidence in (giving->given) what youve already sort of contracted for
manufacturing strategy so we never (believed->believe) when we saw the huge buildup of capacity in china during the (2000s->200s) that there was enough factor cost advantage or
so i think those are 2 key drivers of our value proposition now pathologists use us as their laboratory
month of the quarter for us both in wholesale shipments and at retail was june which is when new product starts to hit so we felt very good in the fact that
however it is important to remember that the amount shown here after 2020 do not include any benefit from management actions
can you talk and i think you addressed some of this in your script can you talk about investments youve made in the quarter (and->in) local content and talent i mentioned (*->the)
make you think that the gross profit percentage shouldnt be more in line with the midsingle digits you saw in the second quarter or will some of these
in the lcc business which is recorded under other revenues vanilla air and peach aviation also contributed to revenue increases
with pricing and volume being very good your margins indicate thats very good it seems like were approaching a point where if theres some new (capacity is->capacities) there going to be something irrational
were confident we know what to do were confident that weve now started the right process to effectively address these issues once and for all
we are entering into the high season as of the third quarter and we do think that some of the issues that we had faced in the second quarter with regards to the new products
we announced strategic partnerships with software vendors and (a->the) research institution to leverage sdn for the automation and advanced control of microwave networks
with respect to our decision to suspend the dividend we are mindful of our current performance the current state of the marketplace
how do you think about the opportunities there to kind of integrate practices and maybe drive similar types of test reduction pricing for their test
its also worth noting that it is only (17->70) of our free cash flow and that percentage will likely decline here as we go into successive quarters so
they are still available to absorb economic shocks this means that the headline surplus is extremely resilient to economic stress
as andy will demonstrate shortly the key strength of the group is to continuously find ways to add value to shareholders and policyholders (and->*)
the sales team remains highly focused on marketing our newer products sustaining our deeper relationships with our customers and turning the aforementioned inquiries into orders
but number one i was just wondering i assume you guys have gauged the market and at this point in time the market just isnt robust enough to meet your hurdles could you just talk about
since the end of the fourth quarter we have received several of these late payments and continue to focus our efforts on collecting the remaining outstanding receivables
is lowcost assets that we were using to service the contract market which (will->would) now be available to us to support growth over the next couple of years so we (backed->back) down there a little bit to make sure that we could
what we have is difficult to replicate in many ways one is that its not easy to develop
so im just trying to think about i understand the potential of the crossselling with the platform but you will be
laboratory information systems are extremely important to smooth operations and efficiency and we are integrating 2 similar but different lab systems
in addition i want to highlight the fact that our promotional weight was broadly stable even in a more difficult market environment notably in france
looking into q1 even though our international cash conversion cycle (is->has) stretched out we expect to be cash neutral or positive on an operating basis
investors are looking for other ways of positioning themselves along the black sea in order to have these export facilities so
relatively sustainable if anything we should realize more cost synergy as we go through the integration now
come in a little bit if that does not happen we can certainly access both the brokered and the retail deposit base to fund our growth going forward
first of all we offer the possibility to any customer to submit their refurbishment project to a professional (interior->entire) design architect
we are also launching our first (of first->offers) specifically designed for small spaces and this is to address customer needs around city centers
and so why did we do this why is this important we do this well our customers are moving there and they need help getting there
(open it->opened) up (to->through) the (our->*) apis and then we could connect (through->to) our (catalog->kill lag) take the data youre running there and really expose it so you could use it in the rest of your systems
cash generation remains the key focus for the group and we will therefore continue to seek ways to maximize the cash generation from the group
are you seeing any change in the competitive landscape at all (i mean->and) is there anything that you are reacting to with regards to that (thank you->*)
we specifically disclaim any obligation to do so even if our views change i will now turn the call over to antony thank you (donald->don)
this concludes todays call thank you for your participation you may now disconnect your lines and have a wonderful (day->*)
he shares many of our same values including a focus on creating shareholder value and maintaining a strong balance sheet i will now turn the call over to pam to walk through the financials
the parent company has excess capital available to the bank as an additional source of strength that is not reflected in this number
we track consolidations every month and we track who we are writing checks to as well right so we have (a->*) pretty good idea of whats going on
of 2018 were working with a strong sense of urgency and the need for speed but we also recognize how critical it is
initial market turbulence has since been replaced by a degree of market confidence in the power of british pragmatism to make the best of unexpected events europe however remains challenged
these statements are subject to a variety of uncertainties risks and other factors related to the companys operations and business environment including those listed in our earnings press release
given the various steps required for us to convert including changes to our organizational structure and sales of certain nonreal (estate related->estaterelated) assets we are not prepared at this time to provide a more precise target completion date
and the combination of the efforts on the business mix as well as on the cost side (*->will) we think will give (*->will give) the company possibility to actually improve its earnings outlook
some of those products could be (4x->4) to 5x more expensive than our base baked on coating and it is mostly the middle east areas that can afford that type of a glass window
we believe (aboveaverage->above average) dividends will drive returns over several years in the future thats one reason that the management and the board continues to be very comfortable investing in the stock of dynex capital
managements prepared remarks will track the presentation please turn to slide 4 to follow along please note that any references to figures in this presentation are qualified in their entirety by the endnotes at the back of the presentation
the company undertakes no duty to update them to reflect future events information or circumstances that arise after the date of this conference call except as required by law
first we are investing in training and development across our entire platform to both streamline internal processes and operations as well as to improve the customer experience
then were reasonably (wellpositioned->well positioned) because our head office and home is in the center of the eurozone so for us i think we end up slightly bizarrely by having something of a competitive advantage which we
finally i will provide some closing remarks including more detail on our plans which we announced last night (on->in) our earnings release to convert to a reit in the first half of 2019 then well open the floor to questions
so i think the nubiola team have a very nice competency around salesmanship and technology and the way they go to market
before we begin i want to remind you that certain statements made during managements presentation with respect to future financial or business performance may constitute forwardlooking statements
this program facilitates our colleagues transition to retirement and allows us to provide talent development opportunities and facilitate mobility within the organization
by the time you do the converts and you pay the interest and you pay the bank is there anything left for shareholders from a profitability standpoint that by the time you divide it up on the shares versus
got it great and then last one just maybe you can give us some color on how much of a rate incentive current jumbo borrowers have in your portfolio
you need application in (the->a) region you need production in (the->a) region your application people have to go (with->at) the customer site and help serve the customer both in manufacturing and in the laboratory
first we recently concluded a tax (filing->planning) project to consolidate our operations in italy which will allow us to more effectively utilize certain incountry tax assets
we will continue to work with the commonwealth prepa and other creditors to protect our interest and the interest of our stakeholders in making sure the rule of law is followed
we are raising the bar (in->on) our marketing programs by increasing our presence across digital channels architecting a new company website and investing in social content to drive engagement with our homebuying community
consequently you should not rely on these forwardlooking statements as predictions of future events statements made during this conference call are made as of the date of this call and the company undertakes no obligation to update or revise any forwardlooking statements
we continue to evaluate possible new business activities that would generate income that would enable syncora to utilize the (nols->nol) in connection with any new business effort (it->*)
the operating expenses associated with each of our business lines are included in the returns that we give the projections for the business line so that number is just a component of our overall expenses
we ended the year in alignment with our longterm operating plan with a larger and more profitable homebuilding operation we remain confident in our ability to drive further improvement in our business
(well->will) not deviate from taking tough decisions just to flatter results in the short term we did this in the past and it led to many a failed restructuring
on the commercial loan side we have not yet seen loan growth but we expect additional lending opportunities to arise as the economy continues to recover
the investment mix continued to reflect our focus on thicker subordinate positions where we earn an attractive premium versus traditional (ontherun->onthelugh) securities in the primary and secondary markets
with that i will now turn the call over to larry thanks jay and good morning everyone as always we appreciate your time and your interest in ellington financial on our call today i will first give an overview of the quarter
yes i mean so mortgage rates have gone lower on a relative basis but candidly (theyre->theres) still high enough that we dont expect
or considered as a substitute for measures of financial performance prepared in accordance with gaap they are included to aid investors in further understanding the companys performance
we know that a great customer experience drives referrals reduces the need for incentives as well as decreases warranty costs all of which drive profitability and improve investor returns
we i mentioned that indeed there are some fee (events->wins) that have been pushed out dont forget i made that specific comment in the context of our
of course during the first weeks of the fourth quarter weve seen increased volatility and weve seen virtually every fixed income sector widen relative to treasuries we believe that this environment again underscores the importance
for the full year we expect constant currency sales for (this->the) segment will be relatively flat and that the segments annual gross profit margin will improve by 50 to 100 basis points
so we have several measures in place to make sure we maintain this level or can even decrease this level we have managed to get our personnel cost down 2 points
on resolutions and settlements in the second quarter (deutsch->deutsche) bank made further progress in achieving settlements or resolutions with respect to certain legacy highest risk matters
unfortunately as you know the timing of those eventual settlements are ultimately not in our control but we remain hopeful of achieving major settlements this year
i was wondering if at this point given that its all (being->been) set up you could update us as to what is the capital position of the whole ihc today what is the total (average->leverage) exposure
i do still firmly believe that we were for that business the right fit because we brought that whole experience of furniture to it
i want to make sure you guys know im not trying to criticize you guys and i think you guys are trying your best im saying that when i see the stock trading where its at and then i see transactions going off
and a lot of that (pick up->pickup) in spain and italy is exports (with the->would be) exports to those areas as well as seeding new growth (to->in) north africa and more importantly
im not sure you might get a different answer from each of us i think its going to be based on the way we execute in the restaurant delivering a great customer experience because that includes making sure the restaurants (clean->claim)
in the passenger car market last year we continued strong execution on our deliverables under audis (hymotion->highmotion) fuel cell car program with leading automotive fuel cell stack technology
and then talk about sales (lifts->lift) it would concern me being on the board from a shareholder lawsuit standpoint that you guys (id->i) want to make sure i disclose as much as i can about
a number of the systems integrators and potential partners in that market weve had very good progress with over the last 6 months in particular the other thing thats really important is weve been working
(so theres things->*) sure (understood so->*) theres things in the work that we might have already filed applications on and that we will file applications on that you guys wont see
the technology and the product lines and the people and the relationships that are required and we also anyway compete with arcelormittal and everyone else in europe so (were->*) quite familiar with the nature of competition and
the redemption options are dramatically better than any of our competitors i think you roll all those things together and we are very optimistic that we will increase our share of wallet
which makes it a more comfortable place for us to add but i think well watch this as we go well obviously keep you posted on the way this is developing but were off to a great start in the first few weeks that weve been
the company may make projections and other forwardlooking statements regarding future events or future business outlook anticipated progress on (compugens->compugen) pipeline program and (financing related->financingrelated) matters
ive looked through every individual hotel that left the system in (the->*) first quarter of 2018 its never a surprise to see that many of those hotels
this was offset by declines in packaging and medical which is primarily due to strong prior year comps as i mentioned earlier we had another strong quarter in the consumables portion of
truck fuel efficiencyrelated factors on diesel volume demand and despite volume declines at sites that have seen the most negative impact from a decline in energy sector activity
at engineered materials demand for rvs remains very strong and we continue to gain share but resin prices increased in the third quarter partly because of impacts from hurricane harvey
as an overarching comment i would say the secular trends (in->and) emerging market growth in the plastic processing industry remains intact our strategy to drive
overall we see that the good macroeconomic conditions and good demand growth has helped reduce the impact of the trade actions okay having said that there are specific concerns that we have in europe about
thank you 2018 has truly been a transformational year for (dyadic->dietic) looking ahead we are very confident in our ability to generate meaningful scientific results
we believe incentive fees will increase at a roughly 10 rate which is faster than we previously modeled largely due to the stronger revpar and margin growth in the asia pacific region
the different segments or components within there but if i remember from a year or so ago (scepter->septor) had kind of got off to a slow start and i just wanted to get a sense of perhaps
(or->are) somewhere in between it could be small companies that dont have the cash (that->and) end up giving us a piece of equity in their business and milestones and royalties as they develop the products
also the community (and->*) the sustainability of the entire business so i think it is the right industrial logic and we peg our basis on that so we are in construction (and->*)
the economy (*->and) around the world and whether any of those economies have if you will more demand for construction materials or construction labor than
that was one of our (fastest growing->fastestgrowing) components within the fluid handling business in the quarter which did lead to some margin compression in the quarter so while we feel good about where margins are
(*->that) was recorded in the third quarter of 2015 as a result of notification by the epa that buckhorn is considered a potentially responsible party in connection with the new (idria->atria) mercury mine site
this was not the case in previous years when managers who achieved certain targets related to our people culture could be promoted to restaurateur despite the fact that (the->their) restaurants were not necessarily delivering excellent customer experience
so we just say stay tuned but yes we expect more deals to be done and we expect at least 1 or 2 maybe more even in q2 to be announced
thanks (naren->narreen) and good evening ladies and gentlemen i would like to now talk about some of the highlights of our financial performance as you would see from the release our financial performance has been very strong this quarter
this is also likely to be through a mix of technologies going forward as business case benefits will determine which technology should be used in which area
choice within the hotel space and here we can offer a bit more choice but again choice that has the kind of quality we want to have connected to our system
of (a->*) replacement potentially but may i ask whether helen spends the same amount on the projects given that youve got a lot of projects going on and increased capex or
just given the mix some of the mix elements that we see and well likely finish on the full year about 50 basis points better than our guidance so were going to beat our guidance overall and
the large retail project that we are working continues to progress and our outlook for the project is unchanged more broadly we continue to see good growth across the retail vertical extending beyond the large project
and looking forward to more demonstrable results from our acquisition integration activity in a quarter that was both supplyrich and characterized by stretches of rising fuel costs
we expect our second quarter site level operating expense yearoveryear growth may decelerate modestly compared to site level operating expense growth in the first quarter
before turning the microphone over to leeny let me thank marriotts associates around the world they are (shouldering->shoulder in) the burden of integrating marriott and starwood even as they deliver excellent results
when he refers to 17 hes referring to the recapture of that lost business in the industry so thats what we think do we know we dont know but we think that in 17 we dont see it happening in the next 12 months
we began to develop a c1 downstream purification process for (certolizumab->solizumab) we demonstrated further success in reaching high and promising expression levels
in case we have the ability to raise capital through monetization of any of our portfolio then we will use the same for the reduction of debt
for those of you who may be interested in exploring this further we published a market update (in->on) our website on january 23 that provides our perspective on the rapidly evolving fcev car market
and in commercial markets we saw modest improvement in our uk markets with an extremely strong quarter in canada us municipal markets also continued to perform as expected
and im very encouraged by our rapid progress towards simplifying our operations and ensuring that we deliver an extraordinary dining experience for each and every one of our guests in each and every one of our restaurants
any forwardlooking statements that we make on this call are based on assumptions as of today and we (*->go under we) undergo no obligations to update these statements as a result of new information or future events
i think the fact that favorable weather caused more work to get done would suggest that on the other side of the contractor there are more homeowners who are interested in improving their house
so im not sure i could point to one thing but i would say its (a->the) cumulative number of these
separately dwp has confirmed with us that the secretary of state is focused on potential changes to the (fit for work->fitforwork) contract
above all we remain fully committed to the contract and our focus continues to be delivery of highquality assessment services
im wondering if maybe just given the acquisition and all the dynamics of the customers that youre adding and different types of customers
we never could have built agi without you so i hope that you know that i know and that im very appreciative
the new factory will provide us with the capability to produce more advanced paint products with even greater levels of quality and consistency
we have a nice cost position because our costs are denominated in local currency and as a result were able to service the local market and if we have excess capacity (we are->were) able to export
but we believe its important to start to get commercial feedback even in advance of the publication of results from our latest trial
advantages so to speak but in the short term if somebody wants to come in with a big (billfold and buy->billfo then by) their way into the system they can certainly do it
we have provided some specific guidance about the transitional impact of the exit of (dulux->drawlocks) paints from (mitre 10->mitotan) in new zealand particularly in the first half
(out of->how does) the acquisition of holiday and its strong food program (would->with) its own commissary change your perspective on prepared food
we are pleased with the progress that we have demonstrated in the composites business over the past 2 years including improvements in operating margins and return on capital
highlighted and celebrated our growth and achievements of our teams and (paid->pay) tribute to the men and women on the shop floors
is it largely the effect of offsetting synergies or are you able to largely minimize the growth rate of your existing cost structure
that will work its way through towards the second half of the year so towards the back half of the year there will be some acceleration coming in the revenue
we expect well be in a better position to provide an update on our august call on the capex that we are able to pull forward into 18 as well as the impact
the lower number for the paint factory was due to improved payment terms on key supply contracts and land purchase timing
we evaluated restructured and reorganized the entire sales organization within 3 weeks of closing the clarient acquisition
by decreased volumes in canada due to apportionment issues additionally the impact of anticipated changes in tariff mix on unit margins
we have a good success in creating an expanding list of qualifications in both of these growing areas let me start with the provider services
this means that while our startup is progressing well and this is a desirable contributing contract
and believe that weve got our assets very well positioned for how we see the recovery playing out in the next couple of years
the entire suite of topics (evolving->involving) strategic sourcing value engineering and design for manufacturing awaits us
the various programs in the various stages so (therell->there will) be situations like we are this year where we have an inordinate amount of startups
were confident on the positive impact this will have on (our->*) customer traffic as they become increasingly familiar with circle ks added value to their shopping experience
along the way we have assembled an exceptional team with lots of caring and lots of compete im so proud of them
furthermore many of our customers were primarily (refractive lasik->refracted latic) centers and have little or no experience with (buy and bill->buyandbuilt) drugs
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
so when (*->we) you think about people that ought to be able to capitalize on this its people like ourselves that have built and spent 20plus years building a system out there
its in 3 years so we would probably say that its in the lower part of the range and i would say probably as we speak now and what we know
it has been relatively stable over the course of the last year we think thats a positive for us as a manufacturer we also think its probably a positive
so anything you want to point out in terms of cadence through the year or seasonality both on the top and the bottom lines
where we provided support for the federal marketplace second quarter operating margin for the federal segment
we have successfully repositioned ourselves from a coal car producer to a diversified railcar manufacturer
so theyre the sort of dynamics here and if i think back to the journey where we took those businesses i mentioned before that were losing money
on the half of the market thats trade that essentially is all going to market through our own trade network where we the (dulux->jewelics) company (sold->sell) to the painters
particularly with big (*->broadball) spaces painters and homeowners would like to get as flat (finish->finished) as possible so you dont see any imperfections on the wall
that now concludes the formal part of the presentation (i will->ill) now open the meeting up to questions alternating between questions on the floor here in sydney
no one likes that kind of volatility we dont like it we dont think the shareholders like it and the regulators certainly dont like it and so their great preference
the only question was how much because margins (had->have) been pinched so much were (now->down) in (a->the) sweet spot right now where i think people are saying how certain
is poised to end this year (above the->about a) 10 million (tonnes->tons) of trading volumes and that is contributing to the overall (increasing->increase in) volumes at the portfolio level
but this is paving the way nicely for us to tackle some more difficult and challenging integration areas such as billing
our lease in the irvine facility expires next april so the timing is good and were very focused on meeting this deadline
and second if the export model is profitable how come the utilization rate of your existing china capacity
expenses in the fourth quarter are typically lower (in->than) the third quarter due to the seasonality in our marketing and servicing expenses
so you end up spending more on the last barrel that you pump so i cant give you an accurate number on what the run rate would be but
to do it once and do it right this is just as relevant for smaller more frequent jobs as it is for larger projects
finally the revenue outlook for this business remains challenging given the weakness in energy and resources infrastructure projects in particular
is there a percentage of that 300 system installed base that you guys are not really actively engaged in folks that (maybe->may be)
and finally as a market leader with both premiumness and scale both the doors and (openers parts->open as part) of our business are profitable
but in addition to strong ebit growth in all 3 of our businesses and strong earnings growth as michael noted we also had very strong free cash flow which has been
is that we hold the assets on the balance sheet assuming that we can have proper coverage of the capital which they are responsible for
we put a reasonable amount of detail on the growth of the various submarkets into the review of operations so i urge you to read that
many of our clients rated us very very highly and are essentially promoters of our service so
but look at the end of the day i suppose over the years whether its our current competitors or all those that have come and gone (*->or)
this had the impact of both improving client service through better turnaround time and reducing our overall (costs->cost)
health savings account thats going to bring in multiple hundreds of millions of dollars we will look to expand certainly
the transaction was unanimously approved by the full board and closed yesterday on february 27 along with the entire board and management team we are extremely pleased to have mbs and its people
the closure of our (*->plant 1) operations but on top of that were reviewing the supply chain from every angle possible and basically saying every supplier weve had for the past couple of decades need to reapply for a job
and while dextenza is the most near term and immediate imperative (its->is) no more important or urgent than (*->the) development of our pipeline the hydrogel platform has a multitude of current and potential applications that we intend to bring forward either by ourselves or in partnership with other companies
although we await next steps from ferc on the miso roe complaints the new methodology appears to be generally constructive and we (will->*) look (we look->*) forward to getting closure on these outstanding complaints
and the adoption of product there has consistently even in light of that favored the (home team->hometeam) product or the proprietary product
growth as quickly as possible and to me it goes without saying that we will be successful simply because we will be coordinating resources on target segments that weve already identified
under the new rules the company now reports uncollectible balances associated with patient responsibility as a reduction in net revenues when historically these amounts were classified as bad debt expense within selling general and administrative expenses
of its so easy to make a mistake in your billing practices and so its very important to us to be very strong in having a good record with the payers in that regard and jane will help us immensely
in addition to growing our core diagnostic business we closed our acquisition of transition therapeutics announced our entry into the companion animal health market with the formation of a specialty business unit
we will deploy narrowbody aircraft with (a->the) capability of (middledistance->middle distance) operation to increase our options for route destinations which will enable us to capture a wider range of inbound and leisure demand
im really curious i think the thing that surprised us the most during the quarter during the first quarter was the volatility around agency mbs i (wouldve->would have) thought that in (a->*)
(*->he) led (moltenis->multane) successful transformation into a specialty pharmaceutical company and one that was focused on launching and commercializing innovative pharmaceutical products for the treatment of both pain and addiction
since the announcement of the transaction on march 16 (i->*) ask for your understanding that we will not go into details on the merger during todays call
says something about the belief of those who are closest to ocular we still have a few key hires to go in our technical operations and quality areas before we can truly have confidence that we are fit for the future we expect to be making those appointments in the very near future
(a->*) of strategic and financial combination so 30 of the market cap the total market cap was actually taken out while it doubled so i think and that was a healthy way for the best companies
students faculty and administration the combination provides access to the widest selection of affordable course materials in all formats
more conviction and more evidence (and->in) everything were kind of inclined were under no financial stress at this point doesnt place any financial stress on the company to continue to pay the dividend its an important
namely oral formulations of calcitriol (paracalcitriol->pericalcitol) and (doxercalciferol->doctor calcifiriol) these therapies are not recommended for routine use in this patient population according to the newly revised
let me reiterate some of our guidelines for competitive reasons we do not comment on specific individual product line profitability other than in general terms nor do we disclose components of cost of sales for example copper
can we assume that you are done with your buyback or are you still kind of opportunistically evaluating your stock (and->in) kind of market conditions
coupled with pricing pressure brought on by aggressive competition and continued weakness in certain markets this loss of margin was only partially offset by the material cost savings achieved by the companys supply chain improvement initiatives
but just as we believe key latam economies are showing signs of bottoming out we also believe that our internal derisking efforts have neared their end leaving us well positioned for growth going forward
spending how we should think about the spending rate throughout the year and then with regards to getting rights back to probuphine whats the next event there to focus on (is->*)
with the physical bookstores they continue to be a growing market and a key element of our competitive strategy to compete with other virtual and digital solutions in the market
finally last years severe hurricane impacts should make for (*->an) easier comparison this year the majority of the impact was in the third quarter with some carryover in the fourth quarter as well
we believe our revenue cycle management program has the potential (of->to) significantly improve the profitability of our diagnostics business and look forward to providing further updates of our progress on future calls
we continued the effort or i continued and (roland->rlan) continued the effort of meeting customers talking to analysts doing the work to validate our strategy to hear what the customers were going to do with their integration needs
the targeted return bond (funds->fund) the latter of those 2 which we think sort of has a corner office adviser appeal is still finding its way onto platforms as i think weve talked about in the past
on slide 12 we show the overall allowances covering our book with a more moderate increase in coverage levels the walk of loan allowances from stages 1 to 3 for the quarter illustrates
as you know we have a unit in ireland called (eirgen->airgin) which is especially equipped to make very potent chemicals that need to be handled in special ways
our significantly expanded customer base will provide scale and more revenue opportunities for our digital courseware and (loudcloud->loud cloud) services including highly demanded analytics
to enhance governance well implement responses to our corporate governance code and enhance our director monitoring functions this will increase accountability for our group corporate value
accessible textbooks and course materials including digital content and through our ability to serve as an academic and social hub on campuses nationwide
buying and selling (*->them) i think theres a lot of things (that->a) company can do to clean up and become more efficient i think that has to happen in our industry i think that happens along with
moving on to our biologics division we have made significant progress advancing a number of key programs and have a series of upcoming milestones with our improved longacting proteins and peptides in development
this was necessary to address the downturn in that business we were pleased that we were able to implement the headcount reduction without layoffs instead we were able to offer an early (retirement->tirement) program that achieved our desired results
really leveraging our formulation capabilities and then obviously getting up to an environment where we can be a global supplier from (a->the) manufacturing side as well anything beyond that is opportunistic
in general should adjust or even ignore that mental model or even use a new metric to assess intrinsic value if the expectation for low interest rates is expected to persist
our future continues to look very bright for uqm as the commercial (electrical->electric) vehicle market is continuing increase in its market adoption and i want to thank everyone again for your ongoing support and we look forward to another exciting quarter
as we announced earlier in the year we no longer sell our paint products to (mitre->mito) 10 new zealand and are now aligned with bunnings in big box hardware retailing in new zealand the transition occurred (later->late) in the year and resulted in a modest decline in profit for the new zealand business
the market would give us funding at a price thats not significantly higher than what we have in our (plans->plan) so we will be opportunistic and wait for the spreads in the market to
theres also been speculation within the investment community that the haas contract was under review for cancellation or significant changes i want to dispel that myth today we maintain a collaborative working relationship with our client
secondly we have a number of businesses within the home improvement space where (duluxgroup->drawx group) can be a natural owner and generate growth by transferring our core marketing sales and supply chain capabilities in both our retail and trade channels
although we have capacity in our gathering and intrabasin systems the rapid production growth has substantially filled permian longhaul pipelines sooner than expected and has created constraints in some of our delaware basin intrabasin pipelines
that (had that->*) we had in our hands but (it->*) was not signed yet so it was one that had been negotiated but had not been fully executed with the customer the accounting (rule is->rules) not allowing us to record that revenue until we actually have the signed agreement
led rally is highly likely (evened->even) so on the (robusta->robust) market we are fairly friendly to that market given all these technical and fundamental factors that i just mentioned to you
and look to mitigate costs while pursuing options for resumption of activities at the appropriate time mitigation actions under consideration include pursuing means to access a small quantity of metallurgical coal remaining in the stockpile
as previously reported keshi placed their first production order with us and we are in the full launch and build mode (for->with) this product line and we will begin shipping the initial systems to keshi in china during this quarter
i feel confident that were working absolutely on the right things and my comments that again weve got the best products and the best brand and the best people and the best customers i think sum up my state of mind at the moment
the focus is on utilization and driving the top line revenue of this company reimbursement certainly is a big factor for us as well as we (spent->spend) quite a bit of time on the call but we feel like we have a good handle on all of these things heading forward
but we also see the power of physical marketing and our new (studio d->studiod) concept which weve opened as a (pop up->popup) in melbourne with our (dulux->jewelx) business is an example of how we are continually innovating in our decorative paints business
going to move everything there but they want (them->*) on their platform so the hybrid world is here internet of things is really really exciting and ill talk more about that in the quarterly presentation going forward
as we know central bank has phased out additional buffers and they will be added gradually (quarter by quarter->quarterbyquarter) and the third side of that story is our ambition to grow the opportunities that we see in the market
as you can see from this chart ateas operating cash flow is highly seasonal peaking in q4 and with negative cash flow in the first half of the year as working capital balances increase from a very low level at yearend
as their first major customer (and->in) application for electrification peterbilt will electrify a number of class 8 transport and refuse trucks as first adopters working with the meritor eaxle
into the future i will also say that a lot of people think that the public cloud is where everythings going to end up some think that everything is going to end up with amazon ill tell you you will never see that
yes the unfortunate part is thats in their control to launch their (powertrain->power training) and (again->*) theyre responsible for a number of other components besides ours the area that i think has hurt them very badly is the transmission
we expect that to continue into the fourth quarter and what we are trying to do to address that issue is to increase our cake milling capacity to convert the cake into powder and once its converted into powder you can liquidate it far more easily
as far as how long does it take for a customer to go from a lowvolume utilization to highvolume utilization it is all about reimbursement
one of these challenges is supporting the increasingly complex disabled and elderly populations which includes a rise in (the->a) number of elderly people who face functional and cognitive limitations
just between june and december most of the large payers just during that time they came on board and decided to cover the procedure so that helped a lot the reason we are
the next questions come from mark (petrie->entry) from cibc i think the first question was around tax (rate->rates) and weve already addressed those so moving to the second question
being responsible for acting on physical business plans or actions that we have decided either in (a->the) country or across countries
(*->what) was submitted thats where the support comes for claim so the more claims is submitted for that specific carrier the faster it comes (through->to) a more consistent
from a cost perspective weve already mentioned that we restructured the parchem business in f 15 some of the details are outlined on the slide but we believe that we have achieved savings and increased business capability at the same time
to automate not only the process but also how we communicate with the customers so they (*->digitally) can follow everything as weve been used to in more consumerbased
many things that drive our guidance and that we put into there when we consider that were making good strides on a lot of the key elements of the portfolio particularly the startups but (there are->theyre) all kinds of different headwinds and tailwinds inside that
our cash balance is very strong even as we sit here today (orders->order is) growing so not concerned and weve got many good options and well do whats in the best interest of the company to execute on this growth strategy
during his speech jay made 2 major announcements first was the introduction of their new brand with a wide range of electrification options of axles called blue horizon
because of operational variance as well as seasonality associated with both the fact that students graduating in may will be making their first (payments->payment) in november and so theres these waves of graduates that come in
that we have really pushed to move forward and again those arent large dollar impacts as far as capital but they are large dollar impacts by accelerating a debottlenecking of (a->the) system and a good example of that is
for actions committed by previous employees and so when the company is indicted its not because the company has done anything wrong its because someone that worked there (had->have) or (hadnt->havent)
in our nonqm loan strategy we reached critical mass for a second securitization which im happy to announce we actually just priced earlier this morning
what have been the primary retail strategies and tactics that you have employed to ride out this weaker period
it is not the destination to build a modern it infrastructure and solution
and not one of our bigger businesses either so if we can get it corrected and get it on a better growth trajectory i think it could be a real contributor in the future
the outlook for operating profit reflects an expected increase in sales and distribution (costs->cost) in the second half of 2017 compared to the first half
for our brand portfolio we expect some nearterm market challenges as many of our retail partners try to improve their inventory productivity
but could you just give us an idea about the timing on when you need to submit your business plans when you might get an early indication of (wacc->wac) from the regulator for instance
(up->*) my hope is that people will really focus in on what weve done to drive operating results and what we have the ability to do
(*->where) we own a 45 stake and where we work closely with management to increase franchise value lendsure is a maturing company with a broad geographic footprint
overall we believe the transaction meets our high bars and we look forward to adding the operation into our portfolio
he will then provide an update on our markets and geographies and discuss our capital deployment (hell->he will) then walk you through the operating performance (within->with)
i also want to ask on the labor front or any other is there anything on the horizon there that youre seeing in any of the
we executed against our plan this past year and as a result we achieved a number of significant accomplishments
a week doesnt usually matter since it all ends up in the same quarter we think we get the business it just shifts our promotional cadence a little bit and you might get some
politicians and policymakers were already struggling to take action in the past and now (the->their) importance for the eurozone economy has only intensified
let us remind you that it has its (limitations->limitation) a portion of our capital will always be invested in assets that do not generate current net investment income
let me first comment on the situation in denmark as i pointed out
you can track changes in portfolio size and composition on slide 8 we (continued->continue) to be less focused on the more commoditized credit sectors
we saw lower returns in rhode island from increased operating costs principally due to storms and inflationary cost pressures
risk management remains tight and vigilant as (we->was) demonstrated when markets tested us with the extraordinary volatility we saw following news of the brexit vote
furthermore we see lower litigation charges and compensation costs which were partially offset by higher spend on technology and controls
going forward than (we->weve) ever had and more that we are able to act on so we have plenty to do going forward
(whats like->what) any major initiatives thats going to be on the promotional calendar this year or is that kind of business competitive information
(*->i) so the short answer to it is yes i think that the magnitude is what you have to (*->have to) put your finger on so
and that continues to be the plan and thats where we obviously within margins have some flexibility on how we can manage the position
is that facebook and google both are (partnering->firming) up with us and were getting a lot of access to a lot of very smart senior people
as it relates to insurance coverage the company has notified its carriers of a potential claim under the companys insurance policies
(*->yes) just another question with all the business that youre anticipating will the company have to raise capital or do you have enough capital to
all right let me pivot for a moment and move from markets to talk about capital deployment because thats been a big piece of our story here
weve laid that out in our responses to the consultation i know there are other views in the market but the logic of it is basically we think
and so were trying to move a lot from historically our information has been lagging or historical
in addition a much more severe instantaneous market risk scenario with significantly higher shock factors has been chosen
buying to this low single plan and then youre chasing are you as a retailer sort of taking the same point of view as
our purpose vision and values together guide the organization why we exist and what we stand for this clarity is vital as we look to the future
we believe the outcome of the filings was fair and importantly there was a clear recognition of (a->the) need for increased investment to modernize the networks
(and->in) a handful of markets and a couple of those being weaker obviously than others have you guys given any thought to and you dont need to tell us specific markets but
our conservative portfolio construction including the proportional increase in credit hedges that i (previous->previously) mentioned both contributed to our october performance
all in all we feel that when it comes from comes back to what we said we were ahead of the plan both on cost
our vision is to exceed the expectations of our customers shareholders and communities today and to make possible the energy systems of tomorrow
looking back on the coda business is a lot of these contracts require significant deposits before we
theyre absent right now and so what i view is happening is this kind of continued pause and hesitancy
other than that we really didnt see it and we havent really its not been one of those things weve ever felt had a big impact on our business one way or the other
we do continue to build our corporate finance business and we were successful in bringing in a number of highprofile new hires in the quarter
to where we are today where in your opinion are we on that scale and what are some of the metrics that we need to focus upon
that were delivering this kind of margin profile with some of our bellwether most profitable companies struggling
we are admittedly now taking a bit more (defense->defensive) posture (because->but as) we have discussed our ability to test varying strategies and make changes quickly
in terms of our overall perspective on the quarter and the year when we reported first quarter results back in may
and driving the benefits of this business so you will see a restructuring charge in the fourth quarter and were doing exactly what we said (wed->we) do
we also received further clarity on the electricity system operator role under the proposal which is subject to ongoing consultation
im very excited and confident about the potential for our entire company and our ambitions have not changed
at (the->a) group level we continue to invest heavily in improving our administration systems and in strengthening our controls
and so were not so pessimistic about the net impact although the gross impact of negative interest rates is obviously fairly negative for us
and really the (scholls->shoals) piece of it was due to and (well->will) continue in the first quarter with a little bit (*->of) softness and some change at walmart
that however were going to capitalize to support our jv into china and (to->*) look at these other markets
this was partially driven by the conscious decision to exit high (riskweight->risk weight) securities trading securitized trading
why the bank communicated last year that it would (sell postbank->hostbank) was to manage the capital position
another customer that has kept our plant very busy over the past few months is keshi with their electric mining vehicle application
this is a quirk of accounting (standards->standard) so for your benefit weve calculated a pro forma continuing eps for this year
as we discussed in march we had a tax benefit in q1 from the planning work we did last year
collectibles remains a highgrowth area for our company and were spending a lot of time in this area
which is extremely strong and higher than we have seen for many years
because it is hard for me to imagine if we go out in our time machine 1 year from today
this is because we believe this gives a more accurate view of the underlying performance of our company
and thats why you see these large deals they really represent the customers endorsement and trust of us
we presell most of our switch hardware before it hits our warehouse through our (web in->webon) store process
are subject to a series of risks and uncertainties that may cause actual results to differ materially from those statements
those are the kinds of things that will go into our boards decision about
to close we delivered a strong first quarter (it->that) positioned us well for another year of durable growth
the energy sale gain and (a->the) tax charge both of which were realized at the very end of the fourth quarter
its (been->*) only half a month so i cant say anything definitively
this plant meets a critical need for additional processing capacity and is currently running near capacity
and these incredible results are because of our relentless focus on customer success
and they also signed up for additional services such as broadband and cloud
continues to pay big dividends and i think sets an impressive standard for our future activities
refined product and ngl inventories associated with the legacy sxl business
to say that youre going to have this fully anonymized relationship with your customer
today id like to introduce myself and speak briefly about my plans for the next few months
its spent changing from one patient to the other so is this change time
on that side of it so just to let you know kind of think about the full picture of the year is the view that were taking
capacity is also much higher so there will be a lot of cost savings and spend savings
the decline was driven by higher marketing expenses and higher direct costs in business
while undertaking curtailed activity (we->weve) really made that activity count
thats why its so crucial to elevate the quality of the customer service in all of our restaurants
(had->*) then this puts the whole thing into a relation which is understandable
your assessment is correct (*->a) strategic investment that is made
our expectation is that the second half of the year will be significantly stronger than the first
(*->weve) done everything we can from a science perspective
and if you think that you are going to need to increase provisions to this (clients->client) in the future
this means that revenues can only be recognized when classified as (highly probable->high forward)
which is really the reason why weve seen so many customers recommit to us over the years is because
multiple public clouds because many of our customers are now using multiple public clouds
(*->the) kind of increases we showed this quarter obviously would be tough for any business to sustain
our anchor shipper is anadarko and western gas has an option to buy into this project
wholesale client continued to do its business on our network in the netherlands
optimistic as well as we will continue with the implementation of our strategy towards our vision
and after 24 months the customers dont have to pay any more
and then secondly on vr it seems like it would be the case (this is->its) probably obvious that gamers would
to connect new customers were related to increased order intake
but this is also a question of market availability because with the higher copper prices
as we look at it but youre exactly right we have taken a lot of steps to do everything we can to
for the first 6 months i think that in many aspects of our industry weve been going through a crisis of trust
so how should we think about the (stake->state) going forward are you just planning to dribble it out onto the market or
in 2017 a straight line going forward but we are confident that we will
and that is a very positive result that we see here
the new wave of digital transformation is all about the customer everything starts and begins
perhaps the key phrase for last quarter and last year was inflection point
and the prior period amounts have been adjusted for those amounts previously reported
is to make sure that people are able to experience that and thats what weve seen (as->is) people experience this
speaking (the->*) language of the customer having a global scale and painting a vision for the future
these forwardlooking statements speak as of today and you should not rely upon them as representing our views in (the->*) future
from revenue recognition change based on (the->*) sell into the channel
isnt in reality isnt the reason youre doing that because you need the cash to pay the hybrid
although we expect capex to be some tens of millions lower again
accelerate that with our amazing distribution team and all the deep customer relationships weve had
i am very pleased to report that we returned to growth this quarter
licensed merchandise and accessories to all major retailers across the region
refined products transportation volumes on our (whollyowned->wholly owned) and joint venture pipelines
of course will also put some additional
so even some of the (bigname->big name) guys have found that they need what we do
as we add suppliers as hubs they might only have 30 suppliers
and weve gotten comfort around what that looks like throughout the quarters
of helping people cope with all of this kind of stuff heres another example
its really not the biggest strategy there but we are actively in discussions with a lot of our
it also helps with innovating our network technologies and service offerings
and the ability to have great relationships and great alliances with companies like amazon or with google
as well as (a->the) need to maintain competitive compensation levels in order to retain staff
and transitioning to the sales of the entertainment products
this year next year and maybe over the next 5 years if you can kind of give us a sense for that
surprised about (this->it) so he also tries to pay a little bit more in front
for those of you looking for a succinct external summary of our investor day event
all (diagnoses->diagnosis) that could have been treated
takes place under the current ec framework and the last time
the volatile investment market had a huge impact on the result for this quarter
we are implementing a number of initiatives to expand au economic zone
its aligned with the expectation but nevertheless a little bit higher than we have seen
and i cannot calculate right away (but->*)
on the next page we have the net interest margin progression
of laws throughout europe now it may be necessary to have some (stateby->states)
in terms of the (low hanging->lowhanging) fruit how far does that actually get you
fiber already there is no real push from the government to
and on top of all of that we have several new suites of applications that well be bringing to market
and what happens is every week a guy has to march around
the ability to have that deep engagement like i just mentioned the level of intelligence
intelligence we saw that recently with an ai demonstration from our industry
and subject to any corporate activity which may necessitate alternative uses of capital
on the next slide we provide details about our free cash flow and our capital returns to shareholders
how much did it change the guidance you presented today versus what it (wouldve->would have) been if it were still in the year
(my parting->karding) words come from the music of the road during those early days of fighting our way into the market thank you mr (springsteen->springstein) for the advice
as for admin cost i would be disappointed if we could not continue to make a gradual steady improvement in our cost structure there
in order to facilitate our growth through 2018 and to support our growing demand for delivery later this year we have made some investments during the (*->first) quarter
and the most important thing is my barrel moves when i produce it and i get it to a good market it doesnt have to be the absolute cheapest price
these certifications are a key milestone to reach before moving to any commercial production and for a successful launch of our joint venture
this is a voluntary program thats free to businesses and their employees the program provides access to occupational health services for those employees who are out sick
the nature of the business is that we will always have puts and takes in the overall model and some programs will (overdeliver->over deliver) compared to initial plan
makes us a player that procures as well as anyone in the industry so we (didnt->dont) think its a cost factor and when we look at our retail strategies we strive to be very consistent
like the idea of the procedure under the (cashpay->cash pay) model but have really sort of lost touch with you since you went to the reimbursement model
as medicaid programs continue to modernize states are taking greater leadership in managing provider networks including quality and access to providers
we do however acknowledge that there is more to be done we have appointed a new executive general manager to this business following (the->*) external search and he will start shortly
there was (a competitor then->competitive and) our activity going on at the cheap end of the market with what we talked about at the half year the wash up sort of average position with input (costs->cost) so
but we will continue to work with new building partners that can bring a branded proposition to their end customers the consumers
so as people are going in and moving and trying to take advantage of this market were very very (wellpositioned->well positioned) and have made it a key part of our strategy
including increasing headcount in our sales and reimbursement personnel and to fund the ongoing development regulatory and international commercialization activities
so as we came off the end of last year in the first half of the year were not accelerating growth because we expect some disruption in the system
people are aware weve got some open capacity in our plant so were able to fill a lot of that capacity by supporting ballard and (its->*) just a nice supplemental business for us
some low prices across several commodities that we operate on and also due to the seasonality where september is our leanest quarter for us in our business
how do you assess our position in light of our work with some big names over there in the (work in the->*) form of the work we are already
with the kind of expansion that were seeing with the applications of electric motors in a lot of different sectors within automotive and industrial
the business had some pretty good momentum in the second half or some (improvement->improved momentum) in the second half can you just maybe talk about your expectations around the top (*->line)
correct so theres a corresponding decrease in traditional media (*->and) im just wondering whats the reaction of your franchise been to this
by using transpower over against developing their own internal manufacturing apparatus and testing facilities (*->and) all the rest of (*->it)
if its about selling assets certainly other than the remedy packages we are committed to deleveraging and a piece of that is really evaluating our lower
to create a more personalized and emotional experience for our customers so a lot of resources and planning going around that to make sure that we
sales of products from inventory future financial results liquidity and the continued growth of the electricpowered vehicle industry
and we are pleased that everything is moving along according to plan sinotruk is working on integrating our motors to local chinese transmission solutions
our read of the rules is that there will be a continued effort on enhancing support for consumers including improving health care delivery and quality of care
for a certain occasion or an electronic cigarette or vaping unit as another occasion so we want to be a onestop shop for all the occasions that they have
to support this positive trend we plan to expand our reimbursement headcount and efforts to provide additional claims processing education and support
do you see the current slate of announced projects currently as adequate to address sort of the growth you guys expect longer term
ultimately when you use it as (an enabler->another ablo) then you got to focus on stepping up the value from it and hopefully that gives (the->a) context so its a pretty broadbased answer but i think its
we think thats the bigger impact but were also very glad they continue to take liquid fuels and will be very relevant to us for a long period of time
providing greater access to health care and ensuring a modern set of rules that better align with the marketplace and medicare advantage plans
weve purchased a (17hectare->17 hectair) site and as you can see from the map we expect to use just under half of this area for the new factory
based on (this->the) seasonal pattern ateas aim throughout the year is to continuously improve its working capital balance from the same seasonal period last year
as highlighted on slide 3 these results were slightly ahead of our expectations for the first quarter and were pleased to make progress towards the continued execution of our strategic plans
longhaul debottlenecking is very difficult and as i said in the prepared remarks you really have to wait for the significant additional capacity to come on with projects
the provision was recognized at the first half additional detail (explaining->explain) the nature of the (provision is->provisions) provided in the review of operations so i wont repeat that here
perhaps just (two->2) relatively related could you comment on sherwinwilliams how youve seen their initial impact on the market and how you read that going forward
and that brings me into the cloud discussion we also discussed that before and ive said many times that the public cloud is not the destination
the vast majority of our externally funded engineering resources have been focused on supporting meritor and the eaxle program
and we believe that the current profitability combined with dividend levels will be sufficient
so they bring the engineering expertise to integrate these systems being the battery system the battery management and the vehicle control unit
the department for work and pensions qualitatively what i can say is that were making meaningful progress on the contract on all key factors
also known as haas as rick mentioned certain features of the haas contract have been modified to better align with the clients programmatic objectives
we continue to work on improving our supply terms and conditions and our merchandising strategies in order to bring them in line with the market competitiveness and the economic conditions
we continue to advance efforts with respect to a number of additional transactions and believe well be successful in achieving and potentially exceeding
maintaining significant buffer over minimum levels in the course of 2018 but we expect that this comfort level for us (*->will)
our current customers are growing in their respective markets and we are gaining new customers our plant floor is busier than it has been in many years
on public companies to have (*->a) better risk management and companies are coming to the conclusion that they need to step up their activities and raise their game when it comes to risk management
it falls under and then just can you just quickly remind us how many how much capital gains from the cindat transaction you guys still have remaining to deploy in the back half of the year
so that also was a huge factor we did look at a (c corp->ccorp) because we knew that a (c corp->ccorp) would give us the most flexibility frankly (of->if) any structure even more
with us and making sure that we have the right product that speaks to the consumer so far our early reads on the selling of this we first shipped our first shoes in really december
as we noted in our announcement of july 19 in the end those discussions ended without an offer that our board was willing to pursue
so it will bring (costs->cost) down that you wont necessarily see (us->a) saving because what we will be doing is well be reinvesting that money into more digital advertising
we would need to make certain portfolio adjustments to comply with the reit rules as a result of these adjustments we would expect the growth rate of our net investment income to slow temporarily
okay okay and then if you could talk about maybe some of your brands that are more exposed to the offprice channel given theres been some changes in that as well (will->*) be helpful
not to do so would simply perpetuate our structural inefficiency and delay the achievement of our fundamental goal that of returning to sustainable profitability
we have a weather benefit that we dont know if thats going to be move some business from second quarter to first quarter on some of our open footwear business
if we want to grow and if we want to really be serious and become a real serious player in this area we believe we needed to relook at the processes because
not in recent history have so many people been unemployed yet the continent remains a major destination for economic migrants policy reform has come to a (standstill->stand still)
more than half of this investment (has been->is being) made in our gas distribution businesses and is driven by a combination of the need to replace aging infrastructure such as leakprone pipe and by customer growth
as to the assets that efc would sell in preparation for a conversion we expect that they will predominantly consist of lower yielding noncore assets we would expect to sell certain
id like to provide a brief update on (meda->meta) the second arbitration with (meda->meta) has commenced and we expect this process to continue for the next few months
outright sales and should we expect to see any uptick in agency investments during the process of redeploying that capital into target assets
as they were doing construction and all that so i think its part of the customer focus we have i think with massachusetts both in terms of existing charging stations but also as we look at
net outflows in asia pacific the americas and europe reflecting continued deleveraging activities of our clients as well as efforts to optimize risk management
overhead and we werent planning on providing any additional numbers on the call today but we will be providing numbers as i mentioned
the even some of our sellthroughs right now are strong and our positioning with some of our customers for anniversary events and you name it also looks pretty good so
we continue to believe that (dc bead->ecb) has very positive revenue potential for sciclone our development portfolio continues to progress
so we are expecting a letter (*->for) an open letter from ofgem this summer what we expect that letter to include is basically a set of questions that they think should be asked
assessing what theyre going to do and how theyre going to handle that going forward so they have a couple of alternatives but trying to figure out whats the right approach there
we anticipate continued growth of this portfolio in the coming years as we introduce additional oncology products into the market
our core range really is all about driving promotions driving reasons to shop now and bringing that value again at every price point
because theyre driving people to the web and actually this is again in my view an opportunity for us to show even more product
overall performance in mortgage banking in 2018 reflects the diversity of our sourcing and syndication channels and our continued efforts to use our capital more efficiently
its extraordinary growth underlines the strength and capabilities of our commercial teams to sell pharma products to medium and large hospitals
investment and insurance revenues as well as deposit income were down credit products showed a solid growth of 6 driven by higher volumes
it also means engaging and supporting communities where we live and work to find new solutions and contribute to the longterm sustainability of our environment
and im sure youre monitoring (cyberattacks->cyber attacks) or attempts to breach your systems can you comment if youve seen any increase in that over the last year and how you think about that one going forward
monetary theorists persist with their negative interest rate policies relying ever more on hope for rather than expectation of success
and as we have also mentioned (*->in) the past quarters this is what they should focus on were also seeing good possibilities
okay and it sounds like most of what youre doing is with (lendsure->lindsure) are you working to develop additional sourcing as well
so its been a variety of niches like that where weve been able to get our volume but get it at sort of the lower (ltvs->lcvs) the better credit qualities that we like
around anything with a larger ticket item associated with it thats the biggest change but if you look at kind of general day rates that looks like its looked like for a long time
the elimination of this debt provides further flexibility to sell assets without any debt encumbrances and allows us to sustain our capital recycling efforts
wealth management revenues were down 12 versus an exceptionally strong second quarter 15 driven by a (bit->*) difficult market environment with lower client activity
the secular shifts we have observed in housing (continued->continue) to influence consumer behavior and we believe we are well positioned for the associated opportunities that lie ahead
okay all right and well im glad to know that we have those options (and->in) that the government cant control the fact (if->that) they wanted to do it
in connection with such review together with our financial adviser lazard we approached a significant number of potential acquirers of the company
which contributed to a 13 increase in economic net interest income in 2018 along with meaningful gains as we continue to optimize our portfolio
while the pace of change remains uncertain since the new year we have seen renewed focus from both the administration and congress (and->on) how the mortgage (markets->market) should be structured going forward
is that something that shows operational gearing when youre growing at the levels that youre growing at now and maybe you could allude to how big that is within the products business please
as expected this (was->is) principally due to lower revenues from the french interconnector and last years gain on the (iroquois->iraqui) gas (pipeline->headkline) transaction
despite the considerable political regulatory economic and social uncertainty we face over the coming quarters we will not deviate from our strategy
a reit conversion would also be facilitated by exchanging a portion of our public senior unsecured notes for private notes issued by one or more of our taxable reit subsidiaries
additionally in 2017 we are making a significant investment in our training and development marketing and our sales management and sales training efforts as i previously discussed
looking ahead first with respect to the acquisition market there hasnt been much change from our perspective since our last call for last quarter
(*->the) one external factor that has changed since our last call is foreign exchange which we now expect to be near 0 for the full year based on current fx rates
but that you will then use your expertise to design the product for it to fit their (needs->need) at what i would probably guess would be a lower price than the competitor the latter
okay (thanks very much->*) and then could you make any (comments->comment) on what youve seen in terms of order trends in july so far (bruce->*)
already since that closing about 2 weeks ago weve acquired (1->one) former franchise location and we expect a new franchise location to open later this week
but when we say better its still extremely fragile so we continue to try to monitor the potential for shocks surprising events
in 2016 we are proud of this accomplishment which is in part due to the exceptional positioning of our communities in some of the best markets in the nation
i would like to direct you to slide 26 and the financial highlights deck for a description of the pro forma statutory basis financial effect of the merger
and ive seen that you guys are doing your best to try to refinance the debt yourself and directors are putting in money (and->in) capital
as mac mentioned we have a slide presentation on our website to accompany our earnings call and it includes additional details to the commentary presented this morning
our first fuddruckers opened at (*->commerce at) our commerce georgia travel center during the first quarter and our second location opened just last week in (ashland->nashville and) virginia
and maybe even across the market would be helpful too and then how should we think about the (earning->earnings) sensitivity of that jumbo portfolio given a pickup in refi activity
finally todays call is being recorded and will be available on the companys website later today i will now turn the call over to chris for opening remarks
looking at our earnings yeartodate our overall performance continues to be driven by loss development activity and by the steady runoff of our book of business
lets now turn to europe importantly given our expectation for growing demand we shored up our platform in europe through the acquisition of the remaining interest
we remain cautious in our review of opportunities but (and->*) currently expect our pace of convenience store acquisitions will moderate from last year
we will also dynamically manage leverage and liquidity to opportunistically increase the size of our portfolio which we expect to ultimately drive earnings
and we dont see us getting real sales from that effort until 2017 and talking about the specifics of what those products are
we and others in the industry believe that we will be successful in developing our c1 cell line into a nextgeneration protein expression and production system
this represented the culmination of over 12 months of working with the 5 arches team allowing us to validate our market thesis and confirm cultural and operational fit
we expect (assets->asset) spreads to be vulnerable to widening due to changes in central bank involvement in these markets which would present a great opportunity to add assets
we believe were on track to deliver rampedup contributions from these acquired locations that meet the expected purchase multiples weve outlined for you in previous calls
similar to the way we run the jumbo business its constantly looking at the market and trying to identify efficiencies and where other buyers are (bidding->fitting) this paper versus where we can create
mostly in the eu that (youre->you are) trying to divest and there hasnt been any more talk about that since then so whats the status on that
and so the way were thinking about (*->it) is whos going to be the marginal investor away from the fed and where do those spreads eventually settle out
(and->*) interest from investors and also more importantly from the industry both biotech and biopharma from our progress to date
do you guys see acquisitions taking more prominence in your capital deployment strategy now and are you seeing any acquisition opportunities
as we are actively marketing this property we will not discuss the specifics of a potential transaction or speculate on potential proceeds
thats why we bought (al->el) salomi and now i think youre starting to see the dynamic coming to fruition now whats interesting is southern spain and italy (or->*)
most of it came from a big contract in mexico this (product->*) project is now finished and fully included in the 18 figures (as->*)
on a more serious note what we need to do is execute and that
you saw the personnel change in washington dc in the executive branch and you saw what happened over the first month that they were in office and how many
our extensive land portfolio allows us to be patient and opportunistic to target the right lots in the right locations at the right price
including certain operational and financial processes in addition to a number of (cost reduction->costreduction) programs to reposition the company to become profitable at a lower level of net sales
the outlook of the business is adequate relative to what the insiders know when theyre doing a transaction if you guys werent doing these transactions
so the eu has also the european commission has also taken some steps so there is a window in which you can send steel into europe as long as it is
the best way to think about those is were in the first or second inning of what we can do there
to add new restaurants to the royalty pool so this year on january 1 pizza pizza limited added (restaurants->restaurant) that had
and looking out beyond that based on our forecast and what visibility we have in certain regions we feel pretty good about the balance (*->of)
before that (id->i would) like to give you an overview on the economic environment and the current (developments->development with our) within our industry
as we approach yearend we have significant momentum with respect to our key strategic initiatives and we believe that the progress on reinsurance
with our strategy moving ourselves more in the technology range (in->and) the lower cost range and youll be hearing more about the (low cost->lowcost) range moving forward
(*->and) is there anything going on secularly that youre seeing as far as electronic payments versus cash payments
these objectives include momentum in our revenue growth discipline to drive margin improvement minimize operating expenses and tightly manage our balance sheet
so thats the reason for us saying what were saying we want to talk in general terms because any more details (just->is)
the slide presentation may be referenced by clicking on the dynex capital first quarter 2017 earnings conference call link on the presentation page of the website
what their concerns are because i think we have the most important issue is the industrial logic and the industrial rationale remains very strong
because we expect that well complete fewer acquisitions in the second quarter relative to the first quarter based on the acquisitions completed or (agreedupon->agreed upon) to date
we havent seen a change in competitive activity still very strong
retail as a result of seasonal factors experienced
but have you seen any data so far that could also have tied into this decision
the difference relates primarily to investment this year in new products and growth initiatives
as a result of pricing actions to customers reduction in prices from suppliers
we are now focused on our galnac conjugated subcutaneously delivered rnai agent
is there a way to quantify what kind of a drag that is at this point
i kindly ask the participants here in the room to wait for the microphone to mention your name
they are subject to a number of (conditions->condition) that sometime are not met entirely so
calvin will review procedure trends and marshall our progress in japan in greater detail later in the call
thanks derek good morning to everyone and thanks for joining us before i begin
(in->*) this has an impact on southeast asia which is the second region of the world which is important to us
what i can notice here is there are (two->2) possible positive (impacts->impact) for us
where do we see differentiated clinical value by procedure given what we can bring and
opportunities competitors and interest is being generated and we want to make sure that
of upside in our ability to do that what we expect what you should expect from us over time is an airline
the third quarter brought more than its fair share of weather and operational challenges and our team delivered
and at the end of the day the more that were able to execute our business model and being able to provide
and they will be seen in the (*->those) revenues will be seen in the second half of this year
in the business and we are going to be looking at ways even though we will have growth
and there will be some startup costs but well try to do the best we can in terms of identifying those for you and then giving you a sense
yes scott i feel really good about our liquidity position at the end of first quarter if you think about where we were at the end of the year
in addition our new muscle milk bars have been well received in the marketplace
most of its equipment there are (a->*) few property sales in there but those are the minority of that most of that is
i have a question on jennieo and (i->*) was just wondering if you could give us a sense of
on a constant exchange rate basis our africa india and middle east businesses
again we believe these are necessary investments that were made across the corporate centers (in->and) the businesses
global (product->products) to imagine that we would have the capability to launch and market that ourselves
which weve evaluated not to be useful to evaluate vaccine efficacy
we are focusing more on shortterm trade finance we do not expect a major negative
the majority of the advertising reductions came from the jennieo turkey store segment
our (trojanlabel->trotin label) team is excited that we now have a way to enter into this dynamic market
the conference has now concluded thank you for attending todays presentation you may now disconnect
one of the big strategic issues that we have on the table this year
the original (virulence->virulance) and if weve overcome the issue of growing it in (vero->viro) cells
thank you very much thats a tough one because it depends on a couple of things
now as i did last quarter i plan to spend some time going over the numbers themselves
its wildly different in terms of what we can expect and i think historical
accelerate in terms of higher level of orders and larger orders in that part of the (world->*)
i believe we have a great portfolio of global businesses and strong commercial leadership
we therefore anticipate that our production of physician samples will return in the second half of the year
that concludes our prepared comments we will now open the call to your questions
is there a consideration that maybe you still need to think again about how much you buy
and clearly that could be accelerated by others in the industry doing the same
tax is also an area where we are continuing to dedicate significant attention and resources
identifying the right partner allowing them to complete an appropriate market assessment and diligence review
business focus not only on oil but moving into gas and that has alleviated a lot of the problems for them
this transaction was in line with our strategy to diversify our product portfolio and revenue streams
continued growth in urology in europe and japan and multispecialty growth in korea and china
we also told you that if we didnt do it you should have lowered your revenues in the future because
at this time i would like to turn the call over to mr david (calusdian->khulusian) from the companys (investor->investors)
and i look forward to updating you on our progress on our future earnings calls
(*->that) theres no way to avoid this the only way that you could avoid it would be if you chose to take more risk
amount of money and capacity (in->and) time (to->*) develop but either way we dont see anything
where weve gone from half the number of subjects in the (booster->boost that) compared to
and thats why i believe our opportunities are expanding moving forward
who had a weak immune response for those who were lower than the median
of the booster vaccine at week 0 and these are the data that weve previously reported
i will go into more detail on my initial observations later in the call
before we get started with the results of the quarter i need to reference the safe harbor statement
you (even->*) alluded to you needed to reevaluate might need to reevaluate your own
can you just help us understand your base case for 17 is that
as well as the perceived value of da vinci relative to alternative surgical approaches
taking advantage of scale and efficiency and we think that will serve
this does conclude todays program thank you for your participation you may disconnect at any time
we expect strong exports of both branded and fresh pork products
therefore i will keep my segment comments focused on a few key first quarter (stats->steps)
just as youve known us to do over time well look selectively and very carefully
but is it mattering a little bit less and if you could talk a little bit about what might be changing there that (will->would) be great
people who didnt know this was an opportunity customers who didnt know they could actually
your level of prices in latin america or in brazil specifically
what products are available theyre wanting to understand what games are available with those products
seems like just phenomenally strong performance given all the other stuff weve seen in ag
our mobile offers give us great flexibility and leverage to grow and retain customers
(were->we are) doing very well in a difficult region but we know how to do it
we expect belly prices to be above last year as the industry continues to experience
take a little bit more risk so that you can grow volumes faster (thanks->*)
additional details on our share repurchases are available on the (study->sedi) database
had a strong year driven by continued robust growth in private market sales
everybody waits for the decisions for the outcome of the trade war
finally we managed our receivables very well
this concludes todays conference call you may now disconnect
derek will then walk us through the details on the quarter (*->and) provide some additional information on our guidance
but we remain comfortable given the quality of our underlying cable cash flow stream
as a result of this new policy we announced earlier the approval of a capital plan
along with the new data that was generated in russia
the increase compared with the third quarter reflects increased variable compensation
and so weve given you the range that we think will
this activity has been particularly marked from a conduct and customer perspective and as we have said many times before having a strong customer proposition is vital to succeed in the closed (life fund->lifo) consolidation market
the asphalt and oil prices sort of (would->*) remain kind of where they are now what would your expectation be ballpark for the benefit that you would get on raw mat from the lower asphalt cost
this improves our access to capital markets and has facilitated a revised bank facility lowering our cost of debt and positioning the group well for the future
i think its hard to quantify that given the amount of volatility weve seen in oil that the second half of the year is still yet to be seen in terms of what we would buy now and when it (will->would) come through our economics but were pretty optimistic
if you have any further questions feel free to contact me directly this concludes todays call thank (you->*)
so as compared to the prior owners expense model we have reduced station operating expenses on these new stations while simultaneously driving brand and revenue growth
at shoals in the quarter could you maybe talk to if a specific car type if there (is->was) a line (change over->changeover) that maybe was part of the problem here or is it just a function of
we have all contributed you have all contributed and hopefully many of you will continue to make your mark going forward agi needs you all to pull with us to create what is truly possible
taking a broader picture and (longer term->longerterm) horizon looking at the competitiveness and also the overall profitability of the company and whether this is something that is sustainable and can be improved over a longer period of time
before we begin keep in mind our discussions will contain predictions expectations and forwardlooking statements actual results in the future may be materially different than those discussed here
yes sanjay so first of all on the abs market the market is open and functioning very well since the start of the new year there have been a number of transactions that have
to be based around the customer so well be organizing the business into based on (the->*) farm and based on commercial and many of you will heard us talk about that theme in the past and this is (a->*)
were carrying a bit less price into 2016 we do have a price action in the market today that weve talked about previously on a prior earnings call i think we feel pretty good about our ability to realize price in the early part of this year
we see nice expansion opportunities in the events business and perhaps most meaningfully as other competitive adsupported media continue to experience meaningful erosion of their audiences and disruption to their business models
some level of comfort that youre going to get some of these issues resolved but i know you said youre looking forward but help us with the framework on having implemented these processes and procedures at other companies
but we are now well beyond the stages of having a facility and having a workforce and putting railcars out the door that meet customer expectations
and it is the case that (weve maintained->we maintain) all of the virtues that got us here including a very good market share a terrific group of people who are (our->a) national sales force a great brand that is
im not sure with our history and our customer base and what we do (it would->*) have been a winning purchase to actually overpay for a company and then try (to->and) monetize it im not sure we could have and so what (weve->we have) done
as several of our international customers are having difficulty converting their local currency to us dollars leading to cash collections being delayed ralph will provide more color in his remarks
just as much because there was no demand out there as it did stop for weather so we had contractors that were being reported back to us (because->that) they just had very weak (backlog->backlogs) at yearend so even if the weather had been favorable they didnt have a lot of work to go get done
in addition to the work still to be completed in shoals my early assessment is that we have tremendous opportunity to take out material cost and better optimize our supply chain
the table shows that weve continued to be successful in being able to run down our cost base in line with our policy runoff this is underpinned by the variable cost nature of our (outsource->outsourced) relationships
as we have discussed with them now that we are a fully operating company now that we have been audited weve moved the number of employees from the original booking center of 35 employees to roughly 1300 today
(*->and) this investment was augmented by a few other things we did (a->*) portfolio rationalization going through all the different activities in our portfolio and either stopped investing in some
after transitioning several distributors in central eastern europe and one in panama to subsidiaries we began shipments in the second half of 2015 into these 2 regions that cover many countries
yes and just some comments about kind of why now i think your question was probably more from the (ahlstrom->allstream) perspective on why now than from our perspective and i think if you look at what (ahlstrom->alstreams) had to say i think theyre refocusing their business
we have the most experienced and highest quality sales team ive ever had the privilege of working with and we have high confidence in their ability to grow and gain market share going forward
this represents 14 operating margins and our 18th consecutive quarter of ebit improvement operating leverage exceeded expectations in the quarter on strong manufacturing productivity
also if we look at the cost base having full production facilities in china alone would have its own benefits in terms of the labor cost and also there is some changes in the overall utilization that we do recognize
i guess as it relates it doesnt seem to be affecting you on originations but when we think about like consolidations away from you guys i mean are you guys seeing anything thats noticeable from a consolidation standpoint
as well as the evolution of insulation volumes and pricing as they progress through the first half of the year so i think well (get->give) better visibility probably as we get into our second quarter earnings call i think were appropriately cautious
we are going to avoid any downgrades because we think an investment grade gives so much stability and additional resilience to this organization (certainly->*) yes
(were->we are) no different than anybody else april was a very difficult month at retail with the shift of easter and everybody (participated and->participating) thats why we had such a good first quarter we had very difficult comp store gains but the strongest
the strength of the group is its ability to continue to find ways to add value to shareholders and policyholders alike and this we will continue to do well into the future
at 11 for the year but were going to go through in more detail of what we did specifically in the second semester to really accelerate our investments towards our strategy so for the year we finished
as in the domestic market our international businesses focus on marketing our lifestyle performance and kids product with traditional media such as airing (our->on) many commercials in their local languages
we continue to compile results in the development of our (neolab->neo lab) liquid biopsy prostate cancer test (an->and) early analysis supports the results of the first 2 studies
are now available in my catalog so when i was talking about the catalog and the power of the catalog so were putting our mft or b2b flows thats where we meet our customers thats what theyre looking to (us->*) security
we also see companies working on technology that can be standardized if they have the ability to effectively deliver the technology into the standards
we continue to see asphalt deflation as a way to improve our margins although we expect our end markets to remain competitive
and that is because of clearly working capital optimization initiatives that we had taken up during the year as well as supported by
test growth on the sort of legacy (core->coord) neo business is pretty phenomenal and youre saying that
we have proven ourselves time and time again and have shown our commitment to our dividend under more difficult circumstances
we have now a capital productivity task force in the company whose focus is to try and improve capital productivity both on
its not unusual in a contract like this to see fluctuations from the estimates that were first provided as part of the tender process and its worth noting that
this is a highly complementary acquisition that will provide new revenue technology talent and access to markets
our first quarter volume growth cost trends and synergy realization all were above our expectations
and expect (that->the) line to begin service in the fourth quarter of 2019 with throughput volumes ramping up over a couple of quarters
expected increases in medicare fish reimbursement were slightly offset by slight medicare decreases in other testing areas
and were finding the opportunity to put our kxl systems and our drugs into those accounts so there are opportunities that are
rich will provide a brief update on the ongoing operations of this contract
so this combination of 3 investments that we are making will help us substantially increase (the->our) cake milling capacity
this regulatory focus will certainly continue in the future and therefore it is essential to (have in->having) place an operational model
and according to the various demands that we have at the appropriate time and at an appropriate level we are going to continue
operational tanks needed we have moved some of those projects and accelerated (it->*) into this year and weve been able to do that
the way the year finished that really the entire roofing shipments and roofing market ran through the finish line and didnt die off in the fourth quarter
almost all of (them->whom) have never been up close to a railcar before is a similarly big undertaking
we would like to thank all of the investors who participated in this offering and those who continue to support us today
we had very strong pipelines at neogenomics and we had a number of customers that were starting
we have high expectations for our smartreach digital business which we hope will grow into a meaningful player in the digital marketing solutions market
and we remain on track to bring aviat to profitability this fiscal year on an adjusted ebitda basis
so we were very pleased that productivity improved even with our focus on service and employee retention
and i am certain more certain than ever that there is a significant opportunity for phoenix to generate further value
looking to the future phoenix is starting from a solid base and is well placed for that future
as well as our valuation so theres nothing that were not going to be looking at per se from a strategic perspective
we expect to fully combine our irvine operations into the aliso viejo facility around the end of the year
and given the already uncertain macro it was interesting for us to test it in such fashion
gotten done particularly in the auto sector and the spreads in that market have not widened
(*->yes) we just want to be clear that its the inventory in the channel and it was combined with that drought in the early stages of the
its also true weve not yet come close to realizing the potential of such a facility
these and other efforts culminated in several critical accomplishments over the past 12 months
first of all much of the political revenue we receive is down ballot either on federal or state or local elections
we have taken steps to offer a full range of products to our customer base to meet either investment needs or longterm income needs
you could actually see barrels back up into the permian basin simply because (*->of) something happened on the coast and were certainly providing
and we are looking at taking several steps to restructure this business and well update you when we meet again for the q4 (result->results)
and we believe that as reimbursement and the consistency (in->and) favorable payment policies continue to be established
on the (arabica->arabika) market we are more medium term we think therell be a price correction upwards
and this demonstrates our confidence in a stable and sustainable dividend well into the future
and that we need to get pricing back to levels that would resemble where we were in the last cycle in order to get profitability back to reinvestment economics
first of all im full of gratitude to everyone who has stepped up to the plate for us and with us over the years
does this change your view as sort of to what the structural profitability of (westeel->westseal) is either a little bit better or a little bit below
as we discussed on our (*->this) investor day in september we are estimating the annual revenue (of these->*) opportunities in the next 5 years
in order to support the growth of our customers we worked our way through some of these agreements at the end of last year and concluded that it was in the best interest
that this can change over the course of the year but the guidance that we have put (up->out) builds what i provided
all this demonstrates cost efficiency and the development of our operating model means that it is also scalable upwards (allowing us->*)
in the first part of the 2015 numbers we would expect to see that in the first part of the 2016 numbers we then have a second effect
but were certainly fairly far along (and->in) laying out our plans and foundation to go after it
as i think everybody knows we dont speculate on potential acquisitions or other activity of the kind
the fact that insulation prices are still so far below where nominal prices were a decade ago is a real problem for our business
customers in the distribution channels that (we have->weve) known and done business with for long periods of time but now have
earnings which is really a normal course kind of event so you would tend to see this year being the year that you have
the answer is obviously well look at all of those but as i said earlier in my comments as we continue to (the->*) delever i think it opens up
and we will increase the development focus on extending the technology differentiation for private networks
a period that has allowed for the growth and development of the team and the positioning of the business
we are also sponsoring several educational courses and are looking forward to a busy and productive meeting
these and other forwardlooking statements involve assumptions risks and uncertainties that could cause actual results to differ materially from those statements
laboratory information systems and the consolidation of our 2 southern california facilities
research centers and others so thats one thing the second thing is that we are highly focused on service
sure michael the project i just talked about is a good example of that and the way i would think about this is
this number of closures is a slight acceleration compared to the rate of 6 closures weve had in the previous years
some availability to some lowcost capacity that is now back inside our supply chain so the next tranche of growth that we see
the team has been busy responding to those inquiries that being said (you know->*) there is still some cloudiness in the market
many states are choosing to manage this important process and maximus has played an integral role for supporting these efforts
but if i think 5 years from now (or->*) 10 years from now compared to where we are today and the unit volume that you would expect its going to be much much much (*->much) higher and thats the bet were making
of what weve been doing anyway so thats your second question (and you->your) first question is i think it was sort of selling versus runoff so most of the assets
because were dealing with all of the key suppliers but what we dont do is we dont have the overhead that goes with it around cutting holding stock
and a lot of its going to be based on the success of these trials so that is (the->a) very good question but we are seeing the momentum again us booking more business
the i would think (some time->sometime) in the middle of this year most of that work will be really well underway and our expectations are
what is the way you think about that when could you market that potentially and where would you look to put the proceeds to work would it be in new ventures
on the litigation front weve made good progress in our efforts to resolve legacy matters we settled several cases in the quarter largely within our provisions
weve created exceptionally easy ways for them to pay and what that enables them to do through the long (interestfree->and dress free) it makes the whole store available to the majority of customers
dave i think you explained that very well so it is not revenue that we have taken in as revenue and booked as revenue
both properties continue to benefit from the on (rev->*) from new revenue management and operational strategies that we put in place when we took over across the last 6 to 9 months
completely shy away from speculating on the size i think i would almost refer people (than->then) really just to go through the
that we were able to keep all those price points so we didnt we were much less affected than many businesses im sure around exchange rates
at the same time given our business mix is relative to many of our competitors in that segment
weve got a great balance sheet strong free cash flows and a good acquisition pipeline as we think about the balance of 2016 and certainly into the future
okay and then to understand the divestitures i know that theyre small but was there a certain growth profile that just didnt make your
which will have a positive (rwa->rw) impact in q3 losses in the quarter (includes->include) specific valuation impacts related to these transactions
that the moves that weve made in our portfolio and our business model are not only headed in the right direction but have succeeded and yet
that went across the general industrial landscape and so it is a little bit of an unusual situation right now where youre seeing performance
we continue to invest in our people as we added depth to our executive ranks and consolidated our brand portfolio under one leader
the revenues benefited from the ipo of red rock resorts we also got approval from the port authority for the sale of the (maher->mahar) terminal during the quarter
the mortgage industry broadly has been adapting for several quarters now to the impact of higher rates and an associated slowdown in home purchases and refinance activity (our->*)
returns on this investment will likely be driven by the servicers ability to efficiently work with delinquent borrowers (an->and) ongoing credit performance of the loans overall
i think particularly in the contemporary fashion side of our business is where i would expect to see the most lift and that has a lot to do with the fact that
our strategy is focused across 3 specific areas first were finding new ways of optimizing our operational performance
our updated guidance also incorporates all of the transactional activity completed to date as well as the anticipated closing of the 2 suburban boston assets
we expect to continue for several quarters to come with our ongoing enhancements to our kyc processes and with expanding our (orders in->audit and) compliance functions
at deutsche bank were undertaking as much restructuring as possible in 2016 despite the burden of lost revenues and added expense in the year
that determines how we think about timing of an exit from postbank in other words that still leaves us
we dont believe that if you take for example the impact of negative interest rates which is probably one of the major macro themes that impact bank revenues
deepened relationships and built out the infrastructure to secure assets that have a high yield and a short duration that are relatively unaffected by large exogenous shocks
and that is how do we make sure that all the way from line planning all the way to supply planning and placing orders in the factories we have a
with an agreement on job cuts that affects approximately (3000->300) staff members and enables us to announce our branch closure program
we hope this trial will lead to the fastest regulatory pathway not only for taiwan but also for the peoples republic of china
results continue to be driven by low interest rates as well as reduced market activity and volumes which most likely will not improve in the short term
including borrower points and gain on sale the latter of which may become increasingly compelling as financing markets for these asset types continue to mature
regular filings are clearly important to achieving returns close to the (allowed->load) level but we also need to be more efficient to offset inflation and keep (costs->cost) down
importantly only former will be relevant for the maximum distributable amount which functions as a restriction trigger point
looking into adjusted costs in more detail on page 7 (youll->you) see 4 main categories with the following movements at constant fx rates
is very good but we do recognize that a lot of our partners are in a situation where theyre trying to manage their inventory and so
to react on the upside and we never want to get caught on the downside and so from our ability to mobilize and execute
theres really 2 benefits the first one is we dont have that whole logistical and lack of (and focus->unfocus) taken away from what we do
as chris mentioned we believe this type of capital deployment will continue to drive our earnings per share with an eye towards higher sustainable dividends for our shareholders
the majority of these funds were allocated towards exterior work and food and beverage enhancements at our (duane->quain) street hotel and the st gregory hotel
our product revenues declined versus a very strong prior year quarter on the back of reduced activity of our clients and continued low interest rates
point to a popular desire for (a->*) renationalization of policymaking pressing for a reversal or at least a lull in the march of globalization
but when we looked at the residential jumbo mortgage market we didnt see an opportunity there as banks were still active and too competitive in that market
(*->a) really (wellorchestrated->well orchestrated) integrated approach to how we do that and while it works we think (there is->theres) a way to really streamline and simplify
which give customers ability to read newspapers (so in->over) the mobile and also the (mobimoney->mobile money) so now we can say that we have a complete portfolio
fund flows in asset management continue to reflect the trend of outflows from money market funds and the general nervousness about the markets in europe
we (continued->continue) to expand our customer base (and->in) sales and im glad to once again share that the results of our efforts are being demonstrated
we need to build the banks profitability and the main task of management remains the control of (costs->cost) for which we do need to continue to invest
offsetting a number of outstanding cases within existing reserves we still are working diligently to settle the major issues that remain
the (electricity->ultracy) system operator will carry out its existing functions as well as take on new responsibilities including the promotion of smart solutions
but i think the one point we can make is were starting to see that we get sort of a better grip on and visibility on what the overall pipeline looks like and (it is->that its) gradually coming down and i think thats
(but->*) theyre a little bit wider (spreads->spread) theyre a little bit less leverage weve been able to get stronger covenants so i think this erosion of covenants and sort of erosion of credit quality is one of the reasons why weve designed our program the way weve designed it
first and foremost that is a great segment of the market thats going to grow double digit for the foreseeable future and is going to have legs for a long time to come and so we like our position in that market we like our were positioned with customers in that market
so its (paperless->payperless) but its actually planning the route so if you called in right now and we needed to get out to see you today we could actually drop that in to the route for the day so we could get out to you very very quickly
of our disciplined hedging and liquidity management both in preserving book value and enabling us to take advantage of buying opportunities during market dislocations we have been strategically growing our portfolio and utilizing a bit more leverage to drive earnings growth and set us up for the future
the position that weve taken is given where it is in the sort of technology development phase the most sensible thing is to make sure that (the->*) storage has got access to as many markets as possible and by doing that its more likely to drive (costs->cost) down quicker
get that expert advice be able to look at all (them colors->len coolers) and all (them->lem) combinations which you cant do online so i think i actually see them in the opposite light anybody who is stimulating home
you protect your margin despite the pricing reduction you had to accept to support your customers but you also want to make sure you maintain your quality and we are the market leader with moody (moody is->moodys) a tremendous franchise in the oil and gas industries and (we->*) want to make sure that
(while->well) there is a continuous increase of this of the volumes going through the ecommerce channel and driven by the ecommerce activities
and we are selling those things that we dont we have decided that its not worth the organic or the inorganic investment to us (if->that) the opportunities are elsewhere and thats really how weve been making those decisions and also keep in mind things that are small
what we saw through the winter was milder weather so the reason it wasnt (called->cooled) upon was that the weather was milder than average we actually did some postevent analysis to see what (wouldve->would have) happened had we had average weather or even cold weather
we continue to believe that the overall reform movement in china including the governments (bold->both) strategies to bring (healthcare->health care) products and services to the entire population address serious public health issues
these products are aligned with the china governments focus on fostering innovation and thus can potentially move more quickly through development and regulatory process and gain more favorable pricing
in 2016 you can expect more of the same from us as we invest in our brands and our infrastructure and our people we are confident in our ability to deliver consistent profitable and sustainable growth
and on the litigation side the resolution of several litigation matters in the quarter was materially covered by existing accruals please note that the numbers for the quarter also include a goodwill impairment for global markets
as diane said earlier were confident in our ability to deliver consistent profitable and sustainable growth through the continued execution of our strategy and we will continue to invest in our brands our infrastructure and our people
acquisitions in markets that youre in that are doing well or do you lean towards being contrarian in markets that are underperforming in the hopes of getting a deal in advance of a turnaround at some point
we never had it in any of our (forecasts->forecast) so its historically (it->*) goes back a number of (*->number of) years we never expected to receive those allowances and ofgem did it outside of the midperiod review and just tidied that up actually in terms of the allowances
in todays conference call i will provide you with an update on key developments for the quarter together with an overview of our business segments including propulsion systems auxiliary products and engineering services
single account they run but (they are->theyre) also responsible for (liaising->liazing) with their colleagues inside of (intertek->intertech) to basically make sure they can get the atic solution they need for their customers inside the group portfolio
and at the same time were (world->well) renowned for our safe and reliable networks and (we are->were) actually transforming the networks at the moment with the new energy thats coming on so to spend tens of billions of pounds of taxpayers money
(*->our portfolio size increased) as our portfolio size increased we also added some credit hedges as you can see on slide 16 jr and larry mentioned that our adjusted net income effectively covered our dividend for the quarter
that situation this year those businesses are very good right now so i think were getting some benefit from it obviously the belief is that that would moderate itself a little bit as we get into april and probably early second quarter when all (of->*) those things kind (of->*)
weve used a variety of technological innovations such as a new type of switchgear and virtual modeling to reduce the total cost of this project by 20 in addition we continue to review opportunities to reduce our environmental impact
and so with the things that we have sold we have sold them principally to people who have (one->1) of 2 things either a different expectation of longterm performance than we have
where we (expressed->express) confidence in our ability to manage the factors under our control and to deal with fourth quarter challenges like weather a promotional holiday season and excess inventory in the marketplace
it looks like youve just changed the description from robust to good in terms of the outlook it feels like global gdp growth is still looking pretty robust so can you just talk about the change (*->change) there
concurrently we are engaged in separate settlement negotiations with (meda->meta) the amount of any final payment to us remains uncertain and as such we have not recognized any gains in our financial statements
and then my second question is on the working capital was there an underlying improvement in each of the divisions or was the improvement mainly driven by mix and i wondered if you could give the outlook for working capital for 17 okay
and they created actually 2 or 3 of those and (they have->theyve) tested which one is going to be the best theyve looked at other areas on the old site so that when they build (the->a) new site it will actually be incorporated into the new site
in essence what was reflected back to us was that the whole positioning of sciclone as a unique chinafocused specialty pharma company was very highly regarded by these (thirdparties->third parties)
shipments of the dt (systems->system) to (ashok leyland->a shook lailen) have commenced and we continue the dialogue at the highest levels of (ashok leyland->ashuk lailan) on furthering our partnership as we continue to work on our expansion into the india ev market
low single digits i think february last year was flat and then it got much better in march when the weather turned and became more cooperative how do we think about the comp cadence for this year for the first quarter
but the benefit also is we take a photograph in your home so we can ensure (whether->that) the van has taken away all the packaging that weve delivered the care kit if youve ordered a care kit as well as the furniture and that it looks great in your room and its in a1 condition
before turning the meeting over to management please be advised that this call contains forwardlooking statements that are based on current expectations
the review did result in some changes to specific outputs but as expected there were no changes to the key financial parameters
the reduction on these projects was partially offset by an increase in nonloadrelated spend to meet (riio->rio) outputs
the key driver of this improvement is the lower level of capital expenditure relating to the new factory project than previously forecast
on the ag side ag prices continue to be depressed we did see a little bit of upside here in the quarter for the first time in quite some time
and there (was->is) no question that as the 4g technology is maturing and we are getting ready for 5g there is a bit of a pause in terms of
we did hold a webinar 2 days ago and i was really proud that we were kind of first to market in that regard with a very comprehensive webinar held in conjunction with
the porters (paint->paints) acquisition we completed during the year is an example of extending our reach in premium designfocused brands
impact per se in terms of our strategy of looking to hold our overall ebit margins its just one of the variables
(*->to) the agriculture market and so on but were just not seeing a lot of interest from that side of it
as we believe that commenting on price in isolation does not provide a complete picture of the outcome of the formulary negotiations
the good news for us is because of the size of our company and the amount that we spend on media
also meritor specifically announced uqm as one of their 2 strategic partners in this product line
form a strong foundation for a longterm partnership and we expect to pursue additional transactions with our new partners across the coming years
increase the number of items that we prepare we may be looking to shift them
and these (acquisitions->acquisition) are important because they are strengthening our portfolio by providing us access to the right end markets with
and just secondly on the remaining stake in cadent what is
tasks that are quite common across all plans like the creation of member handbooks and notices and so forth that could be
so this will be the first big year in terms of percent of the chain being renovated and
gaining required certifications new product developments future orders to be received from our customers
this investment has a positive npv and strong financial payback driven by the cost savings associated with having a single site
and another key win in (the->this) sector was our recently announced contract with ballard power systems
this will primarily be driven by the construction of an active pharmaceutical ingredient production facility in clayton north carolina
and our conclusion that that would be banking a lot on the fourth quarter where we just dont have visibility yet
and its a mixture of that type of thing so thats the source of that context when you hear
we (realized->realize) this is a significant request so (we->weve) provided 2 additional years of data to facilitate a multiyear settlement
but it is gratifying to see that some of the initiatives we are doing are working and obviously
from brands that you could say were demand brands that had a lot of excess inventory that then created more pressure
firstly the outlook for both the existing home and new housing market segments in australia and new zealand is to remain relatively (bland->buoyant)
but we believe we can still talk to this via our medical (liaisons->liaisance) based on
this increase is primarily driven by the increase in the number of corporate restaurants including the addition of sthubert and original joes
as a ceo what you need to do is be very clear about the directions were going be very clear about how you measure performance and ask the right questions
business and we have more to do to take cost and scale and quality out of this
additionally we divested 2 nonstrategic product lines in the quarter and we did a third here in the first part of october
we certainly see an opportunity to leverage not only the commissary itself but the learnings that holiday has in terms of
im wondering what type of a time frame that any of these or all of these different initiatives
(services->service) revenue grew by 11 from last year with higher sales of both consulting and contracted services
and with that services that they can now provide theyre able to bring
from the traditional diesel to electric and its our understanding and plan that theyll all be with our systems as well
in that space if i come back to the year just (gone->on) the fact that that existing home market
so its a multitude of things in that regard and then i suppose a bit like we did with the (alesco->aleesco) acquisition
in many instances wireless even though some wireless standards need to be upgraded as we have learned over the last couple of weeks
so weve had robust business growth last year we now have a larger business volume and we expect the continuation of
(*->because) if you look at a company like (*->a) peterbilt or others that are in the traditional vehicle market they dont have that electrification experience
while some retailers were more promotional during the quarter we actually reduced the rate of some of our promotions
we just need to find a regulatory (*->and) legal solution that works for everybody so weve taken the prudent decision to just expense the spend that weve had to date
this was slightly down on the prior year with increased spend to meet the required network output measures
split between voice and data is more of an accounting allocation issue than a real trend
and with that im happy to hand it back to (arti->aste) to talk a little bit more about our ongoing initiatives and expectations for (*->the)
click on investors then on earnings webcast this concludes todays conference (call->*)
we also structured the rate cases to reduce the bill impact (*->whilst) allowing us to make the necessary investments in the networks
from a macro market perspective we are seeing in general and this is in general
this structure and the relative profitability is not unusual in many sectors including decorative paint
for you to consolidate some of the mines in that basin in the case that it may be oversupplied to your earlier points
solve themselves for us so other than that we really didnt see a lot of impact in any other piece of the business
potentially its a more complicated business plan (that->than) it is but when we took a look at this and the way we assessed it
to sit down and discuss what are the other options because a lot of the capital that was going to come in was going to be for us to
to do some of that activity in other segments yes jim so the bulk of it the bulk of it is from the acquisitions but there are a few other areas
so turning to our financial highlights for last year im pleased to report strong performance
that are going on in that space in terms of what were aiming to do if you think about it
so it just happened that a lot of them happened in the quarter and in terms of new store openings
sitting here watching and listening to the good news and the potential and all (*->the) rest of it can you give us some
and separately i should add that given the different nature of the property business it will remain within other activities
put simply this is growing and extending the base whilst our focus on marketing and innovation
productivity is our central focus rather than adding sheer (numbers->number) so i would expect i dont have an expectation and we dont have an expectation that that number will shoot north dramatically at any time in the near future
there are a couple of (chemotherapeutic->chemotherapy) drugs that are in common usage in animals that they have developed and were in the process of getting them approved our spanish company
looking forward to the evolution of that i think from the standpoint of market liquidity it will help liquidity after there is an initial
due to the high demand for our beacon software we have recently encountered a bottleneck in developing the necessary interfaces between beacon and the billing systems used by both current and potential customers
on china routes capturing greater inbound demand among individual travelers pushed the third quarter load factor up by 10 points compared to the previous year
in this quarter annaly was once again one of the only mortgage reits to earn its declared dividend with normalized core earnings while keeping book value basically flat to date
turning to slide 5 let me now take a few minutes to talk a little bit more about mbs as one of the largest used book wholesalers and largest
and so we are working with that provider to try and get that provider to map their billing system to beacon but that provider doesnt have a lot of resources to work with us
got it thats helpful and then also could you guys just comment i mean not to lose sight on the stuff youre doing on the digital front i believe (youve->you)
we continue to see the students purchasing their textbooks later in the semester thus extending the rush sales period past the end of the quarter and into february
our team has been working hard to respond to the outstanding inspectional observations while also making improvements in our manufacturing process and our quality oversight (it->*)
before we begin i would remind you that the statements we will make on todays call are covered by our safe harbor disclaimer contained in our press release presentation and public documents
we view this as directionally positive for transmission owners as the new methodology uses more (inputs->input) which is expected to result in a broader zone of reasonableness (this->*)
the updated version of our current strategy focuses on investments in safety and human resources to solidify our management platform to support further growth
for our group lccs vanilla air and peach aviation (well->will) focus operations on narita and kansai while also expanding business from other regional airports
before i turn over to barry for the review of the financials i want to reiterate the many benefits for each one of our key stakeholders for our campus partners
we are confident that our business fundamentals will remain intact in the short and midterm regardless of any outcome of these (big exogenous->exogeneous) factors
yet has the added benefit of diversification these returns are outsized relative to the absolute level of global yield alternatives and we believe helps explain the strong performance of our stock
just keep it put it in the back office leave it in place and we (could->can) add value around it and come to us for more advanced technologies as you go along your journey
and as you could appreciate we couldnt hire fast enough to get additional resources to do this so we also had to onboard contractors and partners to help us in this journey and we did that
is there something structural thats changing or (are->*) we just seeing were we just in a period where correlations for assets that might not necessarily be correlated approached one
normally our normal backlog on something like this is about 50 now 50 even sounds (*->like) a lot (for a->more) normal run rate but you have to understand theres a lot of customers who
there is a clear and present opportunity to attract the growing investor flows rotating into yield sectors today sectors which are more highly valued than the mortgage reit industry
to build on these results and pursue continued sustainable growth we outlined our management direction for fiscal 2020 and beyond through a new corporate strategy
most importantly we maintain our strong confidence in our ability to grow free cash flow and continue to support a high payout ratio over free cash flow for the dividend
as we go through the remainder of the year (lower than anticipated->lowerthananticipated) net revenue growth could be offset by a bundle of shortterm cost measures
we aggressively marketed (to->through) mobile (emails->email) and social to our engaged digital community of over 7 million customers
we are (custom->accustomed) to at ppl these achievements across our utilities reflect our ongoing commitment to operational excellence and our strategy for growth and success
and have been actively implementing a detailed integration project plan which spans each of the various functional areas that will need to be addressed and were off to a very good start on that
you can say that were at a crossroads were building an organization that is more agile delivering greater value to our customers through frontloaded solutions fast lead times and disciplined market
so move on moving on to credit quality im glad to report that we have made important progress to resolve 2 of the problematic loans we had in our portfolio
this was largely due to the rapid acceptance of abbvies (*->new) hepatitis c therapy which works across multiple genes and does not require the same level of testing as previous therapies
(well->will) target strong japanese leisure and inbound demand and contribute to regional vitalization the image on the right reflects our domestic services
in total from what i had seen written and this (is->was) over a year ago so i dont know how the market may be progressing in canada but
with respect to the dol fiduciary rule we have completed the evaluation of our business model and are implementing changes as needed in order to comply with the new regulations
(*->challenge) and (who->we) are now gearing up to the same thing again for the next chapter of our journey our digital transformation over the next 4 years
this complementary acquisition provides us with the opportunity to accelerate our strategy and after much study of the opportunities available to us
for pilot development we are also evaluating a longterm framework beyond our group to address a pilot shortage facing the airline industry in japan
i dont think im going out (on->at) a limb to say that valuations are typically tied to market performance and supply
the second point is to select and concentrate on existing businesses and create new business domains we will also pursue growth in nonair businesses
(we have->weve) also thoroughly examined a variety of strategic acquisitions and other opportunities in order to expand our offering and enhance our platform (to grow->for growth)
to simplify id suggest there are (a->*) few interrelated market themes which have impacted valuations all of which have become more visible to the market recently
i think we are set up to do a lot of different things which has been our goal we spent a lot of money to do this and havent charged the shareholders to do it
but remember that in the first instance the screening will likely manifest itself most in what already is a new program so
in 2016 compared to 2015 this is encouraging and (*->it) speaks to our ability to meet the needs and wants of consumers with innovative design and high construction standards in locations where customers want to live
the fourth quarter was one of sustained momentum for redwood across our business lines despite the marketwide volatility we saw towards (the->*) yearend we took advantage of attractive prices adding several line items to the portfolio at compelling levels
this increase was due primarily to higher investment in technology and product development including our nextgeneration (liquidcooled->liquid cooled) stack technology as well as (the->*) increased investments related to our commercial efforts in china
so can you give us a your thoughts on being able to structure some sort of longerterm financing and refinance the debt with either your current bank or another bank
the increase was driven by higher loan volumes mainly in our auto business in puerto rico as well as higher volumes and rates on investments partially offset by higher volumes and cost of interestbearing deposits
we have discussed previously our efforts to utilize a significant amount of net operating losses or nols held by syncora as we see positive events for the company on the horizon that will reduce our overall risk
potential contracts and why i think 17 could be a lift (and->in) the range and all that stuff because if you guys have internal models showing that which (*->you) im sure you do then youre transacting on data
if someone else wants to pay more (*->then) thats fine it doesnt really have anything to do with what we ought to be willing to do nor do i think that (sort of->*) the decline in
these inflows will undoubtedly have a stimulative impact on the economy however the effect will be tempered somewhat by the government austerity measures imposed by the revised fiscal plan
we continue to gain momentum and awareness within the pharma and biotech industry regarding the potential for our c1 gene expression platform to potentially disrupt the status quo and helping to speed up the development
so the deeper credit its an issue of price and being able to lever that up in a safe manner and then the issue of msrs and other business models actual operating businesses weve always had the view that we need to
so it will give us time to reallocate capital to reduce our debt in the (*->next) near term and thats one of the main initiatives the second one is if there are any opportunities from a portfolio perspective
i think the other thing we look at of course is the strength of the credit card programs we know already based on the negotiations weve done with chase and amex that they are as excited as we are about the power of this platform
to reduce or avoid the repayment of the amounts owed to creditors like syncora theres also been a discussion of the flight of human capital from the island that could negatively affect the economic recovery of puerto rico
i am extremely proud of our employees thanks to their efforts we overcame the challenges raised by the hurricanes to achieve strong financial results and accomplish important milestones
(seeing->see) many of the folks who started in this business started with a business model which fundamentally did not comply with law in most in many i should say cities and states and countries
absolutely entirely essentially entirely from rate which does help us to the extent of trying to hold on to as much margin as we can however we have typically thought about needing about 3 revpar growth to hold on to margin
returns available in other real estate classes and maybe to some extent in other investment opportunities and when youre looking at the (selectservice->select service) brands particularly theres less volatility in those the performance of those hotels
due to the reduced returns weve not chosen to invest marginal capital in this sector and we will continue to either allow the portfolio to run off or reallocate our capital to other (agency backed->agencybacked) mortgage sectors
that (the->*) contract manufacturing data is going to add much is there much growth potential with either of those to make up the difference until some big orders flow in
while the potential array of outcomes remains quite broad we believe a platform like ours with core strengths (and->in) structuring pricing and syndicating mortgage credit risk stands (at a->to) benefit in a market that welcomes more competition
in the last few weeks during industry conferences and (the->in) meetings with various pharma biotech and government agencies we are encouraged by their response to the data that (were->we are) sharing with them
the heavy trucking application represents a significant addressable market for fuel cells and we believe the fuel cell value proposition will resonate with customers in this segment as we move forward
approximately 75 of this increase in site level operating expenses was due to newly acquired sites for which operating expenses are fully loaded into our results very soon after acquisition
this change will not have a material impact on marriott internationals results but the commission change should make a meaningful difference to hotel owners particularly those where group business is a significant share of their overall occupancy
although we continue to face some economic headwinds and believe foreign currency will continue to be volatile we are excited about our prospects and we remain confident in our ability to deliver on the year
yes i mean it really gets down to making sure that as we convert inventory to receivables getting that collected by (year end->yearend) so its really a timing issue of (*->how)
we havent yet merged those loyalty programs and were just completing the merging of the sales and revenue management teams and those are the kinds of things that are most likely to drive the share of wallet
fairly full impact after we get the noise of the integration out of the way and i expect that to be largely complete in the second quarter
and we have a very nice technical acumen in that area and thats where some of our growth is coming from as well so those are the 3 areas that we like weve positioned ourselves as the goto for those (type->types) of applications
and those are just examples and if we can deliver on those examples theres a dozen more products that can come out of the pipeline either on our own or in conjunction with partners and more likely than not (it will->itll) be in conjunction with partners
the soft energy sector negatively impacted operating results (of->at) certain of our travel centers which in addition to the volume impacts i just mentioned saw their aggregate (site level->sitelevel) contribution excluding fuel margin
as i discussed on last quarters earnings call as a result of our decision to sell american roads we now meet the criteria to classify the american roads entity as held for sale on the consolidated balance sheets
the dilemma i would have if i was a director (at->of) your company would be i would want to make sure that any of those that the street understands what potential could happen or not
next 2 new (frit->frip) production lines (in->at) al salomi in egypt were brought up to operational levels during the quarter which will increase our capacity to meet increased demand in egypt and turkey
dont you think that you should benefit in the last part of the year from sort of easy comparison (*->versus)
thank you tom and good morning everyone i will walk you through our financial performance for the second quarter before turning the call back over to tom for his closing remarks
in procurement and through productivity (as->is) really what we do internally to offset inflation whether it be raw materials or labor
and our ongoing transformation of ucp into a consistently profitable company delivering improving returns on equity for our shareholders
right and indonesia is the classic model for what this model can do in a downturn where you can control working capital still get a return still (creates->create) value
a wider spread and a global risk environment that doesnt give the impression that there could be a credit
we are energized and determined to make good use of this positive momentum to continue delivering solid results and to drive shareholder value
at the next step (oems->wems) try to reduce complexity wherever possible in their products and in their organization as an example
in the second quarter based on our demand profile and we feel pretty optimistic that that trend will continue on an upward tick through the balance of the year
what (*->it) ends up happening is that there are bonds that are going to hit the market and there arent enough investors to take up that incremental supply
in particular i want to provide you with a meaningful update on the progress we have made with respect to our efforts around a large reinsurance transaction
what weve identified is whats going to be needed (and->in) what and how long its going to take for us to get to the street with those products
be shipped convert to ar and then from ar to cash so getting that through both stages by (year end->yearend) is the question and that depends on
and continued progress in our internal and external research projects will go a long way continuing to further increase shareholder value
opportunities and is it even realistic to assume that those opportunities will exist in a much more robust way for mortgage reits again in the near future
nearly all are below the national average in terms of supply and 5 of our 8 markets have less than 3 months supply
we think we have the right contacts we think we have the right engineering plan and the right products plan but were not there yet
and having the flexibility to strategically deploy capital is also important we manage our business looking out past the horizon of the next 2 quarters
into 2017 we plan to continue with our current objectives of momentum to grow revenue and discipline to prudently manage costs
the market cap relative to the liquidation of the business versus the ability to actually generate profits that will
we had a tale of 2 segments with the west accounting for the entirety of this improvement while we continue to strengthen our position in the southeast
which was primarily associated with foreign currency charges the majority of which was associated with the devaluation (of->and)
so far the highlights of the reporting period let us now go into the (details->detail) revenue
so where it comes from is that were in the process of working with these large customers for their next
yet insiders are putting in transaction putting in money so you dont know whats going on you have no idea and so some sort of clarity to bridge that gap
we dont think we can cut (ourself->ourselves) out of this situation we have to increase sales to get ourselves out of (this->the) situation primarily
and that is where the market is i mean you dont really see too many people messing around with that type of (colored->color) glass you may see
whats exciting for us are a couple of areas one (and->*) i cant be real specific because of the applications but ill give you a flavor
at the moment i think that the most likely impact that i can see that may happen
at the customer that is either already being met with competitor products or is it something that is not already met yet
as many people in the organization as you can possibly satisfy and you keep them satisfied every day that you can keep them satisfied so you have to
our q2 free cash flow was below our target as working capital builds pushed our total working capital to 28 of sales
with our other coatings business but then were going to move up the value chain with those pigments to create additional differentiation both on
as a result our balance sheet continues to demonstrate strength and flexibility to support the repayment of our obligations and our growth initiatives
okay and in terms of a time line so youll be looking and working with their engineers
to give you a detailed road map of how were going to accomplish that i dont think is in the best interest of the company and the competitive environment that were in
we caution that these forwardlooking statements are not a guarantee of future events and that actual events may differ materially from those in these statements
like thats (the->*) appropriate place for us to be and (*->were) of course were always contemplating whether we need to do more in the way of cuts
the applications (in->and) market segments that were truly what we would define as being glass coatingrelated
to show that were starting to differentiate ourselves from the other producers you have producers most of our competitors as you know are privately held
stay on this day after day after day with each person thats a potential (no vote->novote) and there are lots of them so
at this time i would like to inform you that certain commentary made in this conference call may be considered forwardlooking (statement->statements)
in our progress and our management believes our scientific and business development accomplishments to this date support continuing on this journey
so thats the essence of what weve been able to transform that business and thats what youre going to see more of moving forward
so you should think of it now (*->is) that we have a little bit more discipline in this business in terms of value pricing instead of competitive pricing
and im thinking that by 2017 that will be cleared up and they will be trying to compete with their competitors
and that was the reason i knew about this conference call he was one of them was unavailable to
however the time to complete the project has taken longer than anticipated again extending the forecasted cash flows of the project
so in other words its not in any way related to not having what the market wants its just the overall slowdown
a bit later in the call i will highlight some of the scientific progress we made in further developing our c1 gene expression platform
which can be used to meet our nearterm maturities we are confident in our ability to satisfy our upcoming maturities maintain a strong capital position
our third and revised aim is to strive for operational excellence in all facets of our business to further improve profitability and returns
so its pretty wide and diverse and those discussions are going on on a variety of different fronts with small to large companies
so its this is a case where the initiative is to make sure that the execution stays right on the track that were on that the quality of the result is maintained
continuing to build our loyalty program helps us improve our per customer profitability and positively impacts key areas of our business such as preowned and collectibles
we do very much looking forward to welcome you all in bulgaria and you will get the (invitation with the->*) possibility to register yourself
in line with the sector we have seen an increase in the npl formation in the second quarter the increase was mainly due to the 2 big ticket commercial files
each production plot clearly depicts that after being placed on jet pump during the quarter the wells are outperforming the companys prior expectations which were set by the initial production trends
at dreamforce but at the end of the day where we see the world going is we have were providing to our customers the ability for them to have that unique customer experience
due primarily to the timing of recognition of inventory gains and lower spreads in the butane lending business ngl transportation volumes on our (whollyowned->wholly owned) and joint venture pipelines
the switch hardware performance along with (the->a) solid attach rate of accessories and software driven by our knowledgeable store associates resulted in one of the strongest hardware launches of all time
as (weve->we) shared (in->at) investor day we expect to continue to keep pace with industry digital growth and expect full game downloads to eventually settle in at the 25 to (30->3) range
just at the high level thats very strong in the quarter in terms of business operating profit are there any special drivers behind that and where would you say
with the absence of activity over significant periods of time south texas mineral owners are starting to enforce continuous drilling clauses in their leases
what do you think or when do you think we might begin to see some traction in the foreign supplier verification program (hows today->how do they) sound
we lose part of the (isdn->icn) lines due to rationalization yet we are migrating the remaining (isdn->icn) customers to kpn one and we are witnessing 2 clear benefits
this will be a key driver for kpns future performance alongside quality improvements we see numerous revenue opportunities and further potential to lower spend
in terms of information (will->well) be very well prepared there as well so i would be very grateful if we would be able to welcome you there in (pirdop->period of) it will be an experience not to be missed
looking at each of the traps scanning the number which trap number 1173 and then if there is a creature in it he has to remove the creature and take a (mugshot->mung shot) of the creature
as the worlds largest video game retailer we expect to take full advantage of this exciting new product by working diligently to deliver as many units as possible to our customers all year long
were going to have faster top line growth than last years 20 and i think its fair to say by anybodys standard when you see it you will consider it to be very much faster
as you can see on slide 10 we continue to outpace physical software growth on the new platforms and are seeing less of a decline in preowned than we are in the (previousgen->previous gen) physical software
physical media is a good thing right as far as the historical guys anybody have any thoughts on that i dont remember anything distinctly different between the economics of preowned
i want to take a minute to lay out some category data that may help quantify the potential impact (that->*) these new innovations may have on the physical console gaming category in the near future
while much of the growth comes from new gaming and entertainment ip approximately 60 of the revenue annually comes from ip that has been relevant for more than 30 years
(*->and) see if they lets go ahead and give them the physical game before the midnight launch and then well turn on the servers because its become less about picking up the game at midnight its become more about when do the servers come on
its not an entire impact when it moves youll get some of the buyers that would have bought red dead buying call of duty or some of the other games destiny some of the other things that come out
when the business case is positive and as we will see an increase in new build houses in the netherlands going forward we will see an increase
and as you noticed our expenses declined in the last fiscal year fiscal 16 compared to prior years and thats largely because that infrastructural stuff that we did all of that investment
thank you all for participating and your interest in park city group (*->please) our numbers are in the bottom of the press release please feel free to contact any of us if you have any additional questions thank you
we continue to expect earnings in this segment to pick up once the remaining sections of rover (are->*) in service and (we are->were) able to efficiently provide (end user->enduser) customers with marcellus and utica gas
while this facility cannot be used for other purposes it allows us to maintain flexibility with excess cash on hand and cash generated from operations to fund strategic investments and capital returns
we see some changes in the market as well for premiums for not so clean concentrate depending on what impurities we are dealing (*->and) so we are trying (*->at) the whole time to optimize
and i think its showing up in the numbers the growth (rates->rate) will continue to go up for us and again the constraint (*->will) is now has been and always will be
as (the->a) global leader in video games we are focused on having the greatest selection of titles and expanding the breadth of available software by working with our publishing partners to bring even more titles to market
we feel like we are ahead of the curve in terms of bringing the right exclusive products at the right time and leveraging powerup rewards to message the right opportunity to each member
as the quarters proceed yes we think it is important to a hub to do a press release so his suppliers
the rapidly changing regulatory landscape and the rapidly changing expectation of consumers is really strengthening our position with our customers right now because its so challenging for any company to navigate and
the effect for the society and for the company but then i think there is an effect for the company that is much more important than the saving as such and that is we expect
good afternoon and welcome to the gamestop earnings call i want to thank our worldwide team for another great effort in the first quarter in delivering outstanding customer service
we continue to see that our companywide simplification program is delivering higher quality of service for our customers while at the same time improving our margins
we are very very encouraged by the net neutrality position of the european government (and->*) european commission what theyve approved recently to us is a very balanced healthy approach
and so the engineering work is proceeding rapidly probably were more than halfway done with that as a view and over the course of the next couple of months
we continue to see volumes fill up on our processing plants in the permian basin and expect it to announce future processing expansions to support volume growth from our committed shippers
i think weve got a very clear strategic intent which is really at a headline level
(*->and) before we go into the details of the business units let me give you an overview on the performance
clearly it would be more appealing when its accretive but at the same time managing to more of a constant outstanding
and so one of the things (that->*) i think is important that people appreciate is as were going into a new year
we are honored to be a part of the exciting philadelphia research community and we look forward to fostering collaboration
in closing im very pleased with the financial results driven by our execution for the second quarter
so were making this change first and foremost to simplify our tax structure to expand our eligible investor universe
i do want to spend a moment reviewing the procedural steps and time line related to us making a corporate tax (election->selection)
whereas most markets have an equal number of diagnosed untreated patients as patients who are diagnosed and treated
words of expression reflecting optimism satisfaction with current prospects as well as words such as believe intend
second question would be whether you could comment on the impact of supply chain disruptions
our ability one for it to be attractive to certain sellers especially by the tax nature of it
this underscores the importance of the initiative we have underway to transform our frontend patient and physician experience
all told it was a strong quarter and i believe it is a testament to our diverse product offering and recurring revenue base
there are a few key observations that (influence->influenced) our decision to pursue a broader modular strategy
to maximize their netbacks in other words our projects provide real value to producers
a great combination and we would suggest compelling investment proposition by any measure
so while theres a part of our income that was previously (flowthrough->flow through) and clearly the
i would conclude our standard presentation with this
can you imagine to transport a container for the cost of a taxi (ride->right) its absolutely unrealistic
first by definition to receive a breakthrough therapy designation there must be preliminary clinical evidence
most of this interaction tends to be the source of confusion and (dissatisfaction->satisfaction) for the patient
these record results are inclusive of some isolated challenges we encountered with (on time->ontime) express
so (thats where the->that sort of) optionality clearly exists when you get in the outer years of this plan assuming we execute and deliver
(our solutions->solution scaling) takes into account the new rate levels in the market and the tight capacity
as another example we continue to see a compelling opportunity in the insurance sector for customized solutions
and then equally at the midpoint of our prior communications again i would stress on a contracted basis not assuming
the decrease in revenue in petroleum additives in the quarterly comparison was mainly driven by lower volumes and price
what type of capabilities would make more sense to buy rather than build and how far along you are with identifying (the->those) targets
when were working through an endtoend offering that has full control or has partial control
with slightly increased quoting activity orders in the energy group are good for products targeted at infrastructure customers
and we had a cost (miss estimate->misestimate) really mainly by our guys (in->and) what we thought it would cost
and this has been driven by the core difference between cash distributions and dividends that mike mcferran will explain in a minute
but to have your accountants process all that for you and file extensions to do your personal tax returns
above consumer inflation annually which again has been very well received by payers
more broadly the balance of the platform continues to deliver solid results
turning now to our renewable fuel business we continue to see increased interest and demand for our renewable fuel offering
individuals will have liquidity events down the road as opposed to near term so if they come to us with
weve also done some price adjustments for what we saw coming so the combination of those things i think
as well as our strength in patient advocacy our corporate citizenship and our other support services
partially offset by a 7 basis points decrease in the average base management fee percentage
im going to keep my remarks focused on the most important takeaways from what we feel was a strong first quarter
and we expect that to have all of our late process development for gene therapy manufacturing
these were partially offset by a decrease in other revenues which is principally lower mineral rights royalty revenue
and in close collaboration with dr wilsons team to advance these programs as quickly as possible
more to the broader topic of integration weve done quite a bit of work
one of the things thats given us conviction on this modular offering as we think about competing
we expect to conclude deployment activities at the indiana and florida abms by early 2018 (the->and)
as well as proof of concept for our fabry and pompe gene therapy programs
devastating disease and a disease that only really (manifest->manifests) in children because no one ever lives into (adulthood->adult food)
and also can you update us on any modifications weve seen here in corporate governance (i->they) may have missed that point
when you look at 2018 youre looking at the absence of conexpo youre looking at the absence of this accounting issue
a strong increase and ongoing increase in consumer demand for sure has its effect on airfreight
for the full year we are on track to generate positive adjusted ebitda at the high end of our guidance range
total work number records are now approaching 90 million and i think as you know from your experience with the company
and profitable growth which leads me then to the rationale for the change in our corporate tax status (election->selection)
based on our core value that our medicines must be fairly priced and broadly accessible
and capture the market opportunity ahead of us we look forward to updating you on our progress in the future
that decision is generally easier and not as complicated to navigate so i think
metrics will continue to improve and were dampened a little bit by some of the things going on with on time
consequently we feel were in a good position to meaningfully ramp up our commercial efforts
is in the process of being migrated to a virtual private cloud environment utilizing cloud data services
have known our organic growth has been relatively anemic weve been trying to bring some focus to that
that we contracted and were in the process of deploying that as we commented on and that helps us
wed like to remind you that all or some of the statements made on this conference call will be (forward looking->forwardlooking)
in 2016 for the year our international sales increased in each of our groups
let me come to another very successful business unit
i just wanted to ask how you would describe that pipeline in those terms today
we also expect this year to complete enrollment in the pivotal study which were calling the propel study
we believe that the potential for achieving this range significantly exceeds any downside (risks->risk)
including various financial assistance mechanisms for qualifying (persons->person) to help ensure
revenue from the expanded business in wisconsin should start to flow through in the fourth quarter
our forwardlooking statements should not be regarded as representation by us that any of our plans will be achieved
our loan officers are doing a great job in a very competitive environment without sacrificing our credit discipline
sj will review business highlights and provide color on the operating environment (silvia->sylvia) will then review the companys key financial results
the multipledose portion of the study is a little more complicated because we have cohorts that are open to all comers
last quarter i shared our vision with you which includes being our customers most collaborative and innovative partner
you saw some increased promotional activity that is much more reflective of timing at a few of our bigger customers
we remain committed to using the proceeds to eliminate our total debt once the transaction is completed
so overall the hydration portfolio is strong and our goal is to make sure as a repertoire category
then at the end of may we completed enrollment and dosing of the entire sad portion of the study in healthy volunteers
delivering higher resolution at extremely fast acquisition speeds for demanding vision applications
good weather and additional local vacation days during the summer period
and my last question is related to the strategic review which i understand can only take place after
i think the (enel gp->ngp) definition of challenging was in front of an acceleration that we have
some of the milestones that we have to achieve between now and fid are really starting to come into view
our third priority is driving enhanced competitiveness and growth through cost reduction and innovation
which (was->is) driven by the consistent high quality of loan portfolio and by the moderate loan growth in the second quarter
attractive global feedstock availability and margins are driving resurgence in the middle east and europe
entry criteria which opens up another sizable portion of the population of hae patients
and then well replace our tractors when theyre 5 years old and purchase tractors to support our growth in key markets where it makes sense
it was classified as a serious adverse event and was successfully treated as a result and as expected
were going to accelerate capital investments to add manufacturing capacity and make our operations more efficient
data from other countries and our own experience indicate social investments reduce health care (costs->cost)
and we are hopeful that we will resolve a meaningful amount of these change orders and claims by the end of the year
our capital ratios remain well in excess of both regulatory measures and internal policy levels
we see more opportunity and potential in the decade ahead than even the one we have just completed
and we will look different again 5 years from now as we continue to evolve at an accelerated pace
but when you have the consumer shifting to smaller brands but (doesnt->does it) stick with the smaller brands and comes back to the big brands
to some extent and maybe to a great extent the new market tax credit award that is scheduled to roll off
and (i->id) just like to know if you could talk about that a little bit more if you really are seeing that trend
(*->the) requirements to follow the primary endpoint of the study the second is to make sure that they are actually having attacks
by (revealing->reviewing) the areas that need improvement we know where to focus and take action which is exactly what we are doing
and well set that cash aside to be used for that particular job and thats really the way it should be done
so again (we are->*) very happy and as you know this is the first year still relatively small in terms of our overall
it also provides sophisticated yet simple and distinctive information about quality
negotiation up and running which was very very noisy and much louder than the one you currently do see in the netherlands
and some of them are punitive and we build that into our rates upfront
there are many other examples of how we are employing these competencies enterprisewide for the people we are privileged to serve
if you guys are able to maintain or if rates do maintain (the->their) current levels how do you guys think about using that incremental free cash flow
(and->in) all and i think well have a much more stabilized contract capital position as we get to kind of
specifically related to the accelerated amortization of capitalized debt issuance (costs->cost)
you need to make sure that youre using it effectively and i think that we are (*->were) going down that path properly
in discussions with the fda and (well->will) very soon be able to finalize
your philosophy around stability of benefits and how you think
the shop is located on an island in the middle of the (neches->nechest) river which rose about 20 feet above normal
we were satisfied with our average cost of funds of 96 basis points for the second quarter
additionally our favorable credit quality continued with low chargeoffs and problem loans
the conference has now concluded thank you for attending todays presentation you may now disconnect
we brought on a capital planning manager to build out our dfast capabilities
how long it will take but we are trying our best to expedite and
were pleased to report strong growth and performance across our businesses on behalf of those we serve
for the same period in 2015 the decrease in net loss per share in the most recent quarter
as you all know the entire global economy appears to be slowing more specifically to us
i think internationally when we find a very good bottler and we believe that they can run the business better than us
so all the tax credits that we have now are going to be applied in the future and youre just talking about prospective loss of tax credit
we have always believed existed for the five below concept (were->we are) on track to deliver
that was again the majority of that we had some other slight leverage in some of the fixed cost components
one step in part of a broader effort by optumrx and unitedhealthcare to continue to
(to->*) ramp through the first half of the year is it pretty steady through the first half of the year more
and so as you know regulators are conservative people they like to stick to the guidance
obviously we have a very large customer in that space and we have other large customers as well that have the potential
the return on (investments->investment) for areas a and b is definitely in the high
and making sure weve got the infrastructure systems and people processes to support that
and many patients may require periodic retreatment as deposits come back
may differ materially from those projected due to the impact of these factors and others beyond its control
reinforces our belief that we can be a powerful partner in rnai in addition we believe that our continued progress
and we enjoy payback periods on our new store investment of under 1 year
but the team believes that our throughput capabilities are much stronger than they were a year ago
change to be discussed and we dont have a plan to retire massively
and net commodity inflation to contribute to relatively better performance in the second half
and id like to remind that we have 50 of our land that we need to develop
thanks karen and good morning to everyone (i would->id) like to share some highlights from the second quarter
i think the outlook today continues to be like that we have (a->*) extremely strong pipeline of projects
and soon we will offer consumers highly advanced simplified individual health records
which provide for the full abatement of (country->county) property taxes for each phases first 10 years of operations
the russian beer market has benefited from the world cup and exceptional weather over this period
while each of these individual contracts is small together they comprise a nice portfolio of strategic contracts built of our core business demonstrating our (land and expand->landandexpand) strategy
for those of you less familiar with (avedro->avidro) we are pioneering treatment options for patients with corneal disease and those seeking to improve their eyesight with a noninvasive (visioncorrection->vision correction) procedure
a key phase in any acquisition process for us but we have a very experienced management team and leaders ready and ready to make this happen job offers and acceptances have been finalized and work streams in each of the main
can you give a little bit more color around what is different heading into 2019 of course we have the j code but just a little more color about what gives you the confidence (and->in) the acceleration
in our capital deployment plans the management team remains focused on the most prudent and sensible uses of cash in support of our longerterm strategic growth plans
the startups are an important component of our organic growth this year i think that as you go forward and you look into future years i think you would see a better operating income margin than you see this year because of those startups
such as document processing data collection and analysis and customer support centers can help states meet the administrative and managed care oversight responsibilities which are also included in the new rules
and in this case contract year 1 which ended on february 29 these modifications included changes to certain performance benchmarks specified in the contract
none of the participants or vendors in the work (programme->program) really ever achieved the funding levels that had been previously envisioned due to those decreased caseloads so the governments now shifted and theyve created a new smaller program called work and health
is to appreciate that when we work with our clients we really strive to develop a partnership so we are very sensitive to their needs their desired outcomes social
as always rigorous cost control throughout the organization is part of our dna this has been a key focus area for several years as this is one of the main reason why and how we remain competitive
and then turning to renovation activity i know you highlighted in the disclosure about ramping up activity in q2 and q3 can you give us a sense of the (kind->kinds) of numbers youre talking about and any particular brand focus there midyear
on our (rates->rights) at our major locations i think harrys point is a lot of our storage we would call it operational storage and our customers are refineries so theyre not using it to store
supported by low prices across several commodities as i had alluded earlier and also due to seasonality going ahead in q4 and q1 which are historically our high procurement quarters we expect
its a good question because i get asked about this from time to time but over the long run thats why we have a lot of confidence around sort of this view that homeowners on home improvement will have a view to do it once and do it right
in terms of sort of your position about any scenarios that might play out your guess is as good as mine and so i wont speculate on any of that because it would be nothing more than pure speculation
the factory will generate a financial return through lower costs and through capital expenditure savings at (rocklea->rock lee) as the largest paint manufacturer with the (greatest->greater) scale
(*->i) should point out that most of the projects around the home that our products (are->help) with are not part of a large councilapproved renovation so they are not generally captured under alterations and (additions->edition) statistics
but you have also asked so what (you->*) are you actually doing so we have multiple projects internally these are not things that we hope for these are people
i made a comment in that we positioned our assets to secure plan and build the future growth so when you think about that there was an amount that we hedged we wont disclose what it was but
we have seen over the years (and->that) under our ownership businesses like yates (dulux->jewlocs) new zealand trade paint in australia and protective coatings in australia improve from lossmaking positions to strong profits
so its really a mixture of all of those things i think also then about this whole question of continuing more for the medium to long term to (see->seed) opportunities offshore weve focused what we can do
comment on the legal process and the case that we have going (and->in) have been working with for almost 3 years in denmark the court case has finally started it started on the 10th of october
is there any sense (when->from) working with them that (*->you can) youve developed about how their customers would react in terms of volumes over time given the broad customer base that they have
on a charging network throughout most of our core markets in europe so for those customers particularly those on the interstates and highways well be there to provide that service for them and then certainly were exploring other ways to
i have personally spoken with some of these young patients who have told me they were (shocked->shopped) and (in disbelief->indisbelieved) when they were diagnosed with the disease and they were told that they may need a corneal transplant
the general perception is that cigarette sales are in decline but i was wondering if the general tobacco (category is->categories) in decline given the popularity of electronic cigarettes and derivative products
and that is also firming up differential prices so this is a fairly untenable situation where you have an inverse market where you have tightening differentials but you have terminal prices coming down
a good portion of it happens to be new work and its interestingly spread across all of our businesses its not predominantly in any one area or any one segment
their client base includes government nongovernment and private organizations who are trying to make informed decisions about patients needs this acquisition has been integrated into our human services segment
so weve always had the capability that would be a phase 3 to be able to loop that line down the road if there were interest in bringing additional barrels to cushing so as we think forward were always looking at how we can further debottleneck our system
the other partner announced was transpower who is assisting meritor and their customers in the system integration and electrification application of the vehicle which is another important step
income and earnings in the second half of fiscal year 2016 are expected to be driven by the steady operational and financial progress of certain programs (in->and) startup
and were really focused now on really managing the margins of the contract because they obviously didnt turn out to be as robust as we might have initially expected but weve got a great team working on it (and->*) we expect it to continue to improve this year
and around 70 of which are over 20 years old with high levels of (homeownership->home ownership) and the strong emotional connection to the home we continue to see that our consumers invest in brands and products they trust
beyond the major oem that were dealing with so by far the hottest market in the world for fuel cells is china and a couple of facts on that market (of->*) what theyve targeted is
we are on a journey to help a large underserved market with our platform technology of clinically proven and minimally invasive solution for disease intervention and vision correction
when you look at the year we actually continue to grow volume on a samestore basis so i think were growing share and i think convenience continues to grow share versus other channels in the tobacco category
the most noteworthy category in recent years is automotive applications
the uncertainty of continued success in technological innovations as well as other operational market challenges
and to continue to invest and to increase the level of investment in this activity
that is absolutely true and the proof of thesis that that is the case is the fact
much has changed in the past year with the sale of our industrial business earlier this year
on top of our unique offerings of technology solutions for advanced features
and really the major issue for us now especially in middle east is to be selective
you have encouraged us to maintain that discipline and to even make sure weve got cash
we are very happy with our current development progress in this area
as far as the 2 voluntary departure plans are concerned please note that in (*->france)
not only to develop some new aroma chemicals but to also emphasize the fragrance compound portion of the business
steve will now provide you with additional details on the fourth quarter and full year financial results
ill begin the call with some brief comments and then ken will review the financial results for the quarter
that you would really rely on for a significant part of your business within the color group
you have some nice exposure its probably one of the smaller items within the
and other culling activities which will be largely completed by the end of the year
on the acquisition underwriting just to kind of see how things shake out and how things change or is it kind of
will put us in a favorable position once our additional capacity comes online
excluding this favorable tax benefit our effective tax rate was a bit artificially high
but on the other end of the spectrum to some degree is europe now europe is
at the end netnet it ends up being a relatively stable kind of flat environment
kevin will begin with the legal disclaimer and then i will summarize the operating results for each of the operating units
which is a (brandnew->brand new) information is that we have just signed an agreement
pricing and volume improvement in the more specialty applications obviously theres a positive impact
and then across generations or across models if we can have some kind of common platform
and thats where much of our effort is currently engaged in the (immunovirology space->immunovisa)
we are extremely optimistic of the performance and growth aspects of the serbian division
related to a decrease in prepayment fees partially offset by an increase in origination (fee->fees)
on your comment about the impact of the tax law change i think in your prepared remarks you said
for the fabric supplier and the cutandsew company to be one and the same
so i think one of our focuses will certainly be shortening those lead times
our engineering division continues to do very well revenues and gross profit
add a little bit more color as to how we should think about the cost challenge as it relates to
for profit some upside avionics and solutions
because its really there starting in the fourth quarter here that well start to see the opportunity
nowadays so thats not our threshold our threshold is can we return
we appreciate the open and constructive dialogue we have had with our shareholders
the profit growth and higher margins over the last few quarters are very encouraging signs
and then on the effective tax rate
transactions that can be more of an opportunity
what some would describe as a lot of challenges in the market and so its the culmination of
particularly on the asset side of the balance sheet and we are focused on
but we do have experience in these fields
a new i have made a new split of the international
and execute on our channel inventory destocking in agricultural equipment segment
the companys return on invested capital has increased steadily over the last 5 years
are they now colocated in your headquarters or are they still where their previous location was
and we therefore see the casa journey continuing to be pretty robust and strong
going forward and if anything we could see it reverse
which provides flexibility to capitalize on new growth opportunities
initially expected but we do not really have exact figures to share with you at this point in time
in addition emerging wireless technologies are driving significant wireline deployments
because of the allocation of our operation companies instead of the holding
and thats probably the best way to think about it as we enter the more (inflationary->inflation) environment
if you exclude the ppa impact to get an economic view on our profitability
beyond what were willing to pay because they have other reasons to try to get bigger via that route
so i think were going to take care of our customers and the growth opportunities
is the tax rate you are expecting for this financial year for the final year of the mediumterm
so that is a natural buffer and one of the strengths of having the brands (positioned->position)
(*->to) your home as well as we possibly can how to get a frozen shake to your home
in addition our underlying business engines are not running at full speed
which is a key objective of how we decide to participate
in the first quarter we (continued->continue) to demonstrate our commitment to returning capital to investors
yes so i think we will watch the first few set of transactions
we have invested a lot those recent years we are happy now
(worry->*) but as i see it what will happen is that as funding rates go up a bit
so really the combination of the complexity of the billing system
talking with retailers and we will grow
suggesting that the presence of these synthetic colors was not in the consumers best interest
and we will leverage our brand vision into a much stronger consumer offering
so thats probably going to take the balance of the year but i mean we took
the price of fuel and general economic conditions
we like that balance we really think its a good thing for the brand and for our national expansion
including those related to the companys outlook are based on managements current expectations
we also continue to expand our longstanding presence in emerging markets
as a reminder we have decided to increase the expected return of compass
we have a lot of customers which are in the
let me briefly recap each of the new portfolio company investments
this operation is important for different reasons that you will certainly appreciate
so understanding the relationship is small from an economic impact
we are seeing generally positive macro environments throughout our regions
and the sensitivity to the forecast for this fiscal year
on an average basis not to have (a->*) meaningful impact from the tax law changes
as well as modest increases to general inflation in the latter portion of the year
and all these investment products at this stage
the liquidity situation is not as (plush->flush) as it was
as to how fast an economy will come back but i was just down there a few weeks ago
i think were very comfortable with our with the portfolio of services that we provide
we continue to be very excited about our pipeline of productivity and growth projects that are contributing to our expanding margins
but (with->*) even with all the best of planning and dialogue theres going to be
im pleased with the ability of our business leaders to react to the macro events that impacted our operations
as we look forward to the year ahead we are anticipating record volume and ebitda in aerospace
finally we expect our returns to trend upwards once the acquisitions make a full year contribution
best practices and key features for our customers to be able to launch a site very quickly or to extend their own site
and then as we think about leverage we really think about our current (investment grade->investmentgrade) rating as incredibly important to us
we met with the fda in august to review the pilot study data and discuss our next steps
notably as we have discussed for some time we have remained disciplined as we continue to see rich valuations in the marketplace
were pleased to also be able to provide an update on our proposed strategic partnership with oaktree capital management
i think what i will say to you is that i my remarks that i made earlier that i do expect there to be
margin growth through improved pricing operational efficiency and supply chain optimization
(weve->we have) had a number of customers come back and indicate that they will be needing additional equipment
at this point we would expect that there will continue to be attempts made to increase twin trailer length to 33 foot
on our margin in the second half of the year moving now to customer lending
it has been an exceptionally busy and exciting time for dicerna with a number of extremely important milestone achievements
along with the strong potential presented by the new product offerings already developed or in development within the group
we believe this business offers significant growth potential and this consolidation will support these efforts
we expect the rate of organic sales to improve as the year progresses and comps get a bit easier
of particular note regarding our internal pipeline during the third quarter and subsequent period
this decrease was primarily driven by lower sales in the process systems business unit within diversified products
and we could see margins move around during the course of the year as we look at different types of mix
now ill move over to a summary of the consolidated performance for the quarter on a comparable basis
as you might expect lower vendor incentives had a significant impact on our fourth quarter results
and i think the industry is stretched to be able to do those (and->*) an excessive amount of overtime
was to be repaid from upfront and first year payments from new partnering agreements over the next 4 years
the meeting was very productive and we were pleased with the high level of engagement and diligence of the fda staff
please review the reports and documents filed from time to time by bridgeline digital with the securities and exchange commission
and we expect to submit regulatory filings for our undisclosed rare disease program to initiate clinical trials in the first half
so thats something that we have been looking at we have been working with partners as richie has said and we are actively moving towards implementation
we continue to see promising early returns from our increased marketing investment and customer acquisition programs
the progress in our proprietary programs has attracted strong support from leading health care investors
(*->quite) powerful so were growing top line but were also able to improve margin at lesser levels of growth if you see where im coming from
in these patient populations as the only company developing a therapeutic intended to treat all forms of ph
and were just hearing about this now in the fourth quarter which i mean the rest of the companies in the universe have seen
time and energy that we devote to the program we have articulated a strategy where
and six sigma initiatives and theyre doing a great job so its throughout the business and thats why we have the confidence with the momentum that we saw
we are making significant investments (and->in) major improvements to our core platforms which underpin these propositions
this was a result of the sales mix in the quarter and the normal cyclicality of fewer production days in the fourth quarter
shannon the fourth quarter is always a little bit of an outlier simply because we dont know what customers will do
as we have often stated we calibrate our capital allocation strategy on a riskadjusted returns basis
(*->its) just reflecting increased testing to tune and refine the program which the team is doing a great job on increasingly
in both diseases it is understood that its the overproduction of (glyoxylate->glyoxolate) from a different
inevitably this referendum result is having some impact on consumer confidence and on investment decisions
this has allowed us to start stability testing which is the ratelimiting step for our planned submission
at eaglebank we focus on average balances because they are really what impact revenue over that period
help us realize our strategy of applying our galxc technology across the fields of rare diseases
and all this happened while reducing operating expenses to maintain our commitment to fiscal responsibility
as noted last quarter we do still see projects slipping to the right driven by labor shortages in the market
and we announced (that->it) to our field the night before so that they could prepare and let their customers know
look at new business in q1 it was a record in us (retail it was->retails) a record worldwide by the way thats a record on top of a record it was
are not seeing that or if youre perhaps gaining some share from peers whats sort of your assessment more (in->on) the core part of the business
and by the way you see that in risk solutions and you see that in hr solutions both so these investments weve been making over time
regardless (*->of) the provisions above 90 days as a percentage of revenues and
while expanding our galxc technology platform into new disease areas and targets of interest
please let us know if youd like to catch up (when were->and win) in your city with that thank you all for joining us today i will now open it up
before i discuss wabash (national->nationals) specific expectations for the first quarter
and enables us to go to market with a full range of aerodynamic solutions for our customers
and insured values but thats just one aspect of aon another aspect is our ability to grow outside (of->the) traditional core
and we are evaluating further indications to take into clinical programs that (will->would) give us additional (first mover->firstmover) advantages
we effectively talk about 3 parts of that program we talk about reviewing or reducing the liabilities
(*->the it) road map is really unclear once they get out beyond 5 years about how much of their it kit
where we will provide a corporate update and take a more indepth look at our lead pipeline programs
our buytolet book is well seasoned with 9 out of 10 of those mortgages
this was compounded by an already difficult comparison with 4 fewer operating days
regarding operating profits the continued effect of the extremely high gaming taxes on lower volume
that were talking about and (*->a) lot of velocity improvements in the factories and its not just here
until we would get to later part of the year as some of these start to ramp up
under a program which we initiated to bring inventories down from elevated levels
we feel really good about it but it is a longterm bet for us and not something that we expect on any given quarter
correlating billings growth and customers helps put in context why we believe in our marketing efforts
multiple formats in which one (could->can) do that collaboration it doesnt have to be an outlicense
that we originally discussed in q3 we will continue to monitor and report on our progress
good day ladies and gentlemen and welcome to corium internationals conference call for its fourth
youve also seen the average order value continue to increase this is something thats been growing over the past few years
even though volumes came in at the lower end of our forecasted range full year returns from our mortgage banking platform were above the high end of this range
we are pleased with the financial performance of the reliable acquisition especially considering the strong demand in the auto lending sector in puerto rico
as anticipated our fluids business turned in another solid quarter and we are confident that the teams execution
now with regard to the acquisitions weve made i am pleased to say that they are contributing in a way we knew they could
for sake of brevity i will be referring to our second quarter growth rates on a constant currency basis versus the same period in the prior year
we also ended the quarter with a healthy backlog of retrofits and refurbishments we feel very good with our aftermarket performance
are they able to get back to you with considerations to what extent are they looking at other bidders and trying to flex
in the percentage of personnel cost of total sales to make sure that this rate does not increase over the years
our loss in the fourth quarter was primarily driven by negative market valuation adjustments in our investment portfolio resulting from spread widening late in the year
we have a principle which is were not going to take too much leverage risk or liquidity risk just to pay
and puts us in a strong position to take advantage of the opportunities stemming from the economic recovery on the island
industry volumes have remained under pressure as the overall pace of (home buying->homebuying) slows and most existing borrowers still have rates below those available today
we would get a commitment to complete and in other cases it would go out for bids so (yes->*)
(*->in) april 21 we are in receipt of those letters and are aware of the contemporaneous rumors that are in the marketplace
we will conclude as we always do with our longterm charts which (is->are) simply meant to display the power of dividends over time
these high standards are enabling us to more efficiently balance our order pace in asp to build a healthy backlog position and improve returns
we will continue to work with a potential counterparty to reach an agreement in principle that would be beneficial to the company and our stakeholders
even more nimble and innovative than we have been in the past and so i think were taking a pretty fresh look at a lot of things not just marketing innovation but
were just not going to talk about that also theres a huge mergers and acquisitions activity going on in our marketplace right now
or as presented on the call to reflect the impact of circumstances or events that arise after the date the forwardlooking statements are made
so at this moment i would say we have no reason to think it would change we havent seen any real indications
additional information concerning factors that could cause our forwardlooking statements not to occur is contained in our filings with the securities and exchange commission
flexibility and the ability to sort of redeploy that any capital we currently have and thats effectively what our strategy is
so what would you be looking for to move back into some of those opportunities you shared that dynex (needs->used) to be (in->and) some of those deeper credit
i dont think its going to grow as fast as the fiscal board predicted obviously at the beginning of the term because federal funds have come in much slower than expected
and still represent record levels moving to our land and inventory management on page 11 another factor
and there was inventory builds and the product was just rolling out and in fact as you know with military applications they may not be as
our quarterly earnings press release was issued last night you can find the release including reconciliations of reported results
the (subbase->sub base) on site and really working hard to make sure that they are using their infrastructure efficiently and getting a better bang for the dollar
quite a bit better than we anticipated here in the first quarter and moving out to the through the balance of the year
was due to seasonal factors as opposed to internal improvements or maybe help us think about what role internal improvements are playing in this (are->*)
because we do think that in these ways of doing we can really gain efficiency in the way we develop projects
that has many aspects and involves the regulator among other things but i could not go into detail (in->on)
now whats interesting is the last year in particular weve now started to be able to look at supply chain as an opportunity
two additional quick service restaurants were added in april and we took over operation (of 1->*) more from a former tenant
we believe that this change will help local and regional management teams focus on (their->the) proper levers to increase value
there are issues between the promoters which is for them to resolve as far as (tata->status) steel is concerned both have come out publicly to say that they support the transaction
while we continue to invest in strategic programs where we can generate returns our goal is to limit functional (costs->cost) increases
knowing how it would impact what the dfs (would->will) allow you to do or is it just pricing with this other counterparty andrew
was that one rampup of a military customer in this particular space which is normalizing through the course of the year as a new product
which (weve->we have) been successful on a number of communities so we wont see a significant increase there other areas of focus would be
so to sum up we are off to a very good start for 2016 our global team produced strong results
as you know we are in an active process to sell our (dibenzoates->dibenzoids) manufacturing plant in antwerp belgium
well also be tracking who will be the new fed governors weve got 5 new governors that potentially
we laid the groundwork (with->for) the strategic initiatives that we outlined at the beginning of the year and we began the early phases of executing on our vision
there (are->were) 3 situations that occurred during the first quarter of last year that were a bit different from this quarter
the overall slowdown and i think that we see some opportunities where we
(so->well) if you see the (ebitda has->ebitdas) improved as compared to the previous quarter because the steel prices have been quite stable
before the call begins on page 2 id like to remind everyone that certain statements made in the course of this call constitute forwardlooking statements
recently we completed the first round of bidding for the sale of american roads and had a strong response with a number of submissions
from an (endmarket->end market) perspective industrial machinery performed well in the second quarter but was offset by declines in packaging and automotive
for more information about factors that may cause actual results to be materially different from forwardlooking statements
and were the only tile producer thats doing that around the world you have to look at what were doing and what weve seen and how were executing
that will replace an older one and its a much bigger facility and its just about to be done and thats a big investment by the private operating company
our strategy has got to be like we like to enjoy sitting next to them on a store we actually want to sit next to them online
and uncertainties some of which cannot be predicted or quantified the companys actual results and timing of certain events could
this will require discipline and increased cooperation between the fiscal oversight board and the local government
and continue to represent potential mitigation strategies to offset pricing pressures with strategies to grow volume
the torture weve been put through because we were stuck because we couldnt grow because we didnt have the new capacity in place
we are already making plans to collapse the noncore unit at (yearend->the end) and migrate any residual rwa back into the core bank
weve got (all->*) the data we need but actually (its->*) the way we present it can be a little (*->bit) more insightful to drive a few more actions so (we will->well) always look to improve
as such the facility has been classified as an asset held for sale and is reported as a discontinued operation
and finally if you turn to slide 14 let me summarize we believe this is an environment where capital preservation is important
note the 3 points in time highlighted in these pie charts you can see that our portfolio has changed over the past 9 years
clearly this is a market this is an area that weve really got to get ourselves on (the->a) front foot with
which will be published late friday for the largest 51 banks in europe and on deutsche banks funding profile
so thats what weve been doing over the past 2 years in terms of seeding the future and the customers that weve picked
we dont expect that well be able to continue to gain on that we would really were expecting that
our commitment to maximizing value creation was the key motivating force for the strategic review
into that space in a way that companies can create more data storage (in->and) smaller spaces
the company assumes no obligation to update forwardlooking statements information in the press release the financial highlights deck
as chris said (its->it was) 5 years ago that we really put our best foot forward in flooring it was time to do (*->a) review of this area
compared with last years adjusted rate which is in line with the guidance we provided on the last earnings call
id like to conclude my remarks this morning with an update on our discontinued operation
say weve now got the new hr person weve got john from a commercial point of view who replaced our previous
based on the metrics we are seeing the recovery of the puerto rico economy following the storm continues to be steady
these competencies will be increasingly critical as competition for newly originated jumbo loans remains fierce
is that the only region where they are used or are we using them as well in more (temperate->temporary) regions
the impact of spread widening was cushioned by our modest leverage and by the overall resiliency of our creditfocused portfolio
in the very current market situation thats looking more difficult so what we said was wed be a little bit more
what will be the impact or how they will ultimately proceed theyre trying to figure that out so we recognize that (is->its) very uncertain
last quarter we implemented a different format for our quarterly conference call to reserve more time for your questions
also note that the content of this conference call contains timesensitive information that is accurate only as of today
well have more details on these amounts when we report our first quarter results in april and with that ill conclude our prepared remarks
any idea of splitting up the bank so that was really just a someone got a little bit (offtrack->off track)
were largely through that analysis and we dont believe that there is going to be anything material along those lines
were giving you a reason to come and shop right now if youre in the market today (today->*) is the very best day you could be in the market
the second piece is what we would the third piece (is->was) what we would call our industrial application (now whats->that was) interesting
have you seen any investments come down to the island yet or heard much talk about investments being made under that particular program
while (all->our) leverage is higher the increase is a natural result of our overall portfolio growth and remains well below the sector average
provisions for credit losses are only driven by a small number of exposures but (increased->increase) compared to (the->*) prior year
okay so if im hearing you there then the way we should think about it is nonreal (estate->*)
so they can take a (long->loan) monthly payment and have something perhaps a little more aspirational than they originally were looking for
as well as interest from other more private lenders in a similar environment where we could effectively term out on a nonrecourse basis
that area has performed better than we thought it would in the first quarter and the outlook quite candidly is pretty good
we continue to focus on the level of our operating expenses (in->and) our continued efforts to perform our functions
(yes->*) so i mean that is more so what i just said is more really in relation to how we manage 2016 to make sure that
so let me now turn (it->*) over to marcus to take you through the results of the quarter in detail and then well be happy to answer your questions
on a consolidated basis we continue to show higher sales and improved profitability
business promotion costs were higher in the fourth quarter and reflect the traditional seasonality of this expense line
and the expense related to the impact of the recently enacted tax reform in puerto rico on (a->our) deferred tax asset
you can see the store network that we have very very solid you know that we have a tiny handful
next i would like to provide an update on the progress made around the potential sale of our american roads assets
to the overall portfolio and then the second thing that we also mentioned in the call today was it does limit
we are able to carefully manage incremental land acquisition spend with a focus on improving return on equity and assets
we expect to finalize our plans over the remainder of 2018 as always investor feedback on these issues is welcome
we often speak of the value of keeping our whole loan (sales->sale) channels open and active even when securitization markets are particularly favorable
see a (through the cycle->throughthecycle) return that reflects the regulatory environment and that type of risk (*->and)
transaction to go through their usual (process->*) processes their own analyses
our exposure to industry segments that have been (a->of) concern for many are comparatively low and the asset quality is good
looking beyond the immediate stimulative (effects->effect) of the recovery process the islands longterm prospects
in ncou we continue to liquidate positions even though the environment was not always conducive to doing so
revenues held up reasonably well against the backdrop of negative interest rates although results did benefit from some oneoffs
simplification of the tax reporting process for our investors and we believe a significant expansion of our investor base
the joint venture is utilizing nonrecourse debt to help finance the acquisition of the associated servicing advances
leaving no stone unturned in our quest to reduce the cost and increase the efficiency of our entire operation
and we do not have any covenants on our note and our financing which will
project might be something sometimes you might have to put a solar (competent->component) sometimes it might be an (increased r->increase to our) value
for the remainder of the year and we stick to our guidance that (well->will) be costwise more or less flat for the (*->year)
and still qualify with some room for growth not infinite growth but some room for growth in those strategies relative
primarily driven by higher rebates on our (ellington sponsored->ellingtonsponsored) clos we ended the quarter with diluted book value per share
and we like that area and youll hear more about that in terms of acquisitive growth later
of our cost management disciplines and the potential for additional operating leverage going forward
any references to nongaap financials are reconciled in the appendix of the presentation
the team is acutely aware that we cannot and will not remain stagnant
we want to work with you and we want to be your partner and if you dont we probably dont want (*->to) work with you and we dont (*->really) care how much (mi->i)
the move to become a domestic issuer will also improve transparency
our press release also includes nongaap financial measures that may be discussed during todays call
good morning my name is crystal and i will be your conference operator today
and that is that we can create a reliable accessible and affordable postal service for the future
and weve got a couple of other rfps with some smaller financial institutions that were currently working on as well
that will cause some delay in the implementation of those cost savings in the end
we have come a long way in 4 quarters but there is still more work to be done
weve been looking to expand our sales channel for payment processing beyond our traditional financial institutions
please refer to the detailed note in the companys press release regarding forwardlooking statements
so as we continue to grow the parts of our portfolio that have better margin
to increase customers and increase the penetration of those customers i think thats (what->where) were seeing
the key elements of our transformation plan are simplifying our company
and get ahead of the curve and dominate that market in the coming years now
into one network so this is not a transaction where you value
(*->and) the additional capacity measures are taken to absorb the daily swings in volume
we refer to our financial results here we still see
in parallel we are driving operating efficiencies and cost (reductions->reduction)
having said that we think theres probably a secular decline going on with regard to nsf fees
now some companies are trying (to->*)
a change (that is->but its) here to stay maybe we will see some changes here and there in terms of
even making changes in their capital structure and there is another
which i talked about earlier today and (i->ive) referred to in the last few calls
to prior year as modest rate declines were more than offset by new business opportunities
quite a lot and weve been maintaining that reduction steady since the end of last year
we have just eliminated some of the older new product that we were working on
whether you believe that now there is
also could you please elaborate on the fee structure of the company
and so we prefer to wait until q3 in order to understand
and we think we have the product at (a->the) stage where these partnerships can be quite attractive for us
but because of the reason that we want to give you some insight in our financials
beginning last year we have worked to make it easier for investors
leading to the financial consequences weve seen before and thats the reason why weve
compared to a net usage during the same period last year despite lower reported net income
we are already seeing benefits of greater focus and discipline in this area
almost all trends were positive in the quarter and each incremental positive movement however small
we probably have 2 or 3 other ones that we think will be involved in rfps sometime between
just a matter of getting vehicles there that can use the lng infrastructure thats already in place
all with a focus on improving our margin and creating a more customercentric environment
on the excellent ecommerce performance of the company
i mean today you have an advantage that not all competitors have
(so->but) theres still confidence and lots of confidence in (this->the) strategy announced
(*->by) all of our marketing and pricing strategies and
and the parts and accessories businesses have been restructured into a much leaner organization
looking ahead were feeling very positive about how capital bank is positioned
in europe so half of the countries in europe are above
on the margin doing better than it had been in the past still not where wed like for it to be from a scale standpoint
are you going to implement measures that users will grow substantially
(*->it) carries about (that->*) theres probably for the year
so we were just wondering whether you have actually allocated that to print and publishing
getting products back on (customers->customer) shelves just a few business days after our call in july
this pace of contracts and installations is going faster than we had originally anticipated
we will continue to take appropriate steps needed to align costs and revenues
number of actions have already been instituted notably the closure of the fuel systems
but also has the potential for some upside if the port hedland market were to improve in the future
and without (paypay->paypal) we cannot track whether that coupon has been used or not
and we emphasize the most
the cost structure everything will remain the same for all the 3 publications
and that means that we have to adjust the organization and that we have to adjust the workforce so
(year->*) shouldnt the company be thinking about cash deployment
as we think about that partnership im guessing it would be wed be expecting kind of
which are also available on our website now let me turn the call over to mark
due to the rate revisions that we did and
our improved performance led to significantly higher returns on invested capital
productivity enhancements also contributed to the operating leverage experienced in the segment
weve always indicated that wed see an increase in working capital requirements
we also benefited from favorable currency exchange rates in brazil in the third quarter
but thats the amount of gain that we would expect to see out of that portfolio
moving on to capital management our philosophy (is->has) not changed
so i would say this past quarter they were slanted a little bit more towards
(were->we are) increasing our focus more actively on (partnership->partnerships) for new product development (activities->activity)
we believe this will be a measure that will contribute to the increase
and the commerce ads how much that is being accounted for
for the online application
elements of the restructuring plan it looks like you still maintained the kind of
the (right sizing->rightsizing) of overheads to match market demand and multiple leadership changes
and refining our trade strategies in order to drive profitable growth
an improvement in cost savings compared to the first part of the year
requirements and of course with that additional volume we can optimize
so were very pleased with where we are on that front but weve got to get
well i dont have (the->a) number with me right now so we will look into the matter and get back to (you->*) later
a little conservative here because we dont have great clarity on what the rest of the year will be
the members of the association were benefited and they are now
between now and the point of sale (which we->would you) expect that run rate of losses
so that we could generate more revenue with video ads throughout the year
we have the service piece and the monetization piece the base
and partly of course only during peak (seasons->season) like additional storage
make that work i think the other thing that weve observed is that as some of these platforms have grown into millions and millions of units
their dedication on a daily basis and that includes saturdays and sundays is just unparalleled in my experiences over the years (theyre->there are) a great bunch of people
(an->*) area where we think we can bring our brands we can bring our service and product focus and deliver something which is
our big ag customers are doing and one of the things thats kind of striking is (is->*) that theres never been a time where theres been 3 bad years in agriculture
that its not here but the case of why the (companys->company) under (*->a) lot of construction and we went to the market and we raised a bond
and if you see certain metrics (*->and) what metrics will you look at this year to contemplate a potential price increase (youve->you) talked about
theres a lot of learning there what were seeing is that the procurement will be a little bit different where therell be a bundling typically of larger orders together
it will very much include complying with local regulatory requirements on number of nights homes can be let in this way and
that is one of our key differentiators as a company our consistency of execution frees up our teams to accelerate and drive innovation and engineering excellence
in places such as oklahoma north dakota and louisiana to name a few excluding houston we note that revpar for our hotels in these us markets
it is what has driven us to not just acquire starwood but to try and compete with 30 different brands and have the kind of
the results in the first 2 quarters are in line with our expectations the inflow arpu is somewhat lower than last year because we unbundled content
in terms of whether you think (a->*) regulatory approval will be granted and how you think the competitive dynamics in the dutch (markets->market) will actually change
the (overall->overhaul) hours are nearly correct for the day but the deployment is not yet optimal this can contribute to a deterioration of service levels during our critical peak hours
first of all it will open up a whole new kind of market and also improve (hugely->usually) immensely the service experience for the customer secondly
level or even go up from here in terms of commodity prices wouldnt that kind of go against a full reversal of the working capital
this is pressuring hotel operating margins and lengthening new hotel construction time lines particularly for nonprototype and urban hotels
we are still largely on track to hit our commitments for this year but margins were a little below our expectations in the quarter because of the timing of certain shipments
from our analysts i always felt that youve treated us very fair youve been very helpful to us and for that i thank you for your support over the years
(*->i) also had to mention that we had now achieved to have the unique trading platform which we are calling (alm brand->unplanned) trader
and in response to these developments we significantly simplified our portfolio to focus on converged communication and it services
for the invitation when it comes out and in the next weeks (we will->well) send out the invitations and then in the invitation you will see when you have to (respond->*)
really getting into customer requirements market requirements and customer requirements and making sure that weve got the right product for the long term in that marketplace
will be inconsistent with first quarter 2016 however as you know fuel margins can be sensitive to competitive and market factors
(*->they) can find the money to pursue this i think at the same time there is a strong sense that
so probably we will see in the next days or weeks what (happen->happened) but nothing happened yet
the second part on that is related to the use of more complex material i guess you still have headroom here
contributing sort of their fair share we were less interested in having them stay in the system and all those things sort of go into this
and one of the reasons we dont talk about it as much is because its not published in a way that allows you to see it quickly you see
not out of the ordinary sort of spend this year but some normal growth because thats what weve seen over the past few years is some normal growth
the process of narrowing down candidates continues and i am confident that the new leader of myers industries will be on the job by the time i retire at the end of the year
we maintain our monthly lease the price per square meter but we see some reduction on occupancy this is mainly explained by
the transformation of the business is on track reflected by a strong improvement in (mps->nps) and improving revenue trend
which are implemented for the customers already in q4 and which we will work further (*->with) to the market in
a significant part of (it->that) is related to the margin improvement in operations so its increasingly more apparent
yes if there are no further questions i would like to close this session thank you very much for your contribution
and you also are increasingly big in cstores both of which almost everything trades at a higher multiple than you guys seem to trade on an ebitda basis
in fact a number of our luxury and (upperupscale->upper upscale) pipeline rooms exceed that of our next 3 largest global competitors combined
and getting full and were the only guys that are skinny when they bring out the hot food i mean it may be that weve got to be that patient but
as far as the other governance positions are concerned thats also part of our conversation with (thyssenkrupp->this group) and at an appropriate time that will be announced
we believe ballard is the first publicly traded fuel cell company to achieve positive adjusted ebitda for an entire fiscal year
and this acquisition is part of our overall strategy to increase our india footprint and build capability in long products while improving our product portfolio
weve maintained our focus on executing other growth opportunities as well including those that leverage our expertise and property size advantages
you may remember this time around january last year i talked about uk returns going down for the first time that i could remember
as well as the absolute ebitda this is also the first quarter where we have included the (bhushan->bushin) steel financials for the full quarter in our results
(*->but) i hope thats at least modestly helpful to you (*->yes) i appreciate that im just a little bit curious about the process as well (*->that)
almost stumble upon the opportunity and with it enough to recognize it for the opportunity that it is
difficult to predict and they do occur at different times of the year just to provide a little bit more background if you look a year ago
i would say that the amount was the amount largely because we want to maintain flexibility around other things that we see and have in front of us
that since we have made it very very clear how we find success in our restaurants now and how we
(weve->we) rolled out specifically to those stores first because we knew that they were staffed we already knew that they have a (scale->skill) and already the habits of using that second make line
third was the signing of a license agreement with (medimmune->mezimune) in which we (monetized->monetize) one of our programs for an application
(*->there) was a strong negotiation and finally we were able to acquire all the float and directly to the list the company
with overall lower demand levels and pricing volatility resulting in (a->the) sales decline
increases were also announced on plate and long products which represents our largest product exposure
although its not a necessity under ifrs so unlike some of our peers
ill begin with aerospace which continues to be a very strong end market for reliance
particularly in the club channel which more than offset the decline on our base business
based on a strong reception from consumers and customers
but its very tightly linked to our corporate functions and very tightly linked to our business units
carbon market came down a little bit but youre not seeing that as any kind of real change in trend (*->then)
a transcript of this conference call will be added to our website and (the->*) ir app within the next
into the business via our library and digital acquisition efforts
the conference (is->has) now concluded thank you for attending todays presentation you may now disconnect
during todays call we will make certain forwardlooking statements as defined by the federal security laws
(*->or) even fairly right on what the penetration rate can or should be
this is the annual meeting of the nations (pathologists->pathologist) scheduled for september in las vegas
watch out we will continue to prove you wrong with operational aggressiveness and financial (prudence->prudency)
we think we can gain share in markets where we dont have a cost advantage today
although there is potential for scrap to decline we believe increased customer demand and fewer imports
and we are excited to be able to support our aerospace customers on a more global basis
to say that were going to be sustainable at 30 is probably a little bit of a reach
our q2 result showed a continuation of our solid business development
and as we said in the quarter we saw the shale business for us and now im talking about demand to us
finally we expect to continue to achieve meaningful operating leverage in the periods ahead
but we dont know specifically when theyll line up well need to add resources in advance of those becoming live
a lot of people kind of question (well->*) why are you guys making such a big investment in (an->*)
and its been relatively stable certainly theres a lot of talk about german discounters and
you talked about youve got content in so many different moving pieces (and->in) so many different areas
than we did because of the customer base that we call on
to make sure that these people understand that they deliver value to customers
so these are all cash and equivalent ready
overall demand in the aerospace market continues to be solid especially for aluminum plate
in this quarter we saw some significant growth from the philippines driven a lot
despite these changes it is important to remember that at the end of the day
management believes that providing insights on these measures enable investors to better understand
i think last time we spoke in connection with first quarter earnings we talked about the fixed income markets being constructive
which will enable us to efficiently fund the remainder of our equity commitment
so do we hold back growth a little bit when labor market becomes even more tight
i always say that whenever we have
where most of our competitors can only generate a single ott revenue stream
metal pricing continues to trend higher for almost all of the products we sell
its imperative that we practice art science and a heck (*->of) a lot of common sense
this in turn has impacted admission and episode growth in these markets
from each deal the deals that weve already closed and then (a->the) dozen or so deals that we have in (the->*)
if we could this is a ton of information and all of it (is->*) very high quality and very helpful
yeartodate direct operating expenses are also lower compared to last year
actually we are well positioned to win new contracts in the coming months
(a big trough->the peak through) model we have today to an equal flow model
if you just look at the core business back on the topic of green shoots
any impact on the market from the new supply out of big river steel at this point
whereas both market and counterparty risk benefited from (lower->low) volatility in the financial markets
these statements are not guarantees of our future performance financial condition or results
now ill turn it over to steve to provide more details on our fiscal 17 performance
probably we may close the quarter with no loan growth because of the appreciation of the currency
have anything to do with that most of what we do in energy is in the completion end
and that does not necessarily reflect what a fair market value of the asset is today
secondly we have a lot of specific programs to hire enough people
it doesnt change how we think of investment decisions which is really about investing for the long term
a strategic move contemplated when we evaluated the reliant acquisition
so aj its doug i think that youre looking at it the right way in terms of (the->*) pricing impact
a real confident feel about where ireland is heading
from our major retail partners with regard to the
a lot of large companies and larger brands
the high activity level had a positive effect on trade income
(*->or) are you talking about the ott revenues whats your specific question
of doing this and doing this well and having the pricing stick in the market but its the smallest piece of (the->*)
digesting the data that has been provided are just now
maximizing gross profit margin has always been a priority at reliance
and the tremendous efficiency in our manufacturing and organizational infrastructure
that will be a good cultural fit for us that we can easily digest so
is actually part of the basis on which the (bonus->balance) is
we continue to evidence the strong cash flow generating capacity of our business
when will these be paid out and will they in fact be paid out at all
and we are currently in the beginning of executing on it
business automation mobility and robotic process automation
these benefits were partially offset by the quarterly impact
now clearly when you bring on the number of new hospitals that we did last year with reliant
independents operating at scale thats actually acquiring and releasing these films so
please keep in mind that these forwardlooking statements are subject to known and unknown
which contributes to the finished product that is sold in stores
can we get some color on the flow of revenues in the upcoming quarters i think you mentioned the first quarter
have lifted our gross profit margin expectations to a new level
and i think where we are (its->is) quite clearly that the growth is coming through the south
these factors were partially offset by about 1 point of unfavorable mix
we continue to see strong returns on our demandcreation investments
theres also that component of the business that shifts to technology and automation
the reduction to our pretax income from our lower sales levels
there are a variety of reasons for this so let me elaborate
we feel particularly good about the floating rate structure of our portfolio
fourth new product development remains a priority
credit facilities to absorb these financing requirements
here we do expect that (in->*) the next few quarters net new money that was already visible in private banking will be visible also in (affluent->afriend) banking because
will be the beginning of a positive trend in the back half of 2016 and into 2017 we will provide some more color around what to expect for q1 near the end of the call
i have never really commented on how large it would be it really does depend on some of the endpoints and some of the statistical parameters that we need to agree with (*->the fda)
which we expect to come online in the second half of this year and ramp up into 2019 we expect these investments to position us well for growth
in research to try and find ways of making our platform more immunogenic and more efficacious in terms of our ability to use it to stimulate responses to kill tumors
we believe our acquisitions of alent and the (om->oem) group businesses create a complementary and diversified solutions provider with a broad reach across the electronics and automotive markets
throughout the year we were able to capitalize on our organic growth initiatives and the strong demand environment we are experiencing across many of our industrial end markets
as you think about the production side of the business theres increased production because you had a lot of people who were uncertain about avian influenza
third we incurred higher operating expenses primarily related to bird performance issues with both our conventional flocks and those raised without antibiotics
and as ill show you in the coming slides these boost responses were strongest in those that had the weakest immune responses after a year which is exactly what you want to achieve in an annual booster regime
we are expecting growth in our asia business as we annualize the benefit of a number of new installations in 2015 and increase our position in certain mobile phone supply chains
but as you know were really excited about platform ideas things that have generic capability that can be broadened over time and we think flex robotics diagnostics and other interventions can do that as well
to smoothen a bit the structure of cost that (some time->sometime) are different from the perceived one because face value they appear high but then
we look forward to delivering on our growth objectives and continuing to update you on our progress in the future this concludes todays conference call you may now disconnect
(bank accounts->account) the outlook the weak market environment also led to a low demand in the first 2 months of 19 the momentum has not changed
(*->on the) prices of hogs we again we believe that there could be some shortterm volatility but thats going to be very short term based on daily or weekly needs of hogs
if you look at the booster study highlighted in green at week 56 prior to the annual booster you can see that these responses these antibody responses in both groups (remained->remain) elevated
i took this job because i truly (believe->believed) in the quality of its businesses and its people and i saw a tremendous opportunity to build a leading and highly differentiated global specialty chemicals business
we are excited to continue to demonstrate success in cost savings infrastructure enhancements and crossselling initiatives we will also be very focused on organic growth
in q1 we expect a modest procedure headwind compared to q1 2017 as a result of our estimates of working days mostly due to the timing of the good friday holiday
to maintain our advertising and promotional spend efficiency some of these advertising dollars have shifted to instore promotions but we still remain the price leader
the company well and our customer base well in the future so as volumes go up we can convert some capital investments into operating efficiency youve seen us doing that
we have 12 million shares remaining from the current authorization and (will->well) continue to repurchase stock to offset dilution from stock option exercises and based on the internal valuation of the stock
given the relative stability of the euro relative to emerging currencies and our ability to match balance sheet liabilities against the euro we view this exposure as a net positive for our currency mix
the value proposition regarding any da vinci procedure is based upon the differentiated clinical value that can be offered to patients compared to other treatment alternatives including economic factors
we undertake no obligation to publicly update or revise forwardlooking statements to reflect subsequent events or circumstances after the date made except as required by law
we believe capex synergies exist for the combined business but will take some time to materialize the benefit of our facility rationalization plan is also a real longterm opportunity
i will start by noting that our total revenues are positively correlated to global industrial production and not any one individual end market
in particular we have finished the integration of barclays we are quite advanced in the integration of (esperia->speria) and some key managers have been hired in this segment
the t2c was also a big hit particularly among large brand owners who recognize the benefits of our compact efficient professional label press and its high return on investment
the soundness of these metrics reflects our philosophy of maintaining significant cushions to our borrowers enterprise value in support of our capital preservation and income goals
i also found a strong culture of innovation and an intense and unwavering focus on the customer both of which i believe are critical for the success of any company
in line with our approach of managing the business for the long term the offering strengthens and diversifies our balance sheet and provides incremental capital to be used to make investments
(and->but) its costing us some share in the short term but its healthy overall because were trying to let the amount of late model used get bought up in the marketplace
to drive longterm value for customers shareholders and team members through innovative product development superior quality and lean business processes
but its a way of generating some initial clinical data while actually we continue to work on what we believe could be better candidates coming through for those 2 approaches
the 8 new distribution centers we discussed last year as part of our latest network enhancement became fully operational in the first quarter of 2018 (and are->in our) handling freight as designed
we could see something more in 2q is that cautiousness or is there some other item we need to be cognizant of that could impact q2 and prevent you from seeing
better than your overall addressable (markets->market) unless youre just disproportionately tied to just the european truck market so could you talk a little bit about that
good about this year we feel really good about the next few years the competitive environment is becoming clearer to me our networks deliver superior quality were innovating at light speed in my view
in parallel potentially (we will->well) be doing (a->*) human challenge we could have some initial human efficacy data for our vaccine at the turn of the year
gross merchandise value of the au economic zone in the first quarter as shown on the left was 15x what it was a year ago
now moving on to our growth projects where several of our projects continue to ramp up in the fourth quarter while others are in the construction phase and moving toward completion
we should continue to see that those customers grow and those customers are much more inclined to book directly and thats the case almost no matter what happens with
without any legal framework so this is the first time in my life that i see an acceleration without default or without any covenant or without
(so->*) what youll see going forward is 80plus percent of revenue increases in dollars becomes something
however we are also aggressively pursuing a larger project to move barrels from the permian basin to nederland providing shipper capacity to our storage facilities
before i turn the call over to ari for (a->*) financial overview i would like to say that advancing a program from computer prediction
(*->than) it would be on a projected basis we brought 3 wells on in the first quarter and 2 wells on in the second (and->now) that probably totals just under 4 net wells
there really is still seasonality id love it to be sequential it just wont be until and ive always thought this my numbers never changed
of the transaction that we have been discussing with some not (we->win) because it was a process that was not managed by us but by the regulator (and->*)
we did take that down to the high singledigit range at the end of the first quarter and then slightly lower than that in the second quarter earnings conference call
there is a huge advantage to all of the customers in that now with one loyalty program (it->*) will be much easier to earn elite status
we have redesigned and simplified our online ordering site enabled online payment for catering and integrated with several wellknown thirdparty providers for delivery
the change in commission rates triggered a considerable number of new group bookings in the first quarter largely for (meetings->medians) taking place in 2020 and beyond
segment where tele2 and tmobile are very aggressive leveraging the low utilization in their network and thats also the reason why we have taken (the->*) decision
and solutions revenue and handset sales revenue is increasing and they are contributing a lot could you explain the reason why they are growing
our restaurant teams and field leaders are quickly responding to our recent pivot to simplify restaurant operations and they are keenly focused on delivering an excellent customer experience
this will be essential in the further development of 5g and decisions on when how and where to deploy
is that the food industry which has been regulated is about to become really regulated and it will look like the wild wild west was
this decline was due to substantial savings which we achieved in the category from consolidating repositrak as well as ongoing efforts to run our business more efficiently
there remains a lot of hard work ahead of us but we believe in our vision we believe in our strategy and we believe in our teams ability to continue to drive operational improvement
lots of hard work blood sweat (and tears->in tiers) because we knew it was important to our customer base that we demonstrate the ability to be gaap profitable we certainly did that
and its kept refrigerated (for the whole and->from) that all sounds great doesnt it and all you really have to have legally is a contract well now ask (yourselves->yourself) the question
there is a almost a paralyzing array of choices and the lack of branding and the lack of
something like 40 hotels open shanghai is the most international city in china our hotels are skewed dramatically towards the (highend->high end)
that theres really not a lot of (outlet->outlets) because of the lack of timing (or->for) infrastructure in mexico those pipes really cant ramp up as quickly as everybody had hoped
offsetting quite a bit of material cost increase i would say probably netnet probably a little bit less than we would have liked but the net impact after
hopefully expose people to not only repositrak but the park city legacy side but can you give us some metrics on what type of traffic patterns youre seeing
as we have discussed previously this business can be spiky and project timing can be difficult to predict and mix helped the margin in the quarter more than we expected
so youve been fairly acquisitive in the past could you just speak to what youre seeing in your acquisition pipeline and how you view the acquisition landscape as a whole
so i would say that youre right in terms of the reason why it might have been a little bit higher in the quarter not concerning to us overall i would say that
for adidas on our commerce cloud but of course thats not the only cloud that adidas is using with us because they need to be able to provide many different types of services
learn as we go here a little bit but we want to make sure we are delivering a highquality service experience and we want to make sure were delivering
to regular customers were also excited about the potential to make these customers even more loyal and more frequent after all frequent customers start as infrequent ones
looking ahead and as we mentioned on the second quarter conference call we expect a substantial sequential increase in sales and margins in the fourth quarter
transported intrastate volumes increased due to higher demand for exports to mexico as well as the addition of new pipes to our intrastate system
you will likely recall as new vehicle platforms are launched we typically see increased container orders as producers tool up for the new launches
always within the perspective that we want to create value and continue to focus also on the service market revenue share of the total
well be the beneficiary of being able to stand back and analyze that before we set up our stage spacing i think
and again as a reward for our customers not an incentive as a reward for being a good citizen
partially offset by an impact from the contract restructuring on tiger as well as lower rates on some of our pipelines due to weaker basis spreads and mild weather
in accordance with the amount of data actually used flat rate out of (five tiers->5 years) offered is automatically applied
and what we believe the net result is that both our total addressable market the market opportunity and our own higher level of growth and rising profitability
the project activity we are seeing is primarily related to capacity upgrades productivity and debottlenecking with very little greenfield activity
we believe end markets bottomed in 2016 and we saw solid sequential improvement through the first quarter which we attributed half to market and half to share gains
and the more attractive we are to people for adoption so honestly our customers love what were doing for them and
about half of that increase and remember this is just spend (*->spend) for the year but about half of that increase is associated with those the other half is really associated with
and we see that in the terms of the deals weve negotiated with them but we also see that in the way we talk with them about the
recognition of revenues related to (handsets->handset) transactions via direct channels such as our own shops and online
reached (the->a) phase i milestone in the fully funded primary metabolite research program we began at the start of last year
all of the good there was created by the things that weve been doing to
so interest expense on the statement of earnings differs from the actual interest paid in the quarter due to hedge accounting
which we did not intend to develop and for which we received capital to support our internal development plan
and we do see that the stores that we market are performing better so now all new restaurants receive marketing at their opening
you see the telecommunications operators and the satellite operators combining so that they have a decent force against
continued to progress largely as we expected and were now through the worst of the tough quarterly fuel margin comparisons
as well as gains in operating efficiencies including greater overhead absorption resulting from higher production volumes
depending on where you all live that is one of the significant factors that goes into which airline you tend to prefer
we embrace change perhaps now more than ever and we pride ourselves on our corporate culture a culture of service to others
the material numbers now there are other factors that go into development in other parts of the world (that->it) can take a long time to get permits
first let me remind everyone that many of our comments today are not historical facts and are considered forwardlooking statements under federal securities laws
as we mentioned in the earnings release headwinds from the challenged agricultural end market are expected to continue during the fourth quarter
i can tell you we continue to be very pleased with the acquisition of (scepter->sector) and the contributions it has made to the myers business and earnings
excluding (*->possible) volatility in the rate due to the adoption of a new accounting standard related to the tax treatment for exercises in (*->the) employee equity plan
as we redouble our efforts to increase sales which we believe is essential to restore the company to financial health
the oil and gas tenants they (reduced->reduce) their amount of space but this is a picture at the end of this quarter
(we are->were) planning to increase our efforts at this level and one (*->of) our new venture brands will be aimed at new lower price point products for our customers
although i would guess that given some of the projects that weve worked on this year well probably be more at the lower end of that range but
of rental properties through these companies in israel and there are a lot of land bank (that->as) we have (into->in) commercial properties
the first quarter of each calendar year generally produces our weakest financial results the second and third (*->quarter)
we have accepted and are in alignment with the recommendation of the fda accordingly
but overall netnet to answer the question we feel pretty good about the balance between foreign exchange pricing and commodity costs
im excited with current customer engagement and quoting activity and we expect strong new order bookings
contribution in the first quarter relative to what youd expect over the course of the year or should it be steady over each quarter
new projects in many of the rental properties the operation of the quarter was very good and we (make->made)
(this->is) not belong to us and then a judge should approve or should (reject->resect that)
from asset sales and loan repayments by august we expect guests will be able to see and book all of our inventory
some things (changed->change) regarding the legality as well as this kind of level playing field concept with regards to the hotel tax
at the same time we continue to make every effort to preserve and improve our position on more challenging credits
id appreciate if (you->youd) take my questions and do something about them okay well were redoubling our efforts (*->and)
but we definitely will devote a lot of time to answer those questions as soon as possible
sentiment among our customers and suppliers remains relatively stable but there is still a fair amount of broader market uncertainty
before we get started id like to note that todays discussion will contain forwardlooking statements based on the business environment as we currently see it
the commercial truck market is a critically important market segment globally and in china
on various aspects of the setup as well as the commissioning of the operations line which was completed in september
which began in the first quarter (of->*) 2015 but these reductions could not offset the impact of our reduced sales levels
we look at inspiration from our customers we look at inspiration from others but we also look at inspiration from the (tech->*)
it opens up our optionality for reducing debt in a faster manner than which we would have done it
well be there on tuesday march 13 to meet with investors and present investment highlights and so now ill turn the call over to randy
thank you operator we are pleased with our performance our businesses are executing extremely well and our teams are focused on our growth initiatives
that are going to help us achieve the results that i just outlined going forward so id say were very pleased
so i think thats one that goes in sort of (*->a) where we have european competition which is
doing the chartering the way we do chartering for tata steel we are taking a lot more longterm positions on many of these things
and then are you seeing more willingness from chinese consumers to move up the chain scale is that helping you at all
the improvement that we saw this year was just a reflection of the fact that we did see some of those blanket orders come in in the third quarter
in parallel (weve->we have) put in place the corporate capabilities required to execute drug development
which was lower than last year as a result of lower premium accelerations and from the continued runoff of our book of business
on each of our marriott and starwood websites and apps and enjoy our unified loyalty programs
luxury hotels in miami benefited from florida and caribbean hotels still out of service from the 2017 hurricanes
the timing of ramadan should reduce revpar in the second quarter with offsetting stronger results expected in the third quarter
even though the returns (may have->*) maybe have gotten a little bit less the returns are still fairly healthy compared to
just following up on davids (questions->question) can you guys provide some detail on the expected time line for your (costcontrol->cost control) efforts
our targeted cash flow should allow us to continue to delever while providing sufficient cash flow for tuckin acquisitions
but what is your opinion in this case i mean do you think that this is a good move or should not be
in brief we believe the increase of shared mobility in urban centers will lead to vehicles having much higher utilization
and youve got a fairly robust real estate business and all (of->*) that is putting pressure on construction resources which makes
and to the extent that we are more optimistic about the economy collectively
and showing off what we can do and trying to secure additional clients
and with the current rates that will flip in the second half to approximately the same magnitude
the remainder includes capital expenditures loan advances equity (investments->investment) and contract (investment->investments)
this was primarily driven by additional revenue from (bhushan->bushen) steel improved deliveries in india
of increased profits we get a share because in asia pacific theres no owners priority so from that perspective
we believe that these sales trends and activities combined with continued cost reductions and strategic pricing actions
the team has worked extraordinarily hard to deliver the results that we delivered last year i could not be prouder of them than i am
and that integration is going extremely well we have received an overwhelmingly positive response for our customers
overall we see that our strategy of moving customers to integrated solutions and growth in it is working
with that let me turn the call over to mr adam spice our chief financial officer for a review of the (financial->financials) and our forward guidance
as we look at the months in the quarter we expect new software for the industry to grow in may with uncharted 4 (doom->deem)
for example we are looking at several technologies to roll out fiber in a cheaper and more efficient way
around how their agents (can->could) be more productive how they can retire all these legacy systems so that they have a single unified view of the customer
should any of these materialize or should our assumptions prove to be incorrect actual company results could differ materially from these forwardlooking statements
are putting up a good fight with more aggressive bundles and improved video offers i mean this has been happening for a while and we never underestimate these guys
without losing sight of the primary objective of actually delivering the right value proposition to our customers they want compliance
so were well positioned really well positioned short term to maximize on the growth out there through that header and through our pipes
what the supply of the switch is going to be and id say those 2 factors kept us with the same guidance
and as you know theres somebody running for president whos now been constrained to a teleprompter so i understand his pain
which obviously had a great quarter in q1 but one of your competitors in the space is now adding commerce functionality by way of an acquisition
and thats why youre seeing these very very large deals now i would love to tell you that we wake up every day and we meet a new customer and we sign one of these large deals
on slide 15 we break out the expected impact of the energy research sale on our annual revenues and expenses going forward
in business weve seen a steadily improving revenue trend in the last 2 years and we remain on track to stabilize revenues
so that our customers get that theyre making a lifelong decision about park city group and thats critically important to the sales effort
and thats a doubling of our daily predictions just last quarter this is the most strategic technology for our customers
the main issue here is that the environment on the investment market
your question and the (qudos->coders) should not have any impact because all the (qudos->craders) have
that will take some time and we want to do that diligently and
our construction and engineering groups remain committed to working closely with ferc (pa dep->paidep) and other regulatory agencies
get a sense of how important this digestion factor is in your own timing of making new acquisitions
number one people who want higher (speeds->speed) generally want to be more engaged in the internet (than->and) they do (and->than) they are but also theyre finding that the experience is better
and also in business where we continue to raise customer satisfaction while undertaking a major business transformation
augmented by our suite of crm applications that do that for them things like our
we will continue to focus on a mix of technologies to deliver the best customer experience
the increase from our previous guidance is due to higher cost resulting from delays on our rover and mariner east projects
and we were intentionally building that we had inventory on hand for the titles that launched in early may
this will end and (yes->*) i think its not smart to start speculating about the potential opportunities but
yes with respect to arpa revenue (while au arpa->well aur po) is increasing and the
or what red dead (was->is) expected to do in the fall its going to suck some dollars away from some of the other games so
the stability and quality of content through these (locations->occasions) is higher which improves customer experience
integration is a strategic priority for our customers because without it they cant move fast enough on their customerfacing (systems->system) so
where average customers could not tell were they interacting with a computer or were they interacting with a human being
during the transaction close process we made the decision to (conform mulesofts->conformofts) revenue recognition policy to salesforces policy
is going to increase according to the design of this program because subscriptions will increase
once again we are not projecting we are simply looking at the potential for a new console in comparison to prior consoles
and if you cant specifically comment on that can you discuss any historical economic differences between cartridges and (discs->disks) for the (preowned->freeown) business
i will give you an update of our financial performance in the fourth quarter and developments related to our network and operations
in what way all these (*->are) designed and what are the purposes of all these programs
interesting thank you todd im going to read my comments again now this is only the second or third time that ive done that
that is the core to improve the usage of the (theatre->theaters) so that we spend a lot of time on trying to shorten those
so im going to read my (comments->comment) its worth staying around to the end because were going to do something new that we havent done before
we have proprietary sales and operational programs that allow us to maximize the productivity of our technology (brands->brand) stores
this was primarily due to a decrease in transportation fees due to renegotiated contracts and a customer bankruptcy
one example of how we are succeeding is that we had 93 growth in our global omnichannel revenues
customers who access the trade section of our site trade at twice the rate as average customers
part of the capitation payment and that you will be forever getting a lower rate whereas those operators who are
just briefly on our financial position our financial position remains solid
while achieving design proppant concentrations of up to (2000->200) pounds per foot which would be the highest in the companys history
and enable us to do something very novel within each stage by setting perforations across 2 different stress profiles
okay and then my second question is with the change in the tax rate
im still a little unclear on what the newly approved projects are so can you give a little more detail on what that
but b2b commerce as well and i dont think anybody can really touch the tremendous success weve had since
and cash included in the (entities->entity) sold we also had a reduction in cash required for settlement activities and clearing deposits
once completed this allows us to serve our customers in a more efficient and faster way
our customers will experience the we call it the portalization of our product line and
this was primarily due to increased volumes in the permian from the rampups of the (orla->ola) and panther processing plants
maturation of the stores (that->*) we built or acquired last year and the absence of the conversion (costs->cost) we incurred last year
penetration within the hubs at varying levels depending on how long weve had them online
so we think that backdrop is probably (is->*) as favorable as its ever been
back on we need to continue to work and its going to be a process to get them (where it could be->work to get people) fully back on to where they were before the settlement
so that we could communicate to the users and have them experience that paypay can be used in various types of outlets so its probably going to start at drugstores in june
picking good acquisitions 20 years ago spending a lot of time on new product development developing those businesses investing in the sales and technical forces and i think thats culminating in us having a very strong position
across all those countries as another example of the acceptance by the consumer within our asian business weve seen a significant improvement in our quality of sale metrics
so thats something were doing aside from (our->*) products we are trying to reinforce our sales capabilities so for commerce (advertisings->advertising) we will develop them
(*->thanks) david so when it comes to pricing i believe that were in a world where the consumer decides today so charging a premium pricing comes back to having the best products
now i will turn the call back to steve thanks drew moving to slide 13 within a growing economy we experienced the effects of a strong industry environment and capitalized on our significant strengths
these lower retention numbers were the result of certain operational decisions made over the course of the year to let tenant leases expire in order to generate higher rental rates or opportunistic vacant property sales
thats developed around (the->a) large customer program for a number of reasons i mean theres been evolving initiatives and priorities and objectives and thats really where the issue is
we plan to keep debt levels in line with an investmentgrade profile to maintain the flexibility for capital expenditures dividend payments share repurchases and acquisitions
we will continue to take a balanced prudent and longterm approach to our capital allocation strategy which includes evaluating share repurchases and acquisitions on an opportunistic basis
we keep on being as selective as possible with financial criteria that have been reviewed in (the most->a more) stringent way since i took on my additional cfo responsibilities
still a lot to do but we are clearly on the right way and i do not doubt that these divisions will contribute a lot to the whole group for value creation
the actual timing is driven by our launch partner and we will defer to them but we look forward to be able to talk more and report on this in (the->*) third quarter
so but it would be hard for me to quantify that at this point because i think its a matter of completing the restructuring in these plants and then seeing where the economics are versus where you wanted them to be
these costs reflected in part the customers evolving objectives processes and priorities as well as the introduction of new initiatives and the effects of the significant scale of the program
due to pretax income including a loss on the revaluation of our (euro denominated->eurodenominated) debt which i mentioned before and which is not deductible for tax purposes normalizing for these items we see our underlying
in addition some of our comments may reference nongaap financial measures a reconciliation of the most directly comparable gaap financial measure and other associated disclosures are contained in our earnings release and on our website
its too (weak->week) if we know a certain user used paypay at a certain retailer so it might be revenue share it might be buying data from the retailer i think theres various schemes considered but
so its a very desirable feature to (do->doing) business with culp while i dont believe were going to be able to do that well that (quicker->quick a) lead time on window (treatments->treatment)
so theres a whole range of aroma chemicals our business had historically focused on aroma chemicals that more and more had become somewhat commoditized and so to that end we set about to
and these are large complex programs its in a number of geographies across the country there are things that come up that have created complexity that we didnt expect weve applied cost
we continue to view our stock as one of the best investments available and (well->will) balance the return of capital to shareholders with our priority of building the argo franchise and shareholder value in the long run
so that (in->is) my view on the macro now how it translates to earnings equity performance i think (its->is) something we got to watch so this is a warm water cycle right (*->now)
i look forward to doing a deep dive on our plan and providing a q1 and fiscal 2017 outlook as well as discussing how our plan will translate into longterm financial performance
we dont fight city hall we dont make political donations so we are very ambivalent agnostic to whatever political parties may be in office in any country that were in
and weve got to be more flexible to meet their needs weve got to make sure our shacks can provide that and that is what were working on for the long term when it comes to (kiosks->kiosk) its absolutely one of our goals
but before as i have said our work will be funded by these partners and our commercial opportunities must be known before moving forward
has really already been accounted for in the expense base is that fair to say thats very fair to say let me just go through perhaps how we funded this initiative
because of the way our economics work as well as the terms of our acquisition of (jamison->jamieson) obviously (we would->wed) much rather have it but we move on and replace the revenue not too concerned about it
we have commenced production and started to (shift->ship) some products from haiti and we plan to gradually add more capacity to meet expected customer demand
we brought that capability inhouse the firm had grown to a point where we really felt it was important to have the intellectual capital under our own roof to make it available to our high net worth clients
i am pleased to say that we have made considerable progress on these goals in the first 4 quarters and we are a different westport fuel (systems->system) today
that was essentially positioned more towards polo weve started to undertake conversion of some of those stores 2 standalone polo stores versus (the->a) hybrid
to (the->*) deployment both remotely in the field and then in the back office and i think were investing substantially in that area because i think thats where the future is
which (means->mean) it can be expensed for that so it will actually be reduced from the expenses for that year so this pushes (up->our) profit figures
we are pleased with our progress and we remain focused on continuous improvement initiatives across our global platform that will further enhance culps strong value proposition
that concludes my prepared remarks id like to remind everyone that the purpose of todays call is to discuss our first quarter results and i ask you to please limit your questions to our earnings announcement
for both of our businesses we continue to drive product innovation and creativity and provide a diverse product mix that meets the changing demands of our customers
we will have less contribution in q4 because the water was already accounted for last year but given where we stand at the end of june given the (results->result)
so bear with us as we get through this and move into the as we close out quarter 3 i think (*->that) the discussions will have a lot more clarity to them
the issues that we were having in argo in our retail business over the last couple of years have really settled down and so youre starting to see real contribution from that so
i could theoretically end the call right there and go to questions but i promised the team id walk through the rest of the slides so bear with us and im going to move to slide 5 now which summarizes
it could very well be a solution over time right now europe is a quadplay market its a quadplay market because every incumbent telco who has nationwide fixed coverage has a nationwide mobile coverage and it
(*->that) have been held on conference calls instead of the big meetings weve looked at how many people are going to conferences weve reduced travel now those things (arent->are) going to be
one of the major issues you have is your cost of raising turkeys is much higher and you have less pounds but the price itself
we will provide more information on these activities as we bring them to market i can anticipate (that->*) they are in the early stages of the business analysis
(i->*) mean i think still the best you can say is that the i mean maybe were approaching a bottom if you look at the (trends->trend) but the incremental is still slightly negative
any plans on sort of expense reductions or any expense synergies you plan to get out of the mulesoft platform as you do the integration with salesforcecom
and the reality of a continued reduction in commodity prices and its impacting the ability of companies to generate cash flows on a sustainable way on the other hand
so there certainly is market pressure that comes into play but through it all i mean we remain the price leader in the categories where we compete
perfect and so as it relates to that expansion we understand the difficulty of modeling any of that but
and we also expect relief for china pork prices in the second half of the fiscal year which will improve the operating environment for our china retail meat business
in our side of business were benefiting in a sense because our clients are benefiting except for the upstream that well continue to monitor im sorry to
this is also coming to your point that on one (hand->end) we are not out of the market (*->so banca) is in the market but is in the market
our total revenues declined slightly as compared with the third quarter 2015 but that was largely due to the impact of the strong month of july on our third quarter results
they dont always look the same its not always a simple network extension meters sometimes its an infill sometimes its an upgrade sometimes its
for our project in (ingolstadt->ingolstad) included and we didnt have that in 18 so that is the major change here the dividend proposal i already
the capital management policy also requires our board to evaluate the appropriate deployment of excess capital and to consider a variety of ways to improve shareholder return
so if you really look at these 3 products while i cannot talk to you about the immediate relative contribution but i (can->could) speak to you in the when the product cycles are fully set in
(not->*) because of all the acquisitions that have taken place over the last 5 years it really is just as simple as rethinking how we do things and how we operate our business and when you combine the high singledigit (rebased->rebate) growth
from various items mainly from a slight increase in the dsos in some countries and we are working with that and also from some
this is a robust growing category that has been around for years and is being accelerated by (a->*) deep launch schedule of new and evergreen intellectual property
and ill talk about our advanced video platforms in a second but when you consider that our nextgen video services and tv everywhere products consist of very fat content offers
complex device it really becomes real to them and so we plan on literally having hundreds of stores that will have vr capability in fact thats what weve seen with the
and thats because these subjects already have a strong immune response and you cant boost it further whereas those who had a waning immunity after a year
and with respect to inventory at the end of the quarter there were probably 3 things that happened we did see a healthy increase in our preowned inventory
we continue to believe that (exar->xr) provides a large and exciting opportunity to expand our analog content across a range of communications (in->and) industrial and multimarket platforms
and in parallel we continue to look at the feasibility of developing a more efficacious human challenge model where we could evaluate the efficacy
as we initiate all of the phase ii studies that are listed on this slide so the first study in red the colorectal cancer indication has already been initiated
the official launch partner of (funcos->funkos) new league of legend licensed (products->product) so this is the first time that league of legends by (riot games->ryags) is going to put physical (products->product) into retail so i think were finding
the majority of the impact of such transactions is already recognized in our provisions lets move on to the other latin american economies
in our case were very fortunate because we focus our attention on the downstream and the integrated side of the business
the good thing about this is its a multicompany collaboration thats sponsored by the nci where a number of different companies have agreed
bringing (mulesoft into->mealsoft to) the company and making sure that were consulting with every single one of our customers (in->and) every single one of our engagements about their integration strategy just helping them
we expect that to continue until new (highprofile->high profile) and innovative devices from samsung and apple come to market later this year
if they get through this when they get through this they will have a ton of properties i think they have a serious appetite for divesting some of their own stores
and the weakening of the demand towards the end of the year was another hit we took another hit from that on our ebit in (after sales->aftersales)
well not lose market share in the different segments or is that something you would try to maintain in terms of spending what we had 2q throughout the rest of the year
(over some years->*) and if i go back to previous question relating to the actual payment mechanism for this i suppose my
and (brachyury->brachyuri) vaccine will be going into a phase i study beginning of next year looking at the intravenous administration
they are working to understand and have a 360degree view of their customer and the power of that is really
separately at the beginning of the year you laid out your project lightning plans and talked about sort of finetuning your capex expectations i dont know if youre far enough through the budgeting process but (do->*) you (have->give) a sense
we will update on this new metric from quartertoquarter however it will be volatile during the year as the video game business has more seasonality than tech brands
in (a->an) orphan drug indication called (chordoma->kordoma) which is a rare cancer of the bones at the base of the (skull->skill) and spine
and finally we do also see that not all the declines in that segment are in the same difficult position others have been able to diversify their
well integration has never been more strategic so many of the ceos i spoke with told me that data remains unlocked remains locked in their legacy systems
these events have traditionally been a catalyst for gme shares and mike hogan has done some modeling of potential impact that he will share with you in his remarks
it has an architecture where it runs partly onpremise and thats one of the reasons its able to do everything that it can do from an integration layer
we will clarify the projected impact on our next call once weve closed both deals ill now turn it over to tony for his comments thanks rob
are actually are very much what weve looked at (theres->*) not a lot of change in there but when you think of things that have a bigger capex component to it youre seeing those things get pushed out and those arent a big piece of (*->our) overall business
the sale of these 3 suburban hotels reflect a continuation of our capital recycling strategy as well as the strong interest from foreign capital and local real estate investors in stabilized select service assets in the best suburban markets
excluding these charges the adjusted cost base (remains->remained) stable despite higher software amortization and investment expenses related to our strategic initiatives including the expansion of our digital solutions
we are being strategic about what we add acquisitions dont have to be large but they must meet our criteria for highmargin businesses that strengthen our product and technology portfolios
and then finally in terms of trumps policies is it still your view that the rhetoric or (the or->*) what hes talking about wont prove any disruptive threat to your business
ill start my comments today with a deeper dive into our operating results and then expand on neils comments on our second quarters transactional activity and how it affects our financial position as well as our full year outlook and guidance
this means that whilst all of gas distribution is deconsolidated from continuing operations in the current year we will report a 39 share of profits from the associates in continuing operations next year
(advisory->advisories) suffered in the second quarter from postponed deals as you know a very episodic business performance (would->will) smooth out across the year as a number of fee events were pushed from the second into the third quarter
all right as i mentioned at my opening i want to give you some color and some detail around the puts and takes of the quarter because i know there was a lot out there and i think its important to be able to link back to our guidance so we had guided
adjusted earnings that you have in your headline results are you moving towards a new adjusted presentational number of a (ex->x) timing number that (us->as) analysts should now start thinking about or will you still be reporting
we also had the opportunity to meet with several research analysts at the conference and as a result of our growing interest from the investment community we have received many compliments on our positioning and progress
(*->most) important ones and then the last piece of what weve been working on i dont know if (we->weve) chatted too much about it but were also looking at really (*->in) what i would call i guess integrated planning across the company
on the customer growth side we have less than 70 gas penetration across our territories that means there are more than 1 million households that are still burning oil or another (fuel->field) creating opportunity for further (investments->investment)
would be a sensible thing to do if you believe that electric cars are going to be a significant part of the transport solution going forward and in terms of meeting some of the emission targets clearly electrification of transport is going to be a key component
however we have confidence in our ability to implement innovative commercial strategies designed to address and offset these challenges and to continue to grow our business
but i think we think that was a shortterm phenomenon probably related to the uncertainty around brexit but i think a general theme would be that we need to work more on working with our clients
the continued expansion of our sam edelman brand and his retail stores our consumer targeting efforts at famous footwear and our continued investment in digital across the enterprise
as i noted in my comments about the strategic review process the expertise and excellence of our china commercial team was very highly priced by (the->*) parties with which we engaged
our integration teams are focused on ensuring we realize the expected synergies from our transactions and refining our integration processes to support recent and future acquisitions
so we do think well see some repricing we think that some of our competitors will come under more stress than we will because theyre more by way of more monoline deposit takers and mortgage banks particularly in our home market
we are now in a position to say that efc expects to convert to a real estate investment trust or reit during the first half of 2019 (barring an->borrowing any) unforeseen impediments in connection with such a conversion
we were able to our full order book we knew what the margin was in it we were completely protected and we were then able to work with the suppliers about not taking a price increase reengineering some of the product
like fittings and then conductors and finding a way of replacing the conductors and (realizing->relifing) the towers and the fittings to give that line the same life extension you (wouldve->would have) had through an entire replacement
if youre expecting organic up about 1 in the fourth quarter and we were kind of down 2 this quarter could you maybe tell us the segments where you see that delta coming from
this concluded a long and complex process that (involves->involved) separating gas distribution from the rest of our uk business agreeing with pension trustees to split the scheme into 3 sections and (then->undertaken) a major financing program
if i mean it sounds like youre lined up pretty well with inventory and so on so why guide to low singles when youre off to such a good start as (youre seeing->youve seen) it right now running mid
even though we face a slight delay compared to our initial time plan were still highly confident to close the deal in the second half of 2016 (after->as the) maximum 3month approval period
im extremely pleased with this progress and (give->given) our diverse sourcing channels and strong balance sheet we should be able to continue to grow the credit portfolio from here to support further growth of earnings and ultimately the growth of our dividend
performance in massachusetts has started to improve as the new rates in the electric business came into effect we expect to see a more significant impact (from->on) returns (at->of) these new rates next year
i think its going to be very similar to china when you hear the commitment the indian government has made and the environmental needs to move to this type of technology theres (*->a) number of drivers behind it
going forward we remain well positioned to continue expanding our presence in the areas of housing where our capital can be put to work most accretively following up on our most recent multifamily (bpiece->bps) investment
so what we dont want to do is we dont want to chase volume i think what were mostly focused on is being really really efficient so some of the metrics well talk about is capital and turnover
we expect that pricing pressures on revenue in 2016 will be offset at least in significant part through sharing of the burden with our china distributor and potentially through volume increases
we dont think that banks will just sit there and absorb the cost themselves so we do have to see some repricing and (we are->were) relatively (wellpositioned->well positioned) because of our the breadth and diversity of our businesses
where we (have->had) some delays in delivery of first quarter goods that showed up late in the middle of march if you will to allow us to be able to sell through that product obviously we didnt have
here we see the quarterly (result->results) compared to the same quarter (one->1) year earlier you can see that the trend had been positive for some time now and we are now almost at the same revenue level as (one->1) year ago
against this backdrop global policymakers continue to press for further banking reform with calls for even stricter capitalization of banks regardless of the impact on the real economy especially in europe
and we certainly expect to earn doubledigit returns (in->on) that capital but as far as (the->these) swings in refinance activity or mortgage rates goes we actually expect that to have a less meaningful impact
additionally more than a dozen skechers performance brand ambassadors will be participating in the rio games and the entire belgian team is wearing skechers (in->and) the countrys colors off the field
with a business model that provides outstanding free cash flow generation the commencement of a quarterly dividend the benefit of our significant nols to shield future earnings
before we begin our remarks i need to remind you that in this call we will make forwardlooking statements regarding our current beliefs plans and expectations which are not guarantees of future performance
if anything in each of the areas i think were finding that we were maybe a bit conservative for example test sendouts i think thats a little bit better than we thought
our teams have done an excellent job integrating the basics of payroll benefits accounts payable email security and countless other areas typically taken for granted
to work with them in terms of the way they look at their risk profile and so on and (in->then) how we can improve the efficiency of the scheme
this includes an extended partnership with just retirement that allows customers to access options such as simplified financial advice drawdown products and enhanced annuities
despite the disruption of reorganizing and integrating our operations team delivered very high levels of service and client retention has been outstanding so far
as for our fourth quarter performance on an operating basis the quarter went pretty much as expected other than cash collections which ralph will cover in his remarks shortly
labor growth and if you look at some of the trades (that->it) would be important to insulation demand you didnt see much labor growth in framing contracting in the second half of 2015 which would suggest
and have it adopted we can do that finally we also see companies with attractive but incomplete product solutions who would benefit from that offering being made more robust we can do that as well
so i would like to know what you believe to be the main reason behind this the second question that i would like to ask you is that if you look at metal prices for batteries it seems to be that for cobalt on a per (tonne->ton) basis
but in the current quarter you have recurring revenue youre not recognizing all the recurring revenue for the deal youre just recognizing the recurring revenue thats associated with this quarter
and we are confident that these businesses will grow earnings in 2016 now ill ask you to turn your attention to slide 9 for a review of our composites business
for example since the start of the year we have added a number of new air personalities most notably (a->at) star in atlanta and have successfully rebranded 2 of our stations in miami and san diego
we used only a minimal amount of cash on an operating basis which includes restructuring expenses we are on track to generate positive cash flow this fiscal year
in fact we just received customer feedback from our semiannual customer survey and the results show the highest levels of satisfaction ever achieved by our company
that means we will have ample capacity to continue to invest in our business pursue compelling growth opportunities and reduce debt while delivering immediate cash returns to our shareholders
we also completed the fund merger of national provident life into phoenix life assurance in the first half of this year leaving only 2 remaining uk life companies
in sum it was a terrific quarter what is important to note is that it is part of an increasingly consistent pattern of entercom delivering solid growth quarter after quarter
i have put these disciplines in place and watched it at work in other companies and (im->i am) confident about its ability to positively impact margins
we are also continuing to make progress in a number of other areas our focus on great local brands and content continues to pay off for us in the ratings as entercom remains a leader in nielsen ratings growth
decent price performance in the first part of the year but in the middle of the year where in prior years we had had some decent success on pricing we did not have as much success in 2015 as a result
at building out their platform and we could go backwards or (forwards->forge) with the different (technology->technologies) so its quite exciting in the investments were making to see the market that we could address
the market for retail deposits was not impacted whatsoever by the first fed rate hike so we saw no increase in our cost of funds there
(*->at) the moment clearly a substantial proportion of our funding is in the form of bank debt although that is reducing weve made very good progress in terms of
and went through some of the relationships that we see between oil and asphalt cost and then also how long it takes (the->*) oil cost to come through our economics about 90 days to get through the refinery about 90 days to get through our cost of goods
to both open up and make these connect and come together and then were trying something new so a lot of what were doing inside the house is really trying to change the way we build
that youre bringing online now could you just take a step back for us and just kind of review your value proposition for clients so obviously youre becoming one of the lowest cost providers of fish
with that let me now turn to 2016 in insulation we expect revenue growth will be slightly weaker than the growth experienced in 2015 while we do expect margin expansion
additionally we believe our first and third quarters have the potential to become larger relative to the balance of the quarters as our international business becomes a greater percentage of our total net sales
as we balance our priorities for the future deployment of our free cash flow both dividends and stock repurchases will be important mechanisms to return capital to shareholders
just turning to the suspension of the dividend if its such (a->*) i guess a smaller payout and considering where you are in terms of your cash and (equivalents->equivalent) balance
one with the national park service one with a large western us city and another from a major texas electrical utility this is just the tip of the iceberg
the group continues to demonstrate its capabilities in managing (closed->cos) funds efficiently and effectively for the benefit of customers and shareholders
the reduction in volume is making it increasingly difficult to maintain this investment while still driving to meet the objective of returning the company to profitability as soon as possible
refer to the investors link under the corporate section of our homepage a transcript and recording of this call and the supporting slides will be available on our website for future reference
we do care to do it in an agile fashion testing new formats and location types to make sure we develop a network that is fit for the future of retail
and also in terms of the materials there is an already existing value chain there which we would be able to leverage so as a result of that we do think that there would be various benefits
and to then (to->*) do it where youre also having to bring into the workforce over (1000->100) workers and train them in railcar manufacturing
like to welcome you to entercom communications earnings conference call this call is being recorded a replay will be available on our company website shortly after the conclusion of todays call
and therefore the mix of equity debt and cash resources and the debt structure of the acquired company would have to be taken into account
specific management actions achieved include the acquisition of a portfolio of equity lease mortgages and further benefits from the full implementation of the (mgalfa->mglfa) system
as well as those detailed in our annual report on form 10k for the year ended december 31 2015 and from time to time in our other filings with the securities and exchange commission
local (oncologist->oncologists) as a result of using us as their reference lab so i would say those are 3 important value proposition drivers
just a quick question on the northeast and the improvement there i think you might have done some leadership changes in the northeast as well so if you can maybe talk about what you think the causal elements have been in the northeast
i dont think we want to (a->*) give (*->a) specific number at this point one thing thats important this year is (is->*) regardless of the actual production volume is to validate the production capacity of (20000->200) stacks per year
we should note that this is not a result of ferro losing market share to competitors but a result of certain product campaigns at the customer level having ended or moved out of the rampup phase
while contract investment is included in our investment spending estimate under the new revenue standard contract investment will be included in our cash flow statement going forward under the heading cash from operating activities
similar to what you were sending earlier and beyond that there is a 25 duty on whatever comes in so there is a protection available in eu and at this point in time because the domestic markets in both india and china have been strong
the following presentation and the earnings release issued last week are also available for download on the company website after managements remarks there will be a questionandanswer session for analysts and investors
i will refer you to the companys sec filings for more detailed discussions of the risks and other factors that could cause actual results to differ from those expressed or implied in any forwardlooking statements made today
maybe im (having->making) a hard time imagining it but is it the kind of thing where youd have to set it up for peak periods staff it and then break it down when it gets quieter or do you not need that second line (and->*) thats not really part of the plan for the first phase of digital
these investments achieve more attractive aftertax yields without adding credit risk or materially changing the characteristics of the investment portfolio the overall duration of the bond portfolio is still under 3 years
the sustainability and pace of the recovery will however be heavily dependent on the magnitude and timing of federal recovery and private insurance funds flowing into the island
we want to be very clear we do not agree with many of the shortseller reports assertions some of which are demonstrably false nor do we agree with many opinions expressed in the shortseller report
in terms of 2018 outlook in europe we expect increased market activity during the year related to fuel cell electric buses which we expect will result in the growth of purchase orders for modules
given our privileged position we are focused on strengthening the relationship with our customers and improving their experience by providing innovative solutions as part of our digital transformation effort
yes i mean i would say were actively working with all the key players in the china market right now so its a very interesting market you might be competing in one province and collaborating in another province so
we look forward to rolling our hotels onto a single reservation system in stages with the first group of hotels converting in the fall of 2018 and finally we expect owners will continue to see significant cost savings
gives our competitors a road map of exactly what were doing and so it just invites greater competition in the areas where we think were strong and where we have a lead so thats the reason for it and
we mentioned in the prepared comments that our luxury and (upperupscale->upper upscale) share there is substantial particularly when compared to the rest of the industry but i think we are seeing globally
thinking back to your (through the cycle->throughthecycle) target of 3 to 5 plus maybe a couple of points i think you got the microwave award in 1q is that kind of what the base case should be at this point
and with the miracle of compounding these are still pretty attractive deals and i think as a consequence thats why were continuing to see the development pace be as strong as it is
a full description of the limitations (and->in) using nongaap financial measures and the adjustments made to derive our nongaap operating income and adjusted book value is included in the earnings release
in addition we incur costs associated with employee training permits and licenses and certain maintenance improvements in the earlier months of our ownership of new sites further burdening our results
(i->ive) talked before about how we operated crane with a prescriptive and rigorous disciplined cadence of management activities focused on continuous improvement this focus results in consistency of execution across the cycle
she can start to sell shares in the market that was a collapse in the price of the shares and after the cancellation of a sale (process in clal->processing plan) the shares (decreased->decrease) a lot
to date which have led to the previously announced research (agreement->agreements) and a variety of other potential collaboration and research discussions with several of the top global biopharmaceutical and biotech companies
of results (not->no) 9 (months->month) like in argentina so we dont have a comparison with the previous year because we started now so we are only presenting information for this
(that->and) has (great->good) growth opportunities moving forward and you may see us doing more in an (inquisitive->acquisitive) way relative to that space so were real high on what weve done and what (we->weve) positioned and what were targeting
that the net result will be a significant reduction in the risk of our insured portfolio which should greatly improve our liquidity mismatch and the overall stability of our financial condition
these high standards that we set for our benchmark communities homebuilding operations are driving our transformation to a leading regional (homebuilders->homebuilder) focused on margin enhancement scalability and strong returns
the second is in the consumables business the melt delivery is a (requite->requote) every time we have a new product and that turns pretty much within the quarter
the uncertainty is going to be around just how strong the market yes i think were confident to say that were going to outgrow the market a little bit and so if that market if we determine that (*->that) markets going to be there then i would expect us to outpace that
by moving to more (shifts->ships) and also getting that second automated line operational so when we talk about production capacity for (20000->200) i personally believe thats a very conservative production capacity number
relationships and were doing fairly well they respect what weve accomplished so far it leads to other product areas those products need to be developed it takes months to develop them not weeks
especially the longterm contracts are very often international (contracts->contract) and there usually the competition is not as strong as we see some of our domestic german business
on both the labor and food cost lines im just curious how quickly we can see those benefits jack if theres anything you can tell us about the cadence in which (youd->you) expect to see some of those initiatives pay (*->for) some dividends for you guys
some standalone restaurants and some addition of this iconic (automotivethemed->automotive) brand to travel centers particularly where we think we can attract significantly more local business than were seeing today
please turn to slide 12 we continue to improve our leading market position in puerto rico which puts us in a strong position to take advantage of future opportunities
(then a->the) question on pricing you stressed that it will be challenging going forward as well and partially also due to the restructuring and cost saving programs of your customers
i do not disagree with those and that is the one of the principal investment themes here for us its a lot of work dont get me wrong and
and a better indication of our future revenues we are providing a new disclosure called remaining transaction price which represents all future revenues that are under the contract essentially our prior billed and unbilled deferred revenue
and then you have to cut back on staff as we obviously dont need staff to take care of empty beds and thats the more cumbersome process obviously because we need at the same time
we participate not only in the exclusive sale of physical (discs->disks) by our gamestopbranded stores but we also participate in the profit from digital sales of the game and related collectibles regardless of where they are sold
turning to the balance sheet as a result of the new accounting standards we now report unearned revenue in place of deferred revenue and as you know the new revenue standard has us recognizing certain revenues sooner than under prior standards
significant increases in (collectibles->collectible) sales they also see an increase in video (games->game) software and hardware sales driven by the increased traffic and expanded demographics that the broader selection of collectibles generates
probably greater expansion in the early quarters of the year like we did in this first quarter with it settling back down in the fourth quarter when the video game business has such a seasonal (ramp up->rampup)
and europe and (asiapacific->asia pacific) operations as well as our corporate activity as a reminder corporate activity includes investment income and other gains as well as (costs->cost) not associated with operating itgs regional and product group business lines including among others
yes i think the best way to imagine what we are and a lot of (fast->saas) businesses dont perform this way i dont know why were really a high fixed (lowvariable->low variable) cost business
and weve now allowed all of our applications to flow through that so whether its our commerce cloud our sales cloud or our service cloud theyre all augmented now through einstein and i guess one of the major
today literally today we signed a contract with one of the most successful grocery retailers in the world who does everything internally everything
an interesting format with as loyalty programs go its an interesting one where you have a segment of it is nonpaid and another segment is paid with different benefits for each and so you can imagine we look at that all the time and go
as i said before it will be in our multimetal range the main target is to create additional value so for us to find in our flow sheet extensions that
anybody who sees the numbers (in->and) these financial results can see its going to happen and we could not be more excited so were incredibly proud of another quarter of remarkable growth of course none of this (will->would) be possible without the partnership and (dedication->dedicate)
on top of the conventional credit cards on july 4 we started to accept apple pay on our prepaid cards we will continue to work to improve convenience for (*->our) customers going forward
and i would note both revenue growth and profitability got progressively stronger over the course of the year clearly demonstrating both acceleration in the business and operating leverage in our business model
and we continue to see incredible momentum with financial services cloud in q1 we had a significant expansion with a fortune 50 financial services firm that is clearly betting their digital transformation on us and is now one of our largest customers
i think its important to appreciate and we talked about infrastructure 2 years ago and (*->that) it was very important to us that we have a level of infrastructure that would support a faster growth rate
a kind of a negative hit that we would have been then saying we would expect to come back to us over the future quarters based upon this new methodology though this is the way were reporting it
we have several other games slated for release over the next year in fact next week we will be announcing our second game under development with ready at dawn as a reminder as the publisher
i think (it->*) important to understand because weve always talked about our growth rate in relation to the efficacy of what we do and what that means is that the most important stakeholder in park city group are our customers
yes this is (mackie->macky) again you bet one thing well say is that what were not going to do is just to add volume or to do deals or to announce deals is do something that doesnt make sense
for national consultation is scheduled by acm yes somewhere in the first quarter of this year we argue we will argue in that consultation for a level playing field
and theres lots of new products in it and indeed theres some changes to how were doing that that make it easier to adopt and easier to implement walter
improving our way of optimizing the existing assets before we get into new investments and enhancing the bottlenecks (at->that are) existing compared to the needs of the markets
so that it can conserve cash (and->*) weve as you will see with some announcements here this year as i mentioned earlier some big some large retailers
(that->*) and the improvement embedded for the second half of the year in tech brands reflects an improving mix of those ancillary services or a combination of that and also the iphone or how should we be thinking about that improvement
the valuations in the retailer space and we want to make sure that weve had adequate time to understand whats the right amount to be paying as we have acquisition opportunities
from the lifo method to the weighted average cost method in order to be consistent with legacy etps treatment of inventories these changes have been retrospectively applied to all periods presented
the return (of->on) the equity accounts for this year for 152 which are above the target that we had set up especially good performance in the nonlife business and in the life insurance
the sale of the segment frp (is->thats) something that we actually consider as well as the preparation for our further growth ideas that we have it will focus the management
in sme we (focused->focus) fully on our kpn one product and we are seeing steady progress in large enterprise and corporate due to the introduction of a number of focused propositions
partially offset by higher ebitda from the unconsolidated affiliates due to placing (transpecos->transpacos) and comanche trail into service and higher natural gas sales from pipeline optimization activities
than they would have before in fact theres an interesting incident from one of our hubs that told us that recently that they used to have 4 people in total doing this kind of compliance work manually
the technology (developments->development) allows us to look at fixed and wireless more and more integrated and are providing us with more options in our rollout decisions
and the idea of the portal is that our customers for anything that we do will be able to go in and selfimplement and buy if you will or try any of our other applications
all the different regulatory permutations that you deal with on a daily basis as a multinational company (and->*) when you think of the strength of having one platform for your system of record for your customers i think its really
during the launch period we were heavily allocated on switch product and allocated at a level below our typical nextgen market share as a result we lost market share during the quarter
and one of the strengths of our platform is to be able to not only have an amazing personalized marketing and commerce experience with your consumers but do so in a trusted way (that->they) can handle
we then as well will be able to reinvest into the market and reinvest means
we also want to take (the->this) opportunity to (step->set) out our plan for the future of the business
id like to highlight some of the transactions from the past year in mercer
more in innovation and less in maintenance of buildings and old equipment
revenues in the quarter were down 1 with organic sales flat
it is also an opportunity from our national strategy
we have an interest that we give that excess liquidity back to the shareholders
you did mention that in some parts of ap where you are present you are kind of going a little slow because its cash economy
lets say confident as well that we found a way that we can grow in the future
and he can also answer but i will answer on his behalf so regarding the normalized level of their
we will start seeing or hearing or having questions coming back and forth on those applications
the lab revenue increase reflects its growing focus on highermargin molecular testing services
finally we (will aim->were able) to (line->align) how we report (*->to) the market with the way we run the business
of our current rights offering on diluted eps there is no change to the guidance we presented
its clear that (the->*) increase of the arpu is also coming from the fact that we are increasing we are starting to increase
next page shows how we are expanding the opex project
maybe a little bit of color on how those markets are doing or how they performed in the quarter
behind why that claim for medical necessity was necessary all that
but that doesnt mean we are not working to improve the speed of our 4g network
as you see in the statement of cash flows which appears on page 19 of our press release schedules
military defense but there was also a little bit of weakness in commercial deliveries as well in the first half of the year
based on operational excellence and a singleminded focus on the consumer
thank you for the way analysts and the press have followed the great evolution of tim
in our history as a company where we are better positioned either strategically
i think if you look at the cash being generated from
on a per share basis this represents an increase of 4 over the first quarter of this year
we all (survived->survive) them all governments have again a ruling
we think theres more upside than downside in the event that the administration
in both many of our businesses id say more than anything are really tied to industrial production
the increase in insurance commission revenue compared to the second quarter of last year was driven primarily
(peg->pegged) the right point of how do you offset that with a combination of cost out (*->and)
we have also doubled our business in painting tools through the acquisition of harris
and the subsequent recovery of inventory in each (of->*) the third and fourth quarters
and came despite the restructuring charges at marsh and mercer during the year
(*->but) at this point we would anticipate youd have to go through a competitive rfp to do that
they are all exposed to a growing
the business enjoyed a firm trend on other areas as well
it seems that you guys have pretty strong momentum with new partner signings in the (nontolls->nontools) part
okay so i mean would you expect them to go back up from here or
in the second half we will continue on with our efforts to
that has very very good knowledge of the market and is running
with that said it is important to note that we are seeing healthy pipeline growth in our business
and are spending more than what we originally anticipated is largely in our electrical products segment
and finally transfer of operatorship is likely to complete by yearend
starting with the sales force merchandising going on with logistics
and the second question is coming (under->on) the brazilian discussions again
to try and build a more (a->*) better foundation and (*->a) more profitable brand in the future and so
all the operator are losing market share (*->in sales)
(so kind of taking->kay) your last point first i continue to think that a comment we made very early in last year about
will then be put on audio and video in the internet
basic strategy was also presented when we announced a midterm plan
to seamlessly match risk and capital in the small commercial and consumer segment
is that our bonus arrangements are driven off of earnings
so there are some risks though none of them have materialized yet
we just want to make sure that its in environments and were surrounded by
they have an understanding that you guys are a competent group of people and
meanwhile we do continue to search for additional compelling opportunities
and this is something that we actually expected from the past because the duration
now i finish with different views on our specific
captures the flavor of the project that (we->was) set out in the evaluation report
what is also important is to see that we have shifted
so with that id like to turn the call back over to mr peter (salkowski->salkhalski) for closing remarks
as the flow of diagnostic products from our research and development group grows more robust
and we also said that our view was over long stretches of time
in both our wholesale partners and our own stores and i think as they
but before i finish id like to show you a selection of our new innovations
so we could extend our distribution and that made definitely a big difference
from an expectation perspective for next year were obviously in the middle of the budget
we have a good theyre good relationship bankers just like us so we feel good about their customers i think thats helping
resulting from distribution elections made by participants in our uk plan
also please note that weve reduced our assumption for capital rider recovery
does that reflect (the->a) moderation based on some of the lapping effects that were mentioned earlier
there is nothing you can do it smells a little bit there for
after separation refining it is transported either through the pipeline
does that reinforce your confidence and how should we think about the contribution to the growth
so just trying to understand outside of (tamil nadu->thamilado) what are the challenges to growth
this is not unexpected from our standpoint and has been built into the guidance
really a very nice picture on the free cash flow side so that has been the main driver
orders and sales were up thanks to (firm->fram) results of the control segment
pretty broadly across the company the places where weve accelerated our investment
so when we look into 18 we definitely will go back
with that let me turn it over to mark for a more detailed review of our results
but you should know that (*->in) any approval that is granted by new york state
in the coming year for these segments
sounds like youre not necessarily including it yet and (*->then) just if you (can->could) remind us the building blocks
thank you for your participation you may now disconnect your lines at this time
so i know that theres a bunch of bids that were sitting in a backlog were kind of stuck
or as lng after cooling and compression process
and we do experience in this segment as well (*->as) some commodity price pressures
the capacity of the existing tank houses that we have with our improvement program so thats an important part of this as i said just before the discussion the tank houses is something that we try to have full all the time
actually put that into refined product service when we bring 2 and (2x on->2 exxon) so as time goes on and when we finally (openly->ultimately) bring (2x on->2xon) we have a multitude of options but what weve built is an incredible enterprise
in order to identify the value of 5g technologies we are starting pilots with a number of business partners through these use cases we will determine the value of new technologies for different industries
generally youre going to have deleverage and youre going to have excess labor maybe excess food although we dont usually we have multiple deliveries a week and so we dont usually have a problem unless we are closed because (of a->theres) snowstorm for multiple days but theres no question about it (when->and) we have predictability
the second quarter financials that are part of that s1 will become stale so well need to amend our s1 for our third quarter financials which you see before you today
is that every time we add now a new hub the opportunity for the number of connections that each of those suppliers has increases so in fact were beginning to see very substantial scaling efficiencies inside the business
which will then be (batch->bat) processed and that is what (were->we are) going to do over the next couple of weeks or months lets say so that (were->we are) pretty confident that we bring down the net working capital or the stock level
(*->when) those are good learning experiences for the company too we learn a lot about (well->*) how other people do (the->their) business even if were the loser i would tell you that market has been discouragingly frothy so far
so as with all (algorithm driven->algorithmdriven) engines well continue to refine that as you put the output back into the (import->input) and it refines going forward so thats an important step in our new retail systems using ai to guide our clearance activity
such as the oss integration 5g technologies and virtualization the next steps in simplification and digitalization will enable us to improve even further our customer experience
this quarter we also entered into a license agreement with (medimmune->medinue) the global biologics research and development arm of astrazeneca this agreement represents a clear winwin situation
to remind you weve unbundled content like spotify from our standard packages we now offer skinny bundles where (our->*) customers have more freedom to choose the content packages they really want
the (routit->route) distribution platform enables us to process significantly more orders and also resulted in a very strong increase in mps this efficient delivery chain forms a solid platform for further accelerate
so we think its a very good moment of the company and we expect the next quarter the last quarter of the year to keep very good numbers so thank you very much to everyone and have a very good day so thanks a lot
in order to get fluid handling back towards the midteens operating margin or what kind of revenue run rate do you feel that you need given over the last several years youve done something structurally to improve the business et cetera so i would imagine
with the same quarter so far so we will work in the future to identify if we can change this if not we will continue to have a lag of 3 months but in the middle we have to analyze subsequent events
and what that means for us is that we can see a clear path from where we are to over (100000->100) supplier connections and tens of millions in revenue in the next few years from repositrak alone
depending on what material we can fill so there are different bottlenecks and we have a system that i think you have been informed about this that is actually running quite satisfying at the moment called scope this is kind of
any (decisions->decision) regarding possible financing will take into consideration these factors as they exist at such time as well as the capital (needs->need) to ensure a clear path forward for the companys development program
it doesnt belong to us we have the shares in a trust so the regulator in israel havent gave us the control permit so we maintain the shares in a trust
a little bit (mismatched->misched) if you will relative to the downstream takeaway option so obviously youve got the opportunities for comanche trail and (transpecos->transpacos) but is there a bigger opportunity for you to move some of those volumes possibly to the south or southeast
the other thing i would just add just to supplement here outside of the core process valve portion of fluid handling we did see quite a bit of nice strength across the board in fluid handling so weve been speaking largely here to what we see in the
including the recent hiring of a chief medical officer who is now leading the companys clinical activities and strategy (to->through) an established network of (consultants cros->consultant hero) and inhouse capabilities
certainly were losing a lot of deals either to things that just dont make sense to us or to companies that we dont know for sure they know what theyre doing because they havent built plants or pipe in some period of time so were getting our fair share
we have already explained the market drivers we had (*->a) very good (concentrates->concentrate) throughput so quite an increase compared to the last year which is of course also (*->due) to the fact that (fit for->fit4) future
so if you kind of go run all that calendar algebra that would probably put you into the first week of december before youd be in a position to go raise equity
the increase was due to higher volumes on our texas ngl pipelines and our mariner east system and higher throughput at the lone star fractionators partially offset by a decrease in our optimization and marketing group
but as you saw in the fourth quarter and certainly as we now see well into the first quarter of our next fiscal year we are clearly showing much faster revenue growth and the earnings leverage that we believe is inherent in our business
i hope this presentation affirms for you the fact that (we->weve) stayed incredibly focused on advancing our technical prowess in our well results this year which sets the company up for a very exciting 2017 and beyond
build houses are connected to fiber and in areas where the business case is positive we will invest in fiber and there are some regional initiatives
growth and facilitate migrations into 2018 the (kpn->kpm) one portfolio is very important to us its the basis for up and crosssell of additional services to sme customers
we have done already pilots internally and demonstrations and some of the services that now require 3 weeks or even 4 weeks to deliver to a customer and
throughout the lateral in different stress regimes and pumping that pill midstage allows us to get much better perforation efficiency across the lateral thats really (the->*)
so thats how we (sequence->sequenced) the plan now what i also said to you is once weve broken the back of the (eurohub->euro hub) which (the->our) mission was to land the (eurohub->euro hub) and from 0 to that is the most intense the rest of it is easy
we would hope that within the next 12 to 18 months or so we will come to a conclusion and (*->our)
i think weve been pretty consistent in admitting this and in saying that the situation is such
the ups and downs sometime relate to the temporary use of consulting resources and from some nonoperating costs
if we would have waited a couple of days more we would have seen here a positive figure
but in terms of partners there is not a single partner that is important for our sales development in
first of all what weve talked about is 1 point of system sales and just to roll forward system sales the last time we talked about it was in our
another reason were seeing these higher loan amounts is due to the direct mail for large loans
over the past few days we have been able to restore power to a number of areas at our site but portions still remain without power
among these activities are actually evaluation of business model in certain countries
once again thank you very much for taking your time to attend (this->the) conference call and good afternoon to everyone (bye->*)
in the quarter were there a couple of larger leases that you could flag out of this big volume
here in the fourth quarter to ground the classics and in order to
and on top benefited from the oneoff gain from the sale of the mentioned building
but in addition to that were going to have a fuel price decline next year so its set up very well
tried to answer a similar question before by saying with the improved identification
so we feel very good about this maturity curve and the fact that it hasnt really shifted
or is there some form of equity assumed when that deal closes and just more broadly as it relates to equity
(has->have) not been paid leading to that adjustment of the capitalized part of the earnout
concept does travel very very well outside of continental europe so well continue to update you as we do expand
the bigger revenues from the master service agreement with tim related to the sites
as you may remember so during the past couple of quarters it has been the other way around so that (parts->part) has been growing
and then the other thing that were hearing from builders that theyre in the process of pivoting from
northern california has a housing crisis its a very acute housing crisis so
to take our business to even greater (heights->height) with that here (is->are) some color on each of our markets
on that restructuring and that runs everything from dealing with vendors and vendor contracts and
and also the same in switzerland and what the rate of declines were in switzerland (than->and) germany from
then i was a bit surprised to see still (a->*) loss
in some asian ports some baltic sea ports as well as in the east coast of latin america
our forwardlooking statements speak only as of the date they are made and we have no obligation to update such statements in the future
out by putting our capital position or our debt position more in line with where we want it to be on a permanent basis
that are going to be very very strong we see a lot of growth out of phoenix its really just timing differences
this is meaningful and is being driven by fleet modernization and other fuel savings initiatives
and im very optimistic that this will become a very interesting business field
so last year at this time we obviously benefited from some good trends in that regard
locations where we have an opportunity to even add stores to our existing network and
so there actually the business environment has not necessarily been that bad from the container handling volume point of view so
however we can go by our own experience and i think as we have explained in the past
we have a substantial amount of inventory available to meet this demand and our international expansion (efforts->effort) should continue
two we have learned from our 19year experience and developed a very strong brand
now before we go into (marburg->marlborg) just one general comment for me
more specific to our fourth quarter outlook as well we expect our fourth quarter results will reflect
customers that we supply private label to that we are eager to continue because it adds value for both parties
and i will come to that in more detail if you flip the page please
they are not guarantees of future performance and a variety of factors could cause actual results to differ materially
the bottom line is that we continue to gain share in virtually every market where we do business domestically and around the world
customers have been increasingly requesting longerterm leases to give them more certainty (and->in) the extended portfolio duration
to anybody third party is not allowed based on the business combination agreement
and we aim to become one of the leaders in the low molecular (weight heparin->waste happening) field worldwide
the question is whether we should wait for an update of the strategic plan
an announcement about the realignment of the group management structure and the appointment of (*->the cmo)
we believe this operating philosophy enables us to consistently generate aboveaverage sales paces
so (we are->were) marketing we want to sell that as one piece as well as we want to sell the forward flow
however as we signaled last quarter q1 performance was broadly in line with our strategy
so much of your business now seems to be more projectoriented (and->than)
its internalization process setting up subsidiaries in the main european countries
we will continue to monitor the business environment and costs closely while investing for future growth
(were->we are) currently in discussions with potential customers and expect to begin generating revenue by the end of the year
very briefly leases need to be capitalized and then amortized over the length of the leases
as we shared previously the store payback of the new stores is within a year
this will be spurred by a higher level of innovation driving branded growth in the second half of the year
and talk about our results for the third quarter i want to address the impact of hurricane michael on our plant in panama city
for the full year please turn to slide 12 labeled balance sheet and cash flow
(or->*) actually we should not call it an offer we should call it just a nonbinding proposal
this currency trend is broadly predicted to continue and may produce additional headwinds in the future
yes and were sitting on almost 400 acres of land inventory for future development
could you give us a sense of perhaps the economics behind (an->that) account and maybe how
and by the end of that period overcome our depreciation burden to attain positive gaap earnings
business growth was led by solgar (no->number) 7 joint comfort product as well as new innovation
we began pursuing our specialty product strategy after our merger with ainsworth to bring
we would expect to see some increase in marketing spend in the fourth quarter
to accelerate the maturity of those branches that weve opened over the last couple of years
opportunities out there they make substantially more money creating those new
this was another excellent quarter for (norbord->nervord) in fact one of our best ever
this means things have higher volatilities than desired
this metric will be most meaningful at the end of our fiscal years keep in mind that we expect 30 or more of our fiscal 2016 operating earnings to come from sources other than physical gaming
so that means we havent attached that contract from what we would see through the end of the year i still would not expect us to attach the contract and it would require (i mean->*) a really poor quarter for that to be the case
and that we will be fully offset by the end of the first quarter (of->*) 2018 we agree with most views that we are entering a more inflationary environment and remain committed to react with pricing where appropriate
we expect incremental improvement in subsequent quarters we are encouraged by the activity in our information technology group while we need to be patient with our new leadership we are very excited about the potential
in closing id like to commend our entire team for the solid and steady record of growth and profitability they have produced over the past 6 years since our ipo a track record we can be very proud of within our industry
including our customers our employees and the investment community (jamess->james) vision has been instrumental to the evolution of yrc worldwide and i am grateful for his contributions and personal support
you all have demonstrated courage leadership and compassion under extremely trying conditions not only did you help our airline get back online but also and more important you were all there for each other and for our customers
and then when you look at this capacity coming online how much is already spoken for in terms of your visibility on demand how quickly will these (get these->*) facilities (ramped->ramp) up
in particular id like to recognize our team members who endured the hurricanes at our hub in miami and other airports in florida puerto rico and the caribbean as well as those in mexico city who endured a devastating earthquake
to strengthen the stability of our liabilities allowing us to strategically develop our origination capacity while maintaining ample liquidity at all times i am very satisfied
muscle milk readytodrink protein beverages performed well especially in the food drug and mass channels our muscle milk powder business was softer this quarter which is in line with the category dynamics
please note that during our call today we will refer to these nongaap results as adjusted sales and volume i will now turn the call over to jim snee thank you nathan good morning everyone
from our original number of 30 we also fully expect to diversify our service base there to include information technology outsourcing with our newly hired it subject matter experts
for the year and the reason that we had upgraded unit volume demand for 16 for continental europe is influenced by southern europe so at least through the balance of this year we expect it (*->to continue)
(that->but) theyre (but->*) doing very well because theyre tied into our transmission and distribution work that were doing here in the states and theyre doing quite a bit of work in europe on their own
while (alents->alletes) practice was to exclude metal sales thereby reporting higher margins we do not plan to do so but we will explain the impact of metal prices on our performance
our capital management included payment of a special dividend and resumption of quarterly dividends in the first quarter of 2016 this resulted in a decrease in retained earnings which caused our book value per share to decrease
so let me close my remarks by (verifying->gratifying) that i remain confident about the prospects for bladex in 2016 as the bank capitalizes on its position as a relevant player in the region with an important role
the order intake went down by 30 business group (after sales->aftersales) also had a little decline and the reason here is that in the (after sales->aftersales) business we also report the installation
european truck (platooning->puttooning) challenge i would ask you that you (can->could) click on the link if (you->youd) like to see we have a short video on it and i think that youre well aware of it i think it was relatively successful for the group
i mean (the->*) if you look at the slide and look at the relative cuts in production those are relative to production numbers in q1 where we had already cut so you can imagine the levels that were running at right now
what comes on top for everybody is that its quite difficult to get financing packages for new spinning mills at the moment although the government in china and also the government in india have started to release money to
we want to exploit the attractive niche growth markets in which we play and think about attractive adjacencies to drive organic growth and find an operating rhythm for the businesses
we are excited about energy services diversification strategy to drive our services deeper into the oil and gas processing chemical (*->manufactured chemical) manufacturing and metals market sector
as we look to 2016 we are seeing a macro ag environment that feels similar to what we saw in 2015 fx will continue to be a headwind in the first half of the year
you are cautioned not to place undue reliance on forwardlooking statements made this morning and each such statement speaks only as of today we undertake no obligation to update or to revise forwardlooking statements
most of those products are produced in china theyre produced and packaged in china and with our platform there theres just no reason why we shouldnt be a player in that segment of the market
we will continue naturally to pay attention to the other markets as well as opportunities might arise or eventually any event of concern might arise
(whether->water) good or bad weve been here before and we have emerged stronger as an organization so we feel really good with our ability to deliver longterm growth in this business
were already on our way with a full launch of basic economy across our domestic system on september 5 our careful planning and measured rollout over the summer has resulted in a very successful launch with no disruption
wherever they are and then ill wrap up my remarks on page 9 with some operational developments that have a direct impact on growth for us and ill start with just a bit more color on liberty 30 (and->as) i said before
any metrics like what improvement youre seeing with load factor or other sort of metrics can you give us some of those to help us sort of gauge the impact (thats->its) having on the cost structure
preliminary results were reported at the chest conference in q4 of 2017 feedback from physicians evaluating our technology relative to existing and emerging alternatives has been strongly supportive of our efforts
for the remainder of the year robert will then follow with commentary on the operational performance and revenue environment and then after we hear from those comments we will open the call for analyst questions and lastly questions from the media
i think it has given us the ability to grow our sales even in a very tough market i can turn it over to diego to see if he wants to add anything hes on the phone and talk about the (ag business okay->outlook)
we are also making good progress on our flexible robotics platform first targeted to address the acute need (in->and) diagnosis of lung cancer one of the most commonly diagnosed forms of cancer in the world and for which early detection is important
before we begin we must state that todays call does contain forwardlooking statements including statements concerning future revenues and (costs->cost) forecast of capacity traffic load factor fleet plans and fuel prices
no no i mean i think that there was a significant amount of the growth rate that we had seen in dairy and livestock has dissipated if you look at (it->*) in terms of the horsepower (class->glass)
virtual reality and new consoles are a wildcard in that business segment and could dramatically change the growth projections and the fourth takeaway was that all of these (combine->combined) to make gme a growing and diversified company
digital gaming continued to be a solid segment although slower growth (in->than) some of our publishers the (kongregate->congregate) segment provided some growth in the quarter and we expect strength in our dlc segment in conjunction with new software launches throughout the year
we have more than adequate liquidity to fund lending opportunities while maintaining a slightly (asset sensitive->assetsensitive) balance sheet and we are increasing our efforts to improve the investment portfolio yield in order to increase the margin (in->and) earnings
but as mike pointed out theres a lot of small titles that need support that maybe arent getting it and thats where were trying to step in tony i dont know if you want to talk about sort of new software trends (look->*) we have seen a reduction in new software trends weve kind of hit it feels like weve hit a point where we have a
as of today we do not have complete insight into the total number of units we can expect in q2 new software will face a difficult comparison to (uncharted doom->unchartedom) and overwatch from last may
therefore please allow me to make some initial remarks about how (were->we are) seeing the current environment and why we remain confident about (bladexs->gladex) capacity to continue to deliver in a prolonged downturn cycle
you may now disconnect
we believe that we have meaningful growth opportunities ahead industry trends such as the unbundling of research from execution a greater focus on measurement and further global adoption of electronic trading are (winds->wins) at our back
to drive that collectibles business and move it up to the international average and so that is a strong growth provider for us (in the future->*) and in order to do (with->*) that we are developing and we have developed and are developing a very robust collectibles
every single one of our cloud benefits from einstein in this way and by making it easy to adopt and easy to use our customers are actually seeing the value of ai without hiring (a legion->allegion) of data scientists and thats really the promise of einstein and really our philosophy behind
a very good (skillset->skill set) to be put at work for a wide counterparty in terms of (a->*) distribution agreement taking into consideration that pricing properly the loan and (the->*) disposing
and the reserves and impact on provisions will be a function of the size of the credit portfolio so (a majority->major) of the impact that we saw in the restructuring of the loans and credits are already absorbed as i mentioned to you before
yes (*->so hi) this is keith let me try to address this so generally speaking if you think about how companies differentiate themselves they do it on service and they do it specifically around the consumer experience and so thats why were seeing
mexico and canada so again im not going to (take->make) a prediction as to what thats going to look like in the future but i have a hard time believing that its going to go away entirely
we will update this information each quarter and later this year we will provide formal projections once we have more consumer data and initial sales data lets turn to page 16 in the attached slide deck
the recent case study published by forrester research might be of interest to you and it is available on our website their report summarizes the 4 takeaways we highlighted at our investor (day->*)
on the other hand (*->hand) countries more dependent on commodities continue to face challenges as prices are still low and with a few exceptions dont show any signs of a strong recuperation
most notably lowerthanexpected upgrade customers visiting the retail stores this is a macro trend that involves the entire wireless category and is directly correlated to the customer paying the entire cost of the handset
im reading that you will decide on the second half of this year on this matter previously it was communicated it will be in may so are there any delays in that project
we are providing this information to enable investors to perform (a->*) more meaningful comparison of our operating results in a manner similar to managements analysis of our business lastly this call is also being webcast and a replay will be available on our website for 2 weeks (and->*)
building ai for crm is our ability to make it easy for our customers to use and adopt and benefit from this revolution were seeing in ai so what youre saying is just by turning on einstein our commerce cloud customers for example have seen some
our team knows what needs to be done this year and is fighting to deliver our key results on behalf of the team here at hormel foods thank you for joining us today and have an enjoyable long weekend
with our acquisition of thinkgeekcom we not only have the largest collectiblefocused website but we also have a strong development arm that allows us to produce the coveted exclusives that these fans desire
liberty global disclaims any obligation to update any of these forwardlooking statements to reflect any change in its expectations or in the conditions on which any such statement is based i would now like to turn the call over to mr mike fries
(*->so) many of our customers and now giving that platform to them as well the ability for them to enable their employees and their customers it becomes a very critical part of our story (*->and)
above where the market is growing and we think that looking at france we are well in line with where the market is growing the market has picked up a little bit during the fourth quarter and thats also what we see in our operations
we have built into our plan an iphone launch that would be comparable to last years launch of the iphone 7 we believe (there is->theres) upside to the plan if the iphone 8 is significantly improved from the existing form factors in the market
we have a strong foundation to build upon and are capable of being even stronger im very excited about our prospects my objective is to work with our leadership and the board to set a course for longterm growth
and we just announced ziggo sport this is our own basic (sports->sport) service built off of our existing premium sports platform and provided exclusively to our customers at no additional (costs->cost) so behind the scenes of course we continue to make significant progress
these results were driven primarily by a very successful launch of the nintendo switch the growth of licensed merchandise and (collectibles->collectible) sales and the continued rapid expansion of roku in mexico
thank you operator and good afternoon and welcome to the gamestop earnings call i want to start by thanking our worldwide team for another great effort in the first quarter in delivering outstanding customer service
condition precedent like (a cp->scp) like in a contract saying that we wanted to do it only provided that we should have found a very robust and sound
lets revisit the 4 pillars of our transformation strategy we presented to you in april of 2016 as seen on slide 3 of the supplemental presentation starting with physical gaming
the customer finds it particularly attractive to have the opportunity to own their handset and have (the->their) airtime paid under a separate contract and that has accelerated our growth
even where you dont necessarily have the indication and the good news is at the time of the firstline launch
in q3 we continued to show strong growth across the nordic region both organic and acquired
we actually have an idea which i dont want to front run right now because were trying to work this with a group of people that we think
i also want to point out that even though current forwards are below their yeartodate highs vistra was able to hedge
also available on our website are a copy of todays investor presentation our 10q and the related earnings release
i think if folks are holding out for that i believe that has an extremely low chance of success
but not only cars as you can see in the slide we also received orders for a new electric loader
it is a great thing for the (longterm->long term) but (shortterm->short term) this has taken its toll on our ability to grow
(been->seen) slightly lower volumes versus last year at the ericsson contract which i also think is (in->an) effect from
we have taken a number of steps to address these issues and expect to have them resolved before yearend
an insurance company through before they recognize okay theres quite a bit of interest and (were->we are) getting patient demand
our performance this quarter reflects our continuing progress in advancing our priority products and programs
todays discussion will contain forwardlooking statements which are based on assumptions we believe to be reasonable only as of todays date
because now that physician has seen the entire process all the way through and as (tim->jim) mentioned in his prepared comments
(bristolmyers->crystalized) for opdivo and our diagnostic tests are actually very similar in terms of their results and
this is very important not only in the short run but we are generally able to retain the customer for the long run
maybe you could comment on how that experience so far shapes your view on the potential for biosimilars for merck from an offensive standpoint
although (gauteng->halten) bakeries recorded volume and profit growth competition in the coastal regions intensified
looking forward we will remain focused on executing on our launches and driving the performance of our strongest (brands->brand)
weve looked at a lot of books and we just havent found something that we feel comfortable with and
(it is->and its) important to note that the implementation of this change is not going to happen overnight
bottom line results for the quarter were disappointing due to catastrophe losses which were broadly experienced in the industry
at the same time local market and submarket trends are vital to contextualizing and applying comparable sales results
we are pleased that the clinical trial design has been completed and the principal investigators have been chosen
in additional strategic growth opportunities as always we will be disciplined in the pursuit (*->of growth)
now talking about ebitda evolution i want to confirm the behavior
in a little different framework than you pointed out i think the consolidation will come between
i wont call it conservative but realistic on when this unit will really start up so weve taken all that volume out
actual results may differ materially from those projected or implied due to a variety of factors
after the markets closed yesterday we issued our press release and published our earnings presentation and financial supplement
and then ultimately i believe its going to come down to the market share that youre able to achieve
(*->but) when people have a chance to look at the data that represents a real sea change in the way people treat lung cancer
the whole map looking more stable and more balanced than what we historically have seen
in a nutshell we do what we say regarding the implementation of our strategy
on the slide you can see an example of a typical gas network installation
its also pleasing to note that the strong global demand for (sa->saa) vine fruit continues
these cautionary statements and reconciliations apply to all references made to these metrics on this call today
during the quarter and more with subsuppliers moving on to finland finally
so i what i was trying to make a point is that i think weve got a couple of good
our (proved->improved) performance is apparent in our sequential quarterly growth renewal rates and the other metrics i have discussed
one more example one of the largest (*->segments of) commercial real estate is the brokerage of assets
volume in the continuing product seems to be growing less than the end market growth rates of pharma and coatings and
second a key component of our turnaround involves reinvigorating our culture and improving our execution capabilities
published a preliminary report demonstrating meaningful responses in patients with castrationresistant prostate cancer
so we appreciate your continuing support of reis and thank you and have a good day
would that be a separate filing per se or is it possible that that could be
we remain excited about the future of our company and the value proposition we bring to investors
from those described or implied in those forwardlooking statements these statements are based on currently available information
the patient count up as high as possible as responsibly as possible so that we know when you run your models
please note that some of these movements are driven by the geographical mix
we lapped the effect of these transactions by the end of q2 second
the data collected will be several times greater than any other accuracy study completed (today->to date)
we expect to introduce our secondgeneration mto catalyst before the end of this year
for more information relating to the risks and uncertainties involved in our forwardlooking statements and the company generally
altogether we delivered growth both nominally and excluding exchange on the top and bottom line
weve also provided a table in our press release to help you understand the sales results in the quarter for the business units and products
the limitations of certain industry and market data included in the presentation and the use of nongaap financial measures
systematically and generically we do a review of our position (in->and) portfolios but
which just means that the monitoring dimension the risk management dimension the appraisal dimension
is also normally weaker than the first because of the holiday period in august
we have improved (the->our) profitability yet another quarter and we have a strong financial position
each of these salespeople in the different regions to (faceoff->face off) in a very disciplined way against both
able to use our technology to produce a full range of resins from (basic homopolymers to->basicomo polymers)
with us about where exactly you see growth in electronics coming back so this is my first question
and once weve completed that research (we will->well) look at the value chain and how best to service the local market
only starting with the gasification plan because it will be in the second part of the year when well start to see (a->*)
i would say that it is (*->one) either the top or the second performing module in terms of new
to in parallel identify these clinical sites in the relevant geographies to conduct this clinical trial
however the traction gained on beverages in some of our key markets has mitigated this to a large extent
so thats all about getting through our process and that i would guess thats what that looks like in terms of
yes so a couple of things one i think the volatility (and->in) higher prices actually make it
and the conditions of these projects are now very different to the ones found 5 years ago
for multiple years but yes were very very bullish on the fact that the expansion that we made
towards our first year goal of securing 100 million covered lives by the end of this year
good morning my name is jackie and i will be your conference operator today
in both these regions were very pleased with what we feel is a positive performance on samestore volume particularly being faced with challenging conditions such as the heavy rainfall on the west coast
relatively normal weather year if theres (ever->every) one of those left anymore where kind of warm and wet in the spring hot and dry in the summer and cool and cold and snowy in the winter
the product that we already have approved every step of that procedure they are currently doing in other procedures for example for (epioff theyre->epif they are) already familiar with
we have updated our outlook on net capex for the project and overall which is shown on the chart and is included with some additional detail (and a->in the) review of operations in the financial report
we acknowledge that we still have some work to do with the (exalesco->ex aleesco) businesses we believe that in general we are working on all the right things and we are confident about the upside potential for these businesses in our hands
but also remember we dont have a single customer within (idex->idexx) that represents more than 2 of our sales and so there has been some weve seen some commentary lately suggesting that its substantially higher than that
as we begin a brief reminder this call may contain certain forwardlooking statements that are subject to the safe harbor language in todays press release and in idexs filings with the securities and exchange commission
with the retail industry slowing in some regions we know that our goal of becoming the worlds preferred destination for convenience and fuel will transmit through the quality of our staff and our ability to engage them
but the story is a good new story weve seen strength in those markets we expect to see strength in those markets going forward and for those to be above the idex average in terms of growth
industry fundamentals continue to evolve generally as we expected with the notable exception that production in the permian is currently exceeding our original expectation
these sectors in the market overall have (being->been) weak in f 15 and the outlook is that they will remain weak for f 16 with the emerging pipeline of civil construction projects
we dont see a catalyst right we dont see that happening were well positioned to deal with it if it does weve always said time and again that we are very able
before i do that however let me talk a little bit about what were seeing in our core markets and geographies really the trends remain the same from what weve been talking about for the last 3 quarters or so
assessments australia delivers assessments as a means to identify what support services may be required in order to make individuals successful in a community environment
and what (weve->were) really done in (particularly->particular) the last 12 to 18 months is launched a whole array of new products so now we dont just have our panel lift door and our more premium panel lift icon door
treated the same way as physical threats theyre not theyre coming from anywhere in the world and our systems are not designed
it is pretty much in line with the approximately 50 basis point lower which is a kind of a net effect of the price impact
marketed that system at all or (are->*) any of the motors that you guys are making utilizing that technology and is there any interest from companies in going that route with
so but i think well continue to be very smart about it until we kind of see the way everybody is going to play this over the next couple of months and then how fast we can really get into some goods as well weve been
(*->it) really focuses on (high pressure->highpressure and) high temperature and transportation (to->*) hydraulic markets but its very scalable as i think about opportunities in their core business to take market share
(*->with) this being my last opportunity to speak to you i would like to take some additional editorial latitude indeed everything i have to say is personal
and i would see (it as->us) continuing on in that direction of a greater portion of our funds over the next few years going into (the->*) digital direction
and tried to really optimize the profitability and (tried->try) to take make sure that we were balancing sales and margin and profit all the way through that so
which we dont expect to occur again (its->*) by far the largest weve ever taken and also in the quarter we had some moving costs associated with our commercial divisions moving to their new plants
based on various things that have happened one on the equity side because we have been profitable and the retained earnings are growing the equity base
in the growth market of texas we also successfully did a simultaneous close on our remedy solution here in canada with parkland
these investments include bringing on new employees and building subcomponents as david mentioned earlier these investments have had an effect on our margins
the day prior were unable to provide specific statistical updates on a regular basis the release of this information is managed through a very formal process by our client
we also expanded our online aggregator relationships which includes (ubereats->uber reach) to over 100 restaurants to enable customers to place delivery and pickup orders through the channel and application of their choice
(and->*) weve got other solutions but it didnt fit into their vehicle classes i know theyre working that (as->and) really (there are->their) major issue that theyve got to overcome before they can launch
resolve the reimbursement issues they buy in low volume so that they see how they get paid how long it takes so (*->as)
to this end weve had personal assurances from dwp that the secretary of state has not expressed concern over the continuity of the haas contract
as a result we are glad to report that during the last few months we have brought on several new fuel cell customers around the globe with the majority being in china
(this iconic->the psychronic) geography of that area and how we tackle that so (theres->theyre) sort of examples of good old innovation and supporting that through the brand activity
(or->for) meritor will provide those services to companies like (the peterbilt->competerbilt) or any other commercial vehicle manufacturer that (needs->need) support on integrating these systems
the need of (vtb->btb) to comply with the regulatory ratios and banks are different from all other state companies because they do need to comply with the regulatory capital ratios
engaging our employees to focus on our key stakeholders and instilling in them a greater sense of social responsibility will enable us to be a more progressive and successful organization
feeling of confidence with respect to fy 16 guidance and thats why we were able to really manage it manage the bottom end of our guidance up and effectively raise the midpoint
continue to execute on the plan and (one->the only) thing i can assure you is that we are going to do (that->*) whats in the best interest of all (*->of) the stakeholders because our shareholders and our customers and
we have been working with ballard on this project for quite some time now and this recent order is the first of what we hope will be many more orders where we can support each other
(*->the) gas transmission business is now expected to grow slightly faster driven by projects like the (humber estuary->honda estery together) with (*->the) spend on compressors to comply with environmental legislation
in some ways it might sound a bit simplistic but its a bit of the (duluxgroup->jewellux group) playbook that we played out in other businesses first and foremost in our paints business then we applied it to the (selleys->sallys) business
amplified in the fourth quarter of this year and (everybody is->everybodys) trying to figure out how (did->do) they do that well and still satisfy the needs of the consumer so the game is really inventory productivity
so but we do that because it helps our cash flow it helps us to purchase the inventory thats required for
i think as a (lodgingfocused->lodging focused) investment community probably dont talk about as much as maybe we should revpar index is the
we showed how we successfully deployed data and analytics to up and crosssell services when customers interact with us
better leisure demand improved international arrivals and overall strengthening corporate demand particularly in the oil and gas industry
and then at our annual investor day event scheduled for march 1 in new york city thank you for your interest in crane and have a fantastic day
and we think that we had to improve our processes and the service we are supporting
thank you doug as we try to do each quarter we attempt to provide some topical commentary thats intended to provide you some insights about how were positioning the company
as we transition our supply chain business model to a lowertouch application sale via our portal strategy and as we expect to benefit
for certain areas which now its not even possible to do because it requires you such a long time so
mind boggling in terms of their volume and our view is that if we can get our balance sheet properly positioned
in the fourth quarter the dutch mobile market remained very competitive weve seen temporary aggressive promotions by our competitors
of course you (could->can) find our earnings release and reconciliations of all nongaap financial measures referred to in our remarks also on our website
which is also compelling so well need to (say->see) but as of now these are completely 2 different paths and each has its own
but in q4 we still have the impact from the loss of the (1->one) client but in q4 we had the traffic last year
even the long cycle that we have in this industry were already positioning ourselves in terms of technology development
the revenue trend in the fourth quarter showed a strong improvement supported by growth in integrated solutions and it services
and if you (come->jump) down to the underlying combined ratio you can see that this 1 up is coming from the underlying combined ratio which (had->has) moved
we have delivered on our promises and made strong progress with our key priorities
indicating lower levels compared to the last year and being better than our yearend (targets->target)
these updates will align the achievement of restaurateur status with the measurable elements that directly result in an excellent customer experience
and as an operator virtualization will enable us to run multiple services on the same generic hardware
increase potentially our revenue but equally be make us even more attractive to the supply chain for food safety adoption
that i think are all actionable there is also an opportunity in addition to the cost that we had last quarter
were really encouraged by the fact that it was only a little bit down versus what we expected because of some growth that were seeing in one of our end markets up in canada
will bring that new leadership and strength to make this business continue to grow and to improve and to return shareholder value
(*->theres) a lot of factors that go into these well performances one of the things that were attempting to do more often
this is important we got this super right for customers in terms of making their options very clear on how we communicate (and->on) what (we->well) do with that data
compared to the third quarter we expect a slight decline in the fourth quarter sales for this business with margins similar to the first quarter
also in communication around the fixed price increase during the summer we were able to personalize messaging to our customers
(*->and) this is partially as a result of new product and service introductions which generate those higher margins and (leads->lead) to a more favorable product mix
looking in q1 then you are back again because now they both are included in the figures from the 1st of january
(ill get that for you->*) i will say in general that our fees overall tend to be fairly well distributed relative to the room (counts->count)
thats just core growth on sales in the quarter but just to reiterate when im looking at orders in the quarter which i think we highlighted on the conference call
beyond our efforts to strengthen the quality of customer service (in->and) restaurant operations were also making progress on our key digital initiatives
a nonrecurring retention plan based on restricted shares instead of options is a great way to reward the hard work and commitment our people have put forth
so let me answer a little bit the question on the net working capital so the net working capital first of all we see
now thats business travel as well as leisure travel but youre seeing that the chinese are participating in the (highend->high end) of the market
and if we talk about index you cant necessarily pierce through what it is (were->worth) saying to have your own source of data (*->from) for it
(*->and) in whatever outfit you wanted him or her to wear and you could buy it straight through to the site so pretty cool for the gaming generation
looking very closely in order to extract much more and to grow in this area extract more metals in this area and grow in these areas as well
this was (a->*) kind of a conference call every shareholder waits for and i say thank you for a couple of reasons one
i think you covered most of the things i could have said
marriott is a company with a more than 90year history of creating value for its shareholders and we are committed to continuing to do so
and approving a court the company (believes->believed) there is any legal reason to accelerate the debt (that->the) company was paying every single
from 17 to 18 so that had a huge impact on the core earnings for the bank
free to proceed with the merger of the loyalty programs and the websites and all the rest of it so those restrictions were behind us
you are (kindly->kind of) referred to the risk factors and cautionary language contained in the documents that the company (filed->files) with the securities and exchange commission
the increase in adjusted income before taxes was due mostly to reductions in labor and overhead (costs->cost) and pricing actions
but the growth rate of the what we used to call the core business which isnt fair to say anymore but the supply chain business
furthermore to ensure that (were->we are) prepared to quickly start the trial following (ind->guid) clearance
the way to look at it going forward is that as we launch our new campaign in april there will be a video component some of which will be on television
just paid online and instantly within seconds (that->debt) service can be provisioned without any
(*->that) give us any trouble in terms of stimulation or production so that may be something specific to
is at the very same high level that weve always wanted (whats->what) that mean it means were now able to (go->grow) faster than we have before
as an element of the integrated solutions where we have seen an increasing order intake and its
construction both a bit more expensive and has (to->it) take a little bit longer the other thing that were seeing in our pipeline is we have
(*->about) risk costs and what you feel the trends are going to be in the second quarter in terms of
before i turn the call over to management for remarks i would like to remind you that we may make some forwardlooking statements during the course of this call
customer we lost on its international business which is a big revenue hit but not on margin and thats
the graph (on->in) the bottom left quadrant shows the daily production performance and time (cum->cumed) plots from the older generation wells and then that of our new wells which are depicted in red
weve already launched 4g in switzerland and the netherlands and weve seen a rapid increase in sales and revenue activity in both those markets maybe just a quick comment on mobile consolidation
our powerup rewards loyalty program is at an alltime high of membership around the world and we continue to add incremental paid members
or is there a change in how you think about capitalizing on that volume growth because it seems to me the amount of hydrocarbons hitting waha and oasis is going to be
you will hear how we are in a transition in that business moving from a purely wireless business to an integrated communications and media retailer
and that new innovation will drive demand to the retail stores until that happens we will remain focused on improving our sales in the entertainment and business categories
as you can see in schedule 1 to the release were now disclosing collectibles as its own sales and margin category it was previously included in other
significant to note that the rest of our business the supply chain businesses weve called it our core business historically is also going to grow faster this year than last
so as excited as i think todd and i are over last year being sequential i wouldnt hold out hope that itll always be that way
and the contribution from major projects coming online we felt with etps current cost of equity it was prudent to temporarily suspend the distribution growth
in addition we are leveraging our strong relationships with the publishers to reach their entertainment counterparts and develop additional unique products
and those that do (buy->by) spend more money on collectibles than they do on video (game->games) an encouraging dynamic given the growth projections we noted earlier
but relative to other titles and other occasions that make sense for folks for example a big star wars theme around may 4 so were seeing a growth
more detailed question just on if you could explain the impact of revenue impact of moving to split contracts on the mobile side in belgium (and->*)
we have a business (space->base) that we have continued for quite some time now going forward in terms of the base or the foundation of this business
call it food safety applications that are in development and just about to be released what that will do is to expand our market opportunity
i think that the idea that you need to build a oneonone relationship with your customer something that weve been saying now for almost 20 years is probably more true than ever
first we have introduced the concept of gamestopbranded stores to distinguish from our technology brands as well as our thinkgeek stores
in conclusion id like to say that while we as a team and i personally have directed a lot of our energy towards balance sheet improvements
and relatively flat marketing expenses associated with repositrak going forward we expect sales and marketing expenses to fall as a percentage of revenue
so just the way our strategy and the way we do business is just theres inherent growth from the day we bring a project on until its completely full
and gives our customers the ability to realize that we are a strategic part of their future and were going to help them become more successful than ever through that
on slide 14 we present a summary of the yeartodate results of the lilac group which is comprised of our operations in latin america and the caribbean
and if there are (if there are->*) areas where we can operate in a leaner more efficient fashion were going to seek them out well find them and well make the necessary changes
as you see over the years we have the speed between 2 and 4 in shortening of avlos and the last quarter for the
the key point we made at our investor day is that our gamestopbranded stores are (*->in are) increasing profitability over the last several years
now ill move on to second quarter commentary hardware in q2 will be driven by the allocation of and demand for switch
you have a that share impact we talked about with respect to nintendo is not as dramatic as it is internationally
were seeing an urgency on the part of hubs that they want a much faster adoption rate than weve historically seen we mentioned recently that
in the residue which typically we get the majority of so even though the margins have tightened on some of our processing deals we still are doing accretive deals
bring to bear no one else can provide that experience now were not a closed solution were going to work with every company of course we have to because our customers
and we have invested in a joint venture distribution business in latin america as a way to service (the->a) growing market without a large capital investment
is really very encouraging and positive when it comes to allowing companies like us to invest grow (build->*) innovate and thats going to be the best thing for customers
an incredible transaction with a very large insurance company and one of the things about working with that company (as->is) youre really building a complete
and i guess as my followup you mentioned a couple of different times about the difficulty in projecting the infrastructure side with these big projects and i think all of us (appreciated->appreciate) it but
we aim to keep the bank well positioned in this area and continue to emphasize our digital channels through our processes
im also pleased to say that we have recently received authorization from ferc to resume hdd operations at the (tuscarawas->tusco wars) river for rover
we will leverage our tca execution and platform solutions to provide scalable products that are valued by our clients to capture this market
while we continue to expect that we will not need to issue equity at least through the middle of this year we are targeting not having any equity needs in 2018 (and->with)
with staff that is unhappy with the working environment so thats part of the management skill in this area to manage (i->*)
the speed that (they are->theyre) moving to transform themselves into something much more than a wireless carrier is pretty breathtaking and when they sit in our office and talk to us about that
ladies and gentlemen thank you for standing by
technology is the driver of scale and is at the heart of everything we do we will continue to emphasize these capabilities
going forward we expect cost of service to increase at a modest pace in relation to revenue growth and to continue to fall as a percentage of revenue
beginning with physical video games we are pleased with our marketleading share of switch product and related software and accessory attach
this call and the associated webcast are the property of liberty global and any redistribution retransmission or rebroadcast of this call or webcast in any form
that our combined offer here of having the digital entrance to (a->*) care but also having
tony mentioned on the last earnings call that we successfully launched a business division focused on serving the needs of small to mediumsized businesses
we think it helps the hub to do that to get adoption in its supply chain however having said that
as we build on itgs proud 3decade legacy to continue to ramp up client momentum and deliver sustainable margin improvement
the prolonged economic downturn the sluggish growth of trade flows and persistently low commodity prices will definitely continue
we intend to leverage our retail store footprint and traffic to bring new wireless products and services to an underserved business community
and demonstrate our continued ability to generate solid cash flow and core eps looking across our business results for the first quarter we were pleased with the stabilization we saw in the business
that may cause the companys actual results and performance to be materially different from any future results or performance suggested by these expectations the slide you now see gives you more information on the assumptions and factors we consider in making those forwardlooking statements
and working with other firms like ours which is very helpful to us both internally as well as from a marketing perspective externally and adds value and insights to other endowments and foundations who dont have that expertise
corporate headquarters in new york city which we have essentially integrated into our vancouver operations with minimal incremental cost we have exited a very significant lease obligation here in vancouver there was a plan
now these adjustments are calculated once every quarter at the end of each quarter based on the warranty costs incurred during the course of that quarter and its essentially (*->a) catchup adjustment at the end of each quarter
outlook as you look to the back half of 18 maybe if you can frame it as (to->*) how much pricing you would think youd need to hold the margin flat or do you even think you have pricing power here to take if you wanted to offset some of the labor
perspective and you look at how sort of key item intensive the business has become and reliant on some of those key selling period promotions to drive key items how do you see that evolving
at the same time and the final thing was that just as we have created a revenue center around our equity capabilities our internal equity capabilities
trying to be much much more clean relative to the environment all of these have ratcheted up very very positive discussions with quite a few of the oems that we interface with
with 14 of those quarters being positive silvercrests growth has been achieved while we have maintained or increased our adjusted ebitda margins even as weve invested in the business on behalf of our clients and for future growth
going to slide 3 during this call we will be referring to a slide presentation which can be found on our websites investor center main page relevant slides will be identified by number throughout our presentation
regional trends as it relates to adoption of your passenger car solutions and then in particular i was curious about the venezuelan exposure i know historically your company had had some exposure to that market
clearly were filling a (trybeforeyoubuy->try before you buy) market need and we will continue to invest in the right titles across consoles to take advantage of this market opportunity and support the needs of our customers
so those additional hires have been made and they havent as youve noticed affected our comp ratio or hit ebitda because it was done within our current growth scenario
we (would->will) be competing we were competing heavily of course with surplus liquidity banks but also with (wholesale funded->wholesalefunded) institutions who are able to compete and bring down the rates for the last 1 year
another one the (prairie->prev) program where we are the only utility participating to this new ecosystem gathering the best players (*->are) around ia issues and solutions
today i will provide an overview of our main priorities and recent performance before turning the call over to bob to discuss the q4 and fiscal year financial results in more detail
we are excited about the growth potential for this innovative new area and expect to begin sales early in next fiscal year now ill turn to upholstery fabrics
in coming years its going to be time to up the dividend or would you prefer to allocate capital towards growth potentially including acquisitions
could you give us a sense for how much of this margin expansion would you expect to come from restructuring versus the subsequent optimization once your new footprint is established and static
i know all you guys have to run to many other calls and (you have->*) got a very busy friday evening so i wont take more of your time thank you very much for (sparing->spending) the time and being on this call and
the third message is that our commercial teams are fully mobilized to outperform and definitely contribute to an acceleration of suez growth many contracts have been renewed
we believe that these actions will continue to help us elevate the brand and drive profitable sales growth in this region now let me provide you with an update on our restructuring activities related to the global brand management initiative
into using lng and that has also enabled infrastructure to be quite nicely built out at this point in time so were we work with a variety of different fuel
overall for the year we expect a slight increase in net working capital with an increase in the first half of the year and a decrease in the second half consistent with historical trends
so we are waiting with interest what is going to happen in september because its in september that the government will discuss with municipalities and (the->*)
i assume that youre talking more around the lng i would tell you that (and andrea has->andreas) got some great statistics on where we are built out relative to cng and lng in the european (markets->market) but
and we will continue to dedicate our efforts to focusing on our core business eliminating unprofitable initiatives advancing key technologies and improving our financial performance
increases there the supply chain is longer and some of the terms on the receivable side tend to be a little bit longer so that also impacted the working capital
so your question is very relevant we will address it in detail on june 7 but we have a clear path to how (were->we are) going to evolve the products and how were going to connect that
in recent months while ive been working hard to drive the business here and now ive also worked closely with our teams to complete (a->the) comprehensive review of the business and develop (a->the) strategic plan
its when you combine the 2 its a good growth story and on that point too we are very pleased with the performance of this business on an operating profitability standpoint
the vividness of these colors how well they perform in various storage and (productiontype->production type) operations so theres still growth even to be had in europe which on the natural color spectrum would be viewed as a more mature market
our cosmetic group has a strong innovation program which allows us to develop solutions for a wide range of ingredients including makeup skin nail and hair care and hair colors
definitions and reconciliations of differences between gaap and nongaap financial measures are provided in appendix a of both the earnings release and the prepared remarks
of 1995 our statements may be affected by certain factors including risks and uncertainties which are discussed in detail in the companys filings with the securities and exchange commission
my objective is to protect the profitability of the company and you will see in the coming days or months that yes we are losing some but we are gaining some
rather early on and so for the time being for the next 1 year or 2 we expect the profit level to remain low now as for the profit improvement businesses
to work for less than their peers at other (airline->airlines) were not going to do that so yes were going to sign contracts when we sign them theyre going to be at those levels and yes and no we dont expect that
as more and more of these contracts are transferred to us (we are->were) able to increase our responsiveness and profitability it is expected that at the current (phase->pace) however it will still take several quarters to wrap up all of the assignments
however this segment was unfavorably impacted by the severe weather in early january and the series of noreasters in march which contributed to a decline in the regional segments financial results compared to last year
we are excited to have (gates->gate) entering its next phase as a public company and we believe we are well positioned to achieve our growth objectives while remaining focused on creating value for our shareholders
extremely excited about the progress weve made as it relates to understanding the alent business and then integrating the management team other than the senior executives at alent we have pretty much retained most of the senior management
with growth led by hysterectomy we continue to see an increasing proportion of us gynecology procedures being performed by physicians that specialize in complex benign and cancer surgery who tend to be users of da vinci systems
although we improved ebitda performance in 2017 over the prior year we had higher capex associated with our growth investments and our sales growth had the impact of increasing working capital dollars even though it was at a lower rate than in prior years
most of my questions (have->*) been answered i guess just 2 followups one can you just comment on the sort of order trends or what youve seen so far in the first quarter i would assume the demand trends continue to be strong and i dont know if (they were->theyre) trending above
we reserve q4 depending on where we are in inventory about the level of production performance so (cv->cb) should look like every other year in terms of seasonality and ag will be less backend loaded
our capex will not be as high this year as it was last year last year and the year before that certainly for the flavor group (*->it) was a bit artificially high because we were we had a lot of restructuring activities
these results reflect our ability to execute our strategy in spite of an uncertain marketplace seasonal holiday plant closures and some additional weatherrelated disruptions that occurred near the end of the quarter
our investments in people product and new corporate sales initiatives are beginning to pay off and when combined with our new revenue management tools changes to our (aadvantage->advantage) program and our new mobile platform the results are even more encouraging
our legal entity consolidation has made significant progress and the complex registration transfer process is moving along nicely as well i feel very good about the remaining synergy opportunities on both sides of the business
a strong us dollar particularly against a weakening chinese yuan and british pound will continue to impact our reported results for most of the year but we are hopeful that this devaluation has begun to stabilize
we wanted the extra time to ensure the quality of our financial information as it relates to consolidating the acquisition financials primarily purchase accounting tax entries we do not expect this to impact any previous reporting periods
good morning everyone and thanks for joining us this morning we announced strong results for the third quarter of fiscal 2019 primarily reflecting continued robust aerospace industry demand for our flight deck printers and associated supplies
so against the backdrop of a healthy market environment well stay the course in terms of our game plan for 2018 sticking with the strategies that have served us well and produced a strong track record since weve been public
thanks (ivo->ibo) i will now cover our q4 financial performance beginning on slide 9 where as (ivo->evo) mentioned earlier you can see the record results that we have delivered for revenue and adjusted ebitda adding to our core growth
and thats been powerful those compound effects of improvements are pretty impressive second thing is image processing software the algorithms themselves to shape the image have also been improving over time and also we can release in patches and updates
as we continue to diversify our customer base we believe the hospitality market offers significant growth opportunities for culp we are actively pursuing acquisition opportunities in this area
sales of upholstery fabrics were exceptionally strong as many customers were ordering ahead of the chinese new year holiday that occurred entirely in february this year as opposed to january last year
and adjusted ebitda grew by 129 these results were driven by the strength of both new and existing shacks as well as by our focus and ongoing commitment to invest across our key digital initiatives and foundational infrastructure
and i think closein bookings did well particularly in december and the (closein->closeend) environment isnt as strong this year can you (*->just) talk about when you were setting that range how you thought about that situation
thats the piece that we started addressing in the middle of 2017 i feel like we have a good handle on it its a continuous improvement process but its also being addressed in all of our contract negotiations
and we continue to pursue a number of conversion opportunities examples of which include the personal mobility space industrial mro and mobile equipment applications
this is what we did in the fourth quarter and are continuing to do so in 2016 for me back to basics means (a->of) focus on our customers and on organic growth establishing our team and core processes
about 90 of other revenue next year will be the loyalty revenue that goes through (other->others) so is there a plan to either rename or break out that line next year why would you continue to call it other when thats not really what it will be
in the quarter we introduced a number of new products and technology enhancements during the major fall trade show season at both the (labelexpo->label expo) americas and (pack->pac) expo international trade shows both held in chicago this year
since this will be my last quarterly call (i->*) also (wanted to i also->*) want to let the analyst community know how much ive enjoyed our interaction over the years for sure ive learned a lot from each one of you with these comments i will now turn the call over to darren
look were well on our way to reaching those target margins i think that when we reach them you can (assure->ensure) that well try to maximize over that but right at this point were working our way to reaching those target margins so
and i think what we are beginning to see are opportunities that exceed what (weve got->we thought) when we were going into the acquisition of (alent->eland) ill turn it over to (scot->scott) who runs our performance solutions business to give you some more specifics
this not only strengthens the cash it gives us much greater flexibility to continue our investments in the infrastructure in terms of manufacturing but also to take opportunities in the pipeline
as rakesh mentioned due to all the acquisition (activities->activity) we had a prolonged close so we elected to take the extra time allowed to finalize the remaining schedules please note that we do not anticipate any issues filing within
i assure you that our company (take->takes) such matters very seriously and is focused on making sure we do not need to take advantage of grace (periods->speeds) without a very good reason to do so with that let me walk you through our preliminary results
our tradition with you has been to let you know when we do a submission and that gives us a little bit better estimate of time lines and id rather not guess in this setting so were feeling good about it but i dont have a date for you yet
put on the page the word illustrative we dont want to speculate at all around where the numbers are going to be set
we have been working with our operators to test more aggressive rate strategy but our strategy didnt work this quarter we lost share and had to ultimately give up both rate and occupancy to catch up
(spread->spreads) tightened on these assets throughout the quarter we have been a steady investor in this product sector for the past 7 years as this strategy has consistently provided excellent return opportunities
before i cover the highlights for 2018 i am pleased to report that today we announced a series of planned capital actions that we intend to execute this year
this said with the many sale transactions we anticipate across the next 6 to 12 months we also expect to distribute special dividends and use additional proceeds to reduce leverage
in asset management we made reasonably steady progress completing a business restructuring that saw (*->our) fund derivatives and other related businesses transferred back to global markets
before discussing our technical guidance i want you to take (a take->*) you through a more detailed look at this years eps and how this sets up for next year
with good quality and the competitive intensity isnt as great as it used to be where theres still a tranche of business where we have
it is imperative that we take the advantage of this unique opportunity to implement those reforms that are essential to achieving (a->*) longterm sustainable growth
despite these challenges we remain focused on serving our customers executing our business strategies and seizing opportunities that arose
the outlook is therefore uncertain and thats particularly true in the eurozone where the intersection of policy actions political decisions and market confidence
one what we said is that cicp is one of the highest profile (where->or) margin (*->pig) inorganic pigments in the (pigments->pigment) space
our performance reflects the benefits of our disciplined approach to executing on our priorities and positions us well for the remainder of 2016 and beyond
we are extremely pleased to have undertaken this important step in our companys growth and i think it fits with our organizational dna to be leaders rather than followers in all that we do
despite these external factors we continue to see positive overall trends in our volume and value share for zadaxin underscoring our belief
several strategies that generated significant gains last quarter had smaller gains or modest losses in q3 and we also had net losses on our credit hedges this quarter as opposed to net gains last quarter
please note that statements made on this conference call about the future performance of the company may constitute forwardlooking statements within the meaning of federal securities laws
clearly i would look at this one as (the->its a) combination of we had some faster speeds this quarter than we had modeled at the end of last quarter and then we
which we actually launched in spring 18 and that produced really 7 key areas for the business to focus on and drive the business forward for growth
this comes on top of the implementation of strategic decisions such as the closing or downsizing of certain countries and business areas which impacted revenues negatively
and youve given us a guidance at the time of the strategy announcement so and it looks like youre more on track in line with the guidance already in the first half so i seem to miss something
and i just noticed (that->*) in todays discussion weve hardly talked about there being an election or that one of the parties has a manifesto that seeks to return national infrastructure into public ownership over time
the value of the debt and equity of the replacement property has to be higher than the value and debt or equity and debt of the (relinquished property->relinquis properties) so our acquisition
so were much more nimble now (with->of) what we can do how we can get the photography absolutely right the photography (*->that) you see in those commercials actually was done in our new studio
(*->and) we dont necessarily want your daytoday business what we want you to do is look at ferro for the future were going to service you with applications and please consider us
revenues declined by 12 in a challenging market this resulted from lower revenues in our corporate finance business with revenues from transaction banking being almost flat
because you run parallel with the people that you bring into the inside and it takes 3 to 4 months until you actually release people on the outside and if you add all that up
putting incremental capital to work and a lot of things that the 3 of us described a few moments ago thats generally the strategy when we think about repositioning the portfolio
the sort of inelastic demand fundamentals right now (in->*) new york is causing other operators to do but i think we need to kind of we need to negotiate that mix a little better (and->*)
left that public service commission is there any indication that we may see any delays in that rate case coming through because of the changes at the commission level
and we (*->have we) want to make sure that you actually can do a really really brilliant job in the customers home so before you can now work for us you have to pass the test
the overall net impact setting aside kind of the gross revenue and gross expenses that will bring on just from the underlying business platform itself
we would expect to take several steps to help qualify as a reit including selling certain nonreal (estate related->estaterelated) assets and moving other nonreal estate related assets into taxable reit subsidiaries
we are confident that we are well positioned to continue (to->*) successfully executing our strategy and driving increased value for our shareholders
which showed a survival advantage for sepsis patients treated with zadaxin we expect that data should be available in about 3 years
looking forward further losses are anticipated from the derisking activity but we remain within the targeted cost we communicated to the market last october
do we expect then revenues to adjust as we go forward (is->as) that trailing index catches up to the current bond environment and whats your expectations on that
where thanks to our proprietary sourcing and origination channels we have assembled a portfolio of assets with a blended unlevered market yield of 88 as we did in the prior quarter
and then the third one is probably really for chris just to understand a little bit more about this initiative to get some of the performance up on the underperforming stores
we expect sales to normalize over the balance of the year though we do not expect the sales lower sales achieved in q1 will be made up over the course of the year
as part of the excess servicing investment we took a majority stake in a newly formed vehicle that owns or is committed to purchase excess servicing cash flows and servicing advances
our renewed emphasis on the consumer finance market in germany to boost margins and reduce our concentration on mortgages led to a 5 growth in new customer volumes
and i emphasize (we are->were) not an agency reit we just find this sector to be the most attractive in the current tight rate global risk environment and so weve (have->*) allocated our capital in this direction
(*->i mean) obviously you expect more losses than you do on your typical vanilla deal but here (*->you) we believe as we look at the yield profiles (on->in) these investments
our focus for this call is our first quarter performance and our outlook for the remainder of the year thank you in advance for cooperating in this regard
our waste elimination going forward is going to be focused across the entire supply chain but its really about running it more efficiently in every part of the business and so thats what were working on
and when we presented our q3 numbers we had the good news of the fact that weve won (the->a) court case with the cbb and i dont know how to translate in english cbb but
what i mean by that is that a lot of retailers among them our biggest retailer are realizing that having more variety on shelf (*->is not) isnt necessarily something that the consumer rewards them for
but there definitely has been more stability on pricing i think thats one reason that the january base price increase happened and we think that increase is in place
first were operating in a more competitive environment were experiencing it in key categories such as trash bags and litter and the competitive dynamics in retail remain elevated
we serve customers in end markets with attractive growth (rate->rates) and our expertise in advanced material delivers high profitability and attractive returns on invested capital
before we begin i would like to remind you that this call is being recorded and that information discussed today may include forwardlooking statements regarding the companys financial and operating performance
remind everybody that innovation for us typically tends to be skewed more towards the back half and this fiscal year will be no exception the one innovation id like to point everybodys attention to perhaps
we know about the costs and we know about the discussions that we have with retailers pretty well so while we dont take it lightly we certainly think that taking a hard look at
if you were to identify 3 to 5 things you think would really shape and evolve this industry or the industries you compete in and the way you think about your strategy what would you call out
i would like to understand whether your focus (will->would) be more (in->*) establishing partnerships with large chains or whether youre also looking at smaller companies that maybe
the aim of that update is to give you evidence and to give you a feeling around the improved sustainable value creation we forecast for parcels going forward
weve heard this earnings season not just from your peers but pretty much most that discretionary enterprise spending is slowing and im wondering if that has any impact on your sales cycles or project starts
replacing underperforming retailers gives us an excellent opportunity to diversify and improve our tenant mix and give our customers more options such as food and beverage entertainment fitness and groceries
okay (okay->*) now (*->as) my second question is on (i was->us) trying to buy somebody thats in the same business that were in at the present time rather than some complementary line
third we have a strategy that continues to work which gives me confidence even in the face of what we anticipate will be a more competitive retail environment
over time we expect to increase the level of funding to 2 in addition to establishing processes to increase the cadence of successful new product launches
and was in line with our guidance of down 5 to 7 we had expected our average selling price to decline 1 to 3 in the fourth quarter as compared to the third quarter
to be predominant in this market in my view the correct strategic approach is to focus on small companies there are thousands of retailers that are already selling online in brazil
more than half of that is likely to come from international this is not a sales outlook thats contingent on pricing to be successful it is contingent upon base business remaining healthy and growing were investing behind that its contingent upon
increased organizational focus on customers is driving growth as each (luxfer->leptfor) salesperson is expected to reach out to at least 2 new customers every week
and finally were continuing to face challenging economic conditions within international including a more difficult pricing environment and a longer recovery period in argentina
and alaska steel broadened our geographic reach with our first entry into the alaskan market in diverse industries including infrastructure and energy
these statements are based on current expectations (of our->*) estimates projections and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially
with us on that and i think our view is that will continue to grow and we think eventually that has a chance to grow into (the->kind of) front end at the lender level its kind of a natural evolution
say you get coupon through yahoo and that coupon is linked to paypay so if you use paypay as the payment scheme you can use that coupon
is to be a tube supplier and a technology provider to a local construction company or a local organization that has a better opportunity to leverage overhead
we are currently in early stages of establishing robust processes in sales marketing and product development to drive more sustainable growth
and significant transitions occurred in this business over the last few years and that saw the company diversify away from the mining sector and focus on markets we see as having growth potential
so (challenge->challenged) expenses and advanced (investments->investment) i was thinking that this year were going to have less of that so for sales promotion and (advertisements->advertisement)
and this doesnt need necessarily a very big spike in our cost of risk on top of where we are end of september because
and im pleased to report this quarter that we won 2 new nonfinancial institution pieces of business in the quarter these wins represent some early success for us in this area
another reason for our early traction in europe is that we have been able to partner with a set of distributors that have deep experience and (relationship->relationships) in the microbiology and infectious diseases space
we grew slightly above the first quarter almost 15 and in the whole year the growth is almost 4 in the first half of the year which can be
this growing base of recurring revenue continues to provide us with a stable business platform for profitable future growth (*->and) a few comments on our payment processing business
driven by improvements in our cathodic protection (businesses->business) and up slightly from our previous guidance due to the margin performance on the large international field joint coating projects
increased and this means that our customers are becoming more loyal this also had a slight impact in anticipation (costs->cost) and with the growth of ecommerce
so i know youve been competing successfully with private label for a long time but are you sensing some change especially as you have retailers like amazon coming on
these companies fit our acquisition strategy of growth (and->in) specialty and highmargin products and services and all were immediately accretive to our earnings
we cant do anything until we have a final outcome of the process but as weve been gaining market share in all categories the performance in the first half of the year is due to
tell us or could you walk us through how youre just thinking about the wheat price on average next year the hedging policy has been
(*->as) simple as 500 commercial trucks being deployed in shanghai all using the same converters and the same stacks and the same modules
but is the pricing very different for those kind of contracts because competitors say that its down for the general market so even if you had much better margins (on->*)
sometimes that development process is not very transparent and weve obviously got to make sure that we and our partners are navigating that in a way which meets our standards and so sometimes that takes
the increase is due to the reported increase in royalty income plus the fact that the available tax amortization decreases each year on a declining basis (the->*)
the commission reduction is not likely to have much of an impact in 2018 that will build over the years ahead as more new bookings get made
we are actively working on strengthening our capital structure our third source of capital is from existing internally generated resources we can generate meaningful cash flow through our operations
finally (were->we are) doing a deep dive into our benchmark communities brand and what it means to our homeowners and prospective buyers and using that understanding to better connect with them
lets pause here for a second this (as->is) an important moment in the fuel cell industry we believe this is the largest planned deployment of fuel (cellpowered->cell power) trucks anywhere in the world
yes just lastly big picture on aero i mean its been pretty dramatic swings in the last couple of years with the project comps i mean as we start to kind of frame out next year should we be kind of
mild temperatures during the 2016 quarter had a negative impact on truck service despite the stronger oil change business this quarter versus the 2015 first quarter
regarding depreciation and amortization expense we believe that the first quarter amount is a reasonable run rate estimate for an average remaining 2016 quarter
if youd like to see more information about this i suggest you (review->would view) the slide deck on the (zapi->zappi) project on the companys website under our media center on the presentations tab
now i would like to turn the call over to david (grande->grandy) to discuss our third quarter 2017 financial performance and provide insured portfolio highlights
technology solutions also benefited from revenue associated with the ts (program->programs) with partners in china as we implemented key elements of our supply chain strategy for that market
please note that as in the past while we will not be reviewing the presentation (slide by slide->slidebyslide) during the call we will make reference to a number of the slides as we discuss our financial results
im looking forward to the balance of 2016 the combination of prospects we have for continued (rampup->ramp up) from integration of our recent acquisitions in the convenience store and restaurant space
and without getting into too many details for proprietary reasons i would like to say that consumers are beginning to see a change in our overall pizza pizza strategy and marketing strategies
as ive said before if we are able to meet these conditions we have other strategies to deliver value to our stakeholders including an orderly runoff of the portfolio
while only a test we are integrating our homesharing offerings into our loyalty programs curating for design functionality location and safety
both of which raised your interest today versus a couple of years ago but those changes aside i was just curious your perspective on where (do->*) you think consumer demand is at for alternative accommodations
behind the scenes we recently launched a new customer recognition platform which will allow marriott associates globally both on and off property to deliver better service
a transcript and replay of this call will be available on our website later today thank you all for listening this concludes todays conference call you may now disconnect
its a place where branding can make a difference its a place where we can deliver an experience both in terms of service and quality that we want our customers to have
as in the past we would like to provide updates on developments since our last earnings call in august which will convey further progress as well as ongoing challenges
because of it being a complete flow business is in the fluids business so as materials move up and down we have to chase it and so in that business we mitigate
for the way new homebuyers want to live and creating entire (neighborhood->neighborhoods) that reinforce the sense of community and we instill a commitment to construction standards that are (bestinclass->best in class)
in the asia pacific region we expect second quarter and full year revpar will increase at a high singledigit rate reflecting continued strength in corporate and leisure demand
in retail anyway i think we should get faster to help our suppliers particularly asos design and own brand but we just need to bed in what weve done and well get better from here
secondly we want to have the highest quality sales associates in the industry as a result we are investing in a comprehensive sales and sales management training program
which involve risks and uncertainties and other factors that could cause (dyadics->dietics) actual results performance scientific or otherwise
the good news in all of this is the projects are moving forward and so while they get stretched out a little bit we know theyre coming and we know theyll open up into the system
we produced these results while maintaining a healthy balance sheet with solid leverage metrics monetizing our deep land positions through homebuilding operations and repurchasing shares
but when you look at what we did in terms of the update at the end of the year last year we feel pretty good about our position and our cash outflow associated with it
from an operational perspective i feel good about how the year is progressing our businesses are all performing very well and are navigating (their->the) respective market environments confidently
we saw (a->*) midteens revpar growth in eastern europe on strong corporate and leisure demand while revpar in turkey and france continued to rebound
through price movement and then in the balance of the consumable business we reprice as we bid projects and honing in exactly
attention from a capital standpoint although of course theres always things that need to be done (they->we) certainly dont need anywhere near what we typically put into a truck stop
(fullservice->full service) hotels drive significant fees per room and enhance the value of our loyalty program which is strengthened by the aspirational destinations it offers
the search algorithms or approach that some of these platforms are taking if the customers know that it is clearly in their interest to book direct theyre going to find a way to book direct
because i would hate to i personally wouldnt do if i was on the board of your company do a financial transaction knowing that 2017 could be really big
(and then->*) dial up the dm thats normally the fastest way to destroy customer confidence and the fastest way to destroy value at the same time so i think weve actually sequenced it in that way
as you certainly have read in the newspapers through the last weeks (oems->ones) are currently starting significant savings programs and also (head count->headcount) reduction
we are now transitioning to (supply->supplier) relationship with the jv based on our takeorpay agreement for the supply by ballard of (any age->meas) to the joint venture
weve taken the opportunity to improve our customer privacy program substantially on the back of this we take the protection of customers data very seriously and we know they do
and then just getting back to fluid handling for a second if you look at the level of activity youre currently seeing in your end markets
out of the 6 million users i think so far should we think that most of them are active users and with the campaigns in place are you expecting to gradually increase your (userbase->user base)
and that kind of (marketing->market) will be quite feasible and i talked about this when i explained to you about (integrated->integrating) marketing solution in the previous presentation now what are shoppers buying
ill begin todays call with a summary of our operational highlights for the quarter and then turn the call over to rui to discuss the financial results in a little bit more detail after that ill return with a few concluding remarks before opening up the call to questions
so you were talking about (o2o->o2) and you were talking about advertisements but thats an area of your strength from the past so for financial services and its monetization as you strive to make progress i think theres a lot of still missing pieces
we are (unable->enabled) at this time to provide specific estimates as to the pace and impact of these improvements during fiscal 2020 second as many are aware on february 25 our (fifthlargest->fifth largest) customer filed a voluntary petition for reorganization
so various pieces of data acquisition is what we are trying to do were working hard to do so and were trying to look at a variety of options (ozawasan->osasan) do you have anything to say are you talking about pos data for example
the momentum previously was about incorporating natural colors into new products so the real potential change here that we think could be rather profound is existing legacy brands converting to natural colors
some are almost entirely devoted to that others are in a role that i would consider extraordinarily important to business development that is not pure business development so for example the head of the group is important but he has a lot of other functions
to the extent that we cant foresee a major growth we should see what would be the feasible growth at least so thats the basis of our forecast and for the operating income
we shed the construction side of the business where we didnt have the right scale to manage our risk and focused on the (higher value->highervalue) engineering support and sales as a result the business has been a stable earnings (contributed->contributor) this year at significantly improved margins
it runs at a higher expense ratio but a lower loss ratio having said that i think the biggest challenge that we all have in the marketplace today with the expense ratio is commission expense
corporate and technology looking at our automotive business our focus in the past 4 quarters has been on integrating the company and transforming our operating performance
some of our competitors over the last couple of years because weve spent most of our time realigning our portfolio and focusing on those lines of business where we think we have the best opportunity to generate an acceptable margin
food colors business to incorporate north asia thats only a small chunk of it so the remaining part of asia pacific is its a combination of flavor and color and probably pretty close to that ratio you just quoted (okay->*)
at our investor day on june 7 when we last spoke i shared with you how i spent my first 3 months in the role my initial observations and a rough outline of my approach to building the growth plan for this great company
were also excited about the possibility for rising interest rates and potentially lower taxes and ill share some comments on each of those items in a minute but before i do that lets go through our fourth quarter results so to summarize
this (was->is) just one facility right just one facility so it seems as if youre trying to sort of maximize the efficiencies of each of the groups and i know you guys are excited about the color group i know you see the inkjet market
and whats important is not just (the->a) feedback loop but when you create a revenue stream to support a particular group whether its our equity team or this new group or the portfolio management group you are
the aim of this there are (two->2) one is we would like to swiftly strongly and flexibly make the future in order to do so we need to be more agile therefore
with the space around i think its a very (long tail->longtail) business (we are->were) talking of a very large base of assets all of which will probably be available over the next 6 to 12 months really so we are patiently going ahead with that (really->*)
of the regulated business is to continue to invest and as mentioned by jeanmarc (its->is) one of the (reasons->reason) why we decided to get a partner in order to have more financial flexibility
seems to have slowed down compared to the earlier except maybe some pockets but in general the flow of problematic (value received->fleet) in our books seems to be much under control
what made us great was a (crystal clear->crystalclear) focus on owning classic iconic style and putting an effortless twist to it to make it current and desirable we will become more true to our core
low level at the end of the year with the pipeline that were looking at very enthused about the progress that we continue to make internally in terms of efficiency and accuracy if you will in our underwriting so i think were in very good shape
operating cash flows were up more than 40 for the year and free cash flow was up more than 70 color had another great performance in the fourth quarter and the group had an outstanding year
our expectations contain many risks and uncertainties the principal risks and uncertainties that could cause our results to differ materially from our current expectations are detailed in our sec filings
we took the opportunity in recent quarters to add modestly to (position->positions) postmarket dislocation such as brexit in june and as the markets have recovered weve selectively reduced our exposures to some of these positions
and i think we need to keep in mind that from january 1 this liquidity coverage ratio has moved to 90 so banks had to start preparing in the second half of the third quarter towards
we expect these conversions to take place gradually and consistently over the next few years with more (than->of the) nearterm conversion activity coming from local and regional manufacturers or private label brands
by the end of march our integrated mobile product offering continues to generate new opportunities for us in the marketplace (in->and) this quarter mobile revenue was up approximately 40 over the prior year
other factors like plant turnarounds that are in process so its more its better from a reliability standpoint to assess on yearoveryear and there was a significant improvement in that time period
as my colleagues and i have learned over our years in the industry you cannot control market cycles government policies or commodity prices you can only control how you operate and deliver to your client
strategic and restructuring and otherwise we looked at the portfolio we looked at what we had and we looked at what we wanted to be and we estimated at that time that probably about 10 of the portfolio
digital artificial intelligence are part of the answer we might give to them a first example we launched recently a new platform (organix->organics) the first digital marketplace for organic (waste->west)
sometimes affect the conversion of that sale or they may not be converted into (a->*) sale but it does not eliminate our sale it does not take away sales from us therefore we want to have in the marketplace responsible and reliable partners
the press release and the information on this call speak only as of todays date and the company disclaims any duty to update the information provided therein and herein i will now turn the call over to (gregg->greg) mollins president and ceo of reliance
and while our focus on traditional retailers remains core we are seeing strong progress in ecommerce where sales are up ahead of our objectives at more than 30 for the fiscal year having accelerated into the fourth quarter
common alloy aluminum conversion pricing has remained fairly stable as did our volume levels in 2016 most of our common alloy aluminum products are sold to sheet metal fabricators that support a variety of end markets
when compared to others and i believe that the entire market will benefit from this benefit and this is good for the entire market its good to all consumers and i honestly hope that all
so a good portion of it is more of the kind of stainless (flat rolled->flatrolled) where we have followed the market trends more from a pricing standpoint but then weve also got a lot of stainless (long->fong) products in there a lot that goes into energy
and thats what we want to address at a capital markets day which will be organized on may 7 that is also the day in which we will announce our q1 figures of 2019 and (it->*) will be combined with the capital markets day
we look forward to updating you on our progress in these important regions as we continue to add distribution capacity and learn more about the drivers of adoption and ultimately utilization in these institutions now ill hand it back over to john thanks david
sales productivity continued to improve for both hunting and farming opportunities driving a steadily expanding pipeline and the acceleration in constant currency revenue growth
we do expect that automation and technology will continue to generate productivity improvement but i dont think its fundamentally changing the percentage of increment that were providing on a yearoveryear basis at this point in time
i dont look at amazon as a customer thats in any way different than (our->*) other customers and i would look at that as an opportunity as well as (*->as) a risk but the opportunity far outweighs the risk
the ability to help manage a clients traditional transitional and transformational requirements begins with deep domain expertise we believe our vertical structure and industry focus
now if you try to see whats happening in brazil i can see a disruption in terms of the competitors in the first half of the year but after this half year and by looking at your results and also
as we mentioned in our press release we anticipate sales growth in the range of 2 to 4 as always this reflects a number of assumptions including about 3 points of incremental sales growth from new products
so if you just like to turn to slide 4 now and if we just consider the underlying results for a moment youll see how fleetwoods results have moved over the last 4 years (and->*) while i mentioned revenue and ebit a moment ago
in our ecommerce sales thats why we see now a consistent growth in margin in all categories (and->in) all channels now speaking about operating expenses
the trade cases have helped stabilize import levels and lower the spreads as metal prices overseas have increased to a level where its not all that advantageous to buy foreign material
the compression that you see in margins the pressure that you see on the bottom line for next year is entirely about currency a portion of it related to the depreciation in the british pound a portion of it related to the rolloff of our hedging (positions->position)
european hospitals are very cost conscious and many of them see great potential value in being able to use the (t2candida->t2candidate) panel to rapidly remove patients from unnecessary and very expensive empiric antifungal therapy
well to put a little more color on it i would say its a few points above average relative to the other parts of our sweet goods portfolio but the gaps arent very big (theyre->*) a couple of points (maybe->may)
this is one of the largest and most comprehensive insurance analytics deals in the bpm history (our->or) bpm industry (pardon me->partner) and a true testament to our deep domain capabilities
do you have statistics on what the (restaurants->restaurant) and entertainment as a percentage of your overall gla is today and how it was at the time of the spin and could you share that with us maybe
and weve been monitoring the competition as well but i would like to hear from you what is your opinion in terms of the outlook there is a competitor which is going through some disruption
more recently we (had->have) experienced lower manufacturing scrap rates and are working aggressively with customers to recover pricing we remain optimistic about delivering a turnaround at superform by the end of the year
we speak about (luizacred->liza correct) net income we have 2 charts one we show net income and the other chart shows operating income when (you->we) look at the operating
the complete description of these measures and the reconciliation to gaap may be found in (an->*) exhibit l in our press releases for both the third and second quarters of 2016 as well as on our website
(we->you) should also recognize (if->that) tax rates are lower our deferred tax asset would need to be written down but since very little of that asset counts towards regulatory capital the impact on our financial condition would be very limited
and i think that still affects the company therefore what we see now is an environment where 2 of the main competitors or maybe 2 of your largest competitors (have->had) problems
primarily due to bankruptcy (activities->activity) that occurred during the second quarter of 2017 the company is now focused on the low end of its original guidance range for comparable noi expecting full year performance to be essentially flat yearoveryear
we try to improve productivity in all of our stores and improve our expense approach but what i can say is that we will continue to focus on that
and as fred said we do not comment on the mix and the amounts related to pis and cofins we didnt comment on that last year as well
(and->*) i think the slide in the deck on the proposed acquisition indicates the regulatory processes and how we could end up with an approval and what happens if we dont get the required approvals
significant gains of market share considering the current scenario but certainly the main highlight in terms of revenue in this quarter was ecommerce we are the only
turning to our outlook given the positive sentiment for both metal pricing and demand in early 2017 we are optimistic in regard to both business activity levels and metal pricing
so were not (complaining->complainent) about the activity in nonres and infrastructure right now as we speak but we anticipate that it is going to get better and to jims point its just a matter of when
that goes back to the commentary that we provided when ross asked his question were very very conservative so a pushout of production of
in (foodservice->food service) items such as hormel bacon (1->one) fully cooked bacon and hormel pepperoni delivered excellent growth during the quarter
the third takeaway is that physical video gaming is cyclical but has a very long tail and we have significant share in the category
recent (12 weeks scanned->12week scan) data shows positive sales (trends->trend) as the jennieo brand continues to outperform the category
im honored to have this opportunity to lead a firm with such a distinguished history of delivering innovative solutions and worldclass client service
and not having complete visibility to allocations or demand for switch for the entire year keep us at our initial guidance range
to work with operators and so if you (can->*) consider retail prepared foods (an->and) operator our ability to help them take out labor
your view on how the payer is actually thinking about how they will be breaking out or not breaking out payments for digital visits
but only to credit that were developed and then were originated and then became deteriorated
the impact to our business continues as commodity sales pricing and whole bird pricing is much lower than last year
were terribly excited about it as i say its taken some engineering work and some thought work in terms of how to break down very big
field service lightning is a key part of that growth in fact one of the worlds largest food and beverage companies selected field service lightning for retail execution to boost
again because customers are taking advantage of these amazing technologies to drive and gather insights around what their customers are doing
before we begin todays call i would like to remind everyone that this call may involve certain statements that are not based on historical facts
have all input what was the diagnosis what was the treatment and all that we have in the system already but you also need to have the
we received a lot of press coverage in march when we discussed our plans to close 2 to 3 of our store base this year
a significant amount of my next several weeks will be spent listening to clients and discussing opportunities for greater focus and engagement
what the ramp is in terms of the small business emphasis that jason talked about as well as the sales of entertainment products
while our emphasis at jennieo turkey store is on valueadded products whole birds are an important part of the turkey supply chain
but comping against the combination of battlefield hardline and mortal (kombat->combat) was very tough as each of those titles sold 1 million units
in terms of product availability and features consumer awareness and purchase intent we plan to provide an update each quarter
you can see some pictures of that store in the supplemental deck we also have 34 (collectibles->collectible) stores overseas
this will be a business that over the next several years should demonstrate the earnings leverage and its potential in taking great care of its customers
with ip launches occurring on a nearweekly basis we are finding that collectibles provides us a consistent revenue stream and traffic driver
or a mix of both and then if you had any initial takeaways from the early openings of the thinkgeek stores
and three is the system of intelligence (bret->brett) touched on it with einstein with ai but even look at our advanced analytics capabilities that we now
as part of their broader engagement with salesforce we had notable expansions with another leading athletic apparel maker whos enhancing and expanding their direct
a description of these risks uncertainties and assumptions and other factors that could affect our financial results are included in our sec filings
and not only from a supply chain perspective but equally from a repositrak perspective were terribly concerned that our customers get
we have spent time following up with several analysts and investors since our investor day and have had good dialogue on our strategy
thats great its always the thing about this digital thing overwatch is a great title for us and the thing about it is you have to be insightful about what
than any other enterprise software company in history you can see that in the numbers from this quarter the trajectory is clear
are expected to offset the declines in video game (products->product) sales and operating earnings are forecasted to be flattish for the quarter
but weve always said that were about growth as i mentioned in my remarks and if we think there is an opportunity to put capital to work
this is not in full force yet but thats a development that is going on right now and our plan is that we
include this in the capitation model which means that what you gain from it
in our gamestopbranded stores we continue to see strong acceptance of collectibles by our existing consumer base
so before i turn (*->it) over to bernie ill come back to my key themes its all about growth for us customers arpus revenue and ocf and while we feel
our proposal to shareholders in this years proxy for the authorization to issue preferred stock is an example of the variety of options we wish to have available
i am excited to be back at itg and (im->i am) confident that the best is yet to come for our clients our shareholders and our employees
there are many examples of things that weve done that have managed expenses in this market condition weve had sales meetings that
to the rule or do you think that your infrastructure layer would actually increasingly have more of a hybrid cloud (feel->fuel) to (it->*)
part of it is just where we are in the cycle and i think that we think the opportunity in the next 3 years in that market certainly looks better than the last 3 years
as we described in the press release we overlapped significant titles and also saw a shift of uncharted out of the first quarter
but you can bet and you can expect that looking at our price value relationship will continue to be a major source of both revenue
let me now comment about the portfolio mix the funding structure and how we see our net interest margin
just a couple of weeks ago i was with the ceo (of->*) one of the largest insurance companies in the world and were having a conversation about changing their business model and transformation
we also see a trend where we have a lot of these smaller games that were able to bring to market and really bring some new people into
and fixed assets and that (would->will) be for us a really good indicator and a really good opportunity to prove those out for you and for ourselves so
(history suggests->hists) the turkey industry will balance supply and demand and market conditions will improve in the coming months
now moving on to ete ill begin with etes fourth quarter results followed by a liquidity and financing update
system of record of course which is kind of where (salesforce->sales were) started i would say that we probably have the strongest system of record experience
we will evaluate opportunities to put this capital to work to improve profitability and generate strong returns for our shareholders
as we continue to align with our most important partner we are transitioning the core of our business to be focused on entertainment first
on the video (game->games) side we set records with our switch launch around the world returning vibrancy to the physical video game category
we are running our fall campaigns and (now were->are) in the middle of our (best selling->bestselling) season and we are targeting up to 1 million rgu additions for the full year
as a reminder we will annualize the divestiture of diamond crystal brands early in the third quarter
solid our business is and how strong (that->net) balance is but (i mean->*) we do believe that well get through this
we are also actively managing our capital so that we can provide a good return to our shareholders while planning for longerterm growth
so nevertheless even though raw materials we are at the moment pushing (to->2) price increases
trust talent attraction as an important contributor to cost savings
its useless it doesnt do you any good with respect to activating those actual customers for example
based on the investments that we made last year just from the equipment that we installed
from a team standpoint i am very pleased that we continue to hire and promote top talent
as cost increases are put through (theres->there is) often a reduction in promotional activity for a period of time
additionally todays remarks will include a discussion of certain financial measures that are not presented in conformity with us
(*->so) now i want to talk about how we are going to achieve our growth objectives over the next 3 to 5 years
the path ahead has never been clear and our commitment to this journey never greater
going forward we will be tailoring this approach to address other stores second
and given (theyre->their) early adopters they wanted to kind of go out to their customer base on (a->*) quite a gentle basis
with this i would like to conclude my part of the presentation and hand back to (gilles->ju)
at the heart of connected 4 growth is the organizational and core process changes
there is nothing out there at the present time that would be a whole team liftout
the other important factor that will drive our revenue growth is end customer adoption
were seeing an increasing pipeline and the deal flow for the company as a result of this focus
of course our future burn rate will be dependent on whether we partner (*->with) the d5 technology
and just wanted to get a sense for (with->what) the added capital generation power
we have completed our first round of investments now in belgrade we were down there last (week->*) 2 weeks ago
i think provides a huge opportunity for us (*->as) ott is clearly
for the second quarter in a row i want to begin by congratulating and thanking our associates
before i think it was (to warren->too warn) what i mentioned in terms of managing our portfolio
in personal care our priorities are to grow the core whilst building the premium segment
in fact (nielsen->newson) estimates that the rural market over october november and december was down
our customers in getting energy to their customers and operations across the country
looking at the individual (months->month) and excluding our stations in los angeles and (terre haute->tera hut)
we are improving our overall compensation and benefits programs for our employees
if you start out at a small percentage even if youre doubling every year and
and will deliver new revenues in fy 19 and beyond as these projects are commissioned
and we probability (weigh->weight) what we think is going to happen (and->in) the time frame we think its going to happen in and
we will stay within our strategic strengths of fluid dynamics in the semiconductor market space
even exceeded the very strong comparable base of the previous year
a company committed to providing our communities with connectivity that enriches their world
in terms of revenue per quarter were not going to break out the growth rates by quarter either
offering business customers the freedom and flexibility of the latest cloudbased virtual pbx technology
this is reflective of our continued focus on developing (and->*) enhancing our business services product set
so maybe now we take the last question one more question
the prestige that we are now adding to it is a good example of that so we keep these categories fresh
our overheads increased by 40 basis points now there are 2 reasons for this
first the increase in commodity costs is likely to be higher in the first half of the year
but well continue to get additional capacity benefits as we
sure and just by the way robin as you were asking the question i looked up our metrics so
more commodity price inflation in our businesses than we originally anticipated
that the bulk of the increased capex that is basically that (*->we)
and thats the extent of it theres no exaggerated impact due to inventory corrections
in this market because what has definitely changed is that the consumers
our sales team is excited to have the new product to sell and we are seeing an increase in take rates
for fixed asset impairments related to the upcoming relocation of the corporate headquarters
on the back of stronger sales and efficiency gains in all business areas
as most of you know we do not manufacture any of our products in china
a risk to revenues that might not come because other customers decide to do
the 2 challenges that we have if i may say which are not surprising i think any business
and will allow us to attract and retain higher caliber managers in the future
those end customers that have signed up and responded have responded positively
decided to capitalize on that we did a very large integrated campaign that was
and so we had to put more money into working capital in this second quarter so
we see the impact of this particularly in categories like skin cleansing and laundry
these ratios should improve every quarter after the first quarter throughout the year
before we acquired these companies they each basically served one customer
speed of implementation is key to ensure that we deliver competitive growth
in developed markets the bigger impact generally comes from the retail dynamics
which obviously creates a more favorable environment from a pricing standpoint
those types of data and analytics into a service
a strong focus on internal (costs->cost) and continued productivity gains
driven by our continued focus on innovation and sustained investment
meanwhile primary aluminum prices have been trending steadily higher over the past 2 years
the natural (extracts->extract) this is not just meant to service
a small software growth rate in keeping with the early days of saas businesses
at the conclusion of the companys presentation we will open the call for questions
and an increased emphasis on both retail pharmacy and specialty pharmacy growth
but because i dont know how that revenue is going to flow into those quarters yet its very hard for us
before discussing our outlook ill turn to dan for additional color on the first quarter dan
i was very proud of our associates who (expressed->express) the desire to help those recently impacted
another is an erp vendor a vendor to some of our existing arc customers
it is certainly something that we continue to watch and our distributor partners continue to watch and
looking forward if todays exchange rates were to remain unchanged for the rest of
we are launching new platforms to improve merchandising operations on a weekly basis
my last (ones->one is) really around the shape of the yield curve obviously the 5 and 10 years backed up quite a bit
id like to focus for a minute on one of nicks last comments regarding our cash generation
to move that to the premium segment out of home and that has really done very well for us
i think this is where we are coming from and this is will be always (be->the)
because of our full portfolio and long presence we see strong market share gains
although the full effect of some of these examples will be seen
last year we discussed the market environment that drove our sales margins to a level
before we begin id like to refer you to the first 2 slides of our presentation
thank you for joining (freds->fres) to review the companys financial and operating results for the third quarter
and then weve got to go live and then we start to see revenue hit so
pricing methodologies cost of service and average prices paid by current shippers
we made some moves to capture some of the metal on april
in malaysia (malikai->malacay) continues to deliver strong performance from the initial wells
second we are making solid progress in executing our incremental revenue growth drivers
so i think thats a good place for us to wrap up and thats a good topic that im sure well be talking more about
the supplemental data on our website provides additional segment financial detail
earlier this week we also entered into an agreement for the sale of our panhandle assets
we continue to feel very strongly that snacking categories will grow faster than the rest of food
well present the exact data at the esmo meeting coming up in a few months
much less send them to inventory at the oem and (wait->way) to be integrated so
(ive->i) mentioned earlier that we secured a significant order for battery plate cooling with an existing customer in europe
is can you successfully run a study with medicine administered by the patient and collect the data you need
the associated parts and maintenance revenue and a few targeted domestic system sales
despite the continued commodity downturn we believe we are now in a stronger position than we have ever been before
really driven by better uptime and some better well performance we were plus (10000->10) in malaysia
and we will do nothing but encourage their participation in design but were not waiting for them
in q2 (weve->we) continued to demonstrate our ability to efficiently operate
right around where we expected it to the new news (*->in) which i covered
the second one was (the->a) question to see if (this->*) domestic traffic
and we wanted to also work with our customers to minimize the burden
we continually evaluate strategic options for this business to unlock shareholder value
our strategy of building a company that brings to market oral drugs for rare diseases is coming together
and largely because we see the opportunity for incremental market share there going forward
moving to operations we continued to run well during the quarter
well i want to thank everybody for joining us on our first conference call and id also like
you saw our first move here with the closure in austria
there (*->is) additional questions that are being discussed but (*->not) into the microphone so we will not be able to interpret
this is an ideal first product for them to have since it does so many different things so
can you talk about what (do->*) you expect the relative growth rate between your gas panels and chemical delivery products
but so much of the cash and earnings contribution comes from the renewal commissions
looking at various ways of reporting this business separately for a long time
previously ray was instrumental in establishing a turnaround strategy for esystems
thank you to everyone for attending today this will conclude todays call and you may now disconnect
we believe that magicjack for business represents another new organic revenue stream
yes were currently trying to figure out a way to do a 9day week
well thanks everyone for being on the call we will talk to everyone next quarter
to address this as you know we made some trial modifications to patient entry criteria
around the strategic rationale and the synergy potential of this merger
we will continue to add additional sites in new countries in the coming months to support enrollment
patients who see predominantly a gi attack and how you would
as they get to use the product and understand where it has highest utility
with most of the improvement coming from lower depreciation and lower exploration expenses
but if you did the same if you asked the same question last year which i think is your second question
and this is actually our first client in the finnish market something that we think is significant because
now let me turn it over to al to review the quarters operations in more detail
wholly owned by rosemore inc and we were an early mover into the delaware basin
are you also realizing some benefits from the restructuring and can you update us on
thank you good morning and thank you everyone for taking the time out to join us this morning
get an update make sure that were on track here what we should expect in terms of progress
and that rate change is going to mean that were paying
please feel free to contact us thank you and have a good evening everyone
but we did enter into a partnership with one of the large suppliers (*->of)
we do expect better results from program in the future we have a new leadership for this segment
so were now aggregating some of our software costs where we can lower
observations about the environment around (cancun->cantoon) in terms of
i just wanted to understand if you expect (the competitive->*)
in closing i would like to express my sincere thanks to our shareholders and supporters
we expect working capital to improve in the coming quarters
since we believe a significant portion of our customers are below target utilization levels
for the first phases of that infrastructure and its moving forward to be built
we have begun to see the contribution from the launch of our new magicjack connect app
and as i mentioned previously this equates to total revenue being up
or will crystallize as we get into the second half of the year is making us feel very comfortable
in the sweet spot for enhancing our capabilities in those areas and as i mentioned
and we expect our exit rate for the year to jump to around (10000->100) boes per day
some of the factors that influence margin we talked a little bit about the investment
we continue to expect to deliver doubledigit eps growth for the full year
youve got an expectation that margins can further improve in the years thereafter
combination is to your business historically but (*->youre) just wondering if thats still
can you just speak to how confident you are that you can sustain operating margins in the 40 range
in december we opened a new office in dallas as the home of the altium cyber pod
weve implemented several placement programs to meet customer needs and volumes
infer any effect size from the information that amgen have yet published
and for the existing orders that we (received->receive) prior to this
broken (it->that) down on product portfolio basis for us and we see a significant (improvement->proven) opportunity there
and revenue by geographic region to the investors section of our website
flavored milk and ice cream reported solid sales growth and market share gains
several slides in the appendix give more granularity on all the guidance updates
the impact of these incidents (masked->mask) solid results in a number of areas
so as long as all that operational activity continues in such a good way i dont think there are any
in the second quarter but we have great confidence as we look to the back half of the year
as a reminder broadsmart is among the very few highly profitable
there was a focus that we had in the first half really around new logo development
the combination has the potential to offer patients something that could change their lives
we completed and integrated 10 acquisitions which broadened our diversified platform
the majority of adverse events reported by the investigators have been mild to moderate
thats it for our prepared remarks well now open it up for your questions
has kpmg completed its work on your reserves
our europe business continues to demonstrate solid operating performance
is the opportunity to have more flexible packaging formats available
i would like to provide a few modeling assumptions for the second half of the year as a reminder
on previous earnings calls i provided estimates for our 2018 pension contributions as the airline relief legislation ends for us
with those business leaders and (sanjiv->sungeev) and ben im confident about our capability to move this organization forward
and introduce products that are more efficient from a manufacturing perspective so i think that is where gates operating system transitions to
negotiating financial terms of (the->a) transaction and ultimately finalizing a definitive license agreement takes a substantial amount of time and human capital
it seems that (on->in) the last report issued by the association of book printers in brazil
we have made some quick decisions to add incremental capacity in our existing footprint
in addition to providing a source of liquidity the large size of our investment portfolio allows us to manage interest rate risk effectively
due to internal insider trading blackouts and (effects->effect) because of the (resultz->results) transactions and routine (quarter end->quarterend) insider trading (restrictions->restriction)
we were able to do this through impressive results from our meat products (foodservice->food service) grocery products and international teams
while this is clearly a positive step regarding interest in da vinci procedures in japan the final level of reimbursement has not been communicated
while i wont rehash all of that in detail today and if it isnt already obvious we are very excited about the opportunities ahead of us
consistent with what we saw in the second quarter this is a great outcome as we (faced->face) difficult conditions due to hurricanes irma (and->*) maria
and in getting back to basics we need to focus on our fundamental principles and cash flow generation (as chief->achieved) amongst them
label converters seeking a flexible solution that meets the demands for short label runs and professional printing houses
while yrc freight reported improved financial results over last year we are far from satisfied with our overall performance
we are naturally focusing more on our traditional strengths which are anchored in shortterm trade finance business
that indirectly we can raise prices because the farmers there the growers are actually exporting in dollars
so assets that we can acquire the business theres some revenue being generated and we can manufacture the product in our facility
there may be some but we would consider that more to be an intrayear number rather than impacting the full year
from a credit quality standpoint the portfolio remains sound with a couple of exposures
geographically we saw a nice acceleration in orders from the americas and asia and we added several new dealers in all regions
while were pleased with our progress in the year the opportunity for improvement in surgery is substantial and much work remains to be done
the same can be said of diego who in a short period of time has demonstrated strong leadership and domain expertise
so in conclusion despite the challenges resulting from the 3 hurricanes our team has produced another excellent quarter
their comments will be based on the earnings release which was issued yesterday a copy of the long version is available on the corporate website
somewhat universal for the industry that are (underhired->under hired) right now and doing the very best we can to bring on additional talent
while (a->the) proportion of (vats->bats) remained virtually unchanged during the study period the robotic rate grew as open declined
and then if you can just walk us through some of the major raw material inputs that youd be impacted by
okay any tariff issues presenting any headwinds for you guys at all at this point
why are you suggesting that improvement wouldnt happen until back half of the year it seems as if
ways to do this and are comfortable that we have found one that is potent and (durable->*)
weve been successful with that in the past so i guess the answer to your question is is that we look at our harvest levels on a daily basis
it is part of the reason that (we->weve) told you (*->that) we might see some shortterm volatility in the hog prices as
and believe the timing was right to accelerate the ceo change while still allowing me the opportunity to help darren until i retire
and whether they have any relevance to the future development of (ab452->av452) the class of molecules or the mechanism of action
(*->but) i do think (*->that) the other piece to consider is that there will be improvements along the way as
so we believe the new contract that is in place will provide future revenue streams
directly to astronova in late october we were successful in transitioning several of the larger contracts
as well as rate increases for our maintenance and fleet service team members that became effective (midthird quarter last year->midthur)
look we have begun to see (a->*) traction in the market as well as we (identified->are identifying) significant number of future opportunities
the highlights as an introduction as a summary i already told you about the order intake 17 less
and its not only going on now but its something that we plan to continue in the future so
any sort of color around what you saw that do to your shortterm rentals throughout the quarter im just trying to figure out
can you talk about your revenue outlook by region underlying your healthy 4q outlook
these forwardlooking statements involve certain risks that could cause actual results to differ materially from those expressed or implied by these statements
bouncing back from a difficult summer of 2016 in addition our baggage performance continues to be a focus for our team
thank you good afternoon and thank you all for joining us on the call today from the arbutus management team
you didnt think (you->it) would have a meaningful impact on your companies can you give us some more background on that assessment
ill introduce them as they chime in during the call our agenda is going to be familiar to many of you i hope
and the reason these fold increases are lower than what we previously reported for the phase (ii->2) is that
these charges will not impact the companys cash balance or liquidity and will be excluded from adjusted ebitda and from operating income
since our last call our treasury team has been very busy they completed another set of efficient financing transactions including
the country has traditionally been the biggest market for bladex although in terms of relative portfolio weight
goes on the account of the elections which are coming up in india you might be aware of the fact that there is the federal
where you lose (virulence->virulance) and why we keep saying were looking at the feasibility to make a decision
but we believe there are also great organic growth opportunities to create value which we will pursue with vigor
and work very similarly so all i can say is that we have a number of different series that were working on
so i just wonder if you have seen that large driver demand will rebound in the first quarter next year
more than we should i mean so (its->theres) a lot of moving parts in there tim i dont want to get too specific for you but ill just simply say that you should expect that we
as decorative and electronic content continue to grow and we continue to penetrate the eastern european market
so its fairly an isolated exposure that were really worried about and we believe that to the extent we know and we can foresee over the
(*->but) i mean that is difficult to say what a normal trough would be and how long it would take it depends on the
needle movers but i think its just the sense of attention to the to every expense thats going through the system
that we can continue to do ill answer the japan question and operator this will be our last question after that answer
our net earnings for the quarter and for the full year were impacted by a few items that we dont see recurring in the future
which clearly under current conditions i dont think we can expect anything so we would expect some amount of pull and were seeing it at least in harvesting now
among the factors that may affect the operating results of the company are fluctuations in the cost and availability of raw materials and market conditions for finished products
the new plant will increase operational efficiency through an improved layout and will also automate some of the most difficult production jobs
is very much engaged (to->with) the customers looking at new solutions for new and existing customers the yield environment is very favorable so that makes
while (theres->there is) no guarantee that an approval will be granted (were->we are) encouraged by the discussions (weve->we have) had with the regulators to date and feel this is an important step in the right direction
and what is also important is this is not supposed to jeopardize the implementation of our strategy it is (to->*) this year (*->is)
and it takes time to determine what you need to do to improve the turkey performance theres a bit of a learning curve here and i think that (were->*)
quality metrics are nearing the point that a detailed discussion of asset quality is no longer necessary we will however continue to provide more than sufficient data for your review
its really its going to be building a foundation time for us theres going to be large investments made or we have been making and were going to follow through on things like training surgeons and
this is all in the spirit of increased transparency but as always we will be available to answer any questions that you still might have now on to the deck
as weve said in the past we continue to invest in clinical research in our key geographic markets to assess da vinci surgery outcomes and help educate the market
somewhere in the region of almost 10 subjects enrolled so its very few subjects that (*->are) actually enrolled and (is primary->its primarily) looking at the safety
if we havent retained the (virulence->virulance) of the isolate we wont be going into a human challenge study because (you->it) wont be any better than the existing human challenge study
before we begin i will remind you that certain matters discussed in todays conference call or answers that may be given to questions asked could constitute forwardlooking statements
took a measured approach with test markets (we->*) really made sure that our team out in the field was aware and could handle and (educated->educate it) on the product
i look forward to the opportunity to continue (jamess->james) legacy of strong leadership and working closely with him to ensure a smooth transition
it has been energizing to reconnect with the company and many of the people i spent a good portion of my earlier career working with to deliver on our customers expectations
so its not surprising that investors exhibit (a->*) certain degree of concern about the performance and prospects of our company in the near future
i certainly saw a lot of growth in the nielsen data but you didnt mention it today have you lost any distribution on party trays
based on inventory and production levels we do not expect material changes in prices until the industry starts to cut back production
general corporate expenses were lower in the second quarter primarily due to reduced employeerelated expenses and higher allocations to the business units
before we begin please take note of platforms cautionary statement regarding forwardlooking statements in the press release and earnings deck issued and posted today in connection with this conference call
turning to q1 the overall financial results were in line with our expectations and let me reiterate what we said we would do
we are confident the (rna destabilizing->rnadizing) mechanism we are focused on represents a very relevant and important therapeutic target
yes and some other issues that we had (in->is) a couple we had a couple of life sciences clients and a couple of energy services clients where we had po issues
we make changes to our harvest capacity on a regular basis we look at it on a daily basis we increase and decrease our harvest levels
(when->that) we had guided back when we had given the full year estimates that we were going to come out running very low in the beginning and if you look at the bottom
that can have quite a meaningful impact (on->for) many banks as they are required to look forward over a 12month period or even as far as the remaining life of their exposures (in->*)
and 2 findings that we have now found and some of which weve already published is if we vaccinate or inject the vaccine directly into the tumor
that we have several ongoing direct engineering contracts as well as a larger contract called a drawdown contract
but then right now were not expecting brazil to get any worse i mean you can see the levels that were talking about across the businesses
these shows were very successful for us with strong booth attendance and record lead generation that position us well going forward
and it has a unique (galnac ligands->galmac ligand) and linker which we have specifically designed to be proprietary to us
government will be reelected this year and this has an impact on the appetite of our customers for new investments in turkey we have (a->*)
in the past you were expecting about (30->12) million spindles that should have been more or less the normal average
these statements represent our predictions and expectations as to future events but numerous risks and uncertainties could cause actual results to differ from those projected
and youve got youre lapping an extra week in your fiscal fourth quarter with the jennieo reductions that you have outlined
foreign exchange remains front of mind and on page 13 we pulled together some numbers to help you understand our current pro forma fx exposures
and finally support for additional clinical and economic validation by global region ill now turn the call over to marshall who will review financial highlights
in addition all of our teams proactively managed expenses now i would like to talk through each of our segments
we remain confident we are well positioned to make the necessary adjustments in our business to address changes in (pork->for) capacity
some markets are highly seasonal reflecting budget cycles or vacation patterns and sales into some markets are constrained by government regulations
benefiting from the long capex cycles and (heavier->heavy) recurring revenue component driven by monthly fills on existing platforms
good afternoon and thank you for joining us on the call today as you know intuitive is dedicated to the mission of expanding the availability of minimally invasive surgery
but after about 30 days the inhibitory mechanisms that we keep talking about with (a->the) tumor take over and the tumors begin to grow
to combine their investigative drugs in combination with (brachyury->brachiuri) so the base combination is always our vaccine
i think our goal is (try and->to) clearly keep (*->working) investment in working capital to a minimum if not actually even getting cash out of it
highlighting the relative strength of our specialtyfocused ag business in what was one of the weakest global ag market in decades
i would like to thank all of our team members for continuing to take care of our customers and as important each other with that i will turn the call over to robert
to all of you as we believed we had a lot of information to share with you mainly the change
(no->so) we are not that is correct and the information (is->*) that were using is the stated information from those groups building the plants
performance has been in line with expectations with about 50 of customers who received a basic offer choosing to buy up to the main cabin product
robert and i were both in miami shortly after hurricane irma and witnessed firsthand how our team came together to take care of our passengers and each other
so we are conducting interviews of the merchants and other preparations will be conducted so that in the second half we will be able to come up with a tangible product
the investments we made over the last year in augmenting the distribution channel and increasing our direct sales force should continue to improve digital imaging revenue throughout the year as were seeing more opportunities for our hardware products
(were->we are) not going to decrease the coverage because we have new npl and i think your last question was about capital consolidated
with existing products and as you know we also have new products which are likely going to help us (kick start->kickstart) growth later in 2019 and 20 so both the short term and long term are turning more positive there
(we->*) regret what has happened and we speedily implemented measures so as to solve the security issues back in december as well as in january as a result
now we dont expect to sustain the nim at this level going forward and in fact largely due to purchase accounting well continue to experience some ongoing nim pressure although at a declining rate compared to last year
you sort of alluded to that but do you want to give me some more detail on that i know weve been looking at it for ages do you feel that (there is->theres) one of the more recent problems was the cost
(*->it) for most of the other companies that we follow it seems like reserve development is trending downward or being less favorable going forward and im wondering if thats an expectation that you guys are thinking about as well
as we refined the calculation of the value of the dta while the transaction took longer to close than we initially estimated were very pleased with the economics which are slightly more favorable than what we originally announced
correct all possible deviation and we evaluate not only looking at the average but we look at the stores that are performing above average and stores that are not performing that well
growth may be a little slow in the first quarter as the communityone teams get back into production mode but we feel very good about resuming a low doubledigit growth rate during the second half of the year if not sooner
with thousands of symptomatic patients at (high risk for sepsis->highrisk recepsis) as we gain critical mass we recognize that tracking closed contracts alone does not provide the full and accurate picture of our current captive opportunity
and we are growing in these kpis and what will be generated through the enhancement of these 3 kpis it is written on the top half
while the vast majority of our time and focus will remain committed to creating shareholder value through internal execution we remain open to strategic acquisitions and divestiture options
are going to be the same adopters for the bacterial products and for the (hemostatic products->hemostat product) so are you looking at building that kind of (a edifice->edifis) where each of these people that are the adopters would be (the->*)
first quarter adjusted ebitda for gas cylinders up 13 reflects the positive impact of the higher volume and pricing as well as productivity which was a direct result of manufacturing improvement
where our relationships are where the discussions are with those clients that have either statements of work or master services agreements coming up for renewal this year that we feel pretty good about where we are overall
right and so that you would be getting the (feeding->ceding) commissions back on that business which would offset the acquisition costs and (*->so) i just want to think about how that would feed into your run rate expense ratio
a model whereby they are becoming more verticalized and they are investing in it platforms
so i think youll continue to see us adjust spending both in absolute as well as by mix of spending based on where the opportunities are our innovation portfolio et cetera but
looking ahead to 2017 we expect to continue executing on our balanced capital allocation strategy that includes growth through both acquisitions and organic investments
into transaction and outcomebased (models->model) so it does tend to work very well i think what youre seeing in terms of the growth in fte for wns similar to the growth that weve seen in our customer interaction services
to drive more investments in some of these areas and clients want to grow faster with us in some of these geographies but having said that it will not be at the cost of margins
given the market opportunity for bpm in fiscal 2017 and beyond wns must continue to invest in our business in order to meet the changing needs of our clients
have a good result in the last quarter so there is a concern all over the world because online operations have to post profits now and to that end they have to play the rules of the game which is selling at the right price
maybe they have their own operations but they do not have such large traffic and we see some other marketplace companies that are trying to capture midsize companies
it inevitably of course makes sure that we remain to be an accessible affordable (mail->meal) company today and in the future it gives us the opportunity to create
(were->we are) continuing to invest in processing equipment for the businesses that sell into nonresidential construction to ensure (were->we are) providing the highest possible level of service to our customers and (were->we are)
every number you see going forward is based on the assumption that we get an approval in q4 2019 but also here with the caveat that it can take longer and then of course
we have a relatively high tax rate compared to peers largely due to the fact that we dont have much in the way of (boli or->bolia) munis as a result any reductions in corporate tax rate should flow straight to our bottom line
are ordering much more and the growth in the amount of what they order is growing much faster than with the people who have who order lesser (amounts->amount) of (parcels->parcel) it shows you
consistent with our 2020 strategy were responding to these challenges by continuing to invest strongly in product and brand differentiation to keep our value (propositions->proposition) sharp
i (will->*) also like to thank our loyal employees customers suppliers and stockholders for their continued support and commitment which has helped shape reliance into the strong company that it is today
so were continuing to work on additional cost savings projects to close the gap to 110 these additional projects will likely include actions to rationalize excess facilities
when they look at our revenue per employee metric and then how thats tracking over time is the impact of currency so if you look at our average headcount in fiscal 16 we had a little over (30000->300) people
from the industry into our group there are (a->*) couple of roles that were still looking to fill that are product line focused and a couple of geographic roles that were looking to fill
at the same time we are maintaining better discipline over cost and have begun the process of facilities consolidation to improve manufacturing capacity utilization
what you would see in fiscal 16 is that our revenue per employee actually grew 15 so i think when you look at this metric and you look at how its been trending over time weve been (proving->improving) revenue per employee
which is a little bit above 11 i think the things that help us get to the higher end of guidance are faster ramps of the projects that we have visibility to today (and->an) acceleration in the new business
a couple of news on the european commission fine we still do not have full clarity however in september we were notified that the proceedings in our case by the court of justice
these (result->results) were achieved under market condition that have yet to show significant sign of improvement not mentioning the (*->challenging the) challenge of working is a low selling price environment in our industry
and harvest new loans out of the market competition is very tough on both fronts when you talk about credit quality we continue to not see any we havent seen a oneoff here we havent seen any signs in any
we have a number of open cases that are probably more than 3 years old where people have just not come back to complete the transaction necessary to do the repairs
here on the administrative side and also some potential increases in dso and maybe even bad debt expense for a period of time as we transition to this new provision we think that that will be temporary
but these type of investments and acquisitions will always be very important to breedon as you look to the scale of our company now it would be easy to lose sight in some of these transactions but these are very important and these will continue to be a focus for us going forward
does not change as quickly and as significantly as virgin polyethylene so while you could see an increase of virgin polyethylene in the next several months
other litigation includes proceedings in new york federal district court against roche and (*->an) unrelated to the recent delaware settlement our pending appeal of the life technologies case before the federal circuit in new haven
we dont have to search high and low for these projects these projects come from the business and we get the opportunity to challenge the projects and invest the money where we know well get the return but were not short of projects for organic investment or business
do you think that you have a chance to beat those and if so in what area would that come from and then second if you could just clarify your interest and capacity to do more acquisitions
or approximately 4 annualized we are pleased to have this level of growth particularly in light of the competitive pressures and the anticipated runoff we experienced in our acquired loan balances as we (worked->work) through the integrations of our 2 merger partners
were looking for folks where there is a cultural fit where there is a business model fit where 1 plus 1 is going to be more than 2 and we continue to believe there are opportunities out there for us we just need to make sure we find the right ones
but did the cement price sequentially did you achieve rising prices through the year or is this year the year you need to get a decent (step up->stepup) in cement prices and for you guys which is the bigger cost electricity or fuel
there are added costs to be absorbed throughout each step of the development to commercialization process as (a->the) product moves from discovery through platform to product development to validation (and->*) manufacturing and finally service provision
encompass also added to its portfolio in the quarter with the acquisition of 2 home health and 2 hospice agencies in the greater atlanta market and the opening of (1->one) home health agency in the (new port richey->newport ritchie) florida market
payer industry is evolving in terms of the request that they have in terms of supporting a claim for reimbursement so we have to be out ahead of that were not reacting to it but being proactive in working with them
where we try to capture that stronger interest in buying and use that as a lead for the organization weve got a cost calculator so customers are able to understand what the cost of the trex material would be
as we went into this particular account for example we actually entered with a highvalue kind of a project which also from a scale and size point of view can be very very significant
additionally this will accelerate our ability to monetize content versus the more manual processes that we have been employing here and to generate saas revenues by licensing our technology solutions to third parties
as anticipated we experienced a seasonal decline in deposits for the quarter following elevated first quarter deposit activity chris will discuss loan and deposit activity further in a moment including some geographical commentary on our markets
as a reminder the increase in occupancy expense as a percent of revenues is primarily attributable to the reliant acquisition in which we assumed existing real estate leases on all of the acquired hospitals
both on traditional as well as nextgeneration programming services the rapid expansion of our distribution footprint through multiple deals with scaled platforms this quarter is not an anomaly
and the updated considerations related to this guidance are included on slide 14 id like to spend a few moments and elaborate on some of the items we expect to impact our performance in the second half of the year
building sale in (*->myondough) we cannot (reveal->review) too much details but what we can say is its not going to be easy to reflect the sale proceeds in our earnings within the year
(hell->hel) bent on rolling this out across all 3 states that were affected in no matter what that first rollout looks like we really do think that there are going to be a lot of providers who are not up for
on page 26 of the supplemental information you will note the overall payer mix of our discharges has stabilized and is generally in line with the payer mix weve had over the last 3 quarters
just to add one thing on your first question in terms of cost in the first half do remember what we spoke about in the q1 where we said that we were making sure that it was not so backend loaded as it had been in previous years
up 30 basis points from q2 15 as can be seen on slide 18 the rate of new prepayment claims denials declined from the level we had experienced in the 3 preceding quarters
the margins that we were trading on with that were very very small and (it->*) got to the point where it was questionable whether or not we could consistently make money on those sales
the flowscript assay was based on a proprietary technology that allows multiplexing analysis of cellular function in a single assay via the simultaneous examination of each and every cell in a given sample
besides the womens health line we also expect to roll out a line of products designed to aid pathologists in distinguishing the characteristics of various tumors from biopsy specimens using technology developed by enzo scientists
but you also say that there are some higher prices and higher costs if you can quantify that i dont know whether its fuel (costs->cost) or some negotiations with the trade (unions->union) energy (costs->cost)
first in many of our markets our hospitals are the 90day lowcost provider for the hip conditions included in these bundling initiatives and we believe we can exploit this advantage to gain market share
we work with our payers regularly and some of the expense that you see in the lab this quarter relates to bringing on additional staff to make sure that were prepared and we have the infrastructure to deal with payers and help payers
when i think about just where the fda rules have been for like color (additives->additive) it can be interpreted by some as being very vague very loose
i will give you now some quick comments about the 3 divisions and wts and (jeanmarc boursier->jeanmargbusier) will come back later on them with more details
some of the areas particularly in the capital markets where money flows are just driving behavior particularly as ive mentioned in my
this margin expansion was achieved while we continued to invest in the business to position ourselves for further growth
with little competition in sight we are currently working with over 30 customers (of->on) various current and future generation (ar->ai) devices
and when you think of a hotel we are currently only participating in the (chairs->shares) the upholstery fabric for (chairs->shares)
we have a lot to learn before we do any further rollouts so we have no plans for any further rollout the rest of this year what you will see is some of our newer shacks open with them
only when the differential between the normal growth rate and the growth rate at which (you are->youre) running at is small
among these factors are fluctuations in quarterly and annual results incurrence of net losses adverse effects of management focusing on implementation of a growth strategy
you still had a decent environment on a comparative basis in the first quarter of last year it was really after that you started to see a fair much
a lot of our businesses if theyre selling in a currency theyre also going to have a lot of their costs in the currency now there are exceptions where we are selling
if i can squeeze last question sanjay just wanted to understand by this time of last couple of years you had a fair visibility about the growth of the next year
for a company but if there are opportunities to buy something that is technically unique could extend one of our
the replacement channel reflects the majority of our business and the majority of it is into industrial applications and end markets
where we saw a lot of opportunities a lot of opportunities for growth many of these geographies that we sell into are quite fragmented
versus the kind of classical ingredients business tends to be more sticky tends to be more defensible better from a pricing standpoint
gives us a new potential growth engine for the future and on the marketing side with regards to what it does for our client base which we never want to forget
and so theres very good opportunities for a company like us that has a lot of resources and technology but perhaps were not (that->the) premier (a->*) name in fragrances
now moving to slide 6 today a number of major industry participants are deploying significant wireline networks across broad sections of the country
our organic investments are being made to strengthen our commercial product line application engineering and product development capabilities
we did respond with price further price in the second half of the year the additional inflation that we saw in the second half was principally around steel
employer of choice how much of the wage inflation do you think is your own choice to pay well above the wage versus how much is driven by the regulation and then i (have->had) one followup
to comfort the rest of the year and therefore i am fully confident to reach the full year guidance which is written on (this->the) slide
(the->to) design the products (and->*) do the overall inventory management and the planning and connects to the supply chain team so
may have some challenges right now but then there are others that are doing quite well and (ditto->did owe) for many of these local and regional customers so
and the lead time part so in essence i see opportunities to sell more with less inventory and i also see an opportunity to
we will move this company into the future in a way that excites our consumers beats our competitors and drives value for the company and shareholders
we were also able to improve our adjusted ebitda margin and (reduce->reduced) our leverage while continuing to invest in (the->a) business
lending the credit cycle is certainly feeling better at this stage in the overall context of things
in the slide we will continue with (a->our) strong focus on this plan with further measures to be implemented in the coming months and further savings to be achieved throughout the year
the movement depending on the segment and the market may not be driven by a large multinational it may be driven by (a->*) local or regional account
the cosmetics and food color businesses continued their strong performances in the quarter and the inks business improved solidly over last years result
its also a basket i guess a different basket question additional first lien i guess youre not providing any guidance as to how much more first lien you could issue as of today or
we urge you to read sensients filings for a description of these factors please bear these factors in mind when you analyze our comments today
roughly i think (that will->thatll) be more as we go through the rest of the year were able to gain some share there so i think we can play
excluding the benefit of this transaction the fourth quarter cash flows were slightly below last years result due to a onetime pension payment
which is with the launch of a global (organizations->organization) to monitor asset efficiency and services performance programs throughout the group
the new platform will not only improve the functionality of our site but will allow us to improve how we engage with our customers digitally and across our retail channels
and you could sit there and knock out the types of acquisitions you wanted to do you expect to be able to still do that as you shift the (markets->market) a little bit
(to->*) improve our inventory management and even how we manage receivables and payables fairly fundamental aspects of a business so (a->*)
institutional outsourced cios or chief investment officers are acting on behalf of an institution on a discretionary basis
that the second quarter standalone is a quarter of net (investments->investment) in working capital as a result of the seasonality of the businesses especially
defensive market positions operate in industries we know well and generate excess free cash flow for debt service and funding growth
the acceleration of innovation and digital transformation i am totally convinced that innovation is absolutely key for (all->our) development
to create an integrated one firm perspective on how we deliver services to both our high net worth audience as well as institutions
again in conclusion on this one theres more that can be done there i think weve raised the level on both free cash flow and cash flow from operations
and given our greater than 60 replacement market focus and the strength of our brand we believe that we are well positioned in this regard
expand our product capabilities from just upholstery fabrics for chairs (in->and) the main lobbies to the window treatments
and the second question i had was around the volumes of textbooks that youre seeing being bought in brazil
now let me provide you with some details behind our guidance and trends that we see developing in our businesses
the restructuring program has been challenging at times and the related distractions have complicated the efforts of implementing new strategic initiatives
consistently improving macro whether its oil prices which reflected in our current account our fisc was improving
forwardlooking statements are not guarantees and our actual results may differ materially from those expressed or implied in the forwardlooking statements
importantly as part of tax reform we elected out of (use in->using) our nols to offset the mandatory repatriation tax in order to fully utilize our foreign tax credits
look we look at where we are we know who we are we know what we have and we know theres enormous upside for our shareholders if we go execute against the plan weve laid out and like i (said->say) were not going to define ourselves
sort of your targeted 5 to 6 organic growth although its early in the year i get that but any color there and then my second question any more color you can provide on
these nongaap financial measures remove the impact of restructuring costs currency movements and other costs as noted in the companys filings
product cycles and competitive factors within this framework wed expect 2018 capital placement seasonality to generally follow historical patterns by quarter
or these tractors that may come on the market here over the next 6 to 9 months is that even being contemplated or is it sort of new and i guess why
intuitive is investing for the long term and i think you all will hold us to the quality of those investments mostly the challenge here has not been
a slide presentation with supporting summary financial information and additional performance charts are also available on the companys website as part of the webcast of todays call
thank you operator im excited about the opportunity that we have at yrc worldwide and i certainly have a great deal of confidence in our leadership team
in addition our new shacks that typically open with a higher percentage of app sales giving us further confidence that early adoption can lead to a higher use of digital ordering
before concluding i would like to take this opportunity to publicly welcome (jean->gene) bua executive vice president and chief financial officer of (nasdaqlisted->nasdaq listed) netscout systems
or coming off lease we are purchasing those as we are able so youll see more purchases in 2018 than weve done in the recent past
i guess what needs to change whether its culturally or cost (structure wise->structurewise) what needs to be accelerated to maybe get that or down and how quickly can you get there
as soon as we know im sure that were going to well tell everybody but that is still ongoing so im unable to comment on that
japan is a great example of thinking through how do you do these tam calculations because well see what the mix is with regard to (laparoscopy->fibroscopy) versus
which are metalbased products as part of its total offering alpha buys a lot of metal and basically passes through the price of that metal to its customers
and what sounds like an attractive category dynamics in specialty inks what do you think is the right growth rate to think about given these factors in place
we also plan to continue leveraging the favorable industry dynamics to ensure that we are compensated appropriately for the capacity and services we provide to the marketplace
and this is the third consecutive quarter in which the groups operating profit margin increased at least 100 basis points over the previous years result
european placement performance in the fourth quarter was strong placements in the fourth quarter in japan were also healthy perhaps a onetime uptick in anticipation of broader reimbursement
so we do think as we think about the potential were not giving a time frame for that because we still (want to be->are being) patient about it (in->and) discussing this with potential partners
procedure growth in several countries including germany korea and china was healthy through the year and adoption in japan was solid for those procedures that have been reimbursed
i think we have a senior leader in our general manager in japan i think this is a team thats capable so we will give them time to make progress here
pleased (with->at) whats going on in argentina in terms of some of the laws that president (macri has->macris) put in in terms of taxation in the farming sector
on the quarter (could->can) you talk about the cadence of when you took delivery of these tractors and to the extent you (can->could) provide us
we expect over the medium term that these investments will result in savings within the business units and over time we will reduce this to more normal levels
providing us with high levels of current and recurring income from our debt investments and the continued opportunity to realize capital gains from our equityrelated investments
the process is actively moving forward and we will evaluate all options thoughtfully and carefully with the support of our financial and legal advisers
we believe we have a very strong team with the skills experience and commitment to developing a curative combination regimen for hbv patients
ken will now review the outlook for the fourth quarter and then well take your questions we expect overall sales to be comparable with the fourth quarter of last fiscal year
our health care growth was largely driven by (a paraprofessionals->our power professionals) contract with both the new york city board of education and the hawaii department of education
followed by comments about our fourth quarter investment activity and the performance of our investment portfolio and then offer views about 2018 (and then->we)
from our work its clear that you need a much broader immune response kind of mimicking what a natural rsv infection induces
where the contract we had put in place with that same sort of mindset and those same sort of objectives because of just some
were also pleased with the performance of (class our mattress->klattress) cover operation with a solid sales and profit contribution for the third quarter
on the graph we have in the slide we can see the evolution of expenses in the period where you can see that during the first half of the year savings coming from the beginning
the process of driving organic growth through customerfocused innovation is something im very familiar with and will continue to emphasize here at platform
we have to have the technology training pathways and resources in place the proctoring networks will be built over time our sales team has to get deep with our customer
we are now nearing the completion of 2 new fluid power manufacturing plants constructed at existing gates locations
as well as in emerging markets particularly china where the growth in the age portion of the fleet is very favorable
a careful read of the clinical literature makes clear the need for more effective less invasive and lower total (cost to treat->costtotreat) solutions to many disease states
playing for the long game how we are running our own show focused on american and not defining ourselves on others
so were pretty active in this situation and what i would say is the decline in the value reflects the increase in the overall risk profile of our investments
forwardlooking statements are statements that include projections expectations or beliefs about future events or results or otherwise are not statements of historical fact
we believe we have a lot of work to do to make it an excellent hospitality experience for our guests who choose to order that way and for our guests who are in the shack
and then we also keep an eye on our liquidity and overall capitalization (of->our) bank agreements our leverage ratio to make sure that were being prudent
its a growing and (an->*) exciting opportunity for us but one that we are being patient with we want to make sure we have the right partner or partners depending on how we do it
the good side of our testing is were learning a lot the challenge to it is its a little bit of up and down for our guests who have seen us come in and out of the various platforms
but i dont think at this point as i sit here you would anticipate us buying something on the basis of market share i believe that that can be a very inefficient way
got it and so presumably then that means that companies have to requalify lines in these new countries
that improvement was felt pretty much across all the provinces so its a fairly consistent improvement across all the provinces
johnnie walker continued to tell inculture stories of personal progress across the world
is primarily due to the recognition of a tax refund partially offset by the expiration of certain tax holidays
we appreciate your faith trust and patience as we continue to pursue these objectives
the other assets are not operating at a level thats approximate (thats->that) looks like its going to exceed their threshold
so (youre->you are) not able to see into the future (of->*) the correction which basically (have->has) to do with stabilizing the subscriber base
a failure to execute the 40megawatt supply agreement in 4 years results in the warrants going away
brazil is also contracting economically in particular orders from our customers in white goods
has created a vibrant business that is delivering consistent growth and share gains
retail banners to make sure we (have->got) a strong assortment thats priced right aggressive promo (*->but) with an eye (thats->to) making sure that its profitable
i am proud to be part of the american midstream team and i commend everyone here for their outstanding operating performance and safety record
of our power purchase agreement model we look forward to his strong contribution to the company as we move forward
you see the results of our focus on postpaid mobile something that i have been mentioning a few times already in the last few calls
our focus will remain not just on what but on how thats what scalable behavior change is
how much of the general purpose 3d scanning market is going to be available to us and its really too early for us to
the martha brand has incredible reach and engagement online and across its media platform
but again a lot of what were doing now and i just think the investors have been missing this a bit and we havent been as clear
either the second quarter revenue or the first half revenue however you prefer to characterize it and then
margins are product related so you have to look at potential improving
and the best is to be prepared for that and especially situations in downturns
i want to mention relative to the performance of the oem side of the business in aerospace
we are seeing strong results with our premium core brands growing double digit in the past few years
i think weve seen over the last 12 months a pickup of
should try to prepare yourself better for real technology changes (so->*) thats a combination
reflecting the strength of our focus to expand margins and improve cash generation across the company
with the second quarter reports that retailers are doing well and its not just the online business its also
we continue to focus on our 6 core brands that represent 80 of our business
then the second bucket is supply chain further improving the asian supply chain
these savings have been partially invested to fund our scotch and reserve brand focus
and (will->well) get greater benefits from our investments in net revenue management and marketing catalyst capabilities
and why is that as we bring these in integrate the acquisitions or the pieces together
heavy blanket over everyones thoughts and so they simply havent made
we are fully committed to this task which we believe will result in substantial value creation for our shareholders
this gives me the confidence that we are on track to deliver our mediumterm guidance
cable is working there and so is mobile three our home business continues to perform exceptionally well
we continue to work closely with our partner on new customer acquisition and marketing efforts
ladies and gentlemen thank you for participating in todays conference this does conclude the program and you may all disconnect
a copy of the earnings disclosure is available on their website and includes cautionary language about forwardlooking statements
to the stores but then the constant shift to online is an ongoing conversation
i will take it from there (and make you->making) some comments on our financial performance and (highlight->highlighting) some impacts for you to be aware of
in september we gave guidance for our business outlook for the balance of the fiscal year
our operating expenses continue to come in under prior year numbers
so id like to provide a recap of the overall deal with spi to put this into context
as we mitigated the impact of inflation and gst with (a->the) combination of positive mix
but the product is designed to offer benefits to customers when
investors in our platform and the ones weve had dialogue with are primarily concerned with dividend safety
and increasing engagement with tools like connect our social media platform embedded in our app
in taking the necessary steps to ensure our businesses adjust to fluctuations in demand
but as this evolves as i mentioned and you picked up and remembered well from the january 6 call is
not every company can claim it deeply impacts the lives of millions we can
we are even more consumercentric using data and insights to inform our actions
likewise a very competitive situation in another gray market that previously has seen its share of competitive races
note that we want to be cautious given the extremely competitive landscape
i think it will give us more opportunity to combine some of the stuff that we do in (store ops->storeups) but its
it may vary up or down slightly but usually our history says thats the range you should think about
improve our balance sheet and maintain a disciplined approach when it comes to our expenses
all key categories for the brand domestically continue to perform well especially the kids line
(so well->we will) talk more about our vision applying our purpose and our goals and bold (moves->move) shortly
i think you saw in our marketing a lot of diversity within the marketing of real members including
were just not able to enter some of the equipment makers because physically the slot is quite narrow
i think what were seeing relative to the quarter i wouldnt read anything into that in terms of the overall
on marketing ive already discussed the benefits were seeing through continued improvement in efficiency
expect more activity this year and one of our limiting factors will be availability
the conference has now concluded thank you for attending todays presentation you may now disconnect
but in our future being part of our community wont just mean attending a weekly meeting or posting on connect
so you can expect to see us adopt the same type of approach at fgl that you would have seen
so i think there are areas that we would combine behind the scenes
there is a very strong predictability a lot of our fraud and security offers work the same way
again as you said we (get->*) where the dollars were available we got our fair share or more of the political
the market environment for our products and services continues to be positive driven (by->*)
(and->in) net metering programs being eliminated or reduced at the state level
our second bold move integrate and unify inside and out
to the extent we do generate excess cash we plan to reduce the amount outstanding against our credit facility
we believe we have the assets including human capital strategy discipline and financial strength and flexibility to play a leading role in the provision of this care under any
and weve just been able to squeeze out a little bit longer term of revenue things have just performed a little bit better (gary->*) that business is proving to be a little more resilient than a lot of people thought
just a bit of a feel as to how competitive you think its going to be or how successful to your point pat youre not going to cost save your way out of this so its got to be about putting the top line up i think
these gray areas of interpretation can be narrowed and the lines of what is and is not allowable can be more clearly drawn
yes well thank you all for listening (*->in) on the call and for your continued support be on the lookout for more announcements from us as we continue our business transformation and build out our (streaming->upstream) business
we saw good inflows of new business in norway and in sweden in particular where our second partnership agreement took effect in the second quarter
given that the investing community is increasingly focused on the potential value destruction that is expected to occur in longduration (fixedrate->fixed rate) assets as interest rates rise
(*->the) reveal line has been rebranded as signature and weve introduced additional options with that such as curved rail as well as lighting (applications->application)
have improved what we call (their->the) conversion (rates->rate) so we (and->*) in many markets we have always gotten these types of referrals from physicians in the past but (werent->were) able to convert to an admission
peer companies be acquired by large multinational entities or national entities we see the uniqueness of our presence
our continued evolution to a single integrated company that is heavily embedded in technologydriven diagnostic products and services is very evident in all aspects of our operations
and we intend to continue value strategy going forward nevertheless the christmas season is going to be full of very attractive offers
is in process but we are also looking at other options and exploring other options and opportunities with the national institutes of health i think there will be more information about that
(*->in) currency prices coming from loans that we granted versus our loans in us dollars thats our normal level of debt so if
representing top line growth of 4 to 10 excluding the impacts of currency and hedging guidance reflects constant currency revenue growth
we are rapidly moving forward with content supply arrangements and programming strategies for this new ott channel with several top chinese entertainment companies and (will->well) announce the (specifics->specific) soon
strong possibility for future value to be seen from (optiquel->opticl) i really unfortunately cannot say too much more about that but it is an active project
a key strategic rationale for partnering with encompass was to enhance the continuity of care for patients requiring home health services following discharge from our hospitals
and finally in terms of timing because i dont want to give the feeling that we are floating and that takes long if i look at what the transformation that some of our peers have done it takes long time to do this kind of stuff
overall our results for the second quarter were in line with our expectations we added new partnerships with both domestic and chinese content providers and platforms to distribute content
because home health (is->has) envisioned to be the net beneficiary of both of these bundled payment models we see no downside for encompass only upside and lots of it
the same cant be said for nursing homes being able to take the patients who are currently treated in our hospitals because those patients all require hospitallevel care
whats behind that is it a shift in the demographics of your market into medicare advantage which may be happening or do you think youre making strides with the private sector medicare business
we have seen an overwhelming increase in the retailers contractors and other partners who have visited trex university since it launched in early march of this year
to emerge in the next number of few months i cant really say very much about it at this point in time but i would say that there is (a->*)
the second major oem deal that (im->i am) very happy to announce on this call is with samsung one of the largest manufacturers of smart tvs globally
we develop our own internal irr and investment strategies based on what it takes for us to get a specific return of more than 25 after tax
strength in your medicare advantage business inside the irf and im going to ask this question in the context of transformation of payer and
performancebased incentive fees thats going on this year even though you are (waiving a significant number->wair) and an increased amount in the third quarter
cash flow has remained solid despite some capex expenditures for adding molecular diagnostic manufacturing at life sciences and testing capabilities at the clinical laboratory
would validate that that oftentimes the patients that they get coming out of snfs are much sicker and require longer episodes but even if you took that and (moved->move) that aside
however virtually all of the decline occurred in the first month of the quarter and the level of denials experienced in the final month of the quarter (suggests->suggest) a run rate for the back half of this year
construction output was broadly flat significant variations and probably more so in (readymix->radiomex) than anywhere and that will be somewhat impacted by activities in the london market which as you know we are less exposed
that would tell us that we should be seeing increases through 2017 the other thing to remember is we do buy recycled material and recycled material
so were getting a little bit better concentration with dealers who were only partially (trex->tracked) theyre (going->growing) a little bit stronger and thats enabled us to see a good growth at this point
and we will continue to prepare the bank for the future which means that when these heavy regulatory implementation projects come in we will not slow down in the other key agendas for the future bank
one thing i think (its->thats) interesting jim is when i look at this reserve if you look at the spending against the reserve over the last several years it has been declining
its not just a matter of can you get it cheaper on a per day basis medicare finally and i say finally medicare is recognizing that with (this bundle->these bundles)
initial metrics (show->shows) the advertising and marketing campaigns we launched in the second quarter of this year to highlight the aesthetics performance and sustainability
(*->not) sure i think the visibility (is->its) a little more caution just with the sanctions that came out and people trying to understand how the sanctions are going to be sort of applied but for the most part i think the
guide us a little bit better on that (it will->would) be (gratefully->greatly) appreciated yes its fair to say that we will walk back to more of a normalized rate next year we will see the
combining our improved financial performance in our key sectors of our business we are excited and energized about the future of westport fuel systems
additionally (were->we are) continuing to review options to simplify our operating and tax organizational structure which we believe will result in a simplified
what we did do in 18 is adjusting the organization and thats how we did it is what you see on this slide as well as a gateway to europe
at the same time in an environment where value remains king for the consumer and thats perhaps the reason why weve done so well
we currently expect the majority of this work to be completed in the second half with the potential for some work into early 2019 this project (is a->*)
last month we held our global energy race and perhaps some of you were able to join in among the more than (70000->700) people
improvement were seeing is sustainable and i expect (us->this) to build off it the fourth quarter is seasonally lower but i also expect it to be better than
more people will be using yahoo and if they spend more time with yahoo obviously well be able to increase our revenue and thats what we need to do
to start these or have made some investments to start some of these new master service agreements and so we always want to make sure we have enough liquidity there
we remain confident that our competitively unparalleled scale and our financial strength position us well to deliver valuable service to our customers
(in->and) assuming that in (track->tracked) channels (its->is) likely to be about flat so were certainly watching that carefully as well as the competitive landscape the other thing were going to continue to watch is foreign currency
as we continue making investments in these areas we expect to see the benefit reflected across more of this segment over the coming quarters
(*->we) will continue to emphasize customer success stories in all of our marketing and sales tactics and continue to evolve our (sale->sales) strategies for approaching new accounts
this certainly is not an easy environment to take pricing we certainly know about price sensitivities on our major brands pretty well
got it (any way->anyway) to talk about the magnitude of that or are these just kind of standard course of business tenders that you win
most of the people are irritated when they have to bring their parcel they dont want to have bring to a certain location now you have the solution to give it
in addition we strive to have strong partnerships with our independent operators and are pleased with the results to date
the dealer (network is->networks) also in the process of being expanded so these new products were taken to major capital city shows between february and may of this year
we think fees will be stable and that may be a little conservative admittedly (brady->fray) because its still very early in rolling out these payment products
and maybe some products may take up to 60 days to be delivered today and
what are the benefits for postnl with the change we are better able to absorb future volume decline
as i said well take the period from now until completion to work out in more detail how we can do that integration best
not broadly but were going to go back on a very selective basis and go look at where (they->there) may be some opportunities for pricing and where its cost justified where it makes sense
so in a nutshell i feel good about where we are in trade spend but there are always opportunities to optimize and
as we lead the shift of the global transportation system from petroleum to clean gaseous (fuels->fuel) in all forms
we also believe that favorable demographics such as the millennials starting to reach their peak homebuying years will continue to increase the demand for (purchase->purchased) mortgages
and there was (*->a) management turnover they also had fraud problems and they are trying to stand up again
while making the adjustments necessary to continue to deliver good growth and thats growth thats profitable sustainable and responsible
for operating income you were saying that (you were->youre) going to strive for increased operating income even after the
consistent with last quarter the increase in the premium yield for the third quarter was primarily due to a higher level of single premium cancellation income
wireless construction activity in support of expanded coverage and capacity has begun to accelerate (due to->through the) deployment of enhanced macro cells and new small cells
before turning the call over to andrea id like to reiterate the management team is committed to the success of the company
but we will continue to open stores (*->where) we (will->*) continue opening stores we still have that discipline of opening stores with a very low
(*->a) number of the operating income and after that we want to increase our services and businesses (several fold->severfold)
we expect the majority of refinery transitions to be completed by the end of this year and then should be able to realize additional efficiencies (in->and) spending
through our services and that is the base (off->of) which were going to consider new services and we need to make it easier to use
we remain encouraged that our major customers are committed to multiyear capital spending initiatives and we are confident in our strategies the prospects for our company
our operations in brazil were profitable again for the second quarter in a row as we gained scale and we saw record premium from our professional lines businesses
finally let me finish by emphasizing that these projections do not include any benefits from future rate hikes or tax reform
the bulk of the projects have great focus on technology the trend in the future is that the business will be more (asset light->assetlight)
if you look at it over a prolonged period of time over the last (decade->decades) the gains that theyve made (up->are) pretty modest but we have also gained
while the commercial (markets->market) may be slow in august we will be working in august and working hard to build additional shareholder value and
there are 3 things i want you to take away from this call first im particularly proud of the more than (8000->800) clorox people around the world
well the outlook is favorable as i said and we also said that the opinion from our
(*->that) will accelerate early in the year and then probably decelerate through the middle of the year as they complete this project and we just wanted to reflect (*->that)
okay so youre still with some of your newer (customer->customers) youre still in a phase of kind of ramping up with them so you could see some natural share gains just from (them->that)
in 2020 and at the same time then as you gradually move the volumes from one (network->net) to the other you will also
i would now like to introduce your host for todays conference call mr steve (robb->rob) chief financial officer for the clorox company mr (robb->rob) you may begin your conference
there are clear opportunities to maximize the value of this unique position over time as the industry continues to consolidate
this year in the first quarter and (well->*) also see the positive impact of the higher run rate of cost savings
as we move into 18 since all the engines will be the zero equivalent this will also position us quite well for additional growth
and we have (cross licensing->crosslicensing) agreement with (solvay->sauway) against the chinese manufacturers we do expect that to be a positive for us in the long term (phil->*)
as indicated in our release we will enter the expansion phase we want to do everything in a very consistent and sound way
waiting in line for the medicare contractor to give them permission to treat the patient so its the lesser of 2 (evils->eagles)
i would now like to provide you with a brief financial summary for fiscal 2016 before we turn our attention to the coming year
that is probably viewing ads or commercials at some point so the growth from here i mean like what is the bottleneck (to->is) showing
i dont think anythings changed from my comments or philosophy on that for some time we continue to have active communications with lots of potential
but we believe they would have a disproportionate impact on agencies treating higher acuity patients which has been the focus of encompass (the->*)
to the new york department of health and then maybe when we could start to see some of (these->this) tests move the needle from a revenue standpoint
the sale of the keb building is being delayed so will you be able to sell the building within the year whats the plan with this
we were very pleased with our ability to sustain our strong gross profit margin throughout 2016 our fifo gross profit margin
as (gregg->greg) mentioned quoting and overall activity has been on the rise which has created a much more positive environment for our customers and our energy businesses
feel very very good about the amount of work that we have in the pipeline the number of relationships that we have with opportunities for expansion
our overseas projects so we hope that our capital expenditures on overseas projects are going to be lower
and much more diversity and breadth of content than what those 2 to 3 subscription services that they are generally willing to pay for have to offer
know the importance of maintaining a rigorous management approach and that the discipline which we
we didnt announce any new cost increases for next year (it->that) doesnt mean that there wont be any but we havent announced anything to the market
its very good business for us to do that because its obviously still cheap funding for the bank so there is an effect of a large deposit increase in these units
and at the same time the ore has better quality and we have (a->*) better recovery and (with->*)
this is what management teams should do now i want to try to dive into something that you mentioned so you said in particular you called out
that means there is a big and growing opportunity to provide robust free avod offerings for viewers who want much more content
content producers and distributors that support combined with the fact that we have the only majority chinese equity investment
my second question is related to the deal on part of the (*->mandatum) business that you will take over at some (stage->states)
we are also aggressively building our presence in the highgrowth highmargin avod market through new channels platform partnerships and licensing deals
small in the market considering our presence and we think that presents us with strong opportunity our
and our parameters are getting better and better so i think were going to be on budget by the end of the year and with molybdenum were going to exceed it
while nobody knows for certain how all of this will play out what we do know is that our nation is aging and that the demand for health care services in general
how the company has performed and executed as we (move->moved) throughout the year at this point in time i would say that the biggest risk on the downside to the midpoint of guidance would be
when you think about it if the macs are preauthorizing these claims it really obviates the need for any post
i dont think it really has an impact on us one way or another again given the fact that weve got sort of this advantaged pipeline into and out of china
as well as stockholder return activities including payment of our increased quarterly dividend and opportunistic repurchases of our common stock
core business process management business but i think that shows our strength that were able to compete against traditional competitors
which we have communicated throughout the last couple of years so theres no change that we have the intention to be very solid
we are confident that trex will be able to continue to grow at a faster rate than market given our leadership position and brand equity
while overall demand for metal products was not as strong as we expected when we entered 2016 customer sentiment has improved
and the expenses related to the integration of caresouth as may be seen on slide 17 and as jay discussed
this was evidenced by our latest announcement which came out yesterday and we continue to broaden our reach into the womens health market
(*->the) first quarter call which is the development of this risksharing model that we will be rolling out and going to the acute care hospitals with
and especially the increasing benefits realized from our ongoing strategic program integrating life sciences and clinical laboratories
regardless of the market conditions as you know in q2 the korean interest rate has been going on a downward trend
before we move to questions and answers i just would like to take 2 minutes to clarify a bit because i read this morning that
about the period definitely it will pick up speed in q3 definitely because of well were getting ready to
the american society of (neurorehabilitation->neurorhabilitation) the american academy of neurology and the american congress of rehabilitation medicine
and postsurgery patients so they are uniquely positioned to gain market share in all of their markets as these models are implemented
and the second question is related to the graphics (and->*) we saw an acceleration of the decline in the second quarter
overall our support from chinese media companies and regulators stems from our business model of supporting bilateral content flow
the company disclaims any obligations to update any forwardlooking statement as a result of developments occurring after the date of this conference call
in addition the prospect of adding additional spending on our domestic infrastructure bodes very well for reliance
we have gotten great feedback on the educational and (trainee->training) benefits that they have taken away from their experience
is by yearend to get a certain number of them a significant number of them through this process and were optimistic we will do that
what we could expect is always difficult to be very precise on but i think we should be able to see healthy double digits
so banks are very well collateralized and theres a lot of solid assets in the company (and->*) when youre dealing with a receivable from universal
please note that they are the property of solar senior capital ltd and that any unauthorized (broadcasts->broadcast) in any form are strictly prohibited
(*->and) do you believe that the legislator is actually working on such solutions that would help you save money
all of those costs then are included in that 90day episode so thats why weve been saying for so many years
joining jim and (bryan->brian) will be bill gupp senior vice president general counsel and secretary as well as other members of trexs management team
combined with the right vision and a culture with a relentless focus on client service integrity and management rigor and discipline will make this company the best it has ever been
so could you just explain how you feel you felt about the market across the second quarter and now in a higher interest rate environment
and what we hope to do is to achieve all of these goals and demonstrate as we have historically that were pretty good at setting goals and achieving them so whats the year look like
although adjusted fourth quarter 2015 results were not positive we did make steady progress on our recovery from the lows after the sec settlement last summer and we closed the sale of energy research
the platforms and analytics groups maintained positive margins due to the recurring revenue elements of those businesses the sequential increase in corporate (costs->cost) reflects the impact of the third quarter reversal
said made an observation (hed->hes) been through 7 of these cycles and he said in every other cycle the majors and the big (*->end) and the really big independents just bought up all the little guys
we have a little bit more lumpiness to our business because we dont have enough customer diversity yet to kind of weather when one (customers->customer is) starting to ramp and then (they->may) pause for a little bit before the other one begins their ramp so i think theres
it looks as though there will be a very high level of launches in 2016 we also expect to see increased sales from recent and upcoming new product and service introductions
it is certainly the decision of china has a big role that is (*->still) difficult to foresee for us because on the one side very
bad news that it (costs->caused) to have a bad quarter so the full year numbers are not that (aggressive->impressive) but going forward i think we
this will enable us to phase out some of the traditional (environments->environment) in kpn and reduce operating costs considerably
so in order to keep the credit facility a bit lower because the credit facility actually has a direct influence on the mortgage level you can take in the netherlands with quite a high (*->multiple)
customers would find it more beneficial to use the service longer period of time and (were->we are) going to stage this
i would set as an objective that this year when the year is over that we have doubledigit net income margins and very meaningful free cash flow
importantly largely because i suspect the regulations are beginning to take effect and people are now well aware of their increased liabilities and risks
going forward so if we consider you are doing this already from the beginning of the year and also subscriptions (were increased->will increase) toward the end of the year and that will
ordering correctly were scheduling the right prep that were scheduling people during the right (times->time) and we want to make sure that were doing that in the right way (every->over) time so id rather talk about it as we expect to get to a run rate during the year
as steve mentioned earlier from a financial perspective the energy research sale was a great result and were now well capitalized for growth with respect to the other research sectors
our european and asia pacific effective tax rate was 34 reflecting higher rates on our european profits from legislation changes and the impact of (a->the) loss in asia pacific
or at least test whether it could guide into patient selection and the idea is to make sure that in the trial we do a retrospective analysis
and record that (yuck->yug) and its all being done on paper not anymore repositrak now enables him to take a click of this (creature->feature)
that starts to cross the line on what is trust and thats where our industry really has to come forward and say were going to make sure that these technologies are (trust based->trustbased)
seem to be a more prudent source of growth and were optimistic that well be able to pull down more of these opportunities for (reserve->*) real reserve adds in the future
business people coming to the country and because of (the->*) devaluation the country became a little bit more cheap we see a new trend of people visiting argentina and we believe this
the goal here is to break more rock and improve perforation efficiencies in hydrocarbon (recovery->recoveries) and equally do so with fewer stage while maintaining high rates of proppant loading
from one side the fx losses on our dollardenominated debt that was compensated with some of our (liquidity->liquid) that was abroad in dollars and some
well also continue to build greater loyalty with our existing customers through brand marketing centered around our commitment to serving delicious food made from ingredients raised responsibly
the ability for customers to interact with great nextgeneration technologies in a safe way i think that this is going to accelerate with artificial
before turning to the quarter presentation i would like to draw your attention to the safe harbor statement on page 2 of the slides that also applies to any statements made during this presentation
ours and (bayers->buyers) serve as validation of our discovery capabilities and a clear indication of the potential value of each of these firstinclass drug programs
when we execute well in the restaurant everything else is going to work well also we have a better shot at executing digital and so i think the single biggest thing we can do and this thing that weve been focused on
as weve always said deferred revenue was an imperfect growth predictor as it was impacted by a number of factors including invoicing timing and billing terms to provide more transparency
the number of total subscriptions on the left grew fourfold in 3 years to 24 million since we signed a joint
that is one comment the other comment is that of course you get you need to get this up to certain volume before you can start to rationalize
were not planning any specific price increase right now but at some point over time well need to pass on some of the higher cost but we believe well be able to do that and then that along with leverage from the higher sales that along with
we have 2 effects we have the one effect that we have stockpiled a couple of (anodes->anolds) here and there because we had some smaller maintenance issues
understand that they are making a commitment publicly to the use of repositrak to improve their compliance standing
in truth right now we dont have a lot of time to go market it to our customers but its available and its about to get some profile with yet another partner being brought in
every device and every user that you want to reach every customer and that means you have to go wherever your systems are onprem on mobile devices everywhere and so we are
i think they did a lot of different testing on a lot of different well spacing and as is typical of our strategy
consumer demand has been very strong and weve consistently and quickly sold out of our allocations our market share was very strong in all our markets around the world
theres risk levels of everything we need to do to get to that kind of a 20 run rate some of the things like avocados have already come down so thats going to happen youre already going to see
our full year forecast we are promoting measures for growth for next year and beyond as well the second point regards our business strategy
(weve->we have) made tremendous progress over the last few years in generating our own pipeline targeting unique drug (target->targets) discovered internally
with the company almost from its very start where we (were->are) very early investors in the company and carried it all the way through to ipo and
revising the study design based on new input and new potential efficacy data but also to discuss the feasibility of potentially using a human challenge model
(may be->maybe) oversold or stuff the channel a little bit before it was sold how much of the company have you in your short time kind of been able to vet and kind of give a seal of approval to
but we are bullish on our ability to sell integrated bundles with directv we are also excited about the business opportunities associated with the potential time warner acquisition
(costcutting->cost cutting) as i said this (*->is) not about slashing and burning this is about building an incredible relationship with customers its about having the best products in our market and its about just being smarter and more efficient
it is not in any way impacting our operating flexibility theres not a single decision we have taken which has been impacted by this we are operating and focused on what i call back to the basics
some of which are beyond the companys control may be identified by reference to a future period or periods or by the use of forwardlooking terminology such as may
the fact that we think that we have done as much as we can do at this point in time to solidify our position in that particular exposure to the oil and gas sector
well thank you all very much for your participation today while were proud of the results (for->from) many of our businesses we clearly understand that our mission is to deliver growth
although my primary focus on the first call for the year has always been on the performance of the previous year i realize that there is uncertainty about the performance of financial institutions
integration and (synergies->synergy) realization is another strong focus point for the businesses as i mentioned before i feel very comfortable with our ability to achieve the numbers we have laid out
we expect the strong demand for the switch to continue to outpace supply for much of the year and we expect to continue to have marketleading share and attractive attach and profit
we have we purchase hogs that are very focused to be used in valueadded products which sometimes are slightly different than what you might see in the open market
as you might expect the performance business has a heavier exposure to the asian markets while the ag business is more heavily weighted towards latin america
i spent the last 8 weeks traveling to several of our offices around the globe meeting with employees and learning the details of the business and im pleased to (work->*) report that (ive->i) discovered a number of very encouraging facts
by curating these titles based on our extensive loyalty data combined with compelling tradein promotions we continue to provide differentiating value for our customers
tech (brands->brand) sales are expected to grow more than 50 in the second quarter the projected increase in operating earnings coming from tech brands and the margin from collectibles
this (attachment->attach) rate is nearly double that of the rest of the industry and it also means that we are 50 more profitable than the rest of the industry for each switch unit that we sell
is difficult in (the->a) sense that the business is low but at the same time which has an impact on the numbers but at the same time implementation of the strategy remains a key priority
(projects->project) include completion of our plant in china the new plant in melrose capacity expansion for valueadded product lines and ongoing investments for food and employee safety
the way you look at whether an increase is significant or not isnt based on (a particular->particularly) numeric fold increase its based on the variability of the assay and youre looking for
we believe there are revenue synergies that are above and beyond the cost savings in fact our strongly held position is that when choosing between organic growth and cost synergies we will always favor growth
on an already efficient platform in terms of how we operate so its a balanced approach its the right approach and i think its going to take a little time to implement its not going to happen overnight
the newly acquired (alent->elant) and om group assets experienced modest headwinds particularly from the electronics end markets but performed in line with our expectations
that allows customers to ship the product to their home while still using trade currency to fund their purchase this means that the product is selling out even before we receive (it->*)
these measures include a reduction of our global workforce of around 5 i told you in january that we are now going through what we call in (rieter->retail) the cycle management
as i had mentioned with the production now fully integrated here in west warwick the final cleanup portion of the transition is related to transferring the many individual (and->end) customer contracts
please go its in the first floor of our (2storey->2story) store there so theres a gamestop in the second store go downstairs its a stunning store and you should go (check->cheg) it out i think it says a lot about
at the time we noted that those numbers did not include any new console launches and did not include any sales for virtual reality hardware or software
on slide 12 we break out our third quarter rebased revenue and ocf growth rates for our operations in western europe which make up over 90 of our total european revenue
were a lot smarter going into this budgeting process than we were perhaps going into the last budgeting process and thats what youd expect me to say of course (*->and) but were going to always be
these regions are both highgrowth opportunities in the long term and we value the diversification of our portfolio and the resilience and stability it provides
and by proactive cost actions taken by (macdermid->mcdermott) as we look into 2016 we expect to see another strong year in industrial and automotive
so brad (ill->i would) tell you that the quintiq solution is not an office shelf solution and as im digging in and learning more about that in my new role
that we see (*->with) in almost all of our networks between the speed of the service we provide to a home and the amount of consumption that that home has
that is the primary driver of what would change the capex as we get later in the year we start to understand what projects are going to get completed in the year what
so thanks for trusting us i look forward to talking to you for the first quarter of 2016 when we meet again in april have a good day
proactively managing our own business by taking further reductions in half 1 so were doing the right things to set ourselves up for improvement
whereas those who had a strong starting immunity after 1 year which is the red those who were higher than the median value at the beginning there really isnt a (boost effect->booster)
with many installations that we anticipate will continue to benefit us in 2016 our offshore production fluids business also had a strong year
we expect growth in the foodservice channel to remain strong with growth coming from many of our brands such as hormel bacon (1->one) and hormel (fire braised->firebrased) meats
(*->i) mean (youre->you) absolutely (right->*) we so far have had no benefit from the contract if i could write a contract that would allow me to define the attachment points at the end of the year i would absolutely choose that one
these units are a meaningful (investments->investment) in the heart of our operation and should drive the many benefits we have previously discussed including a reduction in our shortterm rental needs over time
in a challenging environment recognizing only negligible bad debt expense for the year and maintaining collection rates in line with our longterm averages
obviously based upon history were doing a lot more in terms of straight wireless transactions than we are (in->*) entertainment and so were working to
asset quality only good news here in the sense that the overall cost of risk of the bank in this quarter was pretty low
our adjusted ebitda margins (does->thus) reflect the investments we have made in growth both on an inorganic and organic basis
so (we->*) feel pretty good about the economic backdrop now having said that it has not started that well off for the calendar year as (youve->you) probably heard in the industry
on (*->the) ag side i think you need to be careful (*->and) not (to->*) model in that fourth quarter margin that you saw last year which is heavily influenced by the fact
(its->*) important to note that we are committed to driving a more efficient business for instance we are focusing on direct operating savings by having multiple channels collect and sell devices
so (i->*) we dont (i->*) we may be ahead of the cycle in terms of the introduction of tier 3 and electronic transmissions already so i dont expect
to take advantage of these favorable market dynamics with that i will now turn this over to david to provide additional inputs on our financial results david
now the volume is not (a->as) big market obviously as the residential fabric but its (a->*) plenty of growth opportunity for us in that marketplace
we refer to this upgrade initiative as project concrete and we spent the first part of this year conducting a detailed rfp functional due diligence and ultimately a selection process for our future platform
we are continuing to work on optimizing our plants to assimilate new production activities and to improve plant efficiencies the affected businesses
getting these elements right will help us connect more with our existing consumers expand our reach to new consumers and return the business to strong growth over time
we did receive a favorable response from the regulators and there is an opportunity for nuvo to submit a revised registration dossier containing our existing clinical data to select eu member states
the potential negatives would largely be offset by the lower tax rate so in short we believe its really not an issue for our portfolio company but we are paying very close attention to it
now a few words on the first result of the action plan explained in march in order to return to strong growth and higher profitability
this month the ministry of health in japan listed for reimbursement 12 procedures in which da vinci could be used in addition to prostatectomy and nephrectomy which are already reimbursed
chemistry not necessarily an end market but whats the chemistry and where could the chemistry be applied as opposed to heres my end market and what chemistries or technologies do i have
we also expanded our commercial presence in emerging markets and strengthened our position as those replacement channel continue to develop
now i want to make sure my customers engineering team are fully authorized and (theyre->they have) to pay fully authorized by their management and (theyre->*) to pay rather
really in any big way to hedge translation so what we try to do is we try to base our businesses in the markets in which we operate match our (costs->cost) and our revenues
so we have a number of benchmarks and data points that suggest that we are doing this that weve made a lot of progress here and i think that piece will continue
i believe as a brand we continue to have a lot of pricing power but theres a difference between what we could take and what we should take (i have->ive) said that for many years
that is very influential and could potentially even influence that large multinational to convert or to do something else in the form of a natural color conversion
we are encouraged by the improved operating profits and margins in our industrial segments compared to last year which has allowed us to offset a significant portion of the profit margin impact from ag
while this pushed our sales higher for the third quarter we expect this pace will slow down somewhat in the fourth quarter with the disruption of february production in china
where we didnt produce any samples and so thats worked itself through and as we get into the second half of this year well return to more consistent sample production
with respect to revenue as weve mentioned previously capital sales are ultimately driven by procedure growth catalyzing hospitals to establish or expand robotic system capacity
its immaterial to your business today likely to become more important over time so just wondering how and if youre positioning your business to prepare for electric vehicle growth
our company has anticipated increased competition and we are focused on understanding the markets needs and excelling (in->and) delivering products and services today and in the future that meet them
financial information calculated in accordance with gaap a reconciliation of nongaap financial measures to the most directly comparable gaap financial measures
two questions on asia one on china just curious what you guys are doing to try and drive penetration while we wait for the quota are you better off waiting for the government
we were able to deliver record q4 and full year adjusted ebitda we also demonstrated the ability to further expand margins
market profile hence a lot of focus on (that->our) part the other thing i want to follow up on the earlier question another reason we really do like this
with nearly 300 systems installed in japan the level of system expansion over the year or so over the next year or so is difficult to predict
which is viewed as a new computing platform and that (himax->hymax) remains a critical partner to the customer in (its->these) ar efforts
we also welcome the additional perspectives to our board as we continue to evaluate options to maximize shareholder value and manage our business for profitability and cash flow
and just for everybodys benefit if you think of it many of the aroma chemicals that are sold in the market are building blocks to what we would describe as a fragrance compound
except as required by law nuvo is under no obligation to update any forwardlooking statements (discussed->discuss) today and investors are cautioned not to place undue reliance on these statements
our emerging markets also performed well a reflection of our focused organic growth initiatives in these highergrowth countries
this is (a->*) really a combination of several key things going on in the group right now number one its a fundamental and continued strategic shift
seem to continue to rally as the capital markets continue to rally pretty briskly and its (back to->matched) the point that not only are
as you perfectly know h1 always sees an unfavorable trend in terms of working capital which will revert back by the end of the year
we had indicated that within a period of 18 months which is by september (18th->18) we would be double the number which is at about 16 millionplus customers
integration between the teams on the field is performing very well all this will contribute to the success of this acquisition
we will continue to take a measured approach to matching our planned capacity levels with anticipated levels of demand we are still in the process of developing our operating plan for 2018 (so->and)
(*->then) shelby will go into more detail about our fourth quarter financial results and liquidity position after that we will open the call for questions
continue to target (the->*) general guidance i would give you is we would continue to target (a->*) 100 conversion or better except for the higher amount of growth capital that we invest
next year if you think back to our q2 results we did announce at that point that
but you bought wesson which i think a lot of people like because they think it makes sense given what you have
and what does this look like going forward as far as the character of the pipeline
because you look at your vegetable oil business today the volume has declined dramatically
excluding redevelopment assets where we might not be renewing people because were completing something bigger
in addition we are introducing larger canisters on a promotional basis
on eventfree survival a clinically relevant decrease in the need for pulmonary and nutritional support
to make sure that as many cells as possible can actually survive the trip to the clinic and be infused to the patient
so in summary we are well down the path of transforming our company
showing them the value of moving to smartconnect and showing them again
the barriers to entry are very low anyone could put a brand on vegetable oil call it premium
and well continue to use the tools within the nordson business system to drive operating improvement across the enterprise
to achieve or (evoke->invoke) whatever therapeutic response (theyre after->thereafter) so i think over the next several quarters
so all of these large companies and (ive->i have) mentioned by the way those (four->4) companies in the session
there can be no (assurant->assurance) that our assurance that our beliefs or expectations will be achieved
(competitive->competitor) bankruptcy at the end of last year and you mentioned some of the attrition in china this year if we have another year
what do you think drove that increase thats my first question
the way im reading it that certainly has played a role and as soon as you
longer term we remain on track on our cost savings initiatives
we dont have a clear crystal ball on which projects are going (ahead->to hit) now outside of (the->*) electronics
these tools are a logical extension of our core recovery audit services
and we think thatll play out over some time while demand continues to grow
so we have been working the teams on a set of requirements that
(*->the) original revenue was recorded and how we adjusted it there in the fourth quarter
all integrated with and driven from the core recovery audit data we know so well
id now like to talk more about our indirect sales channel of domestic and international distributors
and so thats something that we will need to address and (will->well) need to improve upon
and to the best of my knowledge its dependent on
over the last 3 4 years there have been a lot of global commencing factories which have shut down
november this year which will bring some more international points within range
and so what happens is the cream in the milk is much more valuable than it was a year or so ago
on the capital that were putting to work and importantly i think were also creating a lot of
from buying back equity so that clearly was a factor entering into our decisions
overall and hopefully put ourselves in a position to have (multiple->multi) potential alternatives
the dynamics between volume and pricing and kind of
that we took on october 15 so in the third quarter we have 30 days
id note is that we dealt with a lot of the bottom of the portfolio
(*->the) optimal outcome is for those and that sort of plays into the first question you had about do we term out
slow down a fair bit from an order entry perspective and so were (factored->factoring) in sort of our historical
basically a function of capacity i mean theres a hell of a lot of capacity on that sector
these decreases were partially offset by continued strength in our life sciences product lines
and we are going to take a hard look at our manufacturing strategy
notwithstanding this is an extremely important step in our recovery
although i have learned over time to
things may be out of balance a little bit in the short term but with that pace of demand growth
helpful in their consideration of granting a conditional approval pathway for us
over the next 6 to 8 quarters and so for us from an execution standpoint
we also recently announced the delivery of our first (aileron->alaran) and flap assemblies
we expect that disposition volume will be lower and the use of proceeds from such activity
which increasingly center around premiumization snacking
it is remarkable for all patients to reach this key time point of 20 months
as far as the sort of charges i think were largely beyond the charges as far as the benefits
and kirk serves as the president of brand solutions at google
they can be in the low teens weve had a couple in the high single digits its kind of across the board
and just by the nature of their business the numbers of
now as you may expect the whales are characterized by longer sales cycles and complex deal structures
so when it comes to newborn (screening->straighting) there has been a lot of work done both at the federal level and state level
despite the increased competition austin continues to be a great opportunity for us
so how much do you think that is (is->*) that a few million i mean just could you give us a little bit of a range on that
thank you all for attending this morning and we look forward to talking to you
for actually less money because of the different economics that we have now compared to the past
and now ill turn the call over to chad for a few additional comments chad
alex has done a great job on the tech side of bringing on a very strong team of technologists
these statements involve risks and uncertainties that could cause actual results to differ materially
capabilities in place to adapt to the changing environment that we find ourselves in
these opportunities cover a wide and surprising range of use cases
where we are right now were in the middle of december a lot of our customers shut down id say its probably
were clearly seeing the benefits of prior investments in growth and margin enhancement initiatives
for serving our customers at the highest level and for continuing to optimize our business
now last quarter you may recall i talked about elo the largest credit card in brazil
its not a big issue either way because we have very small cash balance and we dont really have
which tends to focus your attention on looking at those businesses
but up sequentially from the second quarter and we posted positive operating income
for the portion we singled out in artificial insemination
and authentic brands that support a cause or higher purpose
so what i would say is that my team is working diligently with
rather than something that we are more concerned by
in the past we have not considered license agreements as part of our development plan
we continue to seek opportunities from new and recurring customers
that could cause actual results to differ materially from those projected by us
and welcome to the avexis conference call to discuss third quarter financial and operating results
this does conclude the call you may now disconnect everyone have a wonderful day
and we have several potential outliers that greatly exceed this annual revenue range
and the estimated enrollment of that again is somewhere around (1000->100) patients or so
the combination of some surprises on (costs->cost)
similar to our entire portfolio i mean (when->*) you think about our portfolio as an asset
we are terribly busy building out what we have set out to build
that will allow us to move to a higher level of production
i will now turn the call over to him to give third quarter financial updates phil
sourcing capabilities and she will have to have a few months of learning the business and then she will start to unlock
and what is your view on sort of market share and pricing in the industry in a more broader sense
the current consensus is pretty close to the 75 basis point scenario and if it takes place as expected
and of course there are some draperies in the main lobbies but the bigger volume is in (the->an) individual hotel room for window (treatments->treatment)
turning to slide 5 we (continued->continue) to see gains in key specialty product lines in the first quarter
way more than we expected of our shacks are going to open in the third and fourth quarter with the vast majority of those in the fourth quarter
let us move to slide 5 here are the main figures of the (semester->semesters)
so there are some spiky elements which happened last year particularly during the (demon->demand) period you had some spiky elements where you had income
looking forward we expect operating cash flows to increase sharply in the second half of the year driven by our strong earnings outlook
our cosmetics business had a very successful year on strong demand for makeup lipstick and other personal care products
comes about over the next year or so there (might->may) be some people sitting back but i think there are a lot of
our leaders are working harder than ever to build community gathering places that become a key part of our guests everyday lives and to the lives of our team members
by building out the team further connecting it to our brand and ability to market and our own networks
are starting to produce more visible opportunities and were focused on rebuilding this business back up in order to further grow profitability in the company
as i hope you can appreciate we will not be making any further public comments about this process until we complete our evaluation
to welcome a minority partner in this regulated company to do even more in the future
in the quarter because i think there continues to be benefits in innovation in terms of how these products are performing
is there a change in where you were expecting commercialization of bacteria from a month ago john
and well as next year develops well certainly add more color to that market to our efforts in that industry
ive been doing this long enough to say that i never had that expectation and somehow almost every year
(*->a) combination of volume and also pricing as well as some raw material decline in cost
these returns will be lumpy and the (results->result) through the first 9 months of the year is more than we would expect in a normal annual period
many of our customers were moving business forward in advance of the plant shutdowns in order to meet anticipated demand
allowing us to drastically reduce cycle time and increase the value of business we process to ourselves and to our clients
before we begin i would like to remind everyone that certain matters discussed in todays conference call or answers that may be given to questions asked
before going through each segment let me say again for the second quarter in a row that our us business in total is doing very well
consistent with our commitment to building a book of (high quality->highquality) credit relationships funded largely with customer deposits
and also (another scene->neither seen) in the video you might have much balance and you might not use and then you can buy
and how you make these products how you source them and all those other factors are very very precise
the biggest area of fabric utilization in the hotel area is the window treatments
the nation i was curious (in->on) just how you think about that now that you have a growing base outside of new york california you mentioned having strong unit volume
when you have the biggest movie of (alltime->all time) you dont expect it to be a big renter it will (either->even) be something that people saw at the theater
to really test some things to have some fun downstairs right here to do a lot more of the local items maybe even
one will be approximately 1500 seats and the other one will be a smaller seat count but will have a much larger transaction volume
theres been no real change in the composition of the liquidity portfolio which remains highly liquid with a moderate duration
as we can gain business and learn that market but probably not a lot of impact the first half of next year
was there a change in the basket of inflation from a labor standpoint in the (quarter->quarters) and (then->*) maybe whats your outlook for that basket
period of kind of weak title slate in the middle of last year coming back now that the slates improved to some degree or is it just impossible to measure that
going forward when you launch another campaign are you going to come up with more
another positive for the quarter was the rollout of our new payment platform including the launch of credit cards and merchant services
into securities that are consistent with our strategies and we marked (their->our) loan portfolio to fair value using current market rates
thats kind of that hasnt really died down much i would just say given the reconfiguration of the cards
after prepared remarks we will open up the call for your questions which we ask that you limit to one per caller
market conditions as well as our liquidity and expected returns and compare that to
and possibly further balance sheet optimization and well give you more details as these plans are finalized and put into (action->*)
so i think its just something to keep in mind kind of going back to your previous question each quarter may be a little bit unique
good morning and thank you for joining ralph laurens fourth quarter and full year fiscal 2016 conference call
approaches there are big themes as (weve->we) talked about in terms of planning and engineering and procurement but the contract terms
capital investments and share repurchases we plan to use the majority of proceeds from the expected (bayou->bayu) transaction
is available on the investor information section of our website at sensientcom and in our press release
due to negative foreign currency impacts which was partially offset by a favorable sales mix shift to the retail segment
to get to what might be left under the first lien notes for your ability to buy back kind of stuff thats junior to that
we would like to be even greater company in scale out of
this offering will be built by evolving our brand voice our products our marketing and our shopping experience
we are seeing strong tenant demand for our buildings declining vacancy and rising rents across the majority of these markets
we are working hard in a number of areas to improve our performance but given the current size and complexity of this program
and of course all of our sales presentations emphasize that and it seems that customers increasingly realize that
playing its role and when that happens you begin to see the pressure on margins actually
(so->*) how many people are have a business development role for this initiative
pursue growth so in earnest in fiscal 2019 the future vision of yahoo is something we would like to achieve and (realized->realize)
based on our analysis of our sales funnel activity and the number of institutions that are in the later stages of the sales cycle
was helpful we had other extensions that we highlighted there of new business in different parts of the country for existing customers
even more interesting it is that all geographies and both es and cms have contributed
the wind power industry set new records across the world last year according to the global wind energy council
i think i agree with mark this feels a lot more like a normal result because we dont have that segment in particular
so (far->for) a lot of reasons we think the outlook for the top line is balanced the earnings outlook (is->has) obviously got a range on it because of
the other peers can also benefit from this (*->and) once they go through all of the legal proceedings
the new mail route means much more flexibilization of the business model we see within mail in the netherlands
i think as weve said for many years wed like to get that below 14 weve done that and i think we feel good about it i think theres more opportunity here
as well as being selective with the orders we fulfill which is easier to do when your inventories are in good shape
but we dont have the liberty to give more information because its a private placement and as you may hear from the number
but to a more fundamental question we have a very solid book we have a very healthy allowance account
get a (mail->meal) market that is affordable accessible and will continue to be so for everybody in the netherlands throughout the country
within our space it boils down to whether or not we are improving the delivery of goods and services as well as enhancing the experience of our guests
start off on this basis and thereafter move to other models but it gives wns a 6 to 8year run
the banking and financial vertical any color you can give us there in terms of the demand (trends->trend) or opportunities you see
clients push for productivity improvements we continue to deliver those we continue to execute to what we commit to within our contracts
we believe this tuckin acquisition strengthens our capabilities and domain expertise in the pharma space
we continue to take pricing to offset unfavorable foreign exchange as part of our larger effort to improve margin
what needs to happen to make that change or what approvals do you need or decisions you have to make what moves that up
thats what we would like to be the favorite deliverer in the benelux to give you special moments to everyone
these factors were partially offset by 130 basis points of higher manufacturing and logistics (costs->cost) from continued inflation
thank you on behalf of our team here at reliance id like to thank all of you for participating in todays call
also involves an additional loss of control for the client so its not always an easy decision or an easy discussion to have
and im excited by the new product launches like (scentiva->sentiva) and some of these platforms were creating so i think when we look at the totality of that
and lean into the more profitable parts of our portfolio and we remain committed to our overall strategy
to primarily be looking for tuckin acquisitions to augment our capabilities but to make sure that we continue to be
when we made particularly strong investments to support our brands and drive trial behind our innovation programs
in terms of our share in telephony or the mix in general but what i can say to that end
improving profitability and delivering higher returns on invested capital is definitely gaining momentum
what i wanted was just to explain the rationale behind that but i must say that (*->we)
gradually migrating that whilst at the same time we will introduce the new mail route
that can also cater to the needs of our (clients->client) these partners we have will have
(*->and) in her report it was very clear that if we want to have a sustainable postal network going forward
we look at returns on (investments->investment) so we have significantly over the last few years stepped up our level of advertising why its working
this is not visible in a lot of banks because this is mostly (that->there) is (a->*) result of
as a reminder heavy industry includes sales to agriculture equipment oems which has been a weaker area of the market
were always already (taken->taking) into account in the adjusted net debt that we (used->use) to calculate the leverage on
as said a couple of times already today our dividend policy remains unchanged we aim to pay progressive dividends
in the same way motivated as (deliverers->the levers) of postnl and thats because they want to do (their->*) the job as good as possible
and a important point to note is that our working capital is also significantly influenced
that is focused on serving our customers and increasing accountability our balance sheet is in good shape
that will take at least 3 to 4 (month->months) but as you do know (acm->hcm) can ask questions to us
and those investments in addition to the impact of annual wage increases are going to get funded through improved seat utilization
our strong cash from operations enabled us to both grow the company and return value to our stockholders
with pricing but overall weve hesitated to answer the question whether or not it was sustainable or not
its a simplification of sorting and delivery processes and improved automatic coding
the business also drove share gains behind incremental distribution and merchandising activities in (lip->lib) care
investing in not just making the necessary changes but also making it a real business enabler for us
will become more challenging in the future so this is my first question and my second question
demand for education buildings remains at a high level and fleetwood is a major player in this market particularly on the east coast
the amount that you normally give (or->*) historically have given has that gone up as the
where do you think you are versus where you set out to be and what are (the->*) sort of (*->the) pluses and minuses over those 3 years
committed productivity improvements that we provide to our clients obviously the type of services and solutions that we provide
like i said remains king we continue to operate effectively and as long as we
preparing for the possible uk vote leaving the euro or have you just sort of maintained the old strategy
rationality and we are now benefiting from this model but i would also like to highlight that we have
and of course when we take into account what we announced a possible consolidation if consolidation will take place
which was offset by our improved gross profit margin effective expense management and lower tax rate
you can tell by our spreads that when it comes to renewals that our renewals are in line with where we expected them to be
information about our mix or market share therefore im not going to elaborate further
and its been necessary to conduct one of the largest and fastest restructures of a continuing operation in the groups history
but probably they will take as long as (they->it) did last time and that means that implementation needs to be done
give us confidence that a selected look at pricing can be successful is one
very much in keeping with that new plan with that expectation and we will continue to work
this focus and effort produced 6 consecutive quarters of fifo gross profit margin improvement
now out of the total expenses i think those that were further reduced
to respond to competitors and make sure that we send signals that
we have a lot of brands that resonate with consumers and ecommerce and i feel good about how were driving it across the entire portfolio
and thats why i have to say we give exit to some of the deposits because of this aggressive
we were particularly pleased by the ability of our team to crosssell the enlarged portfolio consisting of conventional crop protection
for when the end markets start to cooperate sanjiv will go into more detail about this and other guidance numbers later in the call
of the russian market we dont see it quite yet but at least the dialogue is improving from where its been over the last 48 months or so
for the majority of the proteins encoded in the vaccine remain durable up to week 56 and again you can see that we can boost them
both our sales force and our customers are excited about the complete solutions we can now provide with our combined product offerings and (increased->increase) global scale
on that as a priority but that could be a call on cash flow and then to the extent that we spend some money on
boost to all 5 proteins (encoded->encoated) in the protein in the vaccine including to the whole virus these responses
(weve->we) routinely review all our projects and opportunities to ensure we are prioritizing those that have the greatest potential to enhance shareholder value
with regard to cash flow we expect another good year even with the anticipated level of capital expenditures and modest growth in working capital
unlike our ag business a majority of the cost in our performance businesses are matched to the sales from a currency perspective
both stapling and energy instruments are important to surgeons and weve been investing in broadening our product line and incorporating customer feedback in both areas
(a passenger is->of passengers) abused by another passenger and are you seeing more instances of this kind of conduct on your flights right now
and we just saw that it would take a long time for the readout and then we believe we can get the proofofconcept data were seeking from the 3 other studies
one year later these responses in the majority of the subjects remain durable and those where the responses have waned (were->we are) able to boost them
resulting in core revenue growth of over 9 for the fourth quarter and full year
to which we subject our annual consolidated financial statements and may vary materially from the audited consolidated financial information for the same period
these results were delivered primarily through volume and continued (gains->gain) in manufacturing productivity
we are seeing more marginal fold increases but you do see those increases (in->and) those with a weaker immunity which is
i think we felt pretty comfortable making that comment to you i want to avoid giving you specific numbers on how that would all play out
largely reflecting leveling system utilization and moderating growth in china as we anticipate future system sales quota
which was initially to produce more bulk in addition to the bulk weve already produced under past contracts
seed treatment and biosolutions we also invested in a growing sales force in brazil and it is working
as our business strengthened we increased some (investment->investments) through 2017 to strengthen our corporate infrastructure and position us to benefit from increased scale
the early results are encouraging as nearly 20 of customers notified of (early or->earlier) delayed bags are using customer bag notification to set up a bag delivery
(and->*) a number of our new products are gaining traction in both existing and new market areas and we are pleased with how this business is progressing
as the operating officer for the company the last 3 months thats been a focus of mine across all of our companies
credit management will remain a key priority in 2016 especially amidst the (weakened->weak) economic environment in latin america
fortunately we have an experienced and expert team of internal employees and external advisers who are currently working diligently on this important project
in line with our product diversification strategy we recently launched a new line of bedding accessory products
in terms of speed in terms of where we are right now if i was to license this program next week
they all did including our competitors we made a big difference we continue to make a big difference and were proud of that and extremely thankful and appreciative of our team
and (gates->gate) is very well positioned in those applications where we have much more significant content
but we can also be leaders in making it better so if the (naacp->nwacp) wants to talk to us and wants to help us get better were excited about that so
we dont have a crystal ball as to those tams and were not ready yet to describe how big we think they can be in part because our estimates are
(*->while) the number of leases is difficult to predict in the short term we expect the proportion of these types of arrangements will increase over time
as expected the majority of premium economy customers are leisure customers looking for an affordable way to enhance their international flight experience
in addition this year with the implementation of our (renewed->new) erp system which we expect
to become more credible in alternative asset management for (a->*) fund that can
how those exposures impacted our 2015 results and what sort of actions we are taking to help mitigate these risks today and in the future
what was once a horribly inefficient industry to one that is now investing for the long term (in->and) its people and its airports
the august shutdown in q3 and then well see where we are in terms of meeting our channel inventory objectives for the year
(we->weve) hit the ground running on integration initiatives with a key focus on preserving customers in the short term and share gains in the medium to long term
a hubandspoke business model allows us to serve an incredibly broad spectrum of customers getting them to the places they want to fly with the amenities that they value
our strategy generates income in a variety of ways including fee income investment income dividend income and capital gains
i think (at->*) this opportunity this guidance can revert into an opportunity because clearly
as a result of fleet sales timing and customers waiting to see the new launch that well have in the heavy commercial vehicle segment in june
and before our corporate cost (allocations->allocation) our business took advantage of the levers at our disposal to generate these results
as mentioned so many times earlier in the presentation a key shortterm use of our free cash flow remains a reduction in our leverage
note that in the future as the irs issues additional guidance and interpretation of the new tax law our estimated rate may be impacted
and we are encouraged by the strong customer placement heading into the april furniture market (in->and) high point this spring
very positive about what we see in china and the effort that our teams are putting forward to execute
i see many parallels between the business i ran at (sigmaaldrich->cigmallrich) and the portfolio of businesses that platform has assembled
theyre smaller markets at the end of the day but they do kind of even out some of the bigger markets as they go up and down
brazilian real and mexican peso have both dropped in excess of this amount so could you please guide how youve been able to mitigate (*->the)
and we believe the organization weathered the challenges well we feel constructive about the performance of both our businesses
we can youve seen the list and i think you can size yourself what you think the market opportunity might be but again caution you that
nuanced different drivers that affect the mattress pads and protectors versus the mattress fabrics (it->*) would be helpful
thats the area were targeting a next big area is also bed skirts and bed wraps
if you look at the additions to the portfolio eric will summarize those but i think the important point id like to say is (theyve->theres) been a long time in the planning
regarding working capital inventory levels (*->which) will most probably continue to be at a high level during this transformation
so the other couple pieces in there is (healthcare->health care) again which goes the other way which will tick us back a bit next year and probably a little bit less price
but we now see it as an opportunity looking forward tim was and still is the champion of the second voice sim (card->car)
and this increase was driven by a higher share of valueadded business as well as internal continuous improvements
i think in that environment clearly our trade partners are very strict and very tough in negotiations
everything we have done since that point has been moving us toward that goal i am pleased with the progress we have made and proud of the work that we have done thus far
(i will->ill) begin by making a few brief comments regarding the highlights of the second quarter john will discuss the financial results and chris will provide more color on our business development activities
(being->in) my last call i would like to emphasize that it has been a great pleasure to interact with everyone in the last (few->2) years
compared with the previous year another negative factor was an increase in personnel cost and some development orders this year
companies start reducing discretionary expenses or projects related (for->to) the future because they hunker down to deal with the present (and->*)
when youre talking about seasonal business you make a change in christmas 15 (that->the) change now
but our top priority is transformation and then (well->we) strive to achieve the targets of this fiscal year
kind of our view of the world and anticipate where commodity prices were going and working with our customers around efforts to recover
strictly a financial figure but it is very important from economic and social point of view we have a very strong commitment (in->*)
they came in on january (the 15th->15) and so youve got some lagging stuff coming through behind that this quarter we had a full quarter on both of those
it has been particularly encouraging the level of engagement and support from the respective ministries and (petrosen->petrocend) the national oil company
the big advantage is the close railway and as well from a sustainability point of view we get the beans from (*->the) netherlands we get it by
at a faster pace than we grow expenses but when were sitting around the conference table were not talking about margin expansion we are talking about revenue growth
specific to the look and feel (and->an) ambience of the store the store environment so were going to pick a couple one store in the los angeles area one store here in the city
every commodity today that we purchase is at a higher level than what we originally anticipated so i think its a pretty broadbased
delivering better results (ebitwise->ebit wise) in (orkla care->oibak here) this time youre well below and you have even had to spend more advertising money
our guidance that came out (*->of) our (the->*) last investor day was that we will grow our dividend double digit each year and we would reduce our share count each year
we have done something on the pricing we are definitely working on packaging we have improved the recipes
and despite pushback from inflation and despite increased volumes (i am->im) very happy to see that the gap is increasing
in position for closing that 50 basis point gap does that require more rate cases does it require you to change the types of
as part of the capital planning related to the jlt transaction it is unlikely we will repurchase any stock ahead of the close of the acquisition
but we do read this to be more of stabilization of growth at current levels versus (a deceleration->an acceleration) or (a->*) further acceleration of growth
secure switches are sold together with fortigates and related services and represented 2 of total fourth quarter billings
is available on our website along with an updated corporate presentation with summary information on the company and our financial and operating results
we (were->are) also reworking a small selection of stores to ensure that they reflect the goforward dna of the brand and serve as a road map for all locations
additionally for those looking for an update on the chevron portfolio terms for selling and transitioning the portfolio have been agreed to
however in 2019 we anticipate repurchasing enough stock to satisfy our commitment to reduce our share count each year
we closed the acquisitions of pavilion and summit in the fourth quarter these transactions add to our capabilities and scale in investments
inside of the 4 businesses that were already in and so im not trying to hedge it but i think its just its a pacing question its how fast
some real weakness that we experienced in the first half of the year so some uncertainty in the second half and thats really those factors combined to us reducing
that means that we are going out of commodity products standardized profiles with low margins into more sophisticated products where we
we will try to win as many projects as possible while monitoring the (projects->project) progress
this remains a viable business for the brand however there needs to be better controls in terms of what product and how much flows through this channel
we are (sitting->setting) ourselves up in that area and will see some activities and then we have the health
and our visibility on backlog is typically somewhere between 4 weeks and 3 months depending on market conditions and the type of work were selling
that said the integration of jlt will likely involve more adjustments to our numbers over the next 2 or 3 years than we have seen historically
im excited about the benefit (of->*) these opportunities along with a continued focus on taking care of our customers will provide to our performance in future quarters
and we have multiple operated assets which will give us flexibility both in attracting partners and reducing capital exposure
on their own 800 stores in brazil so we can as well bet on their (health->help)
for the individual consumer you see a spike in consumption mainly for luxury goods as chocolate
the trend is positive particularly with the chemicals industry with strong results mainly in india
we have historically done very well with (*->the) mssp segment of that business as well as the infrastructure and we saw deals in both parts of that business in the quarter
getting commodity prices to (exceed->seat) at a level that we can essentially plan effectively for and so well continue to face that challenge
as we call them and they are (growth->gross) markets in a sense as you will see soon here with russia
(teresa->theresa) played a major role in building our track record of delivering on our value proposition and she leaves a solid platform for continued strong results
but the issue of reducing the global amount of portfolio is not in our mind that means that
you could see that we did not reduce our dividend during the crisis its a long time ago now but
well i think if you go back and read our transcripts for the last 10 quarters weve been saying the same thing having said that
margins were also impacted by the lower industrial linings volume in the quarter however declines were partially offset by strong performance on the large international coating project
further examine our international footprint (yes->*) we would expect both additional restructuring charges there as well as additional cost savings associated with those actions
which is now in the hands of the regulator to moderate as we go into 2018 for the rest of the year so i hope that answers broadly your question
as you saw in the press release net revenues were in line with our expectations for the fourth quarter down 1 on a reported basis and flat in constant currency
yes so as always alex our capital allocation always runs to taking care of the organic growth thats in the business i mean were going to be making some investments
until very recently because we had some legacy issues that we needed to resolve in terms of work that we had previously done and we completed weve completed
who do you think (your->*) who do you see as your primary competition today and then as it relates to ecommerce whats the best way to think about amazon as a potential channel of distribution
we feel good about the market potential improvements made in the business (and->but) believe (that->the) business would be better suited for a local player that (should->can) realize greater operating leverage as part of a larger portfolio
we have significant opportunity to further reduce cost and reinvest some of those savings in engines that will drive brand strength and profitable sales growth
but weve got multiple brands that we can bring out into these different countries so (*->were) i think were well positioned on all these and these are all good opportunities for us
growth is primarily being driven by our casualty and environmental units which (had->have) benefited in part by new technologies that help us better analyze and select risk
improvements were driven by lower working capital usage which was significantly higher in the prior year due to the timing of collections related to the large deepwater (projects->project)
which normalized in 2016 adjusted operating income (come->*) excluding these corporate costs increased by 7 in local currency for the year
that (is that->*) was the outcome there and so a lot of that conversion had already taken place such that probably about 80 of that market has converted
to the extent that you can so (sakauesan->sako is then) will take your question so for the overall company as well as for the media outlook
(of->*) who we are and where we come from and (involve->evolve) that and make it current for today and have better authentic style better quality and be more relevant
with that concept in the flavors group and i think a lot of the execution of that were going to continue to see improvements on that in 2017 that is going to be key
of course the corresponding loss ratio is in the 20s or 30s the same is true of some of our riskmanaged business within commercial specialty
this growth was somewhat offset by lower premium in argo (reit->re) due to increased competition having said that we do see some signs that the market is bottoming
as you can see from our financial results i just discussed the companys performance continues to improve and were all positioned to continue the momentum
we have made progress in assessing and knowing exactly where we stand as a business and we feel really confident in that we have the strategy to
and going forward one of the rfps that we had mentioned last quarter with a larger financial institution has been deferred from (*->the) februarymarch time frame until later this year
at much lower margins and i think the analyst community and investors need to keep this in mind as it is beginning to have an impact across the banking industry
of (low quality recyclates->lowquality reciplates) this impact was partially compensated at revenue level by the increase in ferrous and nonferrous metals
on over the last few months and we see big opportunities there so (were->we are) looking at every component of the cost structure well go through it and share with you
with the objective of putting them behind us by the end of 2017 this will allow us to concentrate on growing in 2018 and beyond
so lets say ordinarily if you had grown at 15 if you start growing only at about that rate (that is->thats) the time when you (cut->come) down and you come back to the normal rate
(of->*) provide a little bit more stability to the top line in case you would lose a customer here or (a->*) customer there its just more smaller customers as compared to larger multinational customers
(strengthen->strength in) our underlying business engines they get really excited and they want to be a part of that journey and i see them as (an->*)
more than the growth rates we are expecting we are hoping that the (costs->cost) will be lower in growth we will be creative and with our sales promotion initiatives
the (background the->*) financial sector at least at this point of time looks like in a sweet spot but as we always know that we need to keep our alert on
excluding the project revenues are projected to increase approximately 15 slightly down from our previous projections due to (some->*) project slippage in the linings business
going to slide 7 we (continued->continue) to experience the effects of a strong overall industry environment during the quarter with increases in demand from our top 5 customers
ladies and gentlemen on behalf of kotak mahindra bank that concludes this conference call for today thank you for joining us and you may now disconnect your lines
so youre talking about maybe for next fiscal year the adjusted (operate adjusted->*) income and the operating income will come closer
our goal is to make westport fuel systems a sustainable profitable company that delivers value to customers employees and shareholders
work that weve been doing in that business theres certainly some overlap with our cosmetic business that could potentially afford us some new growth opportunities
(internal->interval) i cant say whether we are at the interval after the interval but it doesnt feel like we are before the (*->interval)
start reducing and we therefore see this change in situation where in (*->the) on the asset (*->side) as a bank
more rapid decline in industry conditions so youre comping against still a fairly favorable quarter last year
so thinking about the policies and based on our policies we need to create an environment we created an environment back in 2018 so that we could
that was my presentation regarding (a->*) solid h1 performance i now give the floor back to (jeanlouis->jeanloui) for some concluding remarks
we thought there would be an opportunity to further extend institutional relationships that that group had already developed they came to the firm with revenue paying for themselves
on average rates were up modestly across the segment other than property which is down a fair bit due to continued competition in this area
which are inherently subject to (risks->risk) and uncertainty the company does not assume the duty to update forwardlooking statements with that ill now turn the call over to chuck gordon
the natural followup to a restructuring the restructuring is great and you take out those costs but really the (costs->cost) should continue to come out of these businesses
many of the worlds largest food companies including some of the largest food retailers have announced their intentions to use natural colors in their products
it is a good sign of improvement of the world economy but it is also linked to the impact of the ongoing transformation plan of the group
(a->*) bulk of our capital in the first half because we have this duc inventory i really want to get on production
and so what we dont want to do is stick our necks out with the rest of the folks (and->*) have a problem
two developing new strategic relationships and capitalizing on our existing relationships
our team is focused on disciplined execution against our priorities and moving our business forward
we would expect this allocation to continue to weight heavier to the scoop over time
secondly most of our clients already have a dedicated budget for learning content
to continue to be a headwind in q1 we expect nongaap earnings per share
and get those wells producing here most of that spend is going to be in the first part of the year
we feel we are in the position to work out (at->*) the same pace we are doing in the first 2 years
we have partnered with a customer analytics firm to provide market segmentation and demographic data
still a lot of runway when it comes to net new actives and i believe
and we are excited to have the opportunity to deploy our success team to help
similarly we continue to believe we are well positioned to achieve our diluted earnings per share guidance
one touch seller signup significantly reduces the friction of signing up to sell in a new marketplace
working to help bring tmx much closer to our clients and enable us to build a better understanding of their needs
many of the customers pay up and thats not the case when it used to be when they get (seriously->serious) delinquent in the past
things are moving slowly one of the things we thought would be that a lot of the folks that havent done things the right way
and we think that opportunity is going to continue to grow (it->*)
what do you see on the market following the launch of the alliance offer
before we leave retail ill provide a brief update on industry regulation
not interested in being the third vendor in a box rfp but there are (a->*) couple that
and last question is with respect to investment
changes to our corporate governance structure and our proposed strategic plan to strengthen our business
were trying to make a committed effort to being really competitively priced from a fee standpoint
the third quarter had 89 selling days compared to 90 in the prior year period
i give a ton of credit to bill and his team for creating those experiences
there are 4 aspects that make the training content market interesting for cornerstone
that our system of papering and then subcontracting services imposed upon them
while still in the early innings we are very excited about the results we have seen at our pilot stores
the company ranked highest among large electric utilities in the eastern united states
robert will discuss the details of the higher incentive revenues in his prepared remarks
tires are an important part of (monros->monroes) business given that they represent half of our sales
i would now like to provide an overview of the comparable store sales trends we experienced during the quarter
well maintain our pretty conservative position to be fully hedged as we move our program forward
from restriking existing hedges which as you know weve been successfully doing throughout the year
we are confident in our ability to offset these headwinds through new sources of growth
if i look at the distribution of free cash flow this year its kind of second half weighted because were spending
this new path (requires->required) that we make important choices in terms of our talent across the company
i mean if youre trying to kind of highlight the shift in the business i mean that would be a great way to do it certainly
as always our guidance does not assume any future acquisitions or greenfield store openings
just give us a little more color if you dont mind on the breakdown of that how much of that is venmo and then
to stay competitive in your industry your career and your job
that deliver both competitive returns to shareowners and significant benefits to customers
is primarily driven by the increase in the incentive revenues that we now expect to earn
that leverages new technologies in order to reduce time to market and create competitive advantages
three things really happened so number one some of our partners became competitors
accordingly we will shift our financial metric disclosure to focus on recurring revenue
this was partially offset by the impact of sales mix from the free service tire acquisition
given our size and scale were using this as an opportunity to kind of reassess our product assortment
and i think the woodford and the sycamore both have quite a bit of running room in our footprint
our commitment to capital discipline and the shift to funding our future activities within cash flow
for our salespeople are now entirely based on growing recurring revenue
generation of clinical programs which represent the insight and innovation at the heart of our company
one of the clear highlights of q4 is our net new active number
so could you maybe speak to whats changed in the market over the last year thats allowing for these improved win rates
for many windstream represents one of the most challenging hands to play
the best quarterly organic net new active number in paypals history
and so we clearly do that to protect what i see as the downside
and having deeper integrations better access to that
an attractive proposition over current (standard->standards) of care based on the market research weve completed
stay (at->*) about the same level which you can keep competing for the same amount of revenue contribution
these patients started from a lower than normal baseline systolic blood pressure
but well also be really rigorous in ensuring that these are patients who are able to report those symptoms with accuracy
so you had an inversion from companies that were bringing us business
from the law and then the second question on the dynamics of the free cash flow
and completed our first offering of common stock held by mammoth energy services
in government and education as well as we recently moved health care
and were now seeing the ability to win more often than not in those deals
service projects particularly in the tech area that we do for clients
is now on track to become a significant contributor to the business
thank you hello everyone and thank you for joining us on this mornings call
and the market increasingly focused on shareholder returns and free cash flow generation
and give you enough sort of (breadcrumbs->bread crumbs) to get after this
we ended the quarter with strong leverage ratios and have ample room under our financial (covenant->covenants)
actual results may differ materially from those suggested by our comments today
we are forever indebted to the people who made cornerstone what it is today
certainly from our own statements from the comps weve heard from a number of our
additionally our realized prices continue to be supported by our hedge position
along with our ability to earn incentive revenues are 2 very strong reasons
as we continue to strengthen and modernize our pennsylvania delivery network
magnitude of change in dizziness comes (from->off) a baseline that was significant to begin with
to better serve our customers with a simplified instore selling process
following the completion of a strategic review we announced the realignment of the organization
but we certainly will be bringing that material those data to future scientific meetings
we have discussed at length the reasons why we are exiting the services delivery business
and will report detailed results from the full study at a future scientific meeting
we are also maintaining our commitment to returning capital to shareholders through our dividend program
and we believe were back to normal so i would not say
we will continue to focus on business improvement initiatives that improve profitability and drive shareholder value
secondly due to the strong oled growth that we have experienced in the third quarter of
while we made progress in q4 our working capital levels have remained frustratingly high through this downturn
through our leadership position in the ultimate user unused medication management
i will take you through some of the initiatives that have been delivered to date
has a lower total cost of ownership and is a little more durable for land operations and
a lot of things going on around this business so we are seeing more cattle available
but we see a very good opportunity to just have another nice contributor
in essence capital (allocation->allocations) for these purposes will not be subject to any financial metric
this new antibody is aimed at lowering (tau->tao) and slowing progressive diseases such as alzheimers disease
and in particular is there a mix shift within the floating rate bucket driving that to come down so much
this call contains statements that may constitute forwardlooking statements which are based on information currently available
be able to ensure (0->zero) harm we have a responsibility to our people
to leverage our leadership in multiple sclerosis to capture broad opportunities in neuroscience
second we are very pleased with the favorable outcome of the ipr proceeding
now as we look forward what i would probably say is that the price
i just want to go over a couple (of->*) numbers comparing fourth quarter of last year
this reduction is simply due to a higher sustaining capital spend
(*->help) our customers do (retro synthesis->retrosynthesis) and this is allowing many of our customers to come in and
that this is being employed to fix its a broad a pretty wide number
so it should be a good idea to come to (humana okay->a miner)
and well equipped to compete in an increasingly crowded market
accordingly in the quarter we ramped our spend in several key strategic investment areas
a decent top line upgrade driven primarily by the temporary benefits in china for liquid crystals
market is higher price so on the margin side
and its not a sales tool or anything but we make every
so this is what we see this is very early days the label is in line with what we did assume
you can find more information about risks uncertainties and other factors that could affect our results
with all of their oil and gas flowing through a flexible pipe theres a lot riding on the performance of this technology
when we cycle out of this tough farmer environment
but i would like to highlight our performance as for
even as we support strong business growth we (maintained->maintain) significant financial flexibility
ultimately making the digital economy more accessible for consumers and merchants around the world
but its really a waste of money (you->he) would perform so much better so the big problem
and assuming all the stars aligned and everything went perfect with this acquisition we
you can see the issues on safety of having to put all of these
i mean is that just again something that we should think about in terms of
highlight that we did say that the working capital will go down and come back up
david will review the companys business performance operations and growth strategies while diana will review the financials
youll probably get a little tick up again in margins then what happens is as it starts to go up
while also improving current safety and driver retention and other initiatives
yes so these are measures that we would consider if we see that
by providing a convenient method for residences to properly dispose of unused medications
and the infrastructure in place to drive growth in all these markets and were ready to meet the challenges ahead
and i think it may be premature for us to speculate on what kind of disruption
as it relates to sort of cash flow freed up from that endeavor
we have weathered a great deal together and your talent and perseverance and grit have got us to a better place
and it has to meet certain requirements for us were not going to just go do a deal to go do a deal
and profitability to the additional carrying and processing (costs->cost) of the backlog equipment
to be honest i feel this negativity has been way overblown
it is very tough to see how you would have any realistic balance sheet risk at this point
when we converted to dollars in mexico due to the depreciation of the mexican
for orica nothing is more important than safety and that is why its so regrettable
it came out really really weak and i think thats from the standpoint
in other words if demand for capacity is expected to remain sluggish and pricing improvement is muted
some investments are needed and ive talked about these in the past just to outline a few of them
airlines throughout the world are experiencing growing demand and reporting strong profits
for july we hope to provide you with clarity on our priorities and plan
last week we announced our support of the deas national drug (take back->takeback)
so there is still a way to go but its unlocking and progressing week after week
through an appeal process or medical necessity request
much less impact on the manufacturing and weve had some commercial wins
but of course the overall magnitude is much less pronounced than you see in (healthcare->health care)
the fact that there are some large pharma and emerging biotechs also getting into the area so
i think in the press release that you could do 24 tires a day
(where->*) we want our actions to speak louder than our words
our confidence in the growth potential of our active strategies was (born->borne) out in the second quarter
we come out well ahead of the national averages for both public and private providers
irrespective of the kind of market that were in because there are i think good opportunities to enhance what we do
our consumer segment was particularly challenging this quarter and ill talk about that here shortly
so its really good to have john in this role not because the tire plants need help building better tires or
and cannot be compensated by the good performance we continue to expect for the 3 other
we believe that order intake we expect order intake to pick up during the second half
our commitment to driving a lean cost structure will remain (the->a) top priority in the present market environment
thank you for all your hard work and for your continued dedication to taking care of each other and our customers
net new active accounts and engagement across our platform
this followed a clean sheet exercise that highlighted the ammonia cost being more competitive
the goal to get your debt cost lower yet youre talking about increasing leverage
we do expect some uptick on the net (one->1) thats what weve guided to
and thats what were doing thats the new part for us right there
performance fees which are excluded from the calculation of our average management fee (rates->rate)
in the fourth quarter to help with seasonal surge needs of some of our dedicated accounts
in accident frequency and severity and our commitment to (continue->continued) safety improvements
indeed since then we have seen a recovery of the brazilian real
hybrid combination contract coming out in the market where municipalities
youre in a high tax area did you hear (what->with) illinois (was->whos) trying to pass
growth in these expenses was affected by both the lapping of the heldforsale accounting changes
youre sort of kind of a little bit stuck in no mans land with the unsecured strategy from the standpoint of
we plan to update our annual financial guidance on the second quarter earnings call
we think we can reach our internal targets and as we get to the end of the game we want to make sure that were winning and so i suspect that (*->were) our whole team is focused on trying to make sure that were doing the right thing
in addition we have added a new artistic director overseeing all categories along with new leads in both product development and production all 3 of (them->whom) previously worked with (rea->riya) and christopher to build vince
then you get the (cocoa mass->cokomas) and this production is done in the industrial area of (olten->alton) so if you pass by by the train you smell it and you see it
or that you previewed is whats driving the upside (i->*) didnt quite catch what the upside is and what brings the growth back down in the fourth quarter understanding that fuel should improve as well in the fourth quarter
those of you who know us over a great many years know that we have been very disciplined in how we (purchased->purchase) companies and we intend to remain disciplined and so
(*->over) the prior first quarter and in the second quarter weve given some of that back and the reason weve given it back is really 2 reasons one weve had a different pattern of growth this year
having gone through 2 conversions in the first half of 2018 we are particularly pleased with this level of loan growth for the quarter and the ability of our new merger partners had exhibited in holding on to relationships during this transition
there is no dairy products included its just fruits and no added sugar at all so this is the most healthy (smoothie->smoothy) on the market
as we look at 2016 we expect that the business will remain challenged throughout much of the year were working through our spring product and looking forward to debuting our fall collection from our new team
overall it has been a very good quarter where we continue to make progress with our core business units as well as progress toward the goal of providing lowcost clinical products and services to the diagnostics industry
so they fit completely with what weve been trying to rebuild over the last 5 years in terms of a continuous stream of exploration drilling potential going out over the next few years
and when you see on the right side of the slide the place of govies in our investments is mainly due to the necessity we are
it may not reflect what investors feel when the impact happens (of->with) rising corporate bond spreads thats why i wanted to ask (a->the) question in a more basic way whats the duration of the portfolio how much have you got
as the year unfolded and in fact thats largely what has happened unfortunately it hasnt happened to the extent that we anticipated and then on top of that were ending up with these
systematically targeting areas and systematically starting to rebuild our pipeline of likely candidates the environment i think is a challenging one right now
then go into the markets and the highlights in the markets financial figures will be presented by martin and then i come back with an outlook and question and answer
and passing it forward into the marketplace has been a little bit of a challenge but (if->as) we think about the margin progression (enough->*) for the company and for our businesses overall we think (were->we are) largely on track
so we (have->had) the right to acquire up to a 30 working interest upon a well decision following completion of the seismic program and full geological and geophysical interpretation
in our fall (products yes->product) i mean we also we want to support our wholesale partners and make sure any liabilities we have in spring are taken care of so that we can clean (this->*) clear the decks and
reset the brand and be more reflective of the brand were aspiring to be and also as i mentioned in my remarks be more cognizant of the fact that we have a big wholesale business and when we
lets say improvements you have to do so it takes a little bit longer than what as well i have to say we expected but i think one has to expect
that (reinvest->we invest) on a yearly basis and sustainability is definitely something that the consumer of yesterday tomorrow and nowadays
we began incurring interest expense on this new debt as of january 15 and well treat this expense as a noteworthy item net of interest income earned until the closing of the transaction
we have always included transaction amortization in our earnings and have consistently challenged ourselves to overcome that cost through value creation in our acquisition jlt doesnt change our perspective
as we look at our outlet and offprice business our primary goal was to see that the surplus of inventory was moved out and that we are more thoughtful about managing the flow of merchandise into this channel
our team is seeing very little opportunity for revenue growth on pricing alone nevertheless they are out there daily calling on customers (in->*) effort to grow our (booking->book of) business and expand relationships and revenue if we can continue to build (our->up)
now here again a very special situation we dont do it by our own alone we are in (corporation->cooperation) with a joint venture partner
this is my impression the rise in investment climate was seen not only in capex but also in opex such as (full->for) productivity improvement
so as (in the usual->an unusual) way weve got a presentation to run through with you this morning very happy to take questions at the end it is being webcast so there will be a microphone available if you have a question please
we are working on some initiatives that will enable us to quickly chase business and capture incremental sales if performance exceeds expectations while remaining prudent in the way we manage inventory levels
we therefore believe well be able to demonstrate to the commission and the independent evaluator that this project meets and exceeds the reasonable cost standard and represents tremendous value to our customers
we talked thats one of the reasons why handbags is being relaunched same thing with whats in the outlet stores we want whats in the outlet stores to be reflective of the vince brand because we think that customer in many ways
and you would like to reduce sugar and im sure that question comes up afterwards then there is one very very easy way you are going to eat
so for that reason i think doing that and as well assuming that 5 i think we are on the safe side that we should be able to do that
the share is up 3 percentage points yearonyear the main driver is the inflow of large ticket jobs in the middle east
in 2016 we have closed down 6 factories and started the process of closing down another 8 and we believe that capex levels will remain
a dairy company a big one in switzerland and came from there to us in marketing from there he moved to (caffarel->goforel) as country manager (caffarel->goverl) and came back to us
thank you for joining us today if you need any additional information or have further questions please dont hesitate to contact us otherwise we look forward to speaking to you again soon thank you all very much
the global retail in that model plays definitely a big role now i get to the markets quickly and here you see
to 025 it will be a significant move but we consider that it is one of the (rules->roles) of insurance company and in general of investors
thats kind of whats baked into the guidance that we provided so its fully baked into the guidance and i think what you see when you look at our sequential incremental margins
for a number of reasons we are modifying this approach for fiscal 2020 changes to plans or activity levels that occur after the beginning of the calendar year by individual customers
added to the overall result for the quarter and for the continued momentum through 9 months and when you look back over the last 4 years you see the consistency of results and continuation of improvement in the underwriting (*->result)
they are either rfps where there has been an announced search or they are institutional referrals where we have
in april i believe it was the (7th->seventh) we showed it to our employees and we shared it together and it was a way of encouraging our people to change with speed
so far we are not seeing any material change in competitive conditions or market rates or anything that would cause us to think our modeling assumptions arent appropriately conservative
dominated business can you take a lot of those best practices in terms of the speed of design and the speed in the supply chain and translate that into a wholesale business
then you would also have a counterbalancing significant positive for us because thats a very profitable business historically so i think for now looking (at->*) it as indicative
however i dont want to get ahead of ourselves even though i see some things that are quite promising i (want->wont) really want to wait until we get them fully inked before we bring them out but
now that the pmiers are in place and the industry continues to generate capital we believe that private mortgage insurance should play a larger role in supporting a wellfunctioning and housing finance system
providing the means and the revenue to both attract and retain and motivate very good professionals whereas (at->*) a lot of our competitor firms as you (alluded->allude) to
we announced and launched the top page application coupon tab the competitors are growing in the area of coupon
as mark mentioned we continue to see a favorable trend in both our expense and expense ratio and absolute expenses we remain focused on organizing the business (for this->with a) simplified approach in mind
(it->*) we were able to raise awareness and when it comes to cashless and mobile payment i think a lot of people started to learn about the world for the first time ever there were a lot of positives
both segments offer attractive opportunities for enhancing profits through manufacturing excellence and extending industry leadership with new products and solutions
todays webcast is accompanied by a slide presentation which can be found in the investors section of luxfers website (well->we will) refer to these slides throughout our prepared remarks
and equally important our change of our mix in business has changed we havent grown the top line as fast as we would have liked or as fast as
outlook revenue outlook you have a range so im thinking about the change in marginal profitability or is it because of differences in cost is that in your assumptions
we look forward to sharing that data with you on our next call we talked in july about issues we encountered in the rampup of our manufacturing processes which we now believe are largely behind us
while we derive a significant share of our wind energy business from asia pacific region our business is well positioned globally as we continue to benefit from growth in multiple regions
some of the changes that you see on net retention today are a function of us taking slightly more net from some of our excess (to->*) loss covers but of course that puts more premium on the books
our ability to provide integrated planning engineering and design procurement and construction and maintenance services is of particular value to several industry participants
to rationalize projects that have a lower likelihood of commercial success and are redirecting resources into more promising (customer driven->customerdriven) innovation
close to having something done where are we on that scale we frank we dont really comment on rumors or speculation regarding acquisitions we do our best to try to
weve always retained more of that net so as we change our mix of business that changes the difference between gross and net as well
continuously learn and improve get closer to the consumer and get back to high performance now let me turn to a few key takeaways from our fourth quarter results
as we look at the rest of the year we dont see any major changes in the outlook and despite the typical seasonal (*->pattern) of the second half being weaker than the first half (with->*)
thank you id like to just thank everyone for their time today i know today is a busy day for everyone were not the only (*->one) that reported last night
offer and what kind of company are we going to be we actually put together a video for our employees as well as to our stakeholders so please take a look at the video first
we expect our capex to be lower in 2016 and return to more historical levels now that our forest product expansion is complete
what happened was that we were back on track so for industrial medical included as well as automotive in all these different applications
we continue to have discussions with oems that come to us first because we are the global leader in natural gas technology development
were implementing the strategies that we feel are right for our business to improve our financial performance and grow over time part of that is improving our realization
earnings reports here this week are those guideposts still on the table and if so (stefan->stafone) now that youve had a look under the hood for a while where do you see the most opportunity to manage (costs->cost) to get to that reality
as part of that i set out some clear objectives including taking quick and decisive actions to unlock our value of our technology assets and people
in fact i rarely run into the focus (and hightowers->in high towers) of the world occasionally i do but a lot of the firms theyre looking at just (have->*) very different characteristics from
the annual samestore decline was driven by an average occupancy reduction of 50 basis points the beat to our guidance related to signing leases earlier in the quarter than budgeted
i hope our recent track record has given you confidence that the company is moving in the right direction and can meet and exceed our goals
our employees are responding positively to this change which offers greater opportunity for professional growth including enhanced payforperformance
(a->and) methodology its about how we approach the business how we evolve the consumer offering how we get the business engines the underlying engines to go how we get the cost structure
in fact this quarters us underwriting income was one of the best in the history of the company now let me briefly comment on each of our operating segments
one way ralph made this company great was by being an entrepreneur and thats what were going back to were going to move fast to begin executing our growth strategy
including accounts receivable net of allowance classified as noncurrent that are owed from a customer that recently filed a voluntary petition for reorganization
it is a parallel process of improving our overall performance which will ensure that nothing will (weigh->weight) us down as we move forward
now i will turn the call over to rick (vilsoet->vilsway) thank you steve except for historical information the statements made by company management during this call may be forwardlooking
on singles and thats really the only execution they know they may go to that so again i think that change in the cards kind of sparked (a->*) i would say a welcome surprise
the proposed rule also includes changes to case mix weightings and the outlier payment methodology
different categories of chinese content films and tv programs out there for a western audience to actually view
this relates to the surface flaking issue that affected a small portion of products produced at our nevada plant before 2007 (to->and)
we continue to roll out programs that strengthen our brand relationships with consumers and the trade
while we are highly confident in our ability to fully comply with all provisions of the demonstration
obviously the most challenging aspect of discussing these bundled models is that at this point its all speculative
and secondly i wonder if you could comment on the sort of outlook for growth
during our distributor and sales meeting we shared (1->one) product in development with our sales and distribution team
(bryan->ryan) and (modesto->madesto) together with the impact of converting midland to a jv will create a net expense
and then as it relates to both the longerterm implications on bad debt and also the administration (costs->cost) as jay mentioned
as expected total consolidated revenues for this quarter declined as a result of the contracted decline in our cinema equipment business
good morning my name is (sophie->sylvie) and i will be your conference operator today
quite nicely and the backlog of claims has not been increasing so
the western genre for instance continues to outperform with a key content producer and we continue to keep that pipeline full
we see a special opportunity in front of us to offer innovative unique solutions to the health care marketplace
the quarters results again reflect the progress we have made to date to meet the needs of the demanding and fastmoving medical markets
as i said we do believe there are market share gain opportunities in those markets where we have a cost advantage
that stroke patients be treated at an inpatient rehabilitation facility rather than a skilled nursing facility
we are developing a risksharing model that we will be rolling out at the latter part of this year
we will now open the floor for (questions->question) and i kindly ask you to please focus on the issues related to
solidify the thinking of the acute care hospital partners and kind of line us up with them going into next year
so (all together->altogether) we are quite satisfied with development in care (in->and) especially the second half of the year
increased branding expenditures were strategically redirected from the first quarter to the second and the third quarters of the year
so i think the elements of growth are present in our regional strategy
the postacute management risk of these patients off of their plate we believe that that
namely lower input cost manufacturing cost savings and higher capacity utilization
that demand a very high level of service and a very comprehensive
who introduced exotic shanghai and greater china to us readers before (world->*) war ii and is based on extensive
in order to redeploy the proceeds into first lien loans this past quarter we continued to make progress in this effort
that youre getting today away from where you would need to see it to go and build more adrs at this point
this is a very innovative deal for us at a modest cost in an area which is seeing significant interest
for such measures reconciliations to the most directly comparable gaap measure is available at the end of the supplemental information
our equipment revenue were up by 13 and this is coming from much higher unitary price
similar to the first half of the year the impact of our specialty materials business on third quarter revenue was negligible
weve got a process in place thats seeing that almost on a not (a->*) necessarily a daily basis but certainly a weekly basis were seeing whats happening
in addition to the continued low level of net chargeoffs other credit quality indicators are trending in a positive direction as well
we think that we still can do better but this is something that we will address in the next (*->process)
but its worth noting that it was not acquired until april last year after the severe first weather in the first quarter
second we expect to see additional market growth from conversion to composites from wood
its true that we are working very hard but for the nim outlook we believe that there wont be much change
in addition to funding the growth i just mentioned and consistent with our stated cash flow deployment strategy
the effect of the volume growth on revenue growth was partially offset by the anticipated pricing decline
we are seeing a unique dynamic within our industry particularly within our market area
(up->*) so the answer is the latter were making strides with the plans in
importantly these clinical guidelines have been endorsed by the american academy of physical medicine and rehabilitation
we currently have more than 2 dozen similar distribution deals in the pipeline at various stages of negotiation
i hope this overview provides you with a sound idea as to why we view the outlook so favorably and exciting
that i think maybe some folks did not fully bake into their numbers out there on your side of the (isle->aisle) when they were looking forward from an expense run
getting them to understand and appreciate that value proposition on an episode basis
as we continue to morph our products division from a researchbased focus to a molecular diagnostics one
okay and how far (*->up) do you think it is for you to send a movie over there
silver prices are also better in this case (it is->its) 3 up
often those patients then are also discharged (to->of) home health and lets just assume that at that point
we expect other channels to launch on this platform in 2019 in the coming quarters
were also pleased to report the integration of our recent acquisitions continued essentially on track in the quarter
and as noted this does not assume any market share gains in markets where we have a cost advantage
this is larger than previously anticipated owing to 2 provisions within the proposed rule
whether those opportunities would require new builds and what your appetite is to build more rigs and put them in those markets at this point
the higher percentage of patients requiring therapy visits had a favorable impact on q2 pricing
if for a second we assume there is an instant collection
content you get from these new chinese suppliers is it only going to be chinese is it going to be
could there be some stress on some of those cash flow coverages and (*->i think that) we feel good about how our underwriting was done at the time but
and the other question on that was with 1 million (tonnes->tons) of production do you produce about 1 million tonnes of carbon (or->not) just over
in the past we have never been a reference in this area and we are gaining important customer in the last (*->period)
both relate to the structural changes in the supply chain in the branded consumer goods operations
they get kicked out of the playoffs early do they do you still see revenue from them over the next couple of quarters as (you try->he tries) to attract season ticket holders and keep everybody happy sort of in (this->his) customer base
because in a first year of a contract the variable component is generally a little bit less than it would be in the second or (third->30) years because again the variable grows based upon
deals with that we have is in food you have a bulk of (the->a) market that is very big for us or in (tea->*) black tea where you have a bulk of (the->a) market that is very big for us
more importantly than this are the internals customer service is at an alltime high and at the same time we have our lowest ever level of stock and working capital
i would now like to turn the call over to jack (hockema->hockem) jack thanks melinda our first quarter results were driven by margin compression due to escalating metal and freight costs
the weakness that we saw in the second quarter continued into the third quarter including soft sales in both pharmacy and the front store as well as reduced margins in pharmacy
owning more of this sort of dynamic kit along with the likes of our gas processing and storage assets and our renewable energy assets will see (sib->sob) capex at higher levels going forward
we have tested a unique and focused marketing campaign around individual stores that have challenging script comps these marketing campaigns have shown excellent results in script growth and revenue
were not trying to not answer your question (mate->make) but the answer is that weve always had (in->*) within our guidance a risk to some of our revenues that might come and might not come
so we continue to drive these elements on a model that has (as->*) a base the consistency of performance i believe that youll see far more volatility in the global markets
we increased core operating margin by 50 basis points this represents an acceleration of the steady 20 to 40 basis points per year of the last few years
related to expansion of operating efficiencies within our retail pharmacy we continue to work on best practices and to upgrade our customer experience with improved consistency
unlike our peers (neulion->newline) owns and operates every piece of our endtoend platform each piece is tightly integrated and seamlessly delivers highquality interactive content across multiple screens
not only to react fast in (markets->market) but also because trends which first appear in a particular market now go global faster than any time before there is indeed a premium on speed
making us more agile faster more connected with our consumers and customer base and ultimately freeing up the funds to accelerate innovation and growth
at this time of the year and often during the year and look at all of the projects were talking to people about look (in all look->*) at all of the discussions that were having with all of our customers
again a glimmer that things are starting to improve but its really the very large type projects that still havent really started to accelerate
what we characterize as metal profits which is essentially the scrap spread was exactly the same as the last year average for the full year and the first quarter (of->*) last year
(gilles->sheil) has taken you through the main aspects of the market development and the business performance on the following slides i would like to focus on the financial performance of the 2 divisions and the group
the economics around that is in the hands of others and were happy very happy to work with others to see another source of gas come into our or get hooked up to our system
despite the (environmentdepressed->environment depressed) commodity prices and much noise from energy policy discussions weve worked consistently with our stakeholders to bring these projects to commercial reality
the company does not undertake a duty to update any forwardlooking statements lastly i would like to point out that managements remarks during this conference call are based on information and understandings
(you may begin->*) good morning thank you for joining us for todays emmis communications conference call regarding first quarter earnings i want to extend a special welcome to all the emmis employees who are joining us and listening in this morning
consumer interest and demand for responsible brands is consistently increasing and those of our brands which meet the highest standards that we set for (our->*) social and environmental impact
the offset this was offset by favorable trends in other therapies which resulted in an overall negative script performance for the quarter adjusted for 90day scripts of negative 63 basis points
(*->over) the past 3 months weve combined a couple of related companies that were in our supplier account and we did have 2 companies drop off our list so as a net result weve seen an increase of 5 new suppliers over the period
this adjustment had the effect of distorting our revenues gross profit margins and ebitda so during my discussion i will try to discuss key results with and without the chase rebate
and we want to be sure that our company is on the one hand resilient and you see that we are dealing now much better with these shocks than ever before but at the same time also agile enough
our operational and geographical spread (continued->continue) to provide good natural hedges and our ebitda margin remains well protected against these currency fluctuations
where over time our inventory levels and product costs will decline and margins will be enhanced once again execution and results take time
and thats also again a very big change in india that we think is right for the long term but we have to see what the consequences are as we are working our way through it so
in the second quarter that would mean that margins would really need to pick up in the third and fourth quarter just to get to the bottom range of that guidance and so im just trying to understand the puts and takes there of how we get there
we are actively focused on finding the right opportunities that will leverage the experience of this leadership team and our core competencies in retail pharmacy and specialty pharmacy
in another case (sihl->sil) the manufacturer that we announced recently we were able to get them live in 8 weeks and this on sage x3 an erp system that was new to us
looking forward its the pace of change and related uncertainties that make the connected (4->for) growth transformational program particularly important
were seeing really some benefits behind that but at the same time we maintain our responsibility to look at other options where (theyre->that) needed but the
i am proud to say that our ongoing focus on our associates and our customers as demonstrated by these awards continues to translate into strong operational and financial performance
it is my belief that if you invest in your people and provide a workplace that people are proud to be a part of where they feel valued and appreciated the company as a whole benefits
i wanted them to see the immediate impact on their margins so they had intense pressure to move their prices some of our competitors dont have that same kind of incentive where they can
the improvement on an absolute basis is largely the result of a higher capacity utilization and the continued positive effect of the differentiated business steering
this is a little lower than we were planning but there (were a->are) number of deals that are very close and have taken just a little longer than we expected to close so were aiming for a good bump in new signings before the end of the year
so to recap a strong progress seen from orkla (investments->investment) both from the fully consolidated businesses as well as joint ventures and associates
so with that i just tell you i think (he is->hes) an ideal candidate to take over that role from our really longstanding (kamillo kitzmantel->camillo kitchmental) that made an excellent job representing that company
we are also planning to change our calculation of adjusted operating margins to exclude transaction amortization so investors can get a better sense of core margin performance we envision (making this->makings) change starting with our first quarter reporting
and these markets are not always that easy to work in so that means (marketbymarket->market by market) we need a little bit (*->a) different strategy but i come to that later so
the growth in this category was driven primarily by adding more accounts and more spend our toll business had another great quarter up 17 organically the growth in this category was driven primarily by a combination of more new sales
(had a reverse->having reversed) back to the first quarter of fiscal 2016 from the fourth quarter of fiscal 2015 in addition the reduction of shipments in the prefall line collection is expected to impact our second quarter sales
good afternoon ladies and gentlemen my name is anabuki of corporate administration headquarters thank you for attending the financial results briefing of yokogawa electric corporation today
it is not as if you have a permanent business then you can intervene 3 4 weeks or 6 months or 4 months later when there is something not working
comments made on the call today will contain forwardlooking information this information by its nature is subject to risks and uncertainties and actual results may differ materially from the views expressed today
(*->we) like the core business as it sets up i think the big big opportunity that some others have demonstrated is this downmarket full ap thing that weve been working on and modeling and finally (launched->launch) that
i would like to advise you that this call is being recorded for replay through our conference call provider and is being broadcast live through an internet webcast system following our brief remarks (therell->will) be an opportunity for questions
but i think i would like to stress here as well the point that there are markets we entered only (in->*) the last 3 to 4 years that are still small but at that level we (can->cant) grow nicely
were outgrowing our sunnyvale office space and are constructing (the->a) second building adjacent to our existing building which we expect to occupy in the second half of 2020 including spending on this project
we will continue to improve our cost position and i am very pleased that we achieved underlying margin improvement in this quarter as well as 2016 in total and we will continue
because what you have there is a very very strong ecommerce business for all goods and that includes as well much more than here in europe includes as well food
all of our customer touch points to look like so that wasnt reflective of any numbers or anything certainly we continue and (well->we will) continue to look at our store portfolio we certainly expect to continue to grow our retail footprint
and at the end of the day we have in that market as well the income of (our->hard) discounters that are selling their own private labels as well at lower prices i think that is
we fully believe that this is a great opportunity for us but again we want to make sure that everything we are doing is right for the brand so we will be strategic and methodical as we work to reset this piece of the business and we will keep you updated
thats good news for the business and it does suggest to us that despite the daily forecast of (gloom->bloom) and (doom->boom) for the global economy individual businesses are still pursuing initiatives that require consulting support
and (i->as) said already (drug->truck) channel was definitely an issue where they are impacted by (this->less) frequency and as well department stores where chocolate is big as well has been affected
and we think that will give us the tools to be able to move forward with an appropriate plan to maximize value that fits the needs of (capstone->kapstone) going forward at (santo->santa) domingo we continue to really like the project
thats good color just one more i know you dont want to get (in->into) too deep into 18 but any comments on how we should think about where eaton is hedged or has purchases locked in and how maybe the raw material climate
our perception of the market under the current situation discuss (the progress->*) on the mediumterm business plan being executed for the last 6 (months->month) and finish my presentation with future forecast
we need traffic to pass by and then consumers coming in getting to the unique experience of seeing the huge assortment what we have here is the
we made significant progress to convert some of our upside capital to base capital with a planned filing to own 600 megawatts of wind in colorado we anticipate a commission decision later this year
we are growing the portfolio just as we have consistently said we would do and we have expanded our play diversity and were (highgrading->high grading) our portfolio to pursue the very best opportunities
i know you guys have a guidance out there but given your results would imply the company reaching the margin guidance earlier than expected at least my perception here i was wondering if you can walk us through the stage
but we have to make sure that it is a high quality and a good product so here answers are ready for all our consumers what their demand is
now its not that this is finished but i think we still just have lower contribution now the second thing is that we as well these 2 companies
our wholesale partners were thrilled to see that we have recaptured the brand dna that had made us so successful in years past and we were pleased to see that the very emotional connection that our partners had towards the brand has been restored
were very grateful for her many contributions and we wish her much happiness in her retirement (well->ill) now turn the call over to bob to provide more detail on our financial results and outlook in addition to (our->a) regulatory update bob
we have the skills and capacity to move into new areas and (into->to) mature plays in a wide variety of geologic settings we are not constrained by geography or play type
now in the second half of 2018 and particularly in the fourth quarter we did see much stronger demand than weve been expecting across the entire portfolio and that led to the stronger performance youve seen
growth in the quarter was driven by strong new business and retention the us and canada division continued its trend of strong growth delivering 7 underlying revenue growth in the quarter
(the->a) number of electric vehicles on the (roads->road) so thats really helped us a lot in terms of
longer term we will pursue strategic opportunities expanding across commodities and across the value chain
with updated financial information has also been posted to the investors section of our company website
those life limitations have not all been alleviated yet and so (i think->*) there will be
the collective efforts of this team have led us to being named as a finalist in the life science industry awards category
but we are not stressing out about it or we are not forcing it if we dont find anything
and this is also a very good basis for very strong cash generation in the group
information on these risks and uncertainties and other information affecting our business and operating results
so its not just one individual piece but its the collection of those pieces that make this very attractive
for every single geography every single oem in all the geographies that i mentioned in the prepared remarks
our september quarter automotive business was modestly down but slightly better than our expectations
and clearly you have seen we have a long track record of being very focused
were really focused on making sure that the innovation pipeline that came with body plus gets executed really well
i would say that each is a little different when you think about those (mvcs->mbcs) on how to project those forward
the potential here extends beyond just (devon->evan) and also to the many other operators with assets in the region
second our network of producers and customers is second to none in each of these basins and markets
we view this as a very positive development and believe that it validates the financial strength we continue to prioritize (mainly->inlink)
its good to see growth in usage of the fleet and you see a significant growth
on power systems again growth across both of its core revenue streams of oe and services
mainly due to the negative impact of a change in revenue associated with sales volume and model mix
will be positive but not material mainly in our decision division
(*->into) use so that we can automate some of these inspections that are costing us a lot of time and effort
this was primarily due to the positive impact from the introduction of (brand new->brandnew) and fully remodeled automobiles
i (asked->ask) because some of your peers (seems->seem) to be growing nicely like you guys and (then->*) you have (other->others) that seem to be
(hey->*) david this is steve so let me kind of just walk you through in the delaware basin where (your->youre)
the people are happy so those are all things that contribute to that aspect
particularly some local governments just kind of waiting and holding back on some starts wondering if the rules are going to change
and we have also the change in fair value of assets which are mostly mutual funds which are not
we must not get (or->*) misconclude from international equals for sale
of the factors that could cause actual results to differ materially from those projections (in->and) any forwardlooking statements
in california we are also a major supplier to massive projects like the new (rams->ram) stadium
i remain confident that we are on track to continue to deliver longterm value for our shareholders
in summary enlink is in the right places operating with the right partners and executing with excellence
were excited about the progress were making and even more excited about where our network will be in a very short time
as far as this set of issues is concerned then i think we have a very good handle on it
and we also see chinese manufacturers entering the market more intensely
we know exactly what we are after and what i think is important is to look at it from a different angle
(that->*) there is a space for us as a trusted adviser and a trusted player in the data (insights->insight)
come down from the 30 or so we had in the previous years probably slowly
(the->a) discussion of each segment will provide more detail on the largest drivers that led to a decline in the consolidated results
implying higher expenditure with planting and (tilling->tiling) on top of investments in health safety and environment
we borrowed on our revolver to pay the dividend and anticipate repayment of those funds from fourth quarter cash receipts
we have not yet had clarity that would say that the right solution is to connect the basins
we can provide firstnet quality services on our existing lte network
with that now ill turn the call over to bruce for a summary of our financial performance
is there anything that youd entertain pruning at this point or are we too premature to think that way
in the second half and can you give us some feeling for how that net capitalization number is going to be evolving given its
and so it impacted service ebitda margins
our business needs and capital structure we do not have any further information to provide on the dividend rate at this time
as well as the ability of our customers to fully catch up (on->and) work deferred from the first half
im happy to say that the team continues to execute very well on capturing both
proven by the strong throughput volumes we handle and the amount of pipeline and storage we own and operate
so we see that we have these continued capital opportunities and feel great about that but overall
so its become a major part of our business and when people think of industrial you think of all these kind of small
sort of towards the end of last year and that really just supported our plans to move forward in these 2 indications
could you help us understand the delta between what our industry relationships are telling us
and to identify partners who most closely share our vision for these opportunities given the long ip life
as andrew said at the very beginning we are starting with the questions in the room
in the center for allocating the capital and also for allocating the investment means
from the prior quarter as we as continued cost savings offset the impact of our annual salary adjustments
but this was a very dedicated and clear decision to focus ourselves
we may see some small recovery of the fuel consumption lets be clear here were talking about low single (digits->digit)
but really the question is where do our particular customers want their residue gas
and were executing according to plan but in spite of everything that is happening
in addition we had i think (its->this) really strong launch of content and that content is powering better utilization of systems
they are pushing the boundaries in both clinical and fundamental research to tackle major global health problems
i have an interesting story to tell about how this partnership came to fruition that shows the power of these meetings on new technologies
we are pleased to see the progress we made in the first quarter mainly in profitability
and we have taken a very clear and disciplined approach to it
recent new product offerings will also help our strong sales activity
where we have really focused on fewer countries to really fuel the growth there
particularly as weve (gotten->gone) through the legacy dsl conversions which has really been absorbing us for the last few years
partially offset by ramps in a variety of other platforms and customers
on your second question about (owned->own) funds i just wanted to make 2 remarks
what weve done in fy 17 confirms that our longstanding strategy of delivering connected and sustainable energy solutions
people will still buy their telephone cards or start to buy them a little bit quicker whilst they run down (their->the) bottle of shampoo
we do continue to experience commodity cost pressures as we move into the second half and this does include
view of the year how do you feel youre going to manage (graeme->graham) you called it out at port sunlight as an issue how are you going to manage the transition from
skewed towards the first half last year if you want to so we have that little (little->*) swing in the forecast
have seen and know (for->*) i know that from previous years or from martin but here just kind of as a rehearsal
that (included a->include the) customer acquiring over 20 highend (fortigate->4tigate) products along with a range of other products and services
the range in ebitda is generally attributable to the discretionary business that we that our customers do with us
and expanded assets under delegated management by fivefold i am pleased the company will continue to benefit from julios advice
turning to our sales results although the economy in our region (remained->remains) strong and we continue to add customers
as well as the annualization of store openings and strategic investments from the first half of last year
and yes we continue to build our prestige business with all brands growing in line with our plans
but theres opportunities for us to cobble together a team and to potentially continue to move forward there so (we are->were) looking at that
we plan to request a commission decision by november so that we can capture the full production tax credit benefit for our customers
and then hopefully well start to see a little bit more tailwind and the effects of our changes
the impact of commodity costs i mean its not really the case that we look to any particular category to do (heavylifting->heavy lifting)
i just would like to ask you to pay attention to our declaration we have here
and it is important to note that we will have meaningful representation of senior jlt colleagues at the executive committee level
(*->in) some of our checks that there were customers pulling forward spend in advance of price increases so i was wondering if you
last year with the exception of foods and in fact the foods margin only went (back was->backwards) really because of the exposure it has to europe and the head office costs
and thirdly also investment in our brands such as advertising and also activities at the point of sale
you may remember germany france italy and switzerland were the 4 core markets we started on
we expect to see benefits from our investments in digital and technology and we are confident in our ability to complete
(and->*) were quietly working our way through a program of those sorts of things on the business and technology side of things
an organization that is more consumer and customercentric and more competitive for the connected world
and then have cash available for operations and investment going forward and have the full use of our revolver going forward so
the market was a bit choppier at the end of the year theres no question so i think the range of outcomes was a bit wider than what we had seen
the new mexico commission is expected to rule (on the->in a) settlement later this year and new rates are expected to go into effect in august
which will cause (a->the) reported organic growth rate for our lodging segment to be potentially be in the low single digits in the fourth quarter
the final enabler will be the proposed new reward framework that i referred to a little bit earlier
(*->its) a great example of organic and disciplined growth that provides value to shareholders customers and the economy in our service territory
keep our portfolio in case of (a->*) setback or crisis in equity markets without having to
im going to round off this mornings presentation with an outlook of the industry including gas policy developments and our strategy
the security fabric includes software secure switches and other hardware products and services
(yes->*) ryan (*->just) let me reinforce a few of the things dan said i mean because of the nature of the business theres little guaranteed recurring revenue
finally we remain on track to deliver ongoing earnings solidly within our 2016 guidance range
while there has been some improvement in exchange rates since our last guidance update it continues to be volatile especially in brazil
especially over the latter part of the last year which we expect to continue over the first half
our organic growth is somewhat below what we estimate as the market (growth->grows) so i tick that off as a yellow
that market would weaken up a little bit and it did we think longer term we think lighting continues to be a positive market
we actually had a sales decline from q2 to q3 and then the second reason is that we did have some
so we are building greater flexibility in our organization to bring innovation to market faster than ever before
in emerging markets the key points we watch are the affordability of our products for consumers and the actions of local competitors
so thats generally been the trend as to what might be the impact on that going forward with the introduction of
so we really havent seen a significant increase in new origination loan pricing
we were one of the exhibitors this year i stayed there to meet with customers (facetoface->face to face)
our enterprise asset management system is an integrated asset management system to enable us to deliver energy
victoria was somewhat flat yearonyear but this was not unexpected given it was the last year of the current access arrangement
versus science of capturing weather and the impact of weather and we did have some significant mild weather in the quarter so (im->*)
which actually were positively received despite all of this most of our competitors in our categories have high single digit
over this period it really traces back to some of the elements that we need to deal with as oneoffs in a very tough environment
we do need more gas supply to get to market and simply unlocking the reserves that australia has will achieve that
as we typically do on our fourth quarter (calls->call) i will give you a brief update on our global retirement plan
so my view hasnt changed that we still think this business should generate mid to high singledigit growth over time
but we still see potential improvement by doing more of the valueadd activities and
but could you just talk about the sustainability of this growth rate and sort of what we should look out for and how we should think about the growth rate of that segment
we have made important announcements about the leadership teams of marsh mercer and guy carpenter after closing
(*->were) talking to the very biggest partners and signing the very biggest partners that (theyve got->they)
after carefully considering our current disclosures we have decided that we will not change how we report adjusted earnings per share
it is sensible its not that easy to transport and the unit value is
and some moderating of the other nonfuel categories as we lap higher growth from fourth quarter of last year
so with all the reforms and meetings and whatever have you
so the whole trading up phenomena is still intact it is not that we can say this is dead
thats actually caused problems because you try to drive to hire a specific number of people and (thats->its) not necessarily the quality (*->of) people that you get and want
management may also discuss certain nongaap financial measures reconciliations of each nongaap financial measure to the comparable gaap measure are included in our press release
applying (these benefits->this benefit) to their operations im not going to disclose the amount i did not do that before and im not going to do it now but
but also having special programs to make sure that the people who come in stay longer so that the attrition rate is lower than we had before
its important to remember that we own approximately 200 anchor spaces in our portfolio and that over the last 2 years we have started or completed redevelopment activity at 15 former department stores
i was wondering after all the discussion that has taken place within the ministry of economic affairs and (then->*) in dutch parliament why do you first have to (*->ask)
supporting through marketing next month and that were excited about and thats part of an ongoing program to keep our brands healthy and not just get into new spaces
to address industry challenges including claims settlements fraudulent claims and insurance policy life cycle management
i will now review pricing and demand for our aluminum and stainless steel products ill also discuss some of the key industry trends in the markets for these products
in regard to energy the general consensus from our customer base throughout the country is more positive today than it was 90 days ago
continue to expect expenses to reach nominal levels close to what you posted in previous quarters
and so there is the possibility that that would cost us a significant amount of revenue but and wed like to make it up with a bigger deal if possible
on the pricing front the industry is now (evaluating->evaluated) in the context of the pmiers which shine a light on pricing and (increased->increase) transparency around returns and capital management
obviously the market wants to get ahead of itself and what this all could mean but i think were just trying to understand what are the real conversations taking place out there
this half year so i would just like to hear from you about what has been your approach considering all of (these facts->those fact)
of utmost importance when it comes to future cost savings and potentially a new conclusion of acm on significant market power
these numbers will change slightly because of the fact that we have a different phasing of some of the reorganization plan which will lead to
not only are we doing whatever is traditional were also actually feeding the pipeline with a new model which has not been seen (at->as) the industry before
with respect to our payment processing pipeline we have many opportunities in front of us and as mentioned we won 2 new nonfinancial institution opportunities in the quarter
is that brazil is a country that has one of the largest tax burdens in the world we had last year and there were still more increases from last year (to->*) this year
continue to focus on value which is the core pillar of our strategy and perhaps the most important nonfinancial metric that this management team is focused on
even operate under the (simplest->centers) regime or the (simpler->simple) regime that may also have competitive prices as we see
top legal offices and we also go to class entities we have to fight (absurd->absert) increases and so we have to demand more
so i think individual claim payments can have more of an impact but so i think its difficult to draw a conclusion we would expect severity on average to be higher
as a result of the (amendments->amendment) these contracts as well as all other current gse risk share transactions are now accounted for as insurance contracts
another attractive area for growth is to increase our global market share including developing a greater business presence in china india
and i would also like to mention that there was an increase in the tax burden from 40 to 45 on this operating profit and
and equally importantly i think were feeling very good about the innovation we launched in 17 that should carry over to fiscal 18 so thats one piece of the assumption the second assumption is around pricing
you will find more opportunities in buckets where you have increased spending over time and trade spend certainly falls into that category so i would expect
with the increase in commodities at the same time so would just love to get sort of your overall view on where you think things are going to go from here on that front
our largest market in latin america brazil continues to generate high volume growth and to trend positively despite tough competition
we changed our marketing strategy our marketing is now more regionally focused we are also tackling social media
we believe our ability to increase our gross profit margin was made possible by significant investments we have made in our valueadded processing equipment
where we experienced healthy volume growth in 2016 based on these trends our outlook for the aerospace market remains positive
when they went live but theres probably less impact on that in the quarter because there was some training involved and then merchant services
we have responded with targeted promotions and the launch of new formats in part using (these->this) as an opportunity to reposition our products
this is not unlike how were operating in other fields and what this does is provide a good balance between having strong focus on the channel and building
solely due to lower metal prices and this also reduces our gross profit dollars most of which would also reduce our operating and pretax profits
they just cant (*->get) around to i think that probably would be true at the (royal->world) bank as well even though we cant get into the canadian business
the situation as it is today there is a difference when you compare your company to other players in the market and this may not be sustainable
so were expecting this new segment structure to make it easier not only to understand historical performance but also for you to track the groups performance moving forward
pricing has continued to improve as a result of that solid demand with both the base price and surcharge increasing in january
they tend to be volatile just by virtue again of their smaller size and when something
currently we are in the early stages of a comprehensive company transformation to increase growth and profitability
and enables the company to deliver innovative and differentiated solutions wns will continue to align our talent initiatives
but at least we see a positive trend when compared to the numbers of the year before and we also anticipate drops in interest rates
now only a very small number of manufacturers in the industry are manufacturing with laminated panels thats because the machinery to make them is very expensive
affordable housing represents a significant opportunity for fleetwood and the exclusive supply agreements with the 2 major operators are expected to contribute strong forward volume
along with the discontinued operation that ill speak about in a moment the 3 business streams were previously grouped as one segment called manufactured accommodation
our people that are in companies that are actually in the nonresidential infrastructure business are doing extremely well much better than our company average
with peoples career and growth aspirations and to ensure we have the right skills to transform our clients businesses in this age of disruption
as we bring on new clients and we start to engage in new services the trend tends to be that folks that are newer to outsourcing and
was offset by higher interest expense related to acquisition financing and increased depreciation and amortization resulting from acquisitions and capital investments
more rationalized shelving that is less cluttered and more (consumer friendly->consumerfriendly) and were seeing that with several of the customers (so->*) i would look at that
good morning everyone and thank you very much for joining us this morning in our conference call so i would like to start on page 2 where we
however other operators in the market are now doing the same thing and achievable values have moderated somewhat in the last couple of months so as part of classifying the operation as discontinued
signal of the fact that we are bringing in a number of firsttime (outsourcers->outsources) into wns and as you know many of them when they start off
but we want to also do that in the right type of pattern as well which is maintaining lower levels of customer concentration so its a little bit of a (doubleedged sword->doubleedge sort) but
the plans how to adjust our network and what are we going to do in innovation and (digitalization->digitization) including of course the key financial metrics of parcels
in the retail industry is quite high so in order to increase sales and reduce expenses we certainly
so i would think that either everyone loses (or->of) everyone wins it and this should have an impact on your margins i would like to know whether this is the way you see it as well
and if i look at the largest customer that we have in the ecommerce space and i look at the last quarter business almost doubled so we certainly like where we are
while constant currency revenue grew 11 after adjusting for the impacts of exchange and hedging growth was entirely organic
the potential impact of the cardiac portion of this new model is harder to size because cms has not disclosed the 98 markets that will be randomly chosen to participate
that may involve some hybrid products we have the same products that our partners have and our conditions will not worsen because of that and in other products where
that on the one hand we see very strong and continued digitization in all segments and on the other hand we also do see less volume
while investing in our business and managing our capital allocation programs efficiently in order to drive longterm value for all of our key stakeholders
just to prove our dedication and how tough we really are im actually offering (butch->butche up) to take on the winner of the mayweather fight with all the proceeds going towards the renovation of westminster mall
we think there is going to be some time frame for both the (macs->max) and the providers to transition to the preclaims demonstration but over time as it relates to both bad debt
of course we have ongoing focus on cost savings and we have a potential new conclusion of the regulator on significant market power
they could deliver the goods to our stores and the consumers will go and pick it up in our stores so we want to be competitive with a lot of flexibility this is (the->a) strategy of marketplace
youll notice there that weve separated manufactured accommodation from village operations and weve done this because those 2 income streams really have different attributes from an investment point of view
we believe these solid results reflect the strength and sustainability of our business model with growth from recent acquisitions complementing our organic growth
so id just like to wrap all of this up now with the last slide and while were not out of the woods yet there are (a->*) number of interesting themes id ask shareholders to consider
of course its the same we do see with our customer interaction we do offer a wide range of delivery options and added services
first or next 4 calendar years after completion of the transaction the implementation costs will be incurred in the first 2 years after closing
so the perception is that wpg will bear the brunt of all (of the->these) store closures when the reality is that the impact has been manageable further evidencing the quality and stability of our portfolio
in our core business and compete effectively and win in those areas that we choose to compete on a stronger basis like in analytics
and in case of the robinson mine we have a fluctuation of the ore quality which has immediate impact on our production
for next year is that the right way to think about it and is there any way to quantify the administrative (costs->cost) from the preclaims review that youre factoring into the guidance for the back half
or advertising weve gone well beyond that and weve done that because weve had the innovation programs to invest behind and weve done it because its worked i would say today we feel (give->*) very good about the level of investment
in our portfolio weve (*->had) only 5 stores which were part of these announcements (*->and) let me break that down a little bit two of those 5 were natural lease expirations that we anticipated getting back
what you should understand is that if you add that volume you cannot execute your (costsavings->cost savings) plans in the way weve planned for it without a consolidation
(the->*) news about (the->*) results of the company for the first 6 months and second quarter of the year we have a good performance and (were->we are) happy
becoming more rational competitors will no longer apply the lowcost prices (theyre->they are) not they cant afford to sell below cost and i think this is
for innovation even for distribution is quite good so youre just going to have to take it on faith that weve got good business plans and were executing against it (it->that) doesnt mean we cant be wrong on the 2 to 4 outlook
and once you lose that advantage that may be that may have an impact on your numbers in the future im just trying to understand
and this is because we place such strong emphasis on innovation staying tight on our price gaps and continuing to invest heavily in brands that consumers love
we compete in 9 major categories and in 3 of those 9 private label is a major competitor (such as->so just) to put it in perspective
largely as a result of the shift in our investment strategy in response to changes in the india dividend distribution tax for certain instruments
were doing things a little different this quarter and i will start by explaining a bit more about the changes to our reporting before we begin with our discussion of our results
and at the same time we have to sort of juggle with the (contracts->contract) so that we have sufficient contracts but we cannot overcome it because otherwise we wont be able to deliver
because of the proactive measures we took to (right size->rightsize) our energy businesses during the downturn we feel positioned to support new activity as drilling and rig counts continue to improve
with the category and the consumer and then the second question is when you really get out of the here and now and think about the future disruption obviously has been coming at an accelerated pace
that our business leaders and our sales teams did across the whole of last year meant that we kept growing the pipeline building the pipeline
in quarter 4 but there are new units that will be handed over there will always be a movement here and some
and in doing that we have the chance to pick up more business and get higher hurdle rates
and in line with our expectations we continue to see good growth despite the entry of new competitors
in 3 or 4 categories one that would be consistent with things that weve done in the past
the common message from participants was that the ecosystem needs to work together in new ways
to match the startup of the increased water handling capacity project in the fourth quarter
as the industry moves to 96 layers (and->in) above can you give us a little bit of an update
might be treated versus the way it appears at least at the outset transmission and gas are being treated
and i would note for everyone on the call that we have never sold a share in any of our daughter companies
that they expect the pipeline to be repaired and operating as normal by the end of august
i hope that you had a chance to review the press release that was issued earlier this morning via business wire
so what we try to do is only bring back that cash that is needed to cover (our->*)
investors looking for ways to diversify their duration (and->*) exposure to reduce their duration exposure
and how many deals are you working on at the moment so we have
explain the regulatory approvals that are required under the arrangement agreement
that doesnt mean that the shareholders will decide to distribute the entire balance of the reserve
engaging with customers and prospects (in->and) regional channel partners from asia latin america and europe
the third quarter results reflect favorably on our offseason productivity of our staff
and we believe thats the likely ultimate outcome relative to applied
turning to the balance sheet gary talked about the many initiatives were driving to accelerate innovation
we find (it->*) interesting to remark that we observe (when we observe->*) the quarterly performance of service revenues
you are assuming (then->them) going forward that that pipeline will continue to be operational
as well as on our website and will be repeated by the operator at the end of the call
in closing these continue to be good times at eaton vance our business has strong current momentum
allude to provisioning being particularly strong in the second quarter (and->in the)
and mostly it will be due to factors without our outside our control
which was issued in december does not apply to (the->*) electricity distribution network operators
mainly explained by the expected recoveries in income tax related to the (payments->claims) that we mentioned before
on your questions on (guatiquia->guadaquilla) and (quifa->kefa) im going to hand over in a second
right and that is what we are planning
we believe it is important to present our results in this way as the (finance->*) adjusted financial measures
the nature of our business is that fee rates go down within mandates as they grow out to scale
because this doesnt only work one way one of the beauties of derivatives is
so and you mentioned something about not being in the market for distressed assets
and ive really got 2 choices that were thinking about one is we squeeze it in before the end of the year
if not will most of the cost to come out be in the cogs line
turning to our second quarter segment results starting with medical and (healthcare->health care)
are there any timing issues around when flows came in and out or strange nuances you would point out
we are confident that we will continue to execute at that high level as we have demonstrated consistently
the final effect has been an expansion of margins of approximately 30 basis points
in the last quarter of the year this is a very strong trend that weve had for many years
certainly dont believe at this point that the majority of it would go away
but when we look at the quarterly performance we can see that there is a consolidated trend
i would now like to turn the conference over to lori (novickis->novikas) director of corporate relations please go ahead
hardware there that didnt fit the lines at rock cut so what will be
the operating income reduction in the quarter was primarily driven by lower revenue
theres tremendous value in accelerating that whole process going from materials
all of these elements are critical in enabling us to return the company to profitability
so very difficult to give you a good idea about what the number will be next quarter
based on these data we expect a regulatory decision in the second half of the year
cost reductions and the learning curves and thats how youd get to the top end of that range
including progress on our product road map status of our revenue pipeline
to confirm that conclusion because of all the items that bill talked about before so
okay and just maybe a last one on aerospace
and the value is really difficult for us to get our hands on
while its not clear how incentives will be structured for electric distribution networks at this time
are attracted to having teekay own and operate their infrastructure assets
as a management team weve been in the memory business for a very long time and we understand it well
thank you and then i will just see if there are any questions still here in the room
with the anticipated sale of the remaining (6->fixed) offshore and shipping assets
and the expiration of the companys option to acquire an additional 26 ownership interest
the rationale behind that and then the board has decided to propose
where the interest rates are higher than in financing in other currencies
but the accounting does impact the reported operating expense and the reported
and will deliver improved financial performance and increase shareholder return as we move forward
there were definite achievements and some frustrating setbacks
so thats on the high end of the peer group so wed like to work that down
and shifted some of our professional services capacity to third parties
we expect to reinvest some of the additional contribution from this revenue growth
ill use that as a base in explaining the yearoveryear drivers for comparability purposes
maintaining a strong financial foundation and engaging and developing our people
in that consultation document the proposed returns for gas and transmission
generally the subject of discussion which is what are we seeing in the market what are we seeing from our clients
actual results may differ materially from those expressed from these forwardlooking statements
but we do have a very clear understanding of our own program our own data
that we continue to enhance our value proposition in the mobile business in argentina
through higher production improving efficiency and reducing costs
and that the evidence while reasonable from a preclinical and early clinical
reflecting the quality of our programs and solid student outcomes
is the primary rationale for these migration decisions
as a reminder this parametric offering applies financial futures and other derivative instruments
so i guess heres the comments that i would make on the nand market
and we are also expanding our service offerings related to the federal medicare programs
facility by constructing more this is one of the big investments that we have
on a full year basis wed expect margins to be
so what were doing is were basically reinvesting some of those
we have provided a reconciliation of these measures to (the->*) most directly comparable gaap measures
contracting with some outside resources that can help us make sure that (*->were)
into marketing other than some of the things i mentioned in my comments about
despite all the noise during the quarter were confident that we will have success passing through the price increases while we continue to focus on execution of our strategy to grow our sales and invest and manage our business for further operating leverage
to a permanent answer and so hedging is never going to be a permanent solution to deal with commodity fluctuation ultimately you have to get price or you have to get cost out of your business and so yes we do hedge
when we (approached->approach) them about establishing a referral arrangement to reach many more of their customers not only were they interested they have since signed up to use arc themselves that is they will use arc to invoice those very same customers well be selling to
the one i mentioned (sihl->sil) was on sage x3 (is->as) the name of their erp we have to build those connectors weve gotten good at that so the fact that we could get a company like (sihl->sil) up and running (actually->actual) live with customers in just under 8 weeks and do a connector
this is a good time for me to interject a few comments about china tariffs which is the other key factor that the industry is facing in q3 while there is still a great deal of uncertainty and doubt about the effects of tariffs
posting a revenue improvement over the second quarter of 112 as you have heard the future of freds pharmacy is centered squarely on (healthcare->health care) and is driven by our retail and specialty pharmacies
as i noted in my opening remarks well continue to proactively increase prices to address the margin squeeze precipitated by the steep increase in freight and contained metal (costs->cost) even if we (forgo->forego) some volume in the short term
we remain confident that we can continue to access longerterm global debt capital markets as and when we need to to fund repayment of facilities that are coming due or ongoing growth in the business as needed
this is a metric that at the end of the day drives our revenue so we are extremely pleased with the way this is tracking were also delighted with the feedback from our customers that is suppliers and what (they are->theyre) getting from their end customers that is their buyers
as well as the korean subsidiaries of other oems which will be an incremental revenue driver for 2019 we have also the opportunity to expand our market share in liquid delivery modules
before turning the call over to rick to run through our earnings results i want to be clear that the performance we saw this quarter is not acceptable to myself the senior leadership team our board and the entire team here at freds
drive those incremental margins up but (theyll->*) with any increase its going to recover and also remember were carrying some excess resources in this period that we would expect to lever more into next period so
that articulate the variety of (benefit->benefits) to the end customer and by doing inserts and onserts with (their own->our on) paper invoices to give end customers the opportunity to come to the suppliers website and sign up for arc in a couple of simple steps
were already in the middle of doing significant amounts of qualifications for incremental revenue and even while we see a more robust q4 in front of us across the board
this group has also been tasked with establishing a secondary pipeline capacity trading platform the trading platform builds on the work that (apa->aba) has done to develop innovative capacity trading products for shippers to readily trade their capacity
and im pleased that we are already starting to get early benefits from the mindset shift that comes with our connected (4 growth->4growth) program the chart shows many examples where we have more than halved the innovation time for some of our launches
so it has real business application and its real time so it allows them to work directly on the clients that are the most valuable to them theyre the ones that are already in their system
matt typically we dont i dont focus necessarily on the number of people that we pick up (i->id) look at the quality of people that we can get so i try not to limit ourselves do we budget to a number of people yes
were continuing to work through installation of handling equipment at the light gauge plate furnace and expect increasing benefits as we complete the projects and implement practice changes to realize the full potential of the investments
as we discussed on our last earnings call our first quarter was very challenging excluding los angeles our radio net revenues reported to miller kaplan during our first fiscal quarter which excludes certain barter and syndication revenues
to increase share ownership this is really requiring our managers to put their shortterm bonuses into the longterm share plans if they want to keep the same compensation and then benefit from the
well stay tuned and ill update you on our arc customer and usage metrics as well as a number of important milestones (that->to) bear evidence that arc is gaining traction and indeed has the potential to drive very significant growth for the company
fighters and transport so today we are very well positioned from a share standpoint on the military side of the house and quite frankly if you think about the new military platforms and programs
we have design wins in liquid delivery we are penetrating new customers in weldments and precision machining we are landing and expanding with oems in korea and we are putting pieces into place to address customers in japan
this is just a sampling of the valuable additions that allow us to continue to drive growth before turning the call over to (steven->stephen) i would like to say that our thoughts are with the operators (whove->who have) experienced loss during the recent (hurricane->hurricanes)
and thats obviously an enormous would be an enormous boost to get them aligned to the ownership agenda as well in the coming 2 to 3 years again i want to check if i answered your question
in addition each product category is being converted to a planogram which will streamline operations and allow for greater consistency across stores this saves labor hours which can be reinvested into growth initiatives
although we experienced significant headwinds in the first quarter particularly in the form of rising contained metal and freight (costs->cost) and continued aerospace supply chain destocking we expect that these headwinds will moderate as we proceed through the year
and stock repurchases to include excuse me to increase shareholder value each of these 3 aspects will hopefully help you understand why ichor is a great company and a great investment
mary lou will shed additional light on some of the key front store initiatives and as i have mentioned in the past acquisition and partnership activity will play an integral role to accelerate our growth strategy
(*->at) the investor event in november i explained that we will be carrying out a funding review of our pensions this could include a onetime cash injection to reduce future cash requirements and well update you on this once a firm decision is made
and that will be to our benefit because weve seen too many changes happening too fast in the marketplace and were actually seeing that the local competitors are the ones that are gaining share unilever globally is gaining share
they can market to their customers quite effortlessly within arc to convince or to encourage their customers to sign up were also talking about doing call centeroriented (calldown->call down) campaigns (to->of) the customers that (havent->have been) signed
for these applications driven by strong demand and increased capacity facilitated by the recent investments at trentwood we continue to be cautiously optimistic regarding the outlook for these general engineering applications
global demand for natural flavors and natural ingredients (continued->continue) to remain strong one of the reasons we continue adding to our rich palette of flavors
this morning we announced another 25 proration in our premium drip program with the april 2017 dividend payment such that eligible shareholders who have elected to participate in (the->*)
focusing on our highest value assets reducing unnecessary operating spending and delivering progressive decisive data for a number of potential blockbuster products
and at this point the board and the controlling group is not the strategy of the company is not to make
so were trying to convert those folks just as we tried and were successful in converting about 2 more or less of the app users who (were->are) using the service for free
but theres efficiencies that when were as vertically integrated as we are and being the only seat supplier with both leather and textile to really establish a wellcrafted seat that (could->can) help them with their brands
one of the offsetting things in small (business is->businesses) when you go into a softer cycle you tend to write less new business and your renewal business is a higher percentage of your premium so some of the what you (get->give) back in some of the rates
and different package sizes so that we can be present in whatever channels the consumer is shopping so netnet we are seeing continued category declines and in fact as brian said it got a little bit worse
production declined slightly from the first quarter as we only brought one well online in the first half of 2017 and ended the quarter with 11 ducs as alan mentioned we have a dedicated frac spread
as we plan to leverage telefonicas push notification platform we continue to anticipate margins for this organic service to be high and in line with our consumer business
a lower price for (a->*) number (of->*) blocks in canada were getting rid of a monthly minimum that we were stuck with for many many years because the contract was i think over 3 years in duration
for all your hard work and dedication its been an honor and a pleasure to serve as your ceo these past 6 years im leaving in peace because i know we have the right ceo in ray scott
as we look into 2019 and with that i will turn it over to jeff to provide more detail about our second quarter financial performance and our guidance for the third quarter
we also (continued->continue) to identify potential areas for cost reductions to maximize cash flow from the consumer business in q2 we launched an aggressive initiative to overhaul customer care
excellent execution performance has led to lower cost on both of these alaskan projects and that increased efficiency is contributing to the lower capital spending that weve announced
second net metals impact was negative compared to the prior year in addition europe recorded some special pricing settlements last year in the third quarter that did not repeat this year
(yes thanks louise->zwei) so i would stay with the same framework that i tried to give over the last couple (of->*) quarters of how i think about it and it hasnt changed and frankly (it has->its) come to
the other significant foundational move is related to integrating finance with product and (channels->channel) so we can account for how value is created within the company
our (sites->size) and our operations footprint gives us a unique exposure to the diversity of these highgrowth markets in which we continue investing both
were gearing that back up again you see all the struggles that municipalities have and these are wonderful assets that they could outsource and (itd->*) be good for them and certainly good for us so
once we get through our own properties and begin to support our own properties we can grow it anywhere in any community because its all variable (costs->cost) we dont need to go buy something
these measures associated with our drips will further reduce share issuance ensuring that future growth (and->in) production reserves and ffo more efficiently flows to our owners on a per share basis
were pleased with our execution during this crisis and believe that our business continuity plans were effective in minimizing the impact to our customers and to our ongoing financial results
as both (gilles->gil) and i have previously commented we continue to invest in our future with significant capex projects driven by the new flavors facility in india
in the mature markets we grew with a solid 4 led by japan spain and italy a strong contribution came also from northern europe and germany
were pleased that our shares have stabilized and were roughly flat for the first half you should note that these revenue growth numbers include the negative impact of the malware incident
which reflects the impact of the asset sales as well as price and performancerelated reserves increases al will cover each of our guidance changes later
earlier this year we described plans to use most of the proceeds from these asset sales to enhance and accelerate both our debt reduction plans and shareholder distributions
theres several customers that were working with that are looking at going back to (a->*) more of a fullservice supplier and i think theres the benefits one from a cost efficiency standpoint that our customers will see
as you can imagine were conducting a comprehensive review of the incident to determine any potential opportunities to further improve the security of our global systems environment
thanks matt and you thank you you truly have left this company in a place where our best days are ahead of us and (i->*) appreciate your great leadership and what youve done for
yes look theres no question as we think about the second half so you can do the math on what we need to do in the second half to get to at least 1 thats still we need a good second half
and sean mcgrath chief financial officer before we begin our comments on the financial results we ask that you all take note of the cautionary language regarding forwardlooking statements contained in the press release
its not increasing but it is at a healthy margin for the business that we want so were doing all types of things to try to find new areas of business and you hear people talking about direct and all these different things
before we begin id like to remind you that our discussion during the call will include forwardlooking statements that are subject to risks and uncertainties that could cause actual results to differ materially
so we need to add more staff to do those types of calculations youre talking about around a very complicated statement of cash flows for very many of the same reasons in terms of (the->*) foreign operations
basically prefunded our plans for the next couple of years there so youd have to get down to some pretty low scenarios before we thought about significant changes to our strategy
to help us determine the best use for this acreage working with our local teams they will be evaluating our property and recommending highest and best use for the future development or sale
very much aligned with what our customers are and certainly not any kind of order of magnitude larger and in a weird way were happy to get the opportunity to prove that point
to the strengthening of the dollar against the pound and the euro as well as our investments in the bps platform as we just mentioned however
primarily driven by the addition of new business and operating efficiencies slide 7 shows the quarterly results for our 2 product segments
we also realized expense leverage in supplies stemming from continued supply chain initiatives including patient pharma and medical supplies
in terms of acquisitions (lagans->lagands) performance has been strong since its acquisition last april and benefited from the more favorable market conditions particularly in the republic of ireland
our revenue growth was primarily driven by higher volumes in our core decking and railing business reflecting trexs brand strength and continued ability to outpace industry growth rates
along with the building products businesses acquired with (lagan->lagm) ireland comprising of the construction materials business and contracting services businesses on the (island->ireland) of ireland
credit quality will continue to be a primary focus of our team as we move forward moving on to mortgage and insurance the tables on slide 10 provide a 5quarter look at our results for each product offering
these were the primary drivers of the second quarter decline shown in this line otherwise there were no significant unusual or unexpected items in our second quarter noninterest revenue results
but is reflected in the announcement we made yesterday concerning our latest diagnostic approach in (tests->test) the approval received from the new york state department of health of our third molecular test
auto component suppliers who signed up for workout programs (went->on) bankrupt there was increased exposure to loans that are expected to normalize in the second half
as illustrated by this wave of deals i just outlined we are aggressively taking advantage of the rapidly growing and (high potential->highpotential) avod ott market segment
this has been an important part of our effort to reduce the percentage of our patients with noncompliant orthopedic conditions in favor of stroke and neurological patients
and we are pleased to announce we started production on another coproduction in the hot western genre called the outsider with very strong cast and multigenerational appeal
and a paint shop in great falls and more recently a new paint shop in (terrebonne->turbon) to benefit from these investment we need to make sure they perform to full capacity
and were not as focused on (south east->southeast) asia and korea or japan but that could be sort of the next (way->wave) for us we think that the most important thing we can do is
and development of core deposits this is also reflected in the overall mix and the increase in noninterest demand balances we will continue to compete in our markets with a disciplined approach to pricing
we also announced earlier in the year that (we had->wed) doubled our measured and indicated resources at cozamin and so a lot of work has been completed throughout this quarter to advance that
that impact not only the fastestgrowing segment in the clinical services field but the one with the highest marginal cost as well which is the molecular diagnostic space
so we will not see a full quarter benefit from those savings in the third quarter but we should have that in place by the end of the third quarter so that well see a full benefit of that in the fourth quarter
we believe that ultimately the (works->work) that we do on that initiative will allow us (to develop->*) commercial bundled payment products that can be marketed to ma plans and other payers
in terms of looking at utility for excess cash whether that would be in the form of a share buyback a dividend or an acquisition
with the arrangement already well understood and woodside already working with the support of the joint venture under (a->the) development delegation agreement
while all of this suggests attractive longterm opportunities for (healthsouth->hellsouth) in terms of gaining incremental market share the downside risks are modest
for many clinical labs the cost of offering some of these tests whether run internally or (referenced->reference) to other laboratories often exceeds the reimbursement they receive
which (standardizes->standardize) contracted revenue recognition across companies worldwide we now provide revenue breakdowns (of our->over) ott streaming and related digital revenues
digital distribution business and i think its considerably smaller but maybe what youre seeing there in terms of growth
statements made in todays conference call and webcast may constitute forwardlooking statements which relate to future events or our future performance or financial condition
revenue per episode for the second quarter declined by 16 largely owing to the medicare rate cuts that became effective at the beginning of the year
what i can just state is that we are going to be extremely cautious with our commercial costs next year as well we want this market to get into a kind of repair
with them one can draw all of these tests from just one specimen avoiding discomfort to the patient and the need for multiple draws to extract them for analysis
is going to have to make sure that the documentation interface with the macs are perfect the good news is
great and just to ask the requisite (stupid->supi) question on the call could you just explain a little more what the significance of the 90day
which resulted in an irr on our investment of over 11 as we look forward we are confident that through our multiple origination engines
with each new launch or individual platform deal we are potentially adding 5 or 6 figures per deal in monthly revenues steady state
the company expressly disclaims any obligation to update or revise publicly any forwardlooking statements whether as a result of new information future events or otherwise
exactly a year ago we said we will continue working very hard to lock in more contracts and thats exactly what we (achieved->achieve)
this will be 11 wells in the next 16 months so were going to be busy well be testing prospects in mexico as i said including our first operated wells
and regarding the answer to the second question it was included in the answer to the first question because you asked about the loantodeposit ratio and as i mentioned in my presentation
we (pull->pulled) together a number of different assumptions based off of our knowledge of whats happening in the market whats happening with cost and number of claims that have come in
the company issued a press release yesterday after market (closed->close) containing financial results for the third quarter of 2016 this release is available on the companys website
if you go back over the last several years i think weve ranged primarily between the low 40s and i think (its->as) high as (may be->maybe) 50 okay
plan is basically to continue to introduce unique tests that will generate additional revenue and opportunity for us
as noted on page 19 of the supplemental information we currently have 11 new facilities under active construction and development that along with
and sort of apropos (of->*) the first part of your question sheryl that this initial wave is to go to the acute care hospitals in the bundled markets
first our history shows we have been an innovator in this industry for decades our ip estate is valuable since it provides us with technology that is royaltyfree
we are also optimistic about the opportunity to continue the improvement during the second half of the year as we realize more of the cost savings associated with the 2 mergers
so tenders are in and being evaluated we have submitted the evaluation report and the environmental impact assessment
that said enrollment has been slower than we had hoped in part because (of->*) the triple negative space is a very popular space for clinical trials right now with more than 330 studies ongoing worldwide
please understand that some of those will be growth markets for us and im very pleased that weve exited as many of the cities as we have because it has greatly simplified
related to the end of the modification periods for executives terminated in the 2015 restructuring event most modification periods have now expired and we expect exercises will decline significantly in the fourth quarter
we are backing them up with other medium and heavy aircraft models this is actually proving the strength of the diversity of our helicopter fleet (and->in) the gulf of mexico we are the only truly diversified heavy helicopter operator
and as soon as we announced that yesterday to the team (the keith->*) said that the sales team was filling his inbox with congratulations because as you can imagine they love the fact now
and i think that we will employ the right negotiation strategy and at this time i think it will be inappropriate for me to comment on many things that we have not finalized
thats correct were running (1->one) shift in (1->one) clean room we are in the process of opening up the second clean room and that there are costs associated with that that will definitely fall into the third and fourth quarters
we actually have a mix of (on->*) locally hired people from h1 but we also have a third category of people from our mexico center
value out of those so as we look at what weve done with payless the momentum that we have in small shops and the depth and breadth of demand that we see in the small shop space
i think reiterated the 20 target and now a quarter later were talking about 15 so it seems like something changed there and im just trying to get a better handle on what that was
everyone here (and for lear->in four) and as i look to the future i can tell you one thing were going to continue to stay focused we have the best team in the industry (well->were going to) continue to build on that great team
so can you talk about that decision and then maybe help us help quantify what sort of impact its actually expected to have on your 3 samestore expectations for (the year->*)
yes absolutely so historically weve defined acv as it has to be incremental to run rate revenue if its a existing customer signing a commitment
we are very excited by our data in (hras mutant->hrasmutant) head and neck cancer and the promise it offers to patients (we are->were) squarely focused on delivering on our goals and look forward to sharing our continued progress with you
get to the parts of the study where were studying lower doses where we expect that well see less of this and educating the sites on how to differentiate these symptoms from real abdominal attacks
we hit 70 so in terms of where it can go dylan i really dont want to get into that i want to see the next few quarters as we maintain these levels of production and perhaps even increase them
and existing compassionate use patients have been offered ongoing access to (rintega->intega) on a compassionate use basis and there are currently over 100 patients on drug
and so although some companies will have a more limited impact because theyve been able to improve their environmental performance over the past 12 months which is their whole idea of that program
last month we completed a major infrastructure overhaul with (databricks->databrix) giving us massively more processing and analytic capacity for the data that were amassing
the additional arms include one where we dose (varli->virally) at lower dose but more frequently and the second where we dose at a higher level (that->would) allow more time for clearance before retreatment the study now includes
the interim results from part 1 were very encouraging especially considering this was a small number of patients with frequent attacks treated over a relatively short period
the restaurant is located in the midst of orlandos new (buttressing hightraffic->bustling high traffic) and dining and shopping scene at disney springs and we believe that this will be a very meaningful project for our company
as (we have->weve) said consistently our goal is to initiate a first pivotal registration study for tipifarnib in 2018 and im very pleased with the teams progress toward achieving this important objective
meeting with the most senior people at least in the technical ranks of our customers with great success explaining smartconnect explaining what intelligent connection technology really means
i think we passed the final test just last week that we wanted to get through to show that we had the right product working and doing the right things and we are preparing our submission (to->*) fda to set up that meeting
over the last several years we established a very strong position as the leading supplier of proprietary agents that are critical for successful cell and gene therapy manufacturing
delivering digital forensic solutions to identify assets forensic accounting solutions to determine the sources and uses of funds and the overall impact of the misconduct
and then we looked into all of the events that were categorized as abdominal attacks in a (posthoc->post hoc) analysis and divided them up into attacks where (theyre->there were) abdominal symptoms only
we are already starting to see benefits such as reduced gas consumption and fewer service calls we believe that by the end of the year we will be at a run rate of 30 to 40 fewer service visits
well it does include some people in the qc area it includes some additional customer support people based on the increased activity on a revenue basis
fair enough and it sounds like the gateway business had another quarter that was probably a little better than you (are->were) looking for when you headed into the year i think you (are->were) looking for that business to be
and finally we remain on track with our discovery efforts on other rare disease targets and expect to announce one new program that will enter preclinical development by yearend
and we expect to continue to earn revenues from the helicopter on drylease as such we expect the suspension to have limited impact on our nearterm financial results
around how were buying gogo going forward so we can do a little more interesting stuff with our unlimited customers and providing them access to that gogo footprint at a reasonable price
under the terms of this agreement strata will be the exclusive distributor of (nordlys->nordless) systems for 3 years with an automatic extension out to a 5year term if minimum sales targets are achieved
i think one thing that id like to really stress because im not sure that investors and analysts completely understand this is when bill says unequivocal attack
so what weve been working on over the last 2 years what youve implicitly suggested has been setting up the ability to drive value in these kmart boxes and
craig this is brian theyre very active and we (had->have) been very encouraging of our grocery partners to add this its a very low investment for us almost none we give a couple (of->*) parking spaces
as we said the sales force is relatively new we were getting a lot of inbound strategic opportunities i have a finite number of (feet->seat) on the street
so for example i dont think that 50 (gigawatthours->gigawatt hours) exactly would be the right capacity but i think that you need to have some buffer so how much capex do you believe would be required to support that type of revenue
(pivotal->prival) trial (in->and) identifying patients you have the partnership with foundation medicine can you give us a sense for what you think the cadence of identifying and finding those patients and enrolling them might be i think
considering the volatility that weve had over the last few years were really ready for any kind of outcome
and what were seeing is the laggards are continue to be eastern europe and russia
from an industry perspective the pressure for companies to become more sustainable continues to grow
in the number (5->five) recovery boiler unit manufacturing costs were consistent with the previous quarter
operational excellence and mine optimization and price can extend the life considerably
(*->it) is important to note that given the cash consideration of the assets is dollarbased
with that id like to look forward and take a moment to discuss our 2016 financial guidance
weve got a bunch of plants that we could deep cut but looks like swanson is next up on the list
youve talked about the auto and home business and the improvement needed there to maybe pursue something
first of all we think this is a fair price for the assets which we discussed at length
first please look at the gray bars which indicate underlying operating cash flows
earnings for both first quarter periods include the impact of (valuing->valing an) interest rate swap at fair value
meaningful size for us and (theyve->they) performed consistent with our modeling and
thank you jim ill first discuss a review of the
and will support a higher growth rate in this region in comparison to the first half
to break that down and give you a sense we tend to go off of
less obvious is the (ephemeral->ephemoral) benefit of rebasing the accruals for the (gross to net->grosstonet) items
even as we reinvest into the business and see outside cost pressures creeping in
we like that because its very similar to our business model that we run for other segments in industrial
throughout this year and i imagine a big slug of those in the back end of this year so well begin to ramp up
later this year we are also expecting additional data readouts from phase ii studies
to become activated and seek treatment when there werent previous alternatives
(that->it) gives us enough confidence for us to pursue an asset weve looked at a number of different things
also we have one claim in australia in which there was no significant development
forms of (risks->risk) to take and i think that (the->*) clients are becoming
these increases were partially offset by increased gains on the conveyances of mineral (interests->interest)
did not achieve their primary endpoints and therefore we wont be moving forward with these indications
we feel comfortable with where we are (in->at) that position so i have no assumption on using excess capital at all
i know you mentioned that (the that->*) one large credit was (energyrelated->energy related) are there any other energy
you referenced pricing in 18 and sort of not being terribly different from where it was in the first quarter
(fastforward->fast forward) through several acquisitions and extensive management and operational improvements
on one advantage of having the existing plant is that the metallurgy (and->*)
is there any further room to cut that even more
these other regions if theres any more color you can give us on those things that might be helpful
and we will continue to do that we think that will be appropriate for us to continue to build out rather than
both of which are not incorporated into our current reserve methodology
and i was also wondering if you (can->could) just give us a little bit more granularity in terms of
so just first a few comments on the quarter
we have confirmed the rights we have under our existing license agreement to the extended
and im happy to report (weve->we have) covered good ground in fulfilling these obligations
a quick look at the table thats before you shows that all of our key metrics are moving in the right direction
getting the wood business (and then->im) excited to talk to you a little bit more about it once we close
profitable growth for the group that is a very key element in our discussions
and our ability to take advantage of incremental opportunities we are well positioned
deep (value creating->valuecreating) inventory of growth and modernization investments
from government regulation and taxes that are driving up the cost of our business
growing inventory when everybody thought we didnt have any land to grow it off of
and we are unique in having the license as a private
to summarize all 4 of our segments grew organically for the first time in the third quarter
a good way to think about the full year or should we think about being maybe above that range
strong and systematic efforts and good work in brazil
thank you sandra and thanks to all of you for taking the time to participate on our call today
out of strategic credit and more interest on the part of clients as well
okay and (then->*) as far as what youre going to be adding to their (bags->bag) some of these
this concludes todays teleconference you may disconnect your lines at this time and have a great day
overall we continue to see a favorable global business climate driving stable demand for our products
have caused market prices on resource commodities to further decrease since the beginning of this year
secondly in terms of the grades which are there which have been proven and which can actually be developed
likewise broader commercial vehicle demand (appear->appears) supportive overall in recent months
we want to ensure that we (kind of->can) really execute something whatever we do appropriately
my second question was on the contracting cycle were entering into just any more granularity on what
starting in the second quarter the items that i just mentioned should not be in there
in the second half of the year and there were some
accomplishments still go back to superior judgment
our financials have been impacted by some significant oneoff charges
its part of a larger wood business that they had so youd have to go back in there and dig that out
it doesnt sound like litigation is the major driver here is there some reason why
and then i was curious on the new product launches
so it does vary based upon the time of year that theyve actually executed those
ill cover a few other recent and upcoming launches in more detail later in the call
those projects all stayed well on track and within our budgeted projections
along with the impact of a stronger euro on our euro principal debt balances
with respect to reinvesting in their businesses and looking at the real estate market as (well->*)
we operate for the (longterm->long term) so we look at dont look at daily fluctuations and
as you can see with this growth were also steadily widening the aperture over time
a lot of young people own a lot of options in something that could be very valuable
(*->i) would tell you that the opioid use in this population is relatively high
our second step is that all hands at oculus will be focused on breaking even
theres plenty of scope for optimization and life extension during that period
established an exchangeable bond based on the veon shares
and we anticipate that that cash flow is sustainable over the long term
the market potential and the timing of specific
addition of the nova system expansion work to be done
we raised our full year adjusted ebitda guidance range for the third time this year
of reconfiguring his organization to be much more effective
the number of common shares to be issued at the end of every 6month interest period
sure i mean we want to be (a->as) supportive (*->a) sponsor as we can be
china refinish market actually last year was flat overall as the new insurance
we see dividend really as a way of instilling capital discipline into the business
on the overall consumer landscape id also say that virtually all of the pricing actions we have taken
is absolutely on fire so that business has been growing strong double (digits->digit) for a number of years continues to outpace the market
key leading (indicator->indicators) for shipments for the balance of this year and beyond have strengthened in important ways
this shows me that we are on track to reach cash flow breakeven and gaap income this year
we are learning a lot while operating our automated advertising platform and we are constantly improving the way we sell and serve advertising
and the plan is for that to resolve itself for the most part in the current quarter
with the exiting position of europe i think they are well positioned from a margin and a profitability perspective now
i also think we did a better job of managing our working capital within the balance sheet and thats just a maturing business getting better at what it does so
while also returning significant cash to our shareholders since we began this journey 3 years ago
and continuing to eliminate less profitable skus as a result of these initiatives
value packaging or perhaps slowing the pace of new products or the pursuits of these white space opportunities you mentioned
which excludes any anticipated dilution related to the planned acquisition of (novadaq->novadac) technologies
mobile business as far as either a percentage or (a->*) revenue amount
so really we agreed to sell our share to that joint venture i think its a good outcome for both parties because
this excludes dilution from the novadaq acquisition that (glenn->glen) will cover in his section
you touched on this to some degree on the prepared remarks around the pixel but how are the conversations going now
challenge and we have a number of great projects going forward here developing new applications (thatll->that will) help in the long term
over the last 10 weeks is the quality of the design capability that we have within the company
(you would->youd) also think that given how this is all playing out and not really working out very well for anyone
and obviously were taking the capital out of the business as we do it so thats really 2 wins that weve been executing on on the infrastructure side
grow within that market (to->the) shift to (solid state drive->solidstate drives) where we have a leadership position
increase in those pressures in any significant way there is incremental capacity being brought on always in these kind of products
one characterized by strength in public demand joining the continuing recovery in private demand
and so were starting to see that growth and we know that theyre trying to accelerate the funding (*->so)
on the bottom line by pricing to recover input cost inflation weve protected profitability
this means developing and refining solutions that solve a wide variety of business objectives
turning now to our results by region while pricing was the main driver of our revenue growth
before we begin i would like to remind you that the discussions during this conference call will include forwardlooking statements
which is slightly below our previous expectations as we are experiencing some shortterm challenges in acetate flake
in short like many smart companies were selectively investing through the downturn in emerging markets
and the proposed (current->curig) transaction should further enhance our position in the global coffee category
removing friction from the way people use snapchat and view snaps will help us continue to grow our community over the coming year
we continue our discussions with potential buyers and still expect this process will take the greater part of this year to resolve itself
it strengthens the underlying health of our business (as->and is) a contributor to our margin improvement
what is your real capacity for the state itself to adequately meet
the booms and lights are also doing extremely well with our communications business and sports medicine which is obviously a smaller business
they will be convinced there is no better solution on the market and in most cases they will save (a->*)
as you as the telecom business continues to burn it a little bit
our focus on online to offline measurement throughout the year helped us capitalize on the holiday season
and has employee retention been an issue and the ability to keep the workforce focused on critical programs
as we have worked through a number of issues including the completion of the independent (audit committee->occupany) investigation
additionally we are planning for the transition of the creative tools business to the programmatic platform
further diversify our portfolio at this moment in time i think the valuations are way too high in the market
id expect that to repeat again in the third quarter and then ramp down in the fourth quarter
our second quarter bookings reflect healthy market conditions across all regions and product groups
cadbury dairy milk was up high single digits and (bubbly->bubbley) is off to a strong start
i dont have an update on the timing for publication of the dawn data i think you really have to look at all of those factors
we have all the pieces in place to really appreciate to really accelerate
russia grew high teens for the year driven by strong growth across all categories
so the simple point rob is dont forget that we are growing essentially in line with our categories
looking beyond our strong financial results we believe the company is well positioned for continued success
while excluding the aforementioned revaluation gain and transaction fees and expenses
people who want to use integrated circuit technology complex integrated circuit technology going forward
including some very significant partners onboarded that have large sales forces on the street
obviously theres not a big revenue generation associated with that were now in full commercial launch so we feel
most of your peers so can you just talk generally about opex and sort of how you think about what you could cut and what you (cant well->can)
but i believe we can talk about that for sure in the third quarter and possibly next quarter
have you realized any seasonality in sales
we see continued improvement in germany despite the fact that that was one of the areas that we chose (*->to)
are looking for pixel to really understand how we are driving growth and i think thats one big area that we continue to invest
as you would expect well remain disciplined and patient sellers as we move through the process
we continue to be pleased with our results in europe and canada with our transatlantic operating model
its filled with phenomenally talented people and that these people are the foundation of our company
well from my standpoint i dont think we need to get much smaller we always have
now looking at our cost drivers were excited to continue to see our economic model gaining traction
i would add one thing on this is not the market but our operating folks in california have done
welcome to the vulcan materials company second quarter earnings call my name is (lynette->lannett) and i will be your conference coordinator today
that we call on and we have commercial sales execution thats been built up over decades
no material misstatements or fraudulent activities with the finances
the majority of our revenue is generated through brand advertising which seasonally peaks in the fourth quarter
without currency impact we would also have posted a significant improvement on net margin
and while i know you dont give guidance wondering how you feel about (the->that) level of consensus out there
the squeeze were doing is (*->really) looking at our hand after july seeing where we are
the outlook for the medical division is very strong not only for the remainder of this year but for the future
this better captures the scope of this business as we look to meet the needs of consumers beyond just traditional (foodservice->food service) outlets to all (away from home->awayfromhome) locations such as universities and health care facilities
so can you maybe get into a little bit more of whats driving that is it are your prices just still out of line with where key competitors are and you just need to make that adjustment or whats driving (that->*)
our team did a great job leveraging this increased volume and focusing on continuous improvement initiatives to improve operating margin by 5 percentage points compared to last years fourth quarter
and we continue to believe that that brand is best placed within pet specialty so we will continue to offer that brand exclusively to the pet specialty channel
(*->you) dont want to go down the road of giving kind of explicit guidance but im wondering just based on your comments on the state of the industry i think you even mentioned
as part of this plan we are placing added emphasis on the fastestgrowing segments within our categories with the goal of transforming our portfolio over time
reported operating margin in the quarter improved by 5 percentage points compared to the prior year through the combination of volume leverage mix and the net effect of continuous improvement initiatives
our working capital improvement initiatives reduction in capital expenditure and the noncash nature of some of our operating expenses has had a meaningful impact on free cash flow
for 2018 we expect that our capital expenditures will increase to 3 to 4 of revenue as we continue to make improvements to our data infrastructure to support our client growth
as well as currency with the weakening chinese renminbi partially offsetting these reductions are improvements in europe which (is continuing->has continued) to see very healthy downstream lng activity
these decreases were partially offset by higher variable shortterm compensation expense reflective of our improved operating income this quarter given the favorable impact from the insurance recovery
they understand the potential value of gene therapy and how it may be quite different than whats available on the marketplace and consistent with what the kols told us
this was at the end of december of 2017 there was an exhaustive amount of work done because we were concerned about the amounts that were being accrued and booked as revenue we found at that point in time
because we think thats where it has the greatest potential and is best meeting the needs of the consumer in that channel so we have no plans at this time to bring any other brands into the mass channel
the easy answer is in the big picture were not particularly sensitive in the (shortterm->short term) particularly if were still not growing and were sort of sitting around in idle then we might be a little more sensitive than normal but not in a huge way
these very high small volume dispense applications that were getting traction on so those are all the things (*->that) were trying to do to buffer it i cant say that thats going to mean were not going to see some
we are focusing our efforts on new product innovation and quality as well as making significant changes to the organization in terms of sales and customer engagement as well as operational efficiency
and i would argue that the factors that are going to hurt that category are going to be similar to whats happening in roast and ground its a pretty commoditized category
as ive said to our global team with each major phase of growth comes a stop of the train and at that stop some people get off and others get on
going forward we will adjust these numbers initially at the 6month point of the year they may go up they may go down at that point in time based upon how were collecting money
into the public sector organization at cornerstone and we see a lot of upside there particularly as we combine our health care product with
in terms of working all your way through the screening process and here we are on november 8 or 9 i think you get a sense of when that might have happened
and our marketing force (is->*) working as hard as they can the problem is (the->that) people are buying more loosely or maybe theyre trying to grow and so theyre lowering their prices this isnt the market where we want to compete in that sort of area
as (rahul->ralph) mentioned our profitability was significantly impacted by cost pressures from the increase in fuel prices and the depreciation of the indian rupee as well as from the competitive fare environment
(*->last) quarter with 3 of the 4 chinese mobile guys and what we see from them is more interest in doing more automation more interest in doing more sophisticated
as our business leaders prepare for the annual plan in the coming months i have challenged the groups with identifying new ways to expand revenues and focus on productivity initiatives
first as you have seen in the q4 15 results and the press release issued on wednesday we have aligned our operating segments to our strategic pillars this lines up our reporting structure with how we review the business
as we look to the future we believe the changes we have made (can->have) put us in a better position to successfully drive recurring revenue and margin expansion
generally land expenditures are lumpy because land terms usually you lock them up and then you dont have to spend any money on renewals for a while so thats one of the main drivers
our margins are (stabilized->stabilizing) and we will continue to focus our efforts on delivering the expected us profitability as well as the integration of the brazilian business following the (vigor->vegor) acquisition
restructuring actions are largely behind the company now in terms of the cost are there any additional actions that could be taken in fy 17 and how are you thinking about
our wins on the hondajet (aileron flap->ailarons flat) assemblies and engine (pylons->pilot lines) would not have been possible without the existing customer relationship with our engineering services business
we caution you that the actual results could differ materially from those that are indicated in these forwardlooking statements due to a variety of factors information concerning these factors can be found in the companys filings with the sec
like this one from a sort of profitability and volume angle for competitors do you think theres going to be a lot more attrition and opportunity for you to gain share and maybe pick up some depressed assets or how do you think about that going into 2017 (i->*)
that seems a little inconsistent with the guidance which implies that your fourth quarter profits are going to be really high to make up for the miss in the beginning of the year sorry for the duration there
the second quarter is seasonally the weakest quarter of the year in addition as you are aware there has been a surge in the fuel prices and a significant depreciation in the indian rupee during the quarter
as we look ahead we remain focused every day on (the->*) fundamentals managing (costs->cost) winning new business and executing well on what weve already won
not the best thing in the world its not 30 but theres certainly a significant possibility given whats going on that they could go lower before they go up it is a little novel that theyve slowed down (for->from) the moment
and it comes down to were certainly encouraged by the sec to highlight and report gaap numbers
that we will see a reduction in our compensation expense as we move through the year we also have been working hard with our teams to identify budget reductions
i would like to refer everyone to the cautionary language included in stratus press release issued today and to the risk factors described in stratus form 10k and subsequent sec filings
and is subject to a number of significant risks and uncertainties that could cause actual results to differ materially from those anticipated
for a summary of specific risk factors that could cause results to differ materially from those expressed in the forwardlooking statements
and again we have a full portfolio of programs were driving around productivity that we expect will deliver over the next
days it takes to drill and complete our wells from year to year so even where were mature were still continuing to see a significant
as you think about your models for the next 2 quarters remember that q4 is seasonally a higher revenue quarter
now that were a little further into this process i was wondering if there were any maybe more specific metrics you could share along those lines because
and i dont have the intention of really changing my capital management strategy at the current time id like to put it to use
we continue to experience steady and strong adjusted ebitda growth and margin expansion and feel good about our opportunity to extend that into the future
and thats why we have taken time to really work with our clients to reflect that in (the->*) price increases and so thats why
if our customers are down a little more in the second half than they expected then we will be too and thats exactly what is happening
ill also expand on a few of our key achievements in 2016 and discuss how they contribute to (vermillions->vermilions) selffunded growth and income model
and now in chocolate is simply the playbook which is that we (or->*) intend to have all of our categories available
we are addressing it we have been addressing it for some time and we are very sure that its going to improve we are investing in this factory
i am also excited that we can now discuss cable ones growth in total as both the current and prior year
we have significant opportunities to expand our share of these served markets by leveraging our strong relationships
the divestitures improve our growth rates while were moving quickly to remove stranded costs associated with these actions
across the board and something that were looking to address with the price increases that were implementing effective may 1 as well
and we also saw a slight recovery in asia where petrochemicals and (syngas->singyar) sales improved slightly
regarding people we are very focused on improving employee engagement and the overall culture at freds pharmacy
building a lot of results from banks in certainly the first half of 2016 but were going to work hard on signing at least one deal
we have to find new ways for distribution so its something really depends on the cycle i will tell you we do believe where the market is priced today
to the business but over the last couple of years weve definitely been building it out as a standalone company so if we did decide
so all of our contracts are predicated on passing through the full us cost of prime
we will work with our growing list of customers we will buy companies that give us a platform for additional revenue growth
in 2015 we appointed a global chief actuary and added a new chief pricing and new chief reserving actuarial positions
for the last 4 days of the quarter and into the third quarter we had limited ability to ship and invoice customers in many markets
this provides the clearest view of the sustainability of our spending and our resilience to commodity price movements
we confirm our target for the midterm to reach a position in the top tier of the specialty chemicals industry
or maybe sell a portion of it to a partner that has a different type of balance sheet and things where you would still have access
it was to a lesser degree and the reason is that in both of those areas and i (referred->refer) to this
in the first quarter we experienced similarly unfavorable market conditions intensified by additional cost pressure
and if i could ask one followup can you give us a sense on where you are in your programming renewal cycles
as we were ramping up in q1 not only did we ramp up their business but we got them (on a->in)
today i will reiterate our incremental growth objectives and give you a progress report on these initiatives
(are we->*) should we start thinking that you might not be producing as much top line going forward organically because of (a->*) reaction to a soft market
the malware incident has created a headwind and i would say it does make that target a little bit tougher as we talked a little bit about some of the third quarter
be a continuous and unchanged development during the year always trying to reinforce geographical or technological positions
we are optimistic about the opportunities this presents and we expect to share more on what we are evaluating next quarter
to raise our minimum store manager salary to this level because it is a most worthwhile investment in our employees
we have launched several key initiatives around assortment and inventory management that will lower our overall inventory days of supply
all right so now im going to turn my attention to (arc->ark) and take a few minutes to outline the progress weve been making in the solutions business
and additional entertainment clients so (there is->theres) no way at this point for us to separate that and
over the past 4 weeks weve worked tirelessly to restore our systems and recover from the disruption
and now i would like to turn the call over to your host for todays call and with that its my pleasure to hand over to patrick
so (*->i mean) just to be clear your trust funds you said had a positive return in the fourth quarter (was it->or) is it just positive in terms of the gains you were able to take (out->up)
its significant for advertisers because it really gives them insights in overtheair radio that
that concludes my formal remarks for the third quarter now ill add a few additional comments regarding the future
(no->*) i wouldnt do that and the reason i wouldnt do that is because a couple of reasons but one thing that you need to
and solid share performance while our biscuits business continued to face difficult price gaps and consumer (down trading->downtrading)
we are optimizing operations from macro processes like improved inventory assessment at our distribution centers
to the (regulations->regulation) the way theyve been written is that the test is whether youre a net domestic gas contributor or not
groups thinking that they work for a subsidiary of (neulion->new lion) that theyre not part of the core of our business
we were that was a deal we signed a few months ago but it was now fully completed (hereby->here by) beginning of january as
we believe that providing a great customer experience and great service all across the country will generate abovemarket performance
im happy to report that in november we signed a letter of intent with (sharecor->shercor) the louisiana hospital association
these results in retail pharmacy are offset by strong positive consecutive quarter growth in specialty pharmacy
this is consistent with managements view and our focus on the things that weve discussed in the past few quarters
that we would take for the classes that we want we would take all the business if it fits our underwriting so we feel good where the pricing is
im going to turn the call over to rick to take you through our third (quarters->quarter) earnings results and then youll be hearing from myself
with the success of summer jam in new york last month are there any plans to expand it to a series of concerts
and of course this is then impacting us that we have an underabsorption and on top of that we also have some
we respect that (*->and) we respect totally and i think with this new process that they have in place with the government
the projections and statements in this presentation speak only as of the date of this presentation
our asia pacific business delivered solid results while some of our markets in the middle east continue to be challenged
it has been the honor of a lifetime to serve as chairman and ceo of this great company
encapsulated in this intent to build integrated commercial infrastructure to manage revenue
already that work has been done in terms of how are we going to price that value prop
bruce will give specific details in a moment about where we are in each study but i want to talk briefly about our strategy
where theyre bringing some kind of a capability or perspective to us that we dont have
pretty insulated from market gyrations based on the longevity of the capital
as our fintech and online lending customers look to expand lending to (near->new) and subprime customers
so there have been no changes to our legal structure or corporate governance
and we believe that will make it more attractive to potential sellers (of->*) businesses we may want to buy
the offsetting factor is that the contracts tend to be shorter term in nature than our endtoend offerings
let me update you on the status of our remaining tax benefit related to the support payment we made in connection
they have driven our success to date and will enable our success going forward
have it picked up by the regulator i expect another year at least before we see that (coming->*)
what we observe is that while this is on the very very long term
we see this strength and consistency in new store performance
he was instrumental in both creating and realizing the vision for five below
protecting the resources and technology resources around npi was critical to us
differentiated and compelling capability and drive that into the market with passion
and then were starting to make investments in things like data
and we currently have a pending application for new market tax credits
and all the initiatives ive talked about on every call have been setting us up to have a great december
and the margin normalization in spain related to the increase in power purchase (costs->cost)
we think that if we would have to do this without our own
physician business that were absorbing with our current capabilities and (*->our) organic
only as of today and should not be relied upon as representing our views as of any subsequent date
to capitalize on these trends weve continued to scale our business development team
im wondering if you can contextualize this observation and say (if->*) what youre seeing is anecdotal from a few patients
to conclude we are very confident that the successful execution of the strategy and the flexibility
in that calculation we include the expense on nonrecurring security and technology transformation
if that income were to be reversed then a reversing deferred tax benefit would be recorded
in improving and enhancing both diagnosis but (have also->*) of course addressing misdiagnosis and
value we see in that scheduling process and that underlying scheduling technology
with potential infusion reactions so from our early data we were able to define (the->*)
in the first part of the quarter and were encouraged by that
we view this as an opportunity to begin relationships and deepen them over time
bear in mind that this is something that we started to evaluate well before tax reform seemed imminent
and position us for our longerterm success and move us toward our greater vision
i think theyre not done yet we i would expect
but believe that meaningful opportunities still lie ahead of us over the last 5 years
as i mentioned the studies are moving forward rapidly so we should have robust (datasets->data sets) at that time
that rolls off in the third quarter of 2019 and so there will be a step function change
is maybe less volatile we might have a decision on that but not in this
so if (there is->theres) no new surprises in the market for whatever reason
one of the challenges with alternative managers has been inconsistent distributions
in addition to central maine we also had a few other modular service wins in the quarter
with customers responding positively to the newness they have seen in our stores this year
with varying population densities age and income demographics
thank you for the question we dont
we highlight the distinction between current and deferred taxes since we find this to be important
these documents can be accessed on our website selectabiocom in particular
what i would expect the market clearing multiples to be in the larger transactions
is there any way you can quantify what that might be or give us a range or anything like (*->that)
we have adopted a dividend policy effective march 1 that we believe achieves the following
however the integration between the acute and physician environments is often weak
the sales cycle for a modular solution is much shorter than for endtoend
(here currently->*) the main piece in that is the new equipment that was flowing through for us
were excited about our future and the opportunities ahead with that let me turn it over to john
and has the complete focus of the entire leadership team this is not a technology project
this morning we also announced that weve submitted an election to the irs to be treated as a corporation
we believe these dynamics provide a substantial market opportunity for our modular solutions
in addition past results are not necessarily an indication of future performance
and hampers the development of numerous promising new medicines and novel modalities
those increases were offset by decreases in south america and in africa
our concrete plants are built (on->in) the energy group and quoting activity is very good for our plants
that are driving us toward our vision beginning with our commercial organization on this call
first this morning we announced the appointment of gary long as our chief commercial officer
at this point ill turn the call over to david to summarize our financial results for the second quarter
we have a very motivated team very experienced team we had a fantastic
some of the technology priorities weve talked about starting with
our dividend policy reflects our intention to retain net performance fees
and with the strength of our clinical development (in->and) patient advocacy and medical affairs (team->teams)
the various revenue cycle touch points from both the patient and provider standpoint
sort of an ongoing basis its not like theres a fixed term (or->where) someone uses it for a few months and then
and that directly had an impact on the conversion rate which rebounded
and the value prop behind that now as (we->weve) said always in the past its hard for us
infrastructure backlog was down mainly due to not having a large pellet plant on order
the increase in our domestic productivity (the->*) domestic production activity deduction
with a shrinking component in openended funds in traded liquid assets
we intend to grow the dividend in line with the growth of our feerelated earnings
we are also even more confident now (with->of) our pathway to drive galafold sales
(*->youre) making a good point in that there certainly is an offsetting
we continue to see high singledigit local currency growth in our european credit operations
these statements represent managements current expectations and are inherently uncertain
logistics (special lists->specialist) this morning as well
for definitions and reconciliations of the measures to the most directly comparable gaap measures
this work has led us to begin planning with nci for a potential combination
i would use (more->where) we were over the last few years which has been pretty consistent
financial constraint within the alternative space because of the structure
we have instead served customers largely in response to inbound requests
time because we have to make the case to do exactly what youre saying
yes absolutely you are correct there as well so i think that the upshot here really is that
at the same time we will continue our strong focus on the many other areas that we scored well
nurse coaches everything is designed to get people to the best care providers
that restlessness fuels the pace and intensity with which we are moving this enterprise forward on our mission
which resulted in that charge i think for ipl given that weve achieved first fire
weve been reading all the reports that you guys have written to understand the real strategy behind
enabling us to streamline costs and mitigate our operational impact in the communities we serve
by both executing our plan to approval and successfully competing in the marketplace
to reward and recognize their dedication and contribution to making our business better and stronger
we are no longer seeking a risksharing collaborator to develop this product candidate prior to clinical entry
we continue to forecast
we have refined our business model to reduce management layers and accelerate (decision making->decisionmaking)
that the prices well get for this will allow us to essentially pay off all the existing lenders
we believe these investments will give us a strategic advantage and support our customer needs
just ask (a->the) question what does an ideal target for you guys look like
our community and state care managers and community health workers evaluate prioritize
(the extent->they extend) the durability of our business while strengthening cash returns to our owners
during tonights call we may use a nongaap financial measure if we believe it is useful to investors
have you been able to (grow->go) have you been able to combine distributors (is there->theres) a bit of overlap there whats happening around that
and that it will now look ahead with plans to begin resettlement which will allow construction of the project
(on q3->*) we may have gotten our balance a little bit off and were (course correcting->coursecorrecting) that balance so
we look carefully at repricing risk in our loan portfolio and the securities portfolio
to unapproved change orders which has been a focal point for many investors in recent quarters
this knowledge of the market has been a key factor in our successful underwriting over the years
is there a scenario next quarter or (*->in) the coming quarters where
other tissues we have not been doing work internally in the neuro space
and we expect the fourth quarter to have the largest yearonyear core tax rate benefit
so a couple of things obviously weve continued to be active and (will->well) continue to be in the supply chain
on the other hand we are ready to support that business (with steel grades->for stee grid) which will make a difference in the future
(these->this) earnings does not reflect any significant benefit from the cost reduction program
recovered well from some of these avalanches which have been
that may help to explain some of the views that im stating right now as well
any such forwardlooking statements are intended to be covered by the safe harbor provisions
in that and there is no guarantee how long this will take but the
were also launching within our research business expansion into both payer market
weve tracked and closed tens of millions of gaps in care in the last year alone
is this something that we should consider could be
on slide 9 weve laid out the investment portfolio composition for the quarter
which will allow us to make incremental investments to further fortify our business
which will also be an integrated project with heater supply and storage included
will look like so we expect to come out of this meeting
analyses can be conducted when needed during this period to support regulatory submissions
back in over the next couple of quarters is there any way you can quantify or give us a range of
for details of the fourth quarter (and->in) 2015 im going to hand the microphone over to my partner
this liability was recorded in the second quarter at discounted present value
to move forward in some of these initiatives that were talking about today (or were->are) talking about right now
in medicaid we continue to expect strong revenue growth in 2018 and
we want to help as many of our patients as possible to be treated by these doctors
and not only does that bring a significant amount of definition
we have not included such receipts in our cash estimates for the (year->*)
we expect margins to improve over time as our investments drive revenue growth
the increase in net loss attributable to common stockholders for the (9 month->9month) period
(*->some) challenges on basically maintaining the productivity levels that weve seen recently
were not sure how thats going to impact the (markets->market) but i can tell you that
to the benefit of all consumers and payers across the spectrum of health care
(flowing->pulling) over the island and causing severe erosion to roadways foundations
so we have a strong emphasis on that its too small a percentage of our business and we need to grow (*->it)
reflecting increased activities associated with our (dcrphxc->dciphxc) program
in the second quarter of this year and then the life sciences market in q4 so
subsequently chinese steel mills continuing to enjoy high margins
and developing new relationships through centers of influence in our community
fourth it will allow for (a->*) much greater mobility of our international cash going forward
for the quarter there are several safety milestones and accomplishments that i want to highlight
in close collaboration with our customers we welcome him to this important role
and we have some exciting plans in that space over time but still
a significant portion of these deposits are compensating balances
so therefore you can imagine that we would like to
model a proportion of subjects whose trough level of drug
with that id now like to turn the call back to doug for closing remarks
that patients follow in ph and being able to eliminate that
and full revenue price points that are consistent between ourselves and our competitors
facility lookup and full price transparency directly to the consumer
the piece of the business in that segment had a 7 i guess negative
we will refranchise the business and thats what we did in jordan thats what we did in thailand
we also recently began field work on the total ethylene plant in port arthur texas
and expect to finalize our selection of the successful bidder by late november
and after the call a replay will be available for you
a normal life to them is an effective and convenient prophylactic therapy
this concludes todays conference call you may now disconnect
there are areas that are outside that as we continue to evolve and develop by the way thats in hr solutions
turning to slide 15 with all the major economies around the world growing
the agreement contemplates collaboration on more than 10 targets in total
would result in normalization of oxalate levels in all patients treated
we remain intently focused on improving our project execution and risk management
(by->*) opening the enrollment to a less frequent attack rate
and second is the good news is the portfolio works any which way you look at it
a sense of what can change so dramatically in the space of 3 months
and since we have not observed that yet in the trial while we do observe
this is higher than last year primarily due to the unfavorable foreign exchange rates and capital spending in our new cis segment in addition we made equipment purchases to expand manufacturing capacity in china
the majority of this cash is earmarked for future debt reduction and share repurchases we consider that the success weve had with the disposition program has prefunded these strategic priorities
and is accretive to our overall margin profile of csc so that was one of the reasons why this became apparent to us last year in particular
what i think we can say is tipi continues to demonstrate a very high level of clinical activity in this population and were doing everything we can to try to pursue all options for accelerated development
weve improved our internal capabilities through dedicated program management teams and have added to our internal actuarial and claims resources we have targeted unprofitable programs for corrective action or termination we have now instituted stricter underwriting policies
visibility and optimism about the runway of growth opportunities that will come from this the introduction of all of our categories into what can be white space what is white space for us in a number of markets
as irene mentioned were moving with a sense of urgency to address the issues weve identified and feel confident this business will return to growth we continue to expect to see improved results in the back half of the year
so it does take time to bring a lot of those deals to contract closure and execution and then the second investment is in the middle enterprise market where (weve->we) reoriented our sales coverage as i just talked about
let me now turn it over to brian to discuss our q2 performance in more detail thanks irene and good morning before i get into the quarter let me provide more details on the malware incident and where we currently stand in our recovery
regarding our ongoing focus on cost controls (weve->we) continued to identify areas of additional cost savings in q2 including the reduction in termination expense through elimination of our free voice app calling
as you would expect a very thorough multiyear process and in that process the board considered both internal and external candidates and it was there was a very talented pool of both internal and external candidates
first our financial performance in q3 is proving that there is little to fear in downturns as we now know them they are shallower shorter and much more profitable than the downturns of yesterday
still a tremendous amount of work to be done both leading up to the pivotal and then through the pivotal but i think antonio and the team are doing all of the critical steps now to prepare for the conduct of that pivotal trial
due to the improvement in our project slate we believe that most of these (cost->costs) and efficiency gains are durable over the long term with respect to 2017 services costs we note that a significant majority of our capital costs are locked in for the year
this quarter second quarter so i think its a little premature to put numbers on it and model it but its again a significant additional step that were taking to try to improve
we are working with our current customers as they develop their strategies and we see significant quote volume we recently won a program for an automotive battery chiller program with an existing customer in europe and are confident that we are well positioned in this important area
yes so i want to correct you on one thing we dont give guidance so it was a target and an aspirational target that weve actually worked towards and (sustained->sustain) and so we really dont want to get into the thought process that this is guidance
by now im sure youve seen our 2 press releases and youre all googling furiously so before we discuss our second quarter results let me take a few minutes to talk about my decision to retire and our plans for ceo succession
i mean yes if you go out and buy business it creates a problem in the marketplace and we are not going to do that so the business that we have is very focused and selective on how we can drive a value proposition for our customer
okay i think just to follow up with that and finalize with this but i mean you mentioned your win rates are doubling in those large contracts i mean is that from these specific areas maybe if you could list to us maybe the top 3 areas that you think you differentiate versus your competitors
thankfully our teams managed to keep many of our manufacturing facilities running which was a critical accomplishment we executed our business continuity and contingency plans to (make to->*) contain the impact of the incident
how should we think about the sustainability of those margins longer term as more competitors compete in those areas and then i know that you asked for only one question but could you just comment on
okay and what would you look for this year in terms of do you look for preneed sales to grow this year or is it still going to be down like it was in the quarter just given the transition in the sales force
so there is a plan that we will invest in to get to where we need to be 35 is our baseline we wont go below that but there will be some level of fluctuation as we move forward
during q2 we signed a number of new customer contracts and (continued->continue) to see a growing pipeline of new opportunities driven by both our direct and indirect sales channels by way of example
we achieved these strong operational results while preserving the strength of our balance sheet and maintaining our dividend in 2016 over our 14year history of paying a dividend we have increased our dividend 3x and have never reduced it
building companies and maximizing shareholder value klre was looking to invest in a unique opportunity with longterm growth potential and the ability to grow organically and through acquisitions
we continue to expect stronger earnings in the second half of the year as we realize synergies related to (uxc->uxe) and (xchanging->exchanging) and we benefit from other cost initiatives
weve improved our outlook for (highmargin->high margin) per share growth and were doing it for less capital were exceeding every expectation that was communicated at last years november investor day
we are benefiting from a better heating season this year after experiencing 2 years of market declines in addition to market growth we are also gaining market share in our historically strong midwest and northeast region along with making gains in the canadian market
the project is on track (and->the) first production is expected by the end of 2018 so those were just a few of the operational highlights from the first quarter now lets move to slide 10 to discuss the remainder of the year
but i will tell you we are seeing early success (and->i mean) part of the challenge is weve been talking about this for quite some time they announced 6 to 9 months ago and we told you what we were going to do and now were actually about doing it so we have every confidence
craig joined us in may from southwestern energy company where he was the senior vice president and chief financial officer before that he was controller and chief accounting officer for that company
i was hoping you could (*->just) come back to the overseas consumer business which seems to just be turning much quicker than we would have thought if you (could->can) just give us (*->to) talk about the top line a little bit and where i mean was there a lot of
i just had a quick followup one to the (a->*) few questions ago on the capital recycling i was just wondering if you could discuss as you go forward and youre more balanced in terms of dispositions versus (and->then) the uses of those proceeds what do you
to round out the update let me review the status of the rest of our pipeline we continue to make progress expanding the availability of rapivab by gaining approval in canada in january and filing for approval in europe earlier this year
deliver to prototype in what is (an irregular->in a regular) box and its not the typical groundup scenario weve done a number of these so weve been able to keep some cost efficiencies in line (in->and) working with our retail partners on the operations side
before i turn the call over to tom id like to take a few moments to outline our progress since we last talked in march when (a->the) decision was made to discontinue the (act iv->act4) study based on the recommendation of the data safety and monitoring board
if you could generalize with enterprises first of all if i look at our incumbent base theyve had the product for a long time they have their own experiences plus or minus with it but
those were 2 names that we had been watching for a while there are still some uses and tenants out there that were keeping a closer eye on but the magnitude of last years bankruptcies are certainly smaller as we look into this year
we believe an optimal dose therapy protocol of just 3 to 4 visits that offers much faster resolution of psoriatic plaques and greater convenience to patients has the potential to dramatically increase our market share
and then we are looking at different ways maybe some creative ways to actually start to build out the organic sales and marketing effort a little bit so certainly (increased->increase) trade show activities things like that
situation and so while we had a very good demand coming in 2017 are we going to see correction in 2018 this is something that we are looking into but we cannot be definitive but what we can share with you
we are encouraged by our results that demonstrate (the->that) ko539 has the potential to be active in subtypes representing approximately half of patients with aml and drive robust and (persisting->persistent) responses in preclinical models
reflecting our effort to bring these assets up to our proudly owned and operated by standard i would expect that rate of spend to begin to moderate as we get through more of the portfolio and address some of the items
and then the other thing ill note and this is things that were working on our systems and processes in ipass i made (the->a) comment that we moved very quickly and in a very short period of time made a lot of progress with the company
the very high level of clinical activity both in terms of the response rate 4 out of the first 6 patients responding as well as the durability so what that means in terms of thinking about a pivotal trial is
and demands to be connected and demands increasingly more data ubiquitously combined with (a->the) telecommunications industry that is struggling to meet these consumer demands profitably
the new capacity additions that will come (onboard->on board) in china they will start operation from this year and next year as well but that amount coming from the new plant whether or not it will have a big impact
high impact and high value and from suppliers that are very sticky so what we want to do is identify companies who are selling their complementary products into the same strategic market space that we are which is the regen med space the cell and gene therapy space
and to answer your second and third question im not sure if i heard all your questions correctly but in terms of the bio business and for the red bio and in terms of the growth strategy we
as well as expanding the awareness of our other indications that can be treated effectively with the xtrac im enthusiastic about positioning strata as the valued business partner of choice for dermatology and aesthetic medicine practices
turning to 2019 as jim highlighted the coming year will be an opportunity for the investment community to see accelerating results from the work that has been done over the last 3 years to create a platform positioned to take full advantage of the opportunity embedded in this portfolio
club (pilates->pulateties) and americas best uses that are really driving that small shop growth that jim mentioned earlier and the spaces that are part of redevelopments and outparcels we expect to drive considerable
as we do a zerobased budget for every space in the portfolio were taking a thoughtful look at each space and the spaces we may get back because of retailer distress or disruption and then theres an additional kind of portfolio reserve
that jim mentioned in his opening remarks this quarter we announced a deal with kohls at our box in london kentucky which we expect to announce other national tenants later this year and well start opening those spaces towards the end of the year
think would be a cap rate spread and do you think it would be positive or could it start out with being i guess negative and then growing as you put more effort into leasing or what have you at the various properties
so our aim is to really try to catch as many as we can as early as possible and get our products our current preservation media products baked into their protocols and so theyre carried through all the way it would be much easier for us to displace
putting us in a position where we have no debt maturities at this point until 2021 expanding the flexibility of the balance sheet repaying all that secured debt has created a tremendous amount of operational and financial flexibility across the capital stack so were really pleased
the primary endpoint of the study which required a minimum of 6 responses in the first 52 patients to be deemed successful has been met and exceeded with some patients still potentially progressing to response
and in the pursuit of this goal our largest and most important partners have told us that our ipass smartconnect technology has a 12 to 18month lead over any competition
we look forward to seeing the results of parts 2 and 3 of the trial which will study lower doses bill will provide an overview of what will be in the second interim analysis of (apex1->apex 1) shortly
for additional information including detailed discussion of risk factors please refer to the companys documents filed with the securities and exchange commission which can be accessed on (a->our) website id now like to turn the call over to (jon->john)
a little bit broader than your question but the point im trying to make is that i think retail is going to continue to evolve and the important thing as a landlord is that you have the flexibility and importantly the rent basis
but we view that as jim said earlier capital recycling (is->as) a fundamental part of the business you would see us do some of that activity no matter what really in any given year to continue to reinvest in the portfolio and generate growth from that point forward
we talked about not just redev what was recently completed and currently in process which is what that disclosure was but we also talked about the other part of the life cycle of redevelopment which was the future pipeline and everything that were teeing up
i can tell you that we have some progress and some things have been finalized but in terms of the overall contract i think we still have more work that we need to do to settle this issue
so thats the first thing i think the second thing is that the timing in relation to minutes or hours after the when you take the dose is it tends to the onset tends to be within the first few hours
thats been corrected and as were walking into the first the second half of the year were seeing some uplift in the renewals and we believe that were
thank you tom let me wrap up by saying things are getting very exciting at biocryst especially when you look at the progress (weve->we have) made so far this year
these features allow the user to follow the contour of the skin and avoid the stamping effect often seen with competing fractional lasers
we believe the coming year will demonstrate the growth potential of our asset base the internal capabilities we have developed with respect to redevelopment execution
up revised upwards in a similar manner or do you guys have an idea of how it might shake out in october
you saw in the first quarter our historically sort of high churn number thats when contracts come up for (renewals->renewal) so
our sales reps are being incentivized to work with our existing customers to improve the understanding of the value of xtrac to their practices
we expect the contribution from base rent and the detraction (our->or) contribution from net recoveries to follow the occupancy trajectory throughout the year
with a marquee customer base sticky relationships limited commercial competition and a phenomenal growth opportunity
today we are supplying thousands of customers directly and indirectly through our network of domestic and international distributors
so now let me just go into a little more deal and color on each of those points
quantify those cost savings longer term and if there was any material expense in terms of developing that platform
we believe the phase i portion of the study will complete enrollment in the next few months and that the phase ii portion of the study will initiate by yearend
there have been (has been->*) a fairly consistent maximum tolerated dose that held up in preclinical models in the toxicology studies
we plan to present data from the study at the european society for medical oncology esmo meeting in october
we think well have a better indication of what the adjusted (timeline->time line) will look like after we have come more extensive (europe->european) experience
with respect to our outlook for the full year of 2018 as we noted in our preliminary revenue release in early july
we reached out to our partners theyve reached out to us and theyre eager to work with us on extending their reach in the market
so those could be reagents those could be containers those could be devices (*->and) there could be some ancillary services that are also
longtime customers in that group and they tend to sign 3 to 5year contracts so theres a good amount of stability in the customer base
by completing a strategic investment in (racemi->resiving) a specialist in helping clients migrate their applications
increase that (flywheel->playwheel) as we move into the next second half and beyond also with the second half last year (the->*)
were quoting on a ton of connectivity business this year and we do believe this will help position us for future growth
in sum just a few weeks into this new year we are focused and excited for what we expect the year to bring
before i turn the call over to dr wilson i would like to remind you that todays call will include forwardlooking statements based on current expectations
demonstrated unprecedented effectiveness highly encouraging safety and a potential dosage regimen
with no likely requirement for an advisory committee meeting and with a pdufa date in the third quarter of this year
given your the number of programs that youve got and given the ability to understand how multiple therapies can be used into the future
and in terms of whether we can go in the black in the second half of 2018 that is our plan and we stand by our plan
(*->due) to significant known and unknown uncertainties and changes in circumstances many of which are beyond our control
required subjects to attend a clinic or a hospital when they had an attack necessitating sometimes long delays before treatment
its important to note that the projects we are gearing up for redevelopment are creating over (a->*) 100 basis point drag on occupancy
historically efficient mechanisms to do that so tax reform does not change that in any significant way
as you can tell im pretty confident about where altium is in terms of its preparation for the next phase of growth
we have a combination of 8 companyowned managed or licensed restaurants and unique food and beverage hospitality deals
we reduced our operating expenditures streamlining and focusing our operations through the implementation of a companywide restructuring
issued safety directives requiring operators to suspend public transport flights and commercial air transport operations
we believe our proprietary biopreservation media products have been used in more than 300 customer clinical applications
is that we see the ability to impact nearly half of the assets we have through accretive reinvestments everything from
slide 3 shows the agenda for todays review following the formal presentation we will be pleased to take your questions
the amount of mining days in itself is something that is being managed by the government and for us to operate (our->a) plant you need a
after much anticipation we could not be more excited to finally open (stk->sdk) orlando at the end of may
this has allowed us to significantly decrease drilling days and cost while improving our recent production results
that has several thousand locations representing a significant monthly recurring revenue opportunity
i would like to take a moment to remind you how we define backlog because it is different from all of our competitors
we have a really solid pipeline we expect to finish the year very strongly
any question about lack of efficacy on abdominal attacks because we have patients with symptoms
as (weve->we have) discussed our vision for strata is to become the dermatology and aesthetic medicine partner of choice
first i would like to review the plan for completion of apex1 this trial in hae patients
and again (yes->*) i think the numbers that brian quotes are numbers where we are going to split the box weve had a few executions
pretty much (at->in) one place at one time (theres->yes its) only one of you and so there needs to be more coverage of that kind of thing in the field (*->for these large accounts)
we continue to evaluate the appropriate structure for the (redomestication->redemistication) and plan to have an update on next quarters call
and expand our margins by improving our execution especially in the area of delivery
to give you a flavor of the kind of things that we have been doing i will mention a couple that i feel very strongly about
and at the appropriate time well make the decision on whether or not we would like to partner them or continue operating them as fully (*->hilled) owned assets (within->*)
but there will be data available and of course we would like to be able to talk about (it->*)
our goal is to position strata as a business partner one that can help practices and physicians be successful
preliminary evidence also suggested a correlation between biomarker data and stable disease or better in 7 of these patients
theyve been forcing people to come to the hospital or the clinic to get the experimental medicine so i think itll be a very interesting study
i know theres also a supply side issue as well but i just wonder if you could talk more about the demand side because
from a strategic standpoint we did note the preference to build liquidity during q1 given the uncertainty around the ultimate
(we are->were) also tightening by raising the lower end of our adjusted operating income and adjusted ebitda guidance
weve improved our capabilities to service customers on a broader range of services
this is great for patients but it also means that it has taken many of us in (this->the) space more time to enroll studies
intrinsic growth opportunity in addition to a lot of other opportunities throughout the portfolio
the clinical lab results continue to illustrate our strength in the womens health segment and the growing market share of the new york region where new account acquisition continues
but its another matter of whether all these positions will be filled with the right candidates even if we want to hire 500 new employees
after we conclude our prepared comments our executive management team will be happy to answer questions lets turn to the slide presentation and discuss our second quarter results
we are also beginning to monetize many of our other new partner agreements and that should provide growing revenues over the next few quarters
try to predict these effects as you know and (i->*) dont guide on that but its a fact of the matter that in theory there are more selling days in q1 this year
this focus on avod will continue to enhance our unique ability to generate 4 separate revenue streams off of the huge ott streaming ecosystem
and we continue to evaluate opportunities to leverage the strength of the trex brand by adding complementary products to our portfolio
by the end of 2016 we expect our annual research and development spending on new products and cost reduction initiatives
when the prices started going down they were supposed to agree to a reduction but a number of them failed to remember that portion of the equation
in making these changes we believe investors will have a clearer view of the primary focus of our strategy which is to build our streaming ott network business
these are costs that are associated with the assays the reagents the platforms and these costs are imposed overall on labs with the products that they acquire
the flip side to that is when youre adding heads and youre not actually billing the client for those heads it has a negative impact on productivity or revenue per employee
it will be depleted so as soon as i mean as long as we have it we should focus on (molybdenum->molydenium) recovery because it gives us more money than copper recovery
in addition to the expected reductions related to rebasing (coding->coating) intensity and the outlier fixed dollar loss adjustment
if there are any deficiencies if theres any area where the physician may have missed a signature or there may be some missing
if this program continues it should ultimately supplant the work that is being done by (zpics->zpix) and also on adrs and so forth
the company does not undertake a duty to update these forwardlooking statements our supplemental information and discussion on this call will include certain nongaap financial measures
in q3 (*->that) you believe that sales should be more or less in line with the production or perhaps your sales will be higher than the actual production volume because you have
core customer base and we like that i think many folks like you have said thats a core strength of our company but you can clearly see that the folks that are out there that are chasing
pricing has also stabilized and is beginning to improve particularly for equipment and personnel with demonstrated performance capability while pricing is expected to improve
think when (you->we) look back you would have seen that we had a pickup in portfolio (of->*) product in second quarter of last year also so i dont think theres any (really->real) shift in process chris youve got your
and just overall healthy demand in the space so there are certainly a number of factors that could help us get towards the higher end or potentially beyond the higher end of guidance
we have the ability to process our own test results for our constituent physicians and clinics at a highly attractive cost relative to reimbursement
so as we think about the future and this is our view but as we think about the future the disintermediation is going to occur primarily in the skilled nursing
we hope (it->there) will be a harbinger of relatively fast regulatory approval of future assays now in our pipeline since we believe
requires less upfront and ongoing investment in content than the subscription vod business and continues to utilize our existing library of content
in china where our investment from bison and business partnerships are allowing us to operate in an advantage business situation versus our competitors
this especially affects the many smaller (and->*) independent labs as well as medical center units especially at a time when reimbursements are steadily declining
so this is what it is in terms of cash flow nothing much is happening and nothing special is happening so
the second is to reduce medicare spending (for->per) beneficiary importantly this second objective is measured over a 90day episode
its not unusual for labs especially the smaller to mediumsized independent labs to send these specimens to those specialized labs on a reference basis
such statements include declarations regarding the intent belief or current expectations of the company and its management including those related to cash flow
we expect margin performance in spite of all the investments that we will make and some of these investments will continue to be at an accelerated pace
our inpatient clinical information system has been installed at 6 former reliant hospitals and will be installed in all former reliant hospitals by yearend
this sale followed the purchase of a separate site still in florida which is better suited for our construction and installation team based in pompano beach
that will benefit us long term we (continued->continue) to harvest some of that cost saving over there some of it is already in place in fact id say a big slug of it is in place
this segment is gearing up its production capabilities as product approvals are granted so that we can readily provide new and additional products
go into production (of drill->or drilled) holes go immediately into production and if they dont go into production there is no fracking so thats why we say its indirect
and that has subsequently led to an increase in this what we refer to as the conversion of referrals to admissions in many of our markets
in addition to the consolidation of segments referred to above and the renaming we also provide ott streaming and related digital revenues
as a reminder this proposal is 900plus pages and was published just this week so our analysis is preliminary at this point
but also from a business model perspective the financial profile of avod revenues is extremely appealing because it is less capital intensive
we keep our focus in managing our customer base using more and more analytic tools (toward profiling->to help providing) our clients even better
we are actually looking at a global strategy review on how we best set up ourselves
good work on that front (hey->*) barry i was wondering if you might be able to chat a little bit more about some of the trends (you are->youre) seeing with payers and how that might impact
we will also run our plants at a higher capacity utilization to achieve the appropriate level of inventory to support 2017 growth objectives
popcorn (in->*) 3 different tastes and popcorn are naturally high on fiber and is probably the most healthy snack you can eat
did you move pricing up during last year we normally think of april but actually because of the hydrocarbon effect were you putting through price increases as the year evolved
now lets move on (to->the) results and i will make some additional remarks on this topic at the end of my presentation
this quarter the question (du jour->did your) appears to be about our fourth quarter production guidance coming in a little lower than our previous guidance
these improvements to both the top and bottom line also reflected the achievement of certain synergies related to the successful integration
looking ahead for the remainder of the year our pipelines are strong and our outlook remains positive
you would be account by account and one of the things that we think is a strength of the inomax offering
but please do not take what we did in this quarter and use it as a run rate moving forward because of that investment cycle
this is really a remarkable product this is a cell line that actually allows (a->*) recapitulation of the patients (own->on) skin
(the->and a) large part of this is about nurturing also our engineering and operational excellence
the regulatory regime that were under would have actually created a safer better credit profile for a lot of our lenders
so that should be kept in mind but the fact that the second quarter growth (*->is)
this stuff i think we should get out (*->of) sort of necessarily thinking about it in those terms there are events
primarily reflects the impact of changes in service mix between our transaction and annuity businesses
partners to solve thousands of engineering challenges and (yield->fuel) many scientific discoveries
and as matt described in some detail the fact that were seeing customers and significant major customers
and the momentum continues to be very strong as rv manufacturers and dealers add capacity where necessary to meet growing demand
today well cover some of the highlights from the period and some key milestones you can look forward to in coming months
that really reflects the fact that weve got a very efficient financing structure in place
we have plenty of liquidity to repay this maturity without needing to access the term debt market
across both civilian and defense agencies we see significant opportunity for a wide spectrum of our service offerings
so thank you very much indeed for listening to our presentation and we look forward to taking your questions
and were down slightly by approximately 1 for the same period primarily as a result of continued weakness in the canadian dollar
thank you michelle thank you for joining the call this afternoon to discuss the companys third quarter financial results
the benefits of unifying our operating platform and additional opportunities for efficiency as a result
we continue to see ways to improve profitability although we do not believe it will be a smooth path
section of the website ares capital corporations earnings release and 10q are also available on the companys website
while deploying additional resources to focus on opportunities (and->in) markets where we are (under penetrated->underpenetrated)
while weve made great progress our team understands that it is still early in our transformation
actual results and performance may differ from those included in the forwardlooking statements as a result of factors
such as industrial iot smart mobile devices and the connected car
noted that given the (increase->increased) local authority austerity that despite
in addition most of the charter investment security book was sold at close and remained uninvested at
patients their families and our patient group partners should know that we remain deeply committed to this work
(*->and) in the coming months we will continue to work with the primary investigators and the fda to clarify a potential path forward
if we think about the pattern that weve seen in recent years is it still
while these products (continued->continue) to be adversely impacted by reduced spending in oil and gas exploration
next in the top table is our full year financial forecast
the outstanding caliber of our people and their ability to win new business and support the needs of our clients
most of the money all the money will get spent this quarter but they may come in late december even potentially into early january
its a seasonally slow quarter for us in florida and we had some cases where in this quarter
at the end of the quarter nonaccruals as a percentage of the total portfolio at cost
we also feel good about our continued progress with our strategic priority to reduce the companys leverage
additional and continuing opportunities in business development to enhance our pipeline
(and->*) maybe just talk about that point a little bit we see that the fifth wheel shipments have been perking up as of late
on the books that could eventually rotate out of the portfolio what was the average yield on those assets
our strategy has always been that the way to extract more is to provide more services
from a capital structure and allocation perspective we recently completed a public offering of our common stock
we expect to continue to realize the benefit of these capital investments as we progress through the remainder of the year
and we have been losing so theres one currently in tampa that were trying to
we (have->had) available capacity within q2 and we could have chosen to produce those orders
is look at our underlying (costs->cost) of that and look at the pieces that actually
be repeated in the next period as it was done in this quarter
having said that in light of the companys efforts over the years in terms of the new business like the battery business
all the stakeholders understand that we understand the market and that were going to address the market being there so
of products that are innovative and demonstrate value to the health care system
that you already know then that our dividend will increase next year due to the fact that it also
and that includes atlanta as well as orlando tampa and jacksonville so were not done investing
and we started seeing quite a few wells just to the north of us where
we are in a position to lead the research (and->in) elemental technology using noma and high frequency
we have to bring it into the device and if we talk device we talk (gerresheimer->gerresheim) so
and what were seeing is increased demand for outsourcing and we see their growth
this team has begun to train all of our approximately 400 sales associates on a contemporary
and by the end of august we will have been through some part of our operations in every single one of our plants
a complicated ultrarare neurodegenerative disease that typically presents in childhood and is ultimately fatal
and where we really saw the opportunity to increase guidance significantly this morning
and were also seeking to streamline the board structure and we are in constructive dialogue with ofwat (as->*)
certain portfolio companies we are presenting that expense through this line item
our technology and our marketing to drive business growth to deliver the best consumer experience and the best value to our partners
in turn the solutions we deliver provide us with unique insights to better target and recruit talent with key skills
theres no question that were thinking big and were looking out there into the market and seeing whats available and whats possible
there remains some uncertainty about what that will turn into next year because while i think (tow->tot) destocking will be over
we had lots to sell over the last couple of years which is one of the reasons that we purchased american capital
the (k->key) factor is that factor that will correct any deviation
theres a lot of new technology evolving so i think if you look backwards and think about desktop thats (a->*)
i would also like to thank our employees for maintaining our focus on growth and profitability
the conference has now concluded thank you for attending todays presentation you may now disconnect
creating intelligent engagements focused on business outcomes and investing in digital solutions wns also received further validation of our capabilities in (this->the) subvertical
defend its market position because they are maybe seeing that youre increasing your offering in this niche market and they are maybe cutting prices a little bit to trying to keep you out of the business
going forward wed expect really more of the same of that where we see more sales going through the dealers that we have as opposed to an expansion of the number of dealers
and this has been an ongoing issue weve tried sending letters weve made phone calls but for whatever reason people get into the process of doing these (and->that) just dont continue so
however i think the industry overall sees that the raw material decline environment is coming to an end and there are already some signs of sales price stabilization
this new system will allow for better controlled (data basing->databasing) of our content rights as well as enabling us to speed up the delivery of massive volumes of content to digital and ott platforms worldwide
addressing the problematic areas so we feel very good about the progress that weve made in terms of the completeness and accuracy of the documentation component (of->on) our records
the trex brand is closely associated with the exact attributes it represents namely highly designed (outdoorliving->outdoor living) products that retain their luster with minimal maintenance
and were only halfway through the year our development pipelines for both segments remain robust and we anticipate announcing additional growth projects throughout the second half of the (year->*)
but what weve been able to do in the past and been very successful is find ways where we can be more impactful with a minimal amount of expanded spending on the branding
result or is it likely to become a positive trend that is going to stay with us for longer and another question about molybdenum sales
continuous improvement driven through operations as well as the capital investments we are making that being said we are running more of the capacity that we have (in->on) an annualized basis due to the growth
so it will be inefficient we are going to have to add some incremental staff that incremental staff in the home health segment
and finally our partner encompass has established a very solid track record of treating complex patients in their homes through their specialty programs 2 of which focus on cardiac
in the next half year (a year->*) it will steadily fall it will not fall sharply so the next year it will fall slightly and in a stable manner then after this time it will
additionally on july 20 we announced the closure of our legacy hospital in downtown austin and its consolidation with 1 of the 2 former reliant hospitals in that market
but we dont want to add them too far in advance i also want to comment and this is an elaboration on jays explanation of these provisions earlier on that although we believe that there may be some friction cost
a result of our focus on meeting the needs of patients recovering from strokes and those suffering from a wide range of debilitating neurological conditions conditions that are more prevalent in older adults
based on the reaction from our distribution partners and sales team we are confident that it will receive excellent market response in the niche market it addresses when it is introduced
then if we have any excess capital we will distribute that back to the shareholders in one way or another and what we have done as you alluded to weve done that through share buybacks the last couple of years
i dont think youre going to spend quite that much in some of your new series but could you talk about what you spend on content and the ways (*->that) you have to manage your content acquisition and creation costs
before turning the agenda over to doug i want to provide our perspective on the new bundling initiatives given the level of interest this topic has generated over the last several days
we believe we can continue to enhance the clinical collaboration between our 2 segments thereby continuing to increase the number of patients cared for by encompass agencies over time
its everything you said its a combination of all of that remember weve taken a pivot now we have a base subscription business and weve moved over to this avod concept so youre looking at
what is also important is that our integrated life (sciences->science) clinical (labs->lab) model has enabled us to produce assays at a very favorable cost especially as related to current and projected reimbursement levels
our business is driven by the number of patients that we serve and we dont take anything for granted with respect to volumes and being able to execute on that so
great britains performance reflected the difficult trading conditions these primarily being the severe winter weather in the first quarter and the increased input costs but also an element of brexit uncertainty
the award recognizes trexs leadership in the environmental stewardship in addition to our circular economic model where trex takes plastic waste from home depot stores
(*->yes) i think youre right joe i mean clearly weve had some good traction in terms of large deal signings and in terms of new client adds over the past couple of quarters and youve seen
so the demand for quality avod offerings is clearly huge and will continue to grow rapidly as more and more consumers make their choices in the ott space
weve been very effective at going to new vendors and being able to contain the cost increases on poly quite effectively over the last 8 years
needless to say declining reimbursements are the (bane->vein) of the diagnostics industry and a continuing issue for the medical profession if medical practitioners are to continue diagnosing treating and monitoring patients
were finding that payers are asking for more and more information (too->to) before reimbursement takes place for example theyre asking for not only letters of medical necessity but theyre asking for support
we positioned ourselves as a company that understands the space (really->very) well and then understands how to leverage the data that this company was generating is what helped us stand apart
but were working on that and the place that well start as jay mentioned is to be able to go to our acute care partners and offer to serve as a collaborator on the risk sharing beginning in the second year of the program
i just wanted to explain how weve reported our results for 2018 we have updated our operating segments to reflect the new structure of management reporting following the lagan acquisition
has led us to estimate the impact to healthsouth as a reimbursement reduction of 3 to 4 this updated estimate may be found on slide 20 of the supplemental materials
(i mean->*) we have quite a few tests that are in the developmental pipeline all of these tests are in different stages of the development process
organizational changes weve made in the company and you see the effects coming through even earlier than we expected (with->was) the 50 basis points operating expense
spreads continues to drag on the total growth of food you may remember that last year we said that the performance of the bcs unit the (spreads->spread) unit
what we needed to do was go out and recruit additional people to draw business in for us and thats exactly what we did we hired 2 additional producing sales managers in the fourth quarter
in some instances as i mentioned earlier this means taking a step back or foregoing some shortterm top line gains in order to build the brand back in (the->a) way that is sustainable
now going into the financial (year so->years) i have just singled out 3 areas that were of concern or were happening last year
and were again largely reinvested in offsetting cost inflation to maintain competitiveness and affordability in markets where real consumer incomes are under pressure
of the dividend on our preferred stock we remain confident that our business model will continue to generate strong cash flow and support our growth strategy
how sustainable is that performance particularly in light of your earlier comments about how important it is to drive the top line more than margin expansion because
internationally we are also seeing great response to our new product were confident that the assortments the design team is creating will work equally well both internationally and domestically
during the year but we feel comfortable with this range and that new revenues will begin to flow off this years capital projects in 2019 and beyond
but the actual pressure of our customers was more at that time than it is now we have had time to reformulate to offer
were (going to were->*) not going to overpay for anything were going to be very disciplined and very selective in terms of the quality dealership we buy and how much we pay for the dealership
moreover were very excited about what youll see (in->on) the floors in the back half of the year and believe that we will start to see an inflection point in our performance during the holiday season
to maintain competitiveness one of the big advantages we think we have and one of the reasons we dont believe (necessary->necessarily) that the amazon threat becomes a
i personally dont think theyre related to our move to connected (4->for) growth which is absolutely needed and certainly will put the company in a better position as we move forward
not only have we integrated these crucial acquisitions at the right time for us but we believe that we also have the skills to actually drive them higher
but as we saw the complete magnitude of the freight and everything else and the really strengthening demand we made some pretty significant moves here in may
make you aware that the conference we will have it on audio so that means the formal part of our presentation
the answer to your second question is that no one can sit here today and determine how much of our flexible revenues are subject to
(were moved->will move) forward into the fourth quarter of fiscal 2014 from the first quarter of fiscal 2015 the cadence of spring shipments this year
market importance towards the suppliers can be used all of that should create additional funds
now turning to (a->*) review of our outlook for fiscal year 2016 which we introduced in our press release on march 7 other than the impact
we anticipate corporate costs can be kept at or around these fy 17 levels going forward with the current business mix
we are now in the process of implementing changes that we think will drive higher connect continue to improve arpu and give our customers even greater choice and control
our purpose is to make a difference in the moments that matter and create value for our clients our colleagues our shareholders and the broader community
we want to have fewer people in the company that support and we want to have more people directly linked to the output and being closer to the market
results from a lag in passing through higher costs on certain noncontract high valueadded products weve experienced this in the past when market conditions were similar
this dealership is now branded as (lazydays->lazy days) of minneapolis our minnesota team is talented and we are excited to welcome them into the lazydays family
growing aluminum growing automotive and industrial demand and continued improvement in manufacturing cost efficiency provided some benefit cushioning the margin squeeze
we dont want to give you exactly the figures on that one but you need to trust us that the order intake in this area has been very solid in q4 and continue to look very promising also for the running quarter
demand for evaluation services before deliveries is also growing and it (will->to) be growing in future as well
investors should not assume that statements made during the call will remain operative at a later time and the company undertakes no obligation to update any information discussed on the call
were already starting to see the evidence of how this next stage in our change journey will ensure we stay ahead in this fastmoving world
for some time we have been struggling with one of our factories in czech republic to get workers and to keep the workers and this bottleneck has been
in the entire energy supply chain including natural gas which covers a large area from upstream to downstream
finally we recently filed a settlement in our new mexico rate case which was reached between sps the staff and other parties
the real upside for value creation is combining 2 successful organizations into an even more innovative and talented professional services firm
and then we got hammered by freight (costs->cost) and we had an unfavorable environment to really get pricing because of the aerospace destocking so
this capital is used to bring our capital levels more in line with peers and will be used for general corporate purposes and take advantage of strategic opportunities in the future
the lower end of the market or the smaller players out there eventually get consolidated and are you coming across them in the field competitively
chocolate center one look at that one (thats what->*) you have seen when coming up the stairs that is what we are doing at the back here
(*->a) bit of a positive in terms of fx were also adjusting our corporate expense forecast largely as a result of
also continuing to make progress on our whole data evaluation agreement with nielsen as well as some other pretty interesting things that were doing in the data space
we implemented plans early in the year to offset the impact of the rate reduction in texas as well as unfavorable weather and lower sales growth
in most major geographies a number of markets where we have some of the largest businesses saw the effect of unique countryrelated shocks
looking at (*->the) outlook for the coming quarter i have to say that we debated a little bit internally on what to say ended up with this conclusion and saying that (we are->*)
but we do want to confirm an outlook of 8 to 10 organic revenue growth again next year with an expectation
in addition to all the uncertainty surrounding metal (costs->cost) new federal regulations have caused a truck driver shortage resulting in much higher freight (costs->cost) across the nation
freight cost expansion that we saw in the first quarter as a consequence of federal regulations further exacerbated that situation and really hammered us in the first quarter
together with our talented and dedicated employees im confident we will continue to deliver value to our shareholders thank you for your time
so i think what was encouraging in some of the disclosures we made around backlog is that we were able to extend
steps that are in our control and we know how to execute upon to improve our overall performance and find additional cost savings
another favorable element to be noted is the price increase we (witness->witnessed) for industrial services this is good news for suez
pricing in the industry and your product versus productivity and efficiency versus cost inflation from labor et cetera
she is im expanding her role because i want to leverage her experience of commercializing design and driving
how do we try to leverage the various online platforms which are there and make the maybe get the maximum wallet share and make the customers much more sticky
participate to the extent required to maybe wet our feet and then probably plunge headlong once we are very comfortable
during our call today we will reference certain nongaap financial measures which we believe provide investors with additional information
so you had mentioned that you had seen some worry is there some reason for this worry in terms of numbers as well
thats true most of the changes that weve made to our (quotoshare->quota share) structures were done a couple of years ago so
heres my first question with regards to the guidance (*->threat) the range where does that come from for ad
providing new movie releases and games to millions of consumers we continue to believe that this will be the case for many years to come
good morning im steve (rolfs->rolffs) senior vice president and chief financial officer of sensient technologies corporation
the long run average has been 70 across the portfolio and (in->*) some years youre a little bit below that and some years youre a little bit above that and
opportunities that this could present for sensient could present for the market and maybe some restrictions that it could present for you going forward
this is kind of what we would have expected based upon kind of the last few years and how we see the business going forward jay you want to add
our revenue growth has been driven by new product launches across a wide range of products due to changing consumer preferences
like savory or beverage as it is a group of products and those group of products could span any number of segments
so if youre talking epoxies in total (there is->theres) a significant piece there but its not on the specialty side i was interpreting your question
(*->in) implementing a lot of the same best practice and also excited by seeing that our (wholesaling->wholesale) wholesale partners
business revenues grew (mid single->midsingle) digits in the fourth quarter and we plan to maintain the price increases that weve implemented
we do have schedules on hand and we know what our shipping windows are and what our obligations are relative to their schedules
no i think it was a good quarter (in->at) a number of levels volumes are holding up well we are seeing strong demand on the refuse side
can it also have this attribute thats the key part why we continue to see a lot of growth in this market is because weve invested
and which is a pressure on net interest margins is the whole lcr regime or the liquidity coverage ratio regime
compared to our expectations revenue excluding storm restoration services was at the upper end of guidance but earnings were near the low end
(as->and) you can imagine that there has been a lot of work over the last years of moving the port infrastructures around
as we did in our first quarter 10q well include a comparison in the footnote to show our (revenues->revenue as) reported under both the new and the old standard
also during this call various remarks we make about future expectations plans and prospects for the company
so we feel good about the competitive positioning were working hard to get ahead of the complexity on this large program
environmentally friendly products into their portfolios in terms of their public transport products
many investment has been postponed in the french water and now a lot of
are very wide and (allpervasive->all pervasive) and (we->they) keep including all the new technologies that are coming into place within the organization
i confirm to you today that (i am->im) absolutely in the same mood about the rationale of this strategic deal
in the middle of last year we noted that we were evaluating strategic alternatives for a facility within our flavors business
they may hire some lowlevel analysts to do due diligence for them or have a function answering to other portfolio managers who are also managing clients
an important part of getting back to high performance is strengthening our leadership team on both the design and (operation->operations) side of the business
but there is still a big opportunity and we continue to work on that front both on assets and transactions and the liability side (and even if->*)
(performance in latin america->*) more than compensating the negative effect of unfavorable weather conditions in may and june in spain and france
you are reminded that certain statements made in this conference call and our responses to various questions may constitute forwardlooking statements
as you probably know we tend to have very good access to customers in the world of personal care and cosmetics
the asset sales and the recent equity raise has given us a financial platform to execute our goals
a lot of these projects are related to new technologies and those are my favorite we have very high expectations for the returns that we can get on those
overall in terms of the credit cycle the new flow into challenging accounts
(*->the) head of our international business with us here today but over the last year weve hired more than a dozen senior people
reiterating the way (we->weve) run this company from day 1 were thinking about everything from a very long term were adding systems that will support
in terms of the margins and i do hope and believe that the rbi in due course will reduce
for activity in middle east and everywhere where you have companies and countries
thank you and im not showing any further questions on the phone lines i would now like to turn the call back over to mr craig morrison for any further remarks
and so we think that could be the largest change that could happen from now and so we
we have services to monetize those services and this depicts that scenario regarding media business
the facility primarily produced ingredients that did not align well with our strategy of producing valueadded savory flavors
the portfolio and core ffo so ultimately the handful of decisions we made to let tenants roll out and then opportunistically either
(*->where) we rolled the new tenant up to market and let the old tenant roll out that obviously hit our headline retention number but was a positive for
or out of our north carolina for customers that want a quicker delivery time but a little higher cost
can you im not sure we understand the question do you mind just saying it one more time with regard to (retentions->retention) specifically im not sure what youre referring to
the chain stores that have a nationwide presence when those (type->types) of merchants increase the amount of
of your portfolio so you take for example ice cream as one we were very much in the bulk segment in retail and weve really worked hard over the last 4 or 5 years
we are anticipating that any benefit we see related to the (any->*) to federal rate increases could be offset by an increase in our deposit (costs->cost) as a result of increased competition
has gotten a bit healthier we dont add many new accounts in the thing but their room nights are up some and there was a while there a year ago where they were actually soft
chart where we show you the first area (on->*) the first line you know already everything so i dont repeat it on the second one some news that came out today
(outweigh the->outweighed) supply because that hasnt happened here in a while fall when it delivers (will->well) sit with some of the summer deliveries that will still be on the floor and start to be marked down which is
quite frankly at this juncture we would much rather have demand outweigh supply and potentially miss a few sales than to build inventory too quickly and risk excessive markdown events
and we own the ip and so we will continue to work with boeing and airbus and others in terms of helping them (in->and) their endeavors to participate more fully
fiscal year 18 first half results were characterized by strong positive growth on both sales and (the profits->profit) the main content is as shown here
decision is expected by december with final rates effective in january of 2017 we also have pending rate cases in minnesota and in texas
(officer->*) in addition we have other members of the management team in the room to answer your questions this morning we will review our 2016 first quarter results and update you on recent business and regulatory developments
the visitors now let me hand over now the word to martin that will guide you through financial figures
and as you know we focus a lot on innovations in orkla and ill give you a few examples going through each of the business areas
but the capex business will lead to the opex business eventually thats why we will continue to focus on winning these major capex projects
that was the markets in brief and quickly going through it i have 2 (or->*) 3 comments on switzerland and now allow me to go into that
we are currently working toward winning the order currently projects are nicely distributed across different areas of the world
although the first quarter will still be recuperating in my opinion we see some positive news moving forward so now in india just to get the whole story
our portfolio is more focused and increasingly more aligned to the (long term->longterm) more attractive categories and segments our brands continue to strengthen
the arbitrated access (prices require->price is required) to reflect cost including (our->a) commercial rate of return prevailing market conditions for funds and risk
while we expect these efforts to impact our sales in the short term which is already reflected in our guidance we believe this is the right course of action to protect the longterm health of the vince brand
we continue to expect positive sales growth for the full year in all jurisdictions due to customer growth as well as planned expansion from some of our larger customers
perhaps even into 2019 before we completely get our practices finetuned to take full benefit of the capacity and the cost efficiency that we should get from this
now the next one i would like to give that is the outlook and the environment we are in environment of chocolate markets we talked already a lot about
they are not guarantees of future performance and therefore you should not put undue reliance upon them these results are subject to numerous risks and uncertainties which could cause actual results to differ materially from what we expect
where you actually know where these commodities are going to land its very difficult in an environment where commodities continue to bounce around to go out and put a plan together to offset and have
in our brazilian environment we feel that this is actually to our advantage and were strengthening our market positions but the overall market dynamic itself need to be dealt with
in my presentation i will focus on the full year results and jens will come back to the details on the quarter as well as full year
of the russell stover business in canada to our (lindt->lind) canada i think that is important because if you now look at the
during the quarter we benefited from the additional capacity and improving cost efficiencies from our recent investments at trentwood which served to partially counteract headwinds experienced in the first quarter
that said because we report net interest margin on a (taxequivalent->tax equivalent) basis our reported margin will decline 6 to 7 basis points
and look at the figures yourself i dont would like to name them all so we had in all the big markets relatively good growth
i think you mentioned you see that evolving in second half maybe you could just give us a little more detail there just wondering if second half order book for wholesale is expected to be down overall
it also reflects reduced interest income on cash deposits particularly in argentina following the relaxation of restrictions on remittances and in india where rates have come down
what that is at this stage because when you go through a big launch year there are lots of variables that get involved so as we get into february well start to put some additional color
we continue to believe that movements in foreign exchange rates will more than offset the continued impact of favorable fuel prices and be roughly in line with our guidance from the august earnings call (we->*)
i was just wondering as you look at the portfolio and if you look at the organic growth is there one particular market that you feel is holding you back or does it just come down to these (large projects->*)
in recent months however we have been able to facilitate agreements to reverse that flow south delivering more gas for domestic users in the southeastern part of the country
after the unpredictable events in 2016 this year promises to be more of the same the upheaval and accelerated change i talked about before
confirming the strengthening demand our lead times for plate products have expanded from approximately 10 weeks earlier in the year to approximately 20 weeks
do more machining more advanced surface treatment and working closer with the customers to make more specialized products where the (valueadd->value add) is higher
in the long run we should be much more effective with our working capital with a more efficient supply chain structure
because we do not view the volatility caused by these adjustments as reflective of our underlying performance we have excluded them from our adjusted results and shown them as noteworthy (items->item)
and remind you that the statements made by management and the information contained in this presentation that constitute forwardlooking statements are based on managements current expectations
i commit to continuing (xcels->xls) long tradition of delivering on our financial objectives and growing earnings in a (lowrisk->low risk) transparent and predictable manner
because people are close to getting their bonus payments at most institutions and would stay for that period of time but (were->we are) in deep discussions with several people and we continue to move forward
the resulting liquidity crunch put huge pressure on consumers and on wholesalers in the fourth quarter the effects of this will continue to be felt for a while yet
its sort of another (*->and) its sort of an embodiment of what (cory->corey) spoke to look the team has done a continually excellent job of finding expense in nickels and dimes to take out of the legacy business
our subscription business is where we exercise the most control as opposed to the services business which is heavily dictated by external factors such as our clients implementation time (lines->line)
while there are many highlights from the quarter i would like to speak briefly about 3 we continue to expand our addressable market and broaden our base at a (torrid->torrord) pace
this first section or segment is designed to help make the electric grid more reliable and secure for customers throughout the region and provide substantial savings for new york consumers
the diversity of our portfolio given that weve got so many different geographies in which we operate as well as so many different product offerings that we have but those are the 2 things that stand out
im encouraged by the progress we are demonstrating in monetizing venmo and im confident it will generate significant revenues and profits in the years ahead
while we have only been performing under (riio->rio) for 6 months as i mentioned earlier the benefit of being (fasttrack->fast track) afforded us the opportunity to begin to plan our approach to delivering outputs
we delivered another quarter of solid top line and bottom line growth reflecting strong execution across our business as we continue to make progress on our (monroforward->monro forward) strategy
thing we see in terms of a theme the other theme we see is that we see the emergence of socalled edge data centers these are data centers that are smaller in nature
we will discuss some nongaap measures in talking about our companys performance you can find the reconciliation of these nongaap measures to the most directly comparable gaap measures in the presentation accompanying this conference call
in australia we expect (tonnes->tons) to be growing by about the size of burrup if you look at the east right now its already the east is already probably in deficit
and we expect that to continue into (riioed1->rio ed1) our ability to execute on our plans and achieve incentive revenue has been key to our financial performance
we are excited by the positive market reaction to our offering and believe it will not only strengthen our position as the leader in learning but will help drive growth into the future
that created a good favorable environment for us throughout the spring selling season that helped contribute to our strong brake performance that led in i think to a strong summer traditional summer season as well
looking at it from a regional perspective we can see that both europe middle east and africa and asia pacific have been
with our platforms going forward i suspect we may see some erosion in the margins of our legacy platforms because theyre going to be under pricing pressure in that marketplace
we are pleased to announce that we signed a definitive agreement to acquire 12 stores in louisiana expanding our store footprint in a new market and building out our geographical presence in the south
of our 3 factories will actually play out for the fourth quarter thats going to define the level of profitability for us in data centers in the fourth quarter and thats the uncertainty we have
one manufacturing is more about a culture than (it->*) is about process our sites will move towards an (owners->onerous) mentality where they are responsible for all the business outcomes for the sites and not just costs
we are expanding and trying to diversify our customer base where we do not only rely on big digitals but actually expanding it to other customers and
well need to execute against the backdrop of an unpredictable world economy but we have the tools and capabilities to continue our growth and progress in the years to come
i want to especially thank our global team for all of their great work during this transition to help more than 35 million people around the world to realize their potential
for the risk of supine hypertension in the evening both therapies need to be administered at least 3 hours before patients lie down to prevent the risk of overshooting on blood pressure
if we were calix the broadband access (is just some->system) sort of box company without any of our platforms and we were confronted with (the->a) quarter that we were just confronted with
so far the feedback from our teammates and customers has been overwhelmingly positive our teammates are energized by the changes we have made in the stores and are proud of the actions monro is taking
earlier this month an administrative law judge (from->for) the pennsylvania public utility commission recommended the commission (approve->approved) this settlement action by the commission is expected later this year
pork prices in the (markets->market) but what we have seen recently then is that weve actually seen the pork prices improving over the last months but i think that you are
we believe that these positive top line trends are a testament to our relentless focus on driving operational excellence and delivering a consistent (5 star->5star) experience to our customers
im pleased to report that paypal had another strong quarter ending 2018 with a recordbreaking growth across a number of key customer and financial metrics
where youre not operationally involved at this stage at what point do you feel sufficient confidence in the outlook for the product and the value of that royalty stream that you might
that we report because of that just because of that math around that and so thats why were so pleased to show kind of a steady
including our expanding marketplace relationships venmo monetization domestic india as well as the strong secular growth driving digital payments and mobile commerce
we believe that we are uniquely positioned to be a consolidator at the same time we plan to continue to return cash to shareholders consistent with our stated commitment for capital return
and then we would get more of a normal saturation or maturing of the market so we do believe that were moving into a phase where the market is maturing a little bit more
our (monro->monroe) playbook is made up of standardized instore operating procedures that include clearly defined roles and responsibilities for our teammates with a focus on service quality
and we wanted to provide you with a little bit more description around the data center market and what were doing in this market
can you tier the key drivers and is it too early to talk about where margins can go to and if you already stated that (earlier i->previously right) apologize
as we believe the implementation of our standardized instore operating procedures and brand standards will benefit our integration process and increase the value we realize from these stores
starting with our initiatives to improve the customer experience we reached a key milestone during the quarter with (a->the) successful implementation of our new operating procedures which we call
during this period of time we have seen pork prices actually come down in china but still with continued investments
(*->when) it comes to our actions and our strategic initiatives on the backdrop or with this market development as a backdrop what we are working on then is that we
which was focused only on price and not on added value for example through integrated services or quality
impacted by negative sales development in china and by the pending divestment of the business in brazil
(while->where) we normally would have shown a declining level of personnel expenses driven by simplification
(thereve->there have) been no changes to our forecast since our previous announcement our forecast for revenue
this new integration is allowing customers to reduce (costs->cost) in their manufacturing operations while increasing production rates
this concludes todays conference call you may now disconnect
now lets move to our performance for the 5 operating segments starting with zone americas
please look at the bottom table these are the exchange rates on which our forecast is predicated
and as a reminder we also had the anticipated decline in germanys revenues due to the difficult comp with (the->a) year ago
(*->we) i think we have a very clinical type of analyzing things and we have been able to anticipate to demand
blast cell count type increases and everything in the phase 2 has already been reported
on a combined basis our sales and margin development contributed to a constant currency increase
so were quite confident that we made a very good decision in bringing that inside
and i think that relationship that collaboration has been a key to (the->*) success that weve been able to achieve
we provided you with a sensitivity analysis so you can see the magnitude of the benefit with stock price fluctuations
there have been no changes to the forecast for either ubiquitous solutions or device solutions
so we would look at the current sort of (comparative->competitive) therapies and the other mds drugs that are out there
as a reminder all accepted ash abstracts will be announced and available online this coming thursday
so whats encouraging about the slide (*->is) if you look at the big 3 opcos sa nigeria and iran
is that you do see that reported results lower than the constant currency growth rates
id like to say thanks to antonio for being a great business partner to meg whitman for giving me this opportunity
in addition to onetime losses due to unprofitable projects and a legal dispute in europe
the goal is to continually cultivate the depth of the relationships with these clients
both revenue and operating profit (forecasts->forecast) have been reduced for network products
you are cautioned not to place undue reliance on forwardlooking statements which speak only as of the date they are made
very much align the executives with that of the performance of shareholders i mean
and our intention based on current conditions is not to redeem these debentures as they become redeemable in august of this year
speaking on behalf of the board and management while we are continuing to evaluate all possible alternatives
we believe our third quarter results demonstrate our positive momentum toward this goal
i guess in terms of thinking about modeling it would be helpful to know how youre thinking about that
the mean duration of therapy for those who were responders was approximately 19 months
to negotiate and deliver the best deal for our shareholders and
yes i mean just to give you some financial context around that i mean less than 5 of our total cost of sales envelope
we expect that severe conditions will continue until 5g begins rolling out in earnest
and part of this reflects the quality of talent that we are
(*->and) as you move to the table on the right there on the chart you also see the most significant movement yearonyear was the lower
even as we focus on new growth areas we continue to deliver solid performance across each of our business segments
in prior quarters we have shared with you our ongoing refinement of the (healthcare->health care) strategy
as a reminder i would like to reiterate that we expect our breast product sales to remain steady (in->and) similar to 2016 levels
with various new growth and development projects we have entered the next cycle in our evolution
this is an area where its harder than it used to be in the past to roll forward price increases
the strong cash generation has enabled us to further improve our balance sheet
adopting the new standard will not have a material effect on our financial results for the year
which further translates to an indicator of success on our path forward
here in some really high potential unique opportunities i think it really talks to
we need to continue the journey of optimizing postpaid and the next battlefield for us (is->in) south africas enterprise
our financial highlights deck and sgis audited statutory basis financial statements
rob ill turn it over to you to continue with further detail relative to the financial results
we have outlined specific goals are on track to meet or exceed these goals
and the power plants and industrial customers are looking at a connection with rex that allows them to access both the
the second is the impact of unprofitable projects both inside and outside japan
and we have been engaged by a large european bank to support its digital transformation
to somewhat replace at least some percentage of that protein and then add on
i will continue to emphasize that the organization has done a remarkable job
where patients experienced robust mean increases in total and (contractile->contractual) muscle volume
as i said on the call we do believe that we can hold our nim going forward for a couple of reasons one is just
my comments this morning will refer to the slides that are available through the investors section of our website
i would now like to ask rob to discuss the summary financial results for the third quarter
finally we have continuously sought feedback from all of our shareholders
one the urgency of enterprises to digitally transform their business operations
and the second opportunity which (i have->ive) touched on also during the course of the morning is the opportunity for enterprise and wholesale
even for the parts of the company that may not be with us going forward
please turn to the top of the next page slide 13 cash flows
(*->a) range (of->or) between 20 and 15 so that means of course that we intend to bring the group capex intensity down
and we are unanimous in our commitment to analyze all aspects of our strategy
because were talking about maintenance on a higher production base compared to what was discussed on the q4 call or (there was->*) something else
in our well results and with all of the changes in the designs that weve been making relative to our completion style
the press release mentioned that the possible alternatives include among other things
and 1 month of results from the powder river gathering system that was acquired in early june
what were focused on right now is where we can physically grow the barrels and we have very solid results
but we need to show that we make something of it across the markets and thats i think a big focus and its also why you see us
saves the company a significant amount of interest and further simplifies our capital structure
(*->and) the prompt return of capital to shareholders we continue to review (a->*) potential utilization
as the corporation continues disciplined execution of its investment plans
but trying to develop programs to give them the tools to be
the lower margin primarily resulted from the negative leverage of lighter sales volume
(happened->*) looks like (he->you) may have declined to ask a question
(*->but) we have a lot of new communities opening in the second half and really into the first half of next year
and in the pacific we saw continued strength in new zealand while australia showed modest (growth->*)
and other cost actions have resulted in that business being able to continue to deliver
this facility (leads->leased) to provide needed floor space to support the expanding product line
on a nongaap adjusted basis after adjusting for expenses related to the impairment of intangibles
from an (entrepreneurial->entrepreneur) work (at->out of) your home so were able to keep our
so we have built into our plan some disruption
before we move on to questions i want to thank our employees for their commitment to groupon and for embracing our strategy
based on the pilot results even with a smaller set of subjects
mobile remains our focus with nearly 60 of transactions completed on our mobile platforms
another buyer might try to step in with a better offer or (zenium->if anyone) might try to ask for a higher price given its performance
all areas of the business contributed to achieving the financial records which dick previously mentioned
so (we->*) were at the bottom of the (rung->road) im telling you the very bottom of the (rung->room) so weve got plenty of room to grow
all the leasing success we have had would not be possible without the efforts of our construction team
the gain relating to the sale of our recruitment process outsourcing business was recorded in other income
in our rail end markets we are seeing a continuation of growth as we capture some market share
is the continued investment of shareholders capital is required and then getting returns
and we think there will likely be some level of carryover budget for multiyear 8 so were not expecting to see
the composites business is also realizing nice growth in its mobile solutions product line
and operational synergies as well as we integrate the facility in the czech republic
and are providing information on these activities in connection with the (twirla->tweller) review process
the asp change was attributed to customer and product mix including a smaller percentage
the second positive influence on the margin will be (with->*) the reduction in our cost of money the (coco->cocoa) is a very obvious example
we expect these cost pressures to ease as we go through the remainder of the year
they actually pull better and testing by with some pilot units
these are the things that will help us further scale our marketplace and capitalize on the vast opportunity in local
and mark i think that concludes the call from our side
and as you know over the last 3 years fleetwood has been substantially restructured
we value the firm based on free cash flow and allocate capital to maximize free cash flow returns
(well->while) the fourth quarter results were impacted by several things slightly lower gaming volumes
the first half of this year has been another profitable period for bank of ireland
for those companies and yet there just seems to be this disconnect between
and so to the extent that the pound becomes weaker because of this it actually benefits us
with the relocation complete and the new offerings up and running and available to the marketplace
weve covered a lot of ground yet we remain in the early days across all 4 of our strategic initiatives
as well as the areas like affinity and health and benefits as well as (in->the) net new areas were investing in beyond that
is our ability to decommission though i would suspect that a lot of what we have
so far we havent really felt much there i would say what impacted us a little bit more up in canada
were strengthening our corporate governance processes including the appointment of new independent directors
and thats the most important thing that you can have because if theyre happy they tell people about it
(by->while) utilizing the same number of manufacturing line shifts and staffing levels
or (breakeven->break even) on the kits and so if somebody signs up to sell and all they do is read the books (and->*)
this was a tremendous quarter especially for the sales organization as the company set numerous leasing records
so far for looking backwards now lets look at the numbers
further evidence of the superior execution achieved during the first during (*->the) fourth quarter
let me also touch on a few financial aspects outside of the execution on our key priorities
and i think you mentioned it before but just to get a little bit more color on it
continued progress you saw it and youve seen (this->us) grow in each of the last number of years but if you think about
and weve seen impact from that on the chemical side demand
to do other things like share repurchase that will reward shareholders
and decreasing our leverage in addition to being overall good stewards of the companys capital
this repurposed production space has been retooled to support future production
and we expect to complete (our->a) relationship with them
its important to note that while we have a strong order book there are pockets of weakness in the economy
in addition we expect to discuss certain financial measures and information that are nongaap measures
yes i mean its never a good idea to force investors to
this is still a main regulatory pushback for organic growth
well you know how important las vegas is to southwest and
(*->and) the first quarter is consistently the weakest quarter performance of the year
in order to protect this valuable contribution of revenue and employment for the state its our hope
(distributions->distribution) sales are expected to be down slightly for the year given current market conditions
finally id like to thank all of our team members for a job well done this quarter
looking at the land and land development bucket on the balance sheet
weve identified a number of candidates that represent substantial market opportunities
of the company in the free market through its commercialization companies
a good estimate and what was the second part of your question
actual results may differ materially from those expressed or implied in our forwardlooking statements
my comments earlier about customers already coming back to us
coming out yesterday and calling down slightly the growth in the economy (*->was) somewhat
going to take me off the personal guarantee which i dont really mind because its on this building
primarily resulting from significant devaluation of the exchange rate in venezuela
for dpg we need to accelerate our initiatives to grow aluminum tank market share
we also have sites in process across london dublin frankfurt and amsterdam
(*->is) not that informative is that there are many things that we do (where->when) were delivering
and achieved the top line objective we (have->had) set for ourselves just 2 years ago
so with these targets we combine both a financial play
now id like to turn it over to rob to provide you with some additional details rob
with the new technology we are shipping so much faster and more efficiently
an increase of more than 50 that is largely due to the impact of our acquisitions
i had a couple of questions for you first of all could you tell me
we observed strong margins in the quarter as our gaap operating margin
we think that gives certainty for the customer and gives us certainty as well
is doing equity between now and the end of the year would you consider that opportunistic
(or that->although they) were (thwarted->quate) by planning approvals that we were not able to achieve
we are actively working with partners on implementation and we are going to manage this transition
while line extensions and closein innovations such as these will play a role in our path to growth we will also launch new platforms that extend the strength of our iconic brands to meet consumer needs
yes i think we take great pride on being strong stewards of this firms capital i think we have done a very effective job trying to balance the amount of dollar reinvestment into the business
and so i guess my question here is do you expect a significant improvement in terms of your cash collections when this second company comes on board and becomes
the related profit impact is reflected in the full year outlook that mark will discuss in a few moments we believe these actions are necessary to protect our competitive positioning in the near term
and we know that theres a significant demand and this youll see where im going with this in a minute (tazeen->tazine) but first of all is we know that the patients are very much interested and want to participate so we want to make it available as soon as we can
during the fourth quarter of 2018 the company reviewed its collection experience for technical and professional cases and determined that the original estimate of revenue was higher than the companys actual cash collection experience
(patricia and->patrian) i had the opportunity to spend half a day with (hamish->hemish) and (his->the) senior team last week and came away excited about the doors they will be opening for us in the rapidly expanding world of mobile virtual network operators
the electronics part of ats over the last number of years that weve talked about has been mobile and that continues to be the biggest driver but as we talked about in the last couple of quarters weve
and (the->a) replay will be available on our website until the next earnings call please note this webcast is (a->the) property of ipass and any (copying->copy) of or (rebroadcasting->broadcasting) without (express->expressed) prior written consent of ipass is prohibited
big growth channel for us what were looking for is not just shifting as consumers just shift perhaps from brickandmortar to ecom but how do we actually make that incremental to our overall sales versus just a shifting so
in 18 and then i dont have gulfstream delivering until 18 remind me when youre sending content to gulfstream for those first few deliveries how far out ahead that is and then for how many quarters do you think we see this
these particular engines run much longer than a (standby->scanned by) genset what you will see is more growth in the coming years in the distribution business triggered by all the engines that we are putting into the market today
analysis last year to validate that amount (*->now) again the information was somewhat limited because the company was in its nuances there wasnt a lot of (billing and->billion) collection information that was unique to the company
so i think third quarter was probably (a->*) the lowest growth in terms of the quarterly growth over the past year or so but we expect (the->*) growth to
austin is our primary market and we have a strong presence here but there are also opportunities for stratus in other select fastgrowing markets in texas as shown through our purchases of the new caney and kingwood place properties in the houston area
as a result we are projecting a highteen (percent decline->perc) in coffee segment profit for the second quarter as compared to the prior year however looking at the back half of the year we expect these profit trends to shift dramatically
similar to the last quarter the 0 to 15day booking window remains weak with lower fares compared to the same period last year this has been further accentuated by the significant increase in capacity in the market
some people could obviously do some (algebra->algebrane) and calculate a rough approximation but obviously were sensitive on disclosing that to the public at this point in time but weve never disclosed it
(taken->taking) into account kind of the conversations youre having with your customers at this point and you sort of touched on this a little bit but what does that suggest to you about the prospects for advanced technology to generate organic growth
potentially requiring some technology customization as weve expanded our reach and introduced the sdk the number of whales in our ocean is expanding making us less dependent on any single partnership
but closer to us we are in a segment of the market which is not likely to be impacted the (governments efforts->government separates) are really on the main line
this represents partial recovery of losses experienced over the past several years within biomedical associated with (higher than anticipated->higherthananticipated) warranty claims experienced in certain (airsep->air sep) product lines
the award i assume was based on the higher revenues and the higher profits that we originally recorded are those executives going to return any of that incentive compensation that was paid to them
second with a solid mix of leading iconic brands and expanding ontrend brands we have a strong portfolio that is adaptable to meet consumer needs
prior quarter included record levels of short lead time projects that were received and shipped in the same period excluding these short lead time projects order levels remain relatively flat in the current period
so thats how it came about and again the information was utilized was during last year so (its->it was) only a year ago that that information was used but now were going to going forward use our own
we were doing technical and professional claims we knew the amount of the gross bill which was higher than what we thought the revenue would be so (that->*) the amount that was accrued for revenue
first we have added a new billing and collection company to assist (*->with) our increased volume of claims secondly we have lowered the revenue for all cases going forward both professional and technical
so were actually very encouraged by the launch of spinraza because its demonstrating that clearly there is a market out there in need its demonstrating that payers are willing to pay for
sure (sure->*) and the followup is actually a clarification it took roughly about 35 weeks to get the first patient enrolled did you say how many patients have been screened in the context of patient enrollment and whats your understanding of the
i mean these arent things (that->*) are waiting to be built and still have parts out in the supply chain (*->these are) a lot of these are parts that are in the boxes and were just were geared up for the customer delivery dates
as (we->weve) discussed in the past these (thinkbig->think big) opportunities are a huge part of growing our enterprise business and are a testament to customers opinion of our technology as a true mobile connection solution for all their employees
on the reinvestment in the business i wish i (could->can) say (that->*) they have both the same level of fungibility and flexibility but sometimes reinvestment in the business happens at one point in time
there hasnt really been any change in our strategy so what we had (*->what we had) been talking about over the last year is that we want to start owning some planes with free cash flow going forward
isnt possible and if its not why cant you sign some longterm agreement that keeps you in that position if they need your help to get started and then finally if i can sneak another one in marcus i just note
in addition we are retrofitting all of our trucks with cameras and have implemented a coaching program to correct atrisk behaviors based on the events captured with this technology were extremely excited with the results
the devaluation of major latam currencies in the third quarter accounted for a significant share of the fx impact you have seen in our sales line and it was actually more pronounced than we had expected still in summer
growth continued in new products that target residential and nonresidential construction and regions with exposure to oil and gas and general manufacturing recovered from the low set in the fourth quarter of the prior year
preferred supplier during the rollout phase as i recall historically that was a role that you were able to keep for at least 2 to maybe even 3 years post the launch of the (plants->plant) before they considered
we believe the recessionary comments conversations with all of the (experts->expert) have been significantly overblown especially as it relates to the customers to our customers
and thats the bright side and weve been developing new tires and wheels for that which we should be able to roll out beginning (of the->*)
number two our customers are struggling to get bank financing banks and (*->the) regulators all want to reduce exposure to the oil and gas industry one critical function of commodity prices is to signal producers whether to produce more or less
which we make and almost every place in the world can make those sets so what happens on that is price is probably
there should have been less variability in margins meaning this 21 margin a year ago going down to 7 seemed quite of a wide drop and once again having some pricing power (and->in) good brands
to go into overtime and youre going to run overtime up there until such time that you cant produce the tires you got
aforementioned freight and driver (home time->hometime) issues contributed to the underutilization we do not anticipate adding any incremental truck count to this segment until our internal productivity targets are met
there are many different revenue streams grouped together in this line item of which none is significant enough to meet the criteria of a reportable segment hence the name nonreportable (segments->segment)
finally ninth our leading market position offers a platform through which we can introduce new digital products control systems and predictive analytics and maintenance models based on big data that further enhance our returns
which they will likely spend on improved consumption this demand along with potential impacts on driver capacity through electronic logging devices will create adequate intermodal demand
as with our actively managed strategies results for may to date and the pipeline of (won->one) not funded new business give us confidence that strong growth of our custom beta franchise will continue
number four unconventional shales continue to score well on marginal cost of supply and continue to attract a disproportionate share of incremental capital over the past year the rig count in midland has risen dramatically
this touches every part of our organization we have involved more than (1000->100) orica people across the globe to review the whole business and consider all factors that create value
flexible pipes are quick and easy to (lag->lay) even in congested environments because they are spooled directly (off of wheel->offer reel) which cuts the installation time to a fraction of the time required to install conventional rigid pipe
given the significant uncertainty and headwinds truckload and intermodal face this year clarity on growth would be extremely helpful also how much are you baking in for a downturn in economic conditions
driven by highperforming investment franchises well positioned for the current market environment a range of specialty offerings with broad and growing market appeal and strong distribution and client service
our comments also include nongaap measures reconciliations to the nearest corresponding gaap measures are in our earnings release available on our website
this is important for us to access (low cost->lowcost) capital to opportunistically pursue attractive opportunities and to ensure customers who trust us with purchase commitments in the tens if not hundreds of millions of dollars
a retailer that is adding 15 store growth last year and theyre going to add 15 store growth next year we have another account that is
a variety of these initiatives identified through our annual planning process which may yield benefits in 2016 first of all the new equipment and the technology that were bringing in
my next question is when you look at your last couple of acquisitions like moy park and the (cargill->cardial) pork acquisition can you just isolating those 2 can you talk about
but are you seeing this and do you feel there is room for further pricing in light of how the consumer is behaving right now (*->i mean) is it something that can be well absorbed or we should be cautious going into next year
there was it seemed like there was a little bit of a bump up on the top end of the guidance range as far as capex is concerned is that just conservatism because of the modest delays is that all we should read into that
rapid adoption of our ert power sections which provide up to twice the power of conventional motors is contributing to the strong performance as is pricing for our drilling motors which has nearly returned to 2014 levels
we also will be reviewing certain underperforming accounts and if they cannot be fixed to meet our profitability goals we may choose to exit certain businesses to take on new businesses
this happens because we (bill->build) based on the retail diesel fuel index that is set on mondays and we pay (currentday->current day) fuel prices which end up being lower than the index when fuel is dropping
do you feel like this is peak leverage for the company at the current time and what type of leverage target would you have for 2017 given the earnings outlook
we have one lease in which we collect a portion of the rents in euros in order to economically hedge our foreign currency risk we partially finance this aircraft in eurodenominated debt
(a->*) disposable capsule instead of cassettes which are open so those are just examples of innovation innovation is absolutely contributing to our leadership there as is the breadth of the portfolio
of natural rubber which then in (turn->turns) makes it a biofuel so what happens is you end up
but also benefiting from some fairly significant market trends that are pushing business into areas that we care most about such as
they have no food and no water because they couldnt come up to the road to supply the town so everything (has->is) shut down as we speak
(the->*) chinese have to pay it and of course the (friends->funds) over in india have to pay it so it isnt a case when youre dealing with natural rubber that
it reverses and you get to pick it up every month as it keeps going up so in reality it is what you can call that
we believe the spinraza experience provides a glimpse of the future for targeting severe neurological disease and we aim to capitalize on this changing paradigm
there is arguably no bigger area of unmet medical need than diseases of the (nervous system->nervousism) and i believe biogen has a tremendous competitive advantage to be the leader in this space
such forwardlooking statements are given as of the date of this call and involve risks and uncertainties a number of factors and assumptions were applied in the formulation of such statements and actual results could differ materially
for strategic deals if im reading that properly based on the accounts you named what would you attribute that to i know earlier in the year activity there was a little bit lighter it sounds like you had a nice comeback in the second half as you called out is that just
on the (susquehannaroseland->susquehanna roseland) project we demonstrated our ability to cooperate with multiple state and regulatory government agencies and (to->a) partner with (a->the) neighboring utility which built an additional 50 miles of transmission line in new jersey as part of that project
of 2017 (we can->well) talk about that later but we clearly had an issue there in the first half of 17 it recovered in the second half of 2017 and we expect that will continue to be a big portion of our business
is that merchants are not choosing one platform to sell in they are choosing many to sell in and then paypal becomes the aggregation point for them to connect to each of those platforms and so like with one touch seller signup as theyre discovering more and more new platforms out there one of the most difficult things
in large part because of the opportunity to attach content to their learning deals which results in a much larger asp and a much bigger opportunity for them especially given the new commission rates
thanks brian in summary we had another strong quarter of execution delivering our fourth consecutive quarter of comparable store sales growth and are encouraged by positive top line trends we experienced in the second half of january
as a reminder our (monroforward->monroe forward) initiatives unveiled in may of last year are built around 4 areas of focus in order to increase the overall lifetime value of our customers and create a scalable platform for sustainable growth
well so lets talk about that because the types of customers that im referring to are those that are under pressure in the current market they have significant copper access infrastructures they carry debt they have dividends and
maintaining a strong strategic hedging program is an important element to supporting the longterm development of our assets and we will opportunistically layer on additional hedges and basis swaps to provide line of sight to our realizations and cash flows
in the last year or 2 and so if you take those 2 sort of things that probably gives you a good view of whats going on in the industry some of the companies are pulling back some of the companies are slowing down but a lot of that gap is being filled by some of these credit unions
more importantly as i mentioned earlier in my remarks our focus on capital discipline and cash flow generation goes beyond this calendar year and we are committed to running this business with a focus on enhancing shareholder returns going forward
the truth is we probably should have been doing this on a recurring basis 5 or 10 years ago but we absolutely can do it now and that creates an incremental recurring revenue stream for us and one thats
shifting south to kentucky we retired the final 2 generating units at our green river station on september 30 this marks the completion of our plan to retire 800 megawatts of coalfired generation in kentucky
the one piece that causes me to not be able to answer your question is while we are continuing to grow our platforms and in this year a lot of our customers that are buying our legacy skus are actually going to replace them
probably past the midpoint of the year to get a sense of what it looks like but the plan in 2020 is to do the same thing to be fully hedged and to protect that program given the volatility in the markets
this segment of our business is now much larger and (fastergrowing->faster growing) than our legacy ebay marketplace business and we expect this growth to continue in 2019 as we expand our current partnerships and welcome new partners onto our platform
about our new product introductions about the strength of our solution about market adoption and about product market fit but as brian said we want to be conservative weve made mistakes in the past
(*->in) kentucky but your us utility growth rate puts you kind of well above the norm for traditional utilities can you talk about some of the other drivers of that besides those 2 items i referenced
the final rule was just published last friday october 23 and the final impact of the rule will (note->*) not be known until the state implementation plan or the (states->state) specific federal implementation plan has been developed
if i could draw your attention to the safe harbor statement on slide 2 of the presentation id like to remind participants on this mornings call that our presentation includes some forwardlooking statements about monros future performance
with less wells and so i think thats the important point for me and so with the saving in land that i mentioned i think next year well be able to do the same with less capital and less wells
first of all i dont know so let me be clear about that it is very clear as you all know from doing incremental margin (calculation->calculations) that the platform business is a wholly different business however
but if were able to maintain these effects we should see greater treatment differences than were (seeing->seen) with (droxidopa->druxidopa) assuming of course that the placebo response is comparable to what they had in their own studies and we have no reason to believe that it would be different
we are in a very very different place as a company and what you and i spoke about and (then->*) we spoke with all the analysts about the increasing predictability starts at actually at the bottom line
strengthened existing partnerships and entered into new strategic relationships with some of the biggest most influential global brands in technology retail and finance
we are pleased with the performance we saw in the second half of the year and believe the changes we made will drive strong momentum through 2018 another strong performer for the year was client sales
through these efforts we have taken major steps to improve our customers instore experience and help ensure that we deliver a (5 star->5star) experience to them every time at every one of our store locations
we also intend to leverage this market segmentation and customer demographic information to assess our existing real estate portfolio as well as identify key markets for acquisitions and greenfield expansion
the way we ought to be thinking about the next several quarters in the absence of anything that materially changes in the industry in terms of competition or end market demand
the decline in market share was not unexpected as we closed tmx select and alpha was relaunched as an unprotected marketplace these changes (are->were) made as part of the larger initiative to simplify and improve the trading experience for our clients
that those 2 factors would probably give them a significant (pick up->pickup) the other thing would be the extent theyre doing more prime and they sort of have maybe a stronger target to go after later then their other recoveries might be improved as well
although we are early in the transformation we believe we have already made strong progress and now have the right leadership in place to best manage the successful transformation of cornerstone with that ill turn it back to adam
earnings for that segment sort of being shifted a little bit into 2017 and potentially earlier than that well (two->2) things one is we will continue to update on a quarterly basis where we stand relative to those incentive targets
this is the result of the acquisitions we made in mature markets combined with the continued weakening currency situation in the highgrowth markets
the result is that at peak utilization we are only using 25 of our available capacity which means that we are well positioned to not only add customers
as i approach my first 100 days as the ceo of freds pharmacy it is important that i share with you the vision for the company that i have shared with the board
with all due respect to the desire to break those kind of things out (it->*) is completely inconsistent from my view of how we run our business
we are taking a measured approach to downspacing to be as capital efficient as possible and minimize any potential overdrilling of a particular zone
im indebted to my (90000->900) colleagues around the world who have worked tirelessly to deliver their commitments each and every day in the face of many challenges
were also in the fortunate position of having considerable financial resources to support these initiatives thanks to our strong balance sheet and available debt capacity
and with this minimum i mean having to pay minimum wage and overtime to 100 (commissioned->commission) salespeople (its->is) just an odd thing for me and we decided we just had to come up with
our various pending organic initiatives and other potential growth opportunities we may explore we do not plan to repurchase any additional stock for the time being
and announced the sales of our san juan basin and barnett shale assets were on track to close these transactions in the third quarter
we will continue to review our capital allocation options balancing the investments needed to ensure that we develop the products and put the capacity in place to support our growth objectives
once you adjust for the impact of closed and signed asset sales we had underlying production growth of 3 compared to our second quarter production last year
we have a plan and we are ready now (wed->i would) like to spend more time sharing with you some details around the key pillars of our new strategic platform
and its potential treatment (54000->5400) patients with the data to review in a few hours is substantial and i think will give us some clues about the future
you know the names that were dealing with there but whats most exciting is that besides taking those tailwinds is that we are winning a lot of business and new programs that were launching
the other half on longer sales cycles based on indications from the prospects the former represent about 24 million invoices per month in new volume
once again our results demonstrate the successful execution of our longterm strategy which we believe serves both cable (one->and) customers and our shareholders well
in addition many of our plants are launching multiple offhighway programs we have indications from our customers to expect this growth to continue which will certainly benefit the segment
in 2017 we expect to incur additional expense related to consulting employee insurance and software licenses and advertising
but i do have a significant level of confidence that as we move into 2018 given our pipeline and given where i know those deals are in the pipeline and the magnitude of them
id also like to note that we have added a schedule which summarizes gaap and nongaap financial results discussed on this conference call as well as key balance sheet and cash flow metrics
and ralph to be fair were also going to continue looking at the cost side to see whether there are areas where we could be a little bit more efficient as we move forward
reduction were really really working hard to keep those very tightly controlled so what i would say is we (will->would) not expect anything beyond maybe the normal
were delivering solid results in countries such as india vietnam and mexico where market fundamentals are improving and our momentum is strong
flavors and fragrances are consumed every day around the world and they are an essential part of successful consumer products for our clients (i->*)
those places that were getting the best return to work with our customers to understand the roi of some of the various promotional practices that are going on
we have already learned through our acquisition of entrust and (weve seen->reis saying) that expanding our reach and our portfolio of goods and services is a main driver of growth
frankly from an internal company perspective thats the last way i want to look at the business and its the last way i want our employees to look at the business i dont want
the remaining balance relates to restructuring expenses in europe and americas and environmental expenses for a plant that was previously owned
we used a new datadriven and sophisticated process to assess store performance and more accurately forecast how this will change in the future
we look forward to bring our positive growth story to a broader audience and well be active in the second half of the year attending and presenting at multiple conferences
take (rate->rates) as well i think youve given some color about that in the past and then related to that the acceleration in broadband net add sounds as though it was related to
to have it compete in our portfolio to move into manufacturing mode is definitely there and so really what were doing right now is just
break that out a little bit of how much of it is the market how much of it is new launches how much of it is share gains (and->*) i know its going to be tough to do but any thoughts you have there
part of that is also an unlimited option where were monetizing people can choose to get that rather than stay within our typical plan
what well be doing is putting in a run of invoices putting an insert in the envelope kind of a marketing slick that tells them about arc
as a reflection of the flexibility in our project portfolio we have responded to permitting delays on a couple of netherlands projects by reallocating a modest amount of capital in canada
in our specialty program segment as barry mentioned earlier we have intentionally reduced our exposure to certain commercial auto and general liability programs where we have determined the rate was not adequate
customer care efficiencies and more favorable termination rates and the renegotiation of lower rates for numbering blocks in canada
which will significantly enhance the pharmacy experience for patients with the ability to refill synchronize medications and get access to prescription history
we are now better able to understand shifts in demographics socioeconomic trends in specific towns and other reasons behind customers coming to and leaving
youre working on but are you can you give us an idea (of->*) what kind of level of serious negotiation of that 75 that are quite advanced
the combined plant has both aluminum and stainless steel production capabilities allowing us to quote competitively (in->and) providing additional capacity for our most rapidly growing engine product (lines->line)
really conservatively managing the distribution obviously we increased at a very high pace this year i think this year we just want to be a little more contemplative in terms of (the->*) future increases
to work in concert with their office devices we believe we are well positioned to strongly compete for market share in the smb voip category
so we think were really well placed to work with some of these banks now each of them as you can imagine caution us that they dont move quickly when it comes to doing deals like this so we are not
this means an emphasis on our (healthcare->health care) customers and patients the establishment of strategic (healthcare->health care) relationships and partnerships with hospitals and payers
starting on the left side of the chart the key catalyst that has accelerated our transformation is the success of our asset sales program this year
as a reminder we do not expect to have any material marketing spend associated with customers added through this service for (*->the) time being
and fire and security products led by increased demand for special hazards and fire detection equipment
let me now walk all of you through some of our third quarter highlights and provide my perspective on how we see the balance of the year
nexus presents surgeons with a powerful tool to remove (hard->heart) and soft tissue with greater control accuracy and efficiency
so lets move to slide 11 and get into the details with (the->a) look at the performance of buildings on a consolidated basis
sj will review business highlights and provide color on the operating environment (silvia->sylvia) will then review the companys key financial results
rate hike has deteriorated so can you walk us through maybe how we should think about
because of the work thats been done and frankly because of the way were going to manage the business going forward we will capture more scale benefits
for our pricing so (to->*) in other words to make it a little less variable than its been in the past
our marketing group continues to do an outstanding job creating demand and is (the->a) key reason for our strong organic growth
about 70 of our outflows from (sipp->sip) on wrap for instance goes back to the customer in terms of regular income
in fact it was our strongest year since 2005 a meaningful achievement when considering the fact that there were
additionally to help with the discussion we have provided a presentation with supplemental information that should be reviewed in conjunction with the earnings release
we expect this highly innovative facial cleansing and treatment device to be a key contributor to our business
where there was a competitive bidding situation and we lost typically for price that are all being looked at again
we are delighted to have them and all their employees as part of the rollins group of leading pest control (brands->brand)
into cash i think the area we probably will need to see some investment is probably in the platforms to
marking our best quarter ever for (products->product) revenue and our fifth consecutive quarter of record product revenue
in difficult times its hard to adjust the level that we would like given that revenues could
additional information will be available when we file our form 10q with the securities and exchange commission
i dont think weve been through all of it in the agency space which is kind of just a little more than half of sec lending
and that we are cautiously optimistic about the future even if we were coming against a strong comparison base
and then in terms of the royalty rate weve said previously that we expect
to basically say yes i can move to software which affects the top line but we think
okay what is the situation and how do i optimize my remaining dollars to get the best economic recovery
so im feeling really good working with the sales team and how were going about deploying the resources were putting into place
and then importantly focus the bulk of my comments outlining what we are going to do differently going forward
and those same assumptions at least on our part have been applied and i assume on everybody elses part
the repair and remodel sector also saw improvement driven by the overall health of the economy and housing market
as weve modeled out the fourth quarter we also anticipate potentially a little benefit in the tax area
drive them up somewhat because that would be part of how we deploy the balance sheet in a positive way
in our warehouses as weve had issues with rail but were beginning to see that clean out over the last week or so
and then theres some timing of working capital that i put in the equation as well and then we do pay our
but im encouraged im extremely encouraged by the progress were making and what we can expect here going forward
because in truth while we have an ability to take some stepwise and step function reductions in the expenses
we ask that you review todays press release and read through the forwardlooking cautionary informational statements that weve included there
did it or didnt it have an impact on the quarter and would you expect it to have any impact going (forward->*)
having said that we continue to be very encouraged by the client activity that we see
provide further diversification and access to the growing retail market
the increase resulted primarily from (the->*) higher product development testing and (professional->*) testing cost and professional fees
overall the fundamentals and key drivers of msas business are starting to point in the right direction
as we disclosed earlier this month our third quarter results were notably below our expectations entering the quarter
we shouldnt forget our leading (advisor->adviser) platforms and our promising strategic partnership with phoenix
let me give you some sense of those some of them are simply that
that come to the operator with that and now what that means though is that when you double your completion activity
was it maintenance or downtime that caused it or are there other inflationary pressures we should be aware of
in short the overall market environment remains favorable and the (onus->bonus) is on us to execute
cost of goods that we have were making sure that our pricing actions are not only in line but
research and development goals of array and its collaborators and future financial performance of array
while maintaining the resources necessary to support our ongoing liquidity needs
as we indicated on the february earnings call we saw strong order trends in the first several weeks of the year
conference call last quarter we spent a lot of time talking about what happens over quarter (*->end) and (then->*)
you can find this information in the quarterly results section which is located under the financial information header
and a lot of our operations are squarely squarely focused in on this opportunity
and so we are positioned to be able to gain share and continue to accelerate our positioning
and as youve just heard this is claudias last quarterly call and id like to add my acknowledgment and thanks
so (aditya->ahit) its very difficult to say that as i said earlier that (it->*) depends upon what contracts you win and how do you execute them
we dont seem to have those same issues in our tolerability profile so from both
were pleased to be in a position to commence a regular dividend which i believe underscores the confidence
asia pacific orders increased 9 driven by strong growth in china
the rest of the business is broadly in neutral flows which is
i think we certainly lost out on a significant amount of cases during the quarter because we were literally
occupancy costs were down as a result of continued progress in optimizing our global footprint
well stay in touch with her and im sure she will in many ways stay close to the company in the years to come
year steve ill take the first part of the question then ill turn it over to brian on the cash management office
continuing to grow the mosquito service offering and possible geographic expansion
its also really pleasing to see that the strategic relationship with phoenix is already working well
and i am working closely with the newly established cash management office as well as our external advisers
good waterrelated acquisitions that we find we still have good acquisition candidates i would add that
without any plans for big product launches so while the lumispa (launch is->launches) in the first half of the year
to improve retention and to capture new opportunities across our very diverse offering
rebates with distributor partners that are annually based with (stair steps->stairsteps) up as
china remains one of the fastest growth regions although pricing remains competitive
like to give a couple of highlights before i move into (the->*) individual segment results
so thats part of what we just need to do because of the nature of how this business has evolved
so as is clearly illustrated loading operations (on->of) blast holes are significantly complicated by the presence of wires so you see the 2 pictures that i draw your attention so this is how the traditional
the programs (has->have) so far generated more than 1300 ideas and initiatives with individual initiatives benefits ranging from thousands of dollars to multimillions over fiscal year 17 and beyond
importantly the unit has performed well through the downturn and (offer->offers) significant optionality (to->through a) recovery in the offshore which would be enhanced by tightness in construction vessel availability and further enhanced by continued (advancement->advancements) in subsea pumping and fluid separation
after 3 extraordinarily difficult years it feels to us that the market is nearing an inflection point oil inventories are rapidly approaching normal levels pushing oil prices up and facilitating the return in our view of a geopolitical risk premium
i just want to mention as previously communicated we (have->*) made good progress on our business initiatives which we said we would use to offset the expected headwind we expect to continue to do this over the remainder of the year
well i go back to some earlier comments where i think that theres not much appetite (to->for) companies to grow outside of cash flow and so if you think that the industry as a whole is moving towards a model where
the way the industry has been evolving on the unsecured front and what your peers have been doing so im really sort of getting at what is the role of unsecured funding in the capital structure going forward is it smaller is it larger than where it is today
and so these normalization of mine plans take time and thats why we insist on gradual we keep back to going gradual because it will be it will take again years to normalize the mine plans
(*->and) our software stack is now more able to be deployed in a more wholesome manner across the world and so were able to deliver more and more experiences and products to multiple countries
and involve risks and uncertainties these statements include our guidance for first quarter and full year 2019 our mediumterm guidance and the impact and timing of our acquisitions our actual results may differ materially from these statements
our factories require low investment and maintenance capex as compared to the sales that they generate second our broad portfolio of products enables us to redeploy factories and employees and other resources to areas where we see the highest demand enabling greater efficiency
with paul we were at dinner and we (have->*) got (us->*) the wheel business (is->theres) no problem we can do it we got to jack it up on the other so thats my story there so im happy with it
okay thats awesome and then my other question is kind of more of a housekeeping question can you just explain the tax rate to me i kind of thought it would be lower than the 24 that you booked in the quarter
it develops designs and manufactures flexible pipe and water treatment systems for subsea production applications and enjoys considerable technical leadership and advantages having delivered over (7000 processed->700 process) miles of flexible pipe
and then i think one of the standouts over the last 12 18 months has been the balance sheet remediation that youve delivered beyond the obvious things i was wondering just if you could give us some (ideas->idea to) your thoughts as to what the benefits of that are to the business
september i would expect that their sales will probably pretty much stay where we have forecast them but i think (theyre->*) they will start to
id now like to discuss our guidance for the full year and the first quarter of 2019 the guidance we are providing today is in line with the preliminary outlook we provided in october when we reported our third quarter results
so it is a different mentality than just a focus on lowering ltis this is not an excuse though we have been focusing on our major hazards (initiatives->initiative) identifying all our critical risks
in the retail pharmacy environment and (i will->well) say (that->this) the opioid (prices->crisis) has really changed the way that we interact with and work with these industries as well as state and federal government
the business improvement initiatives across procurement activities and logistics have offset some of the headwinds we expect however to close much of this gap in the second half of the (year->*)
investors should understand that general economic conditions industry conditions and other operating factors could also affect the future results of movida and could cause results materially different from those expressed in such forwardlooking statements
this led to a decision to temporarily reduce the output from other plants to further improve safety standards this has placed increased pressure on sourcing (costs->cost) as the region temporarily sources alternative products from these plants
dealers that we sell the lsw package through by our choice and the reason being is that we believe
we also see new competitors entering this market and weve talked about this earlier so competition competitive pressure is increasing in the marketplace and also leads to some price pressure
but we believe thats still going to be coming back theyre in their quiet period right now because its (a->*) basically (fall->fallen) down there for them when you turn around and you look at the
in this environment we expect to realize 200 to 400 basis points of sequential top line growth with strong incrementals we expect stronger top line growth will accelerate later in the year assuming oil prices hold at current levels or better
coming in and therefore we are highlighting the fact that its difficult for us to see when are these orders coming in in which quarters are they coming in
so you will notice that (were->we are) not changing the outlook from what we said 6 months ago over the past 6 months we have seen some normalization of mine (plans->plan) and we believe that (*->we believe that) this will continue but it will be gradual
the major hazard initiative has deliberately targeted (workstreams->work streams) they identify for themselves the hazards that can lead to fatalities in the workplace unlike previous safety initiatives it is not just (topdown->top down)
if the industry at the behest of wall street and due to the lack of bank financing fails to respond to the commodity price signal by failing to produce more well then the commodity price will just continue to rise until somebody grows production
our customers have realized the benefits of better predictability and control of blasting for example data collected across thousands of holes in the pilbara has delivered a significant reduction in excess drilling
we can see that here we have various projects in both emea but mainly asia pacific growing well whilst again america has been a little bit lower
i would like to reiterate that at all (times->time) we will ensure that capex related to safety environmental obligations and ensuring that we meet our license to operate conditions is always maintained
with that said weve had an excellent quarter even underlying when it comes to efficiency and this is due to nothing more specific or exciting than a lot of hard work
flexible pipes are highly engineered complex multilayer structures (helically->healically) wound and comprised of (unbonded->unbunded) layers of steel and composites which enables them to withstand the demanding pressures and (tensile->pencil) loads required in deepwater production
were going through the next 6 months still with an enormous effort from everybody in the organization to implement that im very confident that we will do that very well
specific performance recreational vehicle demand remained reasonably strong in most of our markets we did experience some softness at our florida dealership
driven mainly by the accretive contribution of our acquisitions of calweld and (talon->talent) innovations as well as improvements in our other products
what ill call part number mix even on some of our contracts the mix that came through the orders were leaner than we typically (experienced->experience) so we kind of had
two key tools worth noting are a joint business planning tool which is an externally facing tool for managing relationships with our key supplier partners
revise our manufacturing practices the rolling practices to manufacture the products and (that will->thatll) be over the course of several months or
and a vendor funding (performing->performance) management portal which is a robust online tool to track manage and optimize vendor performance and funding
simon i honestly dont think that these things are any different in the context of the way weve thought about
we have some issues in these big geographies that we talked about that we have to work our way out brazil and india being key ones
over the next few quarters we will take additional charges related to store closures and corresponding closing expenses associated with the operating lease liabilities
to predict not only the exact golive dates for some of these deals but then how that revenue is going to flow what (*->the) uptake is going to be from a variable nature
our first priority has been to evolve from being a buying organization to a streamlined category management team which is more in line with industry protocol
to avoid the threat of ad blockers and provide their digital viewers with a better (liveviewing->live viewing) experiences as ads are stitched into the live streams
yes its hard to tell but what we do know is we did not have the inventory we plan to have (and use->in used) we just couldnt find quality inventory were not going to
what i can tell you is were more active right now in terms of the opportunities were seeing
we understand that investors will always be concerned about the semiconductor business cycle but our q3 outlook (demonstrate->demonstrates) that these concerns should be mitigated
on slide 6 we have listed the tools that apa has at its disposal that are enabling a more liquid and affordable gas market
the opening of these new locations was offset by the announced closing of 3 of our legacy financial centers as we continue to optimize our financial center footprint
we will also begin to realize additional operational efficiencies while we continue the planning and execution needed for our alldigital conversion in the northeast division
time is the missing element to see this change in direction and pace yield results
is almost identical in fact its up a little bit in the first half of 17 if you take out that pension contribution so really what happened is we had
and the main effects of demonetization have been in the regions where you dont have a banking sector that is (welldeveloped->well developed) like central india
something you saw an opportunity to kind of acquire more subs and is that something that we i said i think you said it was going to moderate in the fourth quarter but
and when and why this is in stark contrast to the approach of the prior management team which utilized more of a (snapshottype->snapshot type) method
before we begin we remind everyone of the forwardlooking statements disclaimer please be advised that during the course of this conference call management may make forwardlooking statements
so i think that that is maybe a function of something going on in the market i dont know but yes our incoming opportunities have increased
but the (healthcare->health care) landscape is rapidly evolving and we need perpetual and nimble innovation to best serve our customers (healthcare->health care) needs
i was wondering can you tell us how much of that growth was driven by the incremental revenue from the (saffron->safran) acquisition
so we think that the acquisitions of our prestige brands have been very good and market reporting on how they are doing are fine
as i said last quarter it is still early days and these numbers are relatively small but they point to increasing traction and revenues in the quarters ahead
the first one is coming back (at->to) your guidance there seems to be some confusion in the market of what you mean my interpretation
under this regime an arbitrator can determine the terms of pipeline access including price where parties have been unable to agree terms commercially
we will of course monitor the (impact->impacts) and continue to adjust as needed in order to maximize the opportunity as we utilize our business intelligence group
on this call we will be sharing with you some of the specific initiatives that we have embarked on to support this new vision for freds pharmacy
and well see that effect immediately also contrary when you start listening to other earnings calls versus ours
the downturn of this consolidated wafer fab industry is much shorter and much less painful therefore
this was (there was->*) strong expansion in foundry which was supported by new product launches and the edible oil purification business also continued
weve been able to then go to these other customers and they have chosen to start to put some business into our sites
whilst taking into consideration the need to fund growth that is underwritten by customers and that delivers new revenues to the business over the long term
thank you dear ladies and gentlemen good afternoon as well as good evening to asia and good morning to the americas
so bottom line is we did cut back in both of those entities not as much as we did in the gas panel part
at the heart of our strategy is product superiority products which outperform key competition or bring new distinctive consumer benefits
and the projections moving forward i think well just have a little blip that were dealing with there but we see the businesses there also picking up again
its simply too early to tell what the impact is because we just havent seen it (ive->i) made the point in recent times that
in fact in the fourth quarter market volumes declined by almost 10 our own business is holding up well in these conditions
we think that one of the possible therapeutic strategies is to reduce (this to reduce->*) these symptoms is to target androgen deficiency
first we are developing a fully integrated customer loyalty program that offers rewards both across both the pharmacy and the front store
we have a strategy of maintaining a highly variable manufacturing cost structure so that we can quickly adjust to market shifts like we are seeing in the third quarter
our implementations are consistently improving with every new supplier we have launched an end customer adoption program that we call spark
number of subscribers their usage number of devices and other components and each of those tends to grow during (the->a) term of the agreement
and the pipelines and capacity which will apply are operationally feasible to execute and consistent with the policy decision to establish the auction
we havent seen it yet but we dont know if competitors are going to get more aggressive and compete away the benefit of the tax cut
clearly (januarys->january has) been cold and we had snow on the ground but to the extent that we (moved->move) through the first quarter here and get into the spring purchase market
i would say as it relates to any data that we may have generated prior to the briefing document going in
(its->thats) kind of what happened it really didnt have too much to do with production cost more (it->*) just had to do with just the general increase in the value of raw (milk->mill)
with a diligent approach to cost savings allowing us to deliver earnings per share growth
post the initial phase i study that have been exposed to both 101 and nusinersen and if theres any data that you could collect there that could inform
sector has been a little bit bumpy over the past year and we want to provide ourselves enough wiggle room on top of that
(*->as) a reminder our guidance excludes any potential impact from the previously announced agreement to acquire the (wesson->weston) brands
with the goal of course of trying to drive similar growth in acv some deals are big
so you can assume that these companies will continue now that they have assurance for continuation
third we have reorganized and strengthened key functions within the company to be more agile
for example (we are->were) conducting a few key feed studies for customers that could lead to future orders for large projects
in that particular area we took that knowing that our zbb program will be kicking off at the latter part of the first quarter
our longterm goal remains to reduce the companys leverage and we will look at refinancing our debt when the time is right
i think the company has never been in a better position to expand and to exploit the market opportunities there for our services
but as they grow their user rate once again were willing to go back and renegotiate a (perunit->per unit) price down if they want to add
we are also modifying inventory for customers in order to deal with the changing regulations for lng fuel stations
quantify timing more precisely than that we are assuming that its dependent on
we have corrected these legacy warranty issues and are rebuilding our reputation in the marketplace were investing in product development
in terms of any thoughts around the price elasticity of demand so i mean just my broad sense is that if you have to get back to your
that (increased->increase) the value of milk in a lot of (markets->market) across the world its kind of flattened out right now
what you were saying right there but just to get a little bit more specific it looks like private label has (picked->ticked) up market share
these newly connected ipass users collected over 5 million network records in the (rio->real) area
if you are going to need these inherent investments for that type of growth is it a safe statement to say that the capital structure
second i think weve proven our thesis that our market is much bigger than international business travelers
i think you said its going to be flat this year do you expect gateways given the (projects->project) that you (on->*)
information contained in these forwardlooking statements is based on managements current expectations and is inherently uncertain
going forward we have identified and addressed several areas within our billing and collection process that have been enhanced
so we dont believe that theres too much capacity coming into the market its in line with the growth of (business and->the) growth of the industry
we calculate the last full quarter of run rate revenue and annualize to determine the adverse impact on revenue over the next 12 months
and actual performance and results may differ materially from those expressed or implied in these statements due to many important factors
to better utilize our facilities and lower our overall cost and we are on track to close that operation by yearend
i think the best person to answer that question would be brian (kaspar and->kasbarn) brian maybe you can just give a little perspective on
additionally we will refer to some nongaap financial measures on this call and certain measures presented on a constant currency basis
for the quarter discuss trends and developments in our industry and business and the outlook for the rest of the year
but at the same time they do require more time and so as weve seen that shift in
over the last several quarters talking about expense management that will continue and so
exemplified by the modification kits we won for inflight entertainment systems announced last quarter
and we believe indicative of (a->the) strong demand from parents with type 1 (incidence->infants) to participate in this study
i dont know when we talked about the increase in quoting activity
historically we have only secured a small percentage of the revenue from the professional services via our partnerships with surgeons
the content of this conference call contains timesensitive information that is accurate only as of the date of this live broadcast
small companies will go cloud immediately (and then->when) youre talking about companies (will->who) employ tens of (thousand->thousands) and
so these have always been there except in the last quarter (weve->well) just (trued->prove) this up to the actual extent of utilization
into the investment or redistribution of capital decision was the blackout period
strategic partner deals are typically larger and have more upside but take an extended period of time to ramp and begin recognizing revenue
it is this intelligence that will finally allow consumers to take ubiquitous connectivity for granted
capital deployment during the quarter included acquiring (linktech->linktek) to add (*->to) our advanced technology segments medical offering
weve made a lot of progress in a very short time which (has->is) required placing a lot of bets
so its we have a number of prospects in the pipeline some have
we expect to file a new application shortly and receive a decision from the court in the coming weeks
moving on to our outlook for the remainder of the year given our yeartodate performance and forecast expectations
comes to mind but what about (or->*) can you talk about the availability of slots was that
we do see continued good growth rates in medical and from an inorganic perspective wed like to see that
the significantly low cost of ownership and ability to handle wide variations of materials
having said that we covered it by giving as much clarity as we could
is the right thing to do in the midterm as well as the fastest way to gain scale and to become profitable
we have we gain a better understanding of our value proposition
for their claims so that was the genesis behind the original claims amount per case
and so we recognize that weve got to get those price gaps more in line with where they need to compete and the brands they compete with
our general product assembly rigid packaging and nonwoven product lines led the growth in the current quarter
signing supplier deals like united airlines and extending exclusivity and capacity with other of our key providers
(yes matt->mt) this is greg thats going to largely be within that segment product line
but ill tell you (one->more) of our focus is as we alluded to in our comments was is around how we
(*->to) be eventually refinanced with a combination of takeouts including syndicated loans and (*->the) emission of (bond->bonds)
but i dont know what the ecom for the total category is if its around 5 but can you just
this morning i will cover our operational highlights including the progress of our active development projects
thanks for your questions and thank you as well for your support we recognize that getting behind this company takes investors who are willing to take a longterm perspective and we know thats not easy so we really appreciate you
and cable one is matching donations made by our associates to support some of those with the greatest need and now steven will provide more financial details on our third quarter results
to try this out so weve been patient to that end but the suppliers now that were signing up and some of the existing suppliers are interested in driving further adoption so were doing some of the things i mentioned and we think
the new management team has significant confidence with this knowledge and is using that to make decisive and bold moves to optimize our store fleet for both growth and profitability
provide us with an invoice number and an invoice amount to kind of authenticate themselves that they can get invoices or they are getting invoices from the supplier and then sign up to start working on arc so thats one example
at that point both calweld and talon were relatively new and i didnt want people to think that the core business was just flat and they are the ones doing all the growing so i did make that
but furthermore we are working closely with additional oems to expand our reach in clean track and other wet processes and to further increase our market share
we are seeing that value pricing is very important to the consumers there and one of the things thats been a big focus of ours as we have implemented our supply chain reinvention
to give us the infrastructure in brazil in china in india (in south east->and southeast) asia that will then allow us to put all of our categories through that pipe so we have great
our white space chocolate expansion and gains in displays and shelf space as we capitalize on our competitors transition out of its dsd network
you have my commitment and the commitment of the entire team here at freds to remain steady in our promise to apply resources and discipline to return to profitable growth
were also seeing a general increase in the size of the opportunities in the pipeline of our first 25 suppliers we have several that measure their monthly invoice volumes in the hundreds
during the down (quarters->quarter is) the period of time where the customers would actually use that inventory in lieu of placing new orders with us
with numerous operators who are doing both sports and entertainment and giving us the ability to work with them where if it was purely a sportsrelated deal
ladies and gentlemen thank you for participating in todays conference this does conclude the program and you may now disconnect everyone have a wonderful day
the conference has now concluded thank you for attending todays presentation and you may now disconnect
so would is there any spending that you would have to incur in the near or medium term towards asset retirement in germany or is that all in line with the rest of your reserve report i believe you talk about
it then also fairly close in terms of sales to the farm and agri part of it because a lot of these sales is actually going into the farmer community as well so that is why we see a link in that
despite our excellent performance our market cap is pretty much where it was a year ago last quarter i thought that one of the issues was that we (are->were) not doing a good job of telling our story
and frankly a little surprising to us we expect widening spreads but on the mix that we buy we did not see wider spreads in the first quarter
we began our rightsizing of the business in late june and completed it in early july our goal was to size the organization at the appropriate resource level needed to support a stronger fourth quarter
and so the combination of all of those factors together should give us a nice tailwind i particularly the emerging markets really the key to getting the aggregate category growth
thank you good afternoon and thank you for joining todays conference call which will be available for replay telephonically and on ichors website shortly after we conclude this afternoon
were planning for continued category declines while working on initiatives to stabilize share and shift focus to our strong growing and highly profitable candy and mint platforms
our second quarter results and certainly those of the first half of the year serve as strong evidence that our strategy and operational excellence efforts are right on target
our third quarter is the first time that our quarterly results fully reflect combined legacy cable one and legacy newwave results for both 17 and 18 now getting into the 18 third quarter results
thank you pat good afternoon everyone and thank you for joining us to discuss our third quarter earnings results as well as several strategic initiatives we have underway
it you cant move to manufacturing mode until you have the infrastructure and the takeaway capacity to allow you to do it and so weve already contracted
to be clear when we talk about free cash flow were including only operational cash flows were not relying on an assist from asset sales
as well as milka in china which continued to perform well approximately 60 of our yeartodate revenue grew or held share in this category
this team continues to amaze me and i am so fortunate to have the opportunity to lead them as we strive to provide our customers with great products and experiences
a key step in building that team was our november launch of category management university (our->a) core training program for buyers and assistant buyers to build strong foundational capabilities
we also have (the->a) very highly variable manufacturing cost structure which means we can quickly take actions to align our cost structure to the revenue outlook
a potentially positive consideration is that tariffs implemented on products imported from china and south africa could serve to eventually moderate the price pressure
(*->we get) streaming from a lot of places so one of the things we want to do is figure out a way to leverage that brand and it may be a series of concerts it may be a whole (host->list) of other things
a generally weak canadian economy a strong us dollar and (a->the) very warm weather last winter that significantly impacted our ski resort operators who are key customers of ours in the wintertime
our funeral homes weve hired a couple of people that are really experts in merchandising through cremation and were beginning to
yes i mean i think in 2019 youll see something that (will->well) probably (look->*) start to look to you like manufacturing mode as that infrastructure becomes available to us
our cautionary statement is shown on page 2 of todays presentation deck we will make some forwardlooking statements during todays call that refer to estimates and plans
thank you mary lou let me provide a summary of our goforward growth strategy the 3 key components of our strategy revolve around optimizing our entire portfolio
we are committed to this program and fully (expect it->expected) to help us upgrade our overall sales team and help us minimize future issues dealing with (the->*) minimum wage and overtime
and having a positive impact on our customers now id be remiss to promise an overnight reversal of trend because quite candidly there is no such thing to do the job right and make it stick
have heard that from many of our competitors we in response to that we are progressing our revenue management activities to continue to find
financial automation and its something that we have not done historically but now this is a big year we want to put that in and all the knowhow and power and the teams we have for technology
id like to thank our teams for their tireless efforts to put us back on track and ensure that were focused most importantly on our customers and consumers
it is quite common for a company to have a filing extension following an auditor transition though we expect to remain a timely filer by filing within the 15day extension period
the business plan really is an emerging animal and we want to make sure its very attractive to whoever invests in it and that would include
putting aside the time frame within which you might be able to generate outcomes data is it your working expectation that youll need outcomes data for inclisiran prior to approval
finally i wanted to provide an update on hotelijack during the second quarter we successfully completed the transition of installations
for the next strategic move or acquisition we want to make but we do feel comfortable with the path were on and where were going
it is an active program at this point but as i alluded to were still looking at the data to fully understand the meaning of the results and have not made any decisions about moving forward
in addition to reviewing our team and adding resources where needed we have also taken steps to ensure that the sophistication of our systems is matching the growth of our company
as we enter a time of unprecedented change and opportunity with the trends that we see in our industry it truly is exciting with how we (positioned->position) ourselves in both business segments
and that is to associate the clinical activity of tipifarnib with (the->a) biomarker or some other (criteria and->criterion) that allows us to enrich the patient population
investment income did decline on a sequential basis related primarily to some additional bond amortization we had to take on a few of our european portfolios
our technical team has been modifying our drilling and completion procedures based on our results and the results of our offset operators
overall the (chc->cap) international segment realized strong performance in the quarter as the team continued to actively integrate sales strategies with promotional programs
a wonderful element of a hospital (challenge->channel) strategy that the company has changed and we believe we can find a suitable home for it
more details on this reallocation of capex (in->and) production by business unit can be found in our march 2017 investor presentation which is currently posted on our website
and it means that now we have unrivaled expertise in this segment we intuitively understand and can react quickly to different market cycles
and so we set the stage for an exciting 2017 which i will come to in a moment but before i do ill turn it over to bill
let me now turn to our regional performance we continue to see solid trends underlying the results in 3 of our 4 regions
then clearly thats not a situation where you would want to study the effect of an oral drug because itll come straight back up because of the vomiting from the disease
we continue to invest in being the best partner for small businesses we are developing tools and marketing and distribution systems to reach new audiences
cost efficiency initiatives that will continue to benefit the margins but since the 2 segments are close to alltime highs
i believe weve been able to show that amtrust is a great business with underwriting discipline strong claims processing and outstanding actuarial expertise
the administration has to relook at some of how they think of policies i dont control that i think thats the best solution they have to
and i think andrew as you look at some of the july data it will be a little messy because of some of the malware shipment timing issues
well talk more obviously in november about our outlooks and our plans for 2018 and i think well be in a better position to talk about
as we stated last quarter given (the->this) significant level of recent activity and our desire to preserve flexibility to support our consumer business
and finally im happy to report that our acquisition pipeline is extremely robust and we hope to close a number of deals in the very near future
theyll be including some forwardlooking statements today so we ask that you please refer to the disclaimer and the conditions surrounding these statements in the earnings release
we are performing a strategic review of all of our business units that will help us prioritize our capital and resources where we see the best opportunities for profitable growth
however we are focused on achieving our synergy targets for this business while bringing technical and manufacturing resources to grow both revenues and of course profitability
with the community the results of the retrospective analysis that we conducted from the previous (janssen->yanssen) clinical trials and
will there be any addendums any weaknesses still would you expect that or do you expect it to be a normally signed audit at that point
i am excited that well be working together to build value for our shareholders and with that ill turn the call over to craig to cover our financials
before we begin our remarks i want to direct your attention to slide 2 which discusses our use of forwardlooking statements and potential risk factors
that the eagle ford is also where we have our infrastructure already fully developed and can add rigs and add production there without
(im->i am) very pleased with our results so far this year which has resulted from all the hard work done over the past several years to strengthen and diversify our business
hope you all had a chance to review the press release we issued earlier this morning a copy of the release is available on our website as is the slide presentation for this call
as i mentioned in my opening slide weve been investing in our business for a long time now and slide 16 highlights the significant investments we have made
on behalf of my wife mona my daughter sydney and i (i->*) just want to say thank you again and god (bless->blus) all of you all the lear families around the world
and ask about specific partnerships and how we can really invest in innovation for their future application and so that increase
and now being obligated to pay a (commissioned->commission) salesperson minimum wage and overtime caused us to make some strategic changes
there is a program that we have in place that entitles some of our suppliers
phasing our way into the offtake commitments and the infrastructure commitments that we need to make and the time it takes to build those
this included a comprehensive global process that considered numerous highly talented internal and external candidates
we still continue to get very significant (improvement->improvements) in both recoveries and in how many
hes lived and worked on 3 continents and has proven his ability to drive growth on both the top and bottom lines
(mick->vic) will provide more insight on these adjustments during his portion of the presentation now id like to briefly review the segment results for the third quarter
(we have->weve) never been in a stronger competitive position and i believe the future has never been brighter for (lear->alere) corporation im so excited to lead this great company
with (the->a) team that we have built the investments we have made in both 2 outstanding business segments we are perfectly positioned for continued profitable growth
thats high acquisition cost business so again i think (*->that) the movement from an expense ratio standpoint is much more reflective of
but before we get started i need to remind everyone that our commentary today and the (answers->answer) to your questions include statements that we believe to be forwardlooking statements
(lynne->len) whos our head of commercial would want that to be as simple as possible and very attractive to patients and
how much of this is reflective (and->in) something that was something that they were looking at and how much of it is different but business that you (passed->pass) on to them
this very impressive phase ii data set that not only were talking about but we find the investigators are talking about amongst themselves
or any change in events conditions or circumstances based on which any such statements are made (i->*)
which was evident by the improvement of our safety metrics that were already some of the best in industry
looking ahead our entire organization is motivated and focused on achieving our objectives on behalf of our customers and shareholders
conversion of a significant new client as well as the growth associated with our wealth management platform business
i dont know the number (offhand->off hand) i can tell you that the demand is good very good so
ill now briefly touch on some fundamental trends in our businesses starting with our domestic businesses
so we are evaluating that option to finish up the (transmission line->translation mine) getting some additional power and
with the second element thats important we continue with the recent growth of the real estate business for ripley corp
we see that to be very very achievable the only sensitivity to that is
implementing store improvements adding new retail locations and increasing our focus on our branded retail network
as well as broader industry sales pressures including the continued impact of the department of labor fiduciary rules
weve managed our debt structure efficiency efficiently and made incremental investments to drive performance
(of->*) trying to capture those opportunities its just going to take time so i think the bottom line answer is that
and im consistent in my belief of strong fundamentals for zinc and expect zinc prices (will->*) remain strong in the near future
both (simonsvoss->simons boss) and (axa->oxa) performed well in the quarter and are delivering on the expected results
we expect to be able to overcome both of those with through new customers organic growth et cetera
and beyond we dont have we dont see any of that timing impact moving from the first quarter to (the->*) second quarter
(no->so) our primary supply of canadian crude goes into the pacific northwest refineries and
in the last 6 years and theyre pricing very attractively into the west coast so it is the
seems like you guys have your fair share of (the->their) operating (upset->upside) in the california market or the west coast market
we also achieved margin expansion in both segments through operational efficiencies gained in the period
the channel delivered a weekly average of 12 shows among the top 50 shows during the quarter
managing our balance sheet to provide appropriate financial flexibility and returning capital to shareholders
(*->this) is one of the ways were creating a better career management experience for professionals while delivering qualified candidates to customers
our infrastructure group benefited from increased commercial construction and infrastructure spending
you hear us talk a lot about our integrated business model which we believe allows us to
wherever our customer designate we can make (the->this) system in any country they want
and so its not going to be that was not normal (operation->operations) so that rate wouldnt be sustainable
was sold just a few days after the call but it was included in the 10q so (that->thats but it) did happen in the fourth quarter
(*->that) the practices that are strong usually stay strong for quite a period of time and that i think fits very well
we actually feel pretty good that were going to be able to reduce our supply chain (costs->cost)
now i will turn the call over to rich for a more detailed review of our financial performance and business outlook
in addition we have changed our practice for the search construction and installation of (sites->site)
our views for this year are that the production in the areas remain stable
for our products so on the margin those things will play out over a longer period of time in response to your question
(i am->im) going to start by covering the highlights of the quarter and the transformative changes (weve->we have) executed during the past year
for the full year our underlying revenue growth was in the high single digit
(the->this) sentiment is not (shared->chaired) by your board or management for the following reasons
these efficiencies have supported our increased marketing and development without unduly impairing our margins
turning to slide 15 international insurance sales on a constant basis
when a (larger->large) agency was having some system difficulties and halted funding and paying awards
were working on the images of our stations and see good increases on
but yes (if->is) this (is->*) something that could have been done better certainly it could have been done more (conservatively->consultatively) it could have been more planned
instead buying back shares versus retaining capital to keep your powder dry for future investments knowing that
i would like to turn the conference back over to mr lloyd mcadams for any closing remarks
(*->to) bring your designation to a vote can you talk a little bit about how that process might work
as well as other innovative initiatives that we will comment on with (*->funosian data)
aside from this expansion we include terraces entertainment areas and restaurants
the possibility of growing (the->*) associated services the creation of communities among our customers
is there a new (truck->product) required for this which is which will (conform->confirm) to these
and we believe that this project will migrate into (a->*)
the one and ill just share with you the way that we look at it and is that
i think the intention is to keep it indefinitely as indefinitely is used
that would have probably had an impact on how our yields were for gasoline
other than that i think our unplanned downtime the way that we look at it is
and finally i want to make a couple of observations on key topics of interest
how do you balance kind of a few factors related to
run the business to capture the maximum value that we can from the way that we
as well as contributions from the recent acquisitions which were accretive to the regions margins
the previous is reflected in (a->the) stable trend and it is found in the lower levels of the previous years
both tools bridge a gap that has long (existed->exist) in recruiting with pay expectations being out of line with market trends
need to import gasoline in that environment so well go through this transition
particularly with gasoline that puts our exposure to rins different
we look forward to 2016 as an opportunity to build on our prior results
the benefit to the margins (and->or) reserves on (a->*) aftertax basis will well exceed any detriment that occurs
this difference was mainly driven by a positive impact from product derivatives which i will discuss shortly
these products are used across a broad spectrum of industries including medical imaging
still the right trajectory for it to slowly ramp up to about 50 basis points by the fourth quarter or so
as well as invest in strategic hires to build out our skills and capabilities throughout the organization
(increased->increase) time in the permitting process we do not see anything in that permitting process
some of the implications of the thoughts reflected in the treasury report on insurance
these services are being provided across the country in dozens of metropolitan areas to a number of customers
others we measure include new professionals using the sites unique applicants and new clients
whose coupon rates adjust to market interest rates within the next 12 months and annually thereafter
so i think (there are->theres) still plenty of opportunities for us to book
(i->*) think its important to recognize that our strategic plans and priorities are not changing we will continue to focus on organically growing our regulated operations and maintaining the disciplined financial approach youve come to expect from us
because at the end im sure you will have questions and thats probably the most important part because you could study already the deck that is as well sent to you or is on internet
to that end we have also hit the pause button in our handbag business we felt that the product did not accurately reflect the vince brand and we have begun the process to find a designer to lead that business going forward
im hoping that i wont say this but by the next time that we talk that well have either found an answer to this or we wont this is kind of our last idea and so if we talk again and we dont get this idea to work
promote within our own stores that directly impacts our wholesale business and in many cases theyll price match us which just exasperates all the promotions that are going on out there
we are also focused on making the necessary investments in the business to support our longterm growth objectives and taking steps to put us in (the->a) financial position to do so with our recently announced rights offering which we commenced today
that will contribute (to->*) strong margins as we move forward and get a little organic growth behind us and it does appear although difficult to predict with any certainty that growth is (*->start) stabilizing at current levels
in (marsh->march) we launched bluestream a digital (brokering->broking) platform initially focused on affinity and sharing economy businesses bluestream has the potential to be leveraged more broadly
thats actually very helpful and (ken->can) we keep hearing great things about your products from the channel and i feel like everybody likes to focus on some of the other very large public companies in network security
we not only can assist these labs to overcome the inherent efficiencies (and->in) their delivery of their services but also assure growing margins at enzo we believe we are in a very advantageous position now
and the sustainability that has been presented will be extended to mainly as well we have to make sure that we get higher penetration in the butter
well the way i look at it is we all 4 of our businesses are run well and have done things over a number of years to position us well for longterm growth
we eliminated the nearly 4week tiered promotional event that we had last year in our stores and online during q1 as these types of promotions train the customer to wait for sales and handcuff our wholesale partners
if we go to western europe then in western europe we had again as i said already saturated and a little bit improved consumer sentiment
now if we include the growth of (duty free->dutyfree) and as well distributor markets that are handled mainly out of switzerland
as our strong revenue growth illustrates the partial us federal government shutdown as well as concerns raised by brexit and the slowing chinese economy had no noticeable impact on our fourth quarter performance
a number of investments are being made especially in downstream including several construction projects aimed at increased petrochemical supply
regarding other government rate (hikes->hike) and their impacts well it could be other factors that we are not able to actually account for now next question from nh investment (*->inc)
also to extend our market reach and assist our product rollout we have underway a comprehensive program involving meetings with key opinion leaders customers and advisers in the molecular diagnostics community
we have a lot more crossborder innovations taking successes from one market introduce it in other markets often under local brands but the same product and based on the same consumer insight
sure ali its really the result of conversations our account managers have had with our large commercial and industrial accounts so we know were going to be seeing more load come on in the second half of the (year->*)
are still the same namely electrical and we also believe there may be some select opportunities in aerospace but those are the 2 industries that weve been spending most of our time on
given the high operating cash flow the high net cash we have and the low net debt we have allows us to announce a buyback program
you might recall that prior approvals took a good deal longer (candida->canada) nonetheless was the third approval of an assay for our (platforms->platform) to have been received in the past year or so
for further information on these risks and uncertainties please see capstones relevant filings on sedar finally ill just note that all amounts we will discuss today will be in us dollars unless otherwise specified
our recurring revenue businesses are more resilient and more insulated from immediate economic impacts and so (youd->you) have to have deep and long (recessions->recession)
to pursue those developments to ensure that longterm cash flow generation but also to continue to invest in a material program of exploration drilling over the next few years
what you would describe as channel disruptions from ecommerce maybe on the electrical side business shifting away from some of the traditional distributors anything that you can comment there
as we progress with the advancement of our pipeline we believe our strategy and these products will allow enzo to potentially reshape the delivery of diagnostic services
they are looking for it they want to know where the products are coming from and that is what we are working towards and we have already reached a very high level what you will hear later
different than what weve seen in other markets where we operate (i am->im) not saying that its going to be easy its a tough job (*->and) to fight against our competitors and of course fight against private label
and this is thanks to restructuring in supply chain closing down factories and also through continuous efficiency in our operations
(then->when) looking back dont forget that 2017 was not that an easy year from sentiment as well in europe (when->*) i come to (the->this) whole trading environment and there you have to see
all of our frontline teammates including our bankers mortgage team wealth management team and insurance team contributed to our growth efforts during the quarter despite various challenges unique to each of their product offerings
then the increase of interest rates should last at least several half years before we have to register something in terms of accounting
from a gain on sale of the (nextraq->nextrak) business partially offset by an impairment charge resulting from changes in our investment arrangement in (masternaut->masternot) that caused a change in our accounting from the equity to cost method
lets not forget that we have increased exposure in ice cream ingredients and are therefore more influenced by seasonal variations
of course some of these opportunities will be matured and drilled others will not look thats the fluid nature of exploration and managing a prudent portfolio
weve included a second chart that shows estimated durations of our loans securities deposits and borrowings youll see that our loan book is very short
that will go that will lead into (dropped->drop) duplication the distance between a (house or->household) that you need to pass before you can deliver to the next (households->household)
the bottom line is that we believe were well positioned for rising rates the chart in the upper left summarizes our exposure to 4 scenarios this year
and this is indeed a very relevant operation for the company operating expenses we were able to
on how to help them create a supply chain that is efficient and that works for us so theres a lot of good news here
as well as outlook for fiscal year 18 (well->*) thanks (lisah->lisa) and were certainly very pleased with our results in the fourth quarter and fiscal year
we have constructed a very savvy distribution network and have already reached our full year commitment target only halfway through the year david
would we like it to be bigger and with customers that we love of course but i think given kind of what we think in terms of return targets (and->*)
what we did see is (*->a) very strong volume growth which is ongoing still slightly offset by a negative price mix effect
both in italy and in germany (and->*) we expect to do a transaction before
but we also see that our operational costs are impacted by the additional peak season cost we (*->have) had to absorb
we have spent a significant amount of trade to generate fast trial and awareness on innovations
no more question thank you very much we would like to close for the day once again thank you very much for your participation
in the same level of the first quarter of 2015 which was slightly higher but we see a positive trend now
as in previous quarters the strength in our payment processing business helped offset the decrease in digital imaging revenue
by doing that we are better able to manage the flow of their processes over the weekdays
in other ways if they will come up with a decision this year its already part of the outlook but we do not want to
as retailers increasingly compete based on value and competition in categories like trash bags and cat litter remains elevated
(is->as) we now start to see commodity (costs->cost) continue to move up on a consecutive basis higher rates of inflation were going to go back
customer success stories will likely drive this next wave of growth and the introduction of t2bacteria will be a major driver as well
which is one of the main reasons why we do think if you want to maintain that affordable and reliable network and create job
this is the third anniversary since we introduced the dividend program and the board declared a 25 increase in the quarterly dividend over our prior dividend
the growth coming from thirdparty credit cards also increased in our total mix and thats why
(*->and) thats also what is stated in the presentation that we expect implementation cost to be cost in the first 2 years
and in 2019 we should try to leverage on that lessons learned so that we will be able to revamp our growth
but for the individual initiatives we want each of the companies to move swiftly and therefore we have come up with this organization
and we had another strong year of innovation delivering about 3 points of incremental sales to the top line
and that these additional statistics can better allow our investors to understand the value of the customer base as it continues to grow
several have tried to place products in other existing platforms and weve never accepted because obviously everyone wants
much more job security for the people working for us but also working in the postal market than we can today
are subject to future risks and uncertainties please refer to slide 2 of todays presentation for further details
is to pursue strategically important acquisitions and (divestures->divestitures) we continually evaluate our internal business portfolio
so more or less stable or comparable to what weve seen in 2019 please note that theres one working day less
about our expense expectation in nominal terms i can say that we are firmly focused on
and to make sure that people can do the work (and->*) that they can do those long routes we also are changing into ebikes
so for other financial services what are your future plans how are you going to reinforce your financial services business
earlier this morning we released the results for our first quarter of the fiscal 2017 year and i hope (you->youve) had a chance to review them
theres quite some (application->applications) for these units but as ive said in the report there a number of our competitors in the last few months have come to market
i hope i can give you a direction that makes (us->*) sound positive but its a service thats hard to use which we would like to make easier to use
regarding paypay and the way users are increasing what is the image of growth so you 6 million
okay so its primarily financial engineering that is leading to (the->their) debt on the books as well as the cash on the other side (thats right->*)
directly in this market i think we will see a large increase in the number of even offline companies that will
the online spending is increasing and we see an extensive growth in the amount of parcels which are ordered by heavy users
and that is how we would like to grow our (merchantbase->merchant base) also with regards to users
any kind of operating expenses because of its location and we just feel like its a better plan for us
now ill take you through the core adjustments in just a second but first let me summarize the major items in the income statement and ill remind you that
now we shouldnt underestimate the significance of this agreement because at the end of the mining boom we saw a major reduction in revenue and earnings in (wa->*)
but in terms of capital allocation priorities those remain unchanged were going to continue to be disciplined in how we allocate capital how we run this business
(*->now) of course weve been taking pricing in markets like argentina and other countries with higher rates of inflation but were also going to take a hard look at pricing
weve got opportunities as we bring consumer meaningful innovation to shelf we believe that (well->will) create opportunities for incremental shelf space so
we believe that the more relevant target for us is increasing the patient population that we have access to (for->*) testing with (t2candida->t2canada) now
we also posted decreases in expenses and thats not related to tax (benefit->benefits) im not familiar with all of the tax
some strategic leverage and i am very comfortable and im sure that we will continue to grow above market levels
what we see at this moment in time is that postnl is a very attractive employer in the market for parcels
because of the fact i think people are at the same level (in our->and are) in the same (at the same->*) level and in the same way motivated (to do->*)
to serve the strong growth in new orders from last year weve been aggressively addressing these issues by placing more experienced management with the newer crews
forecast timing we do not want to forecast what will be the outcome of that decision this is more safety measure
that is why it was quite dramatic but in terms of the second campaign we want
i would say without thinking of what other people at other
is being able to fully ramp at inverness on what happens in the
while we did not incur the onetime separation cost we (were->are) expecting below the segment income line
and after paying out most of our cash on our q2 balance sheet as dividends
has been fully deployed in (an->*) organic way adding new antennas to our existing towers
motivation for customers to push out projects and commitments shows no signs of stopping by the end of the year
and at the same time delivered a very strong result in terms of both
severe winter weather at least not in those parts of the continent where most of the people live
the top line growth was fueled by rate increases and strong renewals yet moderated by (control->controlled) new business
we achieved another important second quarter milestone with the completion of the
to ensure we continue to consistently grow the top and bottom lines and ultimately create
how are you addressing the value equation to the customer (who is->whos) not the my starbucks rewards customer
possibly doing something which is not the optimal solution after the few
have a lot of initiatives going on there all at once and the (markets->market) certainly not helping you out but
west coast of africa and indonesia to name a few of them
although thai and indian origin price dynamics is expected to impact category mix
operating profit was marginally down as a result of planned investment in price to restore lost market share
probably as good as our current bank credit line
on one hand the increase of the capacity of our german facilities and
and thats balancing then the experience we create in our stores around the third place around community
i would rather say that the fixed (costs->cost) of the company had actually been
try to continue the current one and continue along the same tracks in immediate (years->peers)
i wish to confirm that all major product categories performed and improved on the prior year
things like agriculture coming back the crop spray business and some of the other businesses (there->that)
that we will continue to pursue the merger of equals with terex corporation
kind of had a (*->dup) double effect on the negative for us needless to say because of this rhine river effect
excluding this impact we continue to expect cap operating margin to be moderately higher yearoveryear
we are also continuing our relentless focus on the productivity of capital employed in our business
our net pension and opeb liability on our balance sheet decreased
most important though for this presentation i think is that we continue to deliver on our strategy
income and margins were down only modestly as the segment delivered on better internal execution
and so we wont pursue anything that doesnt meet our internal roa targets so
and now if we take a look at (konecranes->konekrins) as a standalone company so what we have been doing is that we have
(yes salvator->alberdor) ill just point you to our track record with the alabama rebuild
in addition with improving domestic activity software sales should benefit in the second quarter
in the past we had marketed to a range of customers using fico as a proxy
the telecom cost reduction resulted from a negotiated credit with the vendor
after a good second quarter we did see overall infrastructure sales decline modestly in the third quarter
the other main issue is weve been hoping that mro would recover throughout this year
mostly on the back of the goodwill from the (backwerk->bakfirk) acquisition which is now
at this time id like to turn back to mr (kolstad->kohlstad) for any closing remarks
(there is->theres) no impact on the business other than that the business stays the same
and we do think for (a->*) relatively inexpensive investment we can get a fair amount of interest
cautious and clear about the alternatives that we have in the italian market
this represents an important use case for our data and integrated offering
got it and then when you think about 19 and granted i
ladies and gentlemen good afternoon first of all let me introduce our
but that works well when you look at annual averages less well when you look at
and this has been exacerbated by the competition for the sa vine crop
we havent yet put it in full use but that is a matter of days or weeks
from vendors and lowered the cost of its direct mail campaigns
but have put a lot of emphasis on them in the last couple of years as the oilfield demand weakened
and then lastly i will tell you were seeing strong performance of our new stores that we just talked about
we are still expecting services to grow we have certain
the cold beverages that were driving around afternoon made i think were feeling good about that (and->*) let me
this is of course very important and something that were going to continue really drive going forward
the embedded supply chain benefits and sustained investment in the (spekko->specco) brand will support
relative performance or is this actually a tangible driver of your asian sales
in order to accomplish that were going to need to improve across all of our businesses within claims
the claims issues i just described add some pressure and will take a few quarters to resolve
at the same time as we make meaningful progress against our commitments to deliver sustainable growth at scale
one of the biggest competitive advantages that all lenders for example are trying to get
that were placing in these markets of middle america and in the south so
but i have a high degree of confidence that we can achieve it in that time period
which supports our current international flying as well as future growth (opportunity->opportunities)
that there is a difference between how you market and how you attract and how you
another important news item for regional in the third quarter was the renewal of our credit facility
now were going to bring back the focus to reintegrating ourselves if you will to our pentair standards
primarily due to the inclusion of the (calhoun->calhoon) operations for the first time
moving then over to our (region->regions) we can see that the picture is
looking at the chart in the upper right you can see our insurance groups continue to be well capitalized
now to go through some of the macroeconomic (indicators->indicator)
and recently received sales for a large infrastructure project as mentioned in our press release
for the different products a lot of the branches even though weve trained all the branches already
whereas then in the industrial cranes and crane components business units
on slide 5 we can start with a review of the polymer segment financial results
we have flexibility to ensure that we take advantage of optimal market conditions
as we continue to manage through the retirement of these aircraft
i can confirm we will have continuity on the key drivers on the plan
the result of which should be margin expansion from all 3 segments next year
if you are asking about the cost of this process if i understood well (of->over) your question
and again we were pleased that our bank group expressed their confidence in the company and the management team
project orientation makes that a little bit harder or otherwise
thank you and ill now turn the call over to scott scott
the measures to improve the fixed (costs->cost) are more important (then->than) in priority
because i think you guys have been focused on this for at least the last year and
so what is what gives you so much more confidence this time than many other times
we finalized our acquisition of the dr organic brand in december
we were very pleased to see that the combination showed favorable tolerability and safety across all dose levels without any evidence of increased autoimmunity or inappropriate immune activation
when we can talk about the specific response rate after we have followed all the patients out to an appropriate time point when we are confident of their responses then we can make that decision
technical expertise and a track record of drilling horizontal wells to the new company klr energy was a (stack as->spac thats) a special purpose acquisition company
we have already made a great start that looks very promising this has the potential to help us take our margin to levels never seen before in this industry
we believe that our current cash cash equivalents and shortterm investments will be sufficient to fund current operations into 2019 with that i will now turn the call back over to troy
needed to move this program from where it is today as a positive phase ii into pivotal development and i alluded to some of that in the prepared remarks relating to
now this is something we also have to look at as we look at the overall situation for basic chemicals within the region because it also has an impact
and when you do the depreciation on that i think that (you are->youre) looking at a useful life (of->for) 6 years as the bench rule of thumb but for your useful life
in fact since the launch in late june we have had strong customer response and are pleased with the trajectory of customer acquisition to date
evolution of these consortium purchasing dynamics and while perhaps that (may have->maybe has) not played out in price certainly seems to have played out in fairly significant negative volume
historically characterized by renewals of existing client accounts to one that is now more defined by new logos and new scope from existing clients
new initiation that we have seen severe surges in the metal prices and our customers also recognize the surge in metal prices as well
this will include all subjects enrolled in parts 1 and 2 and per the protocol and the statistical analysis plan placebo subjects will be pooled from both parts for analysis
its these environments where if its long and steady increase its not a huge quarterly impact and youve seen that in the last 3 quarters for us
in that country with the acquisition of (kinh do->kindo) so we will continue to look for opportunities to supplement our basic footprint but (*->were) we feel quite good about the overall footprint
to do to this theres some taste masking that were adding to this initial formulation its all (the usuals its all->*) of the standard things that you (would->had) imagine that you would do if you want to have (a->*)
(*->a) stop to delivering active phone subscriptions at the end of june so we had very little revenue at the end of june but
finalize the contract until the early part of this quarter so we will now begin to accelerate some of that investment in the second quarter
there will always be a need for safe effective and convenient acute treatments and obviously an oral acute therapy would be very accessible and highly attractive for patients
we picked up our first development rig in february and increased that to 2 rigs by april plus we added a dedicated frac crew that began work in july
were going to continue to look at wireless communication signal data management data prioritization anything in those areas that will allow us to enhance our connected car strategy
improve branding for us to be able to attract good talent in colleges so these are the things that we need to do more
that covers the update on our product candidate development programs ill now turn the call over to heidi for (*->a) discussion of the financial results for the third quarter of 2017 heidi
liquid formulations can have a faster onset than capsules or pills and so thats what we would expect in this situation and then i think the other thing is we really want to
so that we can provide our products in a variety of (packaged->package) formats at different price points and so the key for us in competing in those particularly in the emerging markets
as always we are mindful of our cash position we did put an atm in place back in may a vehicle we have used in the past when the markets have not been very favorable
after the quarter and through august 9 we have (added->*) additional swaps for the remainder of 17 and for the full year of 18 and we will continue to opportunistically add hedges in future
to get it to from a return standpoint but were in a good position with structures we have the capabilities and the competencies that we need to continue to grow
our (redesign->redesigned) completion techniques have shown promising early results and (we are->were) excited to see the results on a larger sample size in the third quarter
the breadth and depth of the glemba and varli programs should provide us with a (data rich->datarich) 2017 and clearly define the potential of these product candidates
and what we were left with was (a reversal->*) apparently in that benefit in the small number of events that were abdominal only
moving to a liquid formulation should accelerate absorption to the extent that you dont have to break down (a->the) capsule or dissolve the powder in the capsule (its->thats) already presented as a liquid
now last years first quarter operating margin included the benefit from a change in accounting methodology for employee equity plans
a large business process services contract with metlife that we expected to close during the first quarter but was signed this past week
after adjusting for the tax reform charges we had a low effective tax rate which was positively impacted by (a->*) credit in hungary
(were->we are) not looking to grow at any cost and we plan on being disciplined and methodical in our decisionmaking process but make no mistake we are a growth company
now good afternoon everyone and thank you for joining us today those of you familiar with (kura oncology->kuroncology) know were committed to realizing the promise of precision medicines for the treatment of cancer
the first exploratory trial we plan to run in this setting is (zenith1->xenith 1) and its planned to begin this summer bill will go into more detail on this (and->in) the rationale in a moment
in addition we are using our switching platform to develop enhanced consumer features without paying licensing fees to third parties
there was a little bit more business that you were picking up in the shorter term that you hadnt picked up before that made the difference and it sounds like
to be materially different from any future results or performance expressed or implied in this presentation you should not place undue reliance on these forwardlooking statements
going back to some of your earlier commentary and some of the specifics around price deflation i guess those expectations aside i mean clearly i think you probably experienced heightened
we are clearly benefiting from a strong automotive and offhighway market situation and are capitalizing on our leading position in engine (cooling->tooling) to win business in electric vehicle space
however the development of novel therapeutic approaches has been hampered by the many different genetic and clinical subgroups of the disease and the relatively short durations of response
our consumer business highlighted by the record low churn rate and traction we are now starting to see with our organic growth initiatives that are leveraging our core assets
the decrease from our previous guidance reflects the timing of sales as well as the impacts of the special charges discussed earlier lastly turning to our fiscal 2018 outlook
and prudently balancing our capital allocation by investing in platforms for growth while providing direct returns to our owners in the form of share repurchases our continued share repurchases reflect our ongoing confidence
that the whole energy space has been affected we saw this in 09 and thats why were trying to stress the stability of our niche in the energy market
in transportation we expect to see improvement in the second half of the year in china as the price of natural gas has returned to traditionally low levels and natural gas vehicles are once again in higher demand
and we have made significant progress in identifying cost savings to apply across our operations and in our offices which will be a focus of our attention in the second part of this year
well thats a great question and since we have so many equity analysts i think thats what they get paid to do i get paid to (trade->create) value and operate assets
our broad portfolio of technology and our ability to understand the interaction between materials creation materials removal and materials modification is tremendously valuable
those elements can and do frequently change please consider our comments in light of the risks and uncertainties surrounding those elements including the risks we identify in our filings
more appropriately reflect the ongoing operations of the business a reconciliation of these amounts is provided in the press release our accompanying slide deck and our quarterly report on form 10q
as i previously have mentioned we continuously look for opportunities to create shareowner value as weve really done over the past decade and if there is a clear and compelling path
to replace aging natural gas lines and to support additional power plant performance and reliability improvements all (*->of) these investments are expected to further improve service to our customers
i also think its fair to point out that due to seasonal (effect->effects) we hand over a lot of completed projects in q4 and by that its a natural pressure downwards on the sales ratio
there have not been significant changes to our uk capital plans as those have already been accepted by ofgem through the end of (riioed1->rioed1) as we think about future spending beyond the current price control period
this breadth and diversity gives us confidence in our ability to sustain strong performance under a variety of market conditions and provide a great platform for future growth
which make us a natural partner for the governments the communities and the contractors where we operate we seek to operate at the highest levels of hse performance and ethical compliance
each prior year quarter and so we did have a strong if you look we had a weak first half strong second half and thats kind of this time its kind of flipping around a little bit relatively speaking because of that
when we take a step back and look at applied specifically in an environment characterized by those same pressures reprofiling memory and foundry spend
before i talk about our plans for the second half of fiscal 2019 let me give you a highlevel overview of our segment results during the quarter enrollments in our medical and healthcare segment were strong
really important reason why we do this is because we can we are so financially strong that we can meet and make take business decisions based on (a->*) risk and reward in the swedish market so we will continue doing that
these initiatives required tremendous energy from the entire team and with their successful conclusion we are now focused on pursuing additional business development opportunities across our portfolio
should we expect sales to ramp up to the full amount of roughly 8600 barrels a day (and->*) once the pipeline repairs are completed since you have oil (in->and) storage there and
(can->cant) compete with such a high speed going through a zoning process that we can do in germany so (that is 1->thats one) reason why we really (enjoyed->enjoy) being on that market
maybe you took up pricing (or->*) maybe priced a little bit ahead of the market and hence the volume losses is that a good explanation or are the volume losses
now as you look at the income statement i want to remind you to bear in mind the impact of accounting for the gains or losses on our deferred compensation plan assets
our press release which contains the financial and other quantitative information to be discussed today as well as a reconciliation of nongaap to gaap measures is also available on our website
want teekay that can operate safely and thats why we have this huge focus on lowering our cost because that makes us more relevant so thats how were approaching it on the gas side
in fact due to the increasing trust our customers are placing in our services products we are now generating about half of our services revenue from longterm agreements
as a reminder most of these engagements are multiyear in nature and are periodically renewed through a formal rfp process our success rate in winning rfps continues to be very high
and the philippines and we reduced expenses in tomato production by replacing our own usbased production with new grower relationships in mexico
(*->and) we have been expecting this i have been expecting this for several years that this will come at one point which hit actually started hitting the markets by the end
as a result we are seeing customers engaging applied in earlier and deeper collaborations to develop unique solutions focused on device performance and yield
it has been a very strong quarter for frontera and we continue to deliver our operational plan to position frontera for growth in reserves and in production
we are currently at (6000->600) feet and the well should be complete by the middle of august with evaluation and testing operations set for the end of august
a key element of our strategy to return seachange to revenue growth in the coming years is to expand the use of channel partners and technology partners to reach more customers and prospects
what we continue to see is that our customers require us to move their cargo and produce oil and thats (with->what) thats our part of it
more importantly we are investing in additional resources in our research and development function to support delivery against our product road map despite the (cost reduction->costreduction) efforts
using advanced packaging techniques all 5 of these approaches will require major advances in materials engineering and create huge opportunities for applied
we continue to deliver on our commitments to customers and shareowners and we will continue to deliver longterm value for those who invest in ppl that concludes our prepared remarks
and quality of service in line with the strategic highway of executing an investment plan that allows us to develop our infrastructure that supports our business drivers
we also saw some seasonal moderation in demand in the second quarter for natural (gasfueled->gas fueled) trucks as higher gas price natural gas prices tend to peak during the heating season
during this period and more importantly a significant change in our net financial position after higher dividend payments when compared to (the->*) same period (of->*) last year meanwhile
allows you to price and allows you to drive margins so the margin profile on this business is good
we have a very strong presence in china and most of our business there is license compliance so these are licenses that have been (pirated->pired) were not really
in closing q2 was an operational and financial success and continued evidence of our ability to efficiently manage the business in a period of sustained high growth
so keith now reports to patricia and he will be able to spend virtually all of his time or his day job with customers in the field
not one at the expense of another i feel confident as we go into next year that we will be able to continue to bring in enterprise deals
we will also be referring to certain nongaap financial measures additional information regarding these measures can be found in the slides labeled nongaap financial information at the end of the presentation
some of you may remember how we started our run in 2012 and how altium managed to deliver what could not have been imagined possible at that time
with a strong focus on new logo sales this did however have a negative impact on our standard renewal campaign rhythm which is being addressed in the second half
that gives you not just road accuracy but within lane accuracy which is very unique and its something our customers are looking for and then its everywhere in that
and all of that hard work (it was->*) what i was trying to allude to in my prepared remarks (had->has) set us up in 19 and 20 and beyond to be more balanced
the open trading window for us was during the month of march if you can recall back a couple of months to march this was a period of time when the oil price was actually rallying quite a bit
daniel how do we think about the importance of those assets in the total remedy package i mean if you look at the last book value of those of the remedy assets and then (in payments->the impairment) youve taken
were excited and optimistic about the potential to drive additional growth and shareholder value (id->wed) like to thank our longterm and new shareholders for your interest and support of biolife solutions
broader base at the bottom of the pyramid when we talked about a pyramid before it really wasnt a pyramid it was really (pearshaped->parashaped) with a very large
increase our cost basis as a result and so whether or not we could actually have the metal prices pegged to the asps of batteries
putting that business on the path (to the->of) record performance its achieving today and accelerating sales growth for the future i can think of no one more qualified to lead (lear->leer) going forward
there were parts of the structures business that could be more capably managed outside of their company would you be open to picking up some of those factories or (businesses->business)
and lastly the current therapies are injectable and patients and physicians tell us an oral acute therapy will make a big difference in patients lives
inside of the assets that we might be selling again our focus on the acquisition side is to make sure that we buy assets that have growth
(we are->well were) not going to speak to a magic number but we do feel comfortable with (*->the) liquidity that we have today with the cash (in->from) the bank and think that were in a position now where we can
all forwardlooking statements are expressly qualified in their entirety by this cautionary notice you should carefully review all of these factors and be aware that there may be other factors that could cause these differences
three i mentioned that in some cases weve seen an unacceptable gap in the time between bookings and billings but
in short we continue to extend ipass everywhere with focus on making sure everyone is able to connect in the places they need to be
response rates for the 3 agents approved in the second line are in the range of 13 to 16 and median overall survival is 6 to 8 months
what was interesting about 014 is that in the animals we saw (a->*) really quite limited toxicity less than we expected and that will allow us to dose escalate
in our centers and there are a handful of locations where were talking to them about proactively taking space back because we know the tenant demand and we can execute on it ourselves (but->*)
before we get started i would like to remind everyone that during this call we will make projections and other forwardlooking statements regarding future events or the future financial performance of the company
got it and one other question about the liquid formulation i was just wondering if you could mention some of the other ingredients that are included
work on (and off->enough) for our competitors but if you look at the finished good producers for our customers who actually use our products the regulations there are also on and off
it should be clear that the intention is that the (investments->investment) in (uttam galva->utengava) will be a part of the joint venture and funded by the joint venture
of that range and the range of uses is what i alluded to earlier in the call we still are seeing demand from bestinclass fitness
in between the 2 is what looked a little odd and hey all the more power to you it looks great that youre picking up that additional business i was just curious if
that commitment is evident in our pipeline of small molecule product candidates that target oncogenes and cancer signaling pathways in addition we seek to identify
these (subjects these statements are->*) subject to known and unknown risks and uncertainties which may cause our actual results performance or achievements
before we begin id like to remind you that during the call we will be making forwardlooking statements that are subject to risks and uncertainties some of the factors that could impact (the future->our) results
but obviously weve embedded within the range the ability to do something should (it->*) be opportunistic to do so and continue to advance our goals of extending term and weighted average duration across the balance sheet
so i expect that combined spread for next year to be pretty consistent with what its been over the last couple of years
so in this area also for our customers if you look at the (carbidebased->carbabased) pvc some regulations (are->*) on
however with our management deals we look for projects in which we can manage the full food and beverage services for (our hotels->a hotel) at their multiple venues
oftentimes shopping within the store that occurs with the pickup of groceries and i do also think that the interaction between
thats a strategic partner deal who is ramping at this point in time and doubled their usage throughput in october over september and september had doubled it over
but we really think this is a growing area of market leadership for csc and we are planning to continue to invest in this business as we go forward
that said attributed to the nature of some of this new business weve been experiencing a lag between the booking and the revenue realization
strata salespeople currently are undergoing training so they can effectively sell the (nordlys->norus) in addition we will be adding highly qualified personnel to support the marketing effort
our management deals highlight the strong value of our brand and provide our partners with a unique opportunity to leverage our restaurant and hospitality experience
so if thats the case then that particular event wouldnt be eligible for an experimental therapy in a study like this (theres->*) one other element i didnt have in the
we achieved that on assets that are in the bottom quartile of our portfolio with population densities and incomes that are significantly below our portfolio average
we have learned that with (a->the) right partner a license agreement can be extremely beneficial to the company and were going to be more proactive in seeking these types of deals moving forward
at average spreads north of 50 as some of you have also noted in your research our track record of capitalizing on bankruptcies compares very favorably
we will continue to strategically add incremental capacity to drive higher levels of profitability in our toll processing operations
longer to see the sales prices rolling over and then kind of forced to buy
then the second effect in working capital is actually related to the reverse factoring
we also like a skew of our innovations towards what we call the growth businesses
so if you were able to really identify the bottleneck and how you are going to
and the administrative costs that have been applied (towards->toward) dealing with those audits will really be substituted for any of the administration on the preclaims review
we have been focused on reducing our second lien exposure at suns and cycling out of these investments at attractive prices
to identify highprofile films with strong potential for release in china we expect to make some announcements regarding that initiative soon
do you think that thats kind of a trend or something thats going to continue in the future and this wont drop off as quickly
number of theaters and then as it does better they book it on more theaters so its hard to gauge how many theaters theyre going to release their movies on
we were able to leverage our expertise in the data center industry with this being our seventh investment in the sector
assuming no significant changes in market conditions we believe that we can sustain a reported lifo gross profit margin
which is the request for advance payment and thats where we actually get paid about 60 from medicare at the beginning of the episode
right i would agree and so that sort of leads me into the sort of second part of this as part of
and postacute services in particular will continue to grow and we also know somebody is going to have to service this demand
we expect to announce several similar new distribution partnerships with other leading chinese streaming and entertainment companies shortly
our risk appetite is at moderate level and capital consumption is presently at low levels
for example trex online provides homeowners the tools to design price and order samples for their dream decks
as well as improvement in the energy market and we believe that reliance is very (wellpositioned->well positioned) to capitalize on these opportunities
we are now ready for your questions please limit yourself to (two->2) questions if you are in the listening to the conference mode
and our business our bilateral business with china and we look forward to talking to you again in a couple (*->of) months on our next call thank you all
these projects are designed to ensure that we are able to meet increased market demand more efficiently and effectively than the competition
while the purest in me initially thought (mixed martial->mixedmarshal) arts was kind of (*->a) little more than street fighting i really come to appreciate the sport as its fighters
focused on really adding more capability and leveraging all of this to drive even more faster growth
so how should we think about (these projects->this project) is this like a risk of
while we have done a number of these reserve adjustments and the spend is going to overall be greater than we expected
which is not different than the market averages but we have room to grow and (well->will) not hesitate
(*->well) yourself and the company actually mentioned that you want to build smelters (in->*) different locations around the world
yes were here to service our clients (we->were) here to meet their needs as and when theyre ready and we certainly expect that these relationships will grow over time
and that is not going to change with the preclaims demonstration so well continue to have that amount coming in upfront
so we are sticking with the guidance of something around 100 for the full year needless to change this in just last quarter
this is required for us to continue to be a leader in the ott space particularly in the rapidly growing avod segment that chris described
positioned to absorb increased volumes in our existing footprint and cost structure as this end market improves
the amount of visibility you have into the second half based on the leases that have already been signed and kind of what you already
but essentially what were doing is funding ongoing investments in our business with running our business smarter and more efficiently
okay (andrea->andre) youve got a couple of questions there let me see if i can answer each of them in (turn->term) but let me start off with the outlook and answer the question
yearoveryear the reduction in other income is largely the result of a change in the india budget
in the earnings release i know theres some disclosure in the ebitda table what additional color can you give on that or do we have to wait for the q
dollar prices fell and actually we granted twice as many loans as we have to our name
period so this is really q2 so were trying to get our legs around the types of metrics that we (can->could) start to be consistent with
so thats why (we are->were) not really tied in necessarily to the ballooning (costs->cost) of movies per se at this point in time
but in late 2014 we placed a renewed focus on properly pricing the value we provide to our customers
but also improved average uptake on the arpu of next transactions that we are going to see
we typically see the biggest impact in our business from productivity from project runoff from volume impacts
so what we have actually done is for the first time ever in the history of the company and frankly for the first time in india weve actually created
i think we would like to see less maintenance breaks and the customers running and us delivering to them
if you could disclose some details are you going to pay the bonus that was under discussion
and i know its a sensitive topic but is there (anyway->any way) you can give us some kind of view on what youre pushing for this year in terms of that
we talk a lot about how much space weve leased weve leased a lot now the next piece of the puzzle is to get those tenants open as soon as possible and so (there is->theres)
and launched several new hiring and training initiatives designed to ensure wns resources are prepared
these positions are being filled and encompass management is confident these markets will be back on plan by the end of the year
if something unexpected were to happen (and->then) we were to lose a piece of business for some reason that we dont have visibility to today
lower interest rates and reduced loan (imperilment->impairment) reversal also had an impact on the reported (results->result) from the level in the same period last year
positions and we made a commitment (that->but) we will run some analysis to
we will need to begin investing in additional administrative resources in advance of the demonstration effective dates
will be a net positive for healthsouth its important to remember there are 2 goals of these alternative models
it seems that wall street is having trouble understanding that just because (youve->you) got hospital attached and therefore a high per diem
that we know is going to generate a very nice return to get the ball started for us (in->and) our chinese partners than it is just to
those preferred units are eligible to convert on september 30 that will be at that point in time that is up to the holder as far as the conversion of those go
as we noted on our first quarter earnings call and press release we (continue->continued) to invest additional resources for the development of longwall panels and equipment maintenance consistent with our plan
we note that our credit metrics remain strong and we maintain our standing leverage targets but do not look to remain within that range at all times or at the expense of missing strong valuecreating deals
help us continue to win key marketing battles as we did this quarter strengthening our portfolio of (top performing environmentallycompliant->topperforming environmentally) power plants before we open up for questions
and the same thing with the insurance and annuities we have a good complement with the insurance (and->*) annuities that are solutions against our retail client base no additional acquisition cost per se we (have->*) got the client relationship
(so->ke) first of all thank you for the question because i think its a very important one as we think through it as we have highlighted to you a number of years ago and i tried to mention that in (the->*) my opening comments
looking at the full year we saw our investments across the portfolio (helped->help) to deliver production growth at 4 cash flows were also strong despite the higher capital
with regard to obuasi i take your point in terms of the (checkered->checkout) history again but having said that what we took into account is the extent of the reworking which graham and the team have actually done to give us comfort
and so thats just an anomaly in the data its going to correct itself as we lap it and i think actually ims is going to try to correct it at some point here going forward they are publishing
in asset management we have good scale (on->and) distribution broad investment capabilities and the ability to adjust the business and leverage our integrated model while continuing to generate a good return
whoever (whatever->*) biosimilars want to enter this market theyre going to have to navigate their way through that ip and i still feel as confident as i did when we communicated that to you back
stronger cost management and stringent capital discipline has resulted in the allin sustaining cost margin increasing from 17 in the second half of last year
and so as you move into (frontline->front line) you get your greatest benefit for the patient by doing that and obviously you get your greatest benefit from a business standpoint by moving up into those (firstline->first line)
well thanks (jord->jare) appreciate that it is a very busy morning with conference calls and other releases going on and hopefully weve managed to answer all the questions that everybody had
and we continue to be active purchasers as banks look to rebuild their balance sheets the recovery from februarys lows has tempered buying opportunities in the public debt markets
i can tell you im very excited about what the opportunity looks like this is a market we know well because of our experience with lupron in this segment and certainly lupron does not have the ideal profile for these women
following the closure of that window we would have the ability to continue to generate robust offshore cash and quickly pay down that debt so in the event that it went that way and we were permitted to do that
completion sites due to road bans in the west (hudson->edson) area during september frac pumpers are the heaviest equipment that we have to move around in the field and so of course we need some relatively firm roads to do that
while we are closing in on (in->being) 60 committed in (opps->ops) fund (xa->10a) and (have->of) several deals in the works that could take us above that number
when the program is complete we expect to have approximately 300 employees and we also anticipate that well have transferred more of our engineering responsibilities from the philippines to poland
greenfield opportunities around mobile carriers they tend to make a decision a little bit faster than some of the other telco and cable operators weve worked with
weve run cds off considerably to where theyre such an insignificant part of our deposit portfolio that we did make a decision to run a couple of promotions to just keep that
so if at all we are looking at a joint venture partner at some stage and im not saying that we will we keep options open (itll->it will) be at the right time when its got to the right value in the value curve and itll be on our (terms->term)
in terms of our expenditures to pull that down the biggest jump in the capital expenditure in 17 came from the specific (brownfields->brownfield) investments we did and that is behind us right now
for the realization being negative 1 point and what do you anticipate the difference between volume and revenue to be as you look out over the next couple (of->*) quarters
this includes enhancing our digital and financial planning capabilities as well as upgrading to an advanced crm system so our advisers can work in an even more integrated way with their clients
weve been very able over the past as (we->weve) reflected to you to adjust our expense base appropriately (slowdown investment->slow down investments) slow down some of the things that we just
thats a good question we are not ruling out any options but having said that a couple of points i want to make a this is something which we have done all the heavy lifting in the last couple of years
were certainly going to be looking at ways to be able to appropriately deploy that cash dividend has always been important for us and i can tell you were committed to a growing dividend
we believe were making solid strides in both these areas beginning with applying metrics to many aspects of the business and designing a formalized operating system to maximize quality performance
we entered the quarter very well contracted ran our mines close to capacity and took advantage of export opportunities to ensure consistent operations and expand our total margins
so we feel like weve got a great competency already and i think in our engagement with those folks up to date although its been limited until we own the business we believe that theres some great sharing that we can do there
having to bring in additional resources to fill those gaps which we expected to happen as youre reducing resources youre going to uncover things in the operations that need to be addressed
and leverage it appropriately and so we will keep our eyes out for opportunities that may make sense for us that we can extract an appropriate return and add value to the business longer term
thats not something i dont think thats something were prepared to do here and thered be a lot of judgment calls about where direct lending ends and something that you would consider other than direct lending begins
if you found the right drug with the right profile its clearly a significant opportunity its one of the things thats on our target list as i said what we do from a business development (or->*)
due largely to inventory timing lags but we are confident that this will become a more notable factor in the remaining quarters this year if raw materials remain at current price levels
where you or who you think youre competing against on most of your digital products because there seems to be a separation in the market whereby accenture in particular seems to be winning
another critical fact point is the 75 of claims experience (provides->provide) statistically valid information that is used in estimating our reserve assumptions
this cash enables us with a great advantage (or->*) provides us with a great advantage to grow our core derm market without diluting shareholders
we used or the global principal group used are typical and serve as an excellent example of how our (distressed oriented->distressoriented) investment teams do their work
we are seeing opportunities with quoting activity for a handful of new natural gas processing plants and feed studies for modular midscale lng export facilities
this concludes the financial review portion of our call i will now turn the discussion back over to fusen for the september quarters business outlook
and i think all i can do i realize the frustration thats there all i can do is say is be patient our first quarter numbers will be out in about a month
in response we adjusted every day and promoted price points on folgers coffee to improve our competitive positioning
happens to be a very highly talented executive in terms of representing our product and our business
we simply need to continue to manage (costs->cost) win new business and execute on what weve already won and thats exactly what we plan to (do->*)
our focus on delivering more with every dollar invested by maximized lateral lengths in both core asset areas allows us to deliver more with less going forward
we are also pleased with the performance of natural balance our (super premium->superpremium) pet food brand that remains exclusive to the pet specialty and ecommerce channels
we just have to keep our brands above that slightly and we have to fight with the branded competitors in the same space steve this is mark smucker i would just add 1 or 2 things and that is that
many of you have asked about the continuing difficulties the traditional retail sector is facing and how it might impact our business it is certainly a challenge
so could you help us conceptualize how to think about the comparisons as the year goes on in terms of modeling
stuff that we were going to get to and so the question for us was why are we spending money there so really it was just making sure we had the land that we needed for our longterm program
and its where we produce all of our sour cream (cottage->cottash) cheese and dips that facility is losing money
we have many many patients have been reaching out to sites to suku and the clinical team and we know that there is a significant demand
compared with the third quarter of 2015 the decline was due to continued weakness in upstream natural gas processing petrochemical and lng markets
in mass specifically in club and then in selected grocery customers across the country that affected our volume significantly in both may and june
any (pick up->pickup) in that activity now that youve seen a little bit better conditions in energy markets
that combined with a decrease in sales in the culture business which is a noncore business but its a significant piece of the business today
(show->chosen) some priority customer segments and we have now aligned resources and organization to be able to serve this customer in a more efficient way
(so->*) we are looking at this a little bit more strategically in terms of how we actually play in that space working with key customers that are emerging in terms of that space
so that we believe we are becoming more astute at understanding our value proposition
the quality of execution speed to market and scope of the expanded distribution is a reflection of our improved agility
this reflects improved economics related to kcups which will begin in the third quarter and lower green coffee (costs->cost) which will mostly benefit the fourth quarter
sales growth reflected gains across nearly all away from home categories contributions from the launch of the jif brand in canada and higher export sales
measuring dose levels with a different method so part of it is just if you want to say making sure that youve got a dosefordose equivalent we did the same thing
again this has mostly been influenced in the last year so by generally higher interest (cost->costs) and higher provisions for credit losses during that time period
forwardlooking statements are subject to various risks uncertainties and other factors that could cause actual results to differ materially from those stated in such statements
the amount of revenue that was going to be generated per claim was and collected was not known it was not a known commodity
this excludes the impact from any restructuring costs and assumes an annual effective tax rate of 31 ill now turn the call over to sam thomas
ignoring your demands for payment and things of that nature paying the patient in some cases and doing other
a telephone replay of todays broadcast will be available following the conclusion of the call until thursday november 3 the replay information is contained in the companys earnings release
cold material dispensing equipment for automotive and industrial applications and powder coating equipment for consumer durable end markets drove this growth
and now youre going to (*->be) and you collected a certain portion of that youll be now fixed rate per procedure will be a smaller amount can you give an indication on
and so made the first move as it were to increase the prices but it was not matched by the competition
any time you do that its very disruptive in your supply chain youre basically swapping out all of your skus we thought that was important to do before the key fall season we got that done in the quarter
the numbers that (assure->assured) was booking were consistent with other companies were realizing and actually the cash that was being collected was consistent with the numbers being accrued
cash flow generation and a commitment to executing a thoughtful clearly communicated business plan that enhances value for all of our shareholders
the bid opportunities are coming out kind of aligned with their lead time on the aircraft design itself
owner of the facility do you feel that having a broader service offering is going to help you price in the future
and so that information i think is something that people are closely evaluating and the other element is the pragmatic aspect of the single administration
and so that capital is available to redirect into drilling so i feel good about this year i feel good about where were going in 2020 and well stay that program
how (*->would how) do you expect the services footprint to expand with clients in terms of perhaps average client revenue potential
to hold total production relatively constant highlighting the quality of our assets by delivering sustainable production with low maintenance requirements
if we have a closer look at the growth we see a total growth of more than 7 but if we then deduct the
and again also the consumer business area is impacted by the increase in pulp prices
maybe not to the magnitude that we saw during the third quarter but is it reasonable to say that (*->it would) we should see an increase during the fourth quarter as well on the senior side
a plus and were really everywhere with all the critical customers to take advantage of that but its pretty early yet in the process (thank you->*)
and well keep you posted and like i said im optimistic that well be able to get this initiated by the end of the year and were doing everything we can to make that happen
they understand the (priority->prior) the interesting thing is our customers have now sort of probably gotten even better at having a priority of payments in terms of how they spend their money
going to have to tap the brakes or deal with the lower commodity prices (that they are->theyre) able to get given the takeaway challenges
we did much better on the profit side of that so that equation i think its better for us to be
(*->with a) company like compugen which i think and i think that this is the reason that they are engaged with the company
now turning to slide 11 you can see an overview of this quarters performance in terms of earnings per share
all of our businesses are going to have to add value for shareholders our focus is
so were not going to go into the minutia of each particular product and how many thousands of patients are in each particular product
and (positioned->position) the company in several areas for the success we continue to have today
(core is->cores) helping the client understand how the co2 injection will affect the chemical and physical properties of the reservoir fluid
where the timing of order approvals particularly by government entities can be difficult to predict
as we build these new projects they will lead to additional opportunities just as the tennessee system
its also important to note that the company actually noted that the second trial has
so all of these products are not products that are swapping in and out of our existing patient base
so with that i was going to switch back to dave to talk about our outlook for the balance of the year
link square in shanghai also managed to deliver extraordinary growth in a competitive market
benefiting from expansions in houston and edmonton that we brought online and from additions to our jones act tanker fleet
so i do believe (liana->*) that the remopro product delivered through our unity system
that said given the complexities of these projects and the overall situation in south africa
with some recovery factors increasing from an average of about 9 into the low and midteens
is an unrealistic pipe dream with the substance (in->and) the pipe being legal only in colorado and washington state
should one or more of these risks or uncertainties materialize (*->or) should any of our assumptions prove incorrect
please refer to the forwardlooking statement disclosure on page 2 of the slides and in todays earnings release
which could drive additional (valuecreation->value creation) above and beyond the growth we are targeting in our core ebitda model
versus where we were just a couple (of->*) months ago and we do feel better that we have accounted for everything we know of
so theres not a magic number that we have in mind to come back in its really going to be more driven by
which is what they did because they have (a->*) strong capability we did not do that in france we just terminated and thats
and thats just a bit less than 50 almost as much as the weather
in the regulation for the dispatch of energy for constraints
and we see this as a benefit as a potential cancer treatment in different solid tumor indications
engineering and operations groups while allowing us to better serve our clients in a way that addresses their unique needs
with (a->the) midpoint which is a substantial increase of 9 over the previous year
opportunities on the market and were just being very realistic about our power generation business
changes in overall business mix in the segment and the impact of the stronger us dollar contributed to (*->the) margin decline
it was very important for us to have a good second quarter i think youll recall from the first quarter
as noted on the slide we now reflect the impact of recent acquisitions and divestitures in the current numbers
pricing is comparable with the (year ago->yearago) period and were seeing our order book go out to the middle of next year
but from a margin perspective this put us just slightly ahead of diesel and power cost increases
to fund our growth expenditures we believe our investors value the latter so we have been working within that framework
i think on the d side its much more there has been some construction supported by
from what we had when we originally rolled out the assumptions around the consolidation transaction such that
when we see a material move in the international rig count level
so free cash flow was a very important part of our performance for the second quarter
so major growth (and->in) the base case organic growth of the corporation (in->and) the energy business
quite halfway into our drilling program we had very good results and we dont see the need to finish that program
that means we dont believe in our private portfolio i dont believe in we dont believe that continuing doing what we (were doing->do)
than we had even a few months ago but first let me talk about some of the progress we made during the quarter
i would like to thank our people around the world for staying focused on our goals notably safety
is supportive of the amount of operating cash flow we expect for the full year
one event but not really in the context of the length of the of what people might have thought over the time of the contract so
as just being we got to pick some point in time and this could
we believe that our receivable portfolio is of high quality and that dso will trend down in the second quarter
the lng business continues to be down towards the bottom and so we dont see a lot of change in either one of those
i would like to stress that the fact that we are cautious
in delivering another strong quarter of results in safety and financial performance
and the ultimate impact on our inservice date is ultimately going to depend on the final conditions that we receive in may
its truly a great accomplishment by the entire team to achieve these results so quickly
because we think the pricing is there to support it and we try to be conservative in that pricing and
adding to our project opportunities but also making better use of the existing capacity that we have
just for your information in may we plan to file an 8k with the sec
having opened an office in japan we are building momentum in that region and are focused on driving additional revenue
(*->out) to the many thousands of patients that we physicians and others believe
but it would be fair to think that you would have capacity that you could utilize here (to->*)
we hope with the federal announcement and the solid q1 performance we can put most of these issues behind us
you help me understand where you had the sales execution issue was it
they are now fully integrated into our clinical drug development group over in research triangle park
if for some reason we cannot find enough good (projects->project)
(felt->*) we felt it was important to mention to you that what we lost in march we recovered in april
that we would also give too much information out to our competitors on that
further (risks->risk) remain and we will keep you updated as we execute the remaining scope of the work
people on the scientific board and the (three->3) resumes of the strategic (advisors->advisers) who have
in our power segment our transformer business remained on track for an improving full year performance
and to discuss their possible involvement as (investigators->investigator) in a future trial
and i think were seeing that as pointed out by the brent crude
share repurchase were going to do that because were going to continue to focus on generating cash
we are confident that (slipped->slip) deals were not competitive losses we just didnt convert the deals within the quarter
to see those data relatively soon well finish the first of those sets of studies
investment for the company to buy back our shares we still have a significant amount left to do
specifically benefited from those (changes->change) not from the volume
and in america because thats where we see the bulk of the growth
this is a great place for us to invest our capital into this patient access program
but also how the integration of activity and mindset will more holistically support our members
and then take questions i would like to remind you that some of the comments made during this call
please be advised that actual results could differ materially from those stated or implied by our forwardlooking statements
and were investing in (our->*) owned brands and that kind of awareness of the
and we expect that into next year based on the number of programs that theyre currently in negotiations on
i think there there is a good chance to maintain a good rate of growth
with strong order books and innovations do contribute to margin increases
were on track with our target to receive late fourth quarter regulatory clearances for each product
(*->new) large site in the (gothenburg->gothenberg) area and the traditional rebalancing of the contract
the way we show up consistently across the globe is an essential part of how we move forward
geography and life stage so you will see that continue in our marketing
and some of the answers in response to your questions by management may contain forwardlooking (statement->statements)
higher (costs->cost) in these plants have offset our productivity gains and impacted (or->our) margins
(i->and) never (whine->wanting) to just enjoy a good thing i will remind you that this growth comes at a price
then obviously its going to get pushed out from there so in all honesty until we have some experience
and have direct discussions but thats probably later this year early 19 before we engage in that
yes so we dont have (so->*) i just want to make sure i understand the question so
results that exceeded our expectations for the quarter primarily as a result of higher realized prices
and therefore recorded negligible sales from the country in the second quarter of this year
looking forward id address our aspirations in each aspect of the customer experience separately
(*->to) quantify right now as to whether its hundreds of millions of dollars or tens of millions of dollars (*->or)
and we are seeing increased uptake and utilization of our hpv vaccine around the world
in our toptier retail business in addition to low cost of debt from a very strong balance sheet
do not offer better growth in future cycles
thats not clear yet so those customers which are testing these technologies
so am i thinking about the commercial impact of that publication
there are definitely more companies for sale than in the first half of a cycle
the owned brands are they now at a level in terms of penetration where youre getting a margin benefit from
thank you to the entire surmodics team for your hard work and outstanding results
i do not want to say that they dont care about numbers they do but its not just the number on the scale
theyre chasing the sales line and they know that were going to be there for them in the event that they take too much risk so
primarily temporary production personnel once we saw that market conditions were weakening
but even though people are thinking in a healthier way they arent getting healthier
thats why the launch of our new purpose and our impact manifesto is a big step
more people are engaging with weight watchers sharing their experiences and inspiring others
in addition customers are always improving
and as not only are we doing it within the banners through consumer brands
do a determination of coverage they would get the notification that theyre not covered
to see if theres any type of irrational build but i think its a combination of those 2 factors
as we did our market research and (talk->talked) to physicians about this opportunity they said hey if there was a program like that
the higher margins are in other applications
on key business outcome metrics and to plan crossfunctionally all the way through
and the bigger pictures are typically discussed more in
and so we see lots of opportunity but were not getting to the point where were being careless and
and you didnt seem to have any capacity issues what sort of capacity do you have because
should we expect any sort of (cost->costs) i guess related to the credit card news
was driven by robust demand for new 3d inspection systems and sensors
an example of which you see on the right side of the slide
so the engagement is extremely high globally
connect is such a powerful platform and we have seen the positive impact on retention
(*->will) be further catalyst to generate meaningful customer account and receivables growth
our sales and marketing campaigns around our enhanced capabilities have just begun
we will keep you apprised of these potential future benefits as they are identified
of 2018 to prove this out so please stay tuned for further updates on this topic
as we go through the year as i think about biosimilars in the future i think
(of growth->seeking) opportunities that we project will satisfy our return threshold
we do want to time that investment with demand in the region
the cessation of our operations in spain the reversal of certain tax reserves
jeff and i will then be available to answer your questions at the conclusion of our remarks
while it is possible that we will have some catalyst sales to this customer next year
introducing new and innovative categories incorporating digital experiences
thanks to new products like the (coolfit->cofit) range (launched->launch) end of last year
however we do not believe our stock price reflects the favorable attributes of our business
chris let me stop there and check to see if that gave you the color you wanted
so is that an indication that in that particular market
lets discuss operations and then ill turn the call to tom
(*->im) wondering how this business performs in a rising rate environment and if theres
within the app not just only on connect but with the entire member journey
so they can spend as much time as possible inspiring and coaching our members
(weve->we) spent a lot of time working on the productivity of our promo planning which youve heard a lot about
under probably any measure for a while before wed actually have to pay
and theres still lots of productivity opportunity ahead of us and i know greg and team
and finally we enable you to find and form inspired communities
next we help you build powerful habits rooted in science
comes together as well as the more recent changes that youve made in the management team
if something doesnt fulfill our purpose we shouldnt be doing it and third
so that gives us the flexibility to do
area that they would have picked up say in the last 6 or 9 months to be in charge of all (*->of)
as i said big opportunity right to take those learnings and take them on the road right and apply them
has some negative effect and in addition i would say we have
and ebit and ebitda to be in the lower half of their respective ranges
so a lot of geographical restructuring going on in that contract
how much of that do you actually need to run the business on an ongoing basis (and i->*)
and adding an annual recurring revenue perspective
does that help accelerate growth in that segment for you guys
and lower interest payments partially offset by higher tax and employee medical payments
first the companies agreed to a supply agreement for 40 megawatts of energy storage projects
the broad range of retail placement for gaiam speaks to the versatility of the brand
finally our supply response on demand capability continues to gain recognition
or circumstances that may arise after todays date except as required by applicable law
and increasing the mix of marketing solutions and other services revenues
we now forecast full year sales to decline low single digits for the reasons just cited
let me level set first as far as where were at then ill walk you through sort of how you can see the rest of the year but
the purchase program is the most recent example of (arclights->arc5s) significant and ongoing support of american midstream
a number of factors were in play including (mixed->mix) performance across our varied end markets
were particularly excited about the opportunity that (exists->exist) for the brand in the beauty space
(*->great) and then do you have is the amortization requirement lower than it was on the previous
and so the question that we have to answer is where do our particular producers
the revenue impact varies based on where we are in the term of each particular contract
all of which are difficult or impossible to predict and (may->many) of which are beyond the companys control
and review our key revenue growth area marketing solutions and other services
while im proud of diageos track record in this area there is more we can do
operating cash flow grew for the eighth straight year
we begin this call by reviewing our results for the third quarter and our guidance for the fourth quarter
the charge relates to the amortization of an intangible asset and other balance sheet adjustments
weve made good progress in each of the 5 work streams and you can see it in our results
this is another strong set of results let me take you through the numbers in more detail
and have expanded the (guinness->guinnes) portfolio with beers from the brewers project
benefiting from the new media campaign and increased investment in sampling activities
our guidance for the second quarter is up from the same quarter a year ago in a challenging environment
(*->i) have my numbers in terms of the quarter and the sequential aspect of the quarter more so than the months within
return on invested capital improvement was primarily driven by operating profit growth
we refer you to our public filings (in->and) the press release we issued this morning for a summary of such factors
(then->than) do (some->a sum) of the part valuation of our company and when you do that you got to believe like i do
(or->were) typically the market leader in mobile so we have a massive market income already in market
having entry into that basin and seeing success and we see a lot (*->of) insight
so i think its just a good opportunity to remind everyone of what weve been telling you for a couple of quarters now
let me share with you why we have confidence that our plans on the core brands are working
in fulfillment we expect to continue our lean direct and indirect spend reductions
as we discussed during last quarters conference call on 2 of the 5 projects
just given some of the implied diversification either in terms of customer or product sales mix within
adjusted operating margins are anticipated to remain in the mid to high teens
so we will build more homes (passed->past) and add more home (subscriber->subscribers) than initially targeted for this year
right if you think about our plastic molding solutions as we refer to it now
we will now raise the goal to collect 50 million pledges
right now theres no expectation of any change in ownership among that group
continuously trying to drive down our cost structure to have the lowest possible cost structure so i think
from television to other areas but an absence of money being spent
and you just look at that and you look at what (do->*) you think is the right decision for the partnership
we believe this data is representative of our entire (operations->operation)
the 410 basis point improvement in operating margin over the same quarter last year
as well as continuing to have robust interruptible volumes (mowing->flowing) through our system
our next step is to take (riptide->rip tide) to a 200 million a day plant
provide a great service provide a (cost competitive->costcompetitive) service and to do what we say were going to do
pricing continues to be muted with net sales being driven by volume and mix
except for except as otherwise required by the federal securities (law->laws)
and who are actively looking for investment opportunities into this new type of asset
and our newest release of our crown royal noble collection in the second half
first as you saw in the release we posted record levels of revenue and broadcast cash flow
and we will keep building and operating bestinclass infrastructure in the best places in the country
all with the aim of preserving or expanding current operating margins
partially offset by increased ebitda moving now to exchange
while continuing to improve profitability and operating cash flow
please also take note of the safe harbor paragraph that appears at the end of the press release
(and->*) how many apartments we have that fall into these guidelines
either more hiring or a little more investment and be more (backendweighted->backend weighted) in the year
okay and just sort of thinking a little bit further here because
there are several key factors that contribute to our full year outlook including
we also implemented a small price increase at the start of this year
we dont expect any more outflows at this stage otherwise we would have
we are confident in our improving capability to invest in effective marketing activity
awareness of what were doing in addition to the overall brand awareness work that were doing
clarification on all the questions around the options to
we saw continued stability in our core check and product businesses
i think when we came up with that target
martha is also currently a guest judge on (chopped->chop)
and continually going to focus on ways to streamline the operations
let me share with you what were doing in each starting with scotch
i did not okay and would you tell us what platform it was on
rather than a failure of execution by our stations
do you need to start thinking about it more in the second half of this year
operating margins were higher than expected at the time of the agm trading statement
this system is intended to be the beginning of a broader collaboration
we are a stronger bank today than when we completed the second step 5 years ago
we are confident that we will continue to benefit as that market grows
as a reminder last years third quarter adjusted income from continuing operations
we continue to see solid growth in our 3 focus areas
and fraud security and risk management and operational services
could you talk a little bit about the drivers and how sustainable
historically or traditionally have invested in the multifamily space who are
what this means is we have the right partners and third
we will also continue to do what we do best at the core of our business to strengthen asset management development and operational capabilities whilst maintaining financial strength flexibility and capability
(*->im) probably not going to comment on what we expect the growth to be going forward (yes->*) and i think it probably isnt all that relevant just given the fact that were going to pass it through anyway and so the outcome of whatever contracts we negotiate will end up going to
on july 1 2017 the closing of the sale will occur shortly after the proceeds of the television spectrum auction are distributed by the fcc which we expect to occur during our second fiscal quarter
the app will also add more value to the front store shopping experience through the delivery of digital coupons and targeted offers holistically we see tremendous potential on the virtuous circle between our merchandising and our marketing strategies
while our past heritage as freds super dollar has provided us a base of loyal customers and a deep understanding of their needs that is the past (first of all healthcare->personal health care) is among the fastestgrowing sectors of consumer spending
okay and just in terms of verticals that these suppliers are coming from now you said youre rolling in sort of bigger guys quicker than you expected does that cause you to focus more narrow in terms of vertical or are you still kind of
so you can now in that message you can motivate you can make special offers to get those clients who would otherwise churn out or not really churn out because they never actually subscribe get them to subscribe
moving to slide 12 overall our outlook for 2018 is unchanged we expect improving demand for aerospace applications throughout the rest of the year as destocking begins to moderate
(*->now) through our established (land and expand->landandexpand) account management approach we continue to grow our relationships and revenues with our existing customers as tim mentioned weve seen a change in the landscape (in->and) the type of customers we have
i am happy to report continued expansion which will ultimately help our customers gain access to discounted prescriptions through our local hospital relationships finally
can get through some of these initiatives that theyve been advocating for but as youve seen like we its very uncertain in terms of whether or not youre going to get kind of the type of bipartisan support that you need and
we believe the scheme has been rushed into place with limited consultation so it will invariably raise issues in (its->this) application most immediately the issue is whether the range of flexible services
theres a different return profile per se that would be material between one asset and another it is about the various different risks that apply to
is actually very good for us in america weve actually seen the market pick up a little bit and there are signs in europe with the increase in the milk prices now again and related butter prices
so whats different a rigorous disciplined commitment to investing in our business and our people through foundational new initiatives in merchandising and marketing so lets begin with our efforts in merchandising
too big financial risk in kind of making it possible for us to address a segment where we already have all the needed kind of access points
as usual were focused here on the full year but its worth reflecting a little on the reasons why underlying sales growth and volume growth in particular was stronger in the first half of the year and weaker in our second half
this occurred against the backdrop of production (forecasts->forecast) turning out to be quite optimistic thus shortfalls have needed to be met from the domestic market and we saw gas moving in a northerly direction for export
as well as the t4 technology and perhaps any cost associated with the development of sarm or any new (license->licensed) technology that we (have->get) this year so looking ahead
subject to unexpected changes in the commodity price outlook we plan to discontinue the premium drip beginning with the july 2017 dividend payment such that there would be no further equity issuance under this program
but theyre also when they see what we do and see that we can both provide what theyre calling integrated receivables or nextgeneration lockbox we can do that plus we can provide an online presence that would actually take away paper
we see great growth potential for our retail pharmacy through a variety of initiatives improvement in payer relationships expansion of revenuegenerating (healthcare->health care) services offered through the pharmacy
we began initial qualifications last quarter with first revenues now expected at the end of this year and accelerating into 2019 so this is happening
we know improved merchandising with stronger margins will enhance profitability and we are reinvesting a portion of that improved margin into marketing all to drive stronger awareness and ultimately sales and profit
i have been working diligently with the new leadership team to develop a strategic (roadmap->road map) that we previewed on the last earnings call to optimize focus and grow with discipline
we are going to build on our momentum to diversify our specialty pharmacy portfolio initially targeting oncology rheumatoid arthritis and hiv and tim will speak to the details in a few minutes
we now have the ability to build these parts and we will do so if it is necessary with that as a backdrop youve now seen the impact on our business that a downturn can have
inside of the electrical systems and services business and (all->*) those restructuring benefits are paying off and so as we think about the first half versus second half were really not counting on any significant change
moving to page (to slide->*) 17 as (we have->weve) already noted last year we noted that we were coming off the back of a significant period of expansion for a number of customers
by consolidating locations in our historical core market that are in close proximity to other financial center locations and reinvesting the dollars associated with these locations in technology and our expanded footprint
we signed an agreement to purchase the assets of tennessee rv supercenter we expect the acquisition to close before the end of the calendar year this dealership will be branded (lazydays->lazy days) of knoxville after the close
this improved automation will reduce manual labor hours which can be reinvested into more diligently analyzing data and more accurately identifying key trends in consumer behavior that help inform strategy
we have the flexibility to direct the resulting surplus cash to further debt reduction expand the capital program make valueadding acquisitions or potentially to increase the dividend under the right circumstances
speaks to the fact that we can do these projects quickly clearly whenever we build a connector we want to leverage that and win more customers on that connector because then were talking about 4 weeks and maybe even less than 4 weeks to get them live
europe remains a significant greenfield opportunity for us and i look forward to continuing to grow our business there with additional operators content rights holders and content owners
as a result of our ongoing cost reductions and capital efficiency improvements (we have->weve) been able to significantly reduce our planned capital investment program over the past several years while increasing production
the data in more depth particularly related to their questions to assess the potential risks associated with future development of the d5 program so it has taken us a little bit longer
yes certainly and so theres 3 different discussions were having right now and were going to be starting up a few more discussions with banks as well because were seeing a lot of interest
so youve got a good network effect both on core paypal and on venmo and then i think whats really important a lot of people think about the top of the funnel
of fiscal 2020 as previously discussed we are determining the appropriate scope of refresh needed for each of our stores by examining their age size
the pace of the rolloff could be materially faster or slower than todays prediction which would impact our total revenue but not our subscription revenue
for merchants and helps marketplaces connect with sellers that have a proven history with paypal one of the most pronounced trends in ecommerce over the past several years
we will define what good looks like what excellent looks like and then we have a gap (unidentified->and identified) and then we will seek to close it
actual outcomes and results may differ materially due to factors that are summarized in the earnings press release and described more fully in the companys filings with the (sec->*)
these prevailing factors have slowed economic growth in the country and the expectation is that canada can expect to feel the effects of the downturn continued at least in the near term
moving on to our omnichannel strategy and the development of our online presence we are very pleased with the success of our modernized retail website launched last quarter
the potential for (*->a) full half run rate of that normalization in the second half and then the second part of that question would be given the commodity exposures
in line with previous years ebit highlighting a stabilization of earnings after the volatility that had been apparent over recent years
that (encouraged->encourage) their customers to pay with paypal one of the most exciting features to come out of our financial institution relationships
and youd actually end up probably falling short of revenue and falling way short on earnings that should sound familiar to you because its a picture weve all seen many times in our career
and ongoing highquality training to handle future technician requirements as vehicles become more complex with the increased adoption of technology
we will continue to provide updates to these slides each quarter and now vince will walk you through a more detailed look at (segments->segment) earnings
really very much in line with what we would like to see we dont need these patients to have high blood pressures when theyre lying down at night in fact (midodrine->middren) and (droxidopa->druxidopa) carry box warnings
excuse me as mentioned previously we project a decrease in our inventory investment over the balance of the year hence reducing our working capital investment and freeing up funds for alternate uses
we have for sure an upside here from the dollar in h1 so i hope this clarifies what guided us when we were adjusting the currency assumptions
and we now have more products for them to sell including content so the reps are feeling very good about their opportunity this year
where we are coaching all levels of leadership to get their boots on and engage with their employees with humility inquiry and empathy
information concerning factors that could cause results to differ materially from our forwardlooking statements is described further in the companys filings made with the securities and exchange commission
in 2019 we plan to deliver operating margin expansion with continued operating leverage and efficiencies more than offsetting this dilutive effect
as we said order intake is down mainly in the commercial but also in the industrial side for air treatment
but that still does not appear to be the case whoever (has->is) left for whatever reason whether they should be going fast or not going fast there are enough folks out there still pushing for business
that currently include a wide range of stores and formats overall we want our stores to make positive lasting impressions on guests (and->in) the neighborhoods we serve
were seeing opportunities to do even more so success (begets->beget) success in this market and were seeing a lot (of->*) opportunity both
we and our partner janssen are very excited about the progress in the 1473 program and its potential to transform the treatment of gastrointestinal diseases
conversely they can help us on the recruiting front they have the largest pool of candidates in the world particularly (white collar->whitecollar) workers
so again well be sharing more detail around the studies at future business updates i think its fair to say though that weve got real clarity from the agency
so i know that were focused on the right areas we just need to embed them swiftly and effectively through every part of (our->*) organization this is the most challenging part
which will always provide us with the greatest riskweighted returns if we can appropriately leverage our installed base of equipment existing manufacturing capacity global distribution infrastructure
a seller say an ebay seller to sign up for (a->*) marketplace literally take all of their information sign up and start making transactions
our use of the term ebitda throughout this mornings call corresponds with the term adjusted ebitda as defined in our earnings release
with both programs weve also completed exhaustive and extensive regulatory discussions to inform the progression of these programs in the pivotal registrational studies
tyler asked earlier about thresholds for (norepinephrine->neuropinephrine) and again thats (a->*) the plan in the program is to use thresholds to ensure that the patients who are coming in could respond
while still in the early innings of our initiatives to optimize our marketing efforts we are very encouraged by the strong results of the pilot campaigns we launched in the third quarter
its been a very positive reaction and the reason is the overall quota goes down again in the past you were (quotaed->quoted) for both
albeit the targets get slightly more difficult as time goes on but one would hope that also (a->*) investment in tree cutting (an->and) investment in lines and all the rest of it
now have many many (place->places) to sell and paypal is connecting those small businesses to the many places they sell some of those might be ecommerce enablement platforms like some of the ones you mentioned
so i dont see it as a real big impact on (totex->tortex) i think (if->*) there was a change in government policy as to how this stuff was funded
we trust that the regulators will continue to consider access to products and the importance of (advice->vice) particularly for small investors as they consult on these important issues
we have also launched our (monro->monroe) university training program pilot an important initiative in our strategy to attract and retain the right talent
(*->as) well as some of the pricing pressure in the market just what was the rough split there and why are you so confident about recovering most of it in the (second half->*) so we have some
its probably worth mentioning that were not really changing the domestic utility growth rate from the utilities what weve really changed and up the overall (is->*)
and in which factory we can keep our production lines busy becomes defining points for our profitability
we believe organizations (*->should) spend anywhere from 2 to 5x more on learning content than they spend on their learning management system
total billings is no longer relevant in the assessment of our performance and we will therefore no longer report or guide to total billings
this decline in services revenue should accelerate as we go through the year with the third and fourth quarters seeing the steepest yearoveryear decline
got it okay and can you just give us the puts and takes i mean i know the pennsylvania rate increase i know the environmental cost recovery rider in
in particular we believe the drive toward local content by many national oil companies will prompt more local startups thereby expanding the market for equipment that nov provides
in a year we have moved from discussions on the capabilities of our technologies at the first user group meeting
finally we saw some notable publications recently that point (at->to) deepening market potential
i would assume that what you have seen now will continue going forward again
this is mainly driven by drilling down onto each entity into each line of business
now to georgia for those of you close to the industry you know georgia is a strong market
either the sales or the prescriptions for the 2 products individually for the fourth quarter
these are just 2 examples out of many demonstrating how our technologies are leading the way to new insights within tissue
and i was very pleased to see that after we have realized that purchase
among all the countries and second lower expenses and thats mostly in japan
rain 15 days out of a month or 14 days out of a month and is spread out
are which smooths the performance making that in the end
what are the constraints for the group to lift the payout ratio to the top end of the range or indeed
next we would like to review power product group unit sales for the second quarter
operating income for other regions which (include->includes) south america the near and middle east
theyre very active theyve already gotten a number of contracts done in over 40 states
there has been and will be other changes to improve our (presence->*)
we and our customers entering next year with strong and healthy backlogs and strong and healthy outlook
looking at those inventories right now theyre still low as compared to historically what they have been
do you think (it->that) has to be (a->*) part of like an executive action or is this (a->*) part of a larger infrastructure bill
and we expect to reach more than 500 markets by the end of the year
people will always talk to you at axa about (a->*) focus in health
we will make forwardlooking statements about events and circumstances that have not yet occurred
this quarter there were robust instrument placements across translational research and cancer centers
thinking back we have 6 countries where we are very strong in health
thank you very much for your attention and we will now go over to your questions
and we have really implemented what we (set->said) a clear and decisive
test the product get comfortable with it and then convert away from one of their current partners
that does not affect your confidence in the ability of the group
however we are optimistic that we will return to notable (growth->golf) next year
(*->if) you could give me a little more detail give us a little more detail on
two important advances were made through our imaging mass cytometry user group meetings
last year in november on the (14->14th) of november we have announced that we have changed our organization
all of the kpis that we have published this year are either
everywhere else where we are not strong yet there is a growth focus on health
whether we can maybe assume its going to continue for the rest of the year or whether this is kind of a transitory effect
but i do expect well continue to look at things on a regular basis as weve been doing even here in april
during the late holiday season in the fourth quarter and continuing into the first quarter
we remain on track with our longterm pricing and margin improvement expectations
it has shares on all our key engine programs particularly the newer engine programs
a (brand new acura->brandnew accura) model named the cdx was launched in china in july
technology group really focused around beyond the investment horizon of our businesses
so in any event i think it was maybe a little bit of (*->a) distraction (for->in) some dots early in the year i think we felt that
for the fourth quarter holiday selling season and the additional revenue from the delayed third quarter shipments
smart home devices that are connected to the internet and new consumer wireless devices
we set ourselves the objective based on (the->a) remittance ratio that is quite high
and i have to say that in spite of all the disruption caused our customers
(*->and) the idea was to strengthen the brand positioning in the lubricants market in brazil and abroad
please turn to the next slide for information on hondas second quarter sales
operational synergies will include (planned->plant) efficiencies due to balancing product mix
john said it best when it comes to (costs->cost) the biggest impact was weather and it was impact for the volume of weather
right now the administration is gathering suggestions on what needs to be done to speed this up
so any changes that are in process there have already been baked into your
so which regions do you see at (that->the) high end of the volume range and which regions do you expect to lag
first i would say it would have been higher so you had you did have weather impacts
in terms of exactly when were going to be shipping to the job
the third one is many of you might say well on the revenue side you have been flat
our second quarter results were in line with our expectations and our full year remain
but (on->in) its own way thats good news because it demonstrates the progress that were making on the restructuring
lets turn now to a discussion of our revenue performance in our geographic regions
which was delayed slightly in the first quarter and has now begun shipping
away from a very complex regional and line of business organization
i would say that we are pleasantly surprised at the cultural
(i->*) have a question about your segmented reporting so you have the jamieson brands
and their people are very professional and very good so were
market penetration of our technology (*->and) at least in the hands of one (consortia->consortium) member if not more
that were beta testing right now and expect to roll out soon
weve also started the heavy lifting of putting (band->ban) 14 on our towers
so its encouraging to see a balance of growth across the group and not just in one particular area
pricing getting better and getting through launch customer pricing if thats applicable or how much (of->*) that is applicable
maybe you could just give us a little bit more color about that and what sort of timing we have around that
really just a question of getting the product on the ground in the balance of the year
if you step back and look at illinois and remember demand is driven by population
and we do see fourth quarter as a rebound on the automotive and the emissions issues
down very well inside the business and were making good progress on that
and then my final question was just on the operating variances within the afr because
the tennessee dot is trying to accelerate that spending but it always takes a little time
there will be potentially an increase in capital requirements
well continue to look for ways to unlock the value of those properties for investors
as opposed to looking at some of the smaller savings opportunities that will come later
these changes have some impact on our income statements and our cash flows
and i dont think i think all of us are pretty occupied with
as a reminder although both gas costs and tariffs to the customers were reduced
this was largely due to weather and its impact on project timing
the first one is you have seen that we have published excellent results
okay so would it be fair to say that q4 would be the heaviest
first we announced an exciting partnership with (visiopharm->viziopharm) at the recent user group meeting
please turn to slide 9 for information on the dividend
in this study no infants have discontinued or withdrawn from the study due to adverse events and no new safety concerns have been identified these results are encouraging and we believe continue to highlight the need for newborn screening
at appliedmaterialscom and now id like to turn the call over to gary dickerson thanks mike im pleased to report that our revenue for the quarter was up 19 compared to the same period last year and the second highest in the companys history
i am especially pleased to welcome you to this call as the ceo of biogen before i turn to the details of the quarter i would like to share some initial thoughts on how biogen is positioned today and where we see the company progressing
as we highlighted last quarter a second key contributor to our strong flow results is the broad range of highperforming strategies we offer in investment areas having particular appeal during periods of rising interest rates such as we are now experiencing
seen in many patients to date as you would expect from a more advanced clinical asset and then it also gave us this kind of accelerated opportunity in progressive (supranuclear palsy->supernuclear policy) as another very exciting indication for us
we expect that on a consolidated basis the fleet will remain relatively flat from where we are in 2015 this may fluctuate a little bit on a quarterly basis as the replacement cycle occurs throughout the year but generally it will be flat
and so what were doing right now is prioritizing working with customers and buying and (then->*) looking to buy existing assets that are producing teekay will take over operations (from->run) them cheaper than the oil companies
we likewise arent losing money when oil is down at in the 40s and 50s and so we but obviously everyone is concerned about the energy market now but
with regard to ross university school of medicine we opened the doors to its permanent home in barbados in january while it is still early were already seeing encouraging trends and inquiries from prospective students now that (rusm->our usm) has a permanent home
and if you want to know relative levels of profitability of our business starting with (revenue->revenues) is probably a good place to look and things that we have good revenues in we tend to have good margins in and things that were trying to build revenues
probably point number one point number two would be the upside potential from incentive revenue that weve had a long history of doing very very well at the third element would probably be
now on to spinraza the initial underlying demand has been robust we noticed a solid progress in terms of both infrastructure and insurance coverage
additionally our recently acquired convergent crm system will contribute significantly in this sense although we are still in the discovery phase of this project as for action items we are integrating our
if we identify an account that is not generating sufficient returns we will first work to ensure we are doing our part to meet bid pricing and model expectations ie are we running the business how we priced it second
okay maybe turning over to the wireless communication modules that (youve->you) mentioned when do you think youll be qualified for shipments on those and maybe can you give us an idea (on->*) what the average selling price would be for those
or flat mostly up in all of the previous 6 years so if you take an overall look at the company over the last few years one of the big things that weve driven is (a->*) much better balance across all device types
we will be agnostic to whether we find innovation internally or externally the goal is to continue our tradition of applying our deep scientific expertise as we aim to discover and develop the very best medicines for patients
moving to slide 3 our agenda this morning begins with a brief overview of 2018 results and ppls business outlook for 2019 ill also provide a brief update on key regulatory developments
despite the volatility this business contributes to our quarterly flow reporting and fee rates averaging only 5 basis points annually we continue to view exposure management as a core offering with solid profitability and good growth prospects
let us now move to slide 12 where we can see a better picture of the described growth acceleration in the group revenues which can be explained through a combination of higher usage and price adjustments
good morning and welcome to the ppl corporation fourth quarter earnings conference call
freight was softer especially after the thanksgiving holiday this combined with the challenge of honoring driver home time while also encouraging drivers to come back to work in appropriate time proved to be more difficult than we expected
we normally get the question how much when can we expect margins to be on a decent level in finland and of course it will take some time but there is no reason why finland shouldnt be
and can also be (replayed->replaced) through this same channel before we continue with the conference call i would like to go over some safe harbor information and other details of the call as we usually do in this type of (events->event)
with that being said we still have tremendous opportunities to crosssell the suite of services to our existing customers and new customers which will be a strong focus for our sales team and ops team at our annual leadership (*->meeting)
many of the listeners on todays call participated in the analyst day that we held on the (*->new) held at the new york stock exchange on september 13 in addition to the highlevel overview of the company that we often provide in our investor meetings
secondly were going to be very aggressive in managing our fuel expense looking very closely at where we purchase both over the road and our bulk analyzing our fuel optimization route and really taking advantage
there should be and there will be consolidation in our business and we want to participate that in (*->that) at least to the level of looking and if the fit is right and if we put the highest value on something
we expect our truckload fleet to hold relatively firm throughout 2016 with the only real reduction being realized by potential shifting from the truckload units into other segments such as our dedicated
that are have some level of stress or distress mostly in the exploration side were not interested in the exploration side were not were going to stay within our existing franchises which are on the production side because thats what
and we do devote a fair bit of attention to at least thinking about this when i say we its not a large team its mostly laurie and myself and other people in the finance group this is not a significant activity for
where we use both dimensions consumers and investors as part of our strategy the increased numbers of sales in the fourth quarter but still if you look on the total (years->year is) a really good number
and we can also see that the depletion that you have on existing oilfields means that people have to really go and look for the big oilfields and the only place you can find those are offshore
okay the previous caller asked about (the->a) stock buyback (one->program) do you have any comments on where the price level market value that your company stock is trading at the moment you had a very nice (top->pop) last year
that demand statement so we feel pretty good that whats in the market today from a capacity standpoint is able to absorb the demand thats coming into the foundry space
we certainly we noted in the comments that were going to be initiating some restructuring in the fourth quarter
in order to do that you have to have all of the previous doses taken in the morning so that you can administer a morning dose on the day that the subject attends the clinic for the serial pk draws
(in it->*) and how it will be administered will it be (a->*) once (*->you) use container or will it be drawn from a bulk container
dealing with the timing issue of that bankruptcy being sooner than we expected which certainly helped contribute to that gap between build and lease and as angela said
lifeline subsidizes mobile phone plans to millions of lowincome consumers who will now enjoy access to wifi in their mobile plans
in the overall global demand its not going to have a huge (now->demand) of course there will be some (adjustments->adjustment) but we will not see a major surge
as really a charge to be very aggressive in both the college (*->level) recruiting for senior staff and also on the secondary market
we can now process an incredible 1 billion records per hour literally orders of magnitude faster than where we were in september
what i can say definitively outside of our observations is that the lead flow (in->and) new project originations coming into the firm
within the finance practice consultants (continued->continue) to support universities and related parties involved in litigation over their employee retirement plans
using whisper and i think this (by themselves->themself) will be a huge demo and (promoters->promoter) for (our->*) new technology
turning briefly to the highlights of eras q1 results i am pleased to report that despite the challenging conditions in the oil and gas industry
was a coauthor of a paper that won the best theoretical paper award for 2018 from the international journal of industrial (organizations->organization)
in terms of why (we are->were) more positive i think (we have->weve) seen we are seeing a lowering of expectations
in conclusion we believe the challenging industry conditions (and->in) the offshore oil and gas helicopter market are likely to persist for the next several quarters
we expect to continue to generate positive cash flows for calendar year 2017 and we believe that we have sufficient cash resources to fund
including the expansion of buildings and equipment at our locations in washington missouri mexicali mexico and (fredonia->fedonia) kansas
the other part is we really do try to plan our buying decisions on a longerterm basis and not on shorterterm windows
but it is a lot (a lot->*) of work that we have to do we have rate readiness reviews on a regular basis with my team
so that is not the cause which would be of concern we have to continue our efforts
while those numbers might seem contradictory to my earlier comments on seasonality in the third quarter they point out a very important fundamental concept about our new business model
the restaurant will be located in downtown miami on (biscayne boulevard->biscay bullevad) at the new (me->mi) hotel through a management deal with our partners the me hotel group
the grocer and the customer is improved by that level of service so particularly when you look at how some of the better grocers are executing upon it
with that let me turn it over to patricia for a few comments thank you (darin->darren) gary asked if id summarize before opening the lines for questions
this is typically related to deployment cycles of large strategic partners but there are other factors which (darin->darren) will be addressing in more detail
the increase in revenue for both periods (is->was) primarily the result of higher direct sales to our customers in the regen med space and to our indirect distribution channel
wondering if (theres->*) anything to understand there about backlog composition trends and bearing in mind that you have been beating on revenues for several quarters here now
they are much more relevant to the community (*->there) theyre probably going to do 30 to 50 more in volume its allowed us to really
our retail partners continue to demonstrate demand to be in our centers our leasing and reinvestment efforts continue to drive additional growth in our intrinsic value
and one advantage of this drug in thinking about it as an acute therapy is a single dose is going to persist
and the partnerships they come on slower but it seems like youve had more (luck->like) getting them to sign up and so youve had
end customers as well as our customer base of proceeding with projects to be ready to launch them
increase our share of the spend for tools on a perdose basis its out there the supplier side is very fragmented so theres an opportunity right now for us to get engaged (*->in)
as a reminder this call is being recorded and broadcast live on our website a replay of the webcast will be available through the same link for 90 days
the decrease was largely due to lower (restructuring related->restructuringrelated) expenses and the impact of (costreduction->cost reduction) initiatives around payroll and discretionary spend
so i just want to assure you that in all the markets that (cummins->come in) india (plays->place) in in the domestic market of india they will continue to be
and sigma who buy in bulk and distribute to their end customers and so in most cases we dont know where all the products are going although i will say that
so while (it is->its) difficult to develop (forecast->forecasts) that include the whales or accurately project the timing and magnitude of big partner growth
the business we werent anticipating the lag in the revenue so these deals are done theyve been booked
although the company believes that the expectations reflected in such forwardlooking statements are reasonable (they->it) can give no assurance that such expectations will prove to have been correct
tended to be much more optimistic in the face of declining conditions than most other parts of the world
will play a big role in determining how quickly (it is->this) excess supply is able to be worked off when the market does recover
were seeing receptiveness on their side to contribute to those investments so it has come up in our negotiations but were proactively doing it because we want to make sure
welcome everyone and thank you for joining us this morning john will begin todays call with a discussion of our strategy technology (and->*) market
(*->that) we had inherited and didnt really match up with the way that youve heard jim and i and brian and mark talk about the business over time if you think back to investor day last year
it also underscores (the->a) very important point that disruption can present a great opportunity when you have attractive rent (bases->basis)
under a more traditional definition of bookings which would include any upsell or expansion commitments regardless of whether they were incremental to run rate revenue
(*->that) will have the selling prices (pegged->tick) to the metal changes in the metal prices and as we look towards the future
as you get into the second and third year of (the->a) downturn in terms of sellers price expectations
and if it is whats going on why are the enterprise customers not as excited about this product as you and i are
in operations we continue to release product enhancements to decrease the number of service calls and preventive maintenance visits on lasers in the field
with the goal of improving safety in the global offshore helicopter industry through collaboration and sharing of information and best practices
but it was also a year where we made a lot of progress and we made progress in terms of beefing up our board
and a strong foundation to build off of we are well positioned to increase our platforms reach as we continue to execute on our expansion initiatives (into new states->*)
yes i would say this first of all we want to do everything we can to start the trial this year for a couple of reasons the first is for patients
was really bringing the right people in and that was probably the biggest challenge we had was getting the right people around the table last fall over the course of summer and the winter
also contributing to lower consumer food sales in the quarter were declines across several natural foods (brands->brand) and a 4 decrease for the jif brand
it is worth noting that even with all of these margin improvement initiatives we are continuing to invest in technology and client success
what makes us even more compelling is the fact that the learning management system budget and the content budget generally come from 2 different sources
we responded in july by adjusting our prices and it takes a while to get that to happen we were able to get that to happen on (folgers->folders) first
and provide more market opportunity and as you wrote about and saw recently we didnt just have the investment from linkedin but now
third quarter results are disappointing and still reflect the lack of scale in our business we will talk about that in our next slide
by disproportionately investing in these key growth brands and platforms we will better align our portfolio with changing consumer eating patterns
and when we adjusted it the volume came back now we did plan that pricing but (wed->we) planned it much later in the year when (green would->greenwood) support it
these pricing actions are in advance of the lower green coffee (costs->cost) we expect to realize later in the fiscal year
were very aligned on the dosing for this so its really just trying to reconcile things that were done previously with a different method to things that have been
we plan to use the proceeds from both of these facilities for working capital and general corporate purposes along with funding our future expansion plans
a key component of our strategy is generating cost savings to provide the fuel for investments in top line growth and margin expansion
these incremental recurring offerings such as data feed connectors will further support the growth of our recurring revenue going forward
the increase was primarily attributable to product manufacturing expenses and associated accelerated spending including increased headcount
and so all of that leads to better opportunity (*->so) thats one piece of it the other piece of it is our products keep getting better our
where we had changes going on and we were not conservative and that did not work well for us so weve taken a much more modest approach
more of a dollar deposits from rupee deposits so i just wanted to get a sense of where we are in that sense on what percentage would now
the portfolio is seasoning almost a whole month every quarter (okay->*) not quite a whole month but almost a whole month every quarter and i think what would happen
one of the decisions considered in the top 4 or 5 cities and how much important is the international expansion (with in->within) this decision
and sit without assistance for at least 5 seconds 2 patients in the cohort could crawl pull to a stand stand (and->in) walk independently
and we went through a fairly significant vetting and looked at a number of options externally in terms of bringing on a second billing company
the volatility in the commodity markets last year as well as the industrys response underscores our repositioning for this year and beyond
pretty much kind of a flat measurement as weve been able to control our operating expenses and the portfolio really has grown only nominally
this was driven by the continued adoption of the cornerstone hr suite as well as accelerating traction with cornerstone recruiting
our application development teams continue to grow and our core learning technology teams are the largest (they have->theyve) been in history
actual results could differ materially from those stated or implied by our forwardlooking statements due to risks and uncertainties associated with the companys business
previously our partners had little motivation to refer business to us due to the relatively unfavorable economics
in responding to customer needs and consumer behavior and added new capabilities to drive future growth
so the lower pricing really speaks to what steve just spoke to in terms of what were doing in terms of supporting the coffee so
we are capitalizing on current consumer and retail trends increasing our focus on (fastergrowth->faster growth) areas
(*->yes) so i mean by when do you think this pressurized price environment pricing environment will eventually come to an end because i (wanted->want) to pose a question i mean
(*->a) good brand in crisco wesson it is an old brand they both are old brands but theyre both still good brands and they do still carry weight
we would have been chasing revenue right off a cliff at the end of the quarter doing ever diminishing pricing deals to try and make revenue
dave recently assumed responsibility for our away from home business along with maintaining his previous role leading our international businesses
with new capabilities a clear strategic plan and specific actions to ensure sustainable longterm growth
again with our focus on credit quality (and watching->in washing) the portfolio we might expect that to continue in the future but again another good spot in terms of what were trying to do
and so we had a little bit of a sort of change in focus there getting back into the dealerships and sort of reaffirming our relationships
and i think youll see as we learn we adapt over the rest of the year that that is a major focus for us and weve made the first of a number of hires
we have a lot of learnings on a lot of different experiments that have been done over the past 3 or 4 months on the best way to generate trial repeat purchase
today our recovery audit business is performing very well and we are continuing to see meaningful organic growth in this segment
would remain consistent with prior years even with this change that leads to higher commission rates for the recurring portion
service providers that are going to be interested in changing the way they go about building their networks theyre just going to be looking for another vendor thats distinctly not our play
those are i dont need to say anything else about whats happening in the business as we shift to our platform company
and so for us to have an agreement that allows us to not just have better pricing economics but sizes packs flavors channels all of that stuff
our projects are on schedule and on budget and we plan to maintain this (fullcycle->full cycle) strategy in austin as well as in our newly entered markets this year
in revenue through a rate increase to be effective january 1 (*->of) 2016 the settlement will help fund additional reliability improvements
in addition commodity costs were higher in the quarter most notably for green coffee and were only partially offset by the higher net pricing
as we heighten our focus on returns in 2019 we look to allocate capital to the highest return prospects within the portfolio
and so i see us being fully hedged in 2020 the real question is at what point (we do->would you) that i have a little bit of a more optimistic view (but->*)
its worth noting that this annual dollar retention on a net basis continues to exceed 100 demonstrating that we have
we are focused on controlling what is within our control and maximizing results with the core assets we have in the portfolio (of->*) today
well wait and see but the net of that is that the competition is still out there the other thing in terms of looking at the competition
yes and so paul at the risk of you (chastising->chastizing) me into giving you other numbers prior to the 10k being out
dan ill hand it back to you now thanks bill its great to see deep relationships like those we have with walmart
(at least->lease) with paypal an average (of->*) about 3x so we think we can help small businesses through these new capabilities
before i jump into the earnings details however let me tell you briefly where we stand with 3 quarters of the year behind us
the program is expected to be executed through 2019 but is not specific as to when or how many shares will be purchased
and so sometimes you get a little bit not quite lazy but we sort of work with what we see rather than go out and try and get what we want
we will only disclose this metric for the full year as its best reviewed on an annual basis given the seasonality of our business
for mylan to capture the very large outpatient (market->markets) and for combined efforts by both companies in the hospital discharge arena
but i think its probably not fair to compare it directly because those are often spot blood pressures as opposed to profiles as weve generated in (the->this) study
is our ability to convert some of our nonrecurring revenue to recurring revenue theres a number of
and as i indicated earlier in my remarks we are now confident we can achieve 6 compound annual earnings growth
we remain focused on growth across all our distribution channels by providing innovative products and bestinclass service quality
the better optimization of our store technical or technician labor allowed us to achieve overall greater store efficiency
such forwardlooking statements are subject to certain risks that could cause actual results to differ materially from those projected
vince will then review our segment results and provide a more detailed financial overview as always well leave time to answer your questions
probably got started because of that that have actually morphed into theyre looking at their network entirely differently and those are
i just (wanted->want) to know which patients were selected on the basis of their responses before progressing to the subsequent stages
thank you ladies and gentlemen this concludes todays conference thank you for participating and you may now disconnect
and market demographics to ensure we are investing the appropriate amount of capital to achieve the highest possible returns
this expense increase was partially offset by our continued operational process improvements and other cost reductions throughout the company
(lowered->lower) the cost of investing for their fund investors through various types of fee changes can you talk about the factors
we believe that the implementation of our standardized instore operating procedures and brand standards across our store base
probably down (lowsingle->low single) digits in the first part of january when we had that consistently mild weather that we saw (also->so) in december
a total of 40 eligible patients with moderate to severely active (ulcerative->ultative) colitis were enrolled across the 3 cohorts
for next year i would anticipate it to be a little bit north of that just because we obviously wont have the benefit of the onetime item
initially thought when we were talking about this originally and so the fact that were affirming
the fx (so->*) im just curious is that the right way to think about it that the core business outside of that is accelerating and if theres anything else in there
but inexorably were driven to going over 50 as a company and thats (where->what) our focus is on in this next year
apart maybe from (these->this) small amount of leasing that we are dealing we were dealing together with (this->*)
and ultimately to become a digital organization that can grow and adapt at the pace required by a very diverse client base
the objective is to realize the value of this companys portfolio (of->*) capabilities that have historically been entrenched in individual businesses
gives us confidence that we are making the right changes to best position cornerstone for the future
i want to go back to a piece that you said though and answer a question you didnt ask but you sort of started going down the path
of actually gaining customer acceptance around new technology and so on but we have made progress
people will certainly do what they need to do in the time period and what they should do in the time period to treat (*->them) themselves (or->of) their children
and one of the great things is that even as we have significantly increased the number of net new actives coming onto the platform each quarter
yes jane i think those are very good questions im not so sure that i feel comfortable
with a (7 millimeter->7millimeter) mercury or greater increase at all time points on all clinic visits
as we accrue more patients (it will->itll) probably be easier and certainly once weve got balance numbers of active and placebo in larger studies
the virality of venmo and the network effects on core paypal are clearly
that was helpful for us (and->in) securing a broader label in a reasonable time period thats something that we would consider
bringing a truly global platform experience to indias consumers and merchants
each new cohort we see stronger than the last in terms of how they engage and how they mature over time so while we dont break out
they took big ideas and translated them into tangible products and services that have served clients and investors well over the decades
the other thing thats probably helping (the->*) industry sort of slog along before having changes is in fact the low cost of funds
on margin volume does not chart (the->to) margin and decreasingly as we pursue our platform
our acquisition pipeline is healthy and our balance sheet gives us the flexibility to move quickly and be opportunistic
(*->i) guess the easy way to describe the quarter (is->as) sort of business as usual as everyone knows over the last couple of years (we->weve) decided to slow down
no i mean i said last year i thought we were experiencing an anomaly in europe we had
rather than diminishing as you get to larger cohorts is actually improving because were getting those larger cohorts through
this decline was unrelated to the transition to managed payments which had no material impact on our results
(*->so) i wont answer the question in the way youre asking it as in a specific breakout because thats a competitive issue
we understand the unique training needs of different segments and intend to curate specific content offerings
on slide 15 our pennsylvania regulated segment earnings for the third quarter were flat compared with a year ago
rapid growth marketplaces we tend to be a preferred provider to connect those small businesses to those platforms
is there anything you can say about the profitability of the business of the segment here is that in the black right now with this run rate
and because of the reduction in force most of the reps actually now have a larger territory
so its just a very very different business today paul and i know im not answering your direct question because i know youre not expecting me to
our goal is to position our teammates as expert advisers who can properly educate our customers about their vehicle needs
as we had hoped to show when we undertook part c we believe the durability of effect on dizziness and blood pressure
while our sales and marketing expenses have become an unfortunate anomaly over recent years
our business plan is low risk and (we are->were) confident in our ability to execute the plan and deliver on our commitments
(*->is) an important enabler but its the symptoms that are critically important in fact above a certain blood pressure improvement
in our case as we look at the market from a quarter standpoint we know exactly the units that (we->weve) shipped we obviously know exactly the revenue that (we->weve) generated we have very high specificity around what the inventory levels are in the wholesaler channel
this was largely kind of a second half phenomenon last year and maybe ran into a bit this year in terms of kind of the timing of the retirements and turnover that impacted some of the revenue
anyway thats just a few comments on the quarter quick highlights as we run through them weve got all the management team here so i thought maybe wed hit them up for some more color before we jump into questions from callers
for (the->*) purposes of the private securities litigation reform act of 1995 abbvie cautions that these forwardlooking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forwardlooking (statement->statements)
add to it as we get into the back half its not in the unbilled receivables we have taken we have realized some revenues already they were recognized in the fourth quarter they were principally license revenues
i would actually even add a little more color to that because it was a very strong quarter (it->*) is in our third quarter we have our national conference which takes our top 15 of advisers away for a week and some (extend->extent) mainly for 2 weeks
and my expectation (is->*) that pricing should improve as we go forward (and->i) dont forget that we have a very dominant position in the market and we will not compromise that dominance at any (*->cost)
theres some very weak and volatile natural gas prices and so sadly our plan of delaying a lot of our capital to the fall and even shutting in some of our summer production was one we had to put into practice
late last night we were advised by our contractor of a previous commitment that may prevent them from constructing the mill clearly it will take some more time to get a fuller understanding of the situation but we remain fully committed to building a greenfield mill
on top of that the evidence that we have is that we have seen a larger number of rfps and that weve actually won a nice number of sizable engagements for offseason work which is (a->*)
the pretax margin contribution from this business has also improved by 50 basis points this year and we are pleased to report that the growth continues to come from both our government (health care->healthcare) consulting business and our core accounting business
we are experiencing delays in some of our costreduction efforts in certain geographies as a result we now believe it may take through the end of the year of fiscal 2018 to complete the remaining activities
we also saw (a->*) continued strong performance from several other products including creon and duodopa so overall were extremely pleased with our commercial performance and financial results for the quarter
organically build some areas where we dont have the expertise but (now->no) we would entertain an appropriate larger deal as we said were putting in the capabilities so that we can put more assets onto the platform more efficiently
but obviously high reward if it were to play out is the pancreatic study that is one that weve heavily (riskadjusted->risk adjusted) and so its not something that were counting on certainly isnt something that investors should be counting on at this point
certainly share buyback is another way to do that but returning cash to shareholders to reward them for the tremendous success that humira has had and will continue to have going forward is a high priority for us
theres (rarely->really) a (day that->data) goes by where we dont hear from some customer thats interested in doing something and weve tried to use those opportunities to start to push the price up a little bit
lets turn to annuities on slide 12 annuities are a core enablement capability for our wealth management business and part of our important set of solutions tailored to meet our clients needs
we prefer to do in buybacks rather than cash dividends for the flexibility it provides us as a company to manage capital as well as the flexibility it provides our owners to take their cash and their tax burden as they see it
we also (remained->remain) quite active fundraising for our openend funds even though the net flow environment has been challenging in strategies such as convertibles and senior loans given the market headwinds for these asset classes
theyre early stage there is a high mortality rate in those discussions its very hard to predict how many of those transactions will be completed and the timing of those transactions but we are very comfortable with the pipeline that we have
and we made the presentation relatively short this quarter given the cardtronics acquisition and i think amanda has a couple of questions that she can ask and then we can open the floor to questions
as we look forward to how we contract our book we actually incent our sales guys on making sure that we have a book of forward sales and generally what were looking for at a minimum
in simple terms the cash component of the acquisition of additional interest in the pennsylvania mining complex that we completed in september (of->*) 16 has been almost fully funded through internally generated cash flow
and we have the flexibility to continue to address opportunities for share repurchases at the same time our priority for the use of capital continues to be focused on strategic acquisitions
and what would those numbers have been last quarter they would have been lower than that so we are seeing some ramp in the pipeline for these types of opportunities
and there are (a->*) number of other areas within each of the core businesses including the combination as i alluded to earlier of the payroll and the benefits and the technology what we call eso on (*->the) employee (benefits->benefit) side we see
and continue to be active in the market as far as recruiting talent and particularly laterals the other thing that were focused on from an organic revenue growth perspective are particular areas of accelerated growth
which now includes the most recent higher condensate differentials if gas prices continue to strengthen it makes our cardium returns even that much better so either way the cardium will be a primary focus for us next year
and how (we reserve->were reserved) for it doesnt mean that if you executed a deal today there wouldnt be a discount based on other factors that are out there (you would->youd) have to think about longterm interest rates as an example if they continue to rise thats a benefit
is that (a->*) like can you give us some sense is that (*->like) a national or international (contract->contractor) i mean would they have issues with being able to do that work in another location if you (moved->move) to (*->like) a plan b site
and were starting to get a little bit bullish on winter gas prices of course not much cold weather has really shown up this fall already and already were seeing a lot of pressure on the ability of the supply to meet demand
give you new capabilities is that still your focus or would you contemplate something that would be more financially motivated that had (top->cost) savings opportunities but was less strategic when it came to new capabilities
of course part of our higher per unit cost had to do with our lower production as we spread the same fixed (costs->cost) over a lower volume base it drives per unit (costs->cost) up a little bit and so some of the cost increase was us deliberately holding off
low interest rates ample liquidity and a search for yield continue to sustain the credit markets and buoy equity markets creating a somewhat challenging investment environment (through->for) our countercyclical investment strategies
similarly its difficult to articulate the disappointment that we didnt extend that further into the second half after a series of seismic events in south africa ended that run in the last 6 months of the year
i think what we have found over a multiyear period here is that we often come across great ideas that neither provide the liquidity nor the time horizon that allow for us to be able to make (it->*) much of an investment in some of the larger pooled assets that we run
my explanation follows the presentation materials entitled results for the 9 months ended december 2015 which (is->are) shown in the center of the viewing screen please turn to page 2 of the materials
the fact is you have founding partners likely starting to think about generational transfer what the future for their business holds and so were also just at a point in time in the evolution of the private funds business where a lot of these
you have somewhat slower intake im just wondering whether theres a new balance to be struck now that the id sort of systems are in place or whether this is just a quarter with slightly slower growth (and->on) higher margin
okay so if i could just ask a quick followup so you have a pretty decent improving position from a business and a core perspective can you maybe now consider a more aggressive capital restructuring we get a lot of questions about
reflecting initial pressure from raw material inflation in q2 which would then be mitigated in the remaining quarters with pricing actions that we have initiated and will continue to implement in cooperation with our customers
and so when i look at the pipeline it remains quite solid and what i like about it is that its being led by our core business which is balanced mandates for high net worth families there are certainly special mandates in there as well as (weve->we) discussed earlier but thats
(*->and) ill give a short answer and then chris can elaborate on it we have actually slimmed down the technology to very much those areas and theres a test site in terms of (savuka->sabuca) where we can actually use it in terms of the (mponeng->impuonang) operation particularly the
chris (sheppard->shepperd) is always quick to remind us that safety is a journey rather than a destination its a point that well never forget as we continue on the path of eliminating all injuries from our mines (now->*)
and we believe that our decision to elect corporate tax status is in the best interest of unitholders we believe that there is a willing but ineligible shareholder universe for (publiclytraded->publicly traded) asset managers that are taxed as partnerships
several factors that could cause or contribute to such differences are described in detail in the risk factors section of the clean energys form 10q filed may 5 2016 these forwardlooking statements speak only as of the date of this release
we also expect to open this year a global manufacturing and technology operations and innovation center were currently finalizing our evaluation of locations for that center
we look forward to sharing our progress as we build this company to becoming a pureplay multitechnology dermatology company and achieving our purpose of relentless passion for healing and thanks again
this process is complex but necessary and it has been navigated exceptionally well with appropriate respect and sensitivity and of course by the corporate and operating teams with full support from our stakeholders
as a result of discussions with parties related to the decommissioning of the project including the local government the partner towards whom we provided guarantees is to receive tax refunds which enabled us to reverse the provision made earlier
and sure in years where theres been strong movement in the capital markets across the board we take time to walk our clients through our portfolios and our net returns that we walk that we deliver for them
in recent months weve seen fairly rapid increases in raw material cost in asia pacific led largely by supplyside considerations including stricter application of environmental regulation in china and other factors
you will have followed the obuasi story over the past few years as we worked on optimizing the approach to the redevelopment and worked with the government of ghana to agree the framework and conditions for the redevelopment
i would like to highlight 2 main points first although performance in the nonresource field was firm lower market prices on resource commodities led to a decline in the resource field
as one measure of the strength of our business we monitor what we call base ebitda base ebitda eliminates the financial impact of performance fees as well as certain expenses such as stock option and retirement obligation expenses
these carriers are responsible for the majority of all usps transportation (missions->emissions) as part of their contract renewals the postal service is starting to require its outside carriers to use natural gas where it is (costeffective->cost effective)
and im very thrilled to see a lot of sunrise in your company but its mainly outside of south africa im now searching for some sunrise inside the (borders->broaders) of our country
our balance sheet remains robust with strong liquidity sufficient undrawn facilities and no nearterm maturities giving us the flexibility in what remains a volatile market environment
character of that income what it means for an individual taxpayers tax position and (aftertax->after tax) in their pocket income relative to this i think one of the challenges that the industry has had
the 2 big challenges that we have recognized and will be very focused on is that this is a complex project to execute because it involves demolition refurbishment and building new
as was the case last year and will be for the next several years the vast majority of our capital investments relate to cpgs extensive inventory of growth (in->and) modernization projects
as previously mentioned we believe our ability to retain earnings for potential share repurchases and to invest in the growth of ares represents an opportunity for value creation for our shareholders
the second is the stability agreement the stability agreement effectively gives the fiscal and legal stability which is required for certainly the initial 10year period and there is an option for both parties to extend it by another 5 years
were going to be meeting with the agencies for our annual review in early april and as you would expect the beneficial impact of accelerated depreciation will be on the table
and so and then obviously hire them so were going to start doing that right away and we think that we can as jim mentioned hire an additional 5 fairly quickly in the january (timeframe->time frame)
the quality of assets that are available like how many of the or how much of the market is good quality assets that you would like to have a relationship with and then is it getting any easier acquiring control of those assets
moving on now to 2017 guidance we are reconfirming our outlook in all principal components provided on our february 8 earnings call which also included the 2 acquisitions completed in january
good morning and welcome to the presentation of telenor groups results for the first quarter
while the vast majority of our growth is organic we do have a strong track record of acquisitions over the last 5 years weve added to our real estate platform primarily through the acquisition of area property partners
we continue to believe our robust construction pipeline is a solid indicator that our customers continue to make investments in expanding their fleets and remain committed to their sustainability goals
actual results may be different factors that may cause actual results to differ include those identified in our annual report on form 10k and our earnings press release
safe to say the vast majority of the investment in change is completed by the end of 2020 and as part of that would it be reasonable to think that (youd->you) begin to see some benefits
i think this speaks to both the increasing awareness of the performance and breadth of (ares->areas of) strategies as well as investors desire to forge more meaningful partnerships with selected managers of scale
focusing on bridging the gaps and the coordination between medical social and support services in order to tackle the challenges that people living with rare diseases and their families around the world face every day
before we begin wed like to remind you that some of the information contained in the news release and on this conference call contains forwardlooking statements that involve risks uncertainties and assumptions that are difficult to predict
and increased free cash flow in the quarter all in all i would say that the performance in first quarter was in line with our own expectations
in the second quarter we selected a couple of vendors whose technology we will leverage to enable this frontend transformation we have 3 pilots underway and expect results from these pilots by the end of the year
sure im going to comment more on the types of capabilities than on kind of where were at in the process on some of those potential targets
going a little bit more into each of the business lines on mobile we see a continuous good uptake of the upsell (efforts->effort) that we have
as an example (and->in) looking at our fundraising pipeline going into 2018 weve launched larger successor funds in our european direct lending strategy and our european real estate private equity strategy
we continue to make good progress in executing our strategy leveraging the radiant platform to bring value to our operating partners and we remain very excited about the opportunity to grow our business organically
and we intend to use those new capabilities (as long->*) along with the new investments mentioned to improve our ability to deliver the goods and services that our customers value and grow shareholder value
(good->*) demonstration of the amount of conviction that my partners and i have around the value creation opportunity through the conversion because some of the challenges that we talked about around
on the acquisition side we continue to focus on tuckin acquisitions with a particular interest in buying in agent station locations both inside and outside our network
and you with no impact on the possible dividend and dividend increase so how is the expectations for the second half when it comes to cash flow
with this backdrop we methodically selected 5 modules focused around key rcm performance outcomes where we are in a strong position to drive meaningful value for our customers
i would say the other sort of large differentiator is that virtually all of our equity portfolio certainly our credit portfolios but all our equity portfolios are about laying off all the risk we dont want to assume the risk we do want
and disclaims any intent to update publicly any forwardlooking statements whether in response to new information future events or otherwise please note this event is being recorded
so weve made expenditures in a number of different areas that are already embedded in our run rate
having our recurring dividend based on this amount removes volatility from our dividend and enables investors to receive what we believe is an attractive aftertax (qualifying->qualified) dividend yield
focused on the switch patients first theyre the patients who are already in the system getting a treatment for fabry disease (are->theyre) already receiving reimbursement and (as->so) we focused on switch first and thats where we see the fastest (uptick->uptake)
we are looking both at initiatives to lower cost base long term but obviously also everyday cost control is very high on the agenda in telenor these days
fourth (we will->well) migrate our global consumer systems and customer and consumer support systems using standard application services and cloud (data->native) services and operate them on the public cloud
research (in->and) gene therapy capabilities which greatly advances our commitment to worldclass science that makes a meaningful difference in the lives of people living with rare (metabolic->metapolic) diseases
kind of canadiancentric solutions to their customers that the toronto folks are able to support the inverse of that also applies where
while (were->we are) not fundamentally opposed to a more transformational sort of transaction we are that much more cautious as we believe the relative risks of such a transaction are much greater
still full year organic growth is expected to be within the 3 to 5 range originally established for the year and most likely at the upper end of that range
(*->so) its not only mortgage originations that youre seeing but were also seeing the impact of whether people are shopping more or less and we try to build that into the forecast we would freely admit forecasting the mortgage market is difficult
these investments have been bearing fruit as we systematically raise larger successor funds launch sizable firsttime funds and penetrate new geographies and new distribution channels
weve enrolled crossfunctional teams to support deployment and delivery of the solutions establish pricing and created the marketing collateral needed to commercialize the opportunity
and third in conjunction with (this election->the selection) weve adopted a dividend policy that will allow investors to better appreciate the underlying stability and growth of our core management fee business
in terms of what were looking at were really looking at a full spectrum of opportunities across each of our businesses in private equity credit and real estate
through these efforts will support our future (programs->program) and we think will continue to be a strategic advantage for amicus and a very differentiating feature for our company
to people who in too many cases particularly children living with these diseases believe that they no longer have hope up to (10000->100) children that we estimate are living
and in europe we saw an initially relatively slow (uptick->uptake) in diagnosed untreated patients but as we get to higher maturity as we get to higher market shares of switch patients
yes tobias i would not talk about a market trend i think for the reason that i explained before we will find individual targets that are interested in joining a bigger
the experience that we have had i think has been better than was underwritten both in terms of the speed with which we were able to rotate the portfolio and improve yields
in short we continue to be very bullish on radiants current position and longterm prospects and we enjoy a number of levers to drive shareholder value
the companys nongaap eps and adjusted ebitda will be reviewed on this call and excludes certain expenses that the companys management does not believe are indicative of the companys core operating business results
the warehouse to pick for ecommerce which (breathes->breeds) more life into them so this is (a->an) evolving story (vivien->villion) and the outlook is not perfectly clear because the economics of many of these new digital channels
for a protocol violation after he received an unrelated vaccination for shingles just before his second dose of sel212 his uric acid level had been fully controlled over the first month
so believe me we will make the right decisions but at this point its our belief that we can do a better job running the system and as you see more innovation more retail disruption we cannot afford friction with the distribution system
the second aspect id like to highlight on slide 21 is the tremendous team of entrepreneurs that brings the utmost passion for patients and for our mission to bring great new medicines to people living with rare diseases
and that customer that has now exited stage left was an inhibitor of us really being able to service the network we were focused or (on time->ontime) was focused more on servicing that particular customer so
the expansion of the ascension agreement we announced last quarter is indicative of the need for an integrated physician acute offering it was also a credible proof point of the capability we have developed as well as our intent to execute on our vision
and it really is stable and thats probably about as good as you can get for these patients who would have been declining otherwise stabilizing and along with that we showed in the naive patients who (have->had) not been treated before
the second update on the commercial front is the expansion of our portfolio of modular solutions while we have a large number of modular customers we have historically not proactively marketed our core rcm modular capabilities
the market is large and growing 7353 has the profile patients and doctors have been waiting for and the plan to get to approval is clear and its now time to execute we look forward to updating you as we execute our plan
specifically the expansion of our geographic reach and product portfolio has made our business more resilient the power of our customer relationships in retail and foodservice has created advantage in the marketplace
we plan to extend our lead and build out capabilities that further strengthen our value proposition on the last call we discussed a major technology initiative we have underway to transform the patient and physician experience with the revenue cycle
terribly progressive disease leading to disability and compared to the natural history we are looking for retaining patients retaining abilities motor function language function and so on
the reach and breadth of our footprint is remarkable when you think that just a few short years ago in 2015 amicus in total had fewer than 200 employees operating out of our one location here in new jersey
thank you atif good afternoon everyone and welcome to the call were pleased to report another successful quarter building on the momentum from the prior few quarters chris will cover the financials in detail but id like to make a few highlevel comments
and as a reminder we take ownership of these direct imported goods earlier as we record intransit inventory on our balance sheet when the goods leave the overseas ports now i would like to turn to our guidance
turning to cash flow we expect to continue to generate strong cash flow and to exercise discipline over capital allocation with prudent reinvestment into the business and the majority of our free cash flow returned to shareholders
so i guess the question is how do you or how should we think about the roi on all these reinvestments is this just (simply->simple) is this just symptomatic of a higher cost of growth structurally as you work through changes at the retail and consumer level
the integration with wheels now and the crossselling can you put any numbers behind it in terms of what percent of customers are now using both as opposed to what they were when you first had the transaction
it is also a good (yeararound->yearround) small business (base->space) we see significant opportunities for deepening relationships with our product set especially investment management and home equity along with a much higher lending capacity
and then also have this huge growth in what (look->looked) like retail settings and what tends to be a little bit more episodic or fragmented care with less connection to the primary care docket at a (nursing->nursent) care center for example
before i turn the call over to them wed like to refer you to slide 2 (on->in) the presentation and advise that certain remarks we make during this call about the companys future expectations plans and prospects constitute forwardlooking statements
in the other players my observation is that it is not fully absorbed by the market because the market does not believe closures until it (sees them->seas then) so i think you probably have to wait for
and what we wanted to do was estimate an (immediate->intermediate) dose that would have a good enough increase in exposure to expect that we might be able to pick up an increment in efficacy
including the greater philadelphia market which we have operated in since our inception in 2002 we believe the runway for store growth is long and the associated earnings potential is large
with this added cash we are now appropriately resourced to execute on our agreed regulatory requirements and to invest in launch preparation and commercialization to be successful in the competitive hae market
should we incubate some of those products in (a->the) new distribution system let them reach a certain size before you put them in the main dsd system because clearly they need to be incubated in a different place in the store especially in the singleserve channels
today to develop larger relationships and new relationships so theres an overall program being put together on the enterprise side and as dave said a tremendous effort will go into ventures
so historically thats been a component part so thats a long way (of->or) giving some foundational comments to say if i were throwing the (proverbial->*) dart i would probably
revenues and expenses included in ifrs basis next slide this shows the positive (and->or) negative factors on each business impacting our revenue in the first quarter
control of physician rcm workflow will allow us to integrate processes across the (frontend->front end) and coding and billing functions as well as developing an analytics layer to support macra and (acl->aco) analytics
i want to thank our program management and clinical operations groups who continue to work tirelessly to maintain this pace i would also like to acknowledge the clinical investigators who have been equally motivated and extremely successful at enrolling these studies
tax reform (impacting->and passing) that through i guess theres some concern about the blues into next year and (*->then) on the pbm side with all the deals being announced how your competitors might be responding to that and whether theres any opportunity or risk to pricing heading into next year
i guess its (a->*) somewhat of a disconnect from the improving macro outlook some of the robust innovation pipeline that youve talked about so im wondering if this is really more related to the retail environment and sort of the pricing pressure
and because a number of patients have proven to be refractory to those treatments uricase enzymes on the other hand have demonstrated an ability to drastically and rapidly lower uric acid levels
you can get on the higher end but its still related to price and its how far they drop the price and how far youre going to go down with it because
(michel->michelle) you talked about filling (up->out) the pipeline more and with the launch of (antitau->antitowel) are you comfortable with the number of assets or mechanisms that you have in the alzheimers portfolio
but also to change equity exposures up or down or from emerging markets to (develop->developed) markets and vice versa and but also
as foundry customers optimize existing capacity they have trimmed their capital spending plans for the year they are still pushing forward with leadingedge development
and it appears we have no questions at this time so this concludes our (questionandanswers section->questionandanswer session) i would now like to turn the conference back over to management for any closing remarks
we continue to see the wafer fab equipment market and applied materials being sustainably larger and less cyclical today than in the past
as one of americas best employers in 2018 our pennsylvania operations were also recognized as best places to work for disability inclusion
similar to quarters past we have categorized them and well do our best to provide detailed responses to each this morning to the extent you have additional followup questions feel free to reach out to me after the call
arguably less quality earnings to more higher quality earnings through additional capex that we could spend and still not raise customer rates
similar to prior years we only include identified projects with a high probability of certainty in our capital plan we will update our capital plan at the appropriate time (per->for) normal course
of the company and this new process that we have begun last year (in->is) his new responsibility
whats most encouraging to me about those international markets is that i think (there is->theres) sort of growing recognition amongst nocs and overseas oilfield service companies of the importance of technology
as i mentioned earlier we view our broad (line->lineup) of highperforming funds and separate accounts and our leadership and investment strategies that are well positioned for an environment of rising interest rates
i (would->will) talk about progress with these wells in a minute and we are also evaluating new projects in our portfolio such as the next phase of development
we have had a variety of customers discuss this very issue with us and i expect with each passing month as we draw (nearer->near) to the deadline that concern will more fully manifest itself
is the fruits of our labor for the last 3 years just like you talked about with that farmer the situation is
based on what we know today we expect fuel and gain on sale to be headwinds in 2016 hopefully offset by improvements in our utilization especially in the second half of the year
or reduce our chassis (costs->cost) and improve container (turns->terms) this focus will ultimately help improve our overall intermodal cost and improve our operating ratio
after a 17 sequential improvement from the second to the third quarter a less favorable mix and lower volumes of drill pipe contributed to the decline in the fourth quarter
its (real->your) material its a commodity so if we have to pay it my friendly japanese have to pay it my friendly
from the banker and the management team over there and then i expect that within
in the quarter as i said really strong sales and again to be able to succeed with this we need to shift the sales between different business units
can you provide more specifics around planned capex in 2016 specifically how many trucks and trailers you intend to purchase and what is the planned net fleet growth
(*->but) if you could just help us understand the rationale for your views on what you think in terms of why the pushouts of (investment->investments) here in the second half of this year
dropping it basically down which is human people and you (condense->can dense) at a certain point and youre better off to run it
further we achieved several major milestones in the quarter including the successful completion of the devry university and carrington college transfers of ownership
in addition to growth in accounting products and services including exam preparation where were expanding our professional development content to support key changes in the accounting profession
we expect this trend to continue as we make these additional investments finally we will remain focused on achieving balanced regulatory outcomes that will benefit our customers
he already knows all our customers very well so we really just need to change the logo on (his->a) shirt and hell be out there strengthening our relationships with our oem customers
right at this moment youre talking to the guy who has to go to those places and my (feelings->feeling) is i rather
worth pointing out for the last quarter was that we had a little less prepayments from customers thats why we have here other changes in working capital
we ramped up (the->*) investment in smart grid technology on our distribution and transmission systems to (more->move or) quickly detect outages and restore power
which is what drive our business model based on conversations with our customers we believe that rates and volumes will be there in 2016 third
and a major distribution partner committed to working with us to bring these funds to market now is the time to begin translating that potential into sales success
the 14 decrease was due to cost increases to support future growth and return to a normal level of expense at the medical schools
how do they incentivize the electric distribution companies to meet some of the clean energy
we talked about eps in my prepared comments a single quarter is now larger than what this company used to do in a full year
we are not changing our production guidance range for 2018 we have made significant steps to reduce our transportation costs in colombia
think about approval of new tying in new wells on (guatiquia->guadaquilla) and what our plans going forward are and he can also update you on the
(*->but) we have been and will continue to monitor the forward curve to determine whether or not to swap a portion of our floating debt to fixed in the future
going into next year and im curious to get your perspective on the consumer in brazil were hearing about maybe a gradual recovery or at least a more stable environment
comments on that and then ill hand over to david to talk about (ebitdar->ebitda) and the cash balance i think the simple answer on
the company makes no commitment and disclaims any duty to update or revise any forwardlooking statements to reflect future events new information or changes in these expectations
our role (is->as) the leading worldwide designer and manufacturer of oilfield equipment (with->boe) several important attributes with respect to longterm returns on capital for our shareholders
i want to set the backdrop as i prepare to talk about 2016 because even if you assumed an extreme case of 0 increase
it is important to note that this is a consultation and ofgem is seeking comment from a wide variety of stakeholders to ensure the best outcome
and current market conditions which are subject to significant risks and uncertainties as set forth in the risk (factor->factors) section of our most recently filed annual report form 10k
finally i want to reiterate to all of our investors or potential investors on this call that if you are an investor (who is->whos) generally
what we continue to see going forward our business is going to be sustainably larger its more diverse less volatile less cyclical than its been in the past
we dont get rid of this kind of currency fluctuations in argentina we will keep you posted on (*->that)
meaning that we are more likely to have faced and successfully navigated challenges and that we are the (low risk->lowrisk) purchasing decision for our customers
of these improved fuel economy on this new equipment thirdly is our insurance and claims
and is this actually can you quantify the effect roughly and is this really a oneoff or should we really expect
and if sustained will bring significant healing to this battered industry in the form (*->of) strong cash flows and higher activity levels as the year progresses
i think many of you know thats our largest most important business and as (morrys->maurys) talked about and i talked about theres a lot of emphasis being put on
as we near the 17 month in our ownership of calvert we feel good about what weve accomplished and even better about the opportunities ahead of us
in many cases parametric client relationships that started with exposure management mandates have migrated to also include other strategies
lately it seems like theres been an excess amount of discussions regarding rate increases or lack thereof
and we see an increased focus from customers when it comes to flexibility
and going forward i think i will address this since this must be on your mind as well going forward
the houston consolidation marks a major milestone in our integration plan as now all facility consolidations are complete
into additional containers for intermodal because our focus is upon working to improve the earnings and return on our previous investments
first dating back to the beginning of 2015 we discussed that the quarterly rate comps would become more difficult as the year progressed
so let me say that nothing has changed in our expectations
we expect the full year to be in similar range as a result of the planned (carseland->castles) shutdown later on this financial year
as such sometimes it can be a little tricky reporting our estimated project revenues when oil and gas markets begin showing signs of recovery
it sounds like the issue is one that may be related to an evaluation tool or something like that rather than
can you provide us with some additional granularity on the sequential increases in ebit for swifts other nonreportable segments
so weve been subcontracting it out for years and it got to the point where when we looked at it hard
with our other capital allocation alternatives and do what is in the best for the longterm interest of our stockholders
they are recording this in their local balance sheet as a liability and of course if the local currency depreciates it produces a (loss->lot)
during the capital markets day (and->*) this is not partnering related so we are still expecting this to occur
(and->end) operator to be aware of the latest technologies and the capabilities of those technologies so (*->that)
i would like to share with you some examples (*->a) few weeks ago we received an order for multiple systems
we were cautiously optimistic but pleased with the increase related to the flu business we dont want to be known as the company that only
following the explosion of antofagasta package explosive (plant->plants) in chile we conducted a complete safety review of all plants in the region
it will be proportionately smaller and potentially actually smaller as we go forward
while weve (had->*) challenges related to our offshore businesses there is some cause for optimism that were at or very near a (bottoming->bottom in) activity
(and->*) so in terms of what the particular growth rates are going to be i would say its less than what it has been historically
those draws continue to come fast and furious and that led to leads to our optimism for (a->*)
importantly as we look to expand our presence in sma we are also excited about the potential for gene therapy as a complementary mechanism
pricing and freight mix both contributed to the revenue and profitability results within refrigerated
(*->its) very short because basically its unchanged these results clearly show that we are doing what we said we were going to do
and with that agreement we have a situation for track wheels and tires
try to focus on things that are in the early clinical asset space thats kind of our core where we believe that we can identify things
both in terms of number of clients and in terms of average exposures with those clients
we expect free cash flow in q1 will decline due in part to the first meaningful incentive compensation payments we will have made in 3 years
again its been a very very strong quarter as you must have seen with the results this morning and ill remind you this momentum started
a little bit its not business determining but it will have an interesting impact on the ebit (interesting->interestingly)
fourth market leadership provides us with cumulative experience within a particular product area that exceeds our competitors
so turning to comments about the new role weve actually been talking about a business leadership role almost from the time
every construction tire and every mining tire you put them all together
given the drought in california and the shift in the focus of production of fresh produce to the east
all right thank you very much everybody and again thank you for taking the time out to meet with us here on
we also see this effect (of->or the) negative business mix effect especially in performance materials
they have a list that is i never even thought of a lot of the people on that list
on buying better buying better focuses on leveraging oricas global network to lower unit costs
and so as long as we have those we satisfy that we will go into
(*->shes) a great addition to the titan team and really will be able to jump in and make a difference and start running fast to help our overall sales organization
and the situation is that you take that you take it by just
well its so (asinine->astenine) because it not only will make their scraper perform better
but we really think about our share repurchase program in terms of our total capital management strategy and address that on a quarterly basis
we continue to be aware of the concerns (around->over our) liquidity and cash flow as we fight through these down markets and were very mindful
look its tough out there and theres definitely no easy path in these difficult markets to change things around easily
as (weve->we) previously mentioned although we do not plan on growing our consolidated truck count above the 2015 fourth quarter levels
how much margin expansion is contemplated at intermodal what are the biggest risks to expanding margins
we dont think (it->*) would be a problem to finance that or bring partners in to do a large acquisition
yes this is yet to be determined and (it->*) will depend on a variety of different factors but based on (the->*) current trends we think it builds
picture question on the margin contraction that weve seen this year it seems that (seeing->being) the branded business that you have
to do everything we can to prevent these sort of fatalities or lets say serious injuries
and we have been successful defending our ratings by aggressively managing our cost structure and by generating solid free cash flow through the downturn
we have reduced spending in other areas in order to fund these investments and achieve a net overall reduction in our spending
the sequential quarterly decrease primarily reflects reduced intermediary marketing support payments and lower distribution and service fees
at the current cheap stock price additional share repurchase may be the most viable option on that front
in prior years we would buy a lot more polyethylene knowing that part of that would need to be recycled
aluminum railing line from reveal to signature were in the process of insourcing that to trex weve been working with a very capable supplier
and also our ability to carry forward with our strategy to develop and build our position in marketing our multiple technology platforms
how long this trend will go on is not clear but it is surely a positive trend for our business
the impact of distributed solar and the impact on consumption of lower oil and natural gas prices on some of our larger customers
allow me at this time to provide some comments and why we think our strategy is so timely and important
groups that are coming to us for service and abandoning some of the larger national
as we continue to execute on our strategic plan enzo is able to provide what may be a lifeline to clinical labs
making their very existence more and more problematical let me further expand on that and a few other relevant points
and each of them has a full structure and this full structure we can get synergies out of it
but at the end you can say what is new that is basically what we have to deal with and had to deal with the last 20 years
and based upon our prior submissions and our prior inspections they grant us approval on a conditional basis
we are sharing innovations sharing consumer insights (cross->across) markets (cross->across) business areas and business units
it (thus provide->does provides) us with the incomparable freedom to operate from a development viewpoint while also posing a barrier to entry for others
we have started the fabrication phase of this project and along with our other projects we will see cash inflows in the coming months
thank you id like to welcome everyone on the call today the news release announcing capstones 2018 third quarter financial results
all (the->a) reason that we have a declining market now how we are reacting we are reacting with very strong point of sales
simply put our cost structure should provide increased profitability to enzo and a marginal return for our customers the independent lab
we obviously (confirm->confirmed) that we were confident prehearing in terms of our legal position and i can confirm we remain as
we dont see this i think the competition between (the->*) retailers in norway is somewhat intensifying but this is nothing
as you know european markets are largely saturated markets in consumption per capita
next id like to spend a few minutes recognizing the outstanding efforts of our employees in responding to a major snowstorm in colorado
we will see concurrent increases in the focus of our integrated marketing and services team towards clinical laboratory customers
to coordinate all the export initiatives we do in the different business units and business areas into each single export market
our investment spending has been directed to new product development and (the fast return->to fastreturn) cost savings (project->projects)
at the same time the margin expansion at the lab is also assisted by continually adding inhouse developed technologies
as we look forward im confident we have the opportunity to continue this trend we believe our net interest margin will continue to benefit from recent rate hikes
the second quarter well get the full benefit of the lions share of (*->the) savings out of oib in the third quarter
now that leads then to the summary of the outlook you have seen this morning already im sure that you have studied that
we believe that the vertically integrated structure that we have built here at enzo can be a part of the answer to these problems
driving the overall downward trend in the delinquency ratio and now the provision on page 18 as was mentioned
the variability in that number would be based on the activity that we have on the legal front in terms of case work
thank you its been a very strong quarter for us we are making significant progress on (the->*) fronts of product development and
any thoughts on what that could look like going forward you guys i mean given the decline in the margin i understand your comments about
we couldnt (raise->rise) prices we were more or less flat in price and our growth came mainly from volume
we have improved the assortment we have reduced the whole portfolio that was much too big
there is likely to be some additional infill and satellite wells in the field and the operator is working hard with (the->a) joint venture
so what does that mean for the shareholder i think its again positive news over the last 20 last years we have been able to constantly
as we fabricate more volume our facility will improve their efficiency and our financial performance will follow
and this comes from an increase of backlog these activity level are the first step for increasing revenue
yes i mean obviously expansions and recessions are a natural part of the economic cycle
that is as it looks like today definitely when you come in an attraction for all
so there will be some (tailwinds->tailwind) as julio said on the bottom line and on margins within consulting as a result
acquisitions that weve made are indeed experiencing accelerated growth (and->*) as you know that weve had some challenges with some portions of our business (that->which) weve discussed in the past
finally we are again benefiting from a lower share count as a result of stock repurchases earlier this year
it provides us with an ability to deliver (highperformance->high performance) easily adaptable products and services at good margins
but for us its more important to realize what we believe is fair value than time we are not in a hurry
we appreciate your participation in todays call to discuss our third quarter operating and financial results and our business outlook
at the same time diagnostics has become a key ingredient in determining health problems and monitoring treatment
the trex brands strength is driven by our ability to capture greater share of the growing composite decking and railing market
its really a split bag its probably focused more on the top end of the product category
while focusing greater efforts on development of our new diagnostic assays and the platforms that are associated with them
the output on a daily basis weve got other projects like this in the pipeline well continue to execute them as we move forward
the market has also been subject to a consolidation we have seen a number of our
we will be more than happy to answer thank you very (much->*)
and then i think to that you added on what is our appetite or capacity for other transactions and what are we looking for
but we have indicated there that we have reduced the strike on these swap rates
but certainly we want to be fair to both the company and the supplier the combination of those 2 certainly has had an impact
correlating with the lower dose of the (uricase->urokase) enzyme but control is still solidly below (06->6) mgs per (deciliter->decimeter) one patient shown third here reached the trial stopping rules
so keeping that in mind if you start the study in the first quarter is it realistic to think that we could have an interim read around midyear or would that be too aggressive an assumption
despite these challenges we believe we are poised to continue to perform well precisely because we have been making the investments and taking the actions to adapt and thrive in the current dynamic environment
during the peak winter season stocks of thermal coal (of->at) power plants in both india and china reached uncomfortably low levels prompting both governments to allow additional coal imports to maintain power supply
(they all appealed->appeal) to a different set of customers and i think our job as merchants and marketeers is to bring that to life and (our->let) customers know they can get it at five below and we do that through epic deals
more time with some of our key clients (and->in) explaining our plan to sell technology to reduce (costs->cost) strengthen our balance sheet basically everything that weve described today in our prepared remarks
it is absolutely clear that as patients have emerged out of the dark years efficacy is substantially improved and now what is important to them is improved convenience
assumptions regarding interest rates and prepayments changes in the yield (curves->curve) and changes in government programs or regulations affecting our business are forwardlooking statements by their nature the companys actual results
and then we also tend to focus on how we get into deep risk especially in the senior area where we can be a very collaborative partner with medicare advantage plans and drive great value
as (youll->you) recall that our net contract capital position had peaked in the second quarter as a result of the large q2 charges we took on the lng projects
im just interested in what sort of investments you guys are making (on->in) enhancing your mail capabilities where your penetration rates for mail are at and what you see as (any->*) potential opportunity in the online pharmacy space for you guys
this is lower than planned due to several large awards pushing to the fourth quarter of this year and the first half of 2018 its important to note that we have not lost any significant projects
our cash forecast however does not assume any influx of nonroutine cash inflows so any realization of these inflows (will->would) extend our forecasted cash runway further into the future
id like to emphasize that any forwardlooking statements we made in the earnings release or any that we may make during this call are based upon information that we believe to be true as of today
most of these individuals are well served by oral medications that are (in->on) the market such as (allopurinol->alupirinal) however our market research indicates that more than 05 million patients in us
we are trying to fully understand the outcome of the study and so as soon as we complete all the
you should not place undue reliance on these forwardlooking statements for additional information including a detailed discussion of our risk factors please refer to the companys documents filed with the securities and exchange commission
and at the best sites for care affordably we also serve people by helping them close gaps in care which often can be caused by deviations from evidencebased medical practice
thank you william and thanks to all of you who are joining us this afternoon within the past hour we issued our q4 press release and also posted some slides that well be referring to on todays conference call
we are leaning in on the marketing front to make sure people know that what they find (*->is) that they can find this great merchandise at unbeatable prices at five below
so its possible that we will look at a different composition in our financial debt increasing the level of bank loans because (how->of) the costs
towards our objective of stabilizing networking reducing yearend peaks in order to achieve a more efficient cash management throughout the year
well have (*->the) right number of sites to get the patients we need in the time we need and im not advertising a particular number of sites but you can be completely confident that well have the sites that we need
what that will consist of is a completely blinded analysis of the variance in attack rate (were->*) pooling all of the data and its a check on the assumption around variance the potential outcomes are
on top of this we continue to show a solid progression on the (target->project) growth to 2019 more than half of our target is secured as we speak
at both the cameron lng and freeport lng projects we were back up to full site staff levels within a couple of weeks after the hurricane and continue to make good progress
the storms impact on our projects in the third quarter included the cost of demobilization and remobilization and to a lesser extent damaged materials
our innovation starts to not yield the kinds of benefits that (we are->were) seeing so i think (we are->were) going through a period of incredible disruption between consumer preferences retail channel changes
in addition we have started using newer ligands that have distinct advantages and have discovered ways to eliminate the use of (pk enhancing->pkenhancing) structures which makes for a smaller and more structurally simple molecule
into having most of the project in operation by (the->*) end of 2017 this gives us significant flexibility in our ability to adapt to our capex plan for
these include statements regarding our expectations around the development safety and efficacy of our drug candidates projected cash runway and expected future development activities
this test will accompany our print messages our growing email campaigns and social and mobile efforts during our most important season of the year
pat will offer commentary on the companys performance and an update on key initiatives mike will provide details on the companys financial performance after that well open the call (up->*) for questions
he is already seeing ideas and opportunities for next year and i think any great merchant like michael is going to always believe they can do better
those who have entrusted their capital to us to generate secure growing returns to provide for their retirements (their->the) childrens (educations->education) and all the other noble financial goals they may be pursuing
that they know that we are maniacally focused on driving growth for them so they like to give us the space because we handle displays and merchandising very well and we make it easier for the retailers to do business with us
getting (*->them) the best care providers and at the best sites for care affordably based on the overall performance of our business and our forward view (weve->we) raised our outlook for adjusted earnings per share
nor have we seen any significant labor shortages or any changes in the time it takes to fill personnel requisitions however we are closely monitoring the market and (well->will) continue to do so
and then second (its->is) just the pricing environment in turkey versus with the competition as well (do->*) you think youll be able to make up some of the pricing after the devaluation thats happened over the last quarter
can you give us a bit of (a->*) flavor what kind of mechanism are there in place allowing you to pass on these to the customers (in the form->kind) of (*->former) surcharges or other
despite the overall portfolio growing by approximately 30 during the quarter we were disciplined in adding hedges as we increased our exposure to agency mortgages to maintain the duration gap
adjusting for changes like our increased marketing spend and cash payments under our restructuring program including cash used to fund country exits our q1 free cash flow fits within our historical range
this should stabilize as we begin to deliver aircraft in early 2017 in addition we have essentially completed the new zealand sh2 program ending the conversion of that inventory to cash
the point being here sarah this is such an important question we believe we continue to prove the point that organic growth and margin improvement (from->for) us is not about insurance pricing or market impact its really about our ability to continue to invest
as you know weve done a number of acquisitions and some of those even though theyre in different product platforms are in the same local geographic area (chicagos->chicago is) a great example where we have consolidated
and combined with the upfront cash and equity investment we expect to receive from the lilly collaboration and license agreement upon completion of customary closing conditions and achievement of (hartscottrodino->hotscottrodino) act clearance
we arent short in ideas in this area and work is definitely underway particularly in important areas like redemption and expirations we simply dont yet have sustained big product wins to share but we will
really well staffed and has and with all the support that it needs to really grow that marketplace so youll see us shift a bit in our conversation from countries to making sure that were in the right cities (and->in) our footprint
forward to be able to grow and make more money i think (would->wed) probably be doing them (a->at) disservice so it would be companyowned as i said weve got some pretty basic criteria with cultural fit and management teams and
our table win was down a little more than 7 table drop was down just over 3 but our hold percentage was also down about (a->1) point compared to last year leading to the revenue decline
most importantly we continue to win new customers and develop our relationships with existing customers right across all of our businesses the strength of our customer franchises is being reflected in our financial performance
well our results for the fourth quarter and for the year reflect the continuing challenges the company and our fellow delaware casinos (face->faced) with the formula for gaming revenue distribution within the state
pretty horrific and just with the size and volume of snow thats going on out west so it really has not had an impact on us to date i would call it a blip
including the fact that we are (irelands only->irelandsonly) bancassurer we believe the market structure in ireland is sustainable and we have been and will continue to be commercially disciplined on pricing and risk
(*->the) higher level of capital spending reflects a robust pipeline of growth (in->and) productivity projects which are expected to produce a healthy return as well as support growth of the top and bottom line
as rich mentioned we believe the results in our international segments continue to reflect execution challenges largely due to restructuring and earlier stages of marketplace and operational development
the companys actual results could differ materially from those indicated in any forwardlooking statements due to many factors the most important of which are described in the companys latest filings with the securities and exchange commission
there were a couple of reasons for starting with (the->a) single dose and first amongst them was to observe the full duration of effect and rebound characteristics of (the->a) single dose
in light of the broadbased spread tightening that continues to take place within credit markets agency mortgages remains one (*->of) the most attractive asset classes for the marginal dollar of capital (investor->invested)
i would also like to remind you that while we think that our prospects for continued growth and performance are good it is our policy not to establish with the markets any formal earnings margin or balance sheet guidance
the high level of dda deposits has been maintained since the inception of the bank and will continue to mitigate potential increases in the overall cost of funds if rates continue to increase
these are clearly small numbers if you compare this to hbvs where clearly you will have to study much much larger
and seeks to go further and extend the galxc platform to other tissues relevant to cardiometabolic diseases and to neurological tissues for the treatment of neurodegeneration and pain
highway transitioning work that needs to be done which will inhibit the ability to access the highway for a short period so (there are->theres) some of (*->that) those assumptions in our plan
so as rich mentioned we did see our segment operating loss on an absolute number increase but if you remove the restructuring charge segment operating loss (from->in) rest of the world
and these included capacity management measures where we closed our milford massachusetts facility in march and have since seen a competitor announce a further plant closure
to support our growth initiatives we continue to enhance our relationships with our carrier partners to effectively service the dynamic volume swings and overall demand
and current reports on form 8k identify certain factors that could cause the companys actual results to differ materially from those projected in any forwardlooking statements made this morning
so theyre still playing catchup so (they have->theyve) been placing orders so its (a->*) higher percentage than what we would have expected if we were to go back 2 3 years ago when we would have thought that
across our intermodal product our truck brokerage and logistics to be able to see capacity in the marketplace and to be able to give our customers visibility to that
(weve->we have) been having conversations with the city for quite some time as they (had->have) been looking at highway improvements throughout the area
of ltl trailers (specially->specialty) designed truck bodies and other product lines that specifically benefit from increasing demand in final mile and home delivery shipping trends
so that is not one of the tissues that our internal work has involved so that gives you a little bit more color perhaps not as much as youd like but some additional color on where we stand
this segment continues to successfully execute its optimization strategy with an ongoing commitment to margin improvement manufacturing excellence and leadership and product innovation
the portfolio is conservatively managed with a relatively short duration of 17 months in addition we maintained significant liquidity at the federal reserve
over the past year we continued to slightly increase our level of asset sensitivity as we have now pierced through 98 of the loans in the portfolio which had (force->floors)
good strength for orders from the very large fleets (to->who) have (*->a) lot of the older equipment in their fleet
we took advantage of it for a while when there was some strength and we built some water haulers and (when->*) we were in the frac tank business for a while and
these actions position us to recognize modest sequential margin expansion in the first quarter of 2016 at distribution and we expect to see improved margin (result->results)
id have to say it hasnt been something that has been of particular note but i wouldnt take that as either a positive or a negative im just its not something that (we have->weve) had a lot of engagement with the regulators on
by december 2017 we believe this ruling will ultimately drive demand for new equipment as carriers attempt to comply with these new regulations
the kind of (products->product) we produce and make (it->*) available to the market relative to whats out there in the market today so (*->thats) that gives you a little bit of guidance on what (they->that) will do for us and
someone who can drive these things from start to finish as we work with the group presidents and think about how we can better
the government (health care->healthcare) consulting business continues to be a very strong performer with steady growth in both revenue and earnings contributions
thank you the conference has now ended please disconnect your lines at this time and we thank you for your participation
and the reduction in tax benefits on holding company interest expense due to the lower federal tax rate resulting from us tax reform
many of the opportunities in our pipeline are being offered as both a perpetual license and saas pricing model
todays conference is being recorded at this time i would like to turn the conference over to (allison cain->allyson kane) of icr you may begin
but i dont have guidance to give in terms of what we anticipate well do throughout the rest of the year outside of saying that we would
and i see periods of spikes in the stock that are kind of uncommon for most other bank stocks that i hold
more diverse demand drivers spanning consumer and enterprise markets combined with very disciplined investment
(ive->i) read your report i thought it was extremely well done and id tell you that i agree wholeheartedly with the thesis that you laid out
and certainly i believe we have a very strong business plan with significant rate base and earnings growth and a very competitive dividend
this vessel is currently providing ammonia transportation services under a 10year charter with potash corporation
we are comfortable that we have the right leaders focused on the right areas and that the organic revenue results will improve as a result of this focus
but both of those numbers are really still very conservative relative to what were capable of and relative to the capital programs that weve had in the past
our team is more experienced diverse and (growth oriented->growthoriented) and that is reflected in our ability to deliver consistent operating results
this program is part of darpas electronics resurgence initiative to develop new computing materials designs and architectures
very good about the data that weve generated across the program and across genotypes if you look at our response rates theyre very high
im sometimes asked to quantify the total proportion of our semirelated business that comes from servicing the installed base
activities in the second half that are going to add to production but weve kind of (waded->weighted) that toward the back end just to be conservative so i think that thats
that we get for selling the fpsos (and->in) the one conventional tanker that we have and i think that
we are meeting and exceeding client needs as evidenced by our profitable growth and the recognition we received
all of our capital will be focused almost exclusively on the cardium as those economics are still
within our retirement plan services business we benefited in 2015 from a number of large projects in our actuarial business
where there is a question around the financial situations of the customers but also about the valuation of the current asset
and to continue the companys proven track record of outstanding execution established by robert over the past 20 years
and the charge in the fourth quarter was essentially a full chargeoff of an unsecured portion of a loan so both of those are gone
on the horizon though weve got all of this cardium thats just now starting to come to fruition and as we direct
and although not materially impacting revenue in 2016 we are encouraged by the early reception that were receiving from our clients
there can always be changes in markets what were giving (a->*) perspective on today is what were seeing in the market
we want to thank (ignacio->him matthew) and we have no doubt that hes one of the top executive talents of argentina
but i would say that theyre in the range of the high 6 digit to low (7 digit->7digit) price range
our primary focus continues to be to deploy products that will ensure the success of our customers
add or subtract duration are they using futures to add or subtract currency exposure all of these things
overall while we are continuing to evolve both our organization and our industryleading products
and continues to grow nicely we have a nice complement with the asset management that we manage assets for advice as well as
relative to technology positions i think (nothing has->nothings) really changed versus what we thought before
we are (reorienting->orienting) our efforts to reach the customers home or premises in order to gain share in a vertical manner
we believe our industrial businesses are well aligned with key longterm secular trends that are supported by sound fundamentals
bottom line from a position standpoint weve never been in a better position we have a very strong pipeline of new products
and a great indicator of how focused management is on the key strategies to maintain the strong numbers
during the quarter we delivered growing enrollments in our medical and healthcare segment and strong results in our professional education segment
(*->a) period over the last few months in colombia where (this->theres) large political change and so theres not a lot of
links future dividend increases to the growing dividend cash flows we (received->receive) from our daughter (entities->entity)
this impact is most pronounced in the first quarter given the timing of equity grants and was contemplated in our guidance
we can take some questions from those listening in (*->were) going to try and keep this relatively brief as this is a very busy week of reporting
okay and then (yos->jos) are you able to describe a little bit more in terms of some of the
and we are also implementing a customer excellence process and we are working to change the manner of how we use the concept
which included less (lowermargin third party->lower margin thirdparty) hardware sales in the current quarter compared to the same quarter in the prior year
these are early indications of the work we are now doing to drive growth for our company and our customers
we have a number of ways we can do that one is through reserves growth in our fields as we drill
primarily reflecting increases in information technology spending as well as higher facilities professional services and travel expenses
that explored a wide range of doses across different patient populations because dose response is not necessarily the same
well first of all we have units that we havent been able to
of whats the physical amount of oil in the ground and we expect them to continue to
we would get a (shot->short) of sales cycle so thats a goal we certainly have (but->*) we havent seen evidence of that yet but
in addition services revenue decreased due to the completion of a project with one of our largest customers
there are currently limited treatment options for this disease and if approved imbruvica would be the first and (the->*) only therapy
whether its marginally less attractive at higher interest rates i think theres a case can be made for that
we continue to expect midsingledigit operational sales growth for the full year internationally
i (wanted->want) to see if i have something right here it seems like this quarter versus last quarter it seems to me like
and that largely was in bank loans and that was largely institutional so (i->*) hope that gives you a little flavor
from a broad range of companies because it requires new types of computing at the edge and in the cloud
and addressing vulnerable customers which are important areas for ofgem and they did this for the seventh straight year
(*->is) to stabilize the production and keep it flat and continue to improve the efficiency by bringing on
(its->is) really the strength of this brand and the clinical efficacy and safety of this brand that has driven its performance
the effect of the price decrease on oil and gas in the period under review was larger leading to the decline in net income
and we know how we would handle that going forward but it is behind us its not something that shows back up again
we will open the call with jims update on our business strategy moving forward followed by bobs review of our financial results for the second quarter
the higher earnings mainly reflect a reversal of provision for losses on guarantee obligations for the north sea oil project
as jimmy mentioned the increase in unit cost was consistent with our plan and was forecasted on our previous earnings call
closing is subject to federal trade commission and canadian competition bureau approval as well as other customary closing conditions
investors should expect this pattern to continue over time essentially using the stated leverage range as a reference point
for the group as a whole we delivered a quarter with stable organic revenues with (a->*) margin expansion
but as we came out of the vacation (periods->period) csx is struggling a little bit to get ramped up now obviously
(to->*) take a deep breath i know everyone is focused on the recent election and the transition thats going on (and->in)
and you can expect that the improvement will continue until theres a change in the programs driving the reduced level of process (gross to net->grosstonet) deductions
some states will be more progressive than others but i think youre going to continue over time to see more and more regulations
for the quarter international sales increased in the infrastructure group and the aggregate and mining group and decreased in the energy group
while the profitability of this particular investment makes it extraordinary in our experience the process and approach
the effect on associated companies and net financials are related to the change in market value in the period
which we believe will be the first of many more to come over time as we start to bring this important jurisdiction into account
before we begin ill remind you that our discussion this morning may contain forwardlooking statements that relate to the future performance of the company
in a world with a lot of uncertainty one thing is sure and that is that the world will need much more (aluminium->aluminum) in the future
we will bring in a mining contractor to help us with the transition because it will be a different style of mining from what obuasi has been about in the past
coming from strong new product and new customer account additions and finally consolidation between coatings market participants
customers have to learn if i may add also that the good times of historic low rates
thank you scott welcome ladies and gentlemen and thank you for giving me another opportunity to report our quarterly highlights
(is->as) the number of prescriptions filled for patients via the pharmacies multiplied times the price paid to us by the wholesalers
and relate this to the expected mine life of some of our key operations ill briefly cover our project pipeline
the clients who are in for the long run dont have to worry about other clients withdrawing and screwing up the cash flow
reflecting mixed performance in private assets and strength in some public equities and energyrelated debt securities
and as weve noted on a number of occasions we expect those projects will result in a tripling of cpgs net investment level
that is something that obviously is very much depending on the reference of the turnover (turnover->*) with our current
logging (that takes place->*) after the fires and i just wondered if you could kind of help us as we think about the puts and takes there
this is an important longerterm option for us and we will keep all avenues open to realize value from this asset
and im happy to observe now that it seems like (in->*) the prepaid decline in revenues is starting to flatten out
we know that supply has become more of an issue in the bc interior yet at the same time we know theres probably going to be a lot of salvage
the key driver of this production improvement compared to the same period last year was a full production quarter at the harvey mine
weve lined up a strong product pipeline to be launched over the next 12 months with about 1 new product launch
although we have now confined our area to the southern section of the mine nevertheless the government has entered into a security agreement where it provides
these agreements have been signed by government and ratification is expected during this parliamentary (sitting->setting)
yes okay all right and then i wonder if we can just toggle over to western canada and you can give us some sense of kind of where the
compared to that based on the ore reserve at any particular time this is even more the case for underground mines
each portfolio can have a different management fee so the shift didnt have to come from credit to equity within equity
demand dollar growth is defined as prescriptions filled at the pharmacy counter times by the price sold to the wholesalers
glen will then highlight our key execution milestones and (will->well) close with plenty of time for your questions
stronger demand and production rates in brazil in the first quarter do seem to indicate a potential stabilization in that market
underlying operating cash flows describes operating cash flows excluding the effect of factors such as working capital
that fits our needs and (fits and->*) our capabilities (fit->fits) their needs as being wealth managers and managers of their risk
these forwardlooking statements are subject to certain risks and uncertainties that could cause actual results to differ materially
driven largely by positive volume (drop down->dropdown) some variable cost savings and savings from our productivity enhancement programs
we see natural gas fueling as an economic and realistic solution that a company can utilize to achieve greater sustainability
they also demonstrate the trust and confidence our customers have in our operational and financial capabilities
the additional amounts that arent necessary to reach that mark are you looking at additional acquisitions as far as
thus (in->for) the third quarter i expect management fees to remain roughly flat compared to the second quarter
we are of the firm opinion that this is an absolute minimum requirement to achieve the rerating of our equity
and then ill spend a fair bit of time on the obuasi redevelopment project which has been approved for implementation
the project capital extends over a 6year period this is intentional to optimize the cash flow
the building new is fine the demolition is fine but refurbishment you know what thats like its like peeling an onion or renovating a house
during the fourth quarter which positions us so that well not need to access the equity markets until well
with a strong experienced and effective sales team a robust and unique product portfolio and product pipeline
i think well continue to see some of that as we go as robert mentioned in his comments as we go into second quarter and so some of that is
this has been a continuing trend and is the result of the actions weve taken given the low oil price environment
(*->the) presentation highlights consolidated and segmented results and ill be referring to this presentation during my comments
mostly related to the increase in dermatology product revenue and higher sales to our new animal (healthcare->health care) partner
on the other hand we did have some offsetting effects primarily coming from seasonality at the end of the year
to come through (in->when) normal cash flows certainly during the year i think the real issue that we spoke about is
i have worked with him as part of the consol energy team and he brings a wealth of capital markets and coal industry experience
the financial information contained in the market update presentation has not been reviewed or reported on by the companys external auditors
this is primarily due to higher sales (volumes->volume) which offset the currency and inflationary pressures
i havent heard any issues or boeing has not made me aware of any issues that caused me any concern with respect to our delivery schedule or inservice dates or the operation of those airplanes
and a lot of that in the back office is manual so the new system is a little bit harder and more cumbersome i think is probably the easiest way for as a lay person to describe it
our (polymer->polymers) segment has been delivering solid growth in sales volume and improved profitability since the first quarter of 2017 and since the first quarter of 2017 we have seen improved unit margins in our chemical segment
mike i just (want->wanted) to ask real quick you talked about the max being more efficient now than when you ordered it is that just on fuel burn and can you talk about how that may have changed if thats what you were referring to
that we had previously been and that had a disproportionate impact on the profitability of those businesses that have a certain fixed (costs->cost) base that is serviced by the scale of their operations
and these fundamental drivers continue to improve all this serves as a positive sign that housing dynamics in our markets remain healthy and there are motivated buyers within each market segment
these are very significant accomplishments and our people once again demonstrated their warrior spirit and that they are the best in the industry with their unmatched hospitality
while that (processes->process) is obviously taking longer than we had hoped we anticipate that we will receive approval in the next couple of months and this (would->will) give us a presence in london and frankfurt the 2 (large data->largest) center markets in europe
in the next few weeks and be able to be in a position to announce that i (cannot->cant) comment on the proposed terms of the partnership (of about->above) what weve actually put in todays asx statement
the facility carries an advance rate of up to 85 on eligible contracts which means (that->*) the facility is available to fund the majority of the increase in the companys portfolio growth
(*->offers or) interest with buying out the company i know you guys have (a->*) very small (float->*) low outstanding shares are you guys concerned at all about somebody coming in and scooping in the float and taking over the company
if you will movements in the (hydrocarbon price->hydrocarbonprice) models which we believe therefore will have a benefit to our business over time im not suggesting were going to get back to the historical relationship just yet
we expect the first treatment period to be completed in december and the second period in february of 2018 with top line data analyzed and available in the second calendar quarter
the 4th of july holiday timing softens the third quarter performance and the sequential comp (to->*) second quarter is harder with the full easter benefit showing up in the second quarter
weve taken a number of steps to bring our cost structure in line with (the->*) reduced level of sales however many of these actions occurred later in the quarter providing only a partial offset for the period
in addition our third quarter results were impacted by shortterm unplanned outages and by higher operating costs including higher transportation and logistical costs which steve will discuss in more depth in just a few moments
additional fourth quarter flying (is->as) were accelerating already planned (adds->ads) into the fourth quarter the other color commentary i would offer up there is its a little painful for us
now (ill->*) give you an example of how we look at sectors industrial business has a lot of potential for us to utilize the large assets (in->and) technology we originally built and developed (our->for) oilfield
(*->of) microsoft it looks like its about half of your backlog so could you just talk about into your visibility with future projects with them and would you expect them to be in digest mode for the next little bit
of incremental annual revenues by the end of next year and that does not include fixing the problems that (we->weve) discussed that affect the second and third quarter
unit margins in our specialty polymers business were lower than the third quarter of 2017 and this was largely reflective of differences in raw material pricing and timing which steve will speak to in just a few minutes
so overall i would echo your words from our standpoint we had some isolated incidents clearly in the quarter that were unique to kraton in terms of our (costs->cost) and our operating
and in addition to that are there any plans to centralize more of the collections and servicing and take that out of the branches
to operate flight segments so the (air space->airspace) is getting less and less efficient our air traffic controllers do a wonderful job of keeping
investors are cautioned there are risks uncertainties and other factors that may cause kratons actual performance to be significantly different from the expectations stated or implied by any forwardlooking statements we make today
the continued volatility in our oilfield sector reinforces our belief that we are on the right path to return the company to profitability by diversifying our revenue streams and reducing our reliance on the oil and gas industry
fourth quarter to the first quarter but it will be relatively modest because a number of the actions that we took during late 15 those costs will flow into 16 as well so
consultant headcount is a very soft number guys and i dont really like to be held down to exact because we know when they start we dont know when they stop
this is a randomized 2way crossover study in healthy subjects which is a streamlined version of the pilot study and is being run at the same site as the pilot study
village operations continues to see improved demand at (searipple->seabo) this growth was partially offset by a weaker result in the victorian business due largely to the state election
as we see the full impact of the expense reductions we discussed and we see a delivery team with a much higher billable utilization and eventually business model that drives a much higher license to service ratio
to best position (kaman->command) to compete and drive profitable growth through the current market cycle we have recently accelerated some of our actions to reduce cost and improve margin performance
jay the other thing just to note is our new product offerings (continued->continue) to sparkle with the consumer so we consistently get a higher order and absorption pace
(well->we will) invest approximately dont hold me to it but approximately 1 to 3 years after founding when the initial proof of concept has been demonstrated
while that increase was off a (little->low) base were excited about our prospects in this market going forward given the strong housing (fundamentals on->fundamental and) the positive response our new communities have received
in addition the higher credit quality convenience check customer also qualifies for (*->a) higher loan amount and to get an effective response from this customer
in summary (we have->weve) achieved important milestones and continue to drive toward additional achievements that create value in our programs and in the company
while we have not seen signs of affordability impacting demand as of yet we are making a (conservative->concerted) effort to offer more affordable options for millennial buyers in this market
as we look to the balance of the year we remain cautious about global demand fundamentals and the potential for trade negotiations and tariffs to impact overall demand trends particularly in china
in parallel with this we are working to minimize of course the impact on our customers through inventory on hand and we are assessing how we can leverage our other refinery infrastructure
okay and so with these leases how should we think about the average i see that the term went up a ton what do the bumps look like or the escalators look like in these leases
a reference to the amount of runway they have in front of them to grow their database as well as provide innovative new solutions
the primary driver of this increase over our prior guidance is the onboarding of the wisconsin business
we have 2 large successor funds in the market and we have a platform that has considerable opportunity for further scaling
and lastly the global trend away from traditional banking and the acceptance of private debt as an investable asset class
over the years and really those additions in that area will continue to be incremental
you know that so i think (that->*) you know that we are quite well in managing working capital in italy
and driven primarily by lower freight (cost->costs) versus last year as we (anniversaried->anniversary) the impact of the west coast port issues
is to invest in our own managed fund product and so (as->*) we (highlight->highlighted) in the prepared remarks we currently have a balance sheet
weve already made great strides in just the first few months of the year with our data presentations at the world symposium on orlando
the deferred tax amount is based on unrealized gains and does not translate into current tax obligations until realized
thanks joel and good afternoon everyone i will begin my remarks with a review of our third quarter results
and that obviously gave us enough confidence to want to not only repeat it in fourth quarter here but to expand it
given the changing landscape of payment models and increased complexity we have seen a rise in demand for these services
a pretty interesting pipeline of acquisitions kind of pulling on your question a little bit
this single data fabric will deliver seamless realtime integration and data access across our many unique data sources
is the as we build out the physician platform the ability to extend
i believe that when you shop our stores this season you (will->*) agree that the assortment looks great
now turning to page 20 now we have a deep look on our financial figures
demands and markets (in->*) regions where they have not been active in before but i would not say its a market trend
we see a significant opportunity to improve the patient experience physician satisfaction and business outcomes
we still expect the full year margin to be in the low 340s range which is consistent with our original guidance
that it absolutely will impact your it does create more complexity in your processes and its just something (that->*) we have to work through
some of whom were confined to wheelchairs some still with the ability to walk and (the->a) group who had previously been on treatment
these are also highlighted in this mornings press release and are all on track with several already achieved
at a minimum just so everybody on the call can hear his voice and just ask him to share some comments obviously
mark provided a perspective on total incremental spending on security and technology transformation over the 2018 to 20 period
focus people on realized income (and->*) we want to simplify the lens that people are thinking about our business and seeing it through
our ability to efficiently target solid tumors has grown substantially over the past year so we will also discuss this in some depth
from an economic standpoint we have seen mixed results in terms of the national economic data released over the past quarter
so (theyre->their) inside holders have ownership both (of->*) ares through a private partnership as well as
weve got a balanced mix of male and female patients with both switch and previously untreated patients who have amenable variance
and how we are committed to our mission to build one of the great and enduring companies in all of biotechnology
we also (continued->continue) to make good progress in leveraging our personnel and general (*->and) administrative (costs->cost) as a function of our net revenues
as we start to dose those patients and then well let that information guide us as to where we go with increased doses
is one of our october openings in mississippi which was among the strongest initial performances this year
and with that i would like to turn the call back over to joel to provide some closing comments before we open it up for questions
in the middle of june we announced that the study had been fully enrolled and all subjects had received at least their first dose
who have built very successful multiproduct franchises around these diseases with significant unmet need
we are seeing an increased growth in diagnosed untreated patients coming onto galafold and thats right in line with our strategy
to be materially different from the results or achievements expressed or implied by such forwardlooking statements
we anticipate that all remaining subjects in the other cohorts will have received all doses by mid to late september
despite the reduction in the cost of deposits a large average excess cash position during the quarter
that strategy is working and youll see us continue to do that as we (go->roll) into 16 and 17 and
now to discuss our financial performance and outlook in more detail (i will->ill) hand it over to ken ken
so i think therell be great transparency on current taxes versus what well call this provision approach
the initial child with clm3 batten disease in that study continues to participate with no serious adverse events
due to a higher severance a year ago and restructuring actions taken last june to effectively scale the company
at amicus we have key organizational (strength->strengths) as well that provide us with a strategic advantage
with modest employment and wage growth locally our state economy continues to perform well
what (would->will) be this may well be having our annual meeting where we bring all of our stations together
that we can now leverage that model as we expand geographically as we expand with
the larger part of the holiday season so we take that all into consideration as we put the guidance together
as the majority of our revenue comes from management fees we have already had the majority of our revenue (taxed->tax) as if we are (a->*) corporation
assuming a 2 to 3 comparable store sales increase and the opening of approximately 2 net new stores
until after (theyve->they have) occurred and only if they materially impact our assumptions from the base case
and so those data will come a bit later we know from phase i that there was always a good relationship (or->for)
our marketing message is compelling and our operating teams are ready for the peak shopping weeks of the year
so we developed stopping rules for our phase ii trial and further we find them in the first part of the trial
based on our experience in primates and prior human clinical studies we believe this represents (nearcomplete->near complete) suppression of the liver production
with respect to our guidance for fiscal 16 we and assuming the economy continues to hold
our deployment also reflects the growth and breadth of our global platform particularly within direct lending
we cant speak for all indices because each of the indices have their own (rules->roles) and will make their own determination of whats included
the other part of this is making sure we have the right people in place to accomplish this and we do
hopefully throughout the course of this call today as you listen to our full year 2018 results and recent corporate updates
and that kind of set in motion some of the challenges at on time (so->*)
(*->and) i think that the number of sites and the distribution of sites and the distribution of patients
i hope ive given you a sense of the strong pipeline for 2018 awards in all the end markets we serve around the world
whereby an oral prophylactic is the patient and physicians overwhelming choice for living a normal life with hae disease
but our biggest revenue business had a challenging year and that was clearly a drag on the growth rate and its going to take a few quarters to course correct that
forwardlooking statements inherently involve risks and uncertainties that could cause our actual results to differ materially from those predicted
not only (for->to) the commitments we made but were also really pleased with the mix of where that growth is its really tilted towards very strong wellperforming markets for us so
were focused on offering the best cost service package for our clients and remain neutral as to whether to use hubowned drayage versus (outsourced->outsource)
such as caring for the frail and vulnerable wherever they reside delivering value and transparency in pharmacy care services
yes i would say its slightly higher than our everyday business at brokerage because were providing more services
overall its performance still has tremendous room to improve and were taking the right steps to realize those opportunities
we are meeting with our customer regularly and senior management at both companies have targeted a resolution before years end
supported by some major projects down there in peru and some others in south korea and in china
massive snowstorms such as weve had out west that creates avalanches its theres going to be some deterioration in service but
to the quarter specifically we (continued->continue) to do well in small business thats a particularly important market segment for us
putting together a program for enterprise relationships and how thats going to work for existing
providing excellent service to our clients as we continue to invest in our people thereby providing a differentiated service
okay and then can you just kind of share with us kind of early take on what youre expecting for
during the quarter anadarko announced a key milestone of reaching (their->*) marine concession agreements with the government of mozambique
yes justin this is don so at the end of the day what weve tried to do over the last few years is to penetrate our customers across our business lines
of (all->*) the studies weve ever done ive never seen enthusiasm for a trial at biocryst like ive seen for this one
and we will invest in training our global associates to arm them with the skills to succeed in tomorrows workplace
we received initial responses from numerous potential buyers and received multiple indicative bids in midseptember
we should be able to manage that successfully so i dont expect to see significant rises in net interest expense for the year
this project has been developed collaboratively with our client for the past year and will utilize primarily nonunion labor
as well as your other markets i think you kind of (lumped->lump) them together with auto and im just trying to get a sense (of->*)
that has allowed us to be able to get these loans it is the creativity its understanding the market its understanding what that developer
the subordinate securities on the single borrower hotel deals i was wondering if you could give a little bit more color on
we see continued progress with other potentially large life science accounts that are designing us into their equipment
our periodic reports are available from the company or online on the companys website or the sec website
and therefore in the mix the forex does really have an impact on the overall margin mix that we do have
to making data and analytics readily available to our site employees to enable faster and better decisionmaking
stretch in that (*->to) organizations 20year history over the course of the last 7 years if you think about the things that we
the increase in book value was driven by the credit portion of our portfolio as credit spreads tightened during the quarter
and we will provide information as it becomes available in the near future
turning to our balance sheet we continue to maintain a strong position with significant financial flexibility
generate a continuous growth through identifying potential markets and making sure to tap into the demand
under the events and presentations tab to find full explanations and reconciliations of these nongaap measures
and for the first time we received the top ranking in every functional category including
no big (shifts->shift) there i mean i think its really kind of the elements that dave has articulated in terms of the types of investments we want to make
pricing has definitely gotten very competitive were certainly seeing an enormous amount of opportunities
all patients have completed the 24 weeks and weve said that we expect that data in the first half of 2019 that hasnt changed
our customer relationships are excellent and our customers are very very happy (were->with) launching (bubly->bubli) the product tastes fantastic
however we are seeing some unanticipated pressure on operating cash flows in this half of the year
at the same time we continue our efforts in recruiting retention and management development programs
we have to have (*->a) good cultural (fits->fit) but we have some discussions going on now that i think we feel
that is why (it is->its) important to focus on average balances and longerterm trends in both the loan portfolio
the most significant advantage we clearly have is the lack of an extensive and expensive branch network
or advancing new products and services through our integrated plan and care delivery operations in brazil
volume growth lower dray (costs->cost) and improved mix and lane balance partially offset the decline
so we have to launch those brands too so we are just making sure that any guidance we provide to you
all of (thats->that) part of our efforts that weve been undertaking for several years to drive towards a valuebased health care system
drive that down as a percentage of total spend over the last several years so making nice progress there and the reality is
any sizable amount of that revenue recognized in the fourth quarter
for the first half of the year and same as for the consolidated guidance the full year (the->*)
as to what might happen in the future statements that are forwardlooking can be identified by the use of the words such as believe
we are seeing promotional price points that are consistent between ourselves and our competitors
and i just want to thank you for joining us this morning and thank you for the confidence (you have->youve) placed in us with your investment thank you
the survey revealed many strengths and we earned our best scores in areas that require high employee participation
and were off to a good start this year with one significant order set for delivery in the first half already booked
before we begin i want to direct your attention to slide 3 which discusses our use of forwardlooking (statement->statements)
that part of the world and in spite of that the fact that they put up those kinds of results i think is extraordinary
think that we struck the right balance (*->in) doing so given that the middle market selling season is concentrated in the first half of the year
make sure that we have adequate sample size for a study of this nature we do very extensive powering modeling
that would not be a good thing but if you have good drugs that satisfy an (unmet medical->unmedical) need
thus far we havent seen anything that has really negatively impacted us from a financial perspective
while catastrophe losses were also elevated in the first quarter of 2016 we are comfortable with our longterm pricing expectations and do not anticipate fundamentally changing our pricing or underwriting actions due to these storms
timing perspective the bid (date due->they do) back to us is 19th of november and then its just a question of sorting through the things you need to sort through when you receive the bids
our capital expenditures this year (includes->include) strategic investments to improve productivity and (yields->yield) at our (sawmills->sawmill) increase pulp production and reduce costs
in particular trying to mitigate the currency exposure that this business has but at the same time focusing on business development and strategic growth initiatives which is absolutely crucial for our business
we remain committed to our innovation strategy and our mission of delivering important medicines and vaccines that address many of the worlds foremost health challenges and global unmet medical need
of the opening and as they enter the comp base they enter the comp base at a very consistent historical level of the stores that are currently sitting in the comp base
(*->so) the customers with whom we have been able to have contacts over a longer period of time so they are in the areas where the traffic maybe hasnt suffered as much so this is at least part (*->of)
comfort with procedures generally speaking and then this procedure but one thing that i know will help in this case is the opportunity to have more patients available to move that learning curve forward
first about these new actions i assume that you havent been able to discuss with (terex->tariffs) anything about (this->these) but your comment is there (a->*) risk that now you are
we continue to see strength in engineered pump orders and backlog but our process filtration business faces difficult second half comparisons as large projects in the comparable period last year are not repeating
while each insurance company runs their own process and evaluation at their own pace we respect their process and (well->we will) continually work with them to demonstrate the compelling value of our longterm sensor
over the past years ive also come to know most of you on todays call i thank you for your engagement and your support of starbucks and of me i can say without (equivocation->a quivocation) that the best days for starbucks lie ahead
substituting therapeutically even existing patients so i do believe that were going to continue to see erosion for remicade that the biosimilar impacts are accelerating and theyre going to continue
this is manifested in our increased commitment to building our branded businesses and strengthening our overall portfolio we continue to see strong performance in our core brands
i am absolutely sure that our intentional and strategic investment actions were the right moves to set us up for strong future growth in both market share and profitability
(*->while) we anticipated sales to contract in the quarter water technologies and fluid solutions were down more than expected as we saw (a->*) softening demand in shortcycle pump sales and weaker capital spending in beverage
looking ahead raw material availability will remain sound through large carryover stocks from the record 2017 crop and very positive new season crop expectations
the (maize->banish) business excelled and local beverages and cereals recaptured its market position thus establishing a very sound performance platform for the immediate future
our us real estate strategy will be driven by placing the majority of our new stores throughout middle america and the south with careful consideration of the format type
with its unmatched comprehensiveness of market coverage by geography and property type has won significant contracts with large entities engaged in property tax appeal on behalf of commercial property owners
we always anticipated that we will see same development as in switzerland now for the first time actually the german market is weaker on (the->a) samestore basis in print than switzerland
in external sales so the sale done by our franchise partners and own sales whereas on the righthand side the development
since we launched this strategy 3 years ago our specialty sales volume has increased by more than 40 the equivalent of (one->1) mills annual production
earnings release and throughout this call will be utilizing this (terminology->*) to differentiate between what is recurring subscription revenue and what is other lumpy and nonsubscription in nature
a regionally based sales force and sales enablement technology all of these investments are providing the cumulative impact on sales and revenue upon which this strategy is predicated
our claims operation remains an important focus area for us over the last several quarters we have been pushing initiatives to reduce claims cycle time and to improve service all while lowering costs
and specifically grasp those data items and directly embed them into their forms and workflow and so it does really (really->*) imply a great increase in productivity
this is a mechanism that the payer will use to hold off reimbursing a new medical product until they feel there is enough information and interest in the product to approve it for payment
it is however noteworthy to mention that pioneer foods continues to make excellent progress with improving water efficiency across all south african businesses and not only in the western cape
with erico and enclosures performing as expected and (thermal->thermo) completing the large canadian projects we still believe technical solutions remains well positioned longer term
thank you (roz->raj) good afternoon everyone i appreciate the opportunity to speak to you from shanghai in order to expand on kevins comments around starbucks solid foundation in china
the company plans to close on a securitized auto loan during the fourth quarter in addition the company continues to review other options to diversify its funding sources (the->*)
export beverages and fruit performance will continue to improve in the second half given traction by distributor partners in key markets and the availability of quality (dry->dried) fruit
were very pleased with first of all the overall handover on (the->a) management leadership level but im really proud what the team achieved here in within
so that means that we feel very confident to achieve our guidance for this year although we still have to launch in many countries
(of->*) so in europe we have seen significant strength in the market on the back of (a->*) very dramatic substitution growth
product availability and (the->*) reach remains key to overall performance and we are encouraged by our progress (in->and) the potential upside in the customer recruitment and management area
and with the credit group that we now have weve been able to continue to split those fico bands by attributes
and based on that we have understood that the fixed costs have to be taken downwards and that will actually be the most important element in the profit generation this year
(*->weve been) in discussion with (*->the) local management for a long time saying that there is (absolutely->absolute) no reason why press market in germany over the long run should develop differently from what weve seen
as you know we have entered into an acquisition agreement with an affiliate of (centre->center) lane partners llc to divest our vitamin world business and certain other assets
we have skewedness of some of our innovations towards the second half so thats why we are rightfully flagging to the market that the whole year
on the front store side of the business it is all about getting back to growth we will continue to expand and grow our complementary product mix in health and beauty
great start it gives us the platform and the assortment out there that we need and as i mentioned in my remarks were happy to let demand
stronger existing client base (to->*) growth due to the strengthening of the brazilian economy and from our new usagebased pricing structure
it is by focusing this way and having a broad portfolio that we are able to deliver consistent returns through these challenging markets
we believe that we will be able to continue to grow the mortgage business and regain past profitability levels that we had seen
a much more aggressive price increase that will become effective may 1 unlike some others in our space were
the knoxville team is also very talented and we are very excited to welcome them into the lazydays family in the very near future
with some additional secondary endpoints so the company has gone back to the data and has been performing the analysis that they requested
so this year the main effect was the movement that you have noticed in the value of new business and the value of inforce
that we again are delivering more innovation with truly differentiated product benefits and rolling them out faster to more markets
have subsided somewhat but certainly not as quickly as we expected and this will put a little bit of pressure on us in the second half of the year as well
finally the plan is designed to be (costneutral->cost neutral) with the total amount of compensation maintained at the current level
we mentioned last year that wed made a significant gain increasing our scrap utilization we basically held that in the first quarter
should be reasonably similar so i wouldnt have thought that youd be wanting to look at it (in->*) too much different from that to be fair
this will continue in the first half of 2017 the savings from this restructuring investment will be progressively realized during this year
but for certain types of contract sales the new standard requires us to recognize revenue over time as we incur manufacturing costs
the team has done a fantastic job creating a collection that embodies the brand with fashion that is both fresh and relevant to multiple generations
and i think also (*->there) the experience i think people sometimes undersell the experience that we have (in->on) the technology side with the founders and others
and i think when you start looking at our when we start talking about our margins and while were pleased with what (secures->secure) switches bring to us
we dont think that the performance that were showing there is that bad relative to what others are doing
primarily due to the anticipated impact of the nondeductible expenses for stockbased compensation on our effective tax rate for the year
why i mentioned holiday as being when youll see the (newest->new) the assortment from the new team fully represented
but im more focused on if there is a team or (if->*) theres a group of people that (makes->make) sense for us id rather focus on the quality of the book of business that they can help us grow
a combination of a lot of negative factors in the first quarter were pretty confident thats going to be as bad as it gets in terms of sales margins
electrical systems and services where you are working off of a very large backlog it does take time to pass through price increases
in nigeria we raised our shares further to 60 and we bought out the minority shareholding in egypt and surrounding countries
and we do understand the governments desire to reduce energy prices overall but this has resulted in numerous regulatory reform interventions
where theres legislation being passed without consultation and by your own admission too early to assess the impact of some of that legislation
to continue to drive that down in fact we are slightly disappointed that we havent driven it down more in 2016 may i say
closely is in line or without being too optimistic slightly ahead of what we expected there as well so we believe that
ownership mentality once more that were trying to drive next to this speed and proximity to the marketplace
(were->we are) going to be operating the pharmacy with (the->a) focus on the customer and their (healthcare->health care) needs with an improved level of sophistication
and western australia continues to benefit from the addition of new customers with (the fullyear->a full year) contribution from the eastern goldfields pipeline
connected (4->for) growth and thats a fair question but i dont think so i think if you really look at the slightly softer growth that were seeing
as well it was a combination of the 2 that it was a combination of 2 bad (rules rule->world) factors there in the first quarter
the combination of security and sdwan functionality into a single form factor drove this competitor displacement
it was just last year at this time that we were in the process of recovering from hurricane harvey so we (empathize with->emphasize) those now in that position
and again its the best way we can measure (it->*) right now is the fact that our lead times have doubled here over the past few months
the new suite will cover the entire item (lifecycle->life cycle) from how we engage and buy from our suppliers to how we replenish and allocate to stores
is there a little bit more in those neck of the woods for you guys to look at or (does->is) that comment that really encompass all (of->*) those opportunities at this point
and as always we will continue to focus on sales growth and manufacturing cost efficiency benefits from our investments across the platform
in which truck drivers can receive their payroll while on the road and then use it like a prepaid card within the mastercard network
and growth in the office construction is also beginning to moderate somewhat large industrial project activity continues to be weak
thrust upon our industry at short notice and with limited consultation i will briefly focus on some of those areas
that is a reflection of some of these challenges that we have now in most places in the world that we (in->and) our competitive set need to deal with
vince remains a leading brand with our department store partners and we believe we have an opportunity to further strengthen our market share position
we have taken a similar approach to optimize our inventory based on a very deep and unprecedented view of what we need to grow
thats what we want to see we really felt that fixing the balance sheet especially given the challenges of the industry
and also keep in mind in that particular product suite i just described software is much larger than switches and (its->is) generating a lot more margin for us
we continue to work with our customers to provide them with what theyre wanting access to infrastructure at affordable prices (our->*)
longterm investors on the call are well familiar with apas views on this australia has sufficient and significant gas resources
call it historical bulk of the market has shown slow growth but we feel fairly confident on the results
next year and then we have layered in a bit of incremental revenue next year in the plan for this beyond
so with that let me turn the call back over to eric to provide some additional detail on the quarter eric
connecting more gas resources will definitely help with putting downward pressure on prices and that is what apa does and continues to do well
the expectation is that we will start to transition the portfolio late in the fourth quarter and be complete early in the second quarter
in this guidance as i saw already here on some comments (that->to) put some guidance to some (drama->down) into this but we dont really see it (its->as) more
to ensure that were spending the right money at the right time to ensure that we have a very
and if we have a surgeon thats really interested (and a->in the) champion in the hospital that gets behind the surgeon
that are better qualified and (*->that) have better qualified leads we made
market to market but certainly as we think about some of our infrastructure investments ill give you the
pretty much comparable (with->to) quarter 1 so we did not see any impact there
over the coming weeks and months i will be delving deeper into our product portfolio financial structure
were continuing to prioritize our spending to generate the best overall returns
we will continue to focus on this market segment and trust in (our long term->a longterm) growth trend
but we believe that we do have the design capability
we believe were well positioned for future growth and with that id like to open the floor
in 3 months we more than tripled the number of advertisers spending in our auction
and thats been a disappointment in the second quarter and we certainly revised our outlook for the rest of (the->*)
over the past few years weve laid out our vision to be the best snacking company in the world
and have completed changes in our sales management structure which i fully expect
but our early observations support the thesis behind the new architecture and the many growth opportunities that it provides
in this challenging environment were being a lot more prudent in terms of those kinds of investments
is something that i think were getting better at and weve got some better processes in place to do that proactively
who have been in a tougher spot and do you expect to keep that share as they get back on their feet (yes thank you->*)
our engineering team continues to deliver great new enhancements and capabilities to our platform
are you going to be homogenizing the returns as well and
but we would note that there is probably a h1 (or->and) we expect there to be a h1 weighting in the financial performance
and we plan to see the cost savings materialize in the second quarter of next year
a pickup in order activity in the international business and (im->*)
you can see the key metrics in terms of where the actual results have landed for the first 6 months
below the line while we expect a lower share count to provide a modest benefit
overall we expect the drivers of our margin expansion to be similar to last year
whereby theres a huge opportunity focusing on growing segments
and most recently we took a big step in helping brands with augmented reality
and i think that is very important because i think we have still a lot of work to do to educate the market
well talk more about our strong cash flow generation at the upcoming cagny conference
in the fourth quarter much of the investment that we made would have hit the market
the remaining amount of the purchase price (is then->has been) recorded as goodwill
doug and i are working closely with the new sales team and i am convinced
the other area is that we (will->*) continue to remain really focused to buying ad on snapchat absolutely easy
last year we talked a lot about our investments in android and the importance of improving our android application
just moving on to look at that capital investment in a little bit more detail on the next slide
how much of it now is going to seeding sort of white space opportunities
and this (burst->worked) out much better than (the->we) expected (year->here)
were in the process (of->*) ramping up we would like to have the next 6 months
our gaap numbers also improved and would have been even better (except for->exceptary)
because for semiconductor (the->*) capacity and funding
the performance of the company relative to some of the markets (it->its) served and as you can see a lot of the
we continue to evaluate the marketplace dynamics and adjust our strategies as needed
looking ahead we do not expect conditions to improve in brazil in the near term
but interestingly and quite excitingly we are now ready to push out on our energy reservoirs
set of initiatives that are going to get us there we have increasing confidence and were going to execute (*->the) things that are in front of us
we remain very confident in our ability to execute our transformation agenda
this demonstrates that our platform can deliver value and efficiency at scale for our advertisers
coming back to your question concerning internationalization
who needs complex ic design to solve their challenges
(ball->fall) sports seasons so maybe you could just talk a little bit about some of these
amendments to their contracted position thats resulting in this margin pressure
and despite the product challenges that we have had with physiocontrol and sage
(in->and) the teams that we have out there so these are very good businesses were very pleased to have acquired them
you can see here that as the second quarter ramped up we started (picking->taking) up operating leverage
in todays environment supply chains are incredibly flexible
this is of course the first earnings release for the new holding company
and its the area where marvell has the greatest expertise
and so thats the visibility that we have comfort with at this point and so thats why we shared those thoughts
i would say though frank that the good news about this is that were seeing the prices stabilize
as we ramp up shared services and eliminate these redundant transition costs
allow me to give you more background on the strategic initiatives
is not too long for our customers and that were pacing things appropriately but so far extremely pleased
so we dont necessarily release new phones we release new capabilities for the phones
that we have our cost and processes under control
as far as any kind of price increases or price (reductions->reduction)
they believe were here for the long term as well and i think matt will have
(i->*) understand some of the things that (youve->you) discussed regarding
not least because as we know on the water side of the business revenues tend to be weighted
as a result of their strategic actions to better position the company for longterm success
and potentially worsen which will weigh on category and revenue growth
as well as the total hip application and is supporting the growth we are seeing in both franchises
from a standpoint of not only providing hardware but also software
we expect this increase to be driven primarily by operating gains
lower yarn volume was due to trade issues impacting our customers
in the last year if you include (harbor and->harborn) sunshine weve increased fee income
so as you can see we made good progress on many fronts this year
foreign currency impact and the impact of the accounting change for stock compensation
building the company to grow everything good in the company 10 a year through a cycle
the company is going to continue to invest in the semiconductor business
derive what kind of spending we need to support those businesses
and then we will establish the maintenance regimes to give us reliable 25year income
as well as increased activity in the distribution channel in the americas
well update you on its impact to our financials after the closing
for todays event i will be going over a few key accounting treatments
the north star really has been add to the front of house and leverage the back of the house as much as we can
and if i could alex the margins youre seeing from the businesses are the kind of margins you would expect
cautious in terms of sizing the prize within the broader snacking space
this quarter we are prioritizing investment to make sure that the waiting list
will review recent key items and operational results from the second quarter of 17 i will then provide a more indepth financial review and we will then take your questions before turning back to alan with some brief closing comments
number one you were talking about partnering with leading global pharmas can you talk about how many companies potentially are you in discussions with and what do you see as the risk benefit
in terms of client behavior or client plans what the impact for us is that we obviously have greater exposure to the pound and the pound certainly weakened
dirk will become ceo effective in november and i look forward to continuing to serve as chairman of our board until the end of the first quarter next year to ensure a smooth transition
ray has 30 years of experience with lear including several international assignments he has led both product segments and most recently transformed our seating business into the (fastest growing->fastestgrowing) and most profitable seat supplier in the industry
the well has only been flowing for about 2 weeks and (its->is) still in the cleanup process (were->we are) excited with the results and believe it demonstrates favorable economics for the (2nd->second) bone spring sand on our acreage
we designed part 1 of the trial to exceed the drug trough levels that we expect to be necessary to effectively manage the disease and we succeeded in doing this with a daily dose of 350 milligrams
we admiringly and respectfully refer to this project as (cubist->cubic) 2 the project is well underway and we continue to evaluate all of our strategic options for this remarkable set of important id assets and capabilities
you would really start to see kind of a reversal or a benefit of what has been a drag on cash flow over time is that still a good number or are there any changes (if->as) kind of your efficiencies and costs are coming down
thank you ellen and good morning ill start on slide 4 which summarizes the progress weve made during the second quarter on our key strategic financial and operational objectives
we believe its acquisitions like this that will allow us to continue to maintain the margin profile that were talking about while continuing to grow the business so its added capabilities that are going to give us opportunities to quote larger pools of business
manufacture our products and serve customer needs given the timing of the attack we experienced meaningful disruption in our ability to ship and invoice during the last 4 days of the quarter
the second half of 2016 will continue to be about execution across the pipeline we look forward to presenting data on glemba at esmo and additional programs likely at (citi and->sitc in) ash
patients will not be required to come to a clinic or a hospital to do that each subject will participate for a total of 3 angioedema attacks with blinded trial therapy delivered in a randomized sequence
with our operations team unlocking the significant value on our acreage (were->we are) looking to add to our asset base through organic drilling and leasing as well as through strategic acquisitions
the best management team in the business an (investment grade->investmentgrade) balance sheet and a product portfolio thats extremely well positioned to take advantage of the unprecedented change in these industry opportunities that are just amazing
we appreciate the support of both our new and existing investors we expect this raise gives us resources to advance our pipeline of precision medicines through a series of upcoming potential data catalysts
slide 6 shows the financial highlights for the fourth quarter our positive momentum continues with record sales record core operating earnings and record adjusted earnings per share
anthony (outlines->outlined) the current status of (rintega->ruintega) program we are working hard to understand the details within this data set and (will->well) be fully transparent in sharing our findings at the public presentation at (sno->snow) in november
the commodity outlook (i mean dairys->dairy is) obviously a problem at the moment will you get some relief at some point perhaps on the cocoa side and then can you talk specifically about the pricing environment
such statements are subject to known and unknown risks and uncertainties that could cause the companys actual results to differ materially from those set (forward->forth) in the forwardlooking statements
we may enter into in connection with the development and commercialization of inclisiran as a result of these evolving events and circumstances and their potential impact on our revenues and expenses
driven by the lower trade stock levels associated with dsd as weve said this is also the market where we had the majority of our (lost->loss) consumption due to the july 4 holiday timing
were also in the process of really investing in the future and (aram->arram) mentioned some of that where were going to look at things that we need to do today to be able to get to 2025 (he->you) mentioned some of those
(now->and) this will give clients greater capital investment flexibility as well as the ability to leverage each of our organizations respective (strengths->strength) in cloud solutions
billing and care to broadsmart we expect this to significantly improve the speed with which we onboard new hotel customers given their superior track record in servicing
a little faster that would have helped us to be able to have the fuel to invest in our growth a little bit sooner but i actually think that one of the things that im most proud of
capability and so we want to be clear with our shareholders that we will be prudent as we continue to leverage this asset to make sure that its giving us a good return so thats the context in which you might have heard us
we identified the prior period development through a deep analysis of our entire book of reserves after all the work weve done for yearend were confident in the reserves in this segment as well as our reserves on a consolidated basis
which in snacks is a fairly small piece of the business but its also natural food stores and other places where the consumer is shopping and once again its one of the reasons we have chosen to focus our efforts so much
youll note that were absorbing the dilution from the 2 divestitures but were also adjusting our outlook for interest expense for the year and the 2 items roughly offset one another
we believe theres a tremendous value on our assets and in the delaware basin and (were->we are) very excited about this opportunity that we have to create value for our shareholders thank you and goodbye
so its something that we want to continue building on and its something that being (contrarian->contrary and) i mentioned last call we think there will be opportunities in pockets of the commercial auto but definitely more analytics and one of the things that weve noticed
how much of the amtrust reserves (are late->relate) to the programs business or even what would be even better if you have it is how much relates to these discontinued programs that the reserve charge relates (to->*)
the impact from lower commodity prices was largely offset by higher production particularly for european gas as we benefited from the (ramp up->rampup) of corrib which continues to outperform our expectations
although weve now restored the majority of our affected systems in a few cases parts of our supply chain have still not fully recovered and we anticipate some impacts in our third quarter
im very pleased with the choice of (dirk->dirt) and for all the reasons that weve laid out and i feel quite confident that he will work hand in glove with our senior leaders
(its->is) 3 weeks (way->away) presentations and discussions at the meeting are likely to tilt the whole direction of (dyslipidemia->this lipidemia) management worldwide for many years to come
for such measures reconciliations to the most directly comparable gaap measures are in the earnings release and in the appendix to the investor presentation i will now turn the call over to (curt->kurt) morgan to kick (off->*) our discussion
on a global basis member average length of stay continues to be more than 9 months for members in both meetings and online plans and this reflects improvements in the member experience
and well continue to view licenses and partnerships across numerous categories as important longterm opportunities and mindy will be talking about some of these more shortly
how can you give us some specific examples of how you alter your assortment or strengthen your product offering so that you can really better defend (yourself->yourselves)
likely be the things that we would look at doing bill mentioned that we may do some things that what i would refer to as an investment in our balance sheet that may (reuse->use) a little bit of cash
into healthy lifechanging habits and we believe that health and wellness should fit into your life not the other way around so we meet you where you are and we built our approach to work for your life
and so i would hope that investors would be mindful of that and because theres always that balance of wanting the forwards to reflect what reality is and that we can hedge into
the team (theres->there) done a magnificent job in terms of the complexity of components that we work on and how they have brought them to final completion
so many smaller companies are typically for sale in that phase and then mostly the companies with
are being evaluated and depending upon the length of a (downcycle->down cycle) more or less of these opportunities are being investigated
these risk factors are explained in detail in the companys filings with the securities and exchange commission please refer to these filings for a more detailed discussion of forwardlooking statements and the risks and uncertainties of such statements
irrespective of these shortterm dynamics (i->*) remain steadfast in the execution of our vision and strategy to transform the company towards more engineered products and differentiated technologies
its a lot better to simplify our capital structure and to the extent we like the returns and the spreads arent great we prefer to keep our capital structure simple
sure kevin this is hudson again these are not directly related to insurance in any way but they are related to our response to
our support functions also deserve recognition for a very good year in providing the front lines with the technology tools and data analytics and the ontime onbudget major initiatives
now you might be wondering why we are not updating our 2018 ongoing operations guidance ranges given the yeartodate performance that has exceeded expectations embedded in the may guidance
weve got a technology that allows our customers to run their units better and make more money and thats whats driving our penetration in that market (*->yes) let me add one other point on that hudson and we have a local
and i also want to thank all our global weight watchers team for all the incredible work you do in serving and inspiring our millions of members every day thank you (the->*)
we had another very good quarter this is even after initiating our combined company guidance in may which reflects higher forward curves and increased retail expectations
we are also growing organically in the sense that we have plans to expand and one of the greatest opportunities in front of us is the global expansion of these businesses as
and then just one last quick one on the just your quick take on the ferc order on subsidized generation and capacity and
it is essential that our members have a unified weight watchers experience whether its in a meeting room every week online at weightwatcherscom or through our app and connect community
were aligning our supply chains to capitalize on new opportunities and were managing the customer outage announced earlier this year graces strong performance continued through the second quarter
this will truly enable us to own the idea of what a healthy kitchen can be in products food recipes content and experiences
and (basically->besi) weve been very clear all along for us its only interesting to look at acquisitions which improve our markets
thanks adam during the second quarter we made significant progress in gaining registration for important new products and also advanced a number of new programs on the infectious disease front
than financing those acquisitions in downturns so we have a history of raising capital in upturns and spending it wisely on strategic
so were seeing connect as a great retention tool for people who want to continue to engage and we have many members who have achieved their original goals
the strong sales contribution made by products that have been on the market for only about (one->1) year offers clear proof of the significant progress we are making
and the point that fred was making earlier is that (there is->theres) a lot of value to be created by starting to collaborate and combine those decisions but today
and the mix determines then the final margin so we have many different products
the choice has to be made because (we are->were) so focused on paying down debt and were going to have some excess cash now look if (were->*) we have (a->*) better cash picture than what were talking about right now
human impact will be at the heart of every decision we make we must honestly assess (that->if) what we are doing truly meets both the functional and emotional needs of the people we serve
attracting and fostering the talent and leadership necessary to advance our purpose and achieve our (goal->goals) is a key priority and im looking forward to gail joining our team next week
packaging technology or current generation of smartphone features features (features->*) so all those features they all have a life cycle and they all have
we said we were committed to addressing quality and innovation (now->that) we would listen to our customers thats why we created (a->the) tested for life in canada program and this product is a great example of our commitment to the process
allocating cash toward debt reduction is vistras highest priority for capital allocation in the near term as vistra is focused first and foremost on achieving its longterm leverage target
as it relates to the remediation of mines you have to do that pretty much immediately after you shut those down and then ash ponds you have a (timeframe->time frame) but its relatively near term
and as i said the va continues to ramp up nicely so were encouraged by the access that were getting and now we have to work to build market share and thats what were going to focus on as we move forward in terms of the
what it clearly is signaling to us is that the distributors are adjusting their stock levels which says that their end (markets->market) their end customers are signaling to them a lower demand
we see a future in which we touch every persons life and inspire the families and communities who nurture us and i believe weight watchers can create a world where wellness is accessible to all
there are other organic projects that recently came online or are underway including the longview rail facility that recently commenced operations and the permian offspec facility that will be online in the second quarter
in exchange for 8 million shares of common stock as well as convertible preferred stock that if converted in full would equate to another 42 million shares of common stock
additionally we saw volatility impacts from the supreme court ruling prohibiting the sale of alcohol in certain outlets near certain state highways as well as the routetomarket changes in certain states
due to challenging market conditions in the export channels in cca growth slowing in colombia driven by recent tax increases and price increases in mexico
demonstrating the consistency of our revenue model where we receive base rent plus potential participation in the economic activity of our tenants through variable rent features in our leases
we recently announced that were expanding into china and the first store there is on track to open later this year we also have new partnerships in argentina and central america
these improvements are driven by diversification in our overall company revenue as we expand our automotive business grow in factory automation and broaden our base of products platforms and customers (in->and) consumer
to have bidirectional capability and then taking that a step further maybe an update with regard to how you see the evolution of whats going to be downstream of everything that youre doing in the stack
while rig count growth supports the spectrum of opportunity in central oklahoma and the permian the scale of the lng capacity (in->and) industrial consumption provides gasrelated opportunities in louisiana
i will now go into a bit more detail for each of this important market and provide you with some insight into our strategy and outlook going forward
and moving the balance that was in other fi services to the fraud security risk management and operational services category
but i think that in terms of the technical merits of the 48volt architecture that we have presented to our customer and to the market now are good
were driving consumer engagement through the successful made of black campaign which links the consumer interest in football and the english premier league with the brand purpose
congratulations to the (midla->midland) team for the work (and->in) partnership with communities state and local governments and the ferc in achieving a mutually beneficial outcome to reconstruct the legacy (midla->midland) system
the statements made during the course of this presentation that are not purely historical may be forwardlooking statements and are subject to the safe harbor protection available under the applicable securities laws
for the full year i expect our effective interest rate to remain around 3 as we continue to see the benefit from the refinancing with some risk of floating rates rising
we still believe the portland terminals strategic location in the pacific northwest makes it a valuable asset whether it is arc or another tenant that in the event that they would elect to terminate the lease
or more correctly the lack thereof everyone has read in the press and heard from our peers about the unprecedented challenges and unusual aspects of this years races
extravagant in our political assumptions to make the leverage ratios look good were being a little bit conservative that far out and our leverage ratio (is->*) still going into the 4 makes us feel very comfortable
since the first quarter of 18 over the last 5 months we have changed our retail leadership and have added new resources to our retail deposit and business lending teams
when our visibility went to 0 we could not remain comfortable with our political guidance and we therefore communicated our honest assessment by withdrawing that guidance
(*->is) significantly (*->out of) where they were in 12 wisconsin we have one of the small markets there saw basically no spending in what was supposed to be a very contentious race and then as you may know (the->*)
other finance charges were broadly the same as last year in line with our expectations as lower pension charges offset the increased valuation of the (zacapa->zucapa) option
higher earnings and lower interest payments were partially offset by higher income tax and contract acquisition payments as well as an incentive payment in 2015 from a previous acquisition
this gives us flexibility to support our customer as they switch production to the (galaxy s7->galaxys7) given our overall performance in the quarter and our view forward
its driven due to the increase in the new jersey state tax rate specifically the state has clarified its tax rules which eliminated some benefit we were anticipating
we are actively evaluating acquisition opportunities in a (target rich->targetrich) environment that will complement our existing midstream footprint across multiple basins ill speak more about our nearterm plans at the end of the call
but clearly this is a big change for them canceling an entire program and the implications thats going to have on consumers (on->and) their buying habits is pretty unclear to us
our business is very strong at kohls its also very strong at amazon and we are now looking at growing also in new categories such as home fragrance
our goal is to be the trusted energy company and well do that by being devoted to our people our partners and performance excellence with that ill turn the call over to mike
i think the commercial success that we have had in oklahoma really speaks to the quality of our team commercial operations and engineering and our ability to attract business
as we exit 2016 on the heels of a strong quarterly performance and a continued sluggish economy we have made tremendous progress in transforming deluxe
whats going on in brickandmortar so focus on experiential is still a big part of the way the retailers are planning their business and trying to bring that into their businesses
with that dave will speak to you about our outlook our team is in the process of reviewing a number of highquality properties which we believe could fit well into our current portfolio
and turn them into liquids assets whether those are crude whether those would move crude or whether those would move ngls so we would also evaluate our ability to do that
and we have been so every day as we were turning the business around both operationally and financially and while we were building those 4g and cable fiber networks we had our eye on the cash flows
this has enabled good progress against our measures of efficient growth and value creation we have shown how our productivity work is supporting investment in growth and improved margins
and that whole process his celebrity and his ability to reach the public market so easily and for free
this is (whats->what) this is really causing a problem (that->now) maybe a quarter from now maybe there will be that there is nothing that way (that->than) i know right now the one thing i have heard
with the rates sort of stabilizing here do you expect to see especially (in->*) the multifamily prepayments stay low for a while or was this more of a first quarter phenomenon
before i discuss the results of the last quarter and some of the dynamics were anticipating in our nearterm outlook i would like to share a few thoughts about maxims longerterm view with you
and we anticipate being ready by the end of this quarter to take gmp products for our customers
for 2017 annual dividend in light of record high operating profit following the previous year
a part of the total financial expenses line in the coming
and were going to prioritize achieving appropriate value for those assets over speed of execution
so in summary i think were really pleased with our performance and the results across the business for the first half of the year
create rewarding careers for employees and provide value to our shareholders
the small sizes which (is->has) given out in the market to test the product hes very happy with the product
(*->a) description of exactly what adjustments were made to the real numbers
required to address the challenges of the convergence of technology and applications
and also looking at each of those in turn you can see that both divisions are also well diversified within themselves
and expand our operations into targeted regional territories all of which will ultimately drive shareholder value
over the next year or so we plan to deliver a steady cadence of clinical data across key indications
in the first 9 months of 2017 we have nearly achieved those results and anticipate
new things that we can bring to the benefit of the shareholders at ares capital corporation
when you think of increasing (internal->a turn of) leverage is that going to go into its own
that we havent been hit by that because our energy switching is not dependent on oneoff events like
but that was set up for the early 2020s knowing that weve got a number of products to launch in the next
in that light (all right->*) because i assume thats kind of your game plan i mean your stock
the strategy of the company is to own toptier assets and to develop toptier inventory
so we should see the effective tax rate coming down starting next financial year
this is due to a reduction in the forecast for services outside japan
our preferred markets would be the metro markets that were currently in so orlando tampa
and as you undertake your rationalization of the portfolio of assets that you own (there->*)
outside japan the effect of the weaker yen contributed to increased revenue
we believe that it would likely be in the form of a branded device as opposed to a substitutable generic
i think you would expect to see a marginal decline in high street branches
there was an immaterial impact to our first quarter revenues due to the timing of our latest acquisition of medallion plastics
the relevance of the project in 6 weeks ago at one of the
by designing and developing product to support our customers ahead of the technology curve
and while were continuing that at a healthy pace of over 100 basis points
i will begin with (the->*) overall earnings results starting with sales and operating profit
i think the key thing if you look at it against the comparators i think the previous year was particularly strong
and as well capitalize on the commercial and industrial synergies in selected regions to support the growth of our company
to decide what works best for each one of for their individual accounts
we are on a journey to excellence and we have defined excellence (on->in) operational terms across the business
(*->really) looking forward to the future and the opportunities that are in front of us so we expect these things
during the last several months we won multiple new mandates for both contingent staffing and direct hire programs
what percentage of your capital markets business is in office versus other property types
at the bottom of the page is slide 10 system platforms
is this a function of higher production or are there other factors in play
put it on the market so wed like to have the buildings substantially leased with some term
in the glass business was not just capacity utilization but an improvement of product quality
so on page 7 lets review some of our highlights before we get into the more detailed review of our results
we are very well situated to be able to take advantage of that weve got available capacity
of advancement beyond what we believe might be the praxair device
and we may lose 1 or 2 and replace them so we dont really see that theres a lot of
positive demographics strong retail trends and demands in the leisure and recreational lifestyle markets
now let me turn the call over to penni to provide some more detail on the financials and the balance sheet
put the majority of that capital to work or over what time frame would be your hope or expectation
which gives me confidence in our ability to realize our vision of improving patients lives
based on industry data for the months of january and february and our company estimates for the month of march
what we see is customers our customers do not want to expand their manufacturing footprint
i would like to make a few comments on operating profit at the bottom
services are not affected by that our own staff costs are not affected by that
break out what percentage of your ems sales are driven by that market in particular
who benefit from either their marketing software or data relationships with us
through its deep operational focus that is based upon bringing together the best of the companys capabilities
keep in mind customers are quite aware that competition may be coming
we are interested in getting more partners to engage more and buy more products
let me remind you of these priorities and update you on some of the advances weve made
what we are about to present is yet to be audited by an independent auditor
and despite the ongoing market dynamics that challenge specialty products across the sector
approximately 54 of our industrial revenue base was directly tied to the residential housing market
primarily reflecting a modest mix shift towards higher residential construction spending
so that was already initiated by the previous board
propose we take it as read into the records for the purpose of this conference call
and i think what we want to do is step back and evaluate the success or failure of that
that brings me to our investment in ivy hill that we made during this quarter
(and->*) when we look at other financial institutions that invest in these types of
are able to selectively invest in what we believe are more attractive situations
were able to charge such high margins because these intermediates are very complex
if there was anything in terms of a price impact in there as well
on (a->our) journey towards delivering profit growth at twice the rate of revenue growth
(that->*) there shouldnt be a surprise coming out of that because we have done here a good job
let me just take a minute and talk about divestitures as a general topic
but our expectation at this point is one of caution with those particular customers
if you look into our first quarter the short version of the message is
in addition it is the extreme talent dedication strength and abilities of our team members
wherein the profitability parameters have again shown a remarkable improvement
the complexity associated with the development of 5g and its prototypes
and we dont do it in just one location well probably do it in 4 before well draw a conclusion
because is (*->there) any part of it linked to the (linked->link) to crude or something
(we have->weve) elevated our commitment through enhanced communication time and resources
its (now->in) our definition so everybody can work with that and thats the reason why i also said in our speech
is also growing consistently with our (expectations->expectation)
and that project should hopefully be validated by the end of this fiscal year
as the problems become less defined the design tools must be more flexible
while inflationary pressures typically result in higher margins in the short term
although the top line hasnt grown significantly the bottom line has grown massively
with a growing contribution from recently completed repositioning and redevelopment work across the portfolio more than offsetting additional drag in the future redevelopment pipeline thats being incurred as a result of the timing of recent bankruptcy activity
with organizations ranging from government programs to large enterprises to small businesses to mnos and mvnos to customer loyalty programs and many others
and to do that we need to make sure that were operating them to a certain standard so some of the pickup in the recurring capital youre seeing there but again i think its being more than paid for by the rents
some of the benefits may stretch out into the first quarter of 18 (and->*) as we build out and then transfer to that facility but i dont see any substantial charges related to
we have corrected these legacy warranty issues which is reflected in the higher margins of the past few quarters as our accrual for future warranty expenses is more in line with expectations when we acquired the business
in closing this team continues to make progress in this radical transformation of ipass proving that our simple strategy unlimited everywhere and invisible is working
we are constantly exploring new ways to maximize the great potential of this company and in doing so we have identified several opportunities for growth one of which is to garner more revenue from the professional services
we have also recently filed a supplemental new drug application with the fda to expand the treatment age for rapivab down to 2 years old based on the data from an ongoing trial in pediatric patients
and that rent is going to be commencing over the next 6 to 8 quarters and it is a clear driver of what we see our noi growth to be for this year and next year
who now includes ipass as a perk for their premium customers elo is off to a fast start and has already started discussions for expansion to additional cards reaching wider audiences
and many many more tomorrow who combined will save literally billions of dollars by more efficiently managing the (costs->cost) associated with delivering content to their subscribers
they dont all think yet wifi first but when you get in in front of the executive staff and you start to really have a good discussion around their strategic initiatives
so what does that mean for biolife that means that these companies are really sensitive and aware that dead cells dont (cure->care) cancer for example so they need to make sure theyre using the right tools whether its media or containers or otherwise
not simply from losing accounts we dont lose that many accounts what happens often is that we do strike a new deal with those accounts and in many cases we will be offering service for more employees
we expect a significant drop in inventory we have built inventory over the front half of this year and with the strong fourth quarter we expect to see we should see significant (burnoff->burn off)
adjust their (formats->format) importantly have capital to do that and we want to be supportive of them and we want to have shopping centers that give them the flexibility to do that
just give more color on the sort of choices you made to deploy capital elsewhere versus buy back stock in the quarter when the average of the stock was still at a fairly attractive price
in addition the prior year quarters rate was unusually high as a result of a reserve against certain accumulated tax loss balances which made up 15 percentage points in the prior year quarter
pad pitch where theyre having to upgrade and youre seeing more of an upgrade cycle now than you have in the past is there something different now than there has been in the last couple of years as to why that business is so strong
also we will refer today to (differ->*) certain nongaap financial measures further information regarding our use of these measures and reconciliations of these measures to our gaap results are available in the earnings release and supplemental disclosure
so clearly its something were looking at now david but theres just a lot of other variables that were trying to balance here to maintain our financial strength
in large large (whales->wales) we will do some customized development but we need to make sure that as we continue to go to market with strategic partners that we do it with a lot of clarity around the product itself
provincial governments and the national government stepped in and set different standards than we had originally built to
so i would say were there in china we are committed to being there long term and being a significant competitor in our businesses
is that were capitalizing on what were doing with these larger boxes and anchors as (followthrough->follows) throughout the portfolio and frankly were setting new records as it relates to small shop (rents->rent)
in deferred maintenance but importantly that investment that were making is driving momentum in small shop and its also driving some of our (rents->rent) so we think its the right thing to do
and third we enjoy a customer and partner base approaching (1000->100) organizations among them some of the worlds largest and most respected brands
we will continue to look at (the additional->traditional) leases but only in the major us and worldwide cities and use license and management deals to continue to expand beyond the 5 countries that we are currently operating in
one interesting point on that partner they had annual shortfall revenue in q2 16 but are now actively ramping and (*->had) they have doubled their consumption of hours in october over september
we continue to remain encouraged by the amount of interest that (exists->exist) for our brands both domestically and abroad and we are excited about the pipeline of growth that we are building for our company
negatively impact the progress that weve made from a profitability perspective so theres definitely a bias towards revenuegenerating opportunities versus science projects
and i just want to get other (updates->update) as well and is there any new strategies or new plans that you have not yet communicated to us i would like to hear them as well and
we continue to believe that 2016 will be an even more difficult year than 2015 we remain focused on maintaining the best safety standards maximizing the utilization of our helicopter fleet
for a detailed discussion of the risks and uncertainties that affect the companys business and that qualifies (as->*) forwardlooking statements made on this call i refer you to our periodic and other public filings filed with the (sec->*)
how many years are you looking at for depreciation so if you could provide that as indicators i do believe that internally of course this is something that you will have some insight (in->on) so that would be helpful
were already at lease on a handful of the spaces so it was someone again that was on our watch list so we had been marketing a number of these spaces expect some of them to start coming online this year
i would say they are okay i have called on numerous enterprise accounts around the world when we have the opportunity to spend time with
forwardlooking statements are based on information currently available to management and on estimates and assumptions made based on factors that management believes are appropriate and reasonable in the circumstances
there has been various activities that we have engaged upon in terms of the (post integration->postintegration) and we do believe that a lot of that has been completed successfully so under the current business model we do have
funding that we are putting into the joint venture its going to be a very wellfinanced business and with all of the capacity and capability to do what it needs to do
we expect to hear sometime in the (shorttomedium->short to medium) term about the results but we are optimistic given the competitive bid that we submitted and the track record that we have in providing
and what that overall impact is so thats (really it->*) its really just how we think about the business and the other thing i would highlight for you is
and were comfortable with it right now but we have flexibility i mean we our capacity plan is made up of new deliveries plus retirement of older (ceo->co) airplanes
for some time now weve been evaluating various opportunities to acquire additional cell and gene therapy manufacturing tools and services companies or technologies to accelerate growth
our success has always been driven of course by our people and the quality of our back office (of->*) support services we provide to clients weve been fortunate to see
reflecting strong leasing productivity and redevelopment execution over the last 12 to 18 months despite the headwinds experienced in the fourth quarter due to the rejection of 6 of our 11 sears kmart leases
everyone on the planet today needs to be connected and ipass offers the only global service that is affordable easy to use and secure
obviously are a little longer in the tooth (and->than) perhaps could be phased out over time the timing of how those aircraft are taken out of competitive bids for future oil and gas contracts
enterprises in general i think are more affected by what they read about roaming (costs->cost) going away and external forces and therefore
future events or otherwise for additional information on these assumptions and risks please consult the cautionary statement regarding forwardlooking statements contained in the companys earnings release dated
as (darin->darren) and patricia (have->*) both mentioned in various investment conferences we have added a lot more eggs in our basket of growth making us less dependent on any single partner
we are very encouraged by (*->our) order rates were seeing in all 3 segments particularly in the advanced technology segment where demand for our solutions is strong across electronic and medical end markets
we continue to see untapped potential to better utilize our engineering capabilities to support a variety of new business development opportunities
one of the ways we measure our growth potential is a metric called pipeline coverage which is defined as the size of the sales pipeline divided by the sales quota for that quarter
our midscale offering and the key feature here is that weve designed a robust simple process
simply put the continued execution of our multiyear pipeline moves us relentlessly towards our purpose of owning centers that are the center of the communities we serve
so from our perspective its pretty much a finalized issue the performance shares have not been issued yet but they will be issued at some point in the future
and you havent seen it yet but you possibly do as you get into 2017 id say its a (waitandsee->wait and see) there may be some effect in the third quarter
in addition to that we are currently working on what we believe to be a disruptive new model where we would be able to provide services directly to entire hospitals and hospital systems
in terms of backlog or significant deposits the answer is no to both questions
or some other biologic material coming from the patient whether its allogeneic or autologous all the way through to the transportation (and->*) administration of that dose or that therapy to the patient
and the willingness of (casdin->casm) to enter into a 1year lockup on these shares underscores their longterm fundamental investment strategy now id like to turn the call back over to mike
these successful openings give us great confidence in the brand as we enter many new and exciting markets executing against our 2016 development plans
only as of the date of this call and we undertake no obligation to revise or publicly release the results of any revision to these forwardlooking statements in light of new information or future events
lets take a look at some of these new accounts starting with (bezeq bezeq->beziq) is the largest telecommunications group in israel offering a wide range of telecom services
these risks uncertainties and factors include but are not limited to the effect of current global economic conditions and conditions in general and in (audiocodes->audiocase) industry and target markets
in my first 90 days ive spent a lot of time getting to know the business and understanding our operations but also working on initiatives to streamline our operations and make them more efficient
and we are happy to announce that as of september (weve->we have) started to supply the market with products made in our own new facility in the state of (hidalgo->idalago) mexico
and the impact that could have to us (*->it) was not fully contemplated in the range and so i think what you really saw was a big impact in the fourth quarter like we talked about 90 basis points
as discussed in the companys filings with the securities and exchange commission that could cause actual results to differ after our remarks (well->we will) have a questionandanswer session
thank you through our regional and product diversification were able to minimize the current challenging market
and just a second question if i may in terms of what your sense is on the chinese steel markets moving into the fourth quarter i know that theres
were looking at areas where our grocers are not investing and where they are and making sure that were focused on that our anchors continue to invest in their locations
given the uncertainty regarding the severity and duration of the market downturn we will continue to prioritize the protection of our strong balance sheet and liquidity position
as you know better than us a lot of the value and option is tied to the time value and so were not going to take that hard one optionality away from ourselves
and then third expand the market principally by commercializing the optimal dose therapy after the completion of clinical testing and regulatory approval
we actually have a very strong demand but at the same time the market situation is quite favorable so do you have any update or (change->changes) you want to mention related to the demand side
our third strategic goal is to expand the market for xtrac principally by adding proprietary treatment protocols which require far fewer patient visits
i want to thank everyone at era for their diligence (and->in) achieving our objective of (zero era->0 air) accidents in q1 2016 extending the clean sheet
significant revenue growth across a number of our practices and as you start seeing that revenue growth the demand on having skilled project managers
to make sure that were looking at all the people the processes the tools that we need on each and every one of those programs that weve got the leadership talent
as such the company revised its estimate of revenue for each open (and each open->*) technical and professional case downward to the actual cash collection experience
if there will be some type of event or if we will get any spaces back what i would point to is the progress that weve made on the payless spaces that we have taken back
you could look at some of the labor production numbers that we can have (them->in) producing and obviously from a market side there could be some blending capabilities of some of those things
we have adjusted downward our clients expectations and our own expectations as to what our strategies can
if you could parse how much of that is opex might not fall as fast as you thought earlier because (you->youve) said some of these savings are delayed
and this is mike so with respect to the framework that rick laid out we have a number of opportunities to move forward in lines of therapy (and->*)
so with these comments ill conclude and ill turn it back over to jerry for further comments and then open it up for questions and answers (in discussions->and discussion)
due to this transition we will not give specific guidance but well make the following comments about the financial impact on oculus of the sale of our latin america assets
in fact the most recent market share data indicates that we now hold the leading position in new patient starts in the frontline segment
what i would say to you is if you look at our level of confidence in what weve described to the market about our ability (to->*)
we continue to reduce home exposures in severe convective storm states from the termination of our affinity (partnerships->partnership) i just mentioned
well you know that very little of our capital is in the hedge fund form and we certainly are not considered
and we havent really set up (teekay->pk) parent so that it can act really as a (warehouser->weyerheuser) going forward so that is certainly not our preference
in addition to rovat we have 4 stemcentrx assets in the clinic and we are on track to transition several additional programs into human trials this year
we believe patience will generally be rewarded in this environment and that our approach (is->of) splitting distressed debt funds between an a and b structure is the right one
while we recognize our derm revenue when we ship product to our wholesalers a second method to objectively gauge the oculus dermatology performance
in cases where it is understood that forwardlooking statements are no longer achievable such matter will be announced to the public and the statements will be revised
would be a higher priority for us going forward and so as i said i think therell be significant excess cash that will build up over time and
and quickly catch up on that backlog both in terms of frozen access conditions that were seeing right now and more importantly access to our services
and remain a rare occurrence not least because qe is supporting credit fundamentals and providing (cheap->chief) funding to the regions banks
and we think thats the more sustainable way which is what our investors are looking for that we have sustainable cash flows going up
more times than not theyre not upheld at an individual level so and im not going to speculate on what we think is going to happen in this one were going to get that answer fairly soon
(relation in there->so it is) it just still seems to imply a very strong second half aerospace margin to get up to those numbers
despite the impact from new competitive entrants and indirect biosimilar competition which have been in the european markets now for several years
treatment with elagolix was well tolerated with (a->*) hormonal addback (therapy->therapies) substantially attenuating the side effects of elagolix on bone mineral density and hot flashes
earlier this month we presented detailed results from the phase ii study in uterine fibroids at the meeting of the society of endometriosis and uterine disorders
growthrelated spending that you (were->are) doing looking out to the future and then have you seen any effect at all from brexit in terms of
we continue to gain on the top line and continue to take market share and increase the consumer (pool->pull) as well
a consistent level of advice to even all of our clients as we go forward what (adviser->an adviserosi) does today is theyll do an annual plan at some time
take everything i didnt hear anything quite clear and can you also elaborate how that will move into the
to some of those european affiliates in the second half of this year and that would be a significant driver of our second half revenue uptick
up to this point weve only competed basically in (genotype1->genotype 1) and so theres a big opportunity for us to be able to compete in the other genotypes going forward
were getting a good number of looks so i think weve improved our acquisition process over the past year were focused on continuing to improve that process
id like to move to slide 3 and id like to ask patrick moriarty to take us through the financial highlights of the quarter pat maybe you could take us through that
i understand win rate was lower but was that out of the normal range or is that something that you typically would point out if it were
we now believe aerospace sales will be up approximately 12 and industrial sales will be down approximately 7 both as compared to the prior year
through maybe some softness here in the back half of the year then thats something that may come into play the other thing (is->thats) relevant to of course is the energy side of things weve done well there
and other risks detailed from time to time in the companys filings with the securities and exchange commission including the quarterly report on form 10q and the annual report on form 10k
theres some spare capacity in the pressure pumping market and were receiving a little bit of incremental pricing discount to accommodate this q4 activity
while we have retained a high percentage of the rise in short rates to date we are closely monitoring crediting rates to remain competitive with peers
so i think we have a few levers as again if the market (slows->slow) down on a more consistent that we believe is going to go into a slower environment
in addition based on recent industry trends we believe there is an opportunity for additional premium increases as well as benefit changes
and so we dont think that (is in->isnt) a major exposure i mean walter my one reaction to that is the company is selling themselves
as we have discussed (in->on) prior calls the seasonal nature of our tax and accounting work results in proportionately more revenue in the first half of the year compared with the second half
(*->no) real benefit to doing that because there are no significant therapies many of these women suffer from significant pain in fact i
our people have all worked together to create a solid globally recognized leadership position and significant opportunities for the future
and i will say weve talked on this call many times about the fact that we think we have the most efficient loadout east of the mississippi
our sales volume during the quarter benefited from comparatively strong domestic and international demand as well as strong production
and we expect once the shared national credit gets taken care of were in a range where we will be managing inflows and outflows on a normal
with peak client demand occurring in the first half of the year our objective is to keep (the->this) staff utilized during the second half of the year when client demand is seasonally weaker
we highlighted many times that we were going to hold margins and improve as we go forward and get to (full earnings->fuller) utilization of these factories that we put together so
and we need to continue to leverage the highermargin tank parts and services opportunities to improve the margins in our retail segment
and so that would (imply->*) im going to fill in some blanks for you that will imply that theyre (are->*) going to be strictly
we asked people and we broke the data down by what treatments their family members were on currently
and like you said yes we probably will be doing some sort of recruiting special in the future we just dont give any dates or (details->detail)
that then make it a little bit more competitive environment out there so we get probably more indirect impact than we do direct impact
i think really probably what youre trying to get at is in prior quarters we made the comment that we expected to make up
were expanding our content and global footprint through tuckin acquisitions that increase scale in emerging markets or expand capability
we added 1 million incremental new customers as our spending mix shifted to acquisition from our historical transactional tactics
the key markets were presently exposed to are education affordable housing corrections and resources
we remain focused on tight cost control while at the same time making appropriate investments in our businesses
and (*->our) aerospace operations are well positioned to gain advantage from favorable conditions for a number of our programs
we actually feel really good about the continuation of this (brian->brand) as i said before first of all for us first and foremost its really the health category absolutely
mike brings a great track record of success plus decades of largescale financial operational and ecommerce leadership experience to the team
once again we saw the immense promise in connecting customers with amazing small businesses to experience the best their neighborhoods have to offer
is clearly going to provide some level of offset to what may be happening in the class 8 space
what were very excited about (quentin->quin) is the overall health category and this is a category weve been investing in substantially for a number of years
in summary we delivered solid organic growth across every major business and strengthened our operational performance
will be significantly impacted by a road construction project that will kick off in the late first quarter of this year
while our current bearing manufacturing business is aligned with grw through a focus on solving the critical problems
now moving to our results we are pleased with our fiscal second quarter results as we saw solid growth in our business
through various capital cities and look forward to speaking with our stakeholders throughout the course of that program
i think its probably the first time youve discussed in some degree of detail your design
(*->how) much more can you stack on the revenues before you do need to make anything material as far as investment in the line
i believe this partnership will help even better position us to execute on our strategic priorities and im very excited to have michael join our board
completing our pivotal donepezil study with treatment finishing in february and top line data in the second calendar quarter
absolutely critical so we find ourselves actually working more and more with market partners in ways to sort of come up with new and innovative solutions (*->and)
speed the introduction of new products out of wabash composites and continue our expansion in the growing food storage and processing area
as we stack more of these larger quality cohorts throughout the course of this year we continue to believe they will fuel longterm growth
performance from an operating income perspective in the second and third quarter of last year and it really tailed off so quickly
in development and commercialization milestones the agreement also includes potential royalties on product sales
you reduce the number of pieces of equipment on the highway because youre able to haul more with a more concentrated footprint
we believe we have the right assets and strategies in place and are focused on executing our key priorities
additional confidence in the pivotal study compared to the pilot we have more subjects and that tends to
we had significant increase basically thanks to price (adjustments->adjustment) in the contract
for that group to be weaker both top and bottom line than the second half of 2016 much like what we saw
our (focus->focused) strategy to diversify is paying dividends as the added (leverage->levers) provide balance and offsets
that they just have been flexing their businesses and moving product around to keep businesses running or taking overtime out
at distribution we have adjusted our cost structure to position us to be able to navigate the market we are faced with
the decline was even more pronounced in our fluid power platform which is more dependent on energy and mining end (market->markets)
our overall global capital structure we feel is appropriate for our business and therefore we feel really comfortable with our current effective tax rate
weve continued to deliver organic capital generation while maintaining discipline on pricing and risk and investing in our businesses
ill now conclude by summarizing the key highlights of our financial performance in the last 6 months
further we have new sales leadership in place who is positioning us to ensure that we are coordinating even more closely
as well as life sciences end markets to once again drive top line growth in our diversified products business
so we think the mix impact on that book is improving the whole time i do think there are some factors
we look forward to providing updates on future quarterly calls with that lets open the call up to questions
this year so theyre trying to get those that word out to our folks early because they dont want to lose (*->what)
thats opportunity to get in front of key players from our customers that will see
this speaks to our ability to offer bestinclass products and to a sales team thats increasing its productivity
as a result direct comparisons of per share (amount->amounts) between years may not be that useful to investors
we have a positive growth in residential consumer with a positive margin (product->for the) group
these financial results directly contributed (to->*) further strengthening of an already strong balance sheet
and were going to be watching them like hawks to make sure that they stay on there and our marketing teams the other part of our marketing teams
and for anybody (who->*) would like to ask questions about how i got these numbers or whatever (well->*) please feel free to
however before everyone throws in the towel we firmly believe that our previously discussed growth initiatives
thats about where its at we dont expect to see any impact from the additional capacity
this certainly supports our longterm position that this could turn out to be an extended cycle of strong demand for our industry
in the first quarter strong operating fundamentals were the largest contributor to our revenue and adjusted ebitda performance
and if theyre not happy they tell people about it so were in a good place right now that were increasing
i know everybody gets hung up on mix and thinking that if the mix (is->has) shifted more to an indirect channel (where->*) youre going to get a lot higher margins
because competitors who may be more dependent on oil and gas will try and shift into other products
is there any real impact in the way youre thinking about your dividend policy thats being impacted by how volatile this pension
and the most positive response that we got of all (*->of) them were people whose patients were on (*->the once) a (onceaday->day) exelon patch
be thinking a little bit differently about that asset at this point in time its something that we want to see proceed but
it just underscored how bad both energy as well as mining got during the year
and were going to be very focused on that metric weve always tracked the metric obviously internally and looked at it along with many other metrics as we looked at our business what i can tell you were not disclosing
this economic interest represents an important strategic asset to the company as both an emerging future contributor of growth and an alternative source of funding for our pipeline
and just reiterate a couple of our key messages that we have been working extremely hard over the last 18 months to really make sure that we have the right
both dawn and kirk have extensive experience at consumer goods companies and we look forward to the valuable insights and contributions they will bring to our board
the type 1 trial and obviously (reach congruence->reached congreence) with the agency and initiated the study and dosed the first patient so as a result of that were working through the
maybe you can talk a little (bit->*) about how challenging you expect that part of the market to be for expensive orphan (drugs->drug) and how do you expect this to unfold (post launch->postlaunch)
but some with new clients interested in spend analytics insights i will now let pete walk you through the details of our first quarter and then i will provide some further color
recall that we were running both the submissions to the fda in parallel and because of the volume of information we decided to prioritize
with the sales force reduction we completed in december we expect our sales and marketing expenses and customer acquisition (costs->cost) to come in line with our peers
we are also consolidating our distribution (operation->operations) in costa rica into a single distribution center that will allow us to reach more routes and continue our expansion in the country
reorganizing and adding new capabilities so that we can in the future and over that 3year period make sure that we are agile enough
in terms of tissue pk taken from (ifc->diopsy) samples of the affected gut wall there was evidence of doserelated increases in local gi tissue drug concentrations
and i think thats what youll see play out as we go through the rest of the year youve got to bring these things to life in each individual retailer and price is one key metric of that right now
some of the declines in the larger (brands->brand) so thats why in our prepared comments we wanted to call out the fact that there is a focus on these
we also continue to analyze the potential impact that the clean power plan could have on our kentucky operations the precise impact is difficult to pin down at this point
teens is that still is that (was that->*) part of your expectation as youre getting ready to acquire this that it still makes sense financially with those types of declines
its a bit difficult to assess exactly how (quick the->quickly) demand will rise and what kind of alternative materials could come on the market so we see this mostly as a shortterm issue
which will be a significant driver of margin improvement for 2018 we also have optimized our annual budget to drive significant margin improvement
to increase ebitda and manage their critical supplier relationships a meaningful differentiator of our analytics and sim tools over other alternatives
recruiting system is much stronger than its been in the past our performance system continues to be very strong our learning system i would argue is better than its ever been
the new program will be funded through (organicallygenerated->organically generated) free cash flow and the anticipated monetizations of certain noncore assets held in the portfolio today
and id say that well probably well have a decision on that probably in the next several weeks and what were really thinking about now is as weve evolved and particularly as weve
its important to note that these changes to our delivery organization have not and will not impact our ability to support our clients
transformation is never easy but the commitment of our global team to help people realize their potential through our stateoftheart people management solutions
were happy with what we see as the profitability trend in lala drinkables and we have to make some strategic decisions regarding the culture business
feeling good about the business were feeling good about the market opportunity and what lies ahead having said that we have also and are still in the process of making a lot of changes to our business we have new leadership
during todays call we will make forwardlooking statements that reflect the companys current expectations about future plans and performance these statements rely on assumptions and estimates
my second question is for fourth quarter if youre launching all these platforms is there going to be an extra cost to getting the slotting and the promotion behind that
we continue to see strong momentum from our european business with q4 closing the largest number of new client wins in the regions history
did go on spinraza now given that this was after completion of our trial i do not have any insights into any (other->of the) safety or efficacy data that may have been observed
and i want to drive home the point that our total revenue guidance reflects our best estimate as of today as to the pace at which the services revenue will roll off to our partners
any statements made in this presentation about future operating results or other future events are forwardlooking statements under the safe harbor provisions of the private securities litigation reform act
the margins are slightly lower on ecom (but->*) we have (we have->*) pricing mechanisms in place just to make sure we have ultimately we have price parity
so weve been pretty good (at avoiding->atoiding) them we think (weve done->were doing) a lot of things right (right->*) now as we mentioned in the call it may take a few minutes or a little while to prove that out but we have some time to do it
the i think were going to go back and look at what our 3year results look like with the team over the next couple of months
within our retail offerings broadly we (focused->focus) on leasing (to->2) businesses that offer immediate needed services that are less susceptible to amazontype competition
we are committed to disciplined capital allocation and focused on returns that will allow us to operate within our own cash flow shifting the target from top line production growth
you would see a quarter where we can show growth and we actually see growth in almost all our markets only exception (if->is) nordic
and its more kind of revamping manufacturing strategy in the colorado facility taking a hard look at our that culture business and what to do with the culture business
(i->*) was hoping you can expand on what some of those other noncore assets could be or maybe to approach the question a little differently what do you currently view as core
that concludes my prepared remarks and ill turn the call back over to bill (*->billing) thank you vince ppl continues to be a very compelling investment opportunity within our sector
we now have a healthy and growing pipeline of (optix->optics) and lavante opportunities as clients seek better tools and services to provide insights
should commodity prices improve late this year or in 2020 we foresee this as temporary and would remain disciplined to our program
id like to provide a little bit more detail on these 2 cohorts to provide further context in support of our confidence to progress the programs in both (ulcerative->ulterative) colitis and crohns disease
what is your sense of what the willingness of parents will be to enroll type 2 patients into your study given that there is now an (improved->approved) product on the market to treat them
and with that very quick overview id like to turn it over to our chief financial officer tammy romo to take us through the quarterly financials
its important to note that the decline in yield for convenience checks appears perhaps larger than it otherwise would
finally we are making an effort to heavily invest in research and development to bring us sustainable growth opportunities
wed like to highlight when comparing total revenue between the second quarter this year over the first quarter of this year the results were relatively flat
which is notable considering our very significant outperformance in second quarter (of->*) last year
while panama city itself was spared from the storm surge and the flooding that hit areas to the west our plant was damaged by high winds
let me say the tower environment is enough exciting because the new technology that
and so when you talk about the beverage projects should we think about that bucket of revenue is that about 350 of sales thats kind of
(*->and) we feel that we have a lot more potential to sell broadly internationally and we just need to build out that platform to be able to attack those other markets
as we continue to reduce the complexity in the business and drive better execution in projects we believe we have a long runway for margin improvement
regarding our piconyx investment we are currently working to finalize our asset contribution in exchange for a minority position in the company
are there price increases set for the fourth quarter given the steel situation or have they already occurred
im a bit curious why you are even providing a guidance because in these situations historically you have not
as we close out fiscal 2018 most of our targets remain consistent with previous guidance but id like to highlight a few specifics
i would just broaden the middle america part to definitely talk about the broad swath of the southern us
so we dont have any reason now to deviate from this current agreement
several new community openings coming in california and specifically at pacific highlands ranch down in san diego
growing of price of supply (*->in) those months due to the need to cover peaks of supply
we developed a completely new store format for (avec->ovik) including a new brand
this strategy drives traffic orders premium pricing and (lead->leads) to higher customer satisfaction
there are a couple of items like that the more material one is a little harder to explain and its with our groups
were not expecting any recovery in industrial capital or maintenance spending at the end of the year in contrast to the typical yearend lift
(a->the) combination of strong job growth low levels of supply and new home product perfectly tailored for the market
from the artificially depressed growth this year and that (youd->you) get back to like a gdpishlike number in 2019 on capacity
that we will face a real capacity crisis in the air because it takes longer and longer
lower sales volume in performance products and the effects of the unplanned downtime and inflation in logistics costs
more variety in terms of the offering customers do expect that they have an opportunity to
because we want to retain our financial flexibility in order to face one
warranties and reps and expectations from dealers and pricing with dealers and pricing with customers
we also continue to build our bolton acquisition funnel for businesses that have earned the right to grow primarily within water quality systems
we are in a very strong position in our view given the fact that we focus exclusively on these kind of food
not a surprise that it will happen always a surprise when it happens because its very difficult to time these things
while recent coffee market entrants have chosen to capitalize on delivery combined with heavily discounted offers
and in our action plans to resume the level of consistent profitable growth that both you and we expect
so we can note that this time field service performance from the volume point of view was stronger than in parts
because of the sites where they are because of the conditions that we have achieved in hardware so
except as required by law the company undertakes no duty to update these forwardlooking statements that are made during the course of this call
the performance of these 2 businesses was not enough in the quarter to offset the margin impact from thermal management
with strong residential demand dealer intimacy and a steady stream of new products our outlook for the aquatics business remains strong
one of the top (enoxaparin->and accelerating) markets in europe in terms of volume and value with good sales prospects
got you and then maybe just finally in (the->*) tech solutions you talked about some of the productivity issues with the big projects i mean
providing a new channel which we can communicate and engage with our customers and drive transactions to our stores
i (think i commented->comment) on that earlier but (so->shall) we see very strong big box demand at the moment
to increase market share in the first quarter we doubled the size of our sales team and tripled our lead generation investments
i think there are a couple of significant differences in terms of (our->hyrod) german business and the most important one is
competition or are a lot of the clients just coming directly to you and its not even really a bidding process its more like they want you to do the work for
i can tell you now that i can confirm the positive perception (i had->ahead) from the outside
partners will also have mobile access to their schedules reducing the time it takes to communicate and manage changes
handling area have actually remained solid and even on a good level
because of the currency development but if we take a look at the situation with comparable currencies our sales has declined
due to the significant pace of store openings in that market and some other opportunities were executing on
we believe these to be short term in nature and are convinced that our growth strategy will produce solid longterm results
which is less than the run rate in the prior 2 quarters as a result of lower straightline rent (adjustments->adjustment) in the second quarter
so thats revenue that is available to them if we deliver if you miss your deadline those customers have just lost out
and that is roughly (a->*) 1 to 2 percentage point growth over where it was on a full year basis last year
one of my measures of a great partner is doing business with a person who does what they said they would do and william has done exactly that
in addition we were negatively impacted by outages at our site in ohio which negatively impacted the site for 7 days
and so we feel very good about that and then just one other point i would put on china is the work that were doing on digital
a timing thing probably a little bit and then also this what we have been now discussing for a couple of months
a full listing of these risks is posted on our website as a result of these risks actual results may differ materially
step (one->1) was the development of a companywide emphasis on streamlining our business and organization
so (it will->itll) be in areas that expand our reach and deepen our expertise
and we expect to have the necessary technology and procedural fixes in place by the end of this year
i cannot go into the exact details but i dont object what you
because were still using the old finishing line which is sort of our restricting factor
i think (your wording was->youre working with) several quarters so that implies you think within a year or so you could be moving in the right direction
but we felt that its important for us to continue to or at least at this point in time to understand what is
for the product i think earlier on we probably had the younger set but as
and forward curves will offer us multiple opportunities to hedge above our point of view especially as retail players look to hedge those periods
the price increases that were getting associated with that and then the new business sales augmented specifically i would say
were launching our melanoma indication in more than 50 markets globally and we are preparing for launches in additional tumors
they are new and because (they->we) can contribute more than normal components to their design
i would like to remind you that some of the statements that we make during todays call may be considered forwardlooking statements within the meaning of the safe harbor provision
the delays in fine chemicals and nutraceutical orders is dampening performance in this segment but the focus on operational excellence
yes i think the reality is the most important device in our life today is our mobile device
but we the point being is with the dismantlement and recovery of a site with a power plant
acquired growth it takes us some time to work through the new volumes to get to higher sustainable margins for us
this does conclude todays program thank you for your participation you may disconnect at (anytime->any time) and have a great day
with that said as you look forward and you think about combinations of potential immunotherapies or combinations with other therapies
these high dayahead prices provided vistra the opportunity to sell unhedged (length->link) at attractive prices during the month of july
we unveiled our companys new purpose we inspire healthy habits for real life
but still it is in an early phase so it offers us great flexibility
i guess im asking could you help frame for us how you see the evolution of mercks revenue base
how that works certainly from a revenue point of view would you also expect the type of seasonality that youve seen
we want to repeat once again that our net profit for this year will be as
working on that right now and then on the mindset and (mindfulness->miselness) side it will probably be a combination
thank you very much for your efforts in the first half of the year and (in->*) anticipation for your contribution
in the way the supply stack performed that makes it kind of different than your assumptions going into the summer
i think one thing i do want to make a point about though is that on the remediation as it relates to the mines
importantly however even though july prices did not reach the scarcity extremes that some might have expected during the july heat wave
weve managed to balance our initiatives with rectifying some of the core issues we faced in the prior year
so the strong contribution from marginwise from project volumes as weve seen in a couple of quarters before
as a chemical feedstock the world is short on propylene and more and more of our customers are investing
whats interesting is you do see a tremendous amount of new recruits on connect
guiding to 300 basis points improvement in 18 it just shows how well this business model responds
while it might not have a completely fixed rate of predictability we know that thats ongoing (weve->we) built technology over the last few years that helps
were also working in parallel with our clinical cro that is our full contract research organization
the basis for filing supplements in the context of having multiple reviews and maybe if i could elevate just a little bit i would say that
looking at the operational highlights we can see that strategy is (continuing->continue) to be rolled out and implemented
were benefiting from improved agent productivity (in->and) life sales in the home service companies as well as higher sales in reserve national
well if you look at the second half of the year we do expect to receive a little bit more of a headwind associated with
(get->hit) our (products->product) in the hands of people with diabetes and to accelerate our momentum as we drive towards building a strong (install->installed) base
with that ill turn it back to fred for closing remarks thanks tom as we enter the second half of the year
of those institutions (*->but) the needs grow stronger within those constituencies and there is an increased usage of our reports
both from a new product development perspective as well as from a product characterization perspective
cooked at home in less than a half hour from our (recipe->recipes) that weve developed over a period of time
we believe the api together with the granular building level database that i have been spending a lot of time on
higher earnings power to the company because its not reflected in the forward curves but we do the fundamental analysis
this mornings announcement is a great example this will be the largest single train pp unit in the world
with this framework in mind lets turn to page 4 and look at our first quarters results where you can see the earnings per share amounts
the financing flows reflect drawings on our existing debt and the bridge financing for the west acquisition
where investments in cleaner energies are being pushed by the government especially near beijing
(*->it) is this volatility that gives vistra the chance to opportunistically hedge when forwards are above our fundamental point of view
although it is fair to say that commodity deflation is expected to impact more on the wholesale trade channel
we have also during the quarter seen improvements in western europe which is also very encouraging for the future
is when we gave you those targets for our (improvement->improvements) in earnings (in->and) our strategic plan last september
coming from the base renewal rate ie the subscription dollar amount that is expiring with an existing customer
the combined company the sum of the 2 revolvers for the that we had before that were a little bit less than that
we have also taken (due cognizance->new cognizants) of the unfortunate events relating to food safety in the south african food value chain
(*->for) those of you who followed us will recognize this story well get to more of this when we talk about the business
conservative securities to earn a return on what we have in the reserve to go against that
that demand is up significantly this year and we expect it to continue to grow over the next 2 or 3 years
fred will start with the highlights hudson will review more detail on operations and tom will go over the financials
mobile devices than in the first half of the year but still highly attractive
we mentioned that we were a little late responding with rate and that it would take a few quarters before rate actions would impact results
(ive->i have) said repeatedly that i expect that keytruda by virtue of the spectrum of its activity will prove to be foundational in future cancer care
it is possible to run the fcc unit in a modified mode while the other refinery units are repaired
(through->*) theres some upside (with->of) the licensing deals youve talked about but presumably some additional investments on things like technology and other areas
if we continue to do the development right there could be a significant higher
so this concludes the third quarter presentation and were now ready to take your questions thank (*->you)
(*->it) is through these investments that we were able to secure this project and it is through this project that we will have our best opportunity to date to demonstrate how nov can provide better fpso solutions
would it be right to say that as you roll forward into 18 in fact the opposite applies because of the contract cycle it becomes important for you to show that the plant can operate on a consistent basis
the next phase will consist of leveraging customer data and insights to deliver tailored messages and service recommendations to our customers based on their specific vehicle needs
kind of like a samestore sales number or something or alternatively what tpv will look like when these users reach the level of activity that you see among your average user
internally i think theyve done everything weve asked them to do and theyve embraced (the->i think) culture change and have been very supportive (of->about) the initiatives that we have driven over the past year
we are proud to report that our strong commitment to support our teammates professional development and the cultural changes we have made across the organization have had a tremendous impact on our ability to retain talent
we believe these partnerships and the increasing use of our paypal for partners and marketplaces product will help to seamlessly connect buyers and sellers in the worlds (highestgrowth->highest growth) marketplaces and digital sales channels
this will mean employees understand why the controls are critical rather than just being told they are critical we are reinforcing this local ownership with the leadership interactions program
for a more detailed discussion of the major risk factors affecting our business please refer to our latest 10k and 10q filed with the securities and exchange commission
grew fairly strongly mainly in growth markets specifically in china now before you get carried away and extrapolate these growth rates
(you->i wanted to ask) a little bit about your comment about the changing of the tire mix a little bit and it sounded like to me that you guys were planning on mixing up the tires and maybe going towards a little bit more premium
and merchants in unique and powerful ways id like to now turn the call over to bill who will provide additional color on some of our other recent partnerships
that means our cover remains very healthy which is well above any of our banking requirements of 2 and our own internal target of 5 (the->*)
across our store base importantly acquisitions remain a cornerstone of our growth strategy as evidenced by the new state we will add to our geographic footprint in the fourth quarter
over the next few quarters we anticipate seeing more feed studies to evaluate the economics and feasibility of new projects as major operators appear to be more seriously evaluating new offshore developments
(in->*) funding needed investments by reducing spending in other areas that are not either a priority to our business or adding less value and so
and once we have used that up depending on what the balance sheet looks like and what the environment is like we (can->could) certainly consider going back to the board for further authorization
has been beat up like over the years thats still probably have a lot of dealers (are going to->who) have to take a (write off->writeoff) and move it there when you move to the construction
the first 10 of those patients were considered for part b and they were in fact randomized to either active or placebo and their blood pressure was assessed in the doubleblind phase that i shared the data for
we have developed a comprehensive cloudbased learning management system that will provide our teammates with both the technical skill set needed to effectively serve our customers today
because of our setup and structures in the region such a significant devaluation reduces our sales line and a significant share of this also falls through to our bottom line
weve grown from primarily a mailback company to our position now as a leading comprehensive provider of medical and pharmaceutical waste management services
on the same basis this growth rate dropped to 0 in the fourth quarter for the first time in 2 years revenue declined versus the prior years quarter
we still think were very low penetrated in a number of key markets and we still have opportunity we think to grow significantly if you look at unused medication and how well weve grown
the first quarter i think the thing that everybody that were (taken->taking) away from it was the (and->*) paul will get through it later but
the issue resulted in a shortfall in revenue and excess costs in the fourth quarter and will also impact q1 however we are confident we have a solution that will get us back on track later this month
pork prices have come down but have (churned->turned) up a little bit but i mean that is something were keeping our eye on in order to understand and were preparing ourselves
and we want to make sure we offer the right tires at the right price points for our customers lastly i would like to provide an update on our productivity and team engagement initiatives
finally before i hand it over to jose to take you through our financial results id like to take a minute to thank our employees for your excellent performance in 2017 there is no better team in the industry
specific to geographic areas in the vicinity of our (monro->monroe) locations to identify (high value->highvalue) potential customers and focus our marketing efforts on targeting them directly
growth capital in this first half is low as a result of lower capital intensity of new (contracts->contract) this is expected to increase in the second half
sold sometimes this year and that is a prerequisite to then begin working with the federal government to get the permission to go from commission to operations
okay ill say something and then turn over to tom we had flagged that this was again temporary this year (while->by) a very sizable
as part of our efforts to optimize our tire assortment (we are->were) also looking towards expanding our tire offering with the introduction of new highmargin branded tires in the fourth quarter
between what we are seeing of the east mining tonnes and then agriculture we can have again (yarwun->yarwin) running at full capacity
while leveraging our global footprint our products will be the same everywhere importantly all of this is complementary to the work (were->we are) doing on our safety agenda
thank you very much (*->for) everyone for joining our second quarter earnings conference call we look forward to updating you again next quarter you may now disconnect your line
a strong visibility to it but were doing the other things to make it so that you can run this thing and
and (this->the) strong traffic growth (of->and) airline profitability which are based on strong global economic progress and continuing low fuel prices looks likely to continue for the foreseeable future
by leveraging predictive analytics we identified and targeted customers with a higher propensity to purchase our brake and tire offerings which led to a notable increase in conversion
i think if you look at the way kind of the quarter set up we were up about 7 in october up about 7 in november down 6 adjusted for days in december
this was of particular importance following the rice acquisition as we (have->had) the opportunity to significantly lengthen many wells even though those wells had already been spud by eqt or rice
wires from the roof et cetera and then the second one is how it is right now how the trials that we have done we have done already 2 trials we have
(allow->*) me to speak the closing words i want to thank all of you for joining this call (and->*) we are very much looking forward (to->*) meeting many of you during the upcoming (road shows->roadshows) and
although we are certainly pleased that our daily sales trends are improving they still remain somewhat choppy and (indicates->indicate) to us that (a->*) broad market recovery will likely be slow and inconsistent
please turn the page of the presentation materials in front of you
but was impacted by different phasing in personnel expenses compared to last year
just south and east of platteville thats going to be a very lucrative deal
a transcript and replay of this call will be available on our website later today thank you all for listening
and id start off on the mining side with (coral->kearl) which was unique in its own right because of
the 800 million a day that was anticipated on the power up project
before we start let me mention the tragic fatality we had at south deep today
there may come a point where we say okay its so strong (*->actually) what are we going to do with the extra amount of money but
as we continue to focus on delivering for our customers and partners and driving significant shareholder value
and ladies and gentlemen that concludes todays conference call we thank you for your participation
i dont know how you can look at it any other way that we are positioning ourselves for
that it would be reimbursed and there would be limited sort of challenges in relation to access to
big things were focusing on here is building the total subscriber base which is driving the voice story
that may cause actual results to differ from managements projections forecasts estimates and expectations
my reaction to the reception that we received in san diego
and three our relationships with our plastic surgeon customers remain as strong as ever
weve included new information that we felt would be useful to the users of our financial statements
given our recent announcements of strategic acquisitions organic growth projects and other
and we like what weve got and well continue to look for ways to
having history are important and the reason that theyre important are a (couple fold->couplefold) one is
outside of hematology we continue to make strong progress in (the->our) neuromuscular and pulmonary programs
of the local currency weaknesses that are embedded in the translation to group earnings
so i think its not really a major trend going through it i think some of it ive touched on
and can build and defend a price premium over time so its a very core part of what were trying to do in the strategy
and anticipated supply needs for a more comprehensive and aggressive launch
and finally if that is all executed we regard ourselves as well positioned for the long term well have
what kind of returns can we generate out of the business what kind of (a->*) long cycle investment do we need
the acquisition of atrium innovations provided additional growth in the second quarter
as part of our introductory launch we have conducted extensive sales force training
moving to dividends the board has declared as rob mentioned earlier
we remain committed to our shareholders as demonstrated by our reliable and growing dividend
an integrated asset team is in place to manage these newly acquired properties
announced some time ago and is now commissioned and moving a lot of water
revenues in business continued to be impacted by rationalization in traditional fixed services
we may build for a specified contracted amount of term contracts
investments such as these do not mean that our strategy has changed
(*->so) the first one we call the value strategy this is mostly about the kind of people that are in this room
share some of the thinking and rationale thats going on here but you probably got an asset that
and right now there are absolutely no conclusions as to
now before i turn over the call to tim let me address the other news we announced today
we now do have the advantage that we didnt have before of not having to
i would like to offer additional information about profits outside japan
the inclusion criteria of command and those are patients with epo levels
and this was despite the weaker macro and tough fx (environment->environments) in key markets
the second thing is about the demographic opportunity in the (markets->market) we cover
the new agreement does not contain changes to the material terms such as pricing terms renewal rights
faster growth especially through digital transformation that continues to be the reason
the bar could be higher for comparative purposes and that shareholders may be better served if it were
as i have said previously we will keep alert to opportunities around the globe
just to be a little clearer youre assuming its coming on and
notwithstanding that you still have history (here history->*) lets you be in the queue so that you know that you can
the quarterly trend improvement is partly related to phasing in project benefits
this is an important metric for us now lets move to business
well just have to see how the pace of the work is going the demand is high as you can see
and its very obvious that allergan is making a significant commitment
or discoveries and the acreage capture that weve been able to pick up
and we also had professional fees coming through to support the delivery of the ignite program
(the->*) global economy started the year with modest (growth->*)
the next slide provides additional detail on sources and uses of cash
in addition to the fact that we spent a large amount on data centers in the previous year
i hope that answered your question but we (can->could) talk about this for some time
just curious (then->that) whats the rationale behind that you dont go ahead on your own
due to its market diversity and due to its supply diversity
in this context let me briefly comment on our corporate strategy
in addition to the effect of lower revenue from mobile phone base stations in japan
and i think the way to think about that trial is
our efforts to delever the company by reducing the amount of debt outstanding
as we disclosed on our last call we submitted our pma supplement
we are working toward concluding the transfer of our mobile phone business during this fiscal year
and as you look through the table further you can see (*->that) the depreciation of the assets (previous->*) previously written up
we have continued to see strong demand for our breast tissue expander portfolio
what would be if you sort of flow the numbers through that you provided at the analyst day for next
improving pricing and to a lesser extent passing through elevated dram costs
on our november earnings call we mentioned that we have heard a range of views
return on investment would have been low if possible at all (on->*)
the revenue is all from our celgene partnership and is primarily related
followed by the typical manufacturing (ramp up->rampup) leading to subsequent supply chain optimization
the total number of fixed mobile additions this quarter was in line with last quarter
and then replicating that as you continue to expand
in the investment community had (interpreted->interpret) our revision as a cut
then you (can->*) really (*->can) make a lot of progress in implementing and executing the strategy
i mean that is exactly what were doing we want the exploration folks to know that
(foolproof->foodproof) is doing very well to win and position us differently
reduction of operating expenses on a (runrate->run rate) basis continues to be a focus
our (healthcare->health care) team evaluated many financing opportunities during the quarter
and in that space we see the opportunity to bring what we call edge computing
as a reminder we believe that our existing cash cash equivalents and investments
as patrick has said many times we are going to ramp our way up
(i->id) point out these comparisons for 2 years ago not to just search for a silver lining but to show how the titan team has done a good job battling these market conditions and again it takes a team of people working hard
we will continue to monitor the impact of any future developments to (applied->apply) supply chain customers and take any actions that are needed to mitigate impact to applied and our customers
to position the company to play a larger and more valuable role in the ai big data era now dan will give his perspective on our performance and outlook
the genetics of neurological disorders has exploded yielding critical insight (to the->into) new therapeutics and we can now measure and monitor disease states of the brain with unprecedented precision
is putting challenge on the performance of (seara->siara) we believe that the worst just got behind us in the end of this third quarter
we intend to keep developing new convergent products and services to work on a new business plan and new business (developments->development) and to generate the ability to provide media services
so the problem (child->charle) as you go does it keep going or does it stop does it do a flip and come back down
we dont want to imply that it cant be accomplished but its going to be more involved than simply shuttling people from one place to another so to be honest its too early to know the impact of this initiative on the overall market
we continue to incorporate more automation on our networks and advance numerous (low carbon->lowcarbon) network projects to enable increased adoption of distributed energy resources
what we would look for is passing it there and now to answer your question that comes also from your
obviously there are a variety of things that could cause these percentages to vary from historical averages such as the timing of significant wage or owneroperator pay increases
loaded miles per tractor per week was down 2 for 2 quarters in a row now would you expect that to continue as long as the environment is loose what makes it get better and what drives it worse
there are also no significant changes to report in our pennsylvania capital plan with a slight increase driven by additional reliability in other projects in providing our electric service to our customers
in gaining more services in the clients where we are today than gaining more new clients we have a great opportunity
for 3d nand (the->*) and we have some really tremendously enabling capabilities the etch business for us is continuing to grow our (conductor->*)
having said that we currently operate several different facilities for amazon across a variety of our suite of services and excited about our potential growth with this partnership
how should we think about if there was a bolus in this quarter and the new start rate should decline or if you still think that the (dynamic->dynamics) you talked about
which include an administrative recourse claim action at the tax authority as a result of the lack of application of the inflation adjustment in the determination of the income tax
the major portion of shortterm debt is trade finance and thats because of the volume of exports that we have out of brazil by far the cheapest source of financing in brazil and for that reason
how do you think about walking that up to what you think youll really be what the real earnings opportunity is going to look like because i think in prior conversations youve talked about how that
commodity prices have increased recently but (theres->there is) still an excess supply is this sustainable or will it have an impact on new equipment purchases nobody really knows this at this point
i want to ask everyone (maybe->i meet) to indulge for a second while i step back and put a few things in perspective relative to this past year and the upcoming year
i am extremely excited about how were becoming more entrepreneurial our approach is to blend strong science with a medical mindset and an entrepreneurial emphasis on innovation
first even with at times uneven earnings performance your free cash flow has remained consistently robust and your leverage has declined consistently for 7 straight years
we will work with customers to explore alternative operational solutions that will improve profitability if that is not possible (well->we will) engage with them in pricing discussions
our strategy thus far has been in europe weve started seeding the market we do have a sales group already set up over there it works out of our wheel plant there (in->*)
we are preparing for potential eu markets approval in the coming months we are also getting ready for potential approvals in japan and canada this year
and again if you ever get a chance come (on->*) out here and visit us were pretty proud of what we do and we got a pretty unique team so
i would say that january has been a little softer as it relates to pricing than in years past but this being said we havent taken any rate decreases a few of our bids
we feel confident that we can continue to expand dedicated ebit by focusing on driving improvement to the operational fundamentals of the subperforming accounts
we believe this transaction positions biogen to be at the forefront of alzheimers research in terms of both mechanisms of action and time to market
remove the effect of the net excess tax benefits recognized in the second and first quarters in connection with the new accounting guidance and the nonrecurring impact of the tax reform recognized in the first quarter
during todays call we will refer to nongaap financial measures which are intended to supplement though not substitute for our most directly comparable gaap measures
and once we have the permit this is going to sound a little funny once we have our permit for our safety deal for fire
the decline in new students is due to a shift in starts of students in the prior year from the september to january session due to hurricanes irma and maria
if the market wont give you proper credit at these multiples why not use your free cash flow along with another turn of leverage and buy back 35 to 40 of your market cap
as we think about not only the acams model but what are the other places in terms of certifications et cetera that wed be able to use that model because we are recognized in the market
on the tax leakage its pretty much status quo we have investigated many times different structures and alternatives that would significantly reduce
we closed the year with strong operational and financial results as announced earlier today we achieved the high end of our 2018 ongoing earnings forecast range
we look forward to building upon this momentum throughout 2016 as we feel there are several ongoing opportunities that will further improve this segment adjusted operating ratio in coming quarters
in todays call ill start by providing our perspective on the market environment and our business performance then ill lay out our views on the industrys future growth drivers
id like to remind you that this conference call will contain forwardlooking statements which are based on the expectations estimates and projections of management as of today
the brazilian government recently changed regulations on opening and operating distance learning in the country the approval process for launching online facilities was streamlined
one example of how were doing this is integrated (materials->material) solutions where we can combine multiple processes together typically within a single system
if we feel the intermodal division is not likely to attain this objective we evaluate all options available to swift we have not made recent investments
and third the ability to access the capital markets by opportunistically tapping debt for lowcost acquisition financing refinancings and distributions
segment earnings were favorably impacted by the higher sales volume in the quarter which was partially offset by higher manufacturing costs related to increasing production levels learning curves
but well be very disciplined and well only select projects which align to our strategy have a (lose->close) fit to our capabilities and which deliver superior returns
which they are going to take up at their december board meeting the amount that we receive as 26 owner is not that significant compared to the amount we receive
as weve said previously the first quarter of the year is by far our slowest due to fewer days and heightened seasonality impacting both lower revenues and higher expenses
oil companies are prioritizing and the biggest thing we can do right now is to help our oil companies (in->*) keep their production up and then increase production
we are making good progress and i am pleased to report that we are ahead of schedule for nitrox and we are on schedule for upgrades to content management and adrenalin
during the restructuring of frontera in late 2016 second priority is to improve the quality of our existing upstream business
incremental wins that youve seen as a result of the supply chain pressure that the airframe oems are putting on the supply chain is there any kind of color you can give us there on the pipeline and the opportunity set
now let me (start->stop) by outlining what i will cover today (i will->ill) provide an update on key sales wins in the quarter as well as an update on several key areas of the business
we think that gives us opportunities with customers but were not looking to buy distressed type of entities were looking to buy quality operations
and we expect revenue growth in the second half of the year will be driven primarily by software license sales to our largest customer and adrenalin upgrades as we deliver against our product road map
in the neighborhood of a year or longer we think this profile has the ability to be able to do that for the vast majority of patients
yes so we are very much to your point its an excellent question we are investing even more today so that we can ensure that we can deliver
having said that though id say then if you look at 2 3 other large categories they have different risks associated with them from a probability of success
and so we continue to see that our offshore and our lng markets will continue to grow albeit not as fast as people had thought
biggest news of the second quarter came in its final week the surprising brexit vote led initially to a sharp repricing of risk across financial markets
of course one of the main reasons for those weak prices is that the traditional storage reservoirs in the province that add demand for gas in the summertime
will be used to invest in upstream capital projects with the intention to deliver production and reserves growth and (increased->increase) activity (and->in) employment in the areas where we operate
and at the same time we negotiated amendments to our credit facility to accommodate for that its important to note that we are in compliance with all (of our->*)
we do from time to time deploy that in the market and buy back shares given that weve already incurred the tax inefficiency of bringing it back home and we did do some of that last year so
of total assets would not be unusual were above that right now because of that shared national credit (at->that) 88 basis points but thats still kind of in line with peer (medians->mediums) and means
the other half was a combination of some seasonal items such as snow removal and the opening of our king of (prussia->frusher) branch
most important from this cash thats in hand is we get to step on the gas just a bit in hiring these new salespeople earlier and faster than we expected
what is the level of optimism and i will tell you that there is a higher level of optimism today than there certainly was a year ago or 2 years ago at this point
would you expect improved pricing as a result of that limited supply of pineapples and what would you say would something (similar->similarly) be true of bananas
a number of development wells at (quifa->key for) southwest originally planned for the first half of 2018 have been deferred to the second half of the year
our outlook for woodwards overall operational performance is unchanged improved aerospace performance is being offset by weaker industrial performance
outside of the legal and consulting fees that will come and go as we work on various projects theres really nothing unusual in there just last year was abnormal though
our best guess is that we will begin earning management fees from opps xb based on its total committed capital as opposed to the amount that has been drawn
and frankly acquiring a lot of digital capabilities who are you competing against when against your book of business on the digital front
in our q3 2018 results versus q3 of 17 you see this phenomenon with relistor and youre going to see it again when i talk about dermatology and our neurology businesses
that we could have there but its we would look at all of those things and obviously there could be some synergies with (the->*) right one you could actually get in different basins if you wanted to do that from a market standpoint
if you would like more detail on this transaction you have access to the audio recording and the transcript of the business update call on our website
but if it were to play out in a positive way obviously that would be a very big opportunity so those as we look forward i think are the most significant opportunities to describe
years first quarter due to a decline in new maintenance and support revenue related to lower product sales in the current quarter compared to the first quarter of the prior year
however as mortgage banking activity is rebounding as we plan to pay off our old senior notes in september at substantial interest savings
our business model also continues to improve and we look forward to the next chapter of the companys evolution and to reporting (on->*) our progress (on->in) the next quarter so thank you all for joining us today
as i previously indicated longterm care will not impact our ability to deploy capital for business investments and return to shareholders
now turning to each of our practice groups our financial services group recorded another quarter of strong growth both in revenue and in contributions to earnings
given that we are making significant progress in stabilizing the cost structure of the business our plan is to continue to invest in (the->*) infrastructure to improve operations
that is continuing as we see them roll out into many of the international markets and so there is pressure on price and id say fairly significant pressure on price
i believe we still are doing the best job in the industry to hold cost down but our industry just keeps getting hit with higher and higher cost to do business so eventually something is going to have to give there
in addition we continue to invest in the ameriprise brand as you may have seen were back on the air with new advertising and we remain at record levels of awareness
actually were down there a couple of weeks ago (with->a) couple of our board members (to->do) and we had (*->a) chance to see some of it (first hand->firsthand) but theres clearly a lot of it down there and thats (why->where) we put a lot of effort (in there in->into that) the last 6 to 9 months
and how big is the revenue on the warranty administration thats being impacted by the financial (with->whats) the overall size of that bucket
that allow us to have the reach into broader parts of the country so the investments that were making in all of our geographies are designed
i have no doubt that dirk together with our strong leadership team will continue to achieve even greater success in the years ahead
the pipeline is better qualified and larger than it ever has been before and weve closed some significant new sales
(mislead->milead) in any direction so were working on that to try to figure out how do we provide you with something that is
things that really dont cost us very much money like a power bank on (*->a) 5year plan where (there is->theres) extraordinary margins on that so
(can->could) i just ask if this is a bit of a surprise or something you might not have anticipated that
hopefully these changes will lead to fewer but more professional and permanent salespeople to add to our existing outstanding performers
in one case we completed the implementation of a large supplier on an erp that we had integrated to before in under 4 weeks
and all segments delivering high levels of performance while making substantial investments in our future success
we have a technology platform tailored to small businesses with product developers agents claim processors and underwriters aligned with their needs
while the q2 numbers were soft we are seeing some green shoots which give us confidence that well see improvement in the back half
and in the process created significant value for our shareholders im proud to (leave->lead) this company far stronger than the one i started with
but offset operators are testing downspacing with encouraging early results that could add approximately 80 locations
ladies and gentlemen thank you for your participation in todays conference this concludes the program you may now disconnect everyone have a great day
as i (announce->announced) my retirement today let me emphasize that ive never been more confident in our plans and in our momentum
making the investment in both our expanded sales force as well as our push to full globalization
overall if you look at the company and i think if you (ask->asked) our customers about it they would say theyre really well integrated at this point
consistent with our expectations this growth was partially offset by lower sales to commercial vehicle customers as certain programs continue to wind down
but we keep bumping into manufacturers and distributors and weve said then weve done some market sizing of course manufacturing (and->*) distribution are both
especially in light of the fact that were going to (have->*) theyre going to have to drag the broadcasters kicking and (screaming->screening) to get there so
in addition weve been focused on helping our customers add more content to their networks add more consumer devices to their networks
we also started distributing monster energy drinks as we are fully leveraging our execution capabilities to capture additional share
thats another item that were going to cover in the analyst day and (get to->going) show you all the detail from those (smaller->forward) projects we do have as (weve->we)
we have changed our interpretation of the guidance and now are deferring revenue associated with warranty contracts for which services are performed over the life of contract
our strategy is focused on delivering strong profitable growth through operational excellence and accretive acquisitions
more detailed information on our reserves and resources can be found in our aif and reserves press release issued this morning
in a nutshell weve been very pleased with how things are going this year were seeing good growth in our customer and usage metrics
its the thing thats so attractive about it is to expand our cemetery footprint you have to use expensive capital i have to buy the cemetery
slightly down from where we were in the first half of last year but roughly in the range of where weve been as we look at the last 6 quarters or so
on a worldwide basis to help us reach on a frequent basis the markets that we need to reach
is built on the pillars of growing with its customers delivering with excellence and partnering for shared success
well make a significant profit despite the fact that we are not cutting spending in key areas of engineering marketing or sales
and so a lot of those securities are still (turning->churning) out distributions and dividends and interest but the market value of (the->those) securities have gone down and so
our pipeline includes a large number of opportunities including an active pilot with a national enterprise customer
all right and i can get the presented from you another time i wondered if you could review back
there are over 75 qualified opportunities currently being worked on by sales more than half of which could close in the next 1 to 2 quarters
and that actually adds value for the supplier as well because it actually gathers (then->any) email addresses for (the->their) customers they dont have email addresses on file for
when increasing prices to reflect (raw mats->romats) increase and in addition we are overcoming or compensating or bringing at least
third (we have->weve) invested in conducting extensive customer research to inform category strategy by market and by store
we just were not banking on it to use the word banking in a different way were not banking on it right now but its theres some great upside with those opportunities
in terms of the operating platforms distribution internal so now we want to take that power that we have and really focus it towards
this initiative includes a new robust selfhelp customer portal designed to increase online resolution of customer issues
that said we do not believe the incident has had any longterm impact to our customer relationships or market share
that not only are they feeling a sense of urgency to do that because all the banks are looking at ways to improve their lockbox services
and deliver sound financial results while (continue->continuing) to invest in the business to support the market share growth opportunities we have in front of us
in terms of the in terms of the cash distribution i think when youre looking at or im sorry the trust funds you mentioned
besides the favorable markets revenue also benefited from favorable foreign exchange rates and metals passthrough
that the big thing for us has really been around data analytics and our integrated operations which really started
on our existing business performance we are pleased with the expansion in our existing small commercial business and specialty risk and extended warranty segments
over the past few years our board has been engaged in a thorough multiyear succession planning process
the third quarter is the seasonally weakest quarter for the cis business and we expect both revenues and margins to be higher in the fourth quarter
we are using investing in several new data sources to conduct market analysis and better understanding our pharmacy patients
we will be eliminating and writing off inventory associated with both the store closings and unproductive inventory throughout the enterprise
we have been applying one interpretation of the revenue recognition guidance (in->and) the accounting standards and recognizing some administrative service fee revenue (up front->upfront)
yes we still like (the->to) look (of->at) the data in that regard and well present the information in detail on the 17th but yes thats still (a->*) very much in the
norway was plus (7000->7) again we had better uptime and well performance but also some increased gas offtake in the summer
brazil remains challenging due to continued economic weakness our chocolate business delivered a third consecutive quarter of growth
ryan detailed other initiatives that are all meant to accelerate customer growth
and this does not even get into
(*->a) little bit more than that and for the ones that weve done it weve extended term and gotten more business
i do agree with you that the primary constraint right now is what i hear when talking to builders is labor
part of this is kind of where you are in the stack which actually i think encourages us to continue to pivot and
let me provide you with a brief overview of our current product channel inventory levels
and a desire for increased spending which will drive future growth and demand for critical road safety products
lets start with a few highlights and then well take a closer look at the quarterly performance drivers
having said that weve really been encouraged by the way the business has trended throughout the year
in the (later->latter) part of q2 and finally we finish with the other businesses
that all was done at the beginning of the year so we wanted to be positioned so we could hit the ground running
but with continued volatility which will keep investor flows muted and transactional activity light
as george mentioned the focus on improving cash flow is our companys top priority
all of our categories continue to post positive organic revenue growth
rewarding them faster and building and strengthening future sales leadership
as we indicated earlier in the call we are extraordinarily focused on managing expenses in this challenging revenue environment
sales of road safety products in us increased modestly during the quarter over the same period last year
i think what happens is what happens to the competition for (the->*) deposits in the banking system
the best type of buildings in the right locations with the right type of (tenants->tenant)
if we see the growth in more panellike products that would
our best cash flow quarter and so there is a little bit of
as well as all domains including (insulation->installation) and service
but the government funding cycle in europe has been really challenging and its creating a whole lot of uncertainty
(siding->siting) or engineered wood would be something that were interested in (pursuing->pur)
that were deploying our resources where we can accelerate and we can ultimately get the returns
which is in line with normal seasonal patterns and consistent with our plan and expectations
while osb continues to be the largest revenue contributor on a consolidated basis
material changes in any certain regions or just any color there would be great
on revenue as i get that and then real commitments on the expenses
where we saw the results and how those (play->played) through into ccar so we had a good understanding of (the->*) kind of the
our oil rate is growing our ebitda is growing loe is continuing to work lower
have you already leveraged the acquired team to promote the new product (and what->*) have you done
(were->we are) off to a strong start on our initiative to increase sales capacity
at least on that order of magnitude to develop the same amount of (reserves->reserve) so if we (peek->think) back to
as you see on the left side of this page we delivered on this commitment but we know we need to do more
additionally we are focused on addressing inefficiencies across our entire expense base
and further vendor management savings and the continued tackling of our real estate footprint
in good times actually more operating leverage than we have in the past (okay->*)
last quarter and we thought this would be a useful reference point for you as we talk through our segment results
social selling is transforming our industry and we are working to be a global leader in this space
there will be a replay of the call which will begin 1 hour after the call and run for 1 week
because youve created a pressure sink at that parent well and you end up retreating the same rock so
over the life of the scba which is obviously a key value proposition for us
okay and then just a little bigger picture i know youve talked a bit about
corruption allegations and things that were going on was basically funding getting tied up (and->in) money
i think if that factor was not there therell still be lots of puts and takes
(is->its) return capital to our common equity holders right were quite conscious of the
i dont think (its->*) a surprise at this point the worst pricing what im curious about is
we would (*->be) think of that as cash that should be returned to our shareholders in some form
although were in the early stages im encouraged with the progress were making
exactly how the test is run what the timing is of the various market factors and so forth but
in for price this year for the business where its relevant i think its probably
so is there a bit of this project selectivity playbook that youre running
have occurred and started in earnest with (a->the) combination of
and then also while were (at it->added) the timing and ramping of the one but not yet funded pipeline
brian will provide more color by segment in just a few minutes
our overall fall protection backlog was about 40 higher at the end of the first quarter
and so we have seen as weve gone back for half a decade a decade or more
ensuring we are allocating resources in areas where we can generate the highest returns
now (the->these) challenges have been mitigated in terms of resizing the business
before i start though id like to first share some of the assumptions underlying our current views
we believe we need to manage the company with this
pretty much exclusively going to be making osb this year in the siding segment
and the continued product investments is what ultimately contributed to that so we got strong
with that i will turn it over to brian to discuss the performance within the segments
very engaged conversation to the extent that we can drive some amount of volume growth
the prepared comments management will cover here are the same as those covered on the earlier call
actual results may differ materially from those statements due to a variety of important factors
would say that a lot of the contribution probably came from
with an understanding of how change needs to happen in a way that optimizes value
but that gives you at least some context as to how were thinking about this going forward as well
to already try to understand whats within the art of the possible of finding a development cost (of->*) rate of return there
i am very encouraged on the progress we have made in expanding our services
what you dont need to do and what you can do to continue to optimize and improve those dollars spent matter of fact (thats->that)
in fact to help our customers appreciate and see the potential of this new technology
we have long admired northwest their management team and accomplishments
service providers are still moving cautiously in terms of commercial traffic and actual spending
manner so the expenses for crd will ramp during the year
and then utilize one of the other projects that were working on to continue to deploy capital for the long term
if the entire lateral is not landed (directly->correctly) or is not all communicating
we expect all these product innovations to support customer growth moving forward
the fire service is a very very demanding environment and so
particularly with cof we are also encouraged
in that particular area that (youve->you) brought on recently are probably among the highest
extremely focused on we started off knowing that the first quarter was going to be the most difficult
stock compensation and legal expense related to the insurance recovery program
while those legacy products move closer to the end of their respective life cycles
with an effective interest rate of essentially 0 for a term of 3 years
(its->thats) designed to provide significant benefits for electricity consumers in the northeast ppl electric utilities has filed an interconnection request
in a study design intended to improve efficiency and accelerate the clinical program fda and ema have agreed to the design features
the most notable findings were that endoscopic improvements and even mucosal healing were reported in each of the 3 active treatment arms
you cant be in safety good or very good you have to be for the things that matter for those critical risks you have to be perfect you have to have
but certainly i wouldnt characterize those price increases as industrywide we have some suppliers of ours that chose not to take price others that have
okay and just so im clear alberto just going back to the first part of the question was that experience of the normalization was that
with all localized therapies is that you can deliver the medicine directly into the lung without an overlapping toxicity of a systemic therapy
the brain is adequately perfused to prevent or to ablate dizziness so you dont see a perfect correlation between blood pressure and symptoms
growth in our p2p business continued deceleration of ebay and lower crossborder volumes contributed to the reduction in transaction take rate
to ensure that any (risks->risk) identified and controls put in place in the program of work would have been effective in preventing these terrible accidents
and have you actually got the numerical data for just the intermediate and poor risk (groups->routes) in javelin for a similar cutoff and maybe
the technology opens up the profitable development of deepwater fields because they can be tied back to regional hub facilities leveraging an oil companys existing investment
the network effects of our scale continue to accelerate our breadth of services and products go well beyond checkout
therefore for the first quarter we anticipate modest improvements in most businesses offset by challenges that will persist through midq1 in our subsea business unit
where were just weve laid down a few frac crews a few rigs and it doesnt take much slack in that market for it to really impact pricing so i think its just (a->*)
on this slide (youll->you will) find results for customer minutes lost on the top left of the slide and customer interruptions on the top right
specific with profitability of any one part of our business thats not something we do but i can give you some color in terms of how we think about this internally
helping to address that issue is a huge opportunity for consumers and is yet another way that our 2sided platform is connecting consumers
those merchants that are using paypal to sell across multiple channels already grow at nearly 3x the rate of those that sell on only one marketplace
notwithstanding the falloff in q4 revenue bookings were better than anticipated and we continue to see significant improvements in drill pipe supply and demand fundamentals
their experimentation with other payment methods or if you just think that it was overall slower than what you had thought
a fully capable manufacturing facility outside shanghai to be able to supply the asian theater
statements regarding the outlook for the companys future business and financial performance forwardlooking statements are based on current expectation and assumption of flys management
expenditures for project compass are not included in our current capital projections our proposal currently calls for this first segment to be built
this then translates also to some implications for how we see (cooling->tooling) technologies developing in this marketplace
and also some investments that weve continued to do in our (mtech->mteq) software business that we are building for the future
experienced across the whole first half or was it more experienced towards the back of the first half im trying to understand when the volumes really picked up
a market environment in which customers strive to implement better physical and digital solutions drill everincreasing lateral lengths more quickly at lower (costs->cost)
(them->*) is opening up new sorts of drilling techniques and better insight into downhole conditions and enables them to avoid lots of trouble costs and to drill faster and to
in terms of the next end of the period i guess when would that be vince in terms of the (measurements->measurement) yes i mean its the same schedule as the 15 16 so
which presents in a (proportionate->proportion of) patients with parkinsons disease as well as the majority of patients with multiple systems atrophy and pure autonomic failure
we are also very encouraged to see the upgrade to a mobile capable architecture has led to an 80 increase in mobile phone conversion rates
the agreement highlights the constructive relationships we have in the jurisdictions where we operate and our ability to work with a variety of parties to secure results
and one of the patient had a report of new (supine->soupon) hypertension not previously reported but those were the only 2 and (as->those) reported in the early part a of the study
less growth than weve seen at the very outset of this market boom so (theres->were) going (*->to see) a bit of a maturing of the market but still at healthy growth levels
most importantly it is a great example of how we steadily deploy capital within the strategic framework i described earlier to cultivate competitive advantage and drive returns over the cycle
but the dissipation of oil inventory overhang and the lack of oilfield investment through the downturn (plays->placed) this latest oil price move on firmer footing
continued acceleration if you will in comps you think relates to the internal initiatives versus an improved backdrop
through paypal for partners and marketplaces and one touch seller signup we are connecting small businesses and merchants of all sizes
but the consumables have already started to come through plus you already see the downstream processing also growing rather nicely so just to give you some facts
before we get started please note that as part of the call this morning we will be referencing a presentation that is available on the investors section of our website
we currently expect to be in the targeted payout range by the end of 2016 so our current expectation is that we will grow the dividend
the hard data that i get from the business and the voice of customer experiences that i have regularly
total take rate in q4 was flat sequentially and down 20 basis points from the prior year primarily as a result of the receivable sale
and that is mainly at this point in time in this quarter its relating to cost reductions in the business area
ill then turn the call over to (nic->nick) who will discuss our financial performance in additional detail even though its been just a little over (15 months->a month and a half) since we last reported
thank you appreciate you joining us this morning and we look forward to sharing with you the results of our operations in the first quarter in april so thanks very much
we will continue to invest but despite these investments given our cost focus and the history that youve seen in the last 3 to 4 years
partnerships like that to come (onto->on to) those marketplace solutions and what were doing there is helping sellers
if (youve tracked->you track) us closely through the years as i know many of you have you know that we have a strong track record of not just meeting but exceeding earnings targets
the engagement has been aimed at employees owning the major hazards and identifying for themselves the controls that prevent fatalities
got it but just to clarify here is this a capex opportunity in your mind down the line and in the near term is that one of the reasons that it
and now with (one touch->onetouch) seller signup we are making it easier than ever for merchants to begin selling in a new marketplace or digital channel in fact
passing 2 million shifts without a fatality (tautona->downtown are) marked more than a year without a fatality which im happy to say is a (feat->feed) that (a->*) number of our operations now can also claim
our largest customers continue to buy new trucks and invest in their natural gas operation and we continue to gain new customers across our markets of transit refuse and trucking
and due to low strip ratio very favorable metallurgy and the availability of ample lowcost power the operating costs are low and project returns are favorable
net of those (so->*) i would expect us probably to be showing something around 20 going forward with this change we are going to have very transparent current income tax
data there and we would hope in the second half of this year to be able to have that natural history data to compare to what were seeing in this study (jay->*) jeff anything to add
has been strong and continues to be strong at the moment now like you said i mean theres always the chance of some volatility but
there are a lot of reasons and you see a lot of speculation in the market we will not participate in that speculation but let me share our view on the market dynamics in airfreight for a moment
and while these trends have supported our growth up to this point i believe that these trends will only accelerate going forward providing further momentum to our (alreadymeaningful->already meaningful) growth trajectory
great thanks carl thanks for joining us today everybody as carl mentioned we have some really exciting news to share regarding our change in our tax structure as weve elected to change to corporate tax status
with a very high degree of our dividend being supported by longdated permanent capital and the opportunity now to build balance sheet to drive growth is just something that people havent seen before
right no i get that i just wanted maybe a little bit more clarity as to how you plan to cover that dividend if its over your fee earnings i guess is it just going to be through investment sales is that
again i think the public comments around that (had->have) been people hope to that the other parties hope to get their larger transaction closed here sometime in the second quarter and assuming that happens then
you cant do that in a (greenfields->greenfield) underground project so its the execution piece that well be very focused on in the next couple of years (adrian->*) you know me well enough to know that im a glass half empty person
the nature of our underlying business is such that it will differentiate us from other mlps in the space and so we will be able to use
i would like to remind you that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any securities of ares or any other person including any interest in any fund
we dont see a changing increase or a (change in->changing) consumer demand for the next couple of months or quarters and that drives our business model very much
under this scenario the total shareholder economics are higher when one includes the value to a shareholder of the retained earnings at ares and the corresponding growth in our book value
our financial policy is to continue to have a very healthy and strong balance sheet and it is to deliver on an increased actual dividend payout in the years to come
in addition to the more frequent and intense (dialog->dialogue) with the fda on this program and also all of the initiatives that may advance this medicine to pompe patients as quickly as possible
as we articulated we decided to become a public company to improve our fundraising through greater brand awareness in the global markets improve our access to the capital markets
it is not uncommon to see as many as 5 to 6 hiring agencies for example at a given health system each functioning in different departments with little or no coordination
and we believe is one of the more attractive projects from a return and capital intensity perspective within the industry and it comes with the support of the host government
we continue to feel bullish about our offering and ability to compete in the market we can say with a high degree of confidence that we currently have the most compelling endtoend revenue cycle
getting to be about flat in 3q and slightly positive in 4q the impact of the mortgage market on equifax growth is significant in the first half of 19 impacting total revenue negatively
yes i can this is david and i can tell you that the infrastructure (margin->market) would have been
through gene (therapy->therapies) that will make a meaningful difference in the lives of people living with these lifethreatening (condition->conditions) and that have the potential to one day lead to cures
why (obuasi is->obuasis) such a good asset id like graham to unpack the details in terms of why obuasi is regarded as a critical investment for us and a good asset given the change that has happened
and as a footnote here we once again distinguished ourselves by passing another year without diluting shareholders through equity issuance and this often gets forgotten
we have this renewable fuel we have the network to be able to dispense it and the pathway to be able to get it into vehicles that gives us a huge leg up compared to some of (the->*) others in this business
has the potential to really change the trajectory of the disease so i think by the middle of the year wed hope to see certainly in the younger children a similarly profound response
for an average of (five->5) years prior to switching so they and patients (whove->who have) been on treatment that long generally are declining in (in->*) the various functions that you measure
shifting to the technology transformation we started in 2018 its critical to the delivery of all of our strategic imperatives and will provide us with substantial product delivery and cost advantages
this includes our network and transportation from a security perspective we will implement generally in virtual private clouds or private instances on the public cloud infrastructure
versus on the arterial side where many of the other products work we based on comments from the physicians weve spoken with (*->that) thats an important advance in treating
could not be taken into consideration in 2017 this deferred tax benefit will only be recognized on the completion of the transaction as part of the overall profit
including the requirement to send out schedule k1s we expect that this alone will result in annual savings to our company and make owning our shares a little less burdensome
secondly with more liquid shares as currency we believe that we can more efficiently pursue selective acquisitions and continue to broaden and deepen our platform
and david (silvious->sylvius) our chief financial officer in just a moment ill turn the call over to david to summarize our financial results and then to ben to review our business activity during the second quarter
we made strong steps forward in the fourth quarter and (well->will) continue our efforts in 2019 and 2020 as we complete elements of our multiyear plan on a monthly basis going forward
i think the most noteworthy is being a public partnership (and->in) all these k1s wasnt the most inexpensive exercise in the world
as well as some of the folks in other regions are getting pretty excited for us about being able to offer some of these products because weve got manufacturing in other parts of the world (that->it) also
we work towards allocating capital to where we think the best opportunities are so i dont even want to speculate as to whether (itll->it will) go higher or lower its very dependent on the opportunity set
and while weve been public for less than 4 years weve witnessed the evolution of this model for public shareholders since the first firms in our industry began going public over 10 years ago
our global clinical development and regulatory affairs teams and our science and research teams and of course throughout our patient advocacy focus
so together just to summarize ill turn it over to (daphne->stephanie) just in a moment i think that all of these efforts and initiatives highlight our broad commercial organization and our capabilities
and enabling us to deliver superior customer value all of which are critically important in the current economic environment
and through creating a small dedicated team focused on the tourism business and third spaces
with our regulatory issues behind us we are a stronger company today and better prepared to grow to the next level
europe and turkey continue to deliver consistently strong performance with this half mainly attributable to volume gains
strengthen our loyalty program and engage more canadians than ever before we believe theres significant untapped opportunity here
really the only thing charlie thats a little and you see it on the chart a little more transactional in nature is the small business marketing
for the long term as we continue to execute the strategy to change the portfolio towards engineered products and industrial technologies
these metrics are not meant to replace gaap measurements but are provided as supplements to assist the public in their analysis and valuation of our company
the only way to get better at it is to try to cluster it more that gives you the ability to go faster in a given area
at the different banners and then how (do->*) you expect to be able to leverage that in your business in 18 and 19 i mean is it a matter of
capital for strategic objective and as i (answered->answer) to a previous question
and then the negative earnings (affect->effect) will be as you grow your receivables
it certainly has not been easy or predictable but we need to be patient and focused on meeting our longterm objectives
primarily driven by particularly strong growth in chinese white spirits despite the later timing of chinese new year
we are also focused on profitably scaling integrated marketing ondemand solution offers
with the transaction scheduled to close no later than the first quarter of 2018 (in the->and its) preliminary proxy related to the transaction
and there were some new features but also in the existing technology generation
with truly global geographic reach and broadbased participation across most categories and price points
reported sales were up just under 2 as organic growth was partially offset by unfavorable exchange
and forms and accessories expected to represent approximately 20 of revenue
so (we so->*) long as we have competitive races going forward and we dont think the country is going to be any less
bill brown our chief retail officer has been recruiting talent to enhance our production in the small business and middle markets
and quite frankly availability is a big one when you sift through brands that are available for sale that havent been
we have high expectations of ourselves and have implemented a rigorous approach to track our progress with each stakeholder group
that are nontraditional and that can make money in those categories so id say for the last 18 months or so
i think it usually happens very quickly because what weve seen is the distributors react accordingly so
were currently planning new apparel and accessory launches in the fall including handbags outerwear (scarves->scarb)
were going to now roll up our sleeves were going to get back to work and we look forward to providing a positive progress report on our next earnings call
this was a great opportunity to showcase the and1 brand with top young players wearing our sneakers
including use of our integrated deluxe marketing suite across all customers and channels
so the orders in the third quarter were related to other parts in those
while im pleased with this performance i will update you later on the work were doing to further improve upon this
products services and our brand in order to position ourselves for sustainable revenue growth
many of our assets have been put on shortly before the downturn in oil and gas prices and production levels were curtailed
and kevins addressed the obvious question of what happened to the political so ill keep my comments brief to a few other items
and on royal challenge we identified the opportunity to increase spend and reallocate across our media channels
our core local and national are being impacted as expected by political displacement in october and november
and i want to take this opportunity of giving our retailers and our dealers credit for great execution across all fronts
while continuing to build out partnership and acquisition web services opportunities
in living the kitchen category saw good growth with some new innovative products and of course the launch of the paderno cookware line
(*->but) we are already talking to some of them right now actively and (the->*) evaluations are in progress and those things are already happening with some of them
demonstrating our commitment to promoting positive drinking experiences and tackling harmful drinking
id like to come back to the enablers behind our margin expansion gross margin was broadly flat in the half
east africa net sales were flat reflecting the impact from the uncertainty that followed the presidential election in kenya
portfolio to dedicate our resources to the acquisition process evaluation of projects
all retailers are looking for all brands to really invest in driving social and digital awareness
if achieved this performance would translate to a total revenue mix of 38 of revenue
this is in contrast to this time last year and as a result we probably wont see the same level of catchup for inventory
we are the leader in the luxury drinks category in mexico with an almost 50 share
make a judgment today whether this direction or that direction will prevail
its nice if its got some equity but has some room to grow thats why (were->weve been) more focused at the smaller end of the spectrum
and build those businesses online social and digital is an important new component that i think
finally the biggest contributor to our margin improvement this half was from overheads which ive already discussed a bit
were tapping into the interest in prestige scotch with our rare scotch (malts->malls) and cask offerings
(arc->arch) signaled a few different scenarios for the future of the portland terminal lease including continuing with the lease as is
we are also currently evaluating several potential acquisitions that could be a good fit for our company
into the first lien credit facility thereby meaningfully reducing our weighted average interest rate
we did not see any notable improvements as the economic climate for small businesses (remains->remain) sluggish
we recognize that there is a tremendous amount of work to do but we made great strides
are like are they and do they have the ability or the discretion to put through price increases
recent trends suggest that interest is increasing in the whiskey category which is largely scotch right now
(were->we are) constantly working to overcome technological barriers in order to create real breakthrough in the manufacturing
demonstrates that we are a stronger company as a result of the changes made over the past few years
and so many different choices and theyre coming at you every day with the potential for the new payment rail to be out there
and then trump because of his unique ability to generate not just free advertising
much more focused on that now its an anomaly of a lot going on and it really is somewhat of an anomaly for the first half
with these results it is not hard to feel super confident and be tempted to think that (the midterm->momentum) alone can take us (all the way->hold away)
we are also interested in gaining experience using (varli->barli) in alternative dosing schedules that may allow the immune system to reset in between doses
but again because of the work that weve done with the capital recycling with the balance sheet it allows us to be
of awareness well activity from our customer is a really telling sign of what were going to be able to deliver in the future
(*->i) have not seen any kind of dip whatsoever in fact were continuing to see building strength as the year progresses
okay so the current this level of interest expense is a good run rate to use going forward and figuring out your free cash
these deals represent a good global (cross section barely->crossection fairly) distributed across europe the americas and asia pacific
helicopter operator so when the large oil and gas companies and the majors come back into the state to spend money on that pipeline or other projects
company projections and forwardlooking statements are based on factors that are subject to change and therefore these statements speak only as of the date they are given
the products that weve set up with innovation technology in both business segments are perfectly aligned with what we see in future growth opportunities
much better than anything thats available on the market today were averaging about 1 (to->or) 2 seconds on signal communication versus about 30 seconds
and since the oil prices are rising during that period of time (and->in) the fourth quarter there is a lot of heatingrelated lpg demand
have the greatest longterm potential in terms of the number or the volume of consumers that those partners might give ipass access to
and in the past quarter we did make progress against all 3 of these key objectives
the usual seasonal factor the (furloughs->follows) the calendar days being lower on top of that some of these additional aspects
before we get started we want to emphasize that some of the information and statements you will be hearing during our discussions today will include forwardlooking statements
or versus how many are still in the development stage with that and then could you maybe give us a sense (with->of) how we might think about the time frame
and our proposition perspective overall if you can provide some details there because first 9 months it seems to be no different than last year
versus say average sales price increase or reduction of variable (costs->cost) and then is this affecting at all where you see
our backlog is up significantly from the same time a year ago and our 12week order rates are positive in all geographies and segments
to the total number including redevelopment thats what youve always seen the more detailed (sameproperty->same property) disclosure from us in the supplemental around
our consultants (determined->determine) the nature and extent of the breach while providing support for communications to regulators and law enforcement
so those of you who do even the smallest analysis will quickly realize that our headcount has grown faster than
the local financials for in pesos and the translation so there is a disconnect between the exchange rate movements
the helioffshore community will be gathering later this month for (a->its) second annual conference to continue this important mission
were in the process of evaluating several opportunities that support this strategy and look forward to sharing announcements on our progress at the appropriate times
people tend to wrap up the year and then its usually well into january before theyre through their budgeting for the next year many of our customers are (*->on)
these statements are also subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect
following the additional rejections expected in the first quarter before reaccelerating in the second half as redevelopment completions also accelerate
and so we were looking at a significant growth of metals portion in our overall cost structure
as well as poor weather conditions and (poor->fewer) hours of daylight which impact oil and gas operations q1 of this year was no different
and bring in concepts that are relevant to the communities we serve expect to see this followon growth continue this year and beyond
and finally our discovery programs are progressing to where we could start to see them refill our pipeline and create sustainable value
for a very long time because of the halflife of the drug and it would be pretty unlikely to require a second dose of the drug to treat a single attack
our build number is likely going to continue to drag a little bit in the first part of the year as we take back those kmart boxes
the practice was retained to support a criminal investigation into allegations of financial fraud and misrepresentation
but the big difference there is uxc thats why we bought uxc was we were going to gain a significant presence
for the service management sector and the largest (servicenowexclusive->servicenow exclusive) service management consulting firm
to track shipments of goods through their distribution cycles in order to predict whats going to happen in the global supply chain
all the advances in the mobile segment but it does provide some fluctuation so as weve talked on that particular piece
which will be conducted in renal cell carcinoma will initiate in the third quarter of this year the primary outcome will be overall response rates
and some of the standard campaigns that we had run for renewals had not had the meat behind them as we had in the past
on a (cd40->ce40) agonist candidate and you will likely see data from what appears to be a very interesting program later this year
id say better guidance that said that we would be best served by having prototypes of the product were going to use in the trials
but we want to do it in a controlled way (and->in) multiple sites so were going to do 15 patients over 3 sites and run our protocol with that
and the other comment id make is i think that any good longterm business plan has some degree of capital recycling
(*->its) the volume of biolife product included in a manufactured dose or whats used in the preservation of a given piece of source material
and the backlog that we have right now and your other question on (the->*) third to fourth quarter
could be better positioned in terms of allowing you for some lowcost financing to kind of work up some of those investments
that i can quantify it for you so that its about 30 million impact
but in the balance i am extremely pleased with our progress and very very excited about our future
and whats fun is that were doing it off of pretty low rents so were able to do it and make money in the process so
to meet the needs of your tenants and if you look at the market share that were capturing (at the->as a) new store openings i think it shows you
up from 50 last quarter and giving us increased flexibility in pricing and winning significant strategic partner opportunities
the executive staff and talk about their mobile strategy and talk about the challenges they face
(ev->*) so like ray said the backlog is very strong in these areas weve had a lot of success in all the regions
(*->a) very strong value proposition to encourage our customers to upgrade to the latest technology
over the past several months (there has->theres) been a lot of negative comments from the experts about the overall macro environment and the truckload industry specifically
to improve power performance and cost means that integration challenges in (a->the) chip manufacturing process are increasingly complex
as a result of these and other factors actual results may differ from those set forth in the forwardlooking statements and the prices of the companys securities may fluctuate dramatically
having a strong exposure management franchise also helps us establish and maintain closer relationships with a client roster that would be the envy of any asset manager
we think its the best way to both do it internally and also externally when we present (*->our)
on the aftermarket side theyre only buying on need and at the lowest price so product availability is critical to realizing these sales and were very focused on that
the experience with spinraza highlights to us the real potential advantage of intrathecal asos as a modality weve got an early
so that create a little bit of a headwind that were coming out of now but if we get some really nice market thats going to be helpful we could see a little bit more leverage
i never thought id run into pickles (peanuts->payments) and i looked at this (pickle->peccle) harvesting machine and i just kind of (smiled->smile)
we recognize that this will be an area of key debate as it represents a significant opportunity in driving operational efficiency and returns
and the reason we can do that is because we have a welldeveloped infrastructure and secondly if an additional flow line is required to
as a result weve made a number of changes to our operational team over the past couple of years to battle the downturn and build our team around the one (titan->tight) model
tire (in->*) any place in the world (*->the) but when you get down to it in the range there is no one in the world
significant weakness in pricing may affect our ability to achieve these objectives but we will monitor and make adjustments if the environment is different than what we expect
and earnings per share from continuing operations before special items to grow in the 2 to 3 range compared to the prior year
and its so easy to take (1->one) as i said to take (1->one) developer and compare them with us but were actually very much different we have our footprint
so you trying to help them but theyre so arrogant they dont want it so what we do
for example we recently announced a collaboration with arm to develop a (neuromorphic->normorphic) switch that can enable new approaches to ai computing
turning to slide 6 we wanted to clarify and outline some observations about ofgems recent riio2 consultation document
we just want to thank you for joining us this afternoon and we very much look forward to catching up with everybody again when we release our third quarter results in august
(*->to) at least the levels that we had before the pipeline was shut down were actually using this opportunity while the pipeline is down to do some
what are you seeing economically is the consumer starting to roll over as intermodal (volumes->volume) suggested throughout the fourth quarter of 15 or is it holding firm
a better explanation of q4 volumes results is that realized volumes were not as strong as anticipated moving into the month of december
we are planning to initiate another phase ii study in small fiber neuropathy towards the end of this year as we continue to explore multiple potential indications for this asset
just to see where we are when it comes to how we did regarding our financial objectives and the dividend policy
stepping back and looking at the broader context 2018 shows how the industry has fundamentally changed over the past 5 years
all in all the assumption within the company is that the market will return to low (single digit->singledigit) market growth
i dont think youre necessarily going to see the same level of adjustment for the electric distribution companies as whats being contemplated for gas
theres not really anything major or specific other than i would say i believe weve taken out
for the clinical experiences they pursue upon completion of their basic medical sciences training giving them an early competitive advantage relative to their peers
yes the backlog had little to no effect on our reported fourth quarter rates but did have a negative impact on our overall fourth quarter utilization
as for gain on sale of equipment we do not anticipate selling as many tractors in 2016 as we did in 2015 and the used truck market is continuing to soften
we feel we can meet these targets by continuing to build our customer base engineering the network and streamlining operational processes
so i cant stand here and promise this very high growth rate over every year there will be years where it will slow down
in this particular quarter we were in a period where large clients on balance were in a position of reducing their exposures
while in the past weve been successful in growing our business and expanding our footprint within asset management through acquisitions were also mindful that
but before i turn it over to mike let me provide you with more details on our commercial performance starting with ms
in this way and to stay with a good return on the capital that we have used in our business and again it (*->is)
and i really deeply feel applieds never been in a better position to use our breadth to enable these new capabilities so
our display group delivered revenue that was slightly above the midpoint and also set new records in both revenue and operating income
and this is where we can add most of the value with meaningful development because we have great people great team and the partners see that
and its effect on capacity as well as consumer spending could affect whether we are on the high or lower end of that range
for more information please refer to the risk factors discussed in the documents we file from time to time with the sec including our most (recently->recent)
secondly the employment numbers are getting better wages are improving housing data points are improving and all 4 of these positive data points
given that our business is cyclical we believe it is appropriate to leave a larger portion of our debt floating as rates generally tend to follow a cyclical trend (so->*)
on the (cano limon->canyona mon) and (bicentenario->b centinario) pipelines will help normalize the margins for frontera to be in line with those of our peers
but we prefer not to because i just dont know the accuracy of it all at this point in time with respect to europe
and we have a really strong position that gives us a lot of room to maneuver and to act on opportunities wherever they might materialize in the future
all these big tire dumps but (then->when) you go to a big passenger car you dont get the biofuel because its a synthetic rubber thats used
it was an equipment dealer who basically said to us (you know->*) the big harvesters the big custom cutters
(in->and) at least one of the major brokerdealers we had a case where several smaller calvert strategies were taken off platforms but then added back
who has a wealth of experience with over 25 years at wpd i have great confidence in phils ability to lead our tremendous team there
so looking ahead im excited about the opportunity at smart to further leverage on a strong execution capability that (is->weve) demonstrated so well
recognize that we typically repatriate from japan in the second half of the year so (you->youll) see a concentration of that coming
please see the section titled forwardlooking statements and nongaap measures of our earnings press release which can be found on our website
especially phoenix and others to bring new solutions and strategies into that place
or other similar terms or variations on those terms or the negative of those terms
the strength of the merger as youve seen by the diversity of the flows has been around
sort of tangible transition will be when we emerge out of the safety (runin->running and into the)
these unprecedented results we are exploring potential (fasttopatient->faster patient) opportunities with regulators
and mosquito and (bed bug->bedbug) services in each of the 5 states in which they operate
hundreds of billions left in that market to transfer yet so were well away from reaching that point
their revenue and customer base will significantly increase our market share in the (south east->southeast)
the segregated mandates dont tend to work on (lead->league) tables they tend to work relative to benchmark
certain of the infrastructure practices some of (thats reactive->that through active) work but theres a fair amount of that
(*->i) mean someone has to pay those costs to get it from the producing area to the refinery and its just how those
all such factors should be considered in evaluating any forwardlooking statements that may be made
whatever earnings are gained through this will be given to the institution
because we dont operate in china we dont have a license to operate in china but there are a number of those customers that we have saved
an extensive discussion on this on the different bills that will be passed (through->to) congress
then the key is (*->the) volume if you have the volume then you can offer more lower cost
and as i mentioned were now adding the internal audit group to her responsibilities
and the risk factors that could cause actual results to differ thank you eddie
continue to focus on maintaining the integrity of our assets that is absolutely
retirement had a solid quarter reporting good earnings and net flows
however we do not expect to be able to maintain this elevated level as a baseline in the future
what the credit of those parties are how well contracted it is and get comfortable that the overall
good day and welcome to the anworth mortgage
we also instituted a comprehensive review of investment performance
the new active to their risk (budgets->budget) and of course a focus on investment outcomes
thank you mark im going to provide a brief update on key balance sheet items and financial measures
any indication as to what momentum is in terms of flows during the first half of the year (campbell->*)
wouldnt be able to comment unless such time we had a client who wanted us to comment on that
how we allocate capital to the growth of tllp that creates the most value whether it be through
given the runup in the markets and the benefit were seeing from our assumption updates we see this as a good opportunity to revisit
that is useful to understand the consumption trends that our customers have
specifies or prescribes more how to recognize revenue it doesnt change our revenues very much
we hold at that level such that we can sustain it through a level of cyclical stress
and that they are not currently planning to hold an advisory committee meeting as part of their review process
as you know we made a deliberate decision to retain as part of the
we need to be able to create value or we just wont pursue those opportunities so
and because of this what do you see (are->a) prebuying and where you see the scrappage will come
that over half of future development cost could be offset by contributions from our partners
about the performance of the triplet of course theres a lot of evidence of what the control arm
to investing in capital projects that add value
its a contact sport its spending time with clients and talking about those opportunities
therefore the real results can differ from those signaled
looking across our businesses ill mention a few highlights of results compared to a year ago
is where we have taken action to implement a saving but it hasnt actually begun (*->to)
as far as the sponsorship (and->in) bristol well continue to work with them to put the data out in the right
weve continued to be diligent in managing our balance sheet while maintaining financial flexibility
as a result of the withdrawal of troops from afghanistan in the fourth quarter
sustainable alliances that generate value for the company and for the ott players
the diesel cracks have been relatively weak until recently and they have actually started
the increase was primarily driven by a greater contribution from policy charges and fee income
as the net decline in fair value more than offset the core earnings for the quarter
but we understand that the ministry is going to
(you should have->*) a good contractor on whom the banks can bank for completing the project
these results demonstrate the value of our highly integrated business model
also operationally we had a very safe and successful second quarter
this year (and->in) sort of this onetime noncash charge that we had for the onerous lease
a significant component of which is making sure that we have an appropriate cost structure
having said that i think we the way we are thinking about this is
maybe subcontracting is going to levels which are not comfortable that is what i was just trying to clarify
and the cameras come out only when they are used
additionally as we can observe in the graph located in the lower left side of the slide
id say that the conversation about possible early paths to patient
yes so i think david this is (gregg->greg) i think what you ought to be thinking about is maybe
as current quarter sales were lower due to the elevated level of sales in the first half of this year
i would anticipate that well have at least a year of drilling
to their expertise in introducing our product in this important geography
with our own brands which will be identified and differentiated as well as (as->and)
and two most of our focus on this is frankly going to be on (the->*) implications to product and wanting to ensure that
in the second quarter all of our business lines experienced good growth
at the end of the third quarter the pipeline emerging from our (partnered->partner) discovery activities
and the results of these actions are starting to pay results
these favorable unlockings were mainly driven by the performance of equities in our customer accounts
and divested business results and other items outside of adjusted operating income
which was expected due to the upcoming commercial launch of our new platform nexus
successful growth that we had in our branded retail network on a yearoveryear basis
then the margin should come up to a double
sort of like historical discipline the way we think about it
i think weve learned a number of lessons in the last year it certainly does take longer
our understanding of the market dynamics when that second entrant came in is that there was really no
like it (happened->happens) so well our guys will have to be staying closer to our dealers and with (*->our)
while medical professionals are the driving force behind successful outcomes
in line with how we had estimated and (evaluated->guided)
the macro front have you seen anything on the proactive side thats changed as far as like the demand environment
as swap rates decreased more than other asset yields during the third quarter
this is a line that is very important for the city of lima
i strongly believe that this will serve our shareholders very well in the future
and we would expect no disruption to our shareholder distribution plans
engagements that we have (of->with) the advisers with the clients and we give them a lot of support to work with their clients more thinking about it over a longer (term->*)
and we would (its->and) a lot of it is the depends upon a key part of the analysis is what location we put them in
we think we can find a better time that will make the deal more accretive rather than just (market->mark it) down in order to make it accretive and thats our philosophy
as our product revenue increases and we close more endtoend (solutions->solution) sales we expect to see our recurring revenue base stabilize
and so were seeing a little better on the aftermarket but its definitely primarily what were getting is the new aircraft with higher content coming through
and as usual our team did a great job so on behalf of all peyto shareholders (i->id) just like to say thank you for the big team effort out there in the field and here in the office
the company does not provide any assurances that such applications will receive regulatory approvals oculus disclaims any obligation to update these
has been one of our greatest advantages because we can do the right thing when the markets crater and (*->we)
with all things we tweak it daily almost and try and optimize that for both movement and offsetting
great opportunities in the aftermath of brexit as i mentioned earlier but its early days and i think we will start to see
in our heavy oil business unit we await the (start up->startup) of additional water handling capacity in the (quifa->kifa) area by the end of the year
speaking with our oil company customers were spending more time working with our customers who we think in the current low oil price environment
our revenue performance in the first quarter was affected primarily by a decline in maintenance and support revenue related to legacy hardware products as anticipated
my questions are a little bit more simplistic because i can detect some of these calls probably most all of them have come from brokerage houses maybe that handle a lot of your shares
how many pieces along the way (that->there) really is that youve got to debottleneck when you start changing your production blend and its not quite as easy as (some->*) people think it is
and i understand for next quarter ive got to back out kind of the latin america sales so i know its kind of hard to predict these numbers
earlier this year the partnership took over as the sole provider of shuttle tankers to the oil companies operating offshore in east coast canada
in our earlystage oncology pipeline we continue to build capabilities and explore new technologies that will extend our reach in the solid tumor market
we continue to work strategically with customers to place our coal in (top performing->topperforming) plants and to keep coal competitive in the marketplace
has been very effective meaningful and has shown a significant tangible positive impact on our overall financial results
was an important step for the company because it releases us from some very restrictive covenants which were imposed at the time the debt was arranged
compared with last year the decrease in sales was primarily attributable to lower sales volume and lower selling prices of stone fruit
so if you look at all these and as we go forward in the year (well->we) keep updating you about these but once all these projects come into
(higher->high) oil prices which result in lower volumes relating to pap at (quifa->key for) southwest
reported our wholesale pipeline inventories so that everyone out there can follow along with whats going on so theres no question about
were being careful about how were doing that as we flex the manufacturing capacity that we have to make the shift over and so
that program was reinstated in october last year and continues today so thats one of the primary drivers in that
this (ensures->ensured) that coalfired generation remained more competitive than it was in the first half of 16 and power plants were able to burn more coal
but we really havent done a whole lot of marketing beyond building out the partners to (gotomarket->go to market) in some of these geographies that i mentioned
i believe that the industry is likely to grow (and likely->unlikely) to capture a lot of business because (the->*)
we are very excited about this opportunity and are working through all open issues as swiftly as possible with all stakeholders in the process
these capabilities are in development and testing and we will be introducing them with training and support to advisers beginning and throughout next year
factors that could cause actual results or events to differ materially from current expectations are disclosed under the heading risk factors
thats our target as far as (pineapple->pineappeline) is concerned i believe pineapple will rationalize by itself as we go forward because
so we dont have anything specific but obviously we have a key amount of capital that we spend every year which we consider our maintenance capital
the other main crop is (rubber->rupper) also not doing very well because the price is still not up to a couple of years back
the increase in the total cost of coal sold was driven by higher production volumes as well as modest increases in unit cost
including negative interest rates confounded forecasters while its impossible to know what the future will bring in any of these regards
and (that->then) exchange had about a 30 basis point impact and obviously exchange rates are going to move around so its difficult to call how that is in the future so if you back those out
especially the growth in the equity markets over the last 3 months has really helped them to fuel our growth
are supporting operations and allowing people to reach out further go further to get fiber supply and pay more and were seeing that in some of the extreme bidding behavior
just because we found one way to do it doesnt mean were going to stop innovating when it comes to our completion design and when it comes to improving our results
so i noticed consensus models top line growing for (bausch->bosch) going forward over the next several years including next year is that how you understand the business to be
part of that initiative is trying to leverage (third party->thirdparty) professional service organizations to deliver (again->against) some of our projects
although we (are->were) able to find a way to keep most of our drilling rigs moving as you mentioned we were certainly not so fortunate with our completion activity
and that gives us a faster and more costefficient solution to the customers and thats exactly what were hearing in conversations with them that they want at the moment
as well as we mentioned some of our restructuring charges were related to our industrial business so that is why were still confident that our
we are pleased with the progress weve made over the past 5 quarters since i became ceo but recognize we still have much hard work ahead of us
and i dont know it could be all (day trader->daytrater) activity from some local people but the (fluctuations->fluctuation) sometimes are just seems to be rather large
because it applies across the whole book rather than to the subset that does not have credible claims experience
compared to the end of the first quarter of 2017 as the operational impacts of (cyclone->saclone) debbie in australia were less than previously anticipated
and so as we look at it if we were to get tax reform where we could get better access or more costeffective access to our offshore cash
that is certainly something we would look at that said its a little early right now to know definitively how this is going to play out but we remain optimistic
this was primarily due to a reduction in expenditures in each of the business segments and negative forex translation (effects->effect)
subscriber growth continues to be strong in mexico we added more than (500000->500) new subscribers in the quarter
treating business decisions at every level as an owner would but they do it with the devotion to who we do it with and for
the reason for it is threefold first of all we have really focused our new business sales
unemployment remains high to start with and none of those drivers is likely to be available in the short term to drive growth
we are integrating from a marketing standpoint and putting more of our resources into
big impact in terms of us being more challenged with our product line so
was very much about mortality of people that are 100 years and beyond so that i would call on the outskirts
next we would like to explain the positive and negative factors that impacted profit before income taxes for the second quarter
i dont know that the upgrade rate itself because the age of devices has changed that much
i also want to thank them for the warm welcome they have shown me in my first few months and im very glad to be part of the team here at american midstream
not forgetting the future the technology pieces i spoke about not forgetting (resilience->resilient) the future of the business
of company to watch in 2019 we will find out the results next week we have really come a long way in the last 2 years
so i think there is some not only just based on the volume of customers but also based on what the customers want to buy and well continue to look for that
and that we have also learned our lessons also going back in the past when you look at what has hit us
in motorcycle business operations group unit sales decreased primarily in indonesia china and brazil
and we continue to be very excited about it we will get a significant amount of the band 14 up this year
we are committed to delivering the 2016 forecast that dan reviewed even given the difficult conditions we are facing as an industry
that has now not really evolved since around the end of last year so (*->its)
the guarantee in the new business is very close to 0 so the dilution i would say of the inforce brings the overall guarantee down
and what can we also do to influence the claims behavior that were experiencing in a positive way
(*->and) our latin america satellite operations continue to be profitable and generate positive free cash flow
higher wireless equipment and strategic service revenues partially offset declines in legacy services
as well as the new spectrum (band->ban) 14 gives us (real excited->really excitement) about the ability to serve customers really really well
all of that still supports a good climate for pricing (and->*) a good climate for compounding profit improvement
therefore please be advised that hondas actual results could differ materially from those described in these forwardlooking statements
but for patients (that->to) really realize the full benefit of the drug and (then->*) realize the benefits particularly in the abdominal symptom relief
and all the engine manufacturers have the same hooks as we do in terms of knowledge and intellectual property in (the->their) engines
except as may be required by law during the call we will also present some financial information on a nongaap basis
her expertise and insights will be a valuable addition to the fluidigm team particularly as we pursue increased penetration in pharma customers
what we were doing was working and was getting the results not only just results but the results we wanted
and thats the very reason why were doing all this effort on transformation we have to generate a sensible competitive
and in connection with adopting the new standard on revenue recognition the company will now record universal service
i think you would not appreciate if the payout ratio would jump around every year if the dividend would jump around every year
but at the same time we did see margin improvements in business wireline and international
so we feel very good about the fundamental demand drivers and about the leading indicators (of->and) nearterm shipments
so we really want to be thoughtful about how we proceed as far as our core strategy and our investment thesis
all of these results as you have seen are really embedded in all geographies across all lines of business
but wed like to continue our progress and then show the results so we will see improvement
and finally our consumer business was up sequentially above our expectations due to product diversification
it is a big ground for innovation we have certainly moved on with some very tangible results
our strong brand enables automation customers to trust us and build their solutions with our products
we see the potential for that but we need to see what our ngl solution is going to look like out of oklahoma
as that product (portfolios->portfolio has) expanded for the past couple of years it takes some time to get that customer to
when the ramp of these products especially of new products (and->at) new customers its pretty difficult to time correctly
we are not at a decision point right now for what the next tranche of processing capacity needs to look like in oklahoma
and in terms of the diagnosis of the problem and the manifestation of the problem
all our regions did well this quarter exceeding our expectations asia pacific was the top performer again
i think a year ago many investors expected maxim might have been a target
to drive continuous improvement with brad on board since april we have taken the first steps in implementing a multiyear program
this enables us today to really give the capital where we have sufficient returns
and you can look at this for all these 6 geographies the key is how can we grow with our customer base
i think if you look at where we stand from a demand perspective and whats (happening->happened) in the markets (or not->and)
our unit margins in aggregates reached a second quarter record and the pricing climate remains positive
try to get it down a few more days to get (at->it) 60 or (a->*) couple days below that and we are
and we also will continue to renew the existing contracts and strengthen the relationship with our retailers
its cyclical during the month and so to the extent that the funds come in (it->and) reduces our need
this quarter we saw robust instrument placements around the world with exceptional strength in our hyperion imaging system
is not permitted without written authorization from the company as a reminder todays call is being recorded
so lets get right to the key points in spite of (aggregates->aggregate) shipments in the quarter being hit hard by rough weather
for a more complete discussion of the certain risks and uncertainties affecting investors bancorp please see the sections entitled
driven primarily by factory automation products in the areas of interface signal chain and power management
such statements are based on managements assumptions and beliefs taking into account information that is currently available
in fact looking behind the quarters reported numbers im very encouraged by what i see
key producers in the area are benefiting from successful delineation work resulting in an expanding resource base
(sure->*) i think the only thing are the general things that we already said which is what were fundamentally trying to manage (to->*)
and with that guidance well turn the call over to larry for an operational review
we will stay disciplined and return the cash to our shareholders
whether it can lift returns by another means
throughout our other businesses we continue to see considerable earnings growth opportunities over the coming years
thank you for your time today we appreciate your support and your interest in (erie->eri)
highly productive and we look forward to continuing to work together with their excellent team
but it is a whats important about it is that you arent just doing
during the third quarter we gained considerably more insight into what its going to take to complete (this project->these projects)
these laboratory programs employ specialized analytical devices that are proprietary to core lab
we partnered with special situations fund a fund that we have a high degree of respect for
what essentially happened in the contract research business in 2016 was
this year the (dynasil->donal) management took a look at the time that weve invested
so (yes->*) im excited about the prospects of the company and i believe that
the direct commodity exposure accounts for a significant portion of our coverage variance
we could really defer the equity issuance on an ongoing basis beyond that were picking this point in time
as ive said the last 2 quarters changes in revenues is not a good predictor of our performance
im really happy to share with everybody that as we have gone through the full data set it is even better
strong organic growth reflects strong market performance driven by our new product and channel initiatives
a share that youve decided on of things that have happened already
on forwardlooking statements and use of nongaap financial measures set forth at the end of our earnings release
before turning to the segments and the project backlog theres an issue ill try to address (up front->upfront)
now ill move into a brief update on initiatives in our segments
the question for us and the question for shareholders is what kind of fund do you want us to run
situation around the world and that is the reason for our cautious approach
therefore it has been determined that the current collaboration will focus solely
and its created a situation where we can access alternative forms of capital at a lower
(however->how) were going to do the best we can here to give you an estimate of the range of that impact
now to begin (a->the) review of our business segment results ill turn the call over to corning
there have been a lot of discussions about the challenges of the south africa projects in previous quarters
and its at the right price and i emphasize its at the right price fair value or even higher
we remain focused on driving further improvement as we move forward
our safety and operating performance continue to be strong
and that was in addition to the marketplace issue that we were dealing with
by paying close attention to changes in economic environment
additionally we also intend to grow these platforms through bolton acquisitions
meanwhile as i think most of us know mexicos gas production continues to decline
you will see that revenues are down significantly versus the corresponding period last year
and as customers increasingly require their maintenance providers to be of substantial scale
personnel costs for the first 9 months of 2018 were impacted by additional bonuses
do they have a material economic risk or incentive
and once youre in the (presentations->presentation) section go to the
we undertake no obligation to publicly update or revise any forwardlooking statements
really benefit from the ability to get a better sense of perspective on how to interpret that
there are 4 unique features to remodulin as it is today
moving now to an update on our pipeline program i will focus today
which offers an increased potential for monotherapy and combination treatment
we are not just enamored with spending money to become bigger
now please turn to slide 13 for a review of our gases americas results
id say we have made great progress in this area and the outage that we took this last quarter in europe
we have not had a chance on our quarterly calls to talk very much about our oncology
weve not yet moved this project into the backlog pending some further progress on additional commitments
and potential of compugen since this is one of the pillars
extensive proprietary studies and joint industry projects have shown great promise
in terms of looking at the how well a company is doing in terms of revenue
we do not expect this filing to provide any new material information for investors
taking all (comers->commerce) and perhaps stratifying for presence or absence
at some future time it might be the time to do that so i just wanted to
our production enhancement segment is expected to experience continued growth
and employing new core lab technologies like our digital rock characterization services
and the wind doesnt blow all the time but some people have apparently neglected that understanding
as you know air products has a significant amount of cash
and has quickly been established as a revolutionary treatment to cancer patients
(and->*) we now open up the floor for any questions and i would like to extend
those are the things that are going into these large portalized detectors we make
this is one of our most important strategic initiatives in the past few years
as well as repositioning our business towards more profitable market segments
let me repeat that it means not having to sell common equity at all for that period
by now the entire portfolio in hong kong has adopted this model from october
as many of you know our natural gas operations produce over half of our cash flow
to predict when they might be done and of course regarding any large deal we have to make sure that
that will provide capital to support the companys domestic and international expansion efforts
andy will then go through financial highlights and operating performance of our hong kong portfolio
were very proud with the success rate of our (predicted->predictive) discovery capabilities
and so what were saying is that as we go forward
to execute these projects and reduce risk going forward
and then larry will go over cores 2 operating segments detailing our progress
as we benefited from tax credits in relation to pretax operating results
to discuss our results in detail then i will come back
in addition to the funding all xcede notes have been converted to equity
the effects of this (devaluation->valuation) are continuing into our current year
of an acquisition while maintaining continuity of our normal business activities
i am very pleased to say that his idea carries on
the most profitable industrial gas company in the world
before taking into account the realization of the lower effective tax rate
finally on the next page youll see our public company performance since we started
will be based on growth in our net assets rather than further reductions in our expenses
(bob->but) we call it raw materials but it is all power
the important takeaway from our commentary today is that we continue to build franchise value through sustained organic growth and opportunistic transactions
this may well be kind of a one step (backwards->backward) so we can take 2 steps forward (in->and) getting the realization of some of the strategic benefits of the (linehaul->line haul)
even (1->one) lost time incident is too many and serves as a reminder that we must continue to improve our safety focus and culture to reach our goal of nobody nobody getting hurt
and they dont result in increased top line but they prevent major accidents from happening thats the whole hope we keep making those investments because thats the nature of the business
lower cost options and what the patient will pay out of pocket (precheck myscript->pretech my script) is one element in our synchronized approach to pharmacy care
i think in your last update you talked about the ability to leverage (it->at) lower levels than you have historically i dont know if you could add any more color to that on this call but that would be helpful
strong growth together with excellent operating (costs->cost) and productivity management lifted the first quarter margin by 100 basis points over last year
financial condition or results of operations of the company to be materially different from any future performance financial condition or results of operations implied by such forwardlooking statements
wondered if you had any initial data at all regarding antibodies (and->if) perhaps maybe you had a measure in place so that if there was (someone who->some that) had (a->*)
in fact we achieved first fire just today which is a huge milestone for us and ipl and we will now be focused on completing the commissioning over the next couple of months
that means consumers can see what their personal outofpocket (costs->cost) will be for a specific treatment at a specific facility performed by a specific doctor
(zack i->ozach) it was a little hard to hear you but i think you were asking about the impact of the flu on the medical care ratio is that right yes in the quarter and that versus everything else
and fifth it will drive higher (cash on cash->cashoncash) returns on us capital projects as capital spending for the next 5 years will be immediately deductible for tax purposes
we announced a (catofin->cadafon) technology license award and plan to announce several more awards this quarter including the ethylene technology award in india that we announced just this morning
that have come and gone over the last couple of years and especially with the current administration so the good news for us is certainly if they take the tax credit away
for all payers including unitedhealthcare and we use modern technology and information across the expanse of our enterprise to enable and improve health system performance
and a lot of the market participants have brought a piece or a part to the solution and i think what really differentiates this business
and finally we are taking a number of decisive steps to strengthen our balance sheet including the virtual elimination of our debt through the planned sale of our technology business
five be the partner of choice for rnai therapeutics everything we have discussed today from our development speed to our encouraging early clinical data and ability to target a variety of tissues
before i end i want to thank all of our associates for the awesome job they do day in and day out they truly are the heart and soul of five below
and specifically where in the store should it go should it go and take space from our big brands or should it have new incremental space the good news is our relationships with the retailers are so strong
from our cash and investment balance at the end of fiscal 2016 our 2017 public (offering->offerings) resulted in the substantial strengthening of our financial position
of circulating santigen even so half of these patients experienced a sustained host response where it appears that arc520 triggered something that enabled the body to fight the virus
dynamic merchandising and tailored offers and (were->we are) increasingly collaborating with retail customers to make ecommerce a point of differentiation for pepsico as a result
we are starting to see contributions coming from these products well make further efforts to have even (*->a) bigger growth mid to long term based on the results so far
so shifting it to the point of sale has a very minimal impact overall but has a very big impact (to->*) individuals taking those impacted drugs and i would tell you this is just
our first priority is safely executing our work earlier this year we conducted a survey that benchmarked our safety results against more than (1000->100) other organizations
most of the major overall of the company and the business plan is being taken care of during 15 and 16 and those are the years that we wanted to protect
which remains untapped for five below it is important to remember that while our merchandise offering targets the (preteen->pretea) and teen demographics
im also pleased to report that none of our employees suffered any injuries as a result of the storm again a testament to our safety culture at both work and home
this issue is now well recognized by regulators kols and industry expert but its impact remains highly unpredictable for individual patients
these forwardlooking statements are subject to known and unknown risks uncertainties and assumptions that the company that may cause the companys actual results or achievements
just to mention one we might have additional potential upside coming from the new regulation which is foreseen to be finalized by november this year
the difference could be in evaluation of the business (results->result) of our company could be added up to the ordinary (results->result)
we have made progress against all of our strategic priorities this year and that is reflected in the readiness of the organization for our most important season of the year
considering also the opening position the open position we can expect to fully hedge the position achieving a positive effect
is sensible and something that we know for sure we can deliver and thats why organic revenue growth at least in line with 2017 is a sensible guidance
an arbitration or anything like that its a good spirit and i think it will be a positive impact for us i really hope to be able to tell you something by the end of this semester
you have heard elements of our progress in each of these areas throughout our remarks this morning and you can be sure we are focused on fully executing on this agenda to our full potential
and then just a couple of other kind of (nuance->nuanced) things nothing really to read into that but in the fourth quarter we do expect to close another branch
our core target customers which consist of complex multisystem health care providers continue to acquire physician groups in order to better serve their patients
in the current year that will determine how much of a benefit we get from that new market tax credit award so that would go if we do get an award go towards offsetting
credit quality remains (solid->stellar) with lower nonperformers and very modest losses in the third quarter for the first 9 months we (were->are) actually in a net recovery position
even in some of your existing regions but maybe can you talk about how youre prioritizing some of the major new market opportunities over the next 12 to 24 months
we scored better than 84 of all participating companies this is an excellent score when you take into account the quality of the other companies that we were benchmarked against
with acceleration in hyperion imaging systems and (helios->healios) systems we are seeing a significant pipeline of prospects over the coming quarters contributing to a larger funnel compared to last year at this time
we brought our chisholm ii gas plant into service increasing processing capacity by 200 million cubic feet a day in the stack and added incremental customers and contracts to our expanding business there
i know (data dependent->datadependent) but if you dont partner out do you i just want to get a sense from you guys as to how aggressive you could be looking to a pivotal study in this unmet need indication
we are seeing evidence of market expansion with a couple of seminal publications including our first mass cytometry publication in a prestigious clinical journal we will update you on our progress today
and i think that what that reflects is a growing conviction in the marketplace that there are a very small number of places that you want to be as a midstream services provider
ill close with touching on our greatest (assets->asset) our people our employees have the right drive and heart what i call heart ownership of enlink heart ownership means that our teams have a strong ownership mentality
good start to the year (in->*) the first half in the second half of the year we absolutely need to continue to think about our customers we need to make sure that (our->*) production rampup continues to happen
we are uniquely positioned to serve the growing demand given our strategic asset base that stretches along the louisiana coast and includes (*->saltbam) storage and ownership and operation of the henry hub
this was primarily due to cost reduction efforts and an increase in income related to sales volume and model mix which more than offset the negative impact of forex effects and other factors
and so we think for a project to make sense youve got to have a lot of synergy and a lot of vision as far as what youre going to do with it longer term and i think thats the nature of the deals that youve seen recently
we have tried our best to anticipate with all the changes preipo that weve shown you in our investor day in november to anticipate as much as possible
and therefore my aim is to have a sustainable dividend development that is clearly based on operational improvement it makes no sense
which occurred when orders that were anticipated to ship in the third quarter of 2017 did not ship until early in the fourth quarter we do not believe this change will result in a shortfall in the back half of the (year->*)
and therefore depend on circumstances that may or may not occur in the future investors should understand that general economic conditions industry conditions and other operating factors
the increase was primarily due to cost reduction efforts which more than offset negative forex effects a decrease in revenue associated with sales volume and model mix and other factors
it is still too early to talk about sustained recovery in the industrial (segments->segment) but we observed a slowdown in the decrease of natural gas consumption at least
(i->*) give credit to the team with regards to the tremendous work theyve done getting (chickadee->chikidi) not only off the ground but literally in service and (only->flowing) for our customers
health and wellness both in canada and around the world is a growing industry with a number of positive demographic trends as you know consumers everywhere they want to live longer and they want to have a higher quality of life
we expect the current challenging retail environment with lower foot traffic to physical retail (locations->location) to result in continued reduced spending by consumers on housewares and small appliances in mall locations
piece of it on the video side that content is variable with regard to the packages (that->*) we sell but i also think theres some opportunity going forward to be variable with regard to within the packages and i think
i also talked before about power systems and service and the massive installed base we have out there and how we aim to do a much better job on service in our power systems business
the test (for->of) this is that our employees have a reasonable expectation of being impacted by this program and thats the test (for->of) when you (is->theres) the trigger for the (for putting->providing) the provision in place for that headcount reduction
this region has been a soft spot for us over the past 2 years however im pleased that we are building on the momentum we established last quarter delivering sequential growth for the first time since i arrived 2 years ago
(and->*) theres been limited discussion around the concessions which we thought would unwind after a pretty favorable position in december so perhaps give us a little bit more color around that and how (those->*) that evolves in the second half
the new organizational model which is called freedom in boundaries where we have a lot of empowerment locally but where we have on the one hand a very clear competence
this is a decrease of (90000->900) units compared to our previous forecast and reflects the fact that difficult market environments persist in asia especially china and south america
some overhauls as a result of those life limitations as we get into the fourth quarter of this year and the first half of next year
our team is implementing a series of strategies to drive adoption of our newer content and workflows while these initiatives will take time we remain confident in the potential of the microfluidics business
we expect that the majority of enlcs cash available for distribution growth in 2017 (we waited->weighted) to the second half of the year in large part driven by segment profit growth on our oklahoma footprint
of tomorrow but those are also the markets that we need to streamline and need to decide where are we staying in and where are we going out and you have seen that we mean it
and (we need->really) to see how do we bring the guarantee down because there are ways of bringing it down and how can we also make sure that if people need cash we can accommodate their wish
additionally with the redundancy of natural gas pipelines that we own in louisiana we have the unique opportunity for accretive conversions of pipe into alternative commodity services
on october 5 it was announced that honda and yamaha motor company limited have begun discussions toward a possible business alliance in the japanese market in the class (1->i) category
moving to the dtv now platform or moving to a thin client platform eventually for the home is really going to change the free cash flow aspects because the upfront
were trying to if you will make sure were willing to invest this opportunity in the customer base to grow the business and the opportunities for (the->*) long term i dont want to suggest
so japan historically has been a very strong market as far as gi diseases and i think were realizing that so i think and were seeing real revenue come back from that market
while increasing our optionality now id like to provide you updates on our time warner acquisition and our goal to build the worlds premier gigabit network
when we highlighted our new accounting policy were capitalizing a little earlier and stopping capitalizing a little later than previously and the comparative for the first half (of->*) 17 did not have that new accounting policy in place
as a result he developed software on his own to further automate the workflow these software partnerships (strengthened->strengthen) our offerings (increased->increase) the pullthrough of reagents and drive faster market adoption
as we said in our prepared remarks we believe that there is opportunity to the upside for us to see someone (coming->come in) here and be active in an area that devon is not and was not going to be active
private demand continues to recover across most of our footprint with key states such as california and virginia showing renewed momentum
we now live in a connected world which continues to require an increased demand of electronic components and solutions
we continue to work closely with our customers in developing new products as we support the marks to complete 5g deployment
now i realize that marvell has had some challenges lately but i believe that this is the best time to join a company to help lead it to the next level
so we (spend->spent) a lot of time on the fy 16 look back and you can see the implications of
(*->well) were going to talk more about that after matts been on the ground a little while but i can tell you one thing
in addition we continue to manage our cost and improve our bottom line as we get closer to cash flow breakeven and gaap (profitably->profitability)
and flow all important properties of insoluble sulfur which can help our customers maximize the productivity of their operations
promoted story allows brands to take advantage of the familiar stories format that we invented 4 years ago
we remain focused on reducing costs expanding margins and building our (advantaged->advantage) platform to drive top line growth
i think (weve->we) got to get to closing before we start to really articulate some of our plans but obviously we anticipate a lot of synergies to be realized
thats because our redesign separates social from media solving many of the problems that arise when friends are (commingled->comingled) with professional content creators
these approaches are now the way we work and will continue to benefit deliver benefits for us as we move forward
but it will continue to be pressured as we see inflation in these emerging markets i think most importantly what you need to look to for us
steve doug will you get to a point do you think that youll feel comfortable discussing that backlog and the booking numbers
by providing the required blend of chemical resistance and durability this has positioned (tritan->triton) as (a->the) material choice in both clear and opaque applications
how should we just think about the mako opportunity internationally especially given some of the variant reimbursement structures that we have in place overseas
this reflects favorable leverage from business mix and continued focus on operating expense improvements through our cost transformation for growth program
i know we are on the right track and im very excited (*->and) to continue to execute on our growth plans now and into the future
(were->*) assuming conditions stay pretty challenging like they were in the second quarter and continue that way for the rest of the year
before we begin let me remind you that comments regarding the companys results and projections may include forwardlooking statements
establishing an organization structure of checks and balances in order to execute the business strategy
as everyone knows in this industry the cost of a design is escalating exponentially
(*->as) you think about the cadence through the rest of the year we expect earnings in the third quarter will be similar to (this->*) second quarter
our market outlook over the coming years is positive we see continued adoption of our products in all of our major markets
(dawn and->done in) some of the previous studies that have come out that are contributing to the interest in ischemic treatments that are mechanical based
so were going to do that were going to take out cost as much as we possibly can but not cut our innovation programs thats a core choice for us
is part of that a function of and i assume these are some of the local brands that you got via cadbury
what are some examples of how the economic weakness is causing you to revisit your marketing plans if at all whether it be
as expected higher prices were the key driver contributing about 7 percentage points of growth
i think thats something we need to take a hard look at and we dont want to (ad lib it->add little bit) on the call but its a very very good question
while we are still very early in the rollout we are optimistic about the potential to unlock additional growth with the redesign of our application
i would imagine your pension liabilities will grow given the interest (rates interest->*) rate environment that were in
california has been a great story for us in the second quarter we saw the (its->products) really driven by the private side
creates an approximately 50 basis point headwind so were now likely to be at the lower end of that range
which is what i think youre referring to which is really a sku rationalization program that were putting in place to sort of harmonize
all participants consent to having their voice and questions broadcast via participation of this event
trying to stay a step ahead of everyone else when you think about the product and i think theres been a lot of questions
the decline in operating income is in large part related to extra costs incurred to ramp ems capacity
we believe and weve already begun to see our ability to win incremental (sockets->socket) that lead to longterm growth
when you look at the heart of ic design its basically your ability to efficiently use silicon
as customers close production facilities our backlog remains strong and continues to support growth
if foreign currency exchange rates hold near current levels we expect net sales in the third quarter and full year to be negatively impacted
more than offset the headwind from higher taxes and (*->the) dilution from the coffee transaction that closed in july
i would say that we do receive a lot of inbound calls and im not saying that thats related directly to supply issues but
i think the bigger picture point on skus sku reduction is really about allowing us to focus on the power brands
even during the year after we lost the one major customer so thats on a very bright note
networking and wireless the teams have already underway pivoted their businesses to
over the medium term we believe that increasing our advertiser count will have a positive impact on our pricing
and i think that will really be the framework which shapes our operating expenses going forward
if i step back from it just to give you a few numbers or summarize a few numbers for the (aggregates->aggregate) segment for the quarter
where that is for contribution from ems now and outlook from that if you expect from all the movement in products
the folks that make the decisions to go with our service sometimes theyre (slowing->slow) in making the decisions
give us some color on whats driving that and then you also said that engagement in the older cohorts and (*->with)
our advertising business changed profoundly over the past year as we migrated the sale of our snap ads to an automated auction
with very strong margin expansion in our developed markets and more growth coming from our emerging markets
now ill close with a few comments regarding our recent financing activity and our current financial position
with respect to operating expenses we are planning for continued gains in team productivity and modest hiring
and we have a track record of innovation from this technology platform that is (well established->wellestablished) for over decades
factors that could cause actual results to differ materially are discussed in the companys most recent filings with the sec
we continue to review our portfolio this includes the process to divest our merchant ethylene capacity and some other product lines
on the top line as we made these investments weve seen improvement in our volume trends revenue growth
i will now turn it back over to steve for any additional (comments->comment) thanks doug
thank you ladies and gentlemen this concludes todays conference thank you for participating you may now disconnect
yes its a little bit like its actually a little slower
additionally we believe that the redesign has also made our application simpler and easier to use especially for older users
in addition this change will enable us to improve our supply chain logistics thereby improving efficiency and will help us reduce our investment in working capital
deferred tax rates in south africa together with the deferred tax assets not recognized all resulted in the increase in the overall tax rate
we undertake no obligation to update publicly or release any revisions to these forwardlooking statements to reflect events or circumstances after this date or to reflect the occurrence
expenditure that we flagged well in advance as we put money to work internally extending life at our best assets and improving margins wherever possible
view as being good performance is that a fair comment or (*->oh) absolutely particularly when you think of (the->*) as you mentioned at the start of your question with respect to
but weve been very pleased with the new dealer network and (roadtec is->rotex) really having a terrific year and really lining up for another great year next year we think so
leveraging our global data assets has always been a strength of equifax we are refocusing on our speed to market and leveraging products across our global footprint
(*->and) i think well continue to do it some of the things that weve talked about before that are driving this are this move to scale that i highlighted in the prepared remarks is very real
reporting (is->*) as transparent as possible were going to do what weve done and keep challenging ourselves to make sure you and all of our investors see the business through the same lens we do
and finally a few thoughts on whats next in our corporate strategy so for more details on the quarter and for our financial results ill pass the baton to bob
lets move over to slide 19 and talk about (salix->selects) product portfolio we have a number of programs in the works for (rifaximin->rifaximan) first were continuing to enroll patients in a study that we initiated earlier this year
we want our new name to better reflect who (we->weve) become as a company and we cant wait to share the new look and message with our shareholders so stay tuned
and as i said in seafreight we are moving away from business that is not showing a positive or sustainable gross profit margin and therefore you see our margin development
we will continue to manufacture at cost for invekra until they can establish their own manufacturing facility which we estimate to take about 3 to 6 months
its suffice to say that our strategy is steady as she goes with our focus on safety active portfolio management and (tight managing->*) tightly managing (costs->cost) and capital
we just think that the opportunity set isnt great right now and typically when that happens we hedge up our portfolios we raise a little bit more cash we try and tuck in
number three a relentless focus on rationalization as we build out our company for the future its critical that we remain focused on decommissioning our legacy data centers
these acquisitions have provided complementary addon strategies and we believe that there are significant additional opportunities to acquire proven managers at attractive levels
lies beyond sort of the known capital investments that you have outlined to us to date and theres clearly given the region and the hydrocarbon resource there
and utilize our cash flows and available facilities to fund our ongoing capital and ongoing operational requirements
thanks mike i know thats a lot to digest but we really are just so excited about what this all means for our opportunity to continue to drive value for our shareholders going forward
and the entire remodeling that has been done graham can unpack it further in addition to adding color to what he put in the presentation importantly we are not throwing all of our eggs in one basket
regarding our increased international backlog we continue to experience slight improvement in international quoting and our sales groups have done a great job of getting orders on much of what were quoting
are less volatile as they have been last year and that was always our argument that volatility is the problem not the rate level as such to a certain extent
this does not include the cost of any potential judgments or other outcomes should they occur for the status of the legal and regulatory matters i would refer you to our 10k
we satisfied (*->it) a significant trade payable (with->at) the issuance of common shares and we expect to execute an agreement to restructure the contingent consideration obligation
the path (act->*) back in december what that would mean for you i just want to clarify i think when you had put out the original presentation in may you had assumed no (expansions->extensions)
as i highlighted earlier our significant growth has been against the backdrop of an increasing global appetite for alternative investments from both institutional and retail investors
as we shift into our financial results and outlook id like to draw your attention to slide 4 to note the highlights that i first outlined in early january
on the refinish and industrial side of the business but we expect that path upward not to be a sharp bounce back but rather a gradual improvement in the best case
and all (of->*) this growth is now coming from the mobile business in this quarter we have moved financial services down to other units as of this quarter
sure im going to turn most of that over to brad only to say that what weve seen in the international markets (as->is) part of what gives us confidence in putting that financial goal out there
which we do not control in order to more than fully fund without dilution our (faster growing->fastergrowing) highmargin large and concentrated core market
is very much to continue to develop products both internally or organically but also through (inorganic->integrating) what weve had a chance to talk about
which enables us to step on the gas pedal (and->in) growing our dermatology business with no dilution to shareholders and with the use of only part of these proceeds
and if so does it improve your organic case in the country or do you still feel the danish market needs some kind of structured solutions towards consolidation
so i dont know what we dont have (or->and) cant give an estimate of what we think the eligible universe could expand to but we are optimistic that it is (a->*)
we will to be clear be looking for a pathway that ensures the longterm viability of an asset that is important not only for us but also to tanzania as a whole
but as i said we still believe there are rooms to improve efficiency and adjust how we work and how we prioritize in some areas
mike mcferran and i will then walk you through the separate presentation that carl mentioned on our election before we take your questions so with that ill hand the call over to mike mcferran thanks mike
finally the financial guidance in this presentation is effective as of today only it is our policy to generally not update guidance until the following quarter and not to update or affirm guidance
how we thought about what those thresholds would have to be (in->and) the plan that we put in place for the first quarter certainly had an impact on the price levels that we set that plan to
that we are taking india out of our financial (core->*) communication around our development of the business
we can reflect on all of the diseases for which there are no available treatments and think about the new programs in our pipeline and the potential to offer hope
average prices in (this->the) segment were consistent with the prior year net sales growth as reported was offset by a 3 currency translation impact
then we took the decision to commercialize galafold on our own and have now built an organization of more than 600 total global employees
as well as a focus on improving manufacturing quality and (rightfirsttime->right first time) metrics to ensure we dont leak incremental profit dollars from poor operating execution
we are prudently reducing the risk profile of a number of our portfolios in response and waiting for more attractive opportunities to redeploy capital
okay and (i mean->*) as you pointed out that hasnt been a focus of your business model in the past is there a potential for that to become
they involve risks and uncertainties because they relate to future events and therefore depend on circumstances that may or may not occur
investors and analysts should understand that events related to macroeconomic conditions industry and other factors could cause
the transaction stands on its own and again that we can grow it but the math has to make sense and probably most importantly in our business it has to be a great cultural fit
and there we thought in terms of putting the money and getting the payback its a much longer payback period and the nature of the (ore->old) body (has->have) to be factored there into account as well
and that usually means bringing down as much of the volatility as possible and i would say that while were not chasing volatility in this new portfolio we are more willing to accept it
honor (its->is) undertaking to pay accrued severance packages to all affected employees at (kopanang->copenan) immediately following the conclusion of the sale transaction
no (questions->question) some of that has been the move of money out of some of our alternative equity strategies ill pass it over to david morris to handle the second part of your question (*->sure) so
(*->and) we felt (if->*) we were able to accomplish that clarity (in->and) reporting without actually having to make the accounting convention change
based largely on a very good cash cost performance at some of our key assets this came despite stronger currency and higher fuel prices
and we believe that the ability to attract a broader and more diverse investor base should benefit all (equityholders->equity holders) and enable us to be valued accordingly
most of the businesses that are of a certain size and quality today probably launched sometime in the late 80s or early 90s and just
it has to say something about moab the future of (moab->mod) must have been terrible for you to sell it and then commit to something so risky as
but in other cases theyre good assets but theyre not located in chemical parks or theres issues with logistics and transportation that were working through but you will see us
was lowerthanexpected margins on the installation of pellet plant equipment and the second was that we had several new products moving through our shops during the quarter and remember that
the strong performance in the second half delivered production of just over 2 million ounces up 15 over the first half
going forward we will have a proper more element of local procurement built in (there to ensure->that and share) that the community needs are also looked after but its a different
the only thing (i have->we) kind of referenced in the comments that weve seen a little bit of a heartbeat and thats just a little more conversation and then when we see (the->*)
our economic net income growth was also notable reflecting not just fre growth but also strong fund investment performance across our primary strategies
over that period as you have some of the operations going (now->down) but we have not put out any longterm (forecasts->forecast) out thats something we are thinking about particularly given (obuasi->hubuasi) coming on stream
i cannot give you any (guidings->guiding) on what that means in practice but that is the focus and this is what we hope that we can demonstrate in the quarters to come
(enhance netbacks->enhanced netback) is real value for any producer counterparty and we think that to the extent
is by using eni as a framework for how to think about value theres a lot of variability in what the actual shareholder experience is
so we have simply made one basic adjustment to the outlook and that is a technical adjustment due to the fact
and i think were (it->*) to reverse i think were going to demonstrate because of this unique model that we have (a->of) high dividend rate relative to what people are used to seeing
and deep sourcing capabilities along with our flexible capital strategies to find attractive investments (in->and) a world full of elevated asset prices
on prior calls that tends to be a little bit choppy as you go through the year because (of the->theres a) cadence we use and i think this year well have to look at raw materials in some regions
before we begin we would like to remind everyone that during this call management may make statements containing forwardlooking information relating to the companys business and the environment in which it operates
over the last couple of years with some of the carriers so the stronger and more professional those alliances can operate the better for our customers and for us
how should we think about how aggressive you can be regarding the acquisition of products and
and then second how we should think about synergy opportunities as a percent of the acquired sales
given the prolonged sluggishness of resource prices as we move toward the fiscal yearend we will need to scrutinize our assets held even more carefully
on slide 5 weve called out some of the highlights that demonstrate our continued progress towards transformation first and foremost our businesses are growing
were planning to finance the transaction with committed secured financing and do not expect the added debt to impact our overall cost of borrowing based on the current
so well leverage off sunrise dam well leverage off (tropicana->tropicada) in terms of all (of->*) the (operation and->operational) readiness work weve done there to build a new team and build new systems
nongaap financial measures should be considered in addition to results prepared in accordance with gaap and should not be considered as a substitute for or superior to gaap results
and we are working with a variety of fleets and shippers like kroger and unilever as well as trucking companies waste companies and municipalities
for the first half the increase in international sales occurred primarily in canada in russia in australia and in mexico
regarding phase 1 of the below 120 project the completion of the decline system below the current secondary shaft is on track for completion
and keeping our balance sheet robust enough to handle any market environment we are and will continue to invest for the longer (term->*)
and thats also (or->line) of course as a result of what i said that we really want to make sure that we are driving shareholders value
an expectation or a prior year of 152 so again were more or less in line with where we thought we would be
thats exactly correct chris and when you look at i mean were very pleased with the legislation obviously that provided a nice benefit to us from a
but its also a significant challenge for our team that they have to stay very focused on because when youre going through a transformation and adding this much resource to try to do it at pace
or achievements expressed or implied in these forwardlooking statements although we believe that the expectations reflected in these forwardlooking statements and forecasts are reasonable
our new data fabric will conceptually be one repository as opposed to the many siloed databases that we have today
and lastly theres been a notable uptick in (the->a) number of large investors that are looking to develop significant strategic mandates across our platform
first half of 2016 foreign exchange translation had a positive impact on sales for the first half
we have resolved the burning questions around the structure of our south african asset base monetizing some assets and putting other unprofitable ones into orderly closure
and weve had a significant uptick in strategic managed account opportunities in illiquid credit across the spectrum of direct lending and structured credit
and common shareholders will not have tax obligations arising from their investment in ares shares other than on the receipt of qualifying dividends
an awful lot of it sounds like it gets a lot better as the year goes on i realize a bunch of that is comps and sort of market stuff around mortgage but
marketfacing business unit teams and away from headquarters this (was->is) an important element of how i operate of having our teams closer and more focused with our customers
while we may elect to update these forwardlooking statements at some point in the future we specifically disclaim any obligation to do so even if our views change therefore
to presentation of meaningful clinical data in just 2 years for 2 different programs we believe this is virtually unheard of and we have several additional candidates to follow
is our ability to bring a holistic solution to that problem and to cut across settings of care so i think were in a really really good position
(werner->*) during the first part of the trial we refined the stopping rules and while we were doing that some of the patients missed the (dozing->dosing) window around the 28 days
i think the full revenue velocity piece is something that probably warrants a little bit further analysis but i think it captures some of the effect that youre seeing in the numbers
health care financing and savings health information and technology pharmacy and medical care delivery population and consumer digital health
ladies and gentlemen this does conclude todays teleconference thank you for your participation you may disconnect your lines at this time and have a wonderful day
but our velocities on full revenue have been slower than some competitive velocities the reason for that we believe is because
a global rare disease portfolio that will create even more value with each additional product we can deliver globally for people living with rare diseases
and all i can say is that we have our own effort in this area
we also expect to have some members of our technical operations team in philadelphia working primarily on the (early stage->earlystage) process development
we also (remained->remain) committed to our longstanding strategy to deliver profitable growth through a combination of organic and acquisition growth initiatives
its noticeable relative to the strong trend that youve had over the last 3 years of market share gains in that segment can you talk maybe about
this strongly positions amicus to become the consolidator of some of the greatest gene therapy technologies products and minds in the field
generally our experience has been that you get approximately twice the (main->mean) on study as the minimum attack rate
that well likely see the same type of phenomenon we saw in other studies where the mean on study attack rate will be about twice the minimum (criterion->criteria)
i would encourage those of you who have tuned in live to access the slides now by clicking on the investors (in->and) media section and then clicking on events and presentations
is a real advantage for us as we think about proactively being able to build out capability and make the required investments
to geopolitical turmoil we have consistently and substantially reinvested savings back into the business to further build capabilities
dave thank you john we are restless as an enterprise for positive change in health care and we know the market is as well
and i was particularly happy to see the organic growth in our net revenues for those that have been listening in on the calls for the last several quarters
and from time to time look at larger acquisitions like the wheels transaction i think the reality is (that->*) in this environment
among these individuals there is extensive experience from leading organizations within the orphan disease space and from biotechnology more broadly
(weve->we have) obtained broad reimbursement coverage and continue to make great progress with payers experiencing shorter and shorter times toward moving from prescription to patients receiving drug
give you precise numbers around that (connectiveness->connectedness) i guess the other thing that i would point out is coming this
we do think well have consulting expense on things like model validation but it shouldnt approach those sorts of numbers
not only from (the technical->a tactical) perspective which were getting better and better at but as i was talking a lot about this morning to my future colleagues
customers clearly responded to the fresh exciting and trendright assortment in our stores throughout the quarter
okay great and then secondly theres been a lot of discussion about the weak retail traffic thats kind of happening around your stores and how that might be
(*->the) trend in the group commercial insured enrollment i know that you had told us to expect the decline in the first quarter its just that
your comment about revenue growth from second third and fourth quarter what kind of revenue growth are you looking (at->*)
so should that new market tax credit roll off and we not get a new award our tax rate will go up
well continue to strengthen this capability as we learn how best to identify and coordinate these services on behalf of the members that we serve
this will help to inform our decision about what dose level or levels to select for the phase ii study and what the dosing interval should be
in terms of the timing of when we start charles im not going to put any more fidelity than first quarter count on us to go as fast as we can i think the fact that we now
we are accelerating our active portfolio management by increasing the number of asset to be sold in order to maximize our flexibility in the future
its focus on reducing water and energy use and eliminating waste has both reduced cost and vastly reduced our environmental impact
so we feel very good about the plans we have for readytodrink tea which also includes the premium tea house collection so all the new flavors were launching
the deal should be structured in a way that drives ticket and im just curious as you think about your promotions over the next few weeks
also as chris described we are very excited to announce the acquisition of the island bancorp the holding company for (edgartown->edgaretown) national bank
most likely beginning in the new fiscal year theyll be done so well be continuing this transition process
(*->i) believe me we are focused on increasing that growth rate substantially but at this point given what we are seeing in the marketplace i think its prudent
whereas the performance earnings is more volatile but at the same time the uses of that capital or retained earnings would also be more volatile
we are on track to turn positive from an adjusted ebitda standpoint as well as free cash flow standpoint in the second half of the year
im very encouraged by the progress that weve made and what i would emphasize along those lines is
the short version is they put the business out to bid and ultimately at a price that we werent willing to move forward with the business on
multiple serum samples have been collected from all patients for the measurement of ada levels and the analysis of these samples is currently (on going->ongoing)
in most of our key markets the picture is relatively positive with strong employment consumer spending and consumer sentiment data
and so we are taking extra effort to align with the agency on every major
in addition to the announcement of the breakthrough therapy designation for the remainder of this year we will concentrate on the (propel->propell) study enrollment
on the financial side this is a (low risk->lowrisk) transaction that is expected to be accretive to earnings and neutral to tangible book value
so they have a lot of established relationships with permanent residents and seasonal residents
the technology and the services around that technology into the affiliated space so that is front and center
although we set what i felt was a low bar of attaining historical (jobtodate->jobttodate) productivity at the end of the second quarter we experienced slightly lower productivity than historical performance in q3 and took an additional charge
in addition the potentially small compression of loan yields caused by floor rates on a portion of our portfolio is now behind us as we have (pierced->pearsed) through the floor on 98 of the loans with floors
doctors want this data and we want and need more doctors to qualify as being among our best care providers we find the better doctors whom we refer to as premium designated physicians
the additional millions of dollars and the opportunity cost associated with taking (pcks9->pcsk9) through to clinical data i would consider that an external factor and not an internal factor and that has been what has led us to
this was primarily driven by unfavorable timing of certain taxrelated items that we expect to normalize by q2 partially offset by working capital improvements and a decline in cash paid for pensions and restructuring
in august as part of our companys ongoing focus to maximize shareholder value we announced plans to sell our technology and former engineered products operations this has been a very active process over the last few months
as im sure youre aware the upfront software expense is really not that great its the implementation (costs->cost) and the amount of money you have to spend on consultants and advisers to make sure you get it right because theres so much power within the system
and as we think about the balance of the year were not really giving specific guidance kai but really what i would say is as you think about the cash we generate over any year were going to manage (that->*) the investment of that cash based on return on capital
yes its for the its hard to say because were not sure whats going to happen with capacity (capacity is->*) pretty loose right now if it tightens up with elds going into effect at the end of the year
can you give us a little bit more color (*->on) in terms of if thats growing at an organic clip sort of above or in line with what the rest of your brokerage segment is maybe what the profitability is and sort of how you guys view it currently and going forward
the diseases i (*->also) would like to return to one question of nicoles which i did not address which was our expectation about whether multiple doses would lead to a lower oxalate level and it is our expectation
another good example of innovation is how weve been able to create capital efficiencies on recent project awards to illustrate a specific example we recently worked closely with one of our clients a major integrated oil company
this advanced technology improves the physician patient and pharmacy experience its simple to use saves money for consumers and plan sponsors and leads to better pharmacy adherence and health
given alexions more than 2 decades of complement leadership and deep expertise and resources in the field we are pleased to partner with alexion to discover and develop promising new rnai therapies using our galxc platform
in those more progressive relationships so weve migrated that up to about half as of today and well continue to push forward on that and as steve mentioned weve driven some very nice results across all 3 lines of business we see things like lower (inpatients->inpatient)
a description of some of the risks and uncertainties can be found in the reports that we file with the securities and exchange commission including the cautionary statements included in our current and periodic filings this call will also reference nongaap amounts
initiatives like these give you an idea of why we are so enthusiastic about what is still to come from optum all in support of our mission addressing the health needs of people (and->*) improving health systems broadly
aided by (highermargin->higher margin) process systems work increased equity earnings and lower depreciation and amortization due to our classification of technology operations as a discontinued operation
is still a strategic element to work out so i dont have firm guidance on that right now but ultimately because we view it as more likely that it will be in combination we do we will be
we plan to develop this product candidate as a wholly owned program of the company and expect to submit regulatory filings in the first half of 2019 we plan to disclose the program and the development strategy at that time
that you mentioned (improve->improved) the return on invested capital is there sort of other businesses that might be dragging that down and are you sort of looking to optimize the entire portfolio that way or (*->are you) do you feel good about where everything sits currently
risk premium is essentially unchanged what were seeing is that its going to get some lift off of the index so i think we feel pretty confident that were going to be able to achieve that
we plan to continue to generate core deposits and remain competitive in our primary market of the washington metropolitan region which is important both as a funding strategy and for franchise value
were optimistic about growth in the americas logistics market following a difficult year last year where we didnt see as you pointed out larger orders from some of our previously larger customers that we had expected
so currently that should be favorable for us so our visibility and our guidance therefore we (increase->increased) it for the second half because we have quite some visibility into our third and fourth quarter on the (tata deal no->tutor do you) no worries about it look
id like to turn briefly to our undisclosed second rare disease program as i alluded to in my earlier comments given our expanded clinical resources with the lilly and alexion collaborations and our recent financing
a lower table game hold percentage extremely lucky sports betting patrons lower convention volume and the changed timing of our sister companys nascar race weekend and (the->*) higher health care cost across the board as (denis->dennis) mentioned
the best agent model out there today and to throw levels of complexity of it at the management and take them away from focusing on bettering the agents and driving the agents
we did and the increase in core earnings this quarter was driven by the deployment of much of that excess liquidity into the agency sector which we view as offering compelling riskadjusted returns
i think consistent with what weve been saying is i see us being in the very very high single digit on the loan growth side i think that the opportunities that are out there (were->*) again were able to get
further these latest collaborations demonstrate our ability to monetize our proprietary platform technology with what are now our second and third collaboration agreements with top biotech and pharma partners
im pleased to say that hub had a strong fourth quarter although we had not seen much of a peak at the time we reported our third quarter earnings peak did begin in full force a few weeks later and lasted through the end of the year
we will continue to grow even after the sale of the segment yes and one of the things i would observe that you saw in q1 2016 as greg described is we had an unusually strong comparable
not because we have some (nifty->mifty) execution plan thats going to significantly increase our productivity there but its because weve achieved those historical productivities for multiple quarters before (*->its) just basically getting back to where we were i hope that helps
and the learning experience cycle did have a big impact on us again for a very brief period of time
one in france and the other in germany certainly helps our longterm opportunity there as we continue to penetrate the market
on january 2 we appointed jeff (lautenbach->latenbach) to the position of president of global field operations
since our announcement in november our partners have (sprung->sprun) into action ramping up their cornerstone practices and in some cases
and so they will quote jobs at marginal rates if theres a shortage of work available
yes so ill answer the last part first weve made a dramatic change to our sales commission plans we are
production companies find ways to reduce the cost of drilling wells and bringing new production
it used to be they (pay->paid) their (cars->cards) pretty quickly because (they->we) were worried we might pick them up today they know they have some lead time given the new regulations (about->of) how people collect
and hence make ourselves better connected to the (endusers->end users) and the value they get from our products
longer time to actually get the (benefit->benefits) of your cold chain supply and logistics network to actually
i would like to close by thanking all of our employees for their efforts and continued dedication as we move forward
we have recently been able to capture significantly higher percentages of that revenue and we will continue with that model going forward
and i think (i->*) to (*->your) shareholders all i can say is be patient wait for the results over the first and second quarter of this year
so i think the prepared comments suggest that once we get to the green numbers well be fine but the adjustments that weve made in our coffee segment guidance reflect
thank you and have a wonderful (day ahead->*)
allowing us to shift our resources away from service delivery which has been the least profitable part of our global operations
is supporting the price but its simply to state that the prices we now have in place will ultimately result in a lower sales
are you guys doing anything different than auctions at this point youre not doing any retail experiments or anything like that or
offset of 400 business falling off and then partially offset by 500 until that actually becomes revenue generating
and with any kind of luck well position ourselves very well for the next couple of years if we just hang in there patiently for the next few quarters
the growth of the company and legal and professional fees and costs related to various issues in 2018 earnings from
as a result volume trends improved as we proceeded through the quarter and continuing into august
this years budget is expected to be roughly 5050 as we look toward next year and assuming commodity prices stay similar
and if they do survive many need invasive ventilation or (tracheostomy->tray geostomy) furthermore due to the instability
and we think it put tremendous pressure on the existing billing company adding a second certainly makes sense weve identified the markets
so i mentioned earlier that we continue to expand very quickly into the international using
so i understand you might not be able to get into the details of the negotiations and so forth i fully understand that
and so i think were going to need a lot more time before we can make a structural judgment what i know is we have lower green in the future we have the price points that are working
these transactions as well as cash flow generation during the fourth quarter allowed gulfport to return a significant amount of capital to shareholders
(*->were) not going to sit idly by and let them push us around we have to make our statement (to->and) show them that were serious about collecting
you guys are one of (those->the) few remaining independent firms that you would entertain merging with a bigger firm at a certain price without mentioning the price (of a dime->at the time)
its really exciting to be working with honda aircraft company and we see opportunities to do even more with them going forward
we remain encouraged by the progress (and->in) constructive discussions with customers on the growth of our new (lifecycle->life cycle) business
any amounts though that were included in the adjustment in the fourth quarter i mean weve not
and manufacturing strategy in one of those 3 plants so we need to get into that and well come back to you with updated estimates
quota credit and commissions for nonrecurring sales have been eliminated we believe that an individual rep
for example on the opposite end of the spectrum from (cityfibre->cityfiber) might be incumbent local exchange carriers
how that has changed i know youve been doing a lot of those feed studies or some of them for some time (i mean->*) have you seen
if were coming to our client with a better value proposition with a highly integrated set of services (*->that)
we have identified several noncore potential divestiture candidates and are actively pursuing options for each of those today
the census bureau and the sec and we see opportunity more broadly
now ill turn things over to cliff to discuss some of the operational highlights for the quarter and address how they impacted lmis financial results
price increases to compensate for that but during the quarter we have seen a continuing increase in the pulp prices
but in the interim we continue to add a lot of international markets that are within range of a320 family airplanes
(to->*) absolutely continue to manage capex as we have all year long and weve been putting pressure on suppliers relative to
think about how to present this better in the future to give you some visibility down the road but right now i think its not a
the largest opportunity for revenue growth lies in our existing client base and we are beginning to see real traction
in equities trading weve undertaken proactive measures to enhance the client experience for (our->a) wide range of investors with a whole series of changes
we intend to explore opportunities to sell this property in 2019 subject to leasing progress and market conditions
time in the end of last year we saw an increase in pulp prices and we have now negotiated
and on top of that franchise were building an innovation company for the future its important to understand both those things when you think about our company
all patients evaluated demonstrated fine motor cognition and language ability within the normal range
ladies and gentlemen this does conclude todays teleconference you may disconnect your line at this time thank you for your participation and have a wonderful day
was less than what was the other parties that we had used to originally record our revenue
so that means that we are carefully monitoring the development to evaluate potential need for further price increases
id like to start by updating you on the latest developments of the strategic plan that we first introduced on the q3 earnings call
an adjustment to our purchase price of (airsep->airstep) shares and as such is not currently taxable which contributed to the lower rate
so its been a busy 15 months i think its fair to say in my time here weve been preparing for increased domestic competition
we are optimizing our marketing efforts of the life sciences products within these businesses by now leveraging the international brand strength of the (extract->xtrac) name for all life science sales and marketing efforts across the globe on a goforward basis
whats going on in the data center space relative to the cloud space because when you think about what we simply do all we are doing is building these digital factories that help these cloud companies grow (and->*) were in the business of building digital factories and
but that obviously requires the government going through and seeing that all that being said the other things that weve done from a standpoint of input (costs->cost) and tariffs and freight in particular is we have pushed on price increases in our various businesses
and where were going with the business (two->2) or 3 years ago we certainly werent generating the kind of performance in the business that would end up generating the kind of cash that we have to work with today
as we move deeper into the second quarter and expect to realize more online efficiencies were excited to kick off our offline marketing in earnest and accelerate our customer education efforts around groupons marketplace evolution and improved value proposition
look i have also been consistent in that i believe that this industry is global in nature i believe that these are the largest companies in the world and that if you really want to be as helpful as possible to those companies you have to be global
as slide 5 highlights this was a phenomenal leasing quarter and as i just mentioned we set a number of records the revenue (signed->sign) was more than double the prior 4quarter average and through the first half of the year we have signed more revenue than we did all of last year
competitive processes because they know that we will deliver for them and have repeatedly over and over they like the cost points that we can deliver at and the speed of (delivery into->delivering is) something that is incredibly important to them
earlier this month we exited russia through a divestiture of the business bringing our country total to 27 we are also continuing to invest in building centralized deal factory operations and (improve->improved) capabilities in customer service
we expect to achieve very high returns on what is a nominal investment made possible because of our ownership of the data center we are constantly trying to think of creative ways to further monetize our assets and this is just another example of what we do
we continue to believe its the right tradeoff we also know we have a lot left to do to build a great shopping operation we need to continue to improve our merchandising assortment and category mix to deliver a better balance of top line growth and gross profit generation
on a revenue basis and we expect to grow operating income faster than revenues in part due to normal operating leverage and in part due to the benefits of the efficiency programs we have implemented in our specialty chemicals segment
while we are not expecting an improvement in some of our weaker end markets in 2016 we do expect volume to stabilize in the first half and show modest improvement in the second half as comps become easier
as always our overall guidance reflects current fx rates and our results may be materially affected by various factors including a high level of uncertainty surrounding the global economy and consumer spending as well as exchange rate fluctuation
and (we will->well) follow on with our (strategies->strategy) to grow the company once again thank you very much and we are available for any future questions you might have (have->*) a nice day
further our wabash composites business contributed nicely as we saw both revenues and margins rise significantly from those in the fourth quarter of 2014 that said its important to make clear that while the
these actions not only highlight our commitment to increasing shareholder value (to->through) return of capital but they also demonstrate our continued confidence that wabash has a sustainable earnings stream (and->in) future cash flows that make these activities possible
brian will go into more detail (in->on) the quarter and our full year guidance momentarily before i turn the call over to him ill give a bit of color on each of our strategic priorities first on investing to bring millions more customers to our marketplace
that will offset that and protect us and then we will just continue to monitor it and even if tariffs come through and stay in the present sense that they are and we get no relief on the codes
we are prioritizing those product candidates where we can create clinical benefits and commercial value using our corplex technology while also taking advantage of the streamlined bioequivalence pathway where possible
turning to the reduction in npls across each asset class the strong performance that weve seen in our irish mortgage portfolio over recent reporting periods continues nonperforming mortgages
the outstanding performance delivered in the fourth quarter was driven by the teams continued execution of a pricing strategy committed to favoring margin over volume an engaged workforce focused on continuous improvement (and->in) productivity
thanks rob as weve said 2015 was a year that presented us with a number of challenges and im pleased with the ability of our team to adapt to current conditions while continuing to drive our longterm strategy
as (we->weve) previously discussed we expect that the former will continue to place pressure on revenue this year as we work to complete our restructuring in the fall while the latter should continue to give us fuel to both deliver stronger bottom line results and invest in growth
these results clearly validate our longterm strategic plan first established in 2007 and demonstrate the progress we continue to make in executing that plan to profitably grow and diversify the business
and is expected to last throughout the remainder of 2016 this (project->product) creates a logistics challenge that will limit our effective build capacity for the year by upwards of (3000->300) units
thank you (katherine->catherine) and good afternoon everyone im pleased to welcome you to our first quarter conference call before we begin id like to remind listeners that during this conference call comments that we make regarding bridgeline digital that are not historical facts
with our assembly lines within the tank trailer business (*->that) theyll shift from product to product based on what the strongest demand is and thats a real benefit to the business
acquisitions that make sense (i->ive) said repeatedly in the past that we will continue to be strategic in our growth initiatives but selective and that meaning that we will look at a lot of
in our energyrelated end markets rig counts ticked up during the quarter and demand for our products increased we are actively monitoring the market to ensure that we fully participate in the improving energy backdrop
there could be some inactives in that number and but you know when they come on you just dont know theres not like a resignation you get when they decide to stop selling
so they basically want to basically lock in the certainty of having that asset available to them for their use for a really long period of time and i expect that over time youre going to consistently see leases
while facing demand headwinds in several key markets 2015 also saw our retail segment continue their growth of onsite customer support mobile service and tank parts and service
we believe that our new cohorts are in a good place as we think about roi the gross profit dollars generated by the new cohorts are consistent with the historical cohort performance and within the 12 to 18month payback
to outline the core principles of our strategy we are committed to maintaining a strong balance sheet with ample liquidity through both cash and available credit while maximizing potential growth opportunities
even in some places that are a little bit tight and so our focus is really just on how much of our product we can get on the ground how quickly in the remainder of the year
please refer to page 2 of our presentation which contains our safe harbor notice i would like to remind everyone on this call that the presentation that follows may contain forwardlooking statements
as mentioned weve seen some slowdown in bookings toward the end of the quarter as our customers realign their product needs to meet market conditions with overall orders for the industry remaining healthy
today id like to talk a little bit about my background why i joined marvell some initial thoughts on the company and what i plan to work on in the near term as i formulate a strategy to take marvell to the next level (in->*)
well unfortunately i dont have that information right in front of us but i can give you a generalization from the standpoint of our decline
so make no mistake well get on to capital allocation but it isnt going to be in the next month or 2 months but (itd->it) probably be within before the end of the year
while it was critical to build our team to keep pace with the growth of our business (its->it has) become clear that we can now unlock substantially more productivity simply by changing the way that we work and by continuing to build an inclusive and creative culture
no problem at all demonstrating the ability to convince the customers that not only are we stable but were back in (the->a) growth mode thats my feeling harlan
delaying things or maybe things wouldnt be quite as good as they would have been otherwise as a result of (*->just) not being able to find the labor (*->or) just any opinion you have on that
while we fully expected significant pricing this year the impact of the strengthening dollar on inflation in emerging markets especially in the second half forced us to price even more
were all pouring over working tirelessly in order to help the company be able to come to the determination that there were
but i would say the high majority are nocost additions and every now and then we come out with features that are very specific in use and do have a cost associated with them but the costs are always very minimal
so its not just that were getting it wrong or its not happening as quickly as we thought it was going to happen its not happening like the dot thought it was going to happen or the general contractor thought it was going to happen its just
so can you walk us through a little more detail in terms of scale and scope of how youre attacking this and how youre planning to mitigate the risk of market share losses as competitors step in to fill the void
focusing on where we have a very strong surgeon champion and thats whats really helping to ensure that the adoption and utilization of the robot continues to accelerate and that includes urban it includes
(*->so) i have no doubt in my mind that nothing on the income statement has escaped (matts->mats) eye in the last 7 days so
second more overhead reductions from lower indirect (costs->cost) savings from our global shared services and organizational efficiency and third improved revenue mix
so let me comment on the first question so we did comment on the underlying drivers for the (spikeup->spike up) that we did see in the fourth quarter and we did share how were thinking internally about the q1 dynamics
the second area of focus is developing efficient tools for our advertisers we know that in order to truly scale our business advertising on snapchat has to be really easy
the longterm preconstruction pipeline continues to build and were finally beginning to see that core demand flow through to growth in project starts and our own shipments
as you are aware our core medical business is all capital and can be impacted by (*->the) timing of customer orders and the related shipment we continue to see strong order growth in the core medical business
and in addition to that we want to grow networking and wireless by refocusing our efforts on cloud and enterprise and drive down our cost structure in these areas
but it will it is a key lever as we think about the supply chain and simplifying our product offerings as part of that activity allows us to get at (costs->cost) and simplify what were doing in the plants
the board and the audit committee launched an investigation to determine the facts of the situation as a result of the investigation the audit committee and their legal representation
you can say that about theres many many commodity businesses but marvell is more than a commodity semiconductor company it is a company that is (steeped->steep)
and with a very positive outlook and when you look at the start data which is part of why we emphasized it in our materials it would suggest (that->*) were returning to another wave of growth in this long recovery
growth and reach profitability i know our sales will continue to increase we will continue to reduce our (costs->cost) and we will run the business with a high degree (of->*)
one of the big differences is nonres particularly in southern california and is as we saw in the preconstruction pipelines a year ago and we talked about its going to flow through
currencies are also a big part of that and in most cases theyre going the other way (*->and) especially in some of the key markets for us so right now its not a big driver for us given that we have to look at both of those together
in our profitability and its a real enabler to the simplification in our supply chain (activity->activities) so you will see the benefits play through but there is a shortterm impact as we take some of these actions
as we look at the portfolio and evaluate the economy we continue to approach the market with a belief that we are late in the credit cycle and that economic growth is slowing
so they know its a problem i think theyre factfinding right now and i think we feel good that theyre going to take some action on this because it just needs to happen (*->for) to rebuild our infrastructure and to
with the formation of the combined entity between ase group and spil there are a few less common accounting treatments which probably require more indepth explanation
and that is also taken to heart every day by our team members i have said this before if people give (crexendos->crescendos) ride the cloud services and products (a->that) try
are things that actually help us win deals our competition is pretty static when it comes to doing these sorts of things for their
of those investments so were going to continue to monitor our performance quite closely but we want to make sure that we remain nimble in our ability to capture opportunities as we see them
and i think the things that were executing today have resulted in the progress weve made thus far and theyre the same things that are going to drive us through 18 its as i said earlier its not really a new
but its no secret that 2016 is expected to be another challenging year on slide 16 you can see various issues that are affecting all categories not just ours
all of those lead to that (wordofmouth->word of mouth) and mounting interest as they start to hear more about the experience from the key opinion leaders so theres been no impact weve seen whether its from hospital
investors should be aware that any forwardlooking statements are based on assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those discussed here today
parameters of the business what do you think the greatest opportunities are for growing the revenue profile of the company and what are the greatest opportunities for improving its margin structure
we now have the galxc (proof of concept->proofofconcept) data and necessary capital resources to fully execute our strategy to develop rnai therapies for patients with unmet medical needs
as it relates to sort of the margins in the segment (*->and) earnings i know you said it was consistent with what you were looking for but a little bit steeper than i guess what we had expected or i had at least expected from the outside
also there remains a significant opportunity to further improve overall performance within our aviation and truck equipment business to make it a positive contributor to segment performance
so typically third quarters are generally strong quarters for the business that we dont see any reason for that to be different
successfully i think on this one that youre mentioning now too its a prospect i dont want to mention the name but its a prospect that weve been developing with the client on an exclusive basis
you (provided->provide) great commentary in terms of the progression of demand in (the->*) fourth quarter but any thoughts in terms of demand in january and then if thats having an impact out west i think theres been some weather out west
if i could turn to the (quickreturn->quick return) projects which we mentioned previously weve been evaluating multiple organic investment projects across our broad operating platform
weve also allocated a significant portion of our annual capital investment budget to additional productivity improvement initiatives that will permanently reduce our manufacturing cost
strong operating improvement in the first quarter reflects organic growth in each business including reinsurance and improved return on (their->our) investments in data and analytics across the portfolio
significantly stronger than our prior guidance supported largely by favorable weather conditions that provided our customers the ability to pick up their equipment prior to yearend
some large projects that we expected from consumer electronics and logistics customers were pushed out because of changes in their product road (maps->map) and demands on their engineering resources
the new (issued->issue) calendar was active with subscription levels that were often several times larger than offered amounts and secondary markets did not provide enough supply to satisfy the markets appetite for bonds
in the near term as we go forward as we continue to evaluate other growth opportunities whether (there are->theyre) organic growth opportunities like our entry into the truck body markets which we believe will
operating cash flow was unfavorably impacted by lower operating results and the partial unwinding of our net contract capital position which we expected
the problem is you have a delay when you get the quotes from the time you get those converted orders and then you get the designs completed and then you actually get the materials in place and you get the (bills->build) and thats (*->why)
the epa and (nhtsa->knits) are currently evaluating the comments from various stakeholders and we expect to see a final version of the regulation sometime in april or may
its minimal direct impact to our business we do (plan->play in) it we took advantage of it when its a real peak and valley kind of a demand environment
how does that work and in terms of what your reading of the new proposals are will those current liabilities be able to be rolled over for another year
this estimate assumes no new funding from additional collaboration agreements or from external financing events (and->*) no significant unanticipated changes in costs and expenses
we are pleased with the antiviral activity we have seen in preclinical studies and believe that rnaibased therapy will one day be a part of the hbv treatment paradigm
we are fortunate to have a senior leadership team whose experience leaves us well placed to navigate a somewhat more uncertain external environment and to avail of opportunities as they arise
we still want to see the local business accelerate to its true potential we still have to fully stabilize our international business and we still have to deliver big customer experience wins however
an rnaibased approach to blocking the production of complement pathway factors offers the potential to inhibit the uncontrolled complement activation that drives many serious diseases
as clients manage risk against pension schemes that are frozen largely underfunded and facing regulatory changes solutions to derisk pension plans and support for delegated investment solutions
create a situation where patients can no longer have the need to actually manage their disease theres a very onerous disease management process
this is one of the reasons that were able to grow at a pace greater than the market our customers are recognizing the value of (hubs->*) service and taking that into account when making carrier selections
by leveraging the benefits of our strategy of focusing on highermargin tank repair and service expanding our mobile fleet and growing the number of customer site service locations
growth in this product portfolio is also aided by some international expansion of these product offerings with orders in hand and a distribution plan now in place in europe
second we are focused on improving our project execution and risk management were exploring and implementing a number of ways to generate greater efficiencies at the execution level
(*->and) i compliment the team on these efforts more recently quote activity has picked up and we now need to see those quotes get converted to orders
i commented in my formal comments that there remains more trailers in the system that are exceed 15 years old
when you think (*->i mean) you gave us a lot of prospects for next year but do you think next year (it->*) sort of really ramps up versus this year given sort of some market improvement but also
we keep operational profitability margin expectations intact and in addition (ill->i) remind you that we continue operating in a very dynamic and competitive environment
we maintained exposure to the securitization through an interest in the subordinated tranches as well as through our ownership of the vertical risk retention portion of the capital structure
now this could be an aberration but that will certainly if that continues (it will->itll) make it much more difficult for us to get to the high end of the range
our ability to continue to generate core deposits through our network of only 21 branches is a key factor in our efficiency ratio
national highway traffic safety administration proposed new regulations last july in an effort to further reduce fuel consumption (and->in) carbon dioxide and other greenhouse gas emissions
than (they->there) were prior to the downturn so weve not even caught back up to the level of age profile that existed prior to the downturn
your thoughts on whether the change in the external environment has any impact on that pace of run rate and when and how you (*->kind of you) expect that to slow
the power and performance of our galxc platform and the strength of our team have enabled us to enter these collaborations with the field leaders in the respective therapeutic domains
our new collaborations with lilly and alexion provide significant opportunities to expand our pipeline programs into new disease areas organs and targets
i think the punchline by the way if you step back and think about sort of the trades because weve gotten a few questions here on the balance sheet with more interest than weve ever had before if you step back and think about
and a lot of that has been sold off and so as a result of that we do believe that were going to volumes (and->in) demand will pick up as the year goes on
but i think my comment earlier really related to a declining rate of order growth that we saw through the back end of the year and into q4 and i would say that
and whilst in the short term they will give rise to some increased costs and disruption we are very clear that these are the right initiatives to pursue and that they should be implemented without delay
excluding the revenue associated with the groups engineered products operations which has been moved into (discontinuing->discontinued) operations as part of technology
the bridge securitization was used to help fund a (speciality->specialty) finance company acquiring a large us credit card portfolio that was being sold by european bank
that strategy is yielding results with the growth (in->of) our intermodal product and also with the growth of our truck brokerage and logistics business
liver infectious diseases cardiovascular diseases and chronic liver diseases while also providing a path to an even wider array of indications
from the fact that the thursday and friday of our sister companys nascar weekend fell in the third quarter this year and also from lower convention rooms compared to last year
(*->and) this program is an ongoing program and we continue to evaluate such further opportunities across our network of over 100 production facilities
these partner programs fall outside of what we would have advanced on our own and serve to broaden and add value to our pipeline
that was a little bit more of a stand (out->up) being particularly soft (and->i know) it was sort of similar to (*->a) prior year but can you tell us more about the puts and takes there the retention the business activity and then
id like to point out that many of our employees responded with urgency when a family member friend coworker or even a complete stranger needed help
this was slightly offset by a decline in the value of our agency rmbs and associated hedges as spreads on shorter duration hybrid arms
(thanks->*) youve mentioned that both of these are centered around the (galxc->galaxy) platform and the potential utility of that in a broader set of targets
and profitability 2015 was a year of outstanding execution and of setting the stage for the future with some exciting growth initiatives
we are collaborating across the health care sector to improve quality and value for people and seeking to take our performance for them to significantly higher levels
however im disappointed that second half revenue was not as high as we initially thought it would be several factors contributed
would you anticipate that the some of those orders could come to fruition this year in which case you would see
but i am just saying and its just one competitor that is being particularly aggressive into and out of southern california that in a market that all (candor->pandor)
that has been chronically underfunded over 13 over the past 9 years so the 2019 rates were needed they were necessary to cover (*->our) program costs and keep benefits
and we are also seeking to provide the most convenient injection experience to our patients and well talk more about that on investor day
so we have been very clear that we manage this in terms of return on capital the way we measure the return on capital is on a cashoncash metric
our results in the second quarter demonstrate what we have repeatedly stated in these earning calls and in our frequent meetings with investors and analysts
that a restructuring of the relationship with the state will be undertaken during the current legislative session im going to turn it over to tim now for his review of the financials
as dave mentioned we estimate about half of all americans in the next decade will receive their care through valuebased coordinated care systems
going to slide 16 data from the imf shows further evidence of the global economic expansion as all major economies are growing simultaneously
in japan revenue from the regions factory automation market showed modest improvement both on a reported basis and in constant currency
and it goes back to the basics of weve been able to show our certainty of execution and our nimbleness in understanding what the product is
(*->were) definitely seeing more clarity and better progress on the milestones that are needed to get many of these large projects to fid (and->*)
driven by excessively aged fleets a demanding regulatory backdrop and a generally stable trucking environment with strong carrier profitability
and was recognized by the health care transformation alliance and other marquee customers driving optumrx to a marketleading growth rate
in part because consumers they serve visit primary care physicians 10 more often even as their hospitalizations are reduced
the one belt one road project is a cornerstone of the chinese economic plans for the next 5 years and supports steel and power demand inside and outside china
think about how we want to run the company and have that optionality so and thats the good news is we can we see that path forward
richard has extensive commercial and operations experience and previously led our international fabrication services and engineered products businesses
substantially increase their capital expenditures this year do you think that cognex will participate in that spending
and certainly weve gone on investing in those areas and thats driving up some of our engineering expense in the near term because we do expect to see
we expect overall research and development expenses to continue to increase during the fourth quarter of 2018 and for the foreseeable future
we successfully launched a full suite of aero products in our wabash composites business that now creates the broadest oem product offering available
and in commercial benefit channels were seeing both lower use of the er and lower hospital admission rates for patients treated in the er
to achieve this milestone on a project of this size and with (these->this) many employees requires an unwavering commitment to safety (for->from) everyone involved
benefits to them in terms of their overall health and management and with respect to andrew (witty->woody) joining us justin were very pleased that hes
lets turn now to corporate partnering and our recently announced strategic collaboration agreements with lilly and alexion to discover
along with an existing reference (plant->plan) design rather than proceeding automatically with the clients standards and specifications as we would have historically
(could->can) you just walk through what happens if you dont get the sale closed by the end of the year how do you manage that process
and on our annualized run rate we need to get this technology sales process finished our debt paid down and then i think very fortunately
at eaglebank we are more focused on growth in earnings and earnings per share than in size or growth rate of our balance sheet
overall we delivered an exceptional fourth quarter with strong trailer shipments builds and revenue which translated into increased profitability
at this point from a schedule perspective im not going to change anything that i spoke about last quarter on cameron and i think you heard (sempra->somethro) speak
in this very important field and to continue to impress both our customers and our shareholders
the grain market continues to grow at healthy rates based on a study conducted by (informa->informal) economics paraguay bolivia and brazil (are->*)
as a reminder the revenue line does not capture the increasing pace of activity at the (orpic->orbiq) project because as many of you know
and then there is a productivity gain on the back end where we can deploy more systems with fewer people
it helped us enormously in the (ph exceed->pjx) program that we had the (single dose->singledose) study
turning to slide 4 on the second topic of growth and investment i want to spend the next few minutes discussing the quarter for both of our segments
were (leveraged->leverage) as (were->we are) progressing through the year so there will be less overtime needs throughout the year to be able to produce the product
(continued->continue) to generate solid growth in their aggregate earnings as the weighted average ebitda growth over the past 12 months
geographic expansion opportunities in these markets and as well expand our presence into new territories and markets to further grow market share
so theres nothing really out there which at this point says that even though were in the fourth quarter here there is anything imminent
we have a broad range of alternatives available to us and were continuing to explore all of those going forward so
in terms of lounges we opened the deck and closed the cabin so again very much investing heavily in the customer side there
we continue to progress a diverse portfolio of life cycle management and (midtolate->mid to late) phase development programs with well over a dozen ongoing trials
the second piece of it is there are a couple of loans in there that i would categorize as just less traditional to frankly get financed (on->in a)
i think i still think that the parkway sale other than the cleanup of the construction stuff that were doing now
as i mentioned in my opening remarks and as christie also discussed we continue to invest in business
related to the vesting or exercise of such payments be recognized in our income tax provision rather than (in->an) additional (paidin->paid in) capital
and following on (that->*) i think you mentioned in your q1 report that one of the factors driving increased profitability
we typically have an ability to keep those in the portfolio if we want to so if were exiting them you can assume that were exiting them for a reason
youve got the investment (and->in) new (*->feet) that comes in your cost ex fuel but the benefit comes in the fuel line and that piece there
you cant really choose to ignore us and be as successful as somebody who engages with us on the
we continue to be very excited about acquisition opportunities in the primary markets we serve and also in adjacent recreational lifestyle markets
another new facility is set up in brazil to cover the increased capacity needs of south america
we are committed to further investing in our sales and marketing efforts and related activities in order to increase our sales pipeline
as far as (underway youve->im away you) got what you pitched so maybe its a bit different from you there but if you could give some granularity on whether it becomes
theres been a lot of investor focus this quarter on net interest margin deposit betas and core revenue growth
and then my second question is really just going all the way back to what robert was speaking about
we look forward to maintaining this overall momentum and looking ahead to coming quarters there are a few key things you should expect to see
distribution this is something we will share with you as part of the strategic plan because we have done a very detailed review
it was a relatively unknown supplier they were doing it with and a relatively uncompetitive deal that they were offering so
and resulting demand against the constrained supply is forcing rents higher on a global scale as you will see from our slides
so obviously that positions us extremely well as they move towards production (and->in) the test systems that will follow
(*->its) a mix of different requirements that we really have to fulfill one of the aspects that was really important (for->to) me is (the->*)
as the industrial markets represent a breadth of product opportunities for us both through organic market penetration potential acquisitions (and->*)
potentially be able to file this in 2019 or do you think you might have to do some more
(feel->felt) fortunate to have would like to maintain and use we feel as a competitive advantage to drive lowcost financing against the assets
another important aspect was for us the location offers enough opportunity for further growth in the following years
(on->*) online estate agents can you give us any numbers in terms of the proportion of listings (that->*)
(at->on) inomax growth continues to be driven by strong demand and contract renewals at or above historic levels
no i think thats not necessarily the case we do have a strong services part of our business which is unrelated to the environment
(wall->*) in terms of approaching it that way whereas i think if you continue to charge
extremely active for the last year and change has there been any change in pricing expectation
and demonstration of quality that one needs to do so we took a stepwise approach to get the facility back up and running
and we would expect in the future that growth to be driven by volume (not->*) price and we spoke a little bit about that earlier
and again if and when competition does occur we would anticipate that we would be competing in a branded space
just a word on rore return on regulated equity we did promise in previous results that (wed->would) give you an ongoing
can you maybe talk about where we stand with that how much have we seen over the last couple of quarters and what lies ahead
and thats really what were seeing in a lot of the eastern part of our acreage position (thats->that) really benefited us
we currently are only closing on about 3 to 4 of the transactions we review for new companies
and you are busy sort of trying to fix out as much as you can at attractive rates on the liability side of your balance sheet
(*->the) transfer of the capabilities of the lines to be competitive also for the next years (we are->were) talking
we are looking at minor capex expenditures in the coming year to enable us to take even more work
i wouldnt pay that much attention to what is going (on->*) whats being said in the lead up to the election i think about what
so what (we are->were) starting to see now is consolidation thats taking place at the wholesale distribution level so
often such client cost management decisions are made in short cycles with limited advanced warning to suppliers
there has been some movement what were really trying to do is open a dialogue again with shoppers
would be to really focus a lot of our hiring efforts in the metro markets that i mentioned earlier
supported by the fair value increase in our investment in alcami which was driven by the companys strong performance
were not immune to this however we do believe we see a much broader opportunity set than our competitors and as a result
whats the right strategic direction for the group to create value but its not
but also some higher demand from our customers and of course integrating (bournemouth->bormouth) water into it so revenues have grown strongly
so it means that it is my intention to move ahead with the real estate master plans of (madrid and->madriton) barcelona for many reasons
(*->are) wanting to return the only thing preventing them from doing so is that rule so i think its quite interesting that its actually
that said i dont think theres anything else within the software space that we would want to or be likely to do
and of course thats what were trying to do this time as well so i wouldnt expect you to just extrapolate forward that is where we are now
review of your options is complete and the board is presented with a recommendation one way or the other
and the last question on the k factor if we could have an update on the size of (the deviation of->aviation)
to ensure that the actual average revenue per passenger you achieve one particular year
during the start of this conference call so what (has->have) changed since then about the view on the company
the (bluelinx->bluelinks) team closely monitors inventory levels to minimize the impact of a rapid deflationary environment
an efficient cost base in both clean and waste so we were efficient and at the frontier of efficiency for waste as well
as our incumbency often enables us to support the additional capital needs of our best borrowers as they seek to grow
low rates excellent service levels a strong housing market and a full complement of loan officers have combined to provide momentum in that business line
from macroeconomic and political volatility the continued rebalancing of the economic world to shifting consumer preferences and increasing demand for healthier products
and indeed as we expected the application of the stopping rules has been applied much more frequently in the control cohorts dosed with (pegsiticase->pixitakacine) only
and so what kols tell us and the investigators tell us is that theres a window here that we have at the beginning of this coming year in the first half of this year or next year excuse me
as a reminder equitybased compensation expense is excluded from our operating expense guidance that completes my review and ill turn the call back over to (jon->john)
yes i would add (liisa->lisa) that at the boston college allergy college meeting there was a poster from the compact study that (*->bruce)
we expect to be very active externally going forward since we see a tremendous market opportunity for our offering we have a couple of important updates on the commercial front
at the right place at the right time with the right value proposition we look forward to reporting further progress in both organic and acquisition initiatives
dont bite off more than you can chew and maintain and capitalize on a strong currency and execute well so that sellers view (you us->*) as an attractive partner
thanks tom good morning and thanks for joining us today the opportunity in front of us at biocryst is significant and were determined to take full advantage of this opportunity
specifically the portion of (costs->cost) that we were responsible for under the (force->forced) majeure provisions of the various contracts of our gulf coast projects
sure so (*->our) the one part of amicus that we that has maintained a pretty steady state over the last 4 years of our growth has been our science organization
build out the dfast model without acquiring any sort of expensive softwares or without having significant consulting expense
and thats what were working through its not that (we are->were) backing off the innovation its how we get that innovation to the market especially if its on not on our big brands
any traffic is good traffic for us so we concentrate more on the health of the center we go into rather than (*->the)
we look very different today than 5 years ago for example clinical and technology professionals are the first and third largest job categories across unitedhealth group
fourth we are resetting our culture to one based on accountability more engaged (in->and) empowered employees (in->and) close collaboration with our customers
these changes conform to recent regulatory precedent and optimize our opportunity to have both doses labeled with very competitive efficacy and safety results
in 2019 again based on what we are seeing thus far into the first quarter of this year we are highly confident in achieving our full year guidance
and a workplace where clinicians are able to operate to their fullest professional potential in an environment deeply respectful of (their->the) profession and their practice
but we also have a similar opportunity at the node level of the network in locations where we already have companyowned stores
the event will be open to analysts and institutional investors by invitation and there will also be a live webcast so those unable to attend in person can view the presentations
so if uric acid rises above this level crystal (begin->begins) to deposits and build up in joints (and->in) tissue causing those debilitating symptoms
a fairly significant change because we are overbuilt in grocery in the country and all of these alternate channels are now beginning to challenge all the square footage in the marketplace
and hopefully some measure of durability were also working with some of the key investigators in the world to assemble the natural history
and we remain very confident that this strength will continue in 2019 during our first full year of launch in these major markets and also as we enter new markets around the world
second with the requisite technology in place we can drive smart process integration in areas such as the frontend patient and physician experience i discussed earlier
and we got everybody under one facility in toronto now and theyre realigning the organization and so theres some theres definitely some
its a joint venture but we capture the bottling revenue so we capture a large portion of the revenue of both coffee and tea
the holistic nature of that we tend to pride ourselves in bringing technology human capital and infrastructure and we can do that in a modular way
all but one of the remaining patients in this cohort had received a third dose as of march 23 and there have been no saes reported in this cohort
the plan would be to go right into longterm combination trials with the goal of trying to find recipes that could
over the next year (we are->were) really peaking out here at the end of 2017 and well be in a steady decline throughout 18 so just in terms of the whole
and although we dont intend to close any (edgartown->edgatown) national branches we believe we can achieve these financial results primarily through efficiency gains
okay and thats helpful and then on (a->the) new store productivity in the third quarter you mentioned jackson was really strong so did you see that type of
we are actually indeed on the slope of the (doseresponse->dose response) curve and not on one of the plateaus which is an additional validation of trying to look for the best dose
something which is increasingly sought by our customers physician rcm is therefore strategically very important to us as we think about tying together
i would say that keeping into account the new rules and the new investments (that->*) we are going to start
presented and i think theyre honing in on this target range a bit more based on the efficacy that they saw and the trough levels
and our underlying mix so we really havent seen a big shift there really strong growth and retention obviously playing a real big role in that growth has really enabled that stability of our book
(*->my) first question was im wondering if your q3 (products->product) successes give us a read on the fourth quarter did you see better growth
one pivotal study so you have to be more confident in the outcome of one pivotal study in order to use that as your criterion to approve a drug
more broadly unitedhealthcare continues to deliver distinctive performance for customers and to drive consistent growth and share gains over time
indeed amicus (strive->strives) every day to bridge these gaps through the commercialization and development of our portfolio of medicines for rare metabolic disorders
such factors include those that have in the past and may in the future be identified in the companys sec filings and other public announcements
as needed to ensure we can attract and retain the best talent for our brand i think you asked a little bit about a (go forward too->goforward to)
in the retail segment we have significantly increased the number of (the->free) customers in particular we have reached 10 million free market power and gas customers in italy
his experience in driving (enterprisetype->enterprise type) sales with long sales cycles over the finish line while closely partnering with all key stakeholders will serve us well
into group medicare advantage (offerings->offering) so well look to give you updates on the selling season as we progress through the year i think you also
(*->to) initiate and gain traction on to be able to continue to penetrate that space so were very optimistic about what we see on the mh side of the business as it relates to acquisition opportunities those are still in
and benefiting from the (bournemouth->born moorth) water acquisition as well as the rampup of (viridors->ridors) energy recovery facilities underpinning (viridors->veradors) growth prospects
we have clearly identified portfolio and product line strategies for how we will win in the markets we serve and have developed 6 operational imperatives that will allow us to achieve excellence in everything we do
that have helped our adjusted ebitda improve dramatically since we began this journey in early 2014 now we are pivoting the company to strengthen our partnerships with our customers and suppliers
she is a subject matter expert in operational excellence and lean manufacturing which combined with her leadership capability and passion for manufacturing made her the perfect choice to lead this imperative
and we invest and extend our capacities with a new furnace in (essen->essent) line upgrades in various facilities as well as our (decoration->degoration) line capacities
but that doesnt break the trend over the rest of the year which is a trend to deleverage in terms of net debttoebitda ratios
number one we are really offering very attractive value to our advertisers on our platform given our size and scale and you are seeing that more and more advertisers are coming to our platform a number of advertisers on auction
but in terms of absolute branches it depends (on->*) how you count what you call online agents what we call hybrid agents so if you include those in the pool then i would actually expect to see the number of branches
i would now like to turn the call over to todd cleveland thank you (julie ann->julian) and thank you all for joining us on the call today this morning wed like to discuss the companys first quarter 2017 results and provide an update on the major markets we serve
with our plans for user growth augmented reality and content in 2018 ive never been more excited about the future of our business were going to keep up the hard work and stay focused on the big opportunities ahead
are you saying effectively that you dont think if you took out the product (additional products->addition for us) you put through you just dont think you could get those price rises through to the sort of (rightmove->right move) levels
based on a relationship with the company as well as our ability to commit to the full transaction we are awarded this investment opportunity (and->in) a franchise business in a noncyclical industry
and were well hedged our business plan doesnt assume that were going to make any further divestitures and we dont need to make any in order to get to lower leverage levels over time
you end up providing a full sense of security to consumers who think that the government have got their back when in reality actually switching
this acquisition has not just helped to further differentiate our products for both consumers and partners but has also delivered a whole new opportunity with a new set of partners
we have sold and installed our first displays in this family and (feels->feel) this brings opportunities to expand our business especially in developing markets in parts of asia and other regions
with growth rates and seasonality consistent with recent years our objective is to continue to outperform the mh market by capitalizing on our breadth of product and focusing on expansion and acquisition strategies
we think this will continue as we build out additional capabilities such as dynamic custom audiences conversion optimization and secondary objective optimization
so youre going to see us drive (the->*) execution as hard as we can youre going to see us push results as hard as we can in this very tough environment and we feel good about our way to fight our way through this and deliver growth next year
thanks (curt->kurt) ill transition to our outlook on slide 11 looking at the back half of the year we expect our innovative specialty businesses will continue to grow strongly improving product mix and accelerating our overall earnings growth
we also saw a reduction in the number of companies on nonaccrual during the first quarter we had 3 companies come off of nonaccrual compared to (one->1) new nonaccrual investment
would save the average consumer 3 to 4x more than a price cap would so those are the reasons why its not a great outcome for households if that becomes the (policy->positive) i dont think it affects
(*->for) people who are watching content on our service so i think thats a great step in the right direction especially with the redesign but youll see a lot more this year weve been (chopping->shopping) a lot of wood on that for a long time as you know
given that this was a (nonrecurring->norecurring) situation experienced by the company in march that we believe that the effective rate will return to historical levels as of april
steve this is andy it would be our goal to be able to continue to execute i think again as weve talked about related to positioning ourselves with the capital structure to be able to do that we feel very good about
and 89 million daily active users added in the fourth quarter the highest number of quarterly net adds since the third quarter of 2016 all this growth came at a lower cost than the previous quarter
this project is as i said in a very early stage but we regard this as a very very interesting field and a very strong complement for (gerresheimer in->garresimer for) the future
our industrial footprint represents a breadth of product opportunities to capitalize on our existing capabilities and competencies for us both through acquisitions and organic market penetration and expansion initiatives
on the other hand if we look at this over time and we say okay weve done what we know we can do weve made great wells but theyre just not going to compete with the kind of things that we have in our permian inventory for example
of 8 companies we acquired in 2016 and the focus and dedication of our (5000plus->500 plus) team members on ensuring that our customers are always our top priority and are provided the highest level of quality service
that allows us to continue to execute on our strategic plan and face any challenges (head on->headon) with the ultimate goal to always serve our customers at the highest level and provide quality service and shareholder value for the years to come
one of the things that makes snapchat so unique is our camera and how frequently it is used by our community this is different from many other services where content is uploaded from other sources rather than created (inapp->in app)
will afford us the ability to continue to strategically deploy capital and continue to utilize our leverage to execute on our strategic growth initiatives in alignment with our capital allocation strategy and drive shareholder value
we have materials and manufacturing capacity to achieve our customer schedules and we do not anticipate additional cost for fulfillment as we experienced last year during our busy season
we recently rolled out stories everywhere so that the whole world can easily view stories on the web weve also started bringing snaps to bigger screens like stadium (jumbotrons->jumbo trons) at this years rose bowl and sugar bowl
also during the quarter the reit was pleased to provide occupancy to (porsche cars->porschecarz) canada at their newly developed dealership head office and training center located at the reits consumers road complex
if the result of that adjustment is that (the->*) technically the (tariff->tariffs) should go up clearly the second condition applies which is we are
that will come out (today->of it) is there going to be any change the problem with overregulating these industries is that you end up with bad outcomes and unintended consequences because
this is about progressively derisking (viridors->veradors) business to the extent that signed commercial contracting approaches enable us to do so
and then as you say on top of that some of the other costs are effectively building in room for growth relatively small numbers but they are things that should scale significantly as we grow so my sense is
this new proposition is based on our consumer proposition and provides business features such as dedicated customer service and a promise to (*->the to) be back online within 12 hours
want to look at and get comfortable with to be able to assess appropriate disease progression and you said in the next weeks or months do you have a better sense of timing on that
thats been clear in every discussion ive had with customers you see it in their strategies and in their announcements where theyre reducing their supply chain often reducing the number of plants they have
through our precision controlled launch leading up to resupply as we have previously stated we remain on track to have (full scale->fullscale) inventory levels in the second half of 2018 following pma approval of the vesta facility
specific percentages on a per quarter (bases->basis) are always somewhat volatile but we do see (a->*) further progress in business driven by the bundling in sme growth of it and new services and of course (an->in) improving
could you help us put some sort of (book ends->bookends) with regards to the potential exposure you may have and what next steps in terms of timing we should look for
weve stated this before that we try to stay kind of center of the fairway and not get out ahead we could get out ahead and you could drive a little bit top line more revenue but then it also has an impact
we have also just completed a rebranding effort for biocorneum to elevate the premium messaging and look (at->of) the product to more closely align with the sientra premium image
measurement and control applications we will also unveil new products that we believe will give us the opportunity to further demonstrate the advantages of our platform
okay so this is mike let me just close by saying thank you to all of our 1300 professionals around the world i think its your ability to help our clients achieve operational excellence and
utilizing its capacity to supply intermediates to both switzerland and (to bavla->tababla) and the next step is to go through the qualification process to enable us to manufacture
please note that as in the past while we will not be reviewing the presentation slide by (slide during->*) the call we will make reference to a number of the slides as we discuss our financial results
in a lot of the rest of our (market->markets) the partner approach wont work because either the service is too expensive or (there is->theres) not enough local content for the particular country
the upper table shows revenue on the far right side of the table please look at the comparison with the previous year at technology solutions
earlier this month the company surpassed 20 continuous years of 100 availability in the com and net dns this record is the result of the expertise of our people and our specialized infrastructure
both products as well as companies that have a unique advantage in those categories so what youve seen are (*->a) couple of relatively small
in addition to his corporate development responsibilities tonys depth of knowledge of integer our industry and our strategy made him the right person to integrate this suite of responsibilities
as previously discussed growth in europe was held back somewhat by the difficult comparison with germanys strong first quarter last year germany is projected to return to normalized growth during the second quarter
financial results in our earnings release are unaudited and our remarks include forwardlooking statements that are subject to the risks and uncertainties that we discuss in detail in our documents filed with the sec
in the second half of 2017 we remain on track to meet our (supply->*) objectives for the back half of this year and beyond and look forward to leveraging this unique technology
(*->well) thats a great question jon and its one that we pay a lot of attention to we have significant respect for both of our competitors
this focuses on reinvesting in the business and our future to target both continuing and increasing free cash flow for the benefit of all stakeholders
from a macro perspective it spending continues to be healthy with robust customer demand the market remains competitive but pricing remains rational and we continue to pass through commodities costs
(team work->teamwork) and focus on delivering excellent performance today and for the long term on behalf of our clients and investors a big thank you again to all of our colleagues
revenue from mobile phones fell from the previous year this is due to a significant reduction in units shipped for feature phones in the (rakuraku->dakudaku) series
so i think weve built a wonderful foundation its deployed across 14 markets and growth in the future will come from rapid scaling within those markets introducing new markets
we delivered good growth in fixed mobile bundling (and->in) consumer the new mobile and fixed propositions introduced in june and july give our customers more flexibility for addon content
so this is the product the physicians go to manage these critical patients whose (median survival is->medium survivals) in (the->a) range of 2 to 4 weeks when they actually are experiencing this exacerbation of their condition
got you and was this just a function of not having the right person to sign a contract or can you (kind of->*) talk a little bit (about as->thus) far as what the timing delays were
so we should get a little bit of benefit from that but well see what happens and the other big thing too is what are our competitors doing and what is the competitive pricing landscape out there if that were to happen
demand for these services continues to grow steadily driven by increases in both the quality of property inventory and the propensity of asian companies to outsource
our goal this afternoon is to provide an overview of our recent operational progress along with reviewing our corporate priorities and updated financial results for the third quarter after that we look forward to answering your questions
large deal we (*->have) started working we put together a large deal team almost 18 months ago now and for the first time in our company we started working with the advisers and the influencers community
but i would tell you the commercial structure will be such that it will certainly underpin the substantial investments required for these lng projects
with continued confidence for approval as weve said before by (year end 2017->yearend 2018) second we continued the execution of (*->our) precision controlled launch strategy
there you will also find our second quarter 2017 earnings release at the end of this call the presentation will be available on that site and within a few hours the replay of the call will be posted
such market volatility (drive->drives) enterprise buyers and technology and service providers to seek our advice research and support to help them achieve their digital business objectives
so we now have our teams trained up we have advanced our digital training to our people around the world and we are very pleased with the
we remain focused on generating cash in order to reduce our debt pay dividends to shareholders and share the value we create with employees and host communities
wed expect to be at the high negative 20day range in q4 very similar to last year so those are kind of the dynamics and i wouldnt expect that to really change as we go forward
iran and saudi we have a strong position in iran so we are represented in 3 of the 4 largest economies across the region i think this is important to give people an exposure to the regions
and we are also pursuing a broad approach to recyclable cups we have (long espoused->longest found) the importance of companies doing well by doing good and we will not waver from our focus and leadership position in sustainability
high single digits throughout the year and had moderated back to flat in q3 and then also we had the water purification business which also was strong most of the year and took a little bit of a pause in q3 so thats where the misses came steve
having been in china since (1999->199) the strength of our brand the trust we have built with our customers and partners and our working knowledge of the many nuances of the china market uniquely positions us for continued longterm success
in terms of any other reit product type and even in terms of our returns to some of our competition those are really off the chart even with a bit of compression in the unlevered returns for the cloud (deals->deal)
the increasing influence on patient navigation is in the center of that initiative and patient navigation in the middle of (hesse->hesser) and in the north of (hesse->hesser)
as noted in our earnings release the rasm pressure from the transition to our new reservation system is temporary and these items are relatively minor considering the significance of the technology (efforts->effort)
as we learn more should we be able to give more definitive views on the impact of the quarter well certainly try to do so and not wait of course until we talk about the quarter next year but again this is still very much a process in flux
and in france where we were forced to take (one->1) line down for 8 days and a second line down for 10 days due to the quality of feedstocks we (received->receive) from a supplier the impact of these outages was confined to the third quarter with no lingering effect
(the->this) slide also illustrates our ability to recover from increases in raw material costs so in summary our price right strategy continues to deliver core unit margins that are consistent with our historical and longerterm sustainable levels
it is harder for our people to identify those cancellations go in and reopen that seat inventory and then resell those seats and thats where were seeing a revenue penalty if you will from
on the basis of their own needs to satisfy infrastructure development and of course thats a function of a lot of things including by the way when we think about places like argentina whats happening in the government and the ability to fund some of these projects
a lot of feedback on food offerings although we do get some so its i would think that it will fit within the way our provisioning works today whether we want to do something that is a little more unique for hawaii
to ensure we are targeting the right market subsectors we have looked at the total market size and estimated reasonable expectations of our growth rates we can attain in them from this we have put together a 3year outlook on where the company revenues could be
while resolution of raw material access is ultimately a function of weather we are working with our supplier to arrange alternative logistics at the site and (as of->thus at) this time (we are->were) anticipating that production (in wesseling->and vesseling) may be curtailed by approximately 3 weeks
(*->all right) thanks gary and welcome everyone our employees did a great job again this quarter providing their legendary customer service and id like to thank them for that and congratulate them on a great quarter
on the center and southern portions of the country can you give us kind of some perspective on how those auvs look versus the rest of the country and i know you mentioned theyre lower cost but im thinking maybe theyre also
now turning to our outlook we continue to execute our transformation strategy to diversify our revenue streams to the more profitable oilfield ceramic technology products and the industrial and environmental markets
regarding the use of nongaap financial measures a reconciliation of each used nongaap financial measure to its most comparable gaap financial measure was provided in yesterdays earnings release and is included in this mornings presentation material
our third quarter revenue trends were also impacted by the timing of the july (4th->4) holiday as well as last years outage which roughly offset each other on a unit basis
and it puts us in a position as long as we can fill the airplane up with customers that (well->will) have a lower cost and can keep your fares lower so thats the importance of considering the gauge you just cant take that
and we know (*->that) the internet is going to be an important channel for this industry going forward and we have to have it and we didnt have it so the test that were doing in the fourth quarter is going to be limited to one of our states
(*->the) personnel that we have in vegas the longterm (relationship->relationships) that they have in that market and their ability to source great land opportunities and as you know theyve grown their market share consistently over the last 4 years so
looking at contract manufacturing we expect continued (grow->growth) throughout 2019 while some clients have postponed decisions on project awards we are making progress in other areas by expanding the products we produce
we continue to grow overall transactions in the marketplace attracting new customers into our stores as well as continuing to elevate the frequency of our existing customers
give us an idea of historically how much of that pricing sticks and given that were in a pretty (weakdemand->weak demand) environment at the moment if you think that pricing increase will be more or less sticky than it historically has been
but now i see already first responses from our landlords in a way that they start (*->to) realize that they have to create a little bit more flexibility for us in terms of the transformation
the spring selling season got off to a strong start in the southwest as our operations in nevada arizona and colorado all produced a sales pace above the company average in the first quarter
of course we need partner because we know clinics but we do not necessarily know venture capital so we have selected after many (many->*) discussions we have selected what we believe is a premier partnership
implies a (casemix->case mix) index improvement of more than 1 and as you do recall from previous calls that meets the clear main top line goal to develop
well we certainly hope and believe its (onetime->one time) when you think about this river rhine issue but if you want to categorize it as operational thats fine with me i dont know what category to put it under when were dealing with these kind of record low water levels in the rhine river
there might be some small minor changes going forward but thats not what we anticipate so as youre thinking about going forward i think where we are is kind of (what->where) were going to be (from->for) the next few quarters
sustainability is 1 of 3 of our social impact priorities our aspiration to make coffee the first sustainable agricultural product is in direct support of coffee farmers around the world
the lack of existing supply in the coastal areas of the state continues to be a great driver of new home demand and pricing power it has also compelled many new homebuyers to consider housing alternatives further inland
and third we have redoubled our efforts to drive (discipline->disciplined) operational excellence within our stores and to mindfully allocate capital with a sharp focus on managing our corporate expenses
weve made progress in the first quarter in terms of expanding the sales team and increasing our spending on lead generation we expect to see the results of these investments pay off in the upcoming quarters
its important to note that while weve been able to move fast on our streamlining efforts its been far from easy weve seen shortterm effects (in->on) our international results largely due to the magnitude of change
it has been my experience that most jvs do not end up working as well as expected and the root cause is generally a lack of followthrough and commitment by (the->their) respective teams to do what they said they would
were not intending to grow aggressively at all next year although the percentage increase will be higher than 2017 but we want to manage it in such a way that we drive
there is a corollary product that we call upgraded boarding for any seats that have not been sold yet as business select
of raw material (costs->cost) going into the quarter which needless to say through our price right strategy we were able to preserve and protect and therefore generate margin expansion in the third quarter last year we knew that was going to be a tough comp and we talked about it
we believe that our performance this quarter is a direct result of our strategic emphasis on quality design and innovation while providing for an excellent customer experience
of the customers that we want to market to whether its checks or small loans we expect to get a better credit outcome going forward than from this point (and->*) going forward than we have gotten in the past
and we are very ecstatic about that and we think the base is now solid to have exponential growth on a goforward basis because the all (of->*) our problems have been
and thank you all for joining us today ill be starting on slide 4 we delivered third quarter results that operationally met the high end of our forecast and were slightly above our guidance
and thats on the operational side primarily in energy and were not hopeful now at this point that thats going to recover for the end of the year as our customers manage cash to the end of (their->the) balance (sheets->sheet)
well again i would kind of go back to my earlier comments which i feel like the second quarter was a very strong revenue performance
and finally we are focused on returning cash to shareholders through a combination of opportunistic share repurchases and dividends which i will touch on with more detail in a moment
before you consider competing there and or do you think that just like (brands->brand) and low fares alone are simply enough to sort of have (a->the) southwest effect in (the->a) traditional sense in that market
so youre trying to get those bits and (bytes->bites) to move across the country as fast as possible this tower which (will->would) be the largest tower in that area will enable those customers on that to access
in the appendix of this material weve included the other modeling assumptions which are effectively unchanged since the second quarter and with that id like to turn the call back over to kevin
we have seen some creep up in construction (costs->cost) from the beginning of the year in labor and some of (*->the) supplies on that and so a lot of the savings that we had engineered on our (first->*) solutions
it also it looks like about half the backlog is related to microsoft can you talk about the visibility into future projects with them and do you expect (them->that) to be in digest mode for the next little (bit->*)
we believe that we have continued opportunity in this space going forward convenience checks and small loans which have historically been the core portfolios and engines of growth for the company
given the strength of our products fiscal responsibility and continued investment in sales and marketing we can establish a much larger market share and drive strong shareholder value
first we expect to deploy capital to support organic growth opportunities this includes operational improvements sales force investments and new product development
these statements reflect the companys beliefs based on current conditions that are subject to certain risks and uncertainties that are detailed in the companys press release and public filings
theyve just done nothing but execute within our expectations and our expectation was for some inefficiency and our expectation is that theyll work that inefficiency down so
moving to slide 9 as a direct result of our strategic partnership with gds during the second quarter we signed leases totaling more than 10 megawatts with 2 chinese hyperscale customers
thats what we hope you took away that yes we think q4 is an anomaly but if you take a look at the overall core growth for the company (a->and) negative 1 and moving to that general framework next year
providing an attractive comprehensive solution for our customers and 70 of our revenue is from customers in multiple locations throughout our portfolio
maybe you get a couple (of->*) million bucks of revenue associated with things this thing but the more important aspect of this is really just to highlight that this is just another example of
we always look at this area carefully and with the sales volume trending lower we opted to manage inventory levels versus gain incremental nearterm margin
okay i appreciate going a little bit more in depth there and then i wanted to talk to your comments as well as youre getting the aircraft in the fleet a little bit faster this year
what should we expect to see first when youre starting to get traction there is it organic growth stabilizing is it margin improvement is it a little bit of everything
we have sufficient cash to complete the pivotal trial for our corplex donepezil program and we are planning to secure one or more partnerships that would provide additional funding
looking at the auto portfolio we (have->had) previously announced that we were embarking on a path to restructure our auto business and that that (the->*) process would take place
thankfully our plant in pensacola florida was not significantly affected by the hurricane and it resumed operations on october 11 likewise our warehouse in (marianna->mariana)
in the industrial sector we remain excited about our industrial ceramic opportunities in order to continue this growth we are pursuing product trials with potential clients around the world
segment income and return on sales declined modestly as the impact of lower volumes were not fully offset by the continued strong productivity and pricing seen for the past several quarters
were looking forward to working with the (atairos->ataros) team (and->in) finding ways to combine groupons local expertise with (comcasts->comcast) vast subscriber and advertiser network with that ill turn the call over to brian
with (a->the) strategic value that medical innovation offers to our core businesses in the 6 areas where we do have most of our cases
and then ramp up during the course of the year to get to that the outlook that rob provided of low end (44->4) so wed be flat
however we took decisive action to restructure our business for the future and restore market confidence these changes to our business had a significant impact on (our->the) bottom line
and work with an individual who we trusted and (shared a->share) similar vision for our industry and who (had->have) strong relationships with chinese cloud companies that we can help grow outside of china
before the call begins i would like to remind everyone that certain statements made in the course of this call which are not historical facts including statements concerning future financial and operating performance
so it is a new line of business of the group and we assume and we understand it will be very promising and we expect to grow
upon completion of the projects in the pipeline and the closing of the (zenium->xenium) transaction the size of our portfolio will be more than 4 million colocation square feet
finally we are progressing with our integration of (extex->xtex) including a facility move and remain focused on the synergy opportunities with our existing engineered products business
we improved our sales processes to decrease our time to close new engagements we also better segmented our software to address a larger prospective customer base with express solutions
much convinced that this will be very well received by the customers given the trend that we see towards fresher product
four were proud to deliver a (third place->thirdplace) experience that inspires and fosters human connection that is relevant to the chinese consumer aspirations
we have also started early research or consumer research on pioneer products that we believe are relevant for the local market in particular around the breakfast category
it is not just a costcutting exercise working with our outside consultants we have already identified significant savings opportunities in areas such as improving spans and layers within our organization
our success in each market will be driven by further elevation and modernization of the (third place->thirdplace) experience we deliver to our customers and continued expansion of our digital advantage
and we really we feel relatively satisfied within this (undoubtedly->undoubted) bad news because weve been able given our
we continue to work with them very very aggressively we continue to provide information and in all honesty one of the great things that fran is going to help us with is with
and reflects the anticipated shortterm impact of our strategic decision to exit much of our private label and contract manufacturing business and invest in our core brands
i would like to say that the first quarter has been summarized and that we expect the following for the rest of the year in the first place we are on (*->the)
and lastly (weve->we) benefited from strong alternative investment results in the quarter im pleased with (*->the) overall progress of the company and i look forward to updating you again next quarter thanks for your time today and thanks for your interest
three we will continue to build our business in china by fostering deep connections among our partners their families our customers and the communities we serve
(a->*) couple of years ago it continues to be robust with that said lumping emerging markets together today is not a good idea because you have very different dynamics in terms of whats occurring
the second question will become not only what the indication is but what reimbursement occurs and even today you start to see reimbursement occurring
this recommendation has now been ratified by the european commission (ill->i) remind you that (zepatier->sepatir) is not cleared by the kidney and can be used in patients irrespective of baseline renal function
also the continued contract base growth in the service industry bodes well for the future of the service business as such
our journey to optimize our manufacturing footprint and associated operating cost remains on track to further enhance our competitiveness
pending the finalization of a few contractual matters between the parties these commercial activities will be integrated into the groceries division under martins leadership
this continues to be an overall (an->and) outstanding industry marketplace and we believe that with the plans we have in place we are well positioned to deliver a solid year
i will now turn the call over to andy to provide more details on our second fiscal quarter 2017 results as well as our outlook for the remainder of the year andy
germany has been very strongly affected both on the retail side as the food service side by adverse weather condition in the first 4 (month->months) of the year
over the next 3 years is critical and the reason we grew transactions in the midteens in china is because of (newstore->new store) growth and it is where
they are based on managements expectations that involve a number of risks and uncertainties any of which could cause actual results to differ from those expressed or implied by our forwardlooking statements
(*->so) long as we can continue to provide increasingly better levels of customer service which weve been doing we can then turn our attention to how we can manage inventory
on a new occasion in the afternoon with teas and refreshers so were going to maintain our plans to continue this work that were doing because were encouraged from what were seeing right now
we continue to expect consolidated revenue growth in the high single digits excluding approximately 2 points of favorability from the east china acquisition and other streamlinedriven activities
will follow suit returning to doubledigit levels in this years second half this resurgence of growth has and will continue to be in large measure due to our
historically reis played a minimal role in serving investment sales brokerage because sales brokers first and foremost rely on comparable sales transactions to market a property
also we expect to receive the adjudicated cardiovascular safety data from odanacatib from our external evaluators in the next few days which will then be analyzed over the next several weeks
so the information that we have is probably a little bit more anecdotal but we know for example in germany the largest clinic that we have there they have a number of
(its->*) if they decided to do yoga and they didnt want it on at that time (but->if) they wanted to put a transmitter back on after the workout or they want to wear a sleeveless dress
the new (costsavings->cost savings) program that we have announced today is the first step in the right direction to correct the situation
thank you also to those (those->*) of you joining us on the webcast and specifically so also all the pioneer foods colleagues joining us from the various operational units throughout the country
that gives us encouragement that were on the right track just the isolation of moving transactions is our focus and we need to get those transactions (to->through) our beverage growth
we completed a major dosing study that has helped us to decide the optimal drug dose that can provide optimal biological effect with the maximum safety margin
(*->one of the) few restaurant companies that hasnt mentioned the word at all about value and it does seem like value is what is driving the customer whatever that means for each individual brand respectively
geographical areas where we expect that to be possible we have also launched some new products which we think and we see that they are interesting to customers
our focus to a large extent is aligned to what we do in the local and traditional market with that (the->*) regression of share being a consequence of that
and we are committed to increasing the velocity of innovation at starbucks in each of these areas as they are all key determinants of customer and brand relevance today
looking ahead we continue to generate significant amounts of cash on the back of solid demand for coal and soda ash a trend we have seen for some time now
we havent gained much traction in this category because of the poor equipment quality that weve inherited which is causing a bit of disruption from a supply perspective as well
(and->*) we do have both the negative timing of (catalogues->catalogs) and we also are affected by the earthquakes and we do have weaker (development->developers) in colombia
besides delivery we have broad reach and depth in the digital space starting in june we have now extended our digital social gifting on the alipay platform
whilst the (last->lost) impact of the latter was recovered through insurance promotional participation had to be curtailed with (spekko->specco) market share sacrificed during the period
and we believe we have the expertise and the will to continue applying them to the different businesses we dont believe we have reached the end of this
most of our loss of revenue came from reference pricing due to lower prices from the biosimilars however were certainly starting to see
as such (exxonmobil will->xomo) contribute its expertise in project execution and operations to support the projects success in a globally competitive lng market
admittedly on our easiest comparison of the year but the underlying trends across each of our businesses are promising and should provide us some momentum as we go forward
both nominees bring decades of senior leadership experience and a deep financial acumen i look forward to their joining the board and to leveraging their expertise in the coming years
im not thats not necessarily commentary on whats going to happen when we start getting some realistic conversations going on about our shippers but having a contract
and so there is some type of delay against expectations for both of those mills but i dont really have much more information probably (paul->all) than you do on whats happening there
although i feel good about the underlying momentum were seeing in the top line if organic growth begins to decelerate you should expect that we will dial back the pace of investments
the new loan production yields that were getting and then the increase in our portfolio thats moving up with the rate increases and then certainly we intend to run our (loan to deposit->loantodeposit) ratio
so most of the water goes into the evap pit and mother nature does what its going to do but in order to continue expanding that facility which the market is (crying->cruwing) for
and (in->*) that in addition to some of the market recovery and so as we see the middle east now with oil and gas beginning to recover we see industrial refrigeration were up
so as we conclude our brief prepared remarks this quarter ill mention one additional item last quarter i mentioned that we would be disappointed if we didnt announce a couple (of->*) hundred million dollars of acquisitions and growth projects in the
i am encouraged by the margin improvement we are seeing in backlog the traction we are seeing on sales capacity and by the acceleration we are seeing in highermargin service and product sales
which mean that the objective is not to reduce but to contribute some efficiencies so we are making good progress negotiating and working differently with media companies consolidating many of our suppliers
that is correct (weve->we) moved it over to the segment january 1 and the reason we did that was that there are some operating cost expense that goes early into the project
yes again brian (it is->its) a little bit difficult to hear you but what i think you were asking had to do with getting it through the regulations and the approval agencies and do i see that as
could you firstly just remind us why you bought into this reserve secondly how you plan to develop it especially as were aware that youre not involved in the existing project onshore
the increase was also helped by lower commodity cost as well as by strong rig that also led to better industrial capacity utilization and better operating leverage
our strategy in this area is all about leveraging the versatile and adaptable g1 platform in ways that allow us to bring new technologies to the market faster while expanding our market share
we have (a->*) supply diversity on the pipe as weve spelled out a number of times both in press releases and on these calls (a->*)
our underlying trading operating profit margin increased by 20 basis points in spite of commodity and packaging cost headwinds of another 20 basis points
this increase resulted from a continuation of the notable recovery in brazil increased project activity in developing markets and a slightly favorable currency translation impact
weve seen probably a little more storm damage as (of as->*) the quarter ended in some regions but i wouldnt call it anything out of the ordinary in terms of storm damage in the quarter
im especially pleased with the progress in our ewp segment as engineering a turnaround in this business was one of my first priorities after assuming the coo role last january
because projects do get delayed and it becomes very difficult (and->*) if it isnt in backlog (its->thats) a pretty tough one to predict for the next quarter whether it would fall (into that->in or not) we do however from time to time
nongaap items are described and reconciled to gaap results in todays press release and those and other reconciliations (and->in) supplemental detail are included at the end of the slide presentation which again is available on our website
(sallie->sally) will be referencing these slides in her comments this morning we plan on filing our 10k later this afternoon and have already filed the 8k this morning with some supplemental information
some of the change there but we still continue to have a pretty healthy backlog in infrastructure regarding your question on inventory (*->yes) the overall inventory is up compared to last year
brazil (pick up->pickup) in the equipment markets based on more stable politics but more recently it seems to be reversing from what youre seeing on the ground right now do you see
pricing for irrigation equipment remains competitive but rational in both domestic and international markets and weve continued to be successful in passing through material cost increases to the market
so i guess when you think about just through the back half of the year and maybe longer term are those the type of acquisitions youre targeting or would you consider an asset or a system that doesnt necessarily fit with the portfolio that you have today
in the eagle ford and we want to make sure that these wells are going to perform up to our standards before we jump into that development but for the (longterm->long term) this could have a very significant impact on the company because as i said weve got
that said we are fully committed to serving our customers and channel partners worldwide and our technology capabilities enable us to consistently outperform the market
contracted and designed at 800 million a day once you get into service and you start to see how it runs and you see how the gas where the gas is going and where its coming from and how the turbines are behaving
while there were challenges in the quarterly revenue comparison as expected and communicated to you in february we saw very positive trends in order activity (and->*) in industrialrelated markets
despite some of the challenges we faced in the quarter on the top line as ken indicated we were able to grow adjusted earnings by 24 and drive higher levels of free cash flow i was really pleased by this
good morning my name is nicole and i will be your conference operator today at this time i would like to welcome everyone to the lindsay corporation
capital expenditures for this full fiscal year are expected to remain lower than last year as some capacity expansion projects have continued to be temporarily deferred based on market conditions
particularly in hvac we remain focused on developing innovative new products and expanding our channel presence and we are gaining share as a result
i suspect that if (the->*) corruption issues or this drags on for a long time or becomes a bigger issue we could see that (effect->affect) funding at some point but we havent seen that happen
the enterprise customers that you deal with move to softwareonly solution i dont think you cited it as kind of an issue on the enterprise side but are you seeing any traction there then ill jump off (so->*)
(*->as) i mentioned on our last call consistent with prior years we expect our earnings per share to be stronger in the second half of the year due to the normal seasonality of our businesses
i mentioned earlier we have 2 different zones that we like geologically and we have 2 different completion techniques (and->*) so one of the (reason->reasons) we added 2 more wells was that we think if we are correct (in->and) our thesis about the completion technique
the loan asset spreads are a function of our strong commercial discipline in competitive markets on both the lending and deposit margins
(were->we are) in talks with several parties who are interested in rights to specific geographic territories as well as some who desire a more global relationship
and given the strong (*->styles) and long lengths of these deals how should we think about financing the deals
from the bank restricting our borrowing ability which really caused us a problem we got to go to our vendors and tell them that (we had->*)
so if i could ask you to just turn (ahead->a head) one slide now to village operations and while as you probably know (that->the) 2018 financial year was the best
one that is solely in our control where we can fundamentally change how customers experience groupon and how merchants can effectively use our marketplace to grow their businesses
we fulfilled our 2015 financial outlook for all categories reaching the upper end of the guided range
this focus drove an overall increase in gross profit growing revenue primarily through sales of subscription and perpetual licenses will continue to be our focus
looking at that and were working to provide additional disclosures but we need to determine what information would be most useful
expect the margin to be more stable over the course of 2016 or are you going to how
we thats not going to inhibit anything we do one other thing i (would->will) tell you about 3 weeks ago i got to go to dallas because we got named
(are->our) forwardlooking statements (and->*) are subject to risks and uncertainties that could cause such statements to differ materially from actual future events or results
the trend toward larger deployments is continuing which is consistent with the discussions we are having with numerous hyperscale and enterprise customers about potential solutions across
i was also pleased to see growth in average fares for the first time in about 2 years and despite some drag from our reservation system conversion
and finally we are investing to improve customer service and data analytics in an effort to drive both higher volume and profitability
before we begin this morning please note that some of the information discussed during todays call will consist of forwardlooking statements setting forth our current expectations
but again the rate adjustments often are because theyre taking a bigger footprint or theyre not only renewing that lease but
looking to the balance of the year we expect to continue to benefit from a supportive backdrop in the end markets we serve and we expect to outperform those markets
last quarter i think you see the continuation of that this quarter with everyone doing really really well so i think thats just a validation of what weve been saying
of unfavorable impact from the reservation system cutover we do not expect a significant impact beyond third quarter
as we look at the full year we continue to expect our normal seasonality in the third quarter and our forecasted sales growth is in line with our prior expectations
and key indicators within the trucking industry are not as strong as they were in 2014 we still see some very positive signals that provide a level of confidence
we also made some real improvements to the merchant experience in the quarter when we launched an improved suite of tools to help business owners better track and optimize their groupon campaigns
and the new system for these 3 items does not work like the old system
and thats the addressable space we think we can get our fair share of that and if we just use the kind of shares that
and the company will continue to deploy capital to the following initiatives based on (*->the) highest riskadjusted returns available to us
and the fact that they want to basically try to obtain the same type of ownership economics as if they built and manage this facility on their own
change has been a constant (at->*) groupon and i would argue that over the past 5 months weve changed more and faster than at any time in my nearly 5 years at this company
continue to pay down debt execute a return of capital strategy to shareholders and selectively pursue strategic acquisitions
your core systems should we expect a oneoff charge to write off the old systems at some point in the future and how much might that be coming through
but it seems that theres a level of unpredictability (from->on) some of these markets i know being addressing a broad number of markets
was a very dramatic impact in that segment which rippled through to 4 for the business overall so i think that while
but we (weve->*) always had a strong balance sheet as one of our top priorities so that certainly isnt going to change
the dpg group is (expecting->experiencing) some softness in certain product segments that i will address shortly and we now expect the first half of the year
retail revenues were negatively impacted by the new trailer sales on lower supply and partially offset by increases in parts and service revenue
so being really methodical here and so far weve been extremely pleased with both the technology and how consumers are responding to it how merchants are responding to it
to streamline and simplify our operations to reduce empty calories and to build an amazing customer experience quickly and with solid results
(*->are) the targets currently expecting versus what you are willing to pay currently (will->well) its an interesting time because as
in addition some of the companys remarks this morning contain nongaap financial measures you can find reconciliations of those measures to the most comparable gaap measures
we think this is a very scalable platform and its established to test products within our own clinics in germany
this resulted in weaker trends in our distribution segment partially offset by strong margin performance in our aerospace business
without deceiving anybody that dividend that we reinstated is just a little bit more than what we received by the tax cut
to become one of the main innovators accelerators and facilitators of this development in germany and beyond
we will continue to pursue organic growth as well as growth through strategic complementary acquisitions to enhance our product platform
all right 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
may change over time and we undertake no obligation to inform you if they do results that we report today should not be considered as an indication of future performance
maybe what were seeing is (pullforward->a pull forward) so i was wondering if you could address that are there anecdotes or data points out of your california operations that would
we executed our balanced capital allocation strategy and (deliver->delivered) to our commitment by aggressively addressing both return of capital to shareholders
this longtime focus on waste elimination and velocity optimization continues to deliver increased operating leverage for the business
most of 16 will be focused on integrating the company and we would expect most of those synergies to be
its not a change of control that were envisaging its simply a new investor in our head company
just to make sure they understand where were going like every we want to make sure that all of our large investors understand our strategy and how we think about the future and the potential of the business
the tower creates the first oncampus wireless access and offers an equal access to (all->*) for all of our financial ecosystem customers
we anticipate that the next step in this journey will be the implementation of a cloudbased datadriven store staffing and scheduling system
and now (paymentus->paymentis) that utilize the full scope of paypals platform to drive mutual value for our joint customers
this will be a normal part of the way we do business eventually creating a worldclass organization well positioned for all parts of the cycle
in my (experience->experienced) mining services companies have lagged the miners in many fronts for example the miners were far quicker to reduce costs
(*->think) what these examples on the procurement side (seeks->seek) to demonstrate is this is not about squeezing the small supplier (of->and) the last (cent->sent)
this means that we are always in position to have an alternate way to achieve set initiatives significantly reducing the likelihood that we overpay for (*->a) transaction
why the decision to go into florida and how (youre->are you) going to attack that market going forward from a sales perspective
but that does not include the countless (hours->hour) spent by both hwc and vertex management and personnel in executing the integration plan
as you look at the earlier time points perhaps at 1 week and then as you also look at the data at 4 weeks is it possible to give us some sort of a sense of
at 1 week of dosing and (droxidopa->druxidopa) has not been shown in clinical studies to produce durable response beyond 2 weeks
predominantly behind the increased growth momentum of the businesses and slightly also increased by currencies
current drill pipe bookings are not yet sufficient to overcome the pace of declining stocks of inventories but customers remain capital constrained and cautious
but while we were conducting part b we acknowledged and recognized that there were several of these 27 patients requesting extension on their therapy
certainly theres a number of players out there competing for deals we still feel like (monro->monroe) represents a great opportunity for
would you actually say that at this stage we really have enough data to say that ie to agree with the discussion or is the (jury->dury) out
ladies and gentlemen thank you for participating in todays conference this does conclude the program and you may all disconnect everyone have a great afternoon
at the very moment we are still within our guidance range but if the dollar stays where it currently is until yearend
moving to slide 3 youll see our agenda for todays discussion well begin with an overview of our third quarter and yeartodate earnings results
it is a big opportunity for our type of technology in china as well and if you remember
it doesnt mean that we dont have rollover of contracts where we have to go from a high price to the new market price and so that will still hit us
in august we announced a statewide (*->federal) federally funded contract for the purchase of (medsafe->messafes) and liners for the state of montana
that are launching new drugs as well as we have a few deals were chasing with new customers so the pipeline does look good and we think that (itll->*)
when we apply the same threshold and by the way that change of 23 was seen at 1 week that was the deepest response they got (they->*)
in addition we achieved record third quarter earnings per share while continuing to invest in our strategic initiatives
we have a welldiversified portfolio of products and markets in which we operate and are prepared to react should economic conditions change
we continue to make good progress on the implementation of the capital management framework that i spoke about last year
following the rollout of our customer satisfaction and online reputation management program across our entire store base almost a year ago
as we have mentioned before we have continued our investment in production capacity in china and we today have
these are only a few examples of the many hundreds of initiatives that have been delivered or are in the pipeline to be delivered
the most significant factors that could affect future results are outlined in monros filings with the sec and in our earnings release
for the consumer this includes (one touch->onetouch) payment buyer protection and instant bank funding
we aspire to be the de facto operating system for mobile and digital commerce around the world
we oscar weve actually been a little bit worried about the sustainability of these investment levels with the low
and was flat for the third quarter lets move to a more detailed review of the third quarter segment earnings drivers starting with the pennsylvania results
and america continues to be weak when it comes to orders if you look at the net sales growth
with these moves behind us our focus will now increasingly shift to driving operational excellence and superior customer experience
kind of current level of performance so if wpd is able to continue to improve that would push us
built over multiple years retain confidence in their counterparty in short strong credit ratings are critical to our business model and strategy
follow up on the discussion about florida so could you just give us a little bit more of a sense (of->*)
recall that patients were eligible to be enrolled in part c based on their blood pressure response in part a not on the severity of their dizziness
regarding what we have communicated in (the->*) summer to you in terms of the midterm margin development we are fully on track
and thirdly quite importantly as well currency movements impacted the revenue adversely as a result of the translation (*->of)
over the last couple (of->*) years in terms of the replacement rate of those products and how (you would->youd) expect that to
essentially in the same region i think our capability to be very competitive should we get to that point
so at the end of our operating agreement which is 18 months from now when they finally move into intermediated payments which
in 2019 we will continue to balance investment with return of capital while maintaining an efficient capital structure
is enabling our mutual consumers to use their credit card reward points as a tender type in the paypal wallet
in the health care setting and i think the market is looking or the industry is looking for more of a (to->true) recycle solution so it doesnt go back into health care
thank you very much operator id like to thank everyone for joining us today and listening to our business update have a good day
as a result of this share retention we do not expect spinco itself to have any outstanding indebtedness at the time of the separation
at which time we will target a 4 to 6 dividend growth rate more in line with our earnings growth expectations
a very meaningful part of that for many of those players given that they cater to small businesses and small businesses really rely upon
and weve been able to continue to penetrate the contract market for service
i would like to say that im extremely happy with the progress that weve made and the hard work that our teams have done im really impressed with what weve gotten done
we continue to expand our suite of conditionbased maintenance capabilities and more customers are beginning to recognize the value offered by such services
so all in all a fairly simple quarter to explain when it comes to the (finances->financials)
the business is less and less sensitive at the bottom line even though we may have times where theres difficulties at the top line
the method change resulted in additional tax deduction for the examination years instead of a deferral of such deductions in later years
is just like you mentioned (youve->you) got the crazy guy and i go see the big farmers who all have more than (1->one) piece of equipment
again all else being equal so the goal (*->is) always is to build scale to the extent reasonable and to the extent we still have
work underway now and so theres i think ample provision to be able to fund any development activities going forward
we will not be satisfied until all of the patients and families that seek this treatment are able to receive therapy
these numbers have been increasing every week some leading centers are already dosing more than 10 patients
that we will not be able to hand over on time to have it as units recognized for profit
we encourage you to go to our website throughout the quarter for the most current information on the company including information on the various financial conferences we will be attending
we understand the current freight environment and potential weakness in pricing however does the earnings guidance suggest a decline in the operating margin as well
a short while ago something else to think about even with the adjustments in spend that our customers have made this year
i am pleased with our results and achievement this quarter let me highlight what we think are the key takeaways for the quarter
where would you say it is as far as its runway for growth and its contribution to longerterm guidance
wondered (*->if) you might be able to just give us a little more color a little more detail maybe some data points if possible on your aftermarket efforts i (*->know)
when they get back in when they go off for the whole month of august and (they finally->if i may) get back (in->and)
the range of our services but its also very much also a function of how theyre positioning their portfolios do they have a lot of
so i dont think were compelled to react hastily to political (or->*) regulatory aspects that quite frankly are out of our control
than others what i would say is is our guide reflects everything we see our footprint is broader (than->*)
importantly data also showed patients who continue tysabri treatment experienced better clinical outcomes than those who switched to another therapy
since we began reporting this metric a couple of years ago as we define (*->it) organic revenue growth (is->as) the change in our consolidated management fee revenue
we disclaim any intentions or obligations to update or revise any forwardlooking statements except as required by law
this is one of the primary reasons (*->that) we have accelerated our trade cycles last year and invested in the enhanced safety equipment of our fleet
some are selfinflicted others were a function of more broader macro forces however i also want to emphasize that there (are->were) a lot of
we are committed to maintaining a healthy balance sheet to support our growth strategy and enhance shareholder returns
regarding 2018 ill focus my prepared remarks this morning on the full year results please refer to the news release for additional details
and ebit for q4 results and recognize that these results are (an->in) accumulation on many individuals efforts and focus
we will continue to assess the rate at which we grow the dividend in the context of our yield and payout ratio relative to peers
we have to take account of the current macro oil environment and (that->thats) as kenneth said were putting a much
additionally a cuttingedge virtual anatomy lab and a bestinclass patient care center allows our faculty to better prepare medical students
the fact that weve seen a buildup in cash over the last several quarters doesnt reflect the change in that philosophy
to bring technological solutions and to be seen as a positive force in our interactions with communities where our assets are located
that the situation is that because its a tire (and a wheel->an awheel)
listening and learning as much as i can about the business and (operation->operations) and at the end of that time ill present a plan to paul comprising my
the best thing that we can do is just simply continue to really put forward the strength of our own products
large increase was in may of 2015 but any additional increases in 2016 will depend on the rate increases
the ability to manage money flexibly and efficiently at that scale but the goal is to build scale across franchises
what percentage of your customers are utilizing more than one of your services more than 2 can you quantify the crossselling opportunity you have
(im->*) just wondering are there any other proactive strategic options still left on the table worth looking at
based on the growth on the known growth that we have at the (mlps->mlp) however (we->*) when we talk about changing
and if you look from an overall industry perspective this pattern placement or alignment is a big challenge for customers
we will continue to focus and strategically align our portfolio to deliver growth while driving improved operating efficiencies across our (organizations->organization)
i will touch on this more in detail later in this presentation teekay parents new dividend policy that was implemented in the second quarter
but so thats what is connected to our target of 15 to 20 in the gp or teekay parent dividend
weve also expanded and upgraded the talent in our claims department to better assess and manage our risk when accidents do occur
our rate requests are being made to support additional capital investments to make the grid smarter stronger and more resilient
and what we need to do is make a final determination and then send you a calendar notice so i promise to do that patrick (thanks->*)
so our existing units are actually more relevant in a low oil price environment than in a high oil price environment
paul spoke about this and we spoke a lot about this at the yearend call relative to our business improvement framework
based on results for the first 3 weeks of may and visible pipeline we expect positive active strategy flows to continue in the third quarter
in each of the competitors and peers forecasts so its hard to make a direct comparison of what we see differently
of our products and its fully (anticipated->anticipate) these design changes will also lower the cost to manufacture these products and improve quality as well
overcoming the deceleration of moores law scaling this is driving new types of innovation across the ecosystem
(kevin->given) the reason why we did it is we have a lot of business in florida the majority of our business is where
i dont think (thereve->there have) been a lot of impact theres been a lot of impact on us of consolidation of offerings i think thats
we are currently in the process of (locking->logging) and evaluating the well and we expect to be able to provide results from the well
our plan is to continue with our strategy of becoming a (pureplay->pure play) gp and not owning fixed assets upstairs
to target additional lines of business and achieve growth and to diversify our business over time
this represents very strong underlying demand combined with some natural inventory build as the launch ramps
the storms did have an impact as the east coast was essentially shut down for 3 days and we are now in the process of recovering
tremendous balance across all of the device types versus really just being more foundryfocused (then->and) what i would say going forward
in terms of the other markets that are adjacent to new york and whether theres other opportunities so we havent made any decisions around independence and we dont feel compelled to do that it would have to be
historically that has been the case to overtake growth of the other 2 drivers in the industry so
what we are deliberately doing is making sure that we hedge against both sides of the equation so (where->were) we have been actively doing development work into the narrowbody side of the business
if you multiply relative to the estimated 19 realized price doesnt seem like too much of a change but can you elaborate a little bit on some of the puts and takes going on there might (it->*) be slightly lower across all the regions
and can you quantify the impact of the turnaround in terms of ebit we spent not all of this is running through q2 earnings but we spent
the mobile internet devices as such are not the highest margin products thats a highly competitive world so
work the technical work that were doing with our customers right now is really focused on helping them create (higher value->highervalue) resins so that theyre making more money and thats our basic business model
all our retail operations are being driven under (allans->alans) leadership which only strengthens our ability to be more focused and to uncover growth opportunities to expand our customer share of wallet
i shared with you at the end of fiscal 17 the progress we have made to become one of the most trusted and respected consumer product companies in the world
(*->a) lot of the idms use packages in china and it does seem like theyre looking to go to the philippines and malaysia quite fast i was just wondering on your china business only have you seen
i dont believe that youll get through a straight (moprex->mopr x) with complete exemptions that shuts out the states
before we begin our presentation i encourage all listeners to review the safe harbor statements included on slides 2 and 3 in the investor presentation on our website which explain the risks of forwardlooking statements
(*->so well) certainly disclose anything of significance as they happen but there is a very healthy pipeline of potential customers in the future that we think we should be able to monetize on
brand and technology to drive sustained growth and we could also make small acquisitions which have a good strategic and financially attractive rationale
now before i hand off to (allan->alan) just a couple of specific items to note our ctr delivered a home initiative in (ottowa->ottawa) is well underway (and were->*) collaborating closely with our dealers
and in a year from now we will know much more but its fair to say that besi is involved in all these developments
(*->well) is it fair to say that the penetration (you are->youre) getting with both of these customers is still fairly low and has a lot of room to grow
we believe this strategic focus will create longterm growth for the company and sustainable value for both society and shareholders and with that id like to turn the call over to rob
after many years of strong growth we have seen a significant slowdown with several customers experiencing regulatory delays or lower demand for their products
but its not a new round of smartphones it is improvements additions
caused the business mix of the retail segment to shift towards ctr and given its business model it has as you know the lowest margin rate of our 3 retail businesses
at weight watchers we have always been social harnessing the power of community to help individuals who have the same goals form deep meaningful and real relationships
later this year well unveil a new articulation for our brand and we expect to modernize our branding to be even more culturally relevant so we can reach more people in a powerful new way
represent a powerful combination which will enable us to offer a unique set of exceptional capabilities and expand whats possible in injection molding
and creating powerful store merchandise and assortment displays this will be a journey over a number of years and were committed to building a worldclass experience for our customers
this mix effects were mostly driven by the rebalancing of our fcc sales in the wake of the continuing customer outage and the effect of the polyolefin catalyst acquisition
(*->youre) really crushing the first half numbers from last year so should we expect a different cadence in the second half or (a->*) continuation of the real strong results weve seen in the first half
what we saw was a little bit of magnification as (the->a) result of the fact that they go to market through the distribution channel and that we believe some destocking took place there
but this isnt about us building only our community but inspiring and enabling others to create their own (community->communities) based on their personal needs and interests
data analytics and digital retailing marketing and consumer brands are now operated under (a->*) single executive leadership focused on one customer
both have kicked in (kla->care) certainly is a bigger portion since we started that agreement middle of last year (and->*) nordson is a very recent agreement that just started
in late september this same customer announced its decision to dissolve its 5050 joint venture with american airlines which is a major engine overhaul shop
we are working closely with several customers on new catalysts for these units and expect good growth over the next 2 to 3 years as these plants reach full utilization
i think you can use that same example going forward so where we see opportunities well expand either the banner or assortment or (our->*) company offerings to our customers to create a much bigger marketplace
but especially with the ability through online to be able to completely see our assortments is extremely important as we get to know the customer better
the remaining revenues relate to a combination of gas and diesel engine platforms with only a small portion of those sales applicable to diesel platforms
well talk to the board near the end of this year about what we want to do this is why we also want to see how we come out of (the->this) summer and what our cash position looks like and then i think by the end of this year
and so to speak to engineered components we did see a slowdown in terms of organic sales in the quarter in the low single digits
(thats->*) that shows you that were still learning a great deal about how to use this as monotherapy combinations a lot of combinations appear to be showing
in ercot again so i think its going to be developers and then its very very difficult i know this when i was at ecp its extremely difficult to get financing
i dont mind saying weve been a little surprised (too at->to it) how fast licensing has come back 6 or 9 months ago we were prepared for a couple (of->*) years of
what youre seeing is the effect of the headwind from our fine chemicals business (and the->into) pharma which has been down significantly this year
that is ours to own as it relates to activity were not going to become a fitness company so we believe the integration of
our strength is broadbased and driven by strong execution across all aspects of our global business from social engagement to member experience
but we have not had a detailed discussion i think what we will end up doing is going (in to->into) see them with a detailed presentation of what our financial plan looks like
(anthony->antony) from (investec->investing) could you please tell us a little bit more about your exposure to the rising fuel price and how concerned we should be about
we dont need to go to the tender anymore i can anticipate that we expect a very strong
with occasional supply at a higher cost coming from export (spots markets the cheniere contract->spot market) has been received
due largely to a combination of growing more profitable businesses commercializing new products and continually finding ways to cut (costs->cost)
so we should think of this i think you maybe even alluded to this on the last call as really focusing on the direct side of the business as opposed to the indirect lending
it has been systematic and has affected us too we need to look at nonrecurring effects (too->to) such as the fact that last year
and the addition of 6 million digitally registered customers who are not yet rewards members but who have established a digital connection with starbucks
the first one is concerning the refinancing of the hybrid bond if we could give more information on that
a company based on solid foundations with an efficient structure and ready to face the challenges the market poses with a great performance potential
the net result of adding these (lower rate->lowerrate) loans to our branch small and convenience check portfolios is that the yield has declined as the mix shifted
lets say unsatisfactory (profitability->profitabilities) is the weak demand on the industrial customers area and now when we remember that
we plan for the integration of wellingtons (and->in) todays at speed and are convinced that it will make a positive contribution in the short (term->*)
and we continue to think that that will be as i said also a major driver going forward as it was as it has been in the past and similarly on the small loans
as an example we targeted a reduction in time from first notice of loss to initial estimate and (anticipate->we anticipated) seeing favorable results for our metal coverages
as it appeared likely that hurricane michael was headed our way our top priority was and still is for the safety of our employees thankfully our employees (remained->remain) safe
to deliver on these commitments we continue to focus our energy capital and resources on executing against our 3 strategic priorities
i want to thank you all for your participation today and i look forward to reporting on our yearend results in february and (*->that) best wishes for the end of the year
we make reference in that to the baking part of the business as well as pasta (its->is) a significant contributor to pioneer foods and the stature of our business
(will->well) pay a surcharge in order to get an api and it will (really->*) depend upon a range of circumstances in terms of the amount of data that they will be using and all kinds of things but
that we dont get back to where we originally thought wed be in the midyear and were also having to build some inventory because our landlord again has shifted
has enabled us to focus our management attention and critical resources on the most important priorities for starbucks our partners and our shareholders
you still doing nothing new in france are you still at the same point or have you any new plans for the french
and then maybe (1->one) still more on the actions (youre->you are) taking now the savings actions are you looking to exit any
gas trading margins the question particularly is whether we can explain why the gas trading
and this is obviously of that trend of low sugar and health and wellbeing so were hoping to see some good traction there and by june we will have a breakfast drink
is the excess cash flow that we can use to pay off additional debt redeem preferred units or raise distributions on our common units
now it becomes quite clear also to one of our key landlords that they have to work a little (bit i->*)
so thats fairly natural movement to see (the->their) market strength there relative to the other region or pricing strength relative to the other regions
we are very pleased with this deal and we strongly believe it is the right decision for the future success of vitamin world as a standalone retail operation
im just trying to get a sense of i guess its really your order file plus timing of (the->*) completion of project before you can really ramp it up
as our chief claims officer were going to be able to put the appropriate level of focus on these issues so that we can look to minimize these types of issues going forward
i expect that the aggregate expenses that we are reporting in the first quarter of 2017 will generally stay at this level for the remainder of the year
also to streamline our regional structure we can clearly (state->say) that the current frame of reference with which we are working
the ability to leverage that local market expertise as well as management capability is absolutely phenomenal were beginning to see some improvement
whilst we expect the competitive environment to remain the additional kzn baking capacity that was successfully commissioned in december
and so will that securitization the initial one and anything on a goforward basis
suppliers for technology and situations that allow us and enable us to perform these investments we are now (in->on) a tender
we have to get a lot of learning (down->done) about validating or verifying identity and some of these income
we do believe that thats a direct function particularly in the rosin chain of overcapacity in the hydrocarbon space which weve talked about at great length
from discontinued operations impact and as well the higher number of shares through the capital increase end of last year
our innovation agenda in each of food and beverage digital and store design is being informed by each of these trends
with lower debt levels and balance sheet capacity available for tuckins or incremental buybacks i will now turn the call back over to randy for some closing comments
this concludes todays conference call todays call will be available for replay in approximately 2 hours time to listen to the replay
while the results of erico are captured as acquisition contribution the business performed in line with our expectations at the completion of the 1year deal anniversary
as we look out over the balance of 2019 we expect continued contribution from the international oilfield sector for both technology and base ceramic products
adjusting for this unfavorable impact our rasm performance looks to be at least on par with the industry
as growth in our ceramic technology and industrial and environmental sectors will likely offset declines in our base ceramic and sand revenues
water quality systems was our only segment to deliver core growth as the pool business once again finished (*->its strong finished) the season in a strong position
our industrial heat tracing business continues to win small projects but our project growth was challenged as large canadian projects are nearing completion
let me assure you that we are energized by the foundational changes we have made and the prioritization that it provides toward our core value drivers
quarter were encouraged what we see there and then when you combine that kind of innovation in food and beverage with what were doing with the acceleration in digital
very appealing and contributing to the fresh character of the (products->product) that we sell there and we have installed (by->*)
and the focus going forward will be to drive penetration in kenya brand building of the (ceres->series) brand and then start working on the neighboring markets
in addition depending on market and leasing conditions we intend to explore opportunities to sell or refinance properties subject to market conditions in order to close the full cycle and maximize value for our shareholders
the company plans to replace its existing meters between 2017 and 2019 to provide expanded benefits to customers and to comply with statemandated regulations on metering technology
part of the calculus that we would have on if a scenario played out where we were granted accelerated approval one of the things that we would look at in terms of critical path is label optimization
as mentioned we see strong changes in our exchange rates and they move right now in a favorable direction for duni and especially when it comes to the
and so if we were to decide we wanted more or less we have the ability to adjust that in the future if we need to i mean right now were comfortable where we are but we frequently look at (them->it) and if we need to make an adjustment we will
we do watch the stock price and we do think that it would be a good arbitrage for us to consider something like that so let me just say that its certainly on our radar and i hope to be able to
with a response at this point wed rather not make any comments about what could happen in the future because really we just need to wait for them to conclude their process
i would say historically strategic accounts do best in the second half of the year and in particular in the fourth quarter and that was true again in 2017 so this is a little bit consistent
with that id like to turn it over to brian to discuss our 2017 fourth quarter and full year financial performance as well as our 2018 outlook in more detail
impact on overall demand for cornerstone the third is we did miss a product cycle as (*->it) related to learning particularly what people are calling learning experience
in europe weve initiated additional formal clinical and quality scientific advice proceedings with the ema and initiated the process to discuss the potential for (a->*) conditional registration pathway for the eu (we have->*)
in response to our clients (requests->request) for us to do more with their data we invested in contract compliance spend analytics and supplier compliance and performance management service offerings
for those patients to be in the trial meaning we should be able to enroll it relatively quickly so in the scheme of things a couple of weeks really wont be material other than the 2 very important reasons i gave at the onset of my answer
we believe these changes align the incentives for our sales reps with our broader business objective to capture more recurring revenue and reaccelerate the growth of our (businesses->business)
today i will begin with a few thoughts on our first quarter results and full year outlook as it relates to our coffee business before providing an update on our strategic road map
the sycamore is quite a bit more immature for us i think were only going to do one well this year (and->in) some nonop penetrations were still learning about that but im encouraged by what we see
where would the average age of the portfolio be 12 months from now relative to sort of the 19 months it currently is (im->*) just trying to get a sense for the impact of
(*->but) i think it highlights the very different place we are in as a company with our model so to your second part of your question do i think its going to
notably related to anticipated improved kcup economics and upcoming innovation that will support sustained growth for our coffee and snacking segments
now that our partners can scope the project negotiate the terms and keep all the revenue they have an incentive to help us sell more which can drive growth in recurring revenue
subscription revenue begins the day we sign a contract and is recognized ratably over the lifetime of that contract arr shows the annual recurring revenue at a particular point in time
what necessarily happened there (and->*) what your outlook is going forward again i know you addressed some of this im just trying to get a little bit better of a sense for what really happened there because it was a little bit more of (a->*) maybe a slightly disappointing number than what i think some people were looking (for->*)
its something that were giving a lot of thought to obviously we thought it was very important that we announced that the first patient had been dosed we have always been very transparent with the data
but content is not our only opportunity to drive more recurring revenue in addition to our core solutions and the continued upside opportunity around our recruiting and hr suites
at the same time were going to still look for those opportunities in the old traditional business where they present themselves the opportunity to take some (costs->cost) out and well scrape those nickels and dimes together (so->*)
we anticipate our pricing and merchandising actions related to folgers roast and ground coffee will result in improved volume trends in the second quarter but the unfavorable (pricetocost->price to cost) gap will continue
as of december 31 since our business is very seasonal and we tend to capture a lot of arr in the back half of the year this metric is best reviewed on an annual basis
the collective and broad impact we have seen in children treated with avxs101 on many aspects of the disease enabling them to develop in the best possible manner is truly remarkable
the product keeps getting better with each major release and we believe this could become a largescale incremental opportunity for us globally not just in europe
turning to slide 11 the primary schemes that contribute to incentive revenues include the interruption incentive schemes and the broad measure of customer satisfaction
furthermore as the companys asset base continues to develop we forecast that our base level corporate decline shallows and assuming a maintenance capital scenario in 2020 similar to this year
one might think that what would influence that number for gm would be that they probably have more prime and so the cars are newer but not so new that youre having a sort of (a drive off->driveoff) problem
we have a responsibility to our consumers and our shareholders to make sure that we have the capabilities to perform and thats exactly what weve been focused on
with all of you and understand your desire to see that information i think in this particular instance we would likely give the next update after the third patient has been dosed to inform everyone of that
our learning experience platform in the middle of last year we then rolled out our content anytime subscription at the end of last year weve seen really good demand
we have successfully expanded to other attractive growth markets as a method of diversifying our portfolio and ensuring that we can continue to develop projects such as our multiple hebanchored mixeduse properties
to facilitate the increased travel needs into and out of (kerala->cariba) we provided special assistance to (all->our) passengers through (freeofcharge->free of charge) cost cancellations and rerouting for affected customers
while capitalizing on the size and scale of our resources during the quarter we began a national advertising campaign which is driving brand awareness
because i do believe ferc believes that part of their role is to try to work with states and some of the things that states are trying to accomplish
and can you talk a little bit about which expense lines you expect to get the most leverage on to get up to the levels that youre talking about here over the next few quarters
the expected seasonal effect has been amplified this year (by the->at) high growth especially in china and the even stronger second quarter
this is kind of a showme market weve historically seen either strategics like other companies come in like exelon previously building combined cycles
we provide a unique program rooted in and informed by science that is not only about educating people on how to (eat->heat) healthy and make the right choices
not another company our competition is the (90plus->90 plus) of people believing they can become healthy or lose weight on their own
therefore we have decided to remove all artificial sweeteners flavors colors and preservatives from any product that carries our brand
we then increased it to the basically the end of march curves which were substantially higher so we already increased guidance
so again if you ask me what i would like to see id rather see the forward curves come up and reflect reality in 19 and 20 and take the risk
so then you have to look at patterns and the patterns are usually stronger first half than (the->*) second half because of
that is a fair thing to say yes we just i mean as i said (kla->kra) started just a little more than a year ago and (nordson->also) is just a couple (of->*) months old agreement right now
reflecting significant new accounts and new trials driven by the value and performance of our resid and (polypropylene->propylene) technologies
we will be expanding this type and other fresh food (program->programs) globally as well as other healthy kitchen categories
with firms regarding ongoing access to reis data in accordance with the terms and conditions of a subscription agreement reis has developed a programmatic approach
from some of our new products most particularly from our affordable housing module that we launched last summer
one of the biggest stories in the news these days relates to the volkswagen diesel issue and how that may impact the automotive supply chain
a lower cost of ownership to the customer so were excited continue to be excited about this space we are very selective in picking our spots
please see our recent sec filings for more details on the risks that could impact graces future operating results and financial condition
but thats not something (that->*) were (playing->planning) for right now right now were focused on capturing our fair share of the existing operations and were doing it with better technology
are not too dependent on this topic because (they->there) are ongoing sales of existing models which (grow->go) for quite (a few->to 3) years still in the future
(we->*) changing our systems around changing those supply chains lining out where to make (progress->product) in one plant versus another and so on and so forth and
(so->*) this strategy takes time but its the right strategy for canadian tire smaller brand acquisitions (offers->offer us) the opportunity to generate a lot of value
so id like to address those first and then move to a deeper discussion of our ongoing business operations and the end markets we serve
and the providers for eversense the only way that we can do (that->there) right now is to use this bridge program from where we stand
reflective of the discount as to where were currently guiding versus last we spoke but this we believe will put us in a much
new orders have increased significantly especially for components to be installed on electric and hybrid vehicles
okay you feel youre sort of out of the woods now in terms of kind of perfecting those processes at rate at this point do you feel like or youre not quite there yet
the real effectiveness of (the of->*) a company like this is in the (install->installed) base and this is a plan to push it as quickly as we can early in the year
launched the first and only coverage of new construction activity in the selfstorage sector and created the nations first and only affordable housing product
we are making good progress with the (zepatier->zeparateer) launch were having favorable conversations with payers and weve garnered some early wins in both the public
because the details around that how much load do you take out how much do you credit against a single resource which is a block resource against a (shape->shaped)
marks has a lot of potential and i think 2018 will be an important year for marks to begin to establish a relationship with a new generation of canadians
(the->*) performance of the businesses we bought that (continued->continue) to perform according to plan and also our integration plans and the pushing out (*->of synergies and)
constant over time or is that something that trends in one direction or another yes i think it generally is on average 60 over time
on february 7 we shared that new vision with our global employee community (at->and) an event broadcast from (alice tully->alas telly) hall in new york city
the opportunities but i do believe that the emerging markets will provide growth going forward and remain an important opportunity for us as we move forward
the purpose of this call is to provide investors with some further details regarding the companys financial results as well as to provide a general update on the companys progress
building on this very encouraging start to 2018 and to create the kind of future impact we want (weight watchers->wait watches) to have
and (well->will) create new ways for those who havent tried weight watchers to experience our community ww cruise is a great example
you have some time to do that theres nothing thats compelling you that you have to do (it->*) so you can wait for scrap metal to be (in->*) the markets to be better
we are rebuilding our pipeline of opportunities but dont expect sales and earnings growth to resume until next year for this business
when you listen to rogers introduction and you hear all the different indications and the tumors and combinations that were studying
and there is a question about how much capacity will be added in the future for the economic reasons that you referenced
and we really have not gotten nrdl approval for januvia in china yet so once thats achieved i think that that represents another opportunity for us
if i understand you correctly so if there are more investments outside of china
i know youre not providing guidance for 16 but im curious do you think that with respect to not providing that guidance at this point does it make sense to
and at the same time really pressure test and demonstrate to (insurers->ensurers) that there is a strong interest by the (patients->patient)
in the next customer investment (rounds->round) the particular focus is expanding our reach (into->in the) logic and memory markets in the era
it could be the good news is so theres a couple of things we could do if we wanted to manage cash
can (you->*) maybe say a little bit on are there more opportunities coming by in the last few quarters than (there->they) were a year ago or
our own brands investment (continue->continued) to perform above our original expectations now more than ever im convinced of the validity of this strategy
there is nothing that is absolutely imminent in that pipeline but really that is the same story as weve talked about before
(they are->theyre) of course given the opportunity to continue to move forward but outside of their insurance which naturally very few take
we are focused on core check retention and acquisition and developing incremental retail customer acquisition channels
so i do expect that i will complete the search and hopefully be able to announce a new cfo by the next earnings call
as stated in the release we will judiciously exercise our new authority to repurchase stock with a close eye on our total leverage
that we previously could not sell you know that we have been optimistic and bullish and focused on colombia for a long time and it should be clear by now that our strategy is working
(a->*) partnership makes a distribution call each quarter and evaluates that so were going to do the same thing that everybody else is doing
crown royal has created the water boys who have engaged tens of thousands of fans at football stadiums and sports bars across america
and we (helped->help) them through the capital phase of acquiring the asset and putting capex in the commercial relationships up there
possible acquisitions can you give us a little more color on maybe how far down the road you are with maybe a couple of people
well be looking at that more in the next couple of days as we go through some discussions
when done correctly migration from prepaid to postpaid is an important strategic opportunity one that it is in the early days for us in many of our markets
you will find a reconciliation table on our website as part of our press release and in the form 8k submitted to the (sec->*)
from primarily a check printer thereby changing our product mix and resulting stock price multiple
the men and women that are out in each of our markets that go to work every day we think this is one of the best businesses in the country and one of the best
do you think that were with the fed pausing now is the pain from deposit repricing pretty much behind us or is that going to stick with us
this diversification is helping to offset the revenue impact of a product cancellation by our leading mobility customer
as (you->youll) recall (in->on) our last earnings call we told you that the first quarter 2017 would look a lot like fourth quarter 2016 and thats right about where we landed
which not only includes structured finance and investor relations but also all financial and accounting responsibilities typically performed
operating margins or ebitda margins but we are going to continue to work each of these categories as we continue to transform the company
of organic operating margin improvement in the 3 years ending fiscal 2019 and our performance ambition
and that there will be continuity of operation by the tenant throughout this intermediate portion through the end of the lease term thats our expectation
our effective tax rate in the prior quarter was positively impacted by the resetting of our deferred tax assets to reflect the increase in new jersey state rates
well simply make an evaluation of where we think the most economic place for us is from a facility perspective and from a strategic perspective
and (ethiopia->in thiopia) following a successful trial we launched guinness nationally in november to a strong response from consumers
we continued our brand awareness campaign to help better position our products and services offerings and drive future revenue growth
some of the returns that we were looking at (are->were) very low and by the way well below doesnt mean theyre losing money by any extent these are still doubledigit
we will continue to focus on brilliant execution of the 6 priorities across our markets to drive consistent performance delivery
and that is really driven by the choppiness related to prepayment fees and when they come in and the predictability of prepayment fees
we will feature this and other new products for industrial and automotive applications at the upcoming electronica show in munich
good visibility with respect to expenses and were definitely on track with respect to achieving that target that we set out
these results demonstrate continued positive momentum from the consistent and rigorous execution of our strategy
(operating matrix->*) having said all this and perhaps (with->you) the credibility that weve had in the past of turning every operation around i (urged->urge) you
okay and the other question i had for you was the industrial piece so can you give us some trajectory of how it trended through the quarter
in our developed market footprint we are reinforcing our premium beer credentials driving quality and visibility in the onpremise
we also saw growth in small business marketing solutions and web and also payroll services
this is good (old->*) cable tactics and as you move to the right on this page you can see that strong customer intake is not diluting home arpu (we->*)
but it is picking up and what were seeing is this pickup is very strong in china and thats partially because
our marketing focus has evolved significantly with each brand supported by a purposedriven platform which is driving recruitment
in order to drive our growth transformation additionally we expect to continue paying a quarterly dividend and periodically repurchase common stock
that our mos ebitda margins are also now approaching our overall company average
our nearterm vision is to continue to do what we have always done by continuing to build and operate great infrastructure in the best basins in the country
companies combine and then they have separate product lines i think customers are making decisions based on the merit of each product
and theres a robust pipeline of exciting innovation launches planned in the second half which you will hear about in the coming months
our industrial business was down sequentially in line with normal seasonality and with continued strength in factory automation products
so how i think about it is that the in the past barnes group historically has played predominantly in the widebody arena
looking to the full year our expectations for fiscal 18 remain unchanged we continue to expect organic net sales growth
our discussion today includes certain nongaap financial measures which provide additional information that we believe is helpful to investors
where large backers of in particular the republican party have simply not shown up and are not spending the money
i will begin my remarks about the company by stating that 2015 is our third consecutive year of growth in adjusted ebitda and distributable cash flow
yes good distinction and then just on the pension plan i guess well probably get have to wait for real detail but just
we believe there is an opportunity to bring the data and information that we have on those 44 million small businesses
we remain convinced that keeping our focus on growing the company for the long term will build and enhance shareholder value
but i think that we have good investments in these i think that in the like in the medical space ive got (weve got->*) some good products
to lever (in the->into) opportunities to put more pipe in the ground and move more crude by ground by pipe over time and thats exactly whats happening
we go back to last year it looked like you were anticipating some larger orders in that market it sounded like multiple customers that didnt play out
we also expect a steady stream of underpinning work anchored in part by what we are seeing in europe where a number of refinery projects appear to be gaining momentum
we certainly are willing and have focused on adding on businesses onto some of our core businesses that certainly isnt out of it but
weve had terrific success and feedback from clients around the world and continue to attract new clients with the client treaty being a major differentiator finally
as greg noted our first quarter results reflect a solid start to the year we delivered organic revenue growth across both segments and delivered strong operating margin improvement in risk solutions
we made conscious decisions to retain and invest in businesses where we have sustainable competitive advantages we are benefiting from irish growth and international diversification
segregate one group of patients out from another does provide i think an inherent advantage in the perception of the product in the field and in the community
of (billed->build) volume on average however some areas of business can report backlogs in excess of 10 months with other areas of our business at much lighter backlog levels
a little hard for us to say where thats going to go this is not going to be something that we commercialize on our own thats just impractical
and we welcome the recent inclusion of glass containers on the proposed list of (chinesemanufactured products->chinese manufactured projects) to be subject to new importation tariffs
and (continue->continued) the string of strong quarterly results in ctp while new records were established opportunity remains and we strive to break those records
and were happy to do that with our existing and prospective clients and i think once we go in there and explain our plan it becomes very clear to those clients
thank you jack in closing as you can see it has been an exceptionally busy and exciting time for dicerna with a number of extremely important milestone achievements
we feel these decisions will reward our shareholders and derisk our business all while maintaining flexibility and sufficient resources to proactively grow our business
a modeling and simulation perspective if you have a clear understanding what the drug (in->and) the single dose does
all of these provide us with a solid foundation for the rest of this year and 2018 thank you for your time thank you for participating
its important to note that our investments to bring new technology to market and to help large customers implement (sizeable->sizable) vision projects remain intact
in order to help you understand the company and its results we may make certain forwardlooking statements it is possible the companys actual results might differ from any predictions we make today
we do not believe that higher interest rates will materially hamper housing affordability we remain constructive on housing and believe home price stability is durable at this time
reflecting our previous guidance of an expected return to modest growth in 2016 results in the quarter were primarily driven by growth in global (facultative->faculty) placements
reflecting the relative quality of our book and the banks consistent approach our arrears experience is consistently better than the rest of the industry
each line of business continues to grow by executing on the strategy to introduce and crosssell all of our service offerings to our customers
we continually monitor the supply and demand for commercial real estate by submarket and loan type to manage our exposure and direct new loan production
and of course that allows us to look at the effect of the rnai therapeutic without any other therapeutic
as a result fewer trailers on the road are less than 15 years old than (there->they) were back in 2007 before the last recession
i think again it comes down to the fact that were able to see the loans that we want to be able to get and go after them and its not just about the pricing side
with important recent changes we believe we can quickly get back to performance levels that weve already demonstrated we can achieve over several previous quarters
they clearly have intentions to continue to address the aging fleets trailer fleets that they have they have excessively aged equipment
were going to continue to invest in our people and businesses to enhance our customer propositions to improve our customers experiences and to deliver efficiencies for the group
the different buyers could bring there and i think as ive mentioned before were encouraging each of the buyers to be as creative as they can in that area to
we expect to sign additional contracts in the fourth quarter for fabrication work that includes detailed engineering and (materials->material) supply of our proprietary heaters
more than (3000->300) employees took part in the survey with the goal of benchmarking ourselves objectively against more than (1000->100) other companies and organizations
were evaluating whether its best to finance our equipment purchases with leases or debt we will also be investing in technology projects
yes i just (felt->thought) i thought in the prepared remarks there were some comments about additional bonus (or->*) expense here in the fourth quarter and i just wasnt sure if that was if you had a number for that
our new tms so the endgame of this is to provide our operating systems where we have visibility across the network
technology operations (remains->remain) steady and growing and were collaborating closely with our customers to continue delivering the technology solutions that they need
and (priorperiod->prior period) ratios are very favorable as compared to industry averages and improved as compared to our npa levels over the last several years
we focus on developing valuable customer relationships supporting our customers in their communities and through their enterprises and delivering our services and products through a range of channels
the increase in direct research and development expense in the 3 months ended september 30 2018 was primarily due to an increase in clinical study costs
brians contributions are both significant and deeply appreciated and im happy to say that were exploring new opportunities for brian at groupon are we happy with everything no
so we have normal trade receivables and payables as you would expect in any global company and so the majority of that is not intercompany debt
the fha multifamily division has had minimal production during the second quarter but has a solid pipeline of transactions we have been
while we know that lending is the primary engine that drives eaglebank we shouldnt ignore the securities portfolio which has grown significantly over the past year
hypothesis that we have confidence is the correct hypothesis for why this is the case whether it has to do with the biology of the target
and im guessing that your realized intermodal pricing in the first half might be worse than that range just given the competitive environment we saw
our strong free cash flow allowed us to maintain adequate liquidity our top priority for capital allocation in addition to funding our organic growth initiatives
the strength of our franchises the performance of the economies in which we operate and the positive impacts on the investments we have been making are reflected in our financial results
our targeted because we clearly look on customers which are not looking for the initial investment cost but really rather on
yearoveryear our revenue growth in the fourth quarter was driven by strong performance in net interest income and fx trading as well as the contribution from the recently acquired charles river development business
all the work that weve done the feedback that (weve->we) received and everything looks very encouraging but it has taken considerably longer than we ever thought so thats kind of moved that project out a little and then finally
we will have one of the strongest balance sheets in the industry buttressed by the value of our investments in india and in china as well as the strategic partnership with phoenix
(*->and) as we told you last quarter we continue to expect our healthcare segment to achieve strong revenue growth through a combination of new client wins additional solutions delivered to existing clients and organic growth
of 54 in regards to the same quarter of 2017 the improved performance was achieved thanks to a better management in sales and to more sales associated to the world cup
when you clear crude out of the bakken the industry when the crude moves out of the bakken and goes to the refining centers you have to look at what are those costs to get the crude out of the (area->*)
how are you going to how youre trying to balance that can you do positive fee operating leverage with this outlook or is it just going to be one of those hey we got to make it through this and then the longer term we come back to it as the market improves
we intend to be the leading asset servicer asset manager and data (inside->insight) provider to the owners and managers of the worlds capital this vision will be driven by 5 strategic priorities
these actions allowed us to have a more focused targeted allocation of our time and resources on activities that are central to our strategy and should drive optimal results for the business going forward
such as markets such as client flows and things like that so therefore thats why we need to redouble the efforts around there so in those periods like a 2018 that we dont see that (thing->same) kind of (fall off->falloff)
i imagine that the first one would be at asco next year (bmind->be mind) remember is intended to be a pivotal study so that will be blinded and that were in a safety (runin->runn) at the moment i think the next
we continue to improve the overall tech talent search platform for dice aside from significant user interface improvements were making it easier for employers to connect with and engage potential quality tech candidates
being low especially in the first 2 months of the year (our->*) results were driven by strong performance in our marketing and logistics businesses and demonstrate our ability to leverage our highly integrated business model
(and->in) the (risk->risks) described in todays news announcement and in the companys filings with the securities and exchange commission including the companys reports on form 10k and form 10q
maybe up slightly versus where we would expect it to be from a worldclass standpoint but not significantly above that across our (systems->system) so
are there any different products that are working in that portfolio or is it just still the continued focus on rolling out that strategy and that concept in those markets
and running of these hubs that is the goal is to achieve much better scale benefits and as a consequence we should be able to deliver what (eric is->erics) talking about in terms of
to be able to drive more we also have the work thats been done in the past that i cant emphasize enough in terms of beacon the work thats underway in terms of consolidating our delivery
what this has given us (the->a) time to do is to restructure some of the sales force so we have got rid of a few representatives and brought in some new ones so we havent added as quickly as we wanted to add
i would say a couple of things the first is really important the number of people weve lost that wed have liked to have kept you can count on the fingers of one hand
as we have said regulatory changes competition and consolidations within the health care and financial services industries will continue to create opportunities and challenges for us
we want to better drive our own destiny and more effectively manage our exposure to market headwinds that means change real change that i will talk about today and in the year ahead
as a result we believe nexus will be a requisite addition to the operating room as it delivers demonstrated clinical benefits (at->and) a compelling value proposition for hospitals outpatient clinics and patients
the increase in income from operations is primarily due to higher revenues and the expansion of margins while (costs->cost) and expenses increased from higher staffing costs associated with supporting the new and existing client growth
certainly well in excess of many of your (gcib->gsip) peers i was hoping you could speak to your capacity or appetite to maybe redeem some of those preferreds and how we could possibly think about the timing of redemptions and the associated savings
so i think going forward youll hear more specifically around the metrics not only of downloads but also usage of the service
we will leverage our experience and reputation in reactive services to continue the development of our proactive services such as design evaluations risk management and regulatory consulting
(look->mike) im not going to spend too much time on what happened in the past although (what->a lot) happened over that decade in terms of regulatory (costs->cost) and things like that that
what should investors think about state street for the past decade given the success of these programs but then the bottom line not really changing as much whats your more fresh perspective
but that doesnt mean we will certainly follow them on by increasing the number of hours i think the decision (of->on) that will be based on the viewership available
and we need to do that because we understand that firstly just to be in a position to be able to service the business that we see coming down the road we have to achieve all this
effects can actually overwhelm anything that we might do and that im actually confident we will do on the revenue side so it makes sense for us to manage the company (with->on an) expense basis
and have launched a new cost savings program that will continue through 2019 to reduce structural expenses while also enabling us to invest in the business appropriately
given these headwinds for our clients we are adapting strategically to become increasingly more competitive offer greater functionality and be the essential partner to our clients
(end->*) yes i dont think were managing (a->*) were seeing (*->a) crisis i think were being prudent in applying the (reserve we->*) want to make sure (that->*) we have all that we need to support the strategy and (the->*)
the full physical integration of the carson and wilmington operations yield flexibility of between (30000->300) to (40000->400) barrels a day of gasoline and distillates (and->*)
ill start by summarizing our expenses on an underlying basis excluding notable items in charles river and then discuss our efforts during 3q and 4q to keep our second half expenses flat to the first half on that basis
okay yes on india ive been absolutely clear that (were->we are) deeply aware these investments are ultimately held to create value for shareholders
what we said and what we see today is unchanged we are in the early stages of implementing it and were very confident that we will be able to deliver the expectation
the franchisees will receive their initial training at our awardwinning training center here in atlanta and they will receive ongoing training at their home location
over the last couple of years is an increase in both revenue per claim on the pharmacy side and revenue per life on the medical claim side and so
while benefiting from the strategic investments weve made to drive improved shareholder value with that ill turn it back over to eric for questions eric
moving to slide 11 let me show you our historical economic performance from the first q pro forma to present day
and im confident we are taking the right steps to work through this challenging market environment now let me turn to an overview of our results
if that was really just being used as a starting dose you would expect that to be a lot lower so were seeing it both in terms of feedback specifically from physicians
we had an increase in our ebitda in this first quarter of 17 and in the bottom left (*->of) chart we also have a significant increase
weve staffed up significantly in our call centers to handle the cutover and we have committed plans for that through attrition
(that->*) they may not have all the votes that they feel like they need the senate of course is far behind where the house is and theres a lot of work left to be done there but (*->we need)
statements on the plans and objectives of the company or its management statements of future economic performance and assumptions underlying these statements regarding the company and its business
(*->properly) describe that to shareholders because there are a number of really good opportunities but unless and until one of them comes off
i think at the end of the day i would say its more in terms of alternative logistics to get us through until the (rhine->ryan) can get back to an acceptable level to manage the typical traffic
what were trying to do is which is obvious is were trying to marry the best response rates and the best credit quality customers
how big of a swing do you expect as you go from q1 to q4 shannon we expect that we should have a sequential improvement from the
we will continue to maintain an active dialogue with the rating agencies to help them gain a better understanding of the data center industry and our conservative financial policy
and those assets are turning relatively well so we just kind of its just a long continuation (of projects->project) so i dont see a lot of movement on the balance sheet from that perspective
and that (word gets->would get) spread around that you can make significant income with this company selling a (valuable->value) product at a reasonable price and still make we had
that were only published through april and we are still working on what we want to do for the balance of 2018 but i think conceptually all were doing with the
however the damage to many employees homes range from minor to total losses (were->we are) working to support and provide assistance to our employees that have been impacted
and now i will turn the call over to rich thanks tom the first quarter was a strong one for groupon as we continued to make progress in becoming a daily habit in local commerce
source new land opportunities that consistently perform in our general underwriting guidelines and so were really pleased with the
now you know we have been in ongoing negotiations with the government and with the university about that for a number of years
i think that the third quarter outlook is more of the same it is very competitive its competitive now its been competitive for years as we all know
global uncertainty commentary so if you just break it down its rough round its (*->theres) more of it in the third quarter that weve already seen than we believe in the fourth quarter
and we feel like the alignment of interest there between employees and the shareholders is a meaningful driver of our continued success
we will also continue to look for opportunities to reduce our operating expenses while not impacting the investments to our sales team and our marketing spend
is because we have a slightly lower exposure to that sector were not happy with the results but certainly we think we managed it about as well as you could
we believe we have appropriately adjusted our cost structure given the expected sales levels going forward but we may not see the full benefit until the second quarter
id like to briefly discuss the key drivers by segment in the fourth quarter and provide some insights into our plans for 2016 beginning with aerospace
(you->*) kind of talked about loyalty program disclosures and how you guys wanted to communicate the value that you get from selling miles (with->to) chase could you just provide us with an update as to
from our standpoint our business remains very much intact and we continue to drive our growth through the innovation and (differentiating->differentiation) that has got us to this point already
in line with our longterm planning rates in the third quarter for our specialty polymer business we view that as a very positive outlook for the business particularly when we also generated volume growth in the quarter
finally let me touch on our efforts to improve the groupon customer experience we added this as one of our strategic priorities in 2016 because it is a massive opportunity area
but i wonder if you could maybe touch on that a little bit and then one question for brian on free cash flow if you could maybe touch on what youre expecting for the full year
well weve got operational challenges that would certainly be unique for us with hawaii and i think thats the bigger issue for us
in architecturally specified building products the commercial construction backdrop continues to remain strong however project delays across the industry have tempered our growth rates
this is a great high volatility actually that is a reflection of the hydrological profile we have had in brazil
restore some of those more painful cuts and as i mentioned before these are kind of nobrainer opportunities for us where were very confident that therell be profit
(*->and) it just is another opportunity to thank you on representing las vegas for all the support we get (from->for) your communities we have a great relationship
the higher inventory includes an assumed increase in polymer raw material costs and an increase in polymer finished goods the latter resulting from a decision
the company has undergone many changes in the business model over this time period and we continue to be gratified that we can produce these kinds of results during this period of great change
and i wanted to touch on the (black hawk->blackhawk) program for a second (im->and) looking at the fiscal 17 budget and (a->the) shift down in production i know its just a proposal at this point but
weve mentioned a couple of times now that we are expecting to see some additional supply come to the (karratha->paratha) market ahead of upcoming constructionrelated demand
and during the course of the year we were pleased to have perceptive (advisors->advisers) and broadfin capital join essex woodlands as major investors in the company
(for->of) 2018 with the exception of the increase in our metered power reimbursements range the changes to our ranges are attributable to a change in our assumption
in closing we are off to the strongest start of the year since going public we had record bookings this quarter and sold more in the first half of this year than we did all of last year
generally speaking weve been able to pass along pricing increases due to the strong demand which has been offsetting
freight continues to go up with driver shortages truck shortages (*->the) regulations that have been put in place on drivers as to how much they can drive
expectation is positive in terms of leverage so we already see some kind of stability in our leverage at lower levels
for renewable generation also a relevant increase because of new capacities that came into operation as well as
absolutely and just to kind of play off of that can you talk about what drove the additional strength in march and then
to drive comp but again growing greater market share in this market so i have no doubt that china will be back on track very soon in terms of our comp
what some of the levers are you have to pull to keep the conversion rate really strong whether its capex or working capital or any other items to be aware of on the cash side
or our direct connections with coffee farming communities around the world including (yunnan->yin) in china the proof and the quality are in the cup
so where is (our improvements->roi improvement) going to come from and the third question is related once again with marketing
its incrementally better than what we had mentioned before and we think we then have a capital and a debt structure that mirrors where we think we can be longer term as a growthoriented company
any kind of size range or (just->*) a little bit of sense for investors (on->or) what we might expect (*->to) early next year
i think for all time and were very excited to participate in that segment and we do believe weve got the brands weve got the people weve got the resources weve got the focus and the strategy
and finally all comparative references will be to the first quarter of 2016 unless we state otherwise now i will turn the call over to joe thanks diana
this morning ill take a moment to highlight our q3 results review our key markets and share our outlook before we take your questions
how that could impact your business on the demand side well (*->a) couple of things i (think->mean) were still talking about an interest rate environment from the perspective of real estate developers and lenders that are
this acquisition strategically expands our portfolio into the ethical beauty category which we believe is a natural extension of our overall (brand->brands) and business
beverage innovation is fueling growth in our core platforms of coffee tea and refreshers and offsetting some of the softness weve seen in blended
but a very exciting and growing business that is also online in terms of actually breaking out that we dont provide that information in terms of what brickandmortar and what online is
rice imports have remained stable with (thai->thaire) offerings benefiting from competitive raw material pricing relative to that of india
less pronounced in switzerland but especially in northern germany the first couple of months have been very severe and impacted our (sale->sales)
cap reported 11 revenue growth after adjusting for 35 points of streamline activities and fx with china revenue growth once again in the high teens on the same basis
we will continue to drive growth (in->of) the consumer products group by accelerating growth of our branded portfolio with innovation and targeted marketing
and you will recall that we typically schedule most of our annual maintenance shuts during the fourth and first quarter of the year when demand is seasonally (slower->*)
this direct consumer communication has improved messaging that resonates with our target consumer and is designed to grow volume and share in the joint care category
we want to continue the good traction weve experienced in our beverage exports in particular around southern africa and east africa leveraging our base and our hubs in east africa
the consumer value proposition of maize meal is therefore expected to remain and will support our future performance
turning to investments on page 9 this function continues to be an area of strength for kemper we manage a diversified and highly rated portfolio that has performed well over time
to any development on the cash flow that only can have a positive effect on top we have as well compensating for that
these volume gains partly offset input inflation most acutely (felt in->felts and) beverages and (fruits->fruit) that were not fully recovered from consumers
our preferred auto continues to be a place (where->*) were playing a little catch up with rate were working diligently to convert some claims operational challenges into operational strengths
on top the decline of press came in very strongly as was the case in switzerland a couple of years ago
and then you add delivery on top of that we see (a->*) very long runway for growth for us in china for many years to come and thats why were still very optimistic
is quite comparable to what we have seen in switzerland a couple of years ago and we have a very solid blueprint
within the cap segment we continue to expect operating margin to be down moderately in fiscal 2018 relative to last year due to the consolidation of east china
well i think the markets are already now supporting our transaction because they have clearly undervalued the other proposal the (interloper->interlopur) proposal
as we look at (the->*) vitamin world (the->*) number one thing well look at in terms of cost is making sure that (theres->there is) no stranded cost as we exit the business following the transition services agreement
this liquidity provides us flexibility in terms of the timing for when we issue new debt we expect to complete the debt refinancing prior to the end of the second quarter however
more robust demand in these categories in addition to continued brand investment and commercial participation will support such expectation
the number of stores per capita that we have in areas we look at the demographics in those areas and were using technology to help us inform us where to go build these stores
that business has gotten smaller because the parameters by which we evaluate it have led to some private label business that didnt meet that criteria
the western cape water supply risk remains with us with reasonable and practical measures to mitigate such risk deployed and ready
on the contrary i assure you that the enormity of the opportunity that we shared with you at our china investor day remains fully intact
and we are evaluating whether the opportunity exists to refinance early (and->*) extend the maturity date and reduce the interest cost of that security
putting the right systems policies and management team and we believe this business is now (wellpositioned->well positioned) for the next phase of investment in particular with regards to bread
starbucks success growth and sustainable longterm business approach has incented upstarts and other players to enter the coffee business from time to time
(bread->brent) and wheat flour performed below expectation in the face of carbohydrate substitution and increased competitive activity
though our (results->result) improvement in india last year was based on the restructuring activities not on the top line growth
the second one is the new program that we have launched today i want to tell you a little bit more about the details of that one
our results are also supported by our steadily improving european business which had another excellent quarter
and reinforce our strategic priorities going forward then ill turn the call over to roz and belinda to report on our q3 operating performance in each of our 2 key markets
we remain confident in our belief that the balance of the year will show yearonyear growth and demonstrate the benefits of the strategic decisions i just referenced
many of these strategic initiatives are already evident in the marketplace our (designtovalue->design to value) initiative is the latest that will soon be visible in stores
so again paying down debt is the primary use of cash but we would be open to other opportunities should they present themselves but nothing imminent in the pipeline
and then the third topic is naturally now some update on the mergerrelated issues that i am sure everybody is hungry for information
commodity risk with them in the delaware basin were probably seeing them lean more to feebased we keep ourselves open to
i also want to remind you were also waiting for final decision in china that will also be coming soon with regard to us launching in china
something that you anticipate next year or because of the time it takes to really develop this especially if youre going to have a pipeline connection
and explained in detail the restructuring program the implications of it but also what were looking to try and achieve out of it from a cultural and a process change across the business
use fair value for your hedges and liabilities in advance of a change in regulation on vas i dont know if thats true but have higher interest rates therefore helped
we have also realized a significant improvement in the underlying earnings growth of 20 those are the markets
geographical regions next we would like to review hondas business results by geographical region for the quarter
an increase of 166 compared to the same period a year earlier this increase was primarily due to an increase in unit sales in china
but were also making (the->*) investments (and->in) the data capabilities (in->and) our big data engines inside our company today so we feel really good about that opportunity
against the historical margin structure and just trying to think about the prospects for improving that going forward or how we should think about the puts and takes there
(yes barrett->erat) this is barry first of all let me say that this was not a surprise to us we (spend->spent) a lot of time with devon on the barnett property
nongaap information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of the companys operating results
that being said what were really going to focus on this year is what do we really need to do from an overall promotional mix to accelerate the growth
and assuming our results continue to increase and our cash generation continues to increase as guided then we can possibly pay a little bit more dividend
and we need to be able to maintain our position in payer access to ensure that we continue to drive demand the way we have been
ill also point out that those partnerships are a potential source of change to our capital structure that gina had commented on a bit earlier
it is actually some events on the extreme i would characterize it and not events that are in the core of the business i mean the first change
online and addressable advertising business seems to be under fire on a lot of fronts and theres some increased investor preference lately for online subscription businesses
our cajunsibon system brings much needed ngl supplies into the region and our expansive asset base serves these growing demand markets (in->and) customers
new demand thats just (been->being) created in louisiana as well as lever ourselves (in the->into) existing demand that we werent currently serving
looking towards the future we see large opportunities to expand our customer base and add capacity at existing customers as their research needs grow
when (you->we) look at the business mix im extremely proud that we have continued to optimize our business mix
so those core areas will be places that we continue to grow and so (we are->were) not contemplating participating in what might be (a->*)
we see a strong funding environment in our focus areas and we have a great sales team (*->and) great sales leaders and team in place to capitalize on the opportunity
such statements involve (risk->risks) and uncertainties that may cause actual results to differ materially a discussion of these statements and risk factors is available on the current safe harbor statement slide
looking at total video subs we actually have more subscribers today than we did 2 years ago because of the success of directv now
and have an unwavering confidence that these are the right places for enlink to be positioned as we execute our growth plans and achieve our objectives
on the question of how is our reserving how is our prior (*->year) experience weve been very clearly at the lower end
grow the market really from otc into linzess and also how do we continue to raise the bar with (regards->regard) to the clinical performance of our drug
we are executing on our strategic initiatives to improve financial discipline and operating efficiency while investing in our growth initiatives
this is for us an absolutely core element because our mission is how do we empower people to live a better life
basically what we can do to serve the customer the best and manage our (risks->risk) so were really looking at all types of contracts and contracting structure
higher spare engine volumes we have a much better mix of spare engine volumes first half second half compared to last year which (was->is) very much second half weighted
so there is a growth therefore in the first half this year compared to what was a relatively low number in the first half of last year as the spare engine volumes were very much second half weighted
(*->the) reconciliation of these nongaap measures to the most directly comparable gaap measures can be found in the companys third quarter earnings (*->press) release which is posted on the companys website
and so i expect our customers will want to have access to that pipeline wherever we put our next plant so that will go into our calculus
but we certainly will continue to look at that i will (tell you->say) though that i dont believe you see the same elevated valuations in areas outside of our core areas
it provides a baseline of diverse healthy human (subject->subjects) that will be used to further understand immune system responses across a range of diseases and populations
and the trade you seem to be making of giving up subscription revenue to drive subscribers in an effort to build the targeted advertising opportunity
at the same time a growing number of our existing mobility customers are bundling their wireless with our video and our broadband services
some offers that we see that were never sure if they are temporary or permanent but overall we had seen some
the market (continue->continued) to be very active we have a strong pipeline and we have what it (take->takes) to continue the momentum in the region
by category type but i can assure you at least that we had growth of course in the absolute number the quantum of number of system placements as well as growth in both categories
we have some information about that as weve been drilling down in the fourth quarter and (billing->building) our internal (forecasts->forecast) for the fourth quarter and then there are some small accounts that we appear to have lost
adding more color to china and japan we had multiple system placements in these countries with traction in both industrial as well as medical institutions
the picture here is a picture of composite fan which will be used on ultrafan in the future as these fans get larger and larger
we believe thats how we differentiate ourselves by continuing to drive excellence through execution and being the best in the basins in which we operate
changed dramatically or accelerated negatively in the most recent quarter or are you referring to more just a general trend over the last couple of years
as more funding flows to these areas or those areas of translational research at the intersection of patient needs (an->and) cuttingedge scientific capability
this is the seventh straight year where we have accomplished our goals and delivered on the consolidated ebitda guidance once again providing
in connection with our initial public offering we will incur a number of iporelated expenses or special charges primarily in the second and third (quarter->quarters)
and i just want to circle back on it the strength in (*->the) louisiana volumes just a question i know your the guidance you had put forth i think originally in
we can also see that our strong discipline in driving profitability has clearly shown into in the combined ratios
as well as the ability to leverage in connection with the transaction we believe we can efficiently transact within our target size range without raising significant new common equity
the martha (stewarts->stewart) storefront on amazoncom continues to provide a terrific opportunity to showcase some of the brands categories to amazon customers
distribution of the control to the factory floor was something that we could see coming almost 5 or 6 years ago so we were preparing the products for it
we expect key longterm trends to continue to be supportive with time of use rates and demand charges becoming more widespread across the utility landscape
and nonflagship smartphones we are delivering greater profitability and cash flow growth which enables us to remain a leader in the return of capital to shareholders
the highway ban impact has been reducing sequentially in the first half as outlets reopen or relocate and business has normalized at the end of the first half
our adjusted funds from operations for both the second and third quarter of this year have been adversely impacted by the incremental preferred dividend requirements resulting from the preferred equity issuance we did back in april
through a campaign involving celebrity influencers new packaging and quality cues and local activation against multicultural millennial consumers
holiday dressing and an extended assortment of (tops->top) and bottoms qvc continues to be a great platform for us to introduce and test new product categories
guidance for q4 and the full year first of all our guidance does not include any pending acquisitions such as green bay and davenport
we frequently review our portfolio and consider divesting certain smaller brands not material to our business when the opportunity arises
we completed the acquisition of fmcg which will further enhance our financial services marketing solutions and other services product set
the perspective of oklahoma and (the->*) first thing im going to do is to start off where barry ended his prepared remarks and (talked->talk) about the quality of our team
it is aged for at least 12 years expertly crafted by our small team of 12 blenders and is widely recognized by whiskey experts
regulatory considerations nevertheless made it difficult for insiders or for the company to enter the market and buy our stock prior to announcing our quarterly results
the name of the game for us now in mobile in colombia is simplicity we used to have a dozen plans (that->it) was confusing for our customers and it made (like->it) difficult for our salespeople and our (customers->customer) care agents
its just in my view a matter of timing before it does get picked up on a program thats a better fit for the performance and the capabilities of our product
together with marketing services campaign execution to accelerate outsourced campaign targeting and multichannel execution
so until theres a final report from samsung theres really nothing that we can add the only things that we do know is what i mentioned in the prepared remarks
as a reminder each of our leases contain variable rent features so that corenergy can benefit from the increased production of our tenants and higher utilization of our assets
regional office in melville long island weve put some strategic hires in our south jersey office and so i expect that
largely as a result of the acceleration of employment benefit cost savings from the second half into the first half which positively impacted margin by 35 basis points
other than as required by law we undertake no obligation to update or revise these forwardlooking statements whether as a result of information future events or otherwise
thats (targeted and->target) intended and gets to its audiences and so we see absolutely no sign of (the->a) secular shift away we think this is an unusual time period
simply put we anticipate that the total repurchases in any given year would range approximately between 10 and 20 of our free cash flow
we are pleased with how this improvement was delivered with our productivity work supporting the increase in marketing with much of the reductions in overhead still flowing through to the bottom line
crafted using irreplaceable whiskeys from ghost distilleries that have long since closed together with other rare malt and grain scotch
and continue to engage consumers at lifestyle events in key markets with the (ketel->kettle) market sampling mechanic which has been very (wellreceived->well received) by consumers
we have very large distribution capacities everywhere we operate and we already have top talent already in place there and we also have one of the most recognized brands in all the countries we operate in
this preferred stock was to convert to common stock proportionally with the execution of each annual tranche being delivered under the supply agreement
our strategy to diversify and grow our company revenue is working first our automotive business expands each year at a rate well above market
in smartphones outside of the 2 largest oems we expect consumer revenue will be down in the december quarter with lower revenue at our leading customer
we believe there is no other marketing services provider bringing this deep and sole focus to the financial services market right now
these forwardlooking statements are not guarantees of future performance and are subject to risks uncertainties and other factors some of which are beyond investors bancorps control
in africa were driving physical availability by getting great quality (guinness->guints) in the right outlets at the right price served cold and visible
couple of quick ones so just going back to the portland terminal do they have to give you an answer one way or another (or->*) does this option just stay with them and they can exercise it (whenever->one)
we feel like were better off walking away than trying to close something that we dont have great conviction around so we have projects at each of those phases
its worth noting that this is the last quarter in which results were impacted by expired martha stewart legacy licenses indicated in last years results
(are->were) actually adding subscribers while (we are->were) also growing arpus this is because we have and we use our pricing power but also because were upgrading speeds and offering new services
i would note that we are using current spot rates to forecast the translation impact on both revenue and operating profit as well as unhedged transaction exposure
so good progress and we remain committed to delivering our mediumterm goal of improving organic operating margin to mid to high teens
in oklahoma we team with over 20 producer customers and we are one of the only midstream companies that has commercial agreements in place with the vast majority of major producers
before i move on to our 3 focus areas let me share with you the progress we have made on our premium core beer brand (guinness->ginnes)
we continued the renovation of the power prestige brands in the first half expanding the rollout of antiquity with new packaging nationally
before i open the call up for questions i would like to take this opportunity to thank all deluxe employees for their hard work
im proud of the company we have built over our first 2 years and believe we have one of the safest and most engaged workforce in the industry that drives a high level of execution and performance
were really precluded from commenting specifically on any acquisition package whether its already been transacted on or potentially could be transacted on for a variety of reasons but
our credit portfolio typically operating with closer to 2x leverage so i would expect to see our portfolio leverage decrease over time as we increase our allocation to residential credit
one which is probably somewhat remote would be doddfrank reform in congress but another choice would be pursuing a variety of administrative channels reflecting
and im just wondering if you can give us at least an updated sense (of->on) timing in which you might realize those benefits and what the nature of them might be and magnitude ideally
but its also a model that we think has a lot (of lets say->*) has a good track record for the future and we think that thats a model that we will continue to employ
this transformation will provide a solid platform for us to optimize value out of our current asset portfolio and provide a foundation for us to manage future growth opportunities
we are also actively assessing our portfolio on a return basis and all of our businesses will need to have a path to attractive returns or we will look at all other options to create value
one dynamic that we continue to see play out in the market is even very large plan sponsors looking to bring maybe slices of their liability to the market
business growth drivers strategic priorities and values we create it ensures that we consider multiple perspectives and our impact to stakeholders when making business decisions
while this report does not produce any explicit change to existing laws or regulations it contains a number of recommendations that align closely with prudentials policy positions
in hvac in addition to our solid performance this quarter we remain on track with our plans for several new product launches and expanding and optimizing our channels to market
although this recalibrates the baseline somewhat it doesnt change our commitment to an effective and efficient working capital structure to maintain minimum levels of investment
thinking about that and so that will also be part of how well consider the steps that we take going forward but i would say the tone of things with respect to the administrative side
fair enough if you just (like->look at) say maybe the deals i guess potential deals that you would have looked at over the past year are you able to quantify roughly speaking how many you might have looked at how many
our south african projects have a highly focused and effective new leader who is actively engaged in risk mitigation and moving the projects forward towards completion
first weve become more selective in our order process which may reduce our revenues in this business but it avoids us using capital for projects that have returns that do not meet our targets
we (think we->*) do the right things around aligning capital and risk and resources and business strategies so thats a long way of saying the answer is no we would not anticipate
(*->the) range of margins that we see for our network in the part of the country where we do business and you build upon that the steps that were actively taking to enhance that we feel very very confident about
while were doing those other activities so i think well have multiple things going on at the same time i doubt very much that we would generate adequate revenue to cover the cost so
being deployed into regional (markets->market) and but yet were seeing most of the growth in your largest customers is there a push for more national contracts and
moving to our business results and starting on slide 5 ill discuss the comparative results excluding the marketdriven and discrete items that i mentioned earlier
the result of spx the results of spx flow are reported as discontinued operations this quarter were also reporting under our new segment structure for the first time
and then basically what weve talked about in terms of our improvement initiatives are starting to take hold i think the team there has done a nice job
we reported record adjusted operating earnings in our asset management business driven by strong net flows market appreciation and stable average fee rates
and well continue to get good leverage on the incremental volume so i would anticipate the margin improvement to accelerate a little bit in 2016 basis of the incremental volume forecasted
the fact that we brought in a very experienced leader to oversee and manage this project to completion the fact (that->*) weve added additional resources
as a result of the revenue pressures from weak power generation markets base power is expected to represent the largest component of (*->the) decline in overall core revenues and segment income yearoveryear
as a reminder restructuring charges are below the segment income line and are also an addback under our bank credit facility calculation of ebitda with respect to revised full year segment targets
the first is earnings per share the negative was an increased repo rate on the agency portfolio the positive was more assets allocated to the nonagency strategy
our release and todays commentary include nongaap financial measures which exclude the impact of restructuring acquisition and divestiture expenses and charges in current year results
and also (a->*) more stringent recruiting processes and this really has a double effect right because on the one hand you (got->have) more terminations from more stringent validation requirements that are being enforced
while the quarterly decline in book value and earnings was disappointing we continue to be encouraged by our allocation of capital to residential credit investments which we expect
volumes on the midsaskatchewan system increased as a result of (the->*) connection reactivations and from the completion of several expansion projects in mid2015 to accommodate increased regional production
we remain confident in our strategies the prospects for our company the capabilities of our dedicated employees and the experience of our management team as we grow our business and capitalization
based upon that range of margins and what were doing in the business we are very comfortable that
the rest of that cash flow is available to return to shareholders through dividend and through our buybacks and to be clear in the first quarter of last year we didnt return
just in terms of some customers may want to purchase the system versus the motor just curious in terms of the economic difference between motor versus system to the company and then
and theyre beginning to reach the end of their life cycle and so the navy approached us about one particular problem that they had with respect to maintaining these things
we see solid growth in household disposable income in guangzhou and beijing while the office market in shanghai should benefit from ongoing demand from consolidation and expansion
recall that these are 2 mega power projects owned by the stateowned south african utility eskom power projects that have unfortunately seen continual delays through their life cycle
observed in patients on active therapy after 4 weeks of dosing may prove to be one of the key differentiating features for (9855->985) we will continue to track all patients through the remainder of their (5 month->5month) treatment period
japanese merchants also benefit from instant settlement as well as the increase in customer acquisition and conversion we see in other countries around the world from one touch
despite this geographic and product diversification including from our acquisitions venmo monetization and our growing apac business allowed us to continue to deliver solid revenue growth
(with more investors->*) while we have done well over the last 12 months to reduce our debt level and manage working capital (downwards->downward) i would like to mention that the working capital (increase->increased) over the year due to the scheduled (turnarounds->turnaround) that ive mentioned
we also saw another visible pickup in momentum compared to an already strong q2 sales of (mavenclad->mavinclud) and bavencio continued to rise and our (opportunity in->fertility and) general medicine franchises grew yet again strongly
we also have a slide presentation that accompanies todays call which is available to participants on the webcast if you are not accessing the webcast or if youd just like to get a separate copy of the presentation
where might you see the recovery first either again looking at your order book or just theoretically where might you see the first green shoot be it power gen industrials or infrastructure you think
while we saw early snowfall above last years levels in november which contributed to our top line strength during the month this was partially offset by limited snowfall in our northern markets in december
its the second such settlement weve announced this year last quarter we highlighted the kentucky public service commissions approval of rate increases for our kentucky utilities (following->filing) a successful settlement in those proceedings
we expect that this clear and consistent selling approach coupled with our stronger merchandise strategy across good better and best product options will be instrumental in driving higher instore conversion
we have 2 points several large orders have been received relating to the swine segment in our business area aghort and swine production
from europe to multiple ports in latin america our global team was able to utilize the consolidation of freight to consider alternative freight configuration combined with competitive bidding to reduce shipping network costs
who are normalizing their mine plans who are which means their strip ratios are going up they are probably getting a bit more volume out but the ratio of waste (to->*) volume is going up again
because i dont have all that data and im working off recall here but nonetheless march was the best month in 16 months if you look at the daily trends the macros in march and compare that to april
compared to last year which negatively impacted comparable store sales in that month however the softness we experienced around the holiday period was temporary and we are encouraged by the stronger top line trends we saw
fly leasing which we will refer to as fly or the company issued its second quarter earnings results press release which is posted on the companys website at flyleasingcom
unfortunately for financial reporting purposes we must translate the total principal amount of the debt outstanding whereas on the other side only 1 quarters rent is translated at the current exchange rates
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 except as required by law
including on efficacy endpoints rates of clinical response were higher for all active doses than for placebo using both the partial mayo and total mayo definitions for clinical response
in a few minutes brett will provide additional perspective on the phase ii data but were pleased with these results and especially gratified by the responses from key opinion leaders in neurology with whom (weve discussed->we discuss) the data set
a related question we often get is that as we have accelerated the number of net new actives do we see any deterioration in the quality of those cohorts do they mature more slowly are they less active
i would divide between where is the prices now and what is the impact on our contracts which are 2 different things we sort of think we are at the bottom of the cycle of price declines
we expect to welcome additional partnerships throughout 2019 id like to end my remarks by recognizing the extraordinary generosity of our customers
the diversity of our business is allowing us to maintain our guidance ranges while absorbing a number of headwinds as we enter 2019 while the lack of ebay growth remains a challenge
but (*->we) once its in operation we can run at 50 by campaign and its quite manageable so thats the first thing there are 3 large contracts that will be coming in the next years but they dont come one of them is
the work we are doing today on business (improvements->improvement) taps into the enormous potential that exists in orica and will ultimately deliver a more efficient and effective organization
we were very encouraged not only by the percentage of patients reporting improvements in this portion of the study but also by their request to continue therapy beyond a single dose which led to the addition of part c to the study
it means a lot to all of us at paypal that our platform can be used to make such a large difference to nonprofits and charities across the globe 2018 was a strong year for us
this was particularly on the east coast of australia and (*->in) indonesia our group volumes are (high->*) slightly up but still within the guidance range that we disclosed in the market in november of last year
for projects for us is the industrial space the 2 biggest components of that are the combination of upstream and midstream and then downstream and the total spend
customer interest is significant and were currently working on the next generation of (these->this) gamechanging technology across a broad range of blasting applications as a key enabler to automation
we continue to be pleased with the level of free cash flow generation from the alternatives platform and as we have explained on prior calls we generate returns from the infrastructure platform in 2 ways
explicit and you will see that in all 3 business sectors we have a clearly overproportionate impact on the bottom line compared to the top line effect which by nature drives down the margin
the combination of these improvements will enable us to be more active going forward and we are in a much better position for future growth both organically as well as through acquisitions
however we feel very confident that we have high efficiency and lower (costs->cost) than some of the current public providers of the same services
in a time marked by significant external headwinds our result for the first half demonstrates a returning predictability to our financial and operational result and reflects a stabilizing
because that is not sustainable in the end it is about finding ways to be more efficient (and->in) both our guys we buy from and ourselves to be more efficient and more productive
these clinicians support the view that these data are clinically meaningful and highly encouraging and that (9855->985) has the potential to be a transformational treatment for this debilitating condition
with that i will now turn the call over to kevin (mclaughlin->mclachlin) our chief financial officer to run through the financials for the quarter
we have more than offset recent unit declines and grown operational services orders our most profitable business for 3 consecutive quarters
they really (focused->focus) on all of those areas in terms of deciding whether we have achieved first quartile performance
please turn to the slide at the bottom of the next page slide 18 technology solutions services
were helping them understand some emerging companies that have technologies and this (was->where is) where our (plug and->plugand) play
and our kind of normalized investments as we go forward for the balance of this year and next year will be concentrated
through the execution of our committed time line and plan to provide any material updates on this matter when appropriate
i cannot provide any further information at this time other than to say that this was obviously a very significant decision
as we discussed and kind of talked to you about even last year that we (had->would) moved that up and thats at kind of a nice range where we have it today
the member (representation->*) groups is that this is such a low level of (incidence->incidents)
that can experience fluctuations in working capital on a quartertoquarter basis and provide a better metric to track our profitability over time
but we have been able to make up the difference primarily in the manufacturing industry and retailing and distribution industry
the australian public sector (remained->remains) soft due to several changes in the federal government but we anticipate this segment to pick up through the year
tightly controlled plan to manage existing inventory levels on our path toward fullscale manufacturing supply
in q1 we continued to be impacted by the challenging economic environment resulting in revenue performance below our expectations
not only have we optimized the design but that the coventures are (all ready->already) to move forward and that we have a
were at the point where we need to do expansions up there but we also have facilities in the permian and
it does add a little bit of additional (traceability->chasability) monitoring for us to ensure we can continue to track that product (and->that) gets into the channel
were in discussions with people about doing things down there with that but one of the big attractive drivers for
our field sales and commercial operations teams are working very closely together to track the status
we really would like to get very much in the mode of designing one and building many like we did in angola
and the other thing to keep in mind is this is not just an hpe thing this is an industry thing so how will the competition in the industry
with this payment in full of the surplus notes the company now no longer needs to obtain the consent
we continued to make progress in the business segment this quarter although the challenges mentioned in previous quarters (remained->remain)
we expect all board members to serve out their current terms and that includes
and increased mobile data allowances we expect to benefit from better profitability and higher customer loyalty
and then you have other people in the beauty and be rated like we are on the debt side of the equation which is
so a lot of variables to think about and thats what really underpins my comment about just being cautious
(you know->*) it is not comparable in terms of produced water to what is going on in the delaware
data traffic growth of 60 in the year and that was (in->on) the back of the sustained investment in the network that we took
so and that was pretty consistent with what we did in q2 so again i think the best way to think about it
turning to exploration we remain focused on adding resources that are attractive in the current price environment
i think if i were to throw (in->*) an analogy in there from since you got to do (*->the) hug index i get to do an analogy as well
to existing sientra customers and begin to expand the number of customers we serve
as you may recall our expense base is running a little lighter than normal as we are booking a lower incentive accrual with this years performance
and (youll->you) work with them to make sure that you upsell crosssell (at->add) different business dimensions to scale it up
and simplification is delivering significant quality improvements and structural spend savings
so im not going to put a specific target out there but the role of the organization is one to really
i think if you look back even as far back as last year at our ipo we said we had a number of levers that (wed->we) pull
what is your goal in terms of where that reserves to loan ratio would be
at this time for opening remarks and introductions i would like to turn the conference over to mr barry holt please go ahead sir
and we continue to evaluate attractive adjacent assets that complement our core portfolio
first of all thats laughable particularly laughable since were now showing you what this is capable of doing
in pah along with preclinical presentations and an overview of our clinical development efforts
beyond the strong immediate demand for our digital services we are also creating new platforms for continued growth
id like to reiterate our confidence in both our freedom to operate and the strength of our overall position
so this is about stimulating usage in high consumer urban areas (ip tv->iptv) customers
we are convinced that the combination of security and connectivity services will become more and more important in the coming years
id now like to turn the call back over to habib who will quickly cover our upcoming corporate priorities
we booked a negative provision number this quarter as we experienced a decline in our loan book on a periodend basis
by the end of 2019 we managed the simplification program on a project (by->per) project basis and expect
when we reviewed the design we felt that it was actually valuable to push the dose higher
but we dont expect to do anything (meekly->meatly) here that is going to reflect
as the full face amount in excess of the carrying amount of the surplus notes is already adjusted
or measures calculated and presented in accordance with gaap with that let me now turn the call over to david for his opening remarks
now let me move to the progress we are making to further diversify and strengthen our offering of (aesthetics->aesthetic) solutions
so its about making sure that were comfortable that were going to continue to generate
we (have->had) some good wins in the quarter in the digital space you can find all of those details in the press release
so i guess the question is at what scale would an acquisition or does an acquisition become difficult to integrate with the current sales force
as a reminder our former contract manufacturer has failed to fulfill (a->its) supply obligations
i have now 3 slides on digital just to unpack that in a little bit more detail than we did in the half year
of the companys financial results between periods and provides for greater transparency of key measures used to evaluate the companys performance
made after careful and thorough deliberation and we will keep you informed over the course of this progress
to marry up as much burner tip access as possible with the production both on the east end and the west end
the right circumstance depending on what the market does or doesnt give us its not like the cash is going to disappear it could be twice that
and we still find very encouraging particularly once we see the construction start activity on the public side continue to pick up
was it the environment that kept you or pricing discipline that kept you or were you close to using some of the repo program in the fourth quarter
in the storage business i have looked at it quite extensively is a combination of things that occurred
we have secured the total (of->*) 8 million tons of shipments (its->is) just a matter of when they ship florida continues to be good both on the public side
since we manufacture our own phones system software and platform we (are->were) able to effectively manage our expenses as we continue to grow our telecom revenues
really excited about where were going and im excited about our people and i want to thank all of our longterm investors for hanging in there with us
a business and sales update and then we will open the call up to questions jeff would you please provide the safe harbor statement thank you steve
in addition certain transitory cost issues such as our transition to new more efficient (ships->shifts) will be behind us by the end of the year
as we sit here now given the backlogs we see and (*->the) discussions we have with customers and (*->the) public funding developments and all the things weve talked about i think we would be
our other markets combined saw shipment growth of over 6 this is much more in line with expectation and trend
as an investor in jde we remain very confident in the longterm potential of the business and believe it will create significant value for its shareholders
and as a result (mochi->motion) is a very interesting design alternative in order to address a broader set of the market
many of their knees were done and navigated probably the highest percentage in the world so they were for them its an easy adoption to move from navigated knees to robotic
we believe the yearoveryear growth rates are probably the most relevant way to think about our business we think it neutralizes the brand seasonality and its frankly how our team thinks about managing its business so
and so over the longer term we expect to see an improvement but clearly its been a little bit more challenging for us both due to some of our issues but also a market that just seems to be a little bit
we have a considerably larger sales footprint and the expertise to be able to sell these products effectively to gain access to new accounts where we already have a presence
and what i found is that marvell has a long track record of closely partnering with its customers and as a result we have a long list of very loyal customers
versus what youre seeing and is this more a function of (product->project) mix or is there something else fundamentally that we need to keep in mind
so our phone models that we have today have been out now for roughly about a year and are extremely (wellreceived->well received) out in the field
so firstly can you just talk about what needs to happen for volumes to be up in that high (singledigits->singledigit) range over the balance of the year and would you need favorable weather to get there
we are looking to appoint a new leader in china that search process is progressing obviously a very important role for the future of our business in china
this allowed us to protect our leading share positions in the near term while remaining ready to capitalize on their longterm potential
and this knowing that the vehicles that we are currently remarketing that (there are->theres) also still a large number of euro5 vehicles included
a few small questions (*->hi) can you just comment a little bit on how the integration of body plus and sonoma is progressing and
and lastly we (realized->realize) that in any acquisition we have great opportunities to learn from the new business and its people
however weve yet to see a full return to growth in illinois and coastal texas despite strong backlogs in those markets
and we think now that this will unlock growth for the entire market so all competitors will be able to increase growth i think revision is something that (weve->well) obviously (been->be) looking at
im not going to provide that (protection->projection) but you can look back at the numbers historically
experience as they start to adopt the mako robot so thats really one of the key factors (so->that) were continuing to hire those folks were probably looking right now
our real issue has been timing of projects and its both highway projects and energy projects that we thought
and i was hoping (youd->you could) provide some color about the pricing environment in the second half of the year and kind of how much confidence your customers
the economic the electronic content continues to grow aggressively on the back of the increased sales of battery electric vehicles
we have the most scale and we are the most capable in short ase will be part of every solution so
i think earlier this year when there was a lot of talk about (a->*) trillion (restructure->dollar infrastructure) program very early in the year we probably had some dots and some local governments
we still are conducting a search and expect to complete shortly a search for a cfo and a chief accounting officer
so by the end of this year we have a much more clear picture about the future plan our plan is to continue to expand
(*->a) larger volume of people okay weve got to be able to not have to do a custom design for every single application
were hoping that they can get that all out and permitted and designed and in place but as always with larger projects
which was mostly in the first half as we started to see to make the investments as we locked in our margins and started to make the investments in selected markets
theres still a lot of work that has to be done on the referral channel as weve talked about (and->*) so i think thats a business that we expect overall very healthy growth
to drive top and bottom line is one of the things that will continue to distinguish us and so i think weve got good visibility to the places
maybe it will require some input from rick on this too but as you look at the product portfolio and as you look at the operating
and marvell takes no obligation to revise or update publicly any forwardlooking statements except as required under applicable law
including both founders who have recognized the need to enhance internal (control->controls) and take marvell to the next level (of->*) performance
transition of ships and i think it was the first couple of quarters here weve seen that and you think its going to maybe be a little bit going forward how much do we need to be
but ultimately its very good for us because there are very few people (that->who) have the capabilities to service these kind of jobs particularly in these markets so
subsequent to the quarter end sage received an fda warning letter which relates to an inspection last september shortly after we closed on the acquisition
we have decided to break this up into separate calls for finishing fiscal year 16 and then the first quarter
and so whats happened (as->is) weve gone from a portfolio that for a long time was focused on smaller businesses lighter duty
we continue to drive down overhead cost as a percentage of revenue leveraging zbb to identify areas of opportunity and capture the savings
(halls->hall) grew midsingle digits driven by strong support behind the new halls air campaign thats now been rolled out across europe
spending or competitive movements were just really focused on what has been a really successful launch as we went from initial launch now to full commercial launch
of note we continue to see solid uptake for mako upgrades which remain on track and should position us to largely (complete->compete) all us system upgrades
so we just (went over were->werent) able to overcome some of that but i dont think that that in any way
all of which have been partially offset by typical pricing headwinds of just under 2 percentage points annually
to seeing more business consolidate with us and us having in the end a much higher share of the wallet
(*->under some) real variability baked into our pricing and we dont see that pricing structure as having changed
we are deeply aware these investments are held ultimately to create value for shareholders
i think martin and i both believe those challenges have reinforced the strategic logic behind the merger
but what it does mean in order to really mitigate that damage and do the best thing for your (dollars->dollar) spent over the long term and the best thing
we have an engaged and experienced management team (to->who) bring a track record of delivering on the type of transformation that we are pursuing companywide
we expect a public endorsement of our virtualization technology by this customer over the coming weeks
the second one is because of the (play->way) weve now better understood the counterparty stress test that the fed runs
overall i would say the economic landscape is supportive of continued order and revenue growth momentum
this creates an opportunity to have a positive impact on gross inflows its an area where we have a strong
the quarterly increase was mainly attributable to growth in international equipment revenue reflecting our continued momentum
of growth and margin and we are on track on both of these and so for now i wouldnt want to get into a discussion
we look at how we spend each and every dollar and how we can maximize that dollar to realize the best return for the long term
i previously referenced positive results from the market survey recently completed by greenwich associates
i (wanted->want) to talk a little bit about input (costs->cost) and manufacturing costs in osb and i think (youve->you) alluded to it by discussing the number of down days
overlap with the fluke network and the tools business and so things have been up and down and i think thats
three we will continue to innovate to grow diversified revenue streams including new markets
the slides can be advanced in the webcast viewer to follow our commentary we will call out the slide number we are referencing in our remarks
and build their sales teams through their social networks these tools will continue to roll out around the world over the next several quarters
more and more people will be involved over time so i think it has some financial implications going forward
in addition to our technology products we continue to recognize benefits from the waterrelated acquisitions completed over the last few years
i think the good news on nutrition is that the improvement here in the second quarter is fairly broadbased
it is my deep belief that corporate strategy is a movie and not a photo
forwardlooking statements include the information concerning possible or assumed future results of operations of the company
thats the key right and so thats why were doing a couple of wells this year to make sure that our thesis on how to do that accurately
and so you can imagine we booked (margin->margins) much better than that in the quarter that brought the average up about 30 basis points
as (ive->i) talked about our business and margins have increased in many of the areas when you talk about
at the same time we need to do more to improve performance in the short term which is evidenced by our actions announced today
we focused on idea generation idea capture and idea implementation to improve
can you remind us of the incremental capacity there and the expected rampup period for that project
that said we operate across a number of end markets and geographies that remain uneven and a bit volatile
we believe that many of the issues that affected third quarter revenues are likely to impact our performance in the fourth quarter
our best opportunity to have very efficient capital for the long term but it is we are in the early stages very early stages of that project
partners so which would have been a little bit of pull forward obviously but we didnt really see a lot of that in perspective to the whole quarter
i would note that this operating environment is materially worse today than it was just 45 days ago when i presented at the goldman conference
also during the call certain financial numbers may be discussed that differ from comparable numbers obtained in our financial statements
(i am->and im) just wondering have you seen any disruption from the bundles launched
but in addition to that there may be some capex in our existing facilities that will also expand capacity or reduce (costs->cost)
where i think we have largely hit the bottom there in the short term because they will buy more software
collectively this means being faster and smarter about how we deliver solutions that solve our clients greatest challenges
we look forward to working with the (phillips->philips) family and the northwest team
engaging platforms enabling products and empowering programs first let me talk a little bit about engaging platforms
price increases were implemented in june to reflect significant inflation in packaging and distribution cost
we anticipate strong results in the fourth quarter based on the positive response from our global preview of lumispa (at->*) live
we continue to distinguish ourselves in fx trading as well as how weve effectively driven nii growth as weve engaged with clients
okay but would there be an impact in the first quarter from that perspective i mean based on where we are
leverage relationships across state street and (fill in->fillin) offerings as we take advantage of the shift from products to solutions
our active approach leaves us well positioned for the growing demand for new active solutions which according
and i think the other part thats going on here is flows and client activity matter right i think in my
finally we saw a significant stepup in processing fees with the addition of crd for the first time in our fourth quarter financials
we talked in previous quarters about being able to use the technology of boss on things like termite billing
we (enter->entered) 2018 from a position of strength with the opportunity to drive sustainable growth and value to our shareholders
which is both our direct foreign exchange trading
understand what market levels youre kind of assuming i see that in the footnote you (talked->talk) about 5 growth from december levels
we had also positive performances in ict revenues and particularly in wholesale this quarter
we where we have good performance track records and can deliver investment innovation to meet those demands
social selling is an accelerator for our business and we continue to see encouraging progress in markets like
as weve mentioned in the past our integration plan for latchways includes continued expansion of their base business
three the board is very involved in this weve worked with them on our new performance management and accountability system
to continue to pursue good quality pest control and wildlife companies like northwest as we move forward
the right metrics were in place the right incentives were in place so that we could make sure that we execute on the commitments (we->weve) made for the year
and second in most cases weve actually gathered more business as part of the pricing discussion
so right now were sticking to the time frame but i would emphasize that were highly confident in achieving
and the other thing i would say relative to patterning there are really 2 major areas of focus one is shrinking features but the other one is placing features in the right position
returning to the bigger picture gary described you may notice how resilient the industry and the company have become particularly given the supply and demand adjustments now taking place in memory
an overestimation of our forecasting skills at this point but i think that as we look ahead to the next couple of quarters i would anticipate that we will be in this range i do continue to think that weve got operating leverage opportunity
keep in mind we have a network of (engineered->engineer) team that starts every day proactively engineering our network tailoring solutions designed to minimize the number of empty miles we occur
but then the other line sort of popped a little bit sequentially so (*->as) you look out into the second half of this year maybe longer term do you still think you can drive some operating leverage and maybe is the way to think about (*->it) on the incremental margin just trying to get a sense of
things like artificial intelligence and the data economy are going to drive a structurally larger semiconductor industry as the demand for those devices to fuel those trends increases over time
as you will see throughout the rest of the call i think we are already off to a great start q1 was a very good quarter financially and also a quarter with exciting events
to help us model does it in some way relate to whats going on in the market either in terms of market strength or weakness or high volatility or low volatility and turns out there arent great
in logic foundry as a result we are now very well balanced across market segments weve built a strong portfolio of products that address major technology inflections
excess capital for which we do not have attractive reinvestment opportunities should always be considered for return to shareholders increasing our current dividend is one such path and reinitiating a share repurchase program is another
the growth trends in distance learning since our soft launch in march 2018 are very positive and were certain that this trend will continue based on our ability to deliver highquality academic programs and experience to our students
but the new legislation made it possible for us to use those tax losses and thats why we have this positive effect in the last quarter so that was really good news for us
we focused on growing our newer revenue streams including routebased pickup and unused medication solutions both of which typically contribute a more predictable recurring revenue stream
our oilfield service customers remain capital constrained and cautious and our oil and gas operator customers are demonstrating fiscal discipline and restraint understandable given the commodity price (headfakes->head fakes) weve all witnessed through this downturn
we have a plateful of how to go about it but thats pretty much (how->*) so on the other side your older tires you go through the tire dealers and thats price driven
and on information currently available to the company they involve risks uncertainties and assumptions because they relate to the future events and therefore depend on circumstances that may or may not occur in the future
so we have a very good position as some of these new processes are adopted and certainly we have (a->*) good line of sight to the future technology nodes so
seriously though i will say that for every investor who may share yours (and->in) my opinion on leverage theres also one (whos->who is) very concerned about increasing debt going into an uncertain economic environment
that can produce (50000->500) different (skus->sqs) in the wheel business and theres no one (out->else) in the world that has the range
i cant guarantee what happens in the economy in policy circles or in our markets but im happy to be transparent with you and let you make your own judgments about the external factors
matches the recent revenue mix but would like some confirmation there and then (a->of) greater interest given the significant size of the installed base is what youve seen
as we go forward well be closely watching the launch of (ocrevus->ocrevis) overall we anticipate a negative impact to our portfolio (thatll->that will) be partially offset by the royalties that we receive
we havent publicly disclosed the exact size and impact of this discontinued specialty account other than disclosing that it was significant in size and that it didnt meet our profitability targets
we believe that there will be a (pick up->pickup) in that and so were optimistic that were doing the right things and when it comes back
i am really proud to see us deliver on this deal and we are just getting started and with that said i also want to add that we are working to add more assets to our pipeline
i strongly believe that the most exciting days for the industry and applied are ahead of us over the next decade ai and big data will transform almost every sector of the economy
the more we believe were on the beginning of a powerful new wave applied materials is on the critical path those trends depend on what applied does best
these (were->*) results were primarily driven by improved pricing operational improvements in subperforming accounts and an improvement in insurance and claims expense as a percentage of our revenue excluding fuel
were finding out now that as we start rolling this out weve got to kick up production and well pick up that going through
and so were trying to figure out how we can do that and stage that because what happens with custom cutters if they hit rain they hit wet conditions
any further share repurchases would have an impact on how quickly the leverage would be reduced but we do not anticipate a share repurchase would be done at the expense of increasing our leverage ratio longer term
a couple of comments on the memory side everything that is out in the market today from an information standpoint it was reflected in our guide and thats playing out as we thought so theres no incremental
our peers were exposed to more of those end markets and device types and the guidance we have reflects our view of the world and the conversations were having
arent targeting big allocations to cash because even though cash returns have come up theyre still significantly below longer term either equity or fixed income assets
foundation of this is to put idle cash to work and to eliminate cash drag even if its temporary as rates rise does that start to just become (a->*)
load was impacted by a disciplined pricing approach along with freight mix although we were successful in winning some project freight and repositioning charges these were not at the levels of previous years
memory and foundry spend and so i think thats a pretty strong statement from an (endmarket->end market) standpoint that the industry is evolving in ways that i think will accrue benefits to us going forward
and the customers have done a very good job in the foundry space managing a supply statement commensurate with where they see demand coming from as you know
we remain excited about this potential new medicine for women with both of these highly prevalent conditions where there are few effective treatment options
we have a comprehensive development program in place for (rovat->vat) to evaluate this promising therapy in earlier lines of treatment in small cell lung cancer
unit manufacturing costs were moderately higher than the previous quarter with the severe weather conditions contributing to higher (purchase->purchased) wood and log hauling (cost->costs)
but then quickly stabilized as buyers stepped in defaults continue to track at historical lows in europe
the aerospace industry overall remains extremely strong fueled by record passenger and cargo traffic and ongoing elevated load factors
you said they benefited from less passthrough hardware is this level sustainable for the next couple of quarters or do you expect
demand for pulp was very strong in the last half of the year driven in part by china and its new restrictions on the import of recycled paper
this strong performance allows us to reinvest more aggressively in our operating and product development objectives as discussed earlier
our robust balance sheet continues to get stronger and positions us well to take advantage of opportunities and challenges in the marketplace
related to the sales reps youre bringing on i guess those are to further grow the current products but are some of those for
related to your comments earlier and then the second question just has to do with the line extension behind (humira->qumira) i believe you launched a
our submission will follow soon thereafter enabling a commercial launch in 2018 in addition to trinity
which normally translates into much higher winter prices because we wont have that stored gas to rely on this winter and i think already were starting to see the effect
and we saw the opportunity for the shareholders to earn an additional dividend during the period so the
id also like to remind you that nothing on this call constitutes an offer to sell or (*->a) solicitation of an offer to purchase any interest in any oaktree fund
for the most part id say we have the major platforms that we need so we dont envision the need for large platforms
and most of that will disappear once that they take on the full manufacturing
first across the business we have experienced some lower levels of production and some turnover among a small number of our perennial top performers
the difference was largely due to a decrease in payables primarily resulting from the timing of payments and increased accounts receivable
im not going to speculate on what the right strategy is there i would tell you in the markets that humira competes in
and can deal with that outside of this meeting but it really was a financial decision ultimately at the end of the day what we are
so we think it was an exceptionally strong quarter and i think if you look against the industry youll find that the stats are quite strong
and in closing we have our work cut out for us in the months ahead with a clear set of priorities which we normally outline each year
we have built reserves now we have to assess when to say they are redundancy and but we are in a very good position at this stage
but we did do a deep dive into the condition of the equipment and (the->*) infrastructure that we need we
in addition the production contribution from (tautona->tatona) has been excluded due to the orderly closure of the mine
of course we keep looking for better ways to complete this big resource that weve got and keep looking at new technologies that are always being developed
and ensuring that in an interactive way our clients can deliver that seamlessly to more of their clients because it does take a bit more work
and weve been taking steps to address it we have a broad set of capabilities and product offerings with good performance (and->in) global distribution
and engagement and so this is one of the things (i am->im) really excited about as we move into 19 and i think it could be a big opportunity for us
i would like to remind you that much of the information we will be speaking to today including the answers we give in response to your questions
definitely our objective is to get bigger into this business and have a bigger market share which we are gaining as we speak jonathan
annual merit increases and other costs to support overall franchise growth including the full quarter of our combination with west capital management
a reconciliation of these measures to the most comparable gaap measures can be found in the financial tables of todays press release
when we go to market by combining our payroll our benefits and our hr technology services into an integrated service offering to our clients
(*->is) somewhat unique because we played the role of an si in that deal and that was obviously a multimillion dollar deal
the operating team needs to be rebuilt and operating systems and processes designed for a modern mechanized operation
and we will continue to ensure that we set challenging targets and then provide the right environment for our operators to meet them
for the members of our team who are listening on todays call i want to congratulate you on another strong quarter and thank you for all that you do to contribute to our success
some correction factors now and we obviously do the correction internally because we have our own data that we know
technology that can bring all processing to real time so back offices can get automated in a big way but those (*->are)
as we move into the fourth quarter we expect transactional activity to return to a more normal level
a more detailed description of such risks and uncertainties can be found in the companys filings with the securities and exchange commission
so from our perspective were doing exactly what we told you we would do a number of years ago and weve executed quite well on it
overall the impact from market assumption was marginal and behavioral characteristics were within ranges
well its really 2 different things one is what you just said which is that we already have enough growth in the book
in fiscal 2017 this expense was recorded in the second quarter whereas this year it was recorded in the first quarter
with increasing demand for endtoend cloudbased solutions we are seeing more customers looking to implement our offerings on a subscription basis
is a very significant opportunity for us and mike can talk about the different trials that are in that particular area
the decrease in gross profit was primarily due to lower selling prices in our industrial and (canned->can) pineapple product lines
we havent we obviously have not found anything yet that has met the criteria that were looking for
and thats for us to look at the export market which was more favorable this year than it had been at least in the recent past
with the european affiliates taking place first we think the revenue opportunity there is very good
a quick run through the highlights which are shown on this slide and christine will unpack them more in her presentation
we have again included some presentation materials to go along with todays call that are also accessible on our website
the impact of this event in terms of timing cannot be quantified at this time but we will provide further updates as they become known
the answer is because it fits perfectly within our strategic plan last week we announced we had entered into an asset purchase agreement
investing in core franchises and launching new products that we expect to be the foundation of our future growth
its important to note that theres some way to go on this project still and we are a long way from approving any project capital in this regard
our systems provide extraordinary geographic reach and connectivity both of which we believe provide real value to our customers
this was mostly because of lower dividend income and equity method earnings stemming from a downturn in market prices on resource commodities
we expect (ramp up->rampup) of production from kibali and improved production in particular from the australian and brazilian operations
the remaining 6 months and we will talk to most of you at the capital markets day and those that cannot participate we will hear at least or can hear us
on time and on budget and id note in that regard that having capacity to the market and to liquid trading points positions the producers
to us the base management fee is an output not an input so we dont spend time focusing on kind of working towards a specific fee
to wait for a better opportunity so id love to be able to give you a time and a date but to be honest with you the market will provide that for us
these statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the statements
we will rebuild or migrate our customer applications using standard application and cloudnative services and operate them (in->on) the public cloud
next we have adopted a dividend policy designed to support value creation for our shareholders through both growth and income
now i would like to explain more in depth about our results please look at the graph at the bottom center of the page
lets go through the details of the business units and i continue on page 6 of the slide deck
the fourth quarter of 2017 concluded another strong year for ares we generated our highest quarterly levels of management fees
participants may view the slides in any order they wish the replay will be available shortly after the event is concluded
and we think we can support our existing rates in a pretty straightforward way (*->and) so we dont anticipate meaningful if any
the same effect as we have said over the last couple of quarters scaling specific industry solutions
to that end we now have a fully developed corporate strategy team dedicated to exploring and analyzing these opportunities
this also means that all previously recognized currency translation differences
want to start with redeem especially given the impact that had in this quarter just how do you think about that
indicating that the drug may demonstrate substantial improvement on a clinically significant endpoint over available therapies
we would plan to provide an update of this guidance at the time that we close the pending transaction for the valspar wood coatings business
this decline was due to the impact of economic deceleration in asia on the motor vehicle business as well as a downturn in the ship market
then closing up with what we talked about in capital markets day
we do believe that some of the existing frameworks and conventions that are being used in both traditional ccorp managers and alternatives are (*->not)
the tone seems a little bit lukewarm on that is this more like you want to put in a floor if the stock were to get hit for some reason or
despite the good backlog in our energy group we remain slightly cautious on our outlook for the energy group with the main headwinds for this group being persistent
all of these business pillars support our central objective of improving cash flow and returns on a sustainable basis
if were fortunate enough to get a pellet (plant->pan) order and were (fortunate enough->fortun) to deliver some of it in 18 it will not be dilutive (okay->*)
over a longer period in that regard and then the second sort of related question is just in the longer term i know over the next quarter (or two->*)
the weakness in australia and argentina through the first half are expected to impact international revenue growth negatively by about 2 in the first half of the year
our producer customers have indicated a strong ongoing need to have the capacity in place and available for their use
as a result we do not anticipate (a->*) significant margin effect moving ahead on this project with regards to the pellet plant revenues for this year
maybe 4 weeks or 1 month minimum or maybe 12 months depending on the contract we agree upon with the customer
our 12 increase in revenue in the first quarter was driven by a better effective price per gallon on higher volume
new equipment traditionally carries a lower margin through the early part of its life cycle due to the refining (and->of) the manufacturing process
theres a lot to digest in the presentations which we have provided so perhaps its worthwhile just taking a step back and taking stock
finally we remain strongly levered to the higher gold price despite the stronger exchange rates and higher oil price
at least the likelihood that (there is->theres) going to be a continuation of a repopulation of your backlog a continuation of capital deployment
we have opportunities to grow organically by increasing our fund sizes or by expanding our products geographic coverage channels of distribution
which is operating better than it ever (has->is) in most areas we can see a considerable additional value that we can add
right and so when i think about the i mean i dont want to get too far ahead of ourselves but when craig was asking his questions earlier
by the latter part of 2019 this same process will be followed to build new applications or migrate existing applications going forward
in the nonresource field we invested in olam in the agricultural products business and made investments in the infrastructure and fundrelated businesses
this was mainly because performance was firm in the nonresource field and we recorded no major oneoff losses in the resource field
just the pipeline for new clients and maybe more specifically if you see some that are sort of sitting on the sidelines waiting for
finally and notably in december we filed a customer agreement with the (ferc->fdrc) to extend our columbia gas transmission
from the point of view of the rates you contract (out->at) with clients versus what you can find in the market and how much how easy is it not to do (back to backs->backtobacks)
that allowed you to keep (*->that) down at those levels and whether theres any lagging effect or whether this fully reflects the volume that goes through there
fortunately this is also a track that we started several years ago our new consumer system that will include digital consumer support called renaissance
as well as both the realized and unrealized gains that (rolled->roll) through that portfolio in the first year so while its not completely
the nature of k1s also results in the possibility that certain unitholders may have to file state tax returns in multiple states
the company undertakes no obligation to publicly update any forwardlooking statements or supply new information regarding the circumstances after the date of this release
this would be a fantastic achievement for amicus and will represent a meaningful impact on how fabry disease is treated around (the world->*)
and so were just looking for the particular client that understands what were trying to do for them and so the minimum is not really an issue
that opportunity has passed as we have earned enough infrastructurerelated business to make delivery on any new pellet plant order not possible
private funds business and if you think about the evolution of the private equity and (leveraged->leverage) finance markets that we largely participate in
for us ie we have to have a view that we can add value to the business in the way that we did in some of our prior acquisitions by
(atgaa->*) to have a pretty profound effect on their function and we saw that also in the motor function of course in the 6minute walk increasing in both groups so
todays call is to provide you with information regarding our fourth quarter and full year 2017 performance in addition to our financial outlook
for example the deployment of our solution at swiss railway continued in the second quarter and we have received great recognition from the industry for this project
we will not be signing (it->*) and we will not be continuing going (to->into) future because were not going to operate at (a->*) loss for austerity purposes what has to change is the model
as always these potential investment opportunities are subject to approvals and documentations and we may actively sell or syndicate (post closing->postclosing)
that he will make a bigger announcement later during this year and then you also will know the name but as you can imagine
we mentioned the fact that we are making an early payment of part of our debt with a particular institution
we bring our attention to the external environment of our business theres not much change it remains pretty stable at the beginning of the year
and what were trying to do is (playing to->play into) all of those buckets and trying to capture dollar so with regards to always on budget thats the money we are getting on
plans will improve the services for passengers and will contribute to boost (the->*) economy for of all the areas of influence
reinforce the great things about our communications products bring friends closer (to->*) together and at the same time provide more distribution to really highquality content so i think were trying to stay
this conference call includes forwardlooking statements any statement that refers to expectations projections or other characterizations of future events
we also saw gains in ad performance both in terms of view time and engagement as well as an overall increase in our average revenue per user when compared to the prior design
and weve had some more productive dialogue that im hopeful will lead us to again what i think would be the next most important
yes i wouldnt want to comment on any particular deal but as i think about our strategy its really the same strategy i mean if you look back over
(*->were) in the process of taking in all of these variables today to think about where (wed->we) go from here and weve got a lot of options and we dont take the
its not necessarily quality (with a->was the) customer which is very good but its our quality cost that will go down and will improve our profitability as a whole
per our business model we remain on the lookout for potential future acquisitions to add on to our existing businesses as we continue to scale
aside from the very high prices (may be->maybe) paid for some of these deals which is an obvious reason why maybe (why->*) some have struggled is there some other common characteristic that youre seeing
i would like to remind you that our comments made today may include forwardlooking statements any of those statements made by any of us this afternoon are subject to the safe harbor rules
before we start i would like to remind you that the presentations and discussions are conducted subject to the disclaimer we will not read the disclaimer but
given the significant unused capacity under our revolving credit (facilities->facility) after having issued a significant amount of term debt over the past 9 months
yes it was funny when you made the comment as one parent to another i thought of the difference between nice to have and need to have in that conversation
the demand of our customers in (this->these) kind of (business is->businesses) pretty stable during the year so we feel pretty confident that this will come back and thats the reason why
as evan mentioned we launched lens studio less than 2 months ago to make it easier for our community and our advertisers to create lenses
has helped us provide helped us to best identify our product pipeline moving forward we are working quickly and diligently to make our ideas a reality
second question would be how much has the low methanol prices changed the cost dynamic for your competitors and therefore the dynamics in (tow->to)
(though->while) orders for the year are down (todate->to date) we continue to have a strong pipeline of high confidence opportunities going into the third and fourth quarters
we will be happy to answer some questions on this call but please understand that there will be many topics related to this new legislation that were still evaluating
we drove (15 times->15x) more app installs in december compared to april while continuing to drive increased return on investment
which is our fourth consecutive quarter of sequential core earnings improvement since the first quarter of 2017 when we closed the american capital acquisition
they came to snapchat with the goal of finding a new audience that couldnt be reached on other platforms in just a few months time
(*->for) this year i think that we are extremely happy with our strategy and what were trying to do for a long time weve known that we should be growing our specialties
such statements speak only as of the date they are made and the company is under no obligation to update them in light of new information
the investments we have made across our advertising business are starting to pay off and (were->we are) pleased with the results we have seen so far
please note that there are is no certainty that these transactions will close (i will->ill) now turn the call back over to kipp for some closing remarks
and yarn which is an incremental headwind and ill add that as we discussed for some time now in the last earnings call and at investor conferences
since that time we have enhanced our planning tools and increased capacity to give better awareness and flexibility to meet market demand
it makes us more valuable to both our customers and our suppliers as we can provide comprehensive solutions to reduce their supply chain costs
in particular bulk ethylene prices have been disappointing as (we have->weve) seen us prices remain significantly discounted versus the rest of the world
not only does this allow us to serve more advertisers it also helps us become a onestop shop for those that continue to invest in our platform
hopefully that will be published some point in time over the coming (month->months) but i dont have any clarity at this moment
the logical conclusion would be to go higher in the capital structure but maybe its a cause and effect where everyones going higher (in->on) the capital structure and thats whats screwing everything up i just wondered if you could
we believe our continued ability to generate these incremental earnings from strong investment performance further distinguishes us from other bdcs in the marketplace
while maintaining the integrity of our loan structures and (documentations->documentation) through our investment process this is not our first time managing through these types of markets
because most of these investments are directly linked to growth projects and to customer demand (or->all) will drive productivity improvements in the short term
we are blown away by the ingenuity of our community and we cant wait to see what they create next well be working hard to expand lens studio for years to come
looking forward into 2019 we continue to expect cost saves from charter to be fully realized in the second quarter after the conversion of the core systems
recent ban on used plastics the ban on imports and its impact and your question was on the impact that it has on the olefin downstream
and manufacturing some of the most advanced products available in the market from technology for particle accelerators to airbag jackets for motorcycle drivers
and we continue to understand more and more about how to improve the ongoing reliability of these products
is it actually capped or if you just do a good job can you do better than that my understanding is its not a cap theres no cap but i just wanted to make sure
(*->in) addition when you consider the (loss->lost) sales associated with the facility closures and product exits that took place earlier in the year
but we expect that to have a relatively minor impact both in terms of passengers and indeed in terms of revenues
and again with respect to the exploration wells depending on the distance from existing infrastructure the tiein can be quite quick or it can be a couple of months while were actually laying (flowlines->flow lines) to connect with the main
what is represented in this particular account so we can add back that data into the overall market and id say generally speaking humira continues to perform just like it has historically in fact if you look at
this is over 90 of our adjusted operating earnings this demonstrates our ongoing commitment to capital return as well as confidence (and->in) our risk analytics and future cash flow capacity
specific projects that (we->weve) already know about and have high confidence that we can execute on but im sure that there will be additional incremental capex as we look towards the back end of the plan
we are achieving a slightly lower effective tax rate for state income taxes this year and we continue to expect an effective rate of approximately 40 for the full year this year
three the net interest margin to expand modestly as we benefit from rising shortterm rates and our asset sensitivity position especially now that the wall street journal prime rate and the (wsfs->wsf) prime rate are aligned
and addressing the 2 main factors of growth for the future market that are the management of (newgeneration->new generation) content and cloud services these are the drivers that support the business (anchors->ancos) mentioned before
with a strong balance sheet and the flexibility to manage our cash and take advantage of exploration success and other opportunities which become available the refinancing of our exit notes in june
seems like kind of a tough quarter i mean does this highlight to you the need to get bigger in the business or have a steadier supply or does it i guess (im going to->let me) keep it open ended does this kind of (does->*) the performance youve seen in that business change at all
in the third quarter we completed our annual unlocking the comments that management makes on the call today will focus on operating financial results excluding unlocking and with that ill turn it over to jim
got it last thing you talked earlier about not being able to pass through some of this aluminum and steel cost if it should happen is there any kind of math that we can think about in terms of sensitivity
as discussed on our last quarter call the decline in professional service revenue in the first quarter was due to the lower inhome services related to commercial launch of a product a project for one of our larger customers
regulatory information but theres no conditions to complete this transaction that are (regulatorybased->regulatory based) other than the court approval of the arrangement agreement after the shareholders vote
we wanted more production ready for that early winter rally that we saw but then of course i suppose we would have been shutting some of those volumes in because then in later october we saw gas prices collapse again (*->and)
i know at peyto we dont really like to be on the bleeding edge of technology but certainly as soon as some of these technologies are proven were generally one of the best at putting it into practice and then (perfecting->pervecting) it
as we progress through 2018 we will continue to identify and evaluate areas for continued efficiency gains in our operations and improve our cost structure
(*->some) well workovers and actually position ourselves to have slightly increased production for when the pipeline is back on and in terms of the inventory numbers you asked about we
the impact on reported expense does need to be considered and (it->*) is outlined in the footnotes that are part of our earnings release when you exclude the impact of the accounting for these gains and losses
and we do look at opportunities that do arise but we are very practical and appropriate in understanding where we can extract some really good shareholder value as well as add strategically to the business so
yes thanks for asking but securities laws actually prevent me from discussing the bond issue beyond what i said in my prepared remarks but i think i pretty much covered it
(calls->on the call) would we reduce the price in order to make the deal more accretive given that the cost of capital is higher at the mlps and that actually isnt what we prefer i think our shareholders
low double digits really is quite good its excellent but i dont hear anything from you now that suggests it goes to 0 at the back end of the year which is what it needs to do to average (of->*) what youre talking about
although product revenue was down from the prior year quarter we have visibility into a strong pipeline of product deals related to both adrenalin software license sales and axiom to adrenalin migrations
in the first quarter of last year unbilled receivables increased primarily due to milestones that we achieved during the quarter on our ongoing project with quickline that will be invoiced in the second quarter
we are committed to continuing to lead our industry with innovative new products that help our customers monetize their video assets while optimizing our operating expenses to drive profitability
also goes into our capital return strategy where we say that we are we do return a great amount of our earnings every year to our shareholders over the (longterm->long term) but most of that
(*->yes) i was hoping to get a little bit more detail in terms of why you have confidence that that business will increase obviously its kind of been a little bit of a wildcard over the last several quarters
including as a result of retirement while we have been (successfully->successful in) replacing the headcount it will take some time for our new producers to reach the level of productivity contributed by our more seasoned producers
these achievements reflect the common purpose and desire across our businesses to deliver without fail for our customers to exceed their expectations and to improve performance each and every day
we also intend to gain visibility in the customer premises equipment and transform our current capabilities of maintenance installation to a home adviser force
within power generation we continue to face challenges related to demand with industrial gas turbine market as well as a dropoff in volume tied to renewables penetration and greater energy efficiency
thought and questions about some of our business from those listening in so maybe (jord->georg) we can open the phone lines up and answer any additional questions that investors
we hope that the information was helpful in gaining an appreciation for our unique and differentiated position in the market and the value that that brings to our clients (cbiz->cevs) also celebrated our 20th anniversary in august
of course it always looks at what the seller is looking for and we want to make sure that its appropriate for us what the seller is requiring versus just the idea that we can do an acquisition
also in 2018 we continue to invest in our employees developing the pipeline of future leaders and fostering a more inclusive and encouraging innovation among our employees
what makes this years net sales growth particularly meaningful is that the company was able to turn in this performance despite an extremely tough year in other segments
a couple of larger transactions in that pipeline although nothing larger than what weve historically done but relative to some other transactions there are some larger transactions what i will tell you is
adverse morbidity trends is this informing you that your baseline morbidity assumptions are too aggressive is that something youre going to have to revisit or you still feel comfortable with those
that was largely related to the 90 basis point impact of our strategic actions to improve revenue mix as well as the price elasticity we experienced earlier in the year
our increased sales activities this quarter drove much of the pressure we saw as did continued transition of video from linear to overthetop services
weve often heard about the fact that europe is not so strong and that the emerging markets bring all the new profitability if you look at our experience this is not true
as you remember we had a lull in or a dip in state funding a little better than a year ago with some budget issues that came back and put some funds back in
as a very large investor we also have to ask ourselves the questions what can we do to help society to live a better life
(*->but) the preponderance of the difference continues to be interruptible volumes that we just dont quite have the tenure with to forecast with great confidence
the other thing thats interesting is that the kols have been really helpful for us as well in terms of being excited about the outcome of the study and also in terms of
but want to retire some airplanes theyre going to retire the older airplanes first so the (rollsroyce->rollsroys) share of the underlying growth in the market
managing some annuities in france and part of the indexation previously was paid by the state we are referring to very old annuities dating from 60 years ago
our international sales trends were generally consistent with our expectation we had additional shipments planned for the second quarter that will now be realized in the third and fourth quarter
our technology was included in (the->*) key publications this quarter for a foundational (10000->100) immunome project and a seminal research (*->project) published in the new england journal of medicine
the weather has been favorable so far with good (rain->rate) volumes in the main producing (regions->region) and assuming this condition is maintained we expect to crush between (the->*) mid and top of the range
in 2015 as we began to transition key processes in many cases we maintained duplicate resourcing until we were confident that the migration was successful
a very good software tool to capture all the data so well be in a position later this year to report (*->to) you what that looks like for rollsroyce the property and aircraft engines are the most material item
for selling your (gout->gal) franchise that maybe would make sense to put it in their bag and (to->*) just derive some licensing revenue from it than having to invest in the franchise on your own
our us team has massively improved our financial performance in this region weve hit key milestones for instrument placements with strong uptake of the hyperion imaging system
but good to see a resurgence there and at (the->a) time (was->*) when we see a little bit of (*->an) uptick in the business jet market as well (i mean->and) it isnt all about the current activity
is a very strong contributor to the overall results we are (a->*) strong market leader in france we are in the top 3 everywhere and despite the fact
and its these 3 keys to success that i believe are important to take away from our discussion today enlink is in the right places with the right partners and is executing with excellence
is extremely well positioned when it comes to product innovation when it comes to distribution and they can really reap the benefit of this great positioning
cash flow statements have been recast to show the impact of the new accounting standard with (installer->installment) receivables so yearoveryear cash flow results are comparable
our proven track record of driving growth and delivering results across our asset platform is integral to our success at enlink we execute with excellence
first were now through the toughest yearoveryear compare as we lap the introduction of unlimited plans that came out in the first quarter a year ago
and it continues to build so very exciting for southern california on the private side northern california has been a little slower on the nonres res continues to be healthy
it is not from (1->one) geography or from (1->one) operation it is across the board from all geographies that have contributed to this excellent performance
in addition im very pleased by our growing project backlogs growing public and private starts and the growing preconstruction pipeline
as a growing midstream service provider its critical to be where the activity is and today more than half of the total us rigs are located in the stack and permian basins
and were looking at what we can do to be competitive so were open to a broad range of opportunities in structuring our contracts (i->and) think thats going to be key in the delaware basin going forward
however as in brazil volumes fell in the second half as categories slowed in response to weakening economic conditions and price elasticity
whenever (you->*) first (whenever->onever) you (tradeoff->trade off) pricing and volume thats a lot easier on the margin structure than having to go the other way and you do eventually need to go the other way on volume growth
acquisition of maestro movement into telemedicine with great success and also a very clear and strong and decisive act
what is your expectation through the course of the year as you mentioned we are seeing some changes in the competitive landscape is the expectation that youre able to continue to drive churn lower through the course of the year
so and the good news about that is that kind of construction is very (aggregate intensive->aggregateintensive) both with new subdivisions and a lot of houses so
thank you good morning id like to welcome you to the avx conference call regarding the results for our second fiscal quarter that ended in september
this improving trend in wireline is encouraging and this comes before any expected bump from business activity that we might see with tax reform
thanks barry and good morning everyone as barry highlighted enlink delivered solid results this quarter and we are on track and in line with where we expected to be at this time of the year
the fundamental demand outlook remains solid it is supported by both private construction activity and a defined slate of public transportation projects
these statements are subject to substantial risks and uncertainties that may cause actual events or results to differ materially from current expectations
is there an expectation that you would see new operators come in and do refrac or would it just be simply taking over the properties and trying to optimize whats there today
in motorcycle business operations the positive impact of an increase in consolidated unit sales was more than offset by the negative impact of forex translation effects
as you know jde is a private company so we wont share significant detail on (their->the) results or projections jde management expects performance to be pressured this year
and transforming our business in terms of production a couple of weeks ago those of you who look at these things very closely will have spotted us announcing
this obviously has a consequence on the growth because if you focus yourself on one area and more or less exclude other growth areas it does show in the growth
the capital is really to the delaware (is->as) the (project->projects) that i just laid out (in->and) the incremental expansions that we have planned when you look at the midland basin
operation between regular (maintenances->maintenance) with no issues then you cant guarantee that there wont be some other issue
that should be finished in 2019 we are strengthening our competitive position through the technology pilot but also that we are utilizing the technological capability and (confidence->competence) in the company
as (ludwig->ludwick) and chris mentioned we continue to pursue efficiencies and improve margins on a sustainable basis and well be working hard to see those reflected in the coming year
let me remind you our reserves do not incorporate any future improvement in morbidity or mortality and we have a conservative approach to the level of rate increases assumed
passenger car and also those in goods movement i think this being sustainable fuels and sustainable technologies i think were just at the beginning of whats going to be a very long
on the cost side we are starting to see sign of our efficiency initiatives we continue to stabilize opex this year and prepare for a gradual reduction next year
the pulp market appears well positioned for the remainder of the first quarter and into the standard spring maintenance period in q2 we continue to be cautious around incremental pulp supply but are encouraged by good demand from most regions
thats the initiatives i just spoke of in my review of salix we have not taken price increases in our medical derm portfolio so almost the entirety of the improvement in net pricing came from reduced rebates on copay assistance cards
this deal came to us as a result of an agreement to divest the business to satisfy regulatory hurdles to valspars merger with sherwinwilliams we will operate the business as a separate business unit within our industrial end market
active investors including on the institutional side so maybe you can talk a little bit about the nature of those inflows the types of clients they represent what mandates those funds are going into broadly speaking
the lag between when those price effects actually come into effect can be several months and therefore what we expect to see is a little bit of a hit in that in (the->*) second quarter and then expect to make that up in the second half of the year
as weve heard from venkat and my colleagues we continue to make progress on our strategic (objectives->objective) and have delivered a strong performance that is reflected both in our financial and operating metrics
we brought in really talented people that have done this before our new technology leader did a full legacy mainframe conversion to cloud at his prior business
entering or exiting certain channels just to understand this dynamic because it sounds like it will be negative in q4 but (it will->itll) be positive next year and how that actually ends up tying into (gross to net->grosstonet) just wanted to clarify this whole thing
if you think about the magnitude of the impact of the changes that weve been making to these programs where you see it most in terms of improvement in (gross to net->grosstonet) is in derm thats why you see the impact that you see on our q3 (quarter->reported) results
pending ratification i would also mention that we have agreed on security measures and the mines reclamation plan removing prior material risks to the project
and finally well ensure that we do justice (to->*) the spectacular highgrade (ore body->orebody) at obuasi which for decades has been waiting to be modernized and capitalized in the way which we are now proposing to ensure a profitable
with a fully developed set of products and brands these products are sold directly to manufacturers of building products cabinets and furniture as well as to distributors through a dedicated sales staff and marketing staff
with recent legislation extending bonus depreciation we do not expect to pay cash federal income taxes until 2023 due to the intensity of our capital investment program
(*->again) taking into account the or excluding the amortization of other intangibles pertaining to acquisitions in the last quarter due to strong growth of our scalable industry solutions
working closely with these customers we have built upon the significant amount of (ground work made->groundwork laid) over the last several years to identify and penetrate the right power plants that we believe will be able to stay compliant
so i covered just a few thoughts (and->on) our numbers for the quarter ending september 30 2016 (spent->spend) a few minutes on our recent transaction with (invekra->invectra) and how this transaction fits into our overall corporate strategy
in addition to the absence of valuation gains due to the restructuring of the construction materials business recorded in the previous fiscal year the decrease stemmed from a deceleration in steel demand in emerging markets
the quality of their core acreage positions and (a->the) relatively attractive economics of developing (the->their) reserves so for the key players that we deal with on a daily basis the commitment to the basin continues to be very strong
(*->alex) so the third quarter was actually quite strong on a seasonal basis as you (would->*) imagine the summer months are always a little slower compared to the second quarter and therefore even the fourth quarter
we are having those (type->types) of discussions and i think theres just as i described earlier theres a little bit of a lag theres typically a lag with respect to net additions and the returns that weve delivered over the past 12 months
as previously mentioned commercial vehicle market data has also been encouraging in recent months suggesting that our volumes in this end market could be supported by slightly stronger industry demand than we had earlier assumed
but also i think (*->just) its also a function of when we look at the activity more in the industrial or the performance segment for us theres still a lot of consolidation to go around globally
second question on contract logistics actually if i (back solve->backsolve) the revenue per square meter you added over the past year basically on the numbers you disclosed it looks like
in addition to another consecutive (of->*) overall organic growth we successfully delivered organic growth across all reporting segments and generated great cash flow from operations in the third quarter
okay and then maybe just my quick followup just on the international segment i know you mentioned last quarter you were (*->kind of) taking steps to just improve the consistency of that business maybe just an update on where you are on
lesser actual levels of product returns and the beneficial impact of truing up the associated (gross to net->grosstonet) accruals that had the effect of magnifying the improvement in (gross to nets->grosstonets) when looking at the quarter in isolation
(*->as) you make those commitments with customers looking that far out how much optionality does the customer have that (youve->you) needed to build into those contracts on things like
my comments on financial performance and the outlook for 2017 will therefore be made on the basis of the current group structure excluding india
that oaktree is not about to lower our quality standards our credit standards and incrementally take on a whole lot more risk in order to achieve returns that are very difficult in this environment
we feel that oculus is in the best shape that weve ever been in for 2 reasons one oculus has effectively executed a turnaround strategy in a very attractive dermatology market
ultimately that leads to better experiences for our guests to better results and to (increased->increase) value for our shareholders and other stakeholders such as lenders and the communities we operate (in->*)
so what are the next key steps in our strategic plan to turn around this company and lets focus just on 3 our first step is to hire 5 new sales reps as fast as possible
we will work to ensure that the completion of our south african asset sales and the optimization of the remaining (surface->service) and support businesses to ensure that they match our remaining production days
so thats the reason why we have the big focus around (cbn->cvm) across our key markets now turning over to expenses
but were going to do it once we understand it and once we know that we can demonstrate what that value is so we can get a decent (*->mick) the right value for it when we sell
(were->we are) excited about the structure team and strategy that (weve->we have) put in place and look to continue to opportunistically leverage our resources to grow the business and drive overall shareholder value
negative to limited efficacy (results->result) in dmd and so that might be a case where you want to do something with a gene therapy first
which began in the second half of 2016 designed to continue to open up capacity in our growing markets and help combat a tight labor market in particular the midwest
thank you david overall we are pleased with our operating momentum as we move through the first half and we remain optimistic on the full year
we generated nearly 16 million leads to our comparison partners as consumers shopped around for the best deals on everything from the utility bills to their mortgage providers
finally i would like to mention that i will be at the oppenheimer industrial conference in new york on may 11 (the->*) stephens roadshow on may 12 in boston
(*->now) we continue to look at ways (*->where) we can optimize our voice pricing while taking advantage of the very attractive demographics that we see in these markets
a new multiyear contract with a leading global fast food company and a new multiyear contract with a new yorkbased financial services firm
youve got lots of subcategories so for example andy touched on the change to the advertising rules within broadband that was a negative
longer term we believe that the favorable impact from our strategic programs will return growth to cdi with multiyear growth averaging high single digits
thanks jason before i discuss our outlook i want to reflect for a moment on how our business has evolved over the past 4 years and more importantly
finally i would like to add a few words about transforming our business structure as mentioned in the previous management direction progress review
in the number of agent branches or (*->a) significant decline i would expect it to sort of trade sideways that number of uk agency branches long term
clearly the ramp in execution of these programs and ongoing support for our core business will require investment however the expense actions taken over the last several quarters
our general counsel is retiring at the end of march and a search is underway our leadership team has a shared passion for excellence and delivering on commitments
and (if theres->*) any significant issues in that we would have to stop the trial and so we feel really comfortable with the safety profile around all those
and this was our first (lean->lien) diagnosis event that was late in the third quarter and thats just one example of one small piece of our manufacturing operations but
up 14 the data revenues were boosted by the significant network additions that we saw in the year the subscriber growth that we saw in key markets
a portion of these reductions are also to allow for reinvestment in the business related to our capabilities and product launch preparedness
one of the increases in the staff cost has been weve added a few additional people in switzerland to maintain the (throughputs->throughput) of projects
these statements are not guarantees of future results and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated
the confidence and aggressiveness that is now a real part of sientra i know i didnt give you the kind of information that (youre->you were) looking for but
the first quarter of 2017 continued to outperform with strong retail shows and favorable demographic patterns continuing to drive and support increased production levels
ill now ask steve to provide a more detailed update on some of the key life cycle and development activities were pursuing across our portfolio steve thanks mark
this was not able to make up for the fall in the unit sales of network products and mobile phones which did particularly well in the third quarter of last year
(*->cute) by any means but when i see sales representatives as well as a number of the key managers here
we continue to focus on differentiating our products concentrating on helping provide transparency to our consumers
yes theres been very little of that i mean prices in general have been very steady across global investment sales markets
at or above historical rates so again well see how things play out if and when competition does come with regards to price and volume
please look at the bottom of the page slide 8 this is the segment information for technology solutions
we didnt say that but i figured someone might ask but (yes->*) i think they did well for us in the quarter (*->right) so were not breaking out all those numbers but i would say i think
so another way to say that is that we will not be in a position to meet the full demand that weve identified
the fundamental thing is you can get a lot more data on your wells if youre willing to spend the money to get the data and that will inform you a lot about the completion design
we are particularly pleased with these results because they came in a market environment which early in the quarter was anxious and unsettled
we expect that demand recovery in the fourth quarter will be subject to severe conditions as well so we have revised our forecast
which is an improvement over the past few years our operational strategic imperatives are designed to give us profit leverage on sales growth
trying to be aggressive in this space there are a lot of ideas being put forward obviously (there is->theres) a voracious need for more
although revenue fell for the third quarter we have been able to maintain a high level of revenues the second highest to date
and we formed a strategic partnership with silicon valleybased plug and play the worlds largest technology innovation accelerator platform
again by the end of this year moving to current inventory management we are executing a wellorchestrated
and were off to a good start to the second half of the year across both divisions and are comfortable with market expectations for the full year financial performance
i think weve outlined before that (we->weve) got very clear priorities for the use of our cash and these do remain unchanged first off we invest in our people our products
(they have->theyve) come up with a whole bunch of recommendations which are ready to be implemented and one of the recommendations was that a price cap was not a good idea
in summary we felt the impacts of a challenging economic environment in q1 and still managed to deliver positive core revenue growth
one example of the efficiency from sitewide software adoption comes from abb a global leader in power and automation technologies
in some sense (theres->is) a bit of a step change in some cost categories during half 1 can you give us more of a sense on how you expect
this is a population which clearly has few and very limited therapeutic options and (were->we are) looking forward to meaningful discourse with the agency regarding the population
also our internal checks industry reports and dealer surveys continue to indicate that rv dealer inventory levels are in line with anticipated retail demand
with a long history of exceptional performance in the nicu the integrated system as well as our industryleading comprehensive service model
(a->*) last question on comparison services is i think if you look at the growth rate you achieved excluding (*->the)
we saw growth in new (high performance compactrio->highperformance compact rio) systems (in->and) advanced manufacturing applications that (help->helped) offset this decline
clinical regulatory patient advocacy some of the other business functions as well so we did not want to set up a standalone business unit we think it needs to be fully integrated as part of team amicus
and we will be forever grateful for his leadership he has been an invaluable resource to so many including me personally and i feel privileged to have benefited from his counsel
and then i guess the other point that i would make is if we look back in time at what ill call the last cycle what we can say is that environment did act as a catalyst
on behalf of the entire five below team i would like to express our deep gratitude to david for his invaluable (contributions->contribution) since cofounding the company with tom 13 years ago
(were->we are) coming off november when we anniversaried last years peak frozen weeks but the critical holiday weeks lie ahead and we believe we are (wellpositioned->well positioned) to deliver on our holiday plans
across that (phase1->phase 1) footprint a number of those vendors are modular service providers today and so on 2 dimensions coming out of that work one is just our competitive value prop (and to->into) garys comments
this is the third year we are holding our full year results on the last day of february on global rare disease day a true reflection of our dual mission of making a positive and meaningful impact for people living with rare
and the ongoing (propelled->propel) pivotal study support our strategy to advance atgaa as quickly as possible with the potential to become the new standard of care for people living with pompe disease
qualification runs and as weve said before those will be part of any submission and will be part of the discussions that we have with regulators over time we havent given specifics about when exactly well start and complete those runs
the value proposition was in place and it was an easy decision to commercialize this service in a scalable manner yesterday we announced central (maine->main) healthcare selected revenue capture solutions for their revenue integrity needs
(id->i) reask you the question that with volatile tax rates we dont see (ccorps->c corps) going through an exercise (of->and) wondering if they should convert back to partnerships and i think that
to your specific question about epic deals i think what you highlighted is exactly what were testing and trying so you got a combination of (percentoff->percent off) deals you got a combination of highlighting
to reinvest a portion of our revenue from galafold back into the fabry disease community specifically to fabry research and development until there is a cure for this disease
we initiated our phase ii trial in the fourth quarter while we remain in the early stages of this trial we have been (emboldened->unboldened) by its progress and by the patient data that has been generated thus far
so with that turning to slide 20 let me first emphasize that we are a global organization with a presence now in all 4 major regions around the world including a presence in 27 countries
it is also evident that community banks deciding to be part of a larger organizations are attracted to the power of the rockland trust brand our corporate values and our currency
as you may recall we previously said that we expected our existing cash (to->would) be sufficient to take us into the first quarter of 2018 based upon the payments we received from spark in december
to consider rather than oil prices elsewhere so you will see a shift in that direction in the next (months->month) in the next years because it will take some time before (for->*) all the (contracts->contract) expire but thats the direction (in->*)
that does conclude todays conference we do thank you for your participation (and->*) you may now disconnect have a great rest of your (day->*)
and systems and i realize its different in every bank how i mean would you say that that number is in line with your thinking and then how far you are or is there a different number or can you give us any kind of color
we (and->in) many key opinion leaders in hbv see these data as the first proof of concept that an rnai compound can potentially lead to an awakening of the immune system in hbv patients and eventual functional cure
and i am tremendously proud of the hard work from all of the amicus employees around the world that advance our mission every day and i look forward to providing updates to our investors on our progress we are making throughout this year
david is leaving us in a strong position to build upon our success and execute on the substantial growth opportunity that exists for this very unique concept
in addition weve developed a significant private fund business where we market our us direct lending products directly to institutional investors a distribution channel that wasnt meaningful to us 5 years ago (if->*)
we have a strong viewpoint that a technologyenabled services offering delivers superior outcomes than a software alone or relative to the combination of fragmented solutions in use at hospitals today
we also continue to make strong inroads into the customer bases of our various acquisitions (noninterest->nons) expense actually came in below the second quarter level versus the increase we anticipated
and so i hope through good execution the market will come to appreciate that regardless of the underlying corporate tax rate that this is (valueenhancing and->value enhancing) the right way to position this company for the long term
this is due to the fact that we brought forward some planned maintenance activities early in 2015 in order to accelerate efficiencies in the second half of the (year->*)
because the investment business is really rooted in great culture and i think our culture is one of our greatest assets and if were going to make an acquisition we have to have a lot of conviction (that->*) its a good cultural fit
in addition (we are->were) seeing significant consolidation opportunities that we believe could be accretive and strategic for our unitholders its for these reasons that were firmly committed to executing on the need for scale
subsequent events and developments including actual events or changes in our assumptions may cause our views to change while we may elect to update these forwardlooking statements at some point in the future we have no current intention of doing so except to the extent required by applicable law
you provided some nice color on the trends youre seeing with the galafold launch in us and europe maybe you can just make a few comments on what youre seeing in japan and maybe how that compares to us and europe (thanks->*)
by investing in our balance sheet were obviously generating some pretty exciting we think investment income but more importantly were largely making those investments in support of the raising of new funds
with a full solution to the problems that theyre facing and in my past experience both at premier and in mckesson many of these issues are the same ones that theyve been dealing with for many years
excluding the impact of (on time->ontime) the business the broader business has really performed well in this kind of crazy economic environment in which were operating in
as more of our new funds are in longdated closedend or permanent capital funds in proprietary strategies like direct lending structured credit and corporate real estate and infrastructure private equity
and we also hope that our decision to be taxed as a corporation will help us capitalize on this opportunity with a simpler corporate structure a more liquid and attractive stock and the ability to retain earnings to fund our growth
enhancing their distribution and asset gathering giving them research and information benefits to add value to their information their investment process and we frankly have to feel that they make us better
and it remains to be seen and as i said i dont want to box matt in but i know how good he is and i know he knows how to get at the cost line i also
so the phones are practically never obsolete we do have features that are added from time to time in the phone but its all done with firmware so
we have the residual decline that dave talked about from the standpoint of the handset business that we have to get through and we have this overwhelming downward
(like->think) they should be accelerators for our business but its difficult to predict when theyre going to be ready and so as a result our revenue visibility is really more in the near term and so thats why we shared some thoughts with you as it relates to the first quarter on the underlying drivers of the business
as a function of the quality of engineering because it allows us to value price and one of my observations about this company is
we believe it is important for our shareholders to have the opportunity to understand the impact of these accounting treatments and as such (we have->weve) prepared a couple (of->*) slides to help with this
its been just over a month since launch and we have seen some amazing stories from advertisers such as state farm dominos tmobile and american express
and so im not sure that theres going to be a significant opportunity to increase price but what (their->the) lower reimbursement was doing was dampening the momentum in the market it was a very small part of the market
(yes->k) good question kevin the high majority of the features that we come out with when we come out with our software enhancements and releases are made available at no additional cost to our enduser customers
higher predominance of indoor arena work this year and not as much outdoor football work for this last fall delivery but we did have these large orders
as you might expect and i think youre hearing from others were seeing even more volatility in markets like brazil china and russia even as we start our first quarter
the retention rate of new android users increased by nearly 20 when compared to last year meaning that the people who try snapchat on android are much more likely to stick around and become daily active users
which if not properly corrected could lead to misstatements in the future and we have been busily fixing those situations
and there were some competitive losses that we had but overall that business is continuing to grow very positively
but its going to vary (quarter to quarter->quartertoquarter) based on the timing of some of these studies as well as the investments that we and our competitors are making to really help build the referral channel which is going to be a multiyear process
as we look ahead to the balance of the year we are excited about the pending acquisition of novadaq which will add a key growth driver to our highperforming endoscopy division
our third quarter range does not assume any dilution related to novadaq however if the deal closes earlier than september 30 there will be additional dilution during the quarter
so there was some loss of market share we have refocused that weve also broadened our product offering and are offering system solutions
and the decisions around where were going to invest and not going to invest is going to be the biggest portion of the time i spend over the coming weeks as we develop the new strategy
as you can see on slide 8 our organic growth accelerated sequentially as the year progressed while our share performance was strongest in the fourth quarter
(and->an) organization in order to formulate a longterm vision for the new marvell i see tremendous potential for the company to participate in growing markets and to increase its profitability
well continue to look at that and adjust targets as appropriate but im not sure anything changes in terms of the big picture plan for (south america yes->sale) i mean i would say we are constantly benchmarking each of our countries
we had great excitement in our partner channel program during the quarter adding 16 new partners for the quarter and that momentum has continued into q2 with very strong partner additions
in 2018 there is much to do and we are focused to deliver on our key priorities i want to share some financial thoughts with you for the early part of the year
as of today we continue to focus on our strategies to serve our customers well with quality and reliable solutions which meet their business needs over (thelong->the long) term
and then for that type of growth (*->where) what are you seeing in terms of the (markets->market) you mentioned the tariffs and its not really impacting the demand but if you could give kind of a flavor how you see demand
also the discussions will include certain nongaap financial measures reconciliations to the most directly comparable gaap financial measures can be found in todays press release
but the bottom (*->the bottom) line is i cannot tell you how impressed i am with the talent that given the disruptions that we have
we also have an opportunity to enhance our position due to preamps that well take advantage of and so we believe those are the
we engineered and designed that capability into our solution and we offer that as a very minor cost upgrade to a customer that has an existing call center
operating expense control and the previously discussed benefit from the change in accounting guidance for tax benefits from certain stock compensation expenses now included in our tax provision
we executed well on our 2017 plan to improve quality performance and automation which removed friction from our advertising business and improved our application for the snapchat community
to improve those metrics we have added a new vp of sales and a new director of sales to head up our dealer partners and direct sales groups
for lack of comparability reasons theres not a lot of productive commentary we can add to the legal entity results please feel free to go through (them at your->the magic or) leisure
i believe is also encouraging backlog is a metric that allows us to internally forecast future sales growth
during this quarter we decided to delay the building (of->in) certain long lead time projects in order to take advantage of new product enhancements in our module design
more importantly our community is embracing our new format on average users that chose to watch promoted stories viewed them for over 10 seconds
the targets are very tough to begin with and then they get easier so obviously implying that theyll do better on odis as they go through the period youre obviously (*->are) in a bit of a different position to the other companies on the odis because
we continue to deliver on our goal of achieving organic revenue growth at the high end of med tech as we are gaining market share across the majority of our (division->divisions)
and as a consequence (that may be->have maybe) slipped a little bit on really focusing at driving our supply chain (costs->cost) down and so we see a huge area
we are always reviewing appropriate accretive opportunities and believe (if->that) the right opportunity comes along they will be a way to further accelerate growth
we believe that the recording of ppa may give a fair assessment for the revaluation of assets (post acquisition->postacquisition) from a balance sheet perspective
thanks (katherine->catherine) my comments today will be focused on our second quarter financial results and the related performance drivers the detailed financial data and results have been included in todays press release
thats a great feature its a very expensive feature with our competitor platforms out there if they have it at all many of our competitor platforms dont even offer that capability
is most of our improvements and features and functions and benefits that sort of thing are done to our system our platform
additional information that we look to gain at this stage is the understanding of how our drug works in humans this information will include the pharmacokinetics of (com701 in->com7010) humans
now if you we dont like to go into the minutia of how many patients are on (this path->vistat) and the other version of our drug and as you could tell from my introductory remarks
but not all of that money will accrue to the benefit of 180 shareholders just a portion of that and then the question is what do you want that fund to look like we do not actually weve come to the conclusion that we do not want to
that plant had been operating for over 1300 days right (and->*) we were able to push and push with regulatory people the right to continue to operate that plant longer as weve gotten smarter and better (in->at) how we operate and
can you fill out more this clarity point and what really gives you confidence that this significantly (derisks->derisk) future years and is there enough clarity at this point where you can actually
please turn to slide 22 as we have discussed in prior calls we have greatly reduced our operating expenses which will make it far easier to grow nav than in the past
we appreciate your interest and we look forward to discussing our results with you again next quarter in the meantime have a nice day and all the best to all of you thanks again
due to the extreme pressures and temperatures encountered in the deepwater arena core brought together a combination of proprietary rock and reservoir fluid laboratory technologies to address these challenging analytical programs
it had actually increased pretty significantly in q1 as a result of (borrowing->borrowings) to fund the aclara acquisition in february so a lot of hard work from the team went into reducing that balance from the q1 level
historically interest income was a very modest amount so we included it in our other income and expense line and therefore it was in our operating income
now please turn to slide 14 for our europe middle east and africa business volume strengthened and profits were up on constant on a constant currency basis
so weve already brought in outside capital with the 2 spvs that weve done we obviously got a brokerdealer license which will enable us to compensate those that help us go out and raise outside funds
client planning for international and offshore projects is gradually progressing and as these projects move forward our activities sourced from these markets is expected to improve
as the continuity and integration of acquisitions director (its->is) my responsibility to proactively prepare our company to effectively execute the integration of acquisitions once the opportunities are presented
therefore the focus of the industry has turned towards the search of new checkpoint pathways and various combination therapies to increase (patients->patient) response rate
while this sale will reduce our debt significantly it does not solve our financing issues we will continue to work with our board raymond james and our banking partners to position ourselves for future success
todays call is being recorded at the request of air products please note that this presentation and the comments made on behalf of air products are subject to copyright by air products and all rights are reserved
(*->in) addition i wish to thank martin for his invaluable contributions to compugens development for (two->2) decades and we all look forward for his continued support
turning now to production enhancement as many of you are aware core focuses on energetic products that are engineered to enhance recovery from oil and gas fields we do not focus on the commodity
and thats been a real nice contributor to the business overall where were seeing the headwinds right now from a margin perspective beyond just the led side is the timing of projects
on united therapeutics treprostinil products are very very likely and we are quite confident that they will continue to grow year after year
georgia dot decision we believe weve demonstrated need or that our customers certainly have by having signed up the contracts that they did and so we continue to make progress on it (*->and) continue to pursue it and believe well get it done
and so whats driving the leverage to stay high over time is the fact that youre spending dollars with no cash flow coming in and so i believe well be able to manage through that (and->*)
equally as important it provides a material amount of additional capital for us to execute on our strategy of investing in publicly traded microcap companies with our constructive activist approach
the company remains committed to industryleading levels of free cash generation and returns on invested capital with all capital being returned to shareholders via our dividends
that our molecule offers going back to the first section of your answer i think that this is also pointing to the amount of innovation that compugen generated
were continuing to generate the cash flow as i said if we want to grow at 10 we can grow at the 10 so what i think people ought to be concerned about is whats happening in the underlying business
reconciliation to the most directly comparable gaap financial measures is included in the press release announcing our second quarter results those nongaap financial measures
from customers and create longterm contracts where we own and operate the plant and sell industrial gases to the customers based on a fixed fee
or over half the total value of the private portfolio not including (hzo->hco) which historically was included in this list and was sold shortly after the quarter as kevin mentioned earlier
we remain very confident in our discovery capabilities and intend to continue to enhance them to maintain our strong competency in the field of novel target discovery
(*->pick) up on what rich said about being judicious in (the->*) use of common equity because we are generating cash (in->and) increasing amounts in our business we have the flexibility to fund our investments in any number of ways
this quarter and also on this slide we are adding (orig3n->origin) to this list of more mature private portfolio companies that we believe potentially can drive value in the future
who are responsive to immune checkpoint inhibition and to increase the depth and duration of benefit in those patients who have no or only partial responses
we are starting to observe the use of micro proppants in complex completions with some 200 mesh sand being incorporated into some stimulation (program->programs) core continues to test
i do want to take a moment and expand on the opportunities and the discipline required for the effective deployment of our cash
is it fair to make the assumption that the power product (or->for) the demand side of the project was tied to the massachusetts ruling (and->in)
in terms of modeling the alternative financing i mean should we be thinking about this as equity as some kind of preferred some kind of debt or can you not comment
by using cuttingedge cellular science to develop personalized therapies for repairing tissue damage and disease (orig3n->origin) recently reported a new round of financing
excellent customer service and (our->are) taking the lead productivity projects some examples of what were doing right now include piloting new thirdparty routing software in china
and the impact of price using price as a remediation lever there will be particularly interesting as one of the factors influencing lighting has been
the it is in the public comment phase right now we expect that to end here around maybe the third week of may
lower volumes were transported due to less drilling activity and natural declines surrounding our bow river and central alberta pipeline systems
primarily from higher utilization and operational efficiencies through the end of the first quarter
and i was hoping that you could talk a little bit as you look across your refining marketing and logistics (segments->segment)
on a gaap basis including amounts categorized as realized investment gains or losses and results from divested businesses
show what you can do with the business over time or you might be looking at longerterm valuations for that similar type of asset
in particular were always looking at ways of managing our risk to create the best economic outcomes across scenarios
new risks and uncertainties arise over time and it is not possible to predict those events or how they may affect us
our strong balance sheet continues to provide flexibility to pursue a range of growth opportunities while maintaining a strong leverage ratio
please go on to slide 5 and we will review other relevant facts through the period
and (*->our) future predictions are forwardlooking statements intended to be covered by the safe harbor provisions of the securities act
second a lower loss from corporate and other operations driven by favorable fluctuations in expenses and investment income
our it transformation effort to position the company to take advantage of new and emerging technologies is just getting underway
loss on china was several hundred thousand dollars a year so what weve done is (we->weve) moved
and we remain positive on our strategies to produce longterm growth and consistent financial outcomes across our businesses
id like to spend a few minutes updating you on some specific topics of interest as follows
the committee has been meeting each week with heidrick and has met a number of potential candidates several of whom the committee remains actively engaged with
something that might have wideranging applications across a number of other industries not just necessarily
we continue to be excited about this project as it enhances our position on the west coast and offers several benefits including
they appreciate the differentiation or is this a market where were going to have to think about deep (discounts->discount) to get preferred status
for the future of dst and were confident we have the right strategy in place and the right team executing to deliver on our objectives
should we expect for the full year that you can keep growing double digits obviously understanding youre going to have 1 less week next year than you did this year
market reflection of where they think shortterm libor is going over the 12 months but during that 12month period for those particular
both to residential credit as well as to make additional share repurchases so the overall portfolio leverage
how soon till that might get to the point that it could offset the losses from the continuing fda trials here
to improve margins as they finish the implementation efforts and transition to the ongoing servicing work for our platform clients
to gain efficiency in the time to market of our products and services but very close to the customer front
once vancouver energy is up and operating well use crude oil into the facility to supply our west coast operations but theres no
for the most part were not paying a lot of attention to the limestone auctions were particularly interested in base metal auctions (when they->may) come up
results benefited from continued high consumer demand in our regions and growth (on->in) our branded station network
is at least favorable to the consideration of activitiesbased approaches as opposed to entity designations
this conference call is the property of exponent and any taping or other reproduction is expressly prohibited without prior written consent
thats definitely something worth keeping in mind when you look at the results there and thats why we also added in the talk that
the highly regulated environment in which we and our clients operate drove significant changes to our core it systems
european (operations->operation) so do you think you would have to do (*->more)
and is currently in due diligence on this product line it is entirely too early to discuss any specifics
this effort coupled with other regulatory changes have put pressure on ifds which will require continued focus and effort
comment on that i mean we do look at comparables and see what other people are doing in the industry but we also look at (*->that)
im not sure i see any of the opportunities that youre talking about outside of that with other people because the
we believe some of this lift is sustainable but we arent expecting to maintain that full increase in roa going forward
in addition we will have certain options to develop and commercialize programs that may find application in other cancer indications
and third continued business growth in our international insurance business on a (constantcurrency->constant currency) basis
great well thank you very much for listening in and we look forward to updating you at the end of the first quarter thank you
weve historically done a lot of work for the energy sector (in->and) the reactive side and we expect to continue to do that as incidents happen
the fourth quarter sold some additional agency assets to allow us to continue to increase our exposure
(zee->we) will continue to offer quality entertainment to audiences both home and abroad across various consumption platforms
has already added a leasing area of around (7000->700) square meters and has already inaugurated some of their first stores
that (is->as) one step in the change we are out working and developing all the plans to implement
these filings identify important risk factors that could cause actual results to differ materially
as we mentioned last quarter we do expect our return on assets to moderate from the particularly strong levels currently
and restructuring and spin expenses and charges related to the devaluation of our previously held venezuela business from the prior year results
forum but i do think holding control of that study and sponsorship of the study should put us in a position to be
that we have the team in place and i think given the performance of the business at the end of last year (were->with) having (a->the) senior team in place
and many of the ones that choose not to renew with us decide to consolidate their spending with others who are broader
and finally our financial leverage and total leverage ratios were within our targets as of the end of the third quarter
get the appropriate return we felt because (therere->theres) a lot of established players in those areas as everybody knows
we continue to see a weak demand in the march quarter and we have
especially when you think about near term and when were in this mode of thinking meeting to meeting in terms of where interest rates might go
the strong organic growth reflects improved markets the introduction of new products and the companys channel initiatives
we are forecasting strong organic growth and margin expansion in all of our reporting regions
prior to its sale (health ecareers->healthy careers) results for october and november were in line with the same period last year
as well as the acquisition by tesoro logistics of the los angeles refinery storage and handling assets
and we have high hopes for it in the future once commodity prices kind of return more towards historical norms
where we might go from here but could you envision a scenario that could actually benefit your covered lives coming out of the new administration
if you go back and look at the guidance that we provided relative to the margins
this is readily evidenced by the significant expansion of our compliance programs and our portfolio (*->of) stress testing that is required of larger banks
from simple things like a flu or (a->*) pneumonia vaccination to the much more complex identifying urgent needs that save lives
additionally health system satisfaction with the majority of point solutions is very low and they are amenable to switching vendors
following in the domestic asia market given the full taiwan listing the prepared comments (that->*) management will cover here are the same as those covered on the earlier call
more customization of specific population benefits and really the flexibility to expand the value of our (benefits->benefit so) all really very positive advances
we are continuing to evaluate the impact of harvey on the projects and are confident that such costs incurred are recoverable under our contracts
although its still early to get too detailed about 2018 awards let me highlight some of the more notable prospects where we are strongly positioned
are automatically switched in the free market and the tariff is in the hands of this company to decide and as from there on
port issues if you can just maybe kind of quantify that for us and as we move to the fourth quarter just help us understand
to build the next great leading global biotechnology company in rare diseases and again this fits with the notion that we are building
the quality of talent were bringing (onboard->on board) is exceptional we have a highly talented team in place to drive the companys growth going forward
thanks tom let me conclude by saying once again the opportunity in front of us is significant and we are determined to make the most of this opportunity
but they hadnt done a lot of consolidation so if youll remember in toronto alone they still had 3 different facilities
ladies and gentlemen thank you for your participation in todays conference this concludes the program you may now disconnect everyone have a great day
we expect its ease of use and affordability to expand the market for our products to customers who are more pricesensitive
weve moved aggressively to rightsize the organization and expect ote to return to profitability over the second half of our fiscal
(there->*) we certainly havent seen any impact at this point theyre obviously making a lot of noise out there in the marketplace
we met with many qualified individuals during the search process and garys pedigree and tenure stood out as the perfect fit for us
growth in consumer solutions (medexpress->med express) parts of our business as well and then really just focusing in terms of
these statements are subject to risks and uncertainties that could cause actual results to differ materially from historical experience or present expectations
and that does facilitate an easier discussion as we think about contracting those pricing models
so its now full speed ahead were focused on execution and getting these trials up and running and driving them to completion
to get these prophylactic patients to switch and to get more patients on prophylactic therapy you have to have something they really want
third we see a fully integrated physician acute offering as a precursor to building a leading platform for evolving payment models
obviously its more fun to be adding people and growing the business (that->but) when you (need to->knew) we can move swiftly and take cost out of the organization
hes got the right experience hes going to bring a ton of focus as weve talked about to take what we think is a very
but that doesnt mean that we will not have this subject coming up in the next one so as the evolution of the markets
with the recent deepening of our advisory business we expect to add significantly more value for our care delivery customers
moving now to strategic initiatives last quarter we announced that we are implementing a comprehensive corporate and operating cost reduction program
that (that->*) is our argument as well that there is no (there->they) may not be any bias
such forwardlooking statements involve known and unknown risks uncertainties and other factors which may cause the actual performance
and thats because we just didnt have the right processes in place and we werent executing well we now feel like
touching on all aspects both the digital and traditional and the epic is just a great way to bring to life
as far as the reduction of people in chile i think there is a little bit of excitement there we dont see any material big
could you just maybe be a little bit more specific in terms of (the china->*) how did china perform in the fourth quarter in constant currency
the protocol so that we can start on time in the second half of this year
so and the pattern of our sharebased awards creates a higher level of vestings and exercises in the first half and thats been consistent over time
you might deploy (the->*) kind of what looks to be excess funds available to medicare advantage for next year
as well as the quality of execution on projects the management of risk for future projects and a strong underpinning of continued awards in fab services
we also reported the second highest annual net income and earnings per share but thats the bright part of the story
in (this->these) about half of these patients by the middle of this year and we think thats a very important point thats a point where there is clear separation
excluding the impact of (on time->ontime) which well get to in a minute we also made good progress in our efforts to drive organic growth
as we look to 18 do we still expect this trajectory to continue and operating cost savings to cover for that
full story is yet to be written and then the second point that i would make is that
i can say with the internet of things or the retail business that we have in italy (there->*)
an individualized (nextbest->next best) action (lists->list) for better health and independent consumer reviews from other patients
we expect to receive final bids by the end of november and i can tell you that overall were extremely pleased with the initial offers we received
getting that science ready for (manufacturer->manufacture) and ultimately then hand (of->off) either to a cmo or to our (later stage->laterstage) process development
and the analytics that can be wrapped around that practice optimization which includes a number of
i dont have that number (exactly okay->exact) and then just sort of more generally as you think about
so (*->if) history continues to be a guide we expect our lowest effective tax rate in the first half with 1q typically somewhat
first (weve->we) reached a significant milestone of 32 million work hours without a lost time incident at the cameron lng project
second health systems appreciate the ability to contract on a flexible basis around certain components of their revenue cycle
we saw (a->*) strong performance in our tech and candy worlds as well as our games and toy categories
such forwardlooking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from such statements
it was set 2 weeks ahead of schedule once complete the meg project will be the largest ethylene glycol plant in the world
that are a key part of our success with galafold and also (laid->lay) the foundation for our future growth and i think it also reflects the essence
living (a->in) normal life was not a consideration and many patients have referred to this time as the (dark->dart) years
weve changed over the last couple of years our content to be that much more engaging our technology tools to be integrated into the experience
which are set forth on slide 6 it is worth mentioning again that we increased our guidance for both companies in may when we initiated guidance for the combined company
really find the right way to ensure the patients that need our monotherapy or our combination therapies in the future have access to it so were going to continue to
we expect art revenue to be up double digits this year with improved product margins reflecting the strong demand for our hydroprocessing technologies
as (the->a) next step beyond (variable->wirebones) testing that (flip chip->flipchip) will maybe lead in a generation from now
to achieve that ambition well be making a number of bold moves which ill walk through shortly but first ill hand the call over to nick to discuss our performance and outlook
we have 18 different platforms there are numerous opportunities to further reduce the cost by changing certain designs
so what we look at from an acquisition point of view that is the addon bolton character that will happen from time to time so sort of when
we are also (wellpositioned->well positioned) to capture new polypropylene process licenses and continue to see high levels of activity in our licensing business
were focusing on developing even more ways to share and celebrate and learn from each other and to energize each other possibilities there are endless
to create our ongoing foundation for growth finance drove our focus on operational efficiencies supply chain brought our new distribution network online
right now for our deferred tax assets we have a full valuation allowance booked against those so what that means is that
is the ability to make quotations on loans very very quickly and if you cant come up with a reasonable quotation that youre not going to vary from tremendously
is to accelerate investments in the core research and development programs that enable us to capitalize on our strategic assets to develop unique product solutions
shes already challenging us in the clinical domain what additional testing do we need to get going (and->on) obviously the pediatric indication is one that shes a champion of and weve got to get
we also are engaging in scientific and commercial partnerships to pair our best internal (innovations->innovation) with the best external innovation available
rest assured that our allocation of capital will be accomplished in (a->the) characteristically disciplined fashion that our track record demonstrates and that you have come to expect from us
but (thats->that was) due to this access program so is it fair to say that the numbers are coming down but the number of patients you expect to be on eversense actually increased compared to your prior guidance
and we saw (a->*) value proposition we would do that we would step in and do it (weve->we have) looked at one and maybe others i dont know but i do know that we would be open to that
okay and then (indulging->indulges) me with just one more because you talked about a couple of new units coming on in i believe the middle east and africa and
finally i want to take a moment to wish our athletes best of luck at the olympics as you know we are proud supporters of our canadian olympic and paralympic teams
rising trailing 12month renewal rate and based upon the strength of our every comp everywhere campaign that we launched last fall
to give you some perspective on how our expanded sales transaction database is being leveraged into additional revenue let me give you some concrete examples
while our revenue hedging program continues to contribute to the top line its expected to have a negative impact in each quarter this year on a yearoveryear basis
can make a social impact and create a social movement to help communities become healthier our first campaign will coincide with our summer of impact launch
of content we develop and integrate as well as (partnerships->partnership) so thats how were approaching it and thats what were in development on right now
the difference between orders and sales has to (do with->*) production lead times as (a->*) lot of orders were booked in the last 3 months
which were partially offset by declines in remicade and nasonex ill now highlight a few of our key franchises and product launches and im going to begin with oncology
what is i guess uncomfortable is that when investors look at it and you guys look at it you dont see a higher forward curve and so its hard for you to ascribe
from ebitda is that a kind of (do->a) you look at that as a fixed number going forward or is that something that trends in an upward direction over time (im->*) just curious
(*->our) direct experience with it and as a result we do think that its prudent for us to be frankly pretty conservative in the revenue that were going to recognize
that a lot of the loans that have been originated for purposes of quick transaction are (not->now) just sitting on the balance sheet of our financial institution clients
in line with our companys new vision we recently announced our plan to remove all artificial ingredients from products that carry our brand
consumer end products which are mostly launched in the second half of the year so production is built up in the first half
notably during volatile wholesale price environments our retail business has historically experienced growth as customers (switch->switched) providers due to higher bills
that were not only losing new patients but there are some countries in scandinavia and even some other larger countries (that are->theyre) beginning (*->about) to think about
the workload for regulatory agencies given the very large number of studies that we and our competitors are doing in this field is quite substantial
to be able to compete better within that marketplace as it exists but i wouldnt look for very strong growth moving forward based upon that product for the franchise
subsequently the fda has requested additional information to enable their review of (the zinplava->this inflava) file with the result that a new action date of october 23 has been set
so i think we have to execute and to demonstrate to them so we have not yet engaged weve had some cursory discussions with the agencies
okay can you break that out so we can actually see what the silicas growth is or when does (fine->find) chem sort of wash out of the numbers here
on our last call i highlighted our focus on talent and our investment in providing our people with training and experiences to thrive in todays retail environment
we remain disciplined in our approach to expense management recognizing the need to balance delivering in the short term while making the appropriate investments to drive longterm growth
and mindy will speak about our global summer of impact campaign showing how we can be a powerful partner for health in peoples lives all year long
anticipating a traditional review time we expect the update of the eversense system with the calibration reduction in the first quarter
but generally that gasoline demand is being made up in the middle east and europe and weve got good market positions in both of those regions
who stay within because they want to continue the support of the community as well as being able to continue on their health journey
our winter marketing campaign was our most globally coordinated and integrated to date and highlighted the freedom and flexibility of the weight watchers program
we do feel and we do know that when families look to get healthier together it works because they have support
thats why we are engaged in advancing more affordable housing more reliable transportation and more sustainable employment as well as the data integration to better coordinate these and other services
the accelerated amortization was recorded in the third quarter because of the requirement to classify our debt as current and our intent to pay down our debt with the proceeds from the technology sale
went straight to chronic dosing toxicology studies which are rather long and take a long time to read out and which were not complete before we initiated our (single dose->singledose) study thats the first part of the question
general and administrative costs are higher because of an increase in it (costs->cost) including (costs->cost) for our transportation management system and human resource system as well as an increase in professional fees
our middle market results were tempered as we shared with you at the investor conference and last quarter and that really related to how competitors chose to address the reintroduction of the health insurers tax at the employer customer level
no severe or serious adverse events have occurred in the (phyox->phiox) trial and there have been no clinically significant changes in electrocardiography vital signs and lab or hematology values
what they say they want consistently in our market research (and->in) public forums (and->in) surveys presented at medical conferences like the one at (*->the) allergy college meeting a couple of weeks ago is they want a normal life
which is optimally located close to the permian basin and eagle ford shale (nextdecade->next decade) is led by an experienced team with a proven track record of successful lng project development and marketing
additionally we think any rise in interest (rates->rate) points to the expectations of higher economic growth and (the->*) rising incomes both of which (will->would) be supportive of (the->*) home prices and fundamental collateral performance
you probably can tell also that (optum is in->optimism) pretty strong position right now and is performing exceptionally well (that was->thats) always the time period that we look to to make these kinds of transitions
so with retail disruption that control of distribution system becomes even more important but i want to tell you something if we believe if we believe and we havent come to that conclusion at all
while the market is very competitive we are seeing opportunities in both small and (middlemarket->middle market) credits due to our knowledge of the market our nimbleness and our reputation providing certainty of execution
the most significant feature in our deposit mix is that our commercial deposit structure has allowed us to maintain an average of 33 of deposits in noninterestbearing accounts
there are no red flags but we wish to make sure that we are in complete alignment with the agency on this pivotal study
but at a substantially lower rate than would have previously applied to actual repatriation so net it provides a much more efficient framework in which to repatriate our international cash
home stretch and were actually gearing up our commercial readiness to be able to launch this in a competitive market with a great profile drug so we look forward to continuing to keep you updated and have a great (day->*)
by assuring you that we have made a great deal of progress on the key initiatives and decisive actions that i discussed on last quarters call our intensive efforts remain squarely focused on 5 key priorities
our entire leadership team is committed to working together to drive our key strategies forward and reset our culture by empowering the many talented employees we have around the world
and our many other health benefits and health services offerings are all elements of a broader strategic mission globally to help people live healthier lives and to help make the health system work better for everyone
key to the future of the company the second is though that we have been investing more in engineering resources to support larger customers and generally those tend to be in the consumer electronics and logistics space
and expect to have 3 product candidates in clinical development in the first half of 2019 during which we expect to achieve a number of important upcoming clinical and regulatory milestones specifically
and right now our belief is that we can run it better than going (to->through) the whole pain of refranchising and then living with all the friction we dont believe that going back and forth from owning it refranchising it owning it again
overall advances in productivity across each of our businesses really helped drive operating leverage as well so each of those were the real drivers of the operating and (the->*) financial improvements over the quarter
i am sure you would agree that without the agreement of the fda we will not be able to release any data before the study is completed in 2 years
now we are largely aligned and thats why retailers give us such high marks because when you talk to pepsico you have an aligned system on snacks and beverages that serves the retailer very well
this will represent the first intelligent consumerdirected health information capacity in the markets we serve and we hope over time it could help transform the way health information is used in the care process
these new onboardings will continue to ramp up in the first and second quarter of 2017 we were also successful securing several multiyear contract renewals (the->*)
or modest increase in sample size just wanted to confirm whether there might be (any triggers->trigger) for (a->*) potential trial stoppage on either efficacy or futility at that point
we were not expecting a different time of onset but it does appear that in the trial so far our (nadir->nadear) is achieved by 6 weeks
probably a little bit slower for what we own got it and then the regulatory reform that you mentioned in your opening comments that you expect to see from this administration
information presented on this call is contained in the earnings release we issued this morning and in our form 8k dated april 17 2018 which may be accessed from the investors page of the companys website
yes i think our anticipation is that we start off with the ph1 and ph2 patients in the first quarter of next year and soon thereafter
and retain our excellent credit quality is based on our rocksolid philosophy and strategy of sticking to lending in our primary market which we know so well (it->*)
(*->on) what the price is on the date that the options are granted i would essentially say that because (of->*) the annual grant the exercise price will be lower than it was last year
as well as higher employeerelated expenses associated with increased headcount necessary to support the companys growth partially offset by lower (platform related->platformrelated) expenses
our fabrication services business continues to deliver reliable underpinning work and really set the pace with an increase in new awards of more than 70 versus the yearago quarter
were committed to innovative solutions and we are currently exploring and implementing technology to generate greater execution efficiencies to enhance benchmarking and risk management processes
as i mentioned on previous calls our strategy has been to target specific verticals and accounts in addition to providing our overall customer base with multimodal solutions
our plan is to run it as full as possible on siding but we are retaining the capability to make commodity osb in that plant
with this recent approval we will record another loss on debt prepayment in the second quarter of 2019 when this payment is made
the message that i want to give you is we will always grow on a very disciplined fashion if theres an opportunity we have to see that it makes sense (*->that)
our commission expenses were up in the year driven by a new commission model for our branded retail channel as well as (the->*) higher gross connections
as we (fastforward the->fast forward a) year out and i realize theres moving parts with washington and everything else but in other words youve jumped around a lot and
aligned to our strategy of pivoting to the intelligent edge we have been making significant investments that have given us a leadership position in this highgrowth market opportunity
is very focused on making sure that we drive those costs down and ill refer you to a couple of presentations that weve shown on that
(the->*) corporation has remained disciplined in its investment program selectively advancing strategic opportunities across the value chain
on the multifamily front we currently expect the market to remain relatively flat in the first quarter due to oversaturation in the market and pricing pressure
and payment of the coupon on our euro (hybrids->hybrid) were largely offset by free cash flow generated during the third quarter
i am excited about the company position and against our strong market backdrop we are well on track to meet or exceed our full year financial commitments
you must be (under earning->underearning) in that segment can you give us some sense of how much you are (under earning->underearning) by whether its in terms of margins or dollars
some thoughts on what might happen in the tariff landscape and how you might be preparing for various eventualities and how we might
and financial architecture laid out for you at the (securities->security) analyst meeting in 2017 im looking forward to closing out the fiscal year with another strong quarter
looking at the full year well continue to take advantage of healthy demand and grow our volume business much better than expected which optimizes our operating profit
we have said in the past that we would only consider repurchasing any of those twin (reefs->reit) preferred shares at a discount and we were able to do that
and the incremental investments in product and sales capacity all generally in line with the q1 expectations we set for you last quarter
the first indications are promising about the (take up->takeup) and inflow value of these propositions and our ability to upsell additional content packages
we achieved solid results from each of our business segments and remain steadfast on managing costs and operating efficiently
the second transaction was our acquisition of companies owned by the bass family which more than doubled our permian basin resources
our overall deposit book shrank this quarter but with lower loan balances and our desire to increase our (loan to deposit->loantodeposit) ratio we dont view this as a negative
kind of levers that we should be watching to get pulled or need to see in the market to reach that target sooner or later
as ceo i have the full authority to undertake this analysis and implement the right actions to meet our objectives
i think everybodys really excited about the opportunity (in->*) guyana and i think theres a lot of enthusiasm moving forward and with that comes a lot of good thoughts (in->and) innovation
but (the->*) thing to keep in mind again is that pony is a liquid line liquids line its important for shippers to maintain history
and we have entertained conversations with some about extending their contracts we continue to have those conversations
now going back to the point around the pace of our investment program that pace is going to be driven by value optimization
our vision for capstar is to be a highperforming financial institution known for sound profitable growth
(other->*) dynamic that is going to help us as well in the second half of the year (is->*) the more we are progressing into the year the more we are benefiting from our efficiency program
it is going to be driven by our ability to get our portfolio to a place where we think we have the optimal value
mix will also play an impact so were going to continue to mix up and grow the (higher margin->highermargin) pieces of the portfolio weve got some nice traction in 18 wed expect that
technologies because ultimately much of that data in the industrial space is analog data which has to be digitized and then analyzed
an increasingly optimized supply chain (and->an) enhanced sales and marketing platform and a focus on developing the talented team we need to win in our markets
furthermore our targeted household marketing is delivering a significant saving in marketing expenses compared to last year
as you think about the relationship between orders and units keep in mind that roughly 25 of total (pointnext->point next) orders are related to new attach
what is new is the degree to which we are aligning all aspects of our business to achieve this goal from internal target setting to how we measure our performance
we are transforming (lp->lt) into a building solutions company and the financial results reflect that change
provide the replay number (*->id) like to thank everybody for participating in our call were always here with any followup questions you may have
the sustained rebound in oil prices is helping to ease budget constraints (it->and) even (released->release) some large infrastructure projects
for the kind of projects youre pursuing for the (shortcycle->short cycle) time and is it something that you feel youll be able to manage effectively
if the market is good enough you could pretty much run it all the time on siding which i know thats not realistic day 1 but thats physically possible right
after (liza4->lizapor) the rig will drill a delineation well at payara that will also test a deeper exploration prospect
so as you highlighted brad moving into your second your first question there are a number of lng projects that we are concurrently progressing
its a good question that i dont have the specific answer for but i know that we have plans to drill a disposal well
is very high its stronger acquisition currency how do you think about that now how are you sitting in terms of potentially looking for
as well when you accelerate activity youre going to have to shut in your immediately offset (wells->well) so were going to see a little bit of an impact (for->to) that in the second half of the year
our main goal here is to position us as best as possible to get as many barrels into our pipeline at current
our strong household proposition led to continued growth in bundled services now lets move to mobile
but its not choosing one or the other at this point its a matter of moving them all forward and depending on all the different variables that have to work
research recently conducted by greenwich associates further (validates->validate) the strength and effectiveness of our bankers
moving on to iran we saw a consistent performance from the business with service revenue in the teens where we were
for example we recently concluded a large deal with abn (amro->umro) where we will provide connectivity and security services
on the oil (sands->sand) side (you know->*) our long history in cold lake and then looking at how we (stepped->step) the technology out further
and still generating additional cash over and above that which gives us more flexibility to do more things with the business so we have not backed off on our interest in looking at
as i said last quarter our need to invest remains and we remain focused on driving longterm value we look forward to continuing to update you on our progress ill now hand the call back over to rich thanks brian
a good portion of our capex investment has been made over the last couple of years and again (plan->planned) for this year to continue that momentum and continue to optimize productivity (*->and)
a good example of this is that while our newcastle facility built a number of projects in the first half and contributed quite well to the first half earnings the facility is now temporarily between projects
we also took substantive actions on our simplify and streamline initiative during q1 we increased focus on our rest of the world segment and exited our shopping businesses in japan and brazil 2 of our top 10 countries
similar to prior years we expect distribution first quarter margins to be lower relative to subsequent quarters in part due to the timing of certain employeerelated expense accruals that largely reverse later in the year
to see significant improvement in the back half of the year and bearings as we all know historically has been our most profitable product line so that has a disproportionate impact as we go through the year
capacity addition to the industry of anywhere between (30000->300) units to as high some estimates claiming (50000->500) i think that the number will be
theres much more to do here but the team is hard at work and the progress weve made in our other strategic priorities gives us the opportunity to expand our customer experience efforts throughout the balance of 2016 coming out of the first quarter
additionally strong cash generation coupled with a healthy balance sheet makes us very comfortable that we have ample resources to fund our capital expenditures supporting both organic growth and productivity improvements
broadly during the quarter we did note some choppiness in the new home starts however we are relatively insulated by this as a large portion of our sales come from a robust repair and replacement cycle
through the years we have stated that our goal was to drive (*->attractive) riskadjusted returns and we have spoken at length about the pillars of our capital allocation strategy through our communication with the investment community
these investments demonstrate commercial trailer (products->product) commitment to continue to grow and diversify the business organically by expanding their focus into adjacent transportation markets from those we presently serve
the increase was largely focused on a few specific objectives for example we integrated our (ideel->ideal) operations moving (ideel->ideal) distribution into our kentucky facility and integrating (ideel->ideal) into the groupon site
were excited about the progress that weve made and even more excited about the accomplishments soon to come we look forward to reporting on our continued progress operator we can now open the call for questions
during 2016 excessive trailer age remains a challenge for fleets and provides further support to (forecast->forecasts) and expectations for strong new trailer demand
our corporate development team is working diligently to pursue and evaluate target acquisitions while we remain cognizant of our internal hurdle rates and return metrics ensuring disciplined investment decisions
this will enable us to accelerate our growth ambitions and to tap into (the->*) deep networks of experienced global leaders in (alternative->alternate) asset investment management
how much of the margin improvement is from continued pricing versus from buying better from this kind of favorable commodity market versus just pure operational improvements
being worked on also there was an interesting event in the next few weeks we launched envo energy for you and the main focus here
but having done weve obviously had to consider brexit for quite a while and weve run the book through different scenarios most of (the->those) scenarios mean that we might earn a little bit less money
report (a->at) quarter 4 but (we->*) probably should have because it was such a big adjustment (from->*) a year ago so i apologize for that so we want to clear that (out->up) today about what happened
right that is difficult to measure because you dont get data from patients and not from their caregivers either on this dosage but when we did talk to caregivers
id like to thank in particular (our->*) stockholders for your continued interest and support and our team here at corium for their hard work and innovation we look forward to speaking with you again soon and reporting on our progress
those opportunities arent quite as attractive as maybe they were a couple of years ago earlier in the cycle or is it more of a function of youve got more cash than you know what to do with and you can serve both buckets
we had a (we have a->*) very good visibility as to where we were going in terms of the capital we were generating how we felt we should be investing that capital in
our slot win was fairly close to the fourth quarter (of->*) last year it was down a little more than 1 mgm opened in the national harbor on december 8 and while they may have (a->*) had a small effect on the numbers for the balance of the month
that are designed to demonstrate not only a strong safety profile but also demonstrate that this nextgeneration neuromodulator delivers high response rates long duration of effect and satisfaction
the fact that it (encompassed->encompass) the holiday season makes it a little hard to quantify but in any case its entirely too early to assess what impact they may have on us going forward though it doesnt appear to be dramatic so far
our results truly highlight the high level of execution we have demonstrated over the past several years but especially during the last 5 quarters as well as the progress (weve->we have) made to grow and diversify the company
we have changed the fundamental composition of our business and continue to strive to make additional improvement to grow margins (and share->ensure) a more stable earnings stream and take advantage of macro growth trends
while the equity markets have beaten up the transportation sector with a broad brush carriers remain profitable and we believe replacing old trailer equipment provides a solid return on investment
and its ability to provide us with the expertise around managing from a public market publicly listed entity private market investments
and on that tuesday and wednesday comparatively we saw an increase in all of the numbers we were looking to see an increase in we saw an increase in the average order size we saw an increase in the number of orders
additionally theres more opportunity to optimize our logistics and supply chain to deliver stronger bottom line performance and a better endtoend shopping experience we have solid plans and execution paths for both
for example we enhanced our deal builder selfservice platform to give merchants more flexibility to customize discounts as well as use their own images and descriptions to help their businesses and deals stand out in the groupon marketplace
great one more if i (can bolton->could bolt on) as you look at sort of the footprint of the countries that youre operating in today do you think youre sort of operating in the right number or do you think that you may continue to wind down some more countries going forward
during this call we will be making forwardlooking statements these statements are based on current expectations and assumptions that are subject to various risks and uncertainties actual results could materially differ because of factors discussed in todays earnings release
and we (continue->continued) to invest in the business over the period in terms of marketing product and talent positioning ourselves very well for further growth going forward
at pretty attractive numbers but before we actually commit to pull the trigger on those we want to make sure we have a place to roll the money to so that we can execute the 1031 effectively
what it does i will describe on the next slide (but->*) essentially we are partially funding the development on a demonstrator and the cost of clinical studies
are in that market right now (and->on) just what you and mike and the team are seeing across on a return basis thats just the first part of the question the second part of the question would be
also in light of limited new capacities coming (on line->online) we expect (demand supply->demandsupply) dynamic to be tight with refining margin expected to be quite positive
so that we can see on either side of a bounded well how much difference it makes so that way we can really calibrate so when (*->we) reach a conclusion weve got some pretty firm ideas
the proceeds from this disposition were used to repay the reits construction facility and the remaining proceeds will be used to complete the retail parking garage being constructed at the office complex
with transaction volumes down mortgage approvals down as well can you just give us a little bit of color on what we should anticipate for the overall sort of agency office number
and while were still investing as we always do in the best people around the market (weve->we) started to moderate a little bit particularly as it relates to capital market
the company believes that core eps provides useful information to investors regarding financial performance because it is one method the company uses to measure its financial condition and results of operations
(*->in) the islands we have given you the impact of this same incentive that was provided only for interisland (movements->movement) now this incentive or this subsidy will be applied as well
overall our ongoing assessment of both the shortterm and longterm opportunities and risks for our business model supports our belief that the rv industry is positioned to grow well above the rvias current forecast
so moving on to odis and these are effectively a measure of how were getting on with our operational performance these are the incentive mechanisms that ofwat have put in place
from the system since then we have seen the load factors in line with what we saw last year and (we are->were) not expecting many more changes between now and the end
from a strategy standpoint we are moving from a complex portfolio of independent staffing and service operations to a collaborative company that delivers managed project and staffing services
believe that they can continue to ask the market to reduce cost while (theyre->they) at the same time reduce quality of whats coming in are now finding that its not going to happen for many of the quality players
with the acquisition of sensile we started a new division advanced (technologies->technology) and it was always planned to add more technology into this division stepbystep
secondly on the (respimetrix->recipe metrix) investment could you tell us more about the development time lines meaning when could the product be ready for (*->a) market launch
one of the benefits were finding to prerecording our quarterly commentary and releasing it early is that we tend to get a lot of feedback on questions people have about anything (weve->we) said that might be confusing
and were very pleased to note that we managed to get unconditional approval to that merger and now were fully engaged in bringing the 2 companies together ill also say a few words about the future because there is
we see growth in syringes even better than expected which confirms that its right to further focus on this business and extend our capacities
that absolutely not these deals are not impediments to doing deals theyre actually drivers for getting deals done and we want to make sure that people can clearly see the value in those assets
our capital allocation strategy in 2017 includes continued investment in aligning our facilities with core oem expansion efforts and ensuring we are well positioned to support the growth in all of our markets
and i should also point out as an aside that the customer service center the contact center which (well->will) need for the retail operations that has been separated for over 10 years in our case
(is->*) a slight dip in sales transaction volumes i dont think theres anything to be overly alarmed about by that in terms of agency branches i would say i think about this sort of
we underwrote these clients and theyre similar type banks to us so theres no unique class of loans that are a line of business were looking to exit so id say steady (state->*)
and i think (that will->thatll) become clear as far as the revenue potential but we are very bullish on this and i think there are immediate opportunities for revenue from this that
were creating a genuine onestop shop on both sides of the market where our consumers need to look no further to find move or manage their home
facilitated the extension of our abl in the fourth quarter and also (helped->help) provide the economic stability we now enjoy so that we can focus on the daytoday management of our business
thank you colin and welcome to everyone on our call for the first quarter of this year im pleased to report strong financial results for our company
i should note with the (chancellors->chances) announcement of reducing corporation tax rates in the future that there will be a credit coming through in the second half of this year
increasing the sharing of (disciplines->discipline) between the new curriculum matrix and compatibility with (former->pharma) curriculum (matrix->matrics)
as we look toward the rest of the year we expect to continue to make capital investments to support our existing and new business initiatives provide capacity to support our customers as they continue to expand their operations
(*->let) me turn it back to joe now for some final comments thanks jason it is the execution of our strategy that will allow us to earn a valuation premium for our shareholders
a lot of the capex you see is going into the glass facilities its not only all increase of capacities its very clearly also
on this slide we are providing you with an overview of main capex projects and do not worry i will not go into each and every detail of every sentence
were changing the way we run our business as customers increasingly seek to place large longterm multiservice contracts
get (an->*) offer (or->as) an incentive or reward for these are based on what the customers preferences and prejudices are so they were based in that way and i should point out that some of them
let me say (a->*) specific industry zone very close to the airport that is offering us opportunities that are absolutely comparable to normal european
(at 4->*) you can do the math as to even if you max the leverage ratio out to some number that i dont think were remotely close to talking about here
id make an argument that we should have a lower cost of financing based on the amount of assets that we pledged against that the only other data point that might be useful for you is
was derived from thirdparty sources and has not been independently verified and accordingly the company makes no representations or warranty (to->*) with respect to this information
assess and do as we move forward so i dont think its a statement of saying we wont do something if we have the right market its really just a statement of saying we dont need to do anything
and then it will be of valuable input for the patient the doctors the insurance companies and so on to make something out of this data
further projects within sensile are in strong discussion at the moment i think its too early to disclose to talk about
we cant sit here today and say theres not risk there is a chance for risk but we feel good that we have accounted for everything we do know
he brings very strong competencies to our company in large project execution in the global power industry
i guess my question is how much of the improvement in the quarter was a function of mix and some of these larger projects
on the futures curve have to increase in price to ensure greater international and deepwater investment for future supply
our growth in new products has been strong with a vitality index that has doubled from the prior year
now in addition to being affordable and abundant i want to stress again some facts about the environmental friendliness of natural gas
these statements involve risks and uncertainties that could cause results to differ materially from historical performance and these statements
now to look at the individual pieces to give you a little bit more granularity we expect natural gas to end the year slightly
from conception through regulatory approval swiftly to ultimately reach patients faster
and in terms of kind of the longer range i dont know how much (we->you) can really read into that i think you have to look at all the
and also creating a good opportunity to secure the electric load that we need to make this project very attractive economically
from what we expected at the time of the second quarter call due to deteriorations in commodity prices subsequent to that call
as one of our core value states and it strongly applies to our acquisition strategy we are committed to success
the leadership (in->and) response of the claims and branch team has so far (*->anything) even close to what my other carriers have done
yes i would say also the key here is that if we had (knocked on->not done) the strategy change we would have been forced to sell these private holdings
is to be is to achieve excellence in your investment performance you simply have to be a good stock picker and id say so far so good
i guess i (lied->live) we pulled it off again 3 quarters later and im really happy for our shareholders for the quarter that (weve->we) just had
i think the utilities to go out with some kind of a competitive process and so it will take us some time but we are very
i signed up for that contract but i dont really need it now and can you let me get out of it or can we defer the timing of it
gun market as a driver for our business as such cores ballistic engineers recently teamed up with a major service provider
all of which have led to an environment that creates uncertainty despite our efforts to focus on the items we have control over
and we think at least in part it relates to expression of the different ligands (in->and) different systems
to start is that what i thought i heard you say what were saying is that we have mapped out a plan to
and a lot of those initiatives have already fallen through to the bottom line in different areas of the business so were feeling good about that
were delighted with the steps that have been taken so far to put us in a position to place more of this capacity
the operator is currently working with cores engineers on computations to assist in optimizing their future completion strategies
this is a great example of the discipline required to effectively deploy the capital
in general the (advisors->advisers) and if you relate specifically to the (advisors->advisers) that are
does this improve leverage or does it just keep you out of the equity markets is there anything that you can share with us on that
was approximately 1 this is a significant accomplishment and we feel we are well positioned for continued
talk a little bit about the cash flow and how quickly you think that working capital move can reverse
our investments in new products will provide growth not just for 2016 but for sustained growth in the future
i now hand over to andy to go through the financial highlights and provide some updates on our portfolio thanks george
(*->and) so that kind of maybe plays into managing spending and retaining more cash flow
this analytical program which includes many reservoir stress (conditional->condition) laboratory experiments will continue over the next several quarters
and productivity levels at our nigel manufacturing facility we concluded that our prior cost estimates needed to be revised
they have according to the diminishing and also related to the effect
these areas include continuing to enhance the erie experience improving our platforms and data management
additionally we have a number of operational improvement and strategic sourcing initiatives underway in the segment that favorably impacted our results
these types of forwardlooking statements are subject to a number of risks and uncertainties relating to the oil and gas industry
we will update the market on results of (the->*) strategic review when we have reached any conclusion
(weve->we) said it many times before the only way we will ever be successful in fact the key to success for any investment manager
ranging from selffunding them with the cash that we generate all the way to distributing our cash to shareholders and accessing capital markets
all were doing is telling you (*->what) how were going to be flexible in the future with respect to the dividend
gives us some really exciting products and gives us the confidence to say that total patients
were addressing this (headon->head on) by taking aggressive action to reduce complexity risk and (costs->cost)
is shown in the segment and this is consistent with our philosophy of trying to strip out of our segments prior (periods->period)
and that would be over 100 years of remaining resources relative to the current us natural gas demand
this is exactly the kind of deal we want to do with companies that have midstream business assets embedded in a larger organization
understanding the details of this process will allow the client companies to mitigate formation damage and permeability impairment
now there are (a->*) couple of certain items that i should mention and then ill give you some details on our full year outlook
and then (so->*) we can make adjustments as we understand what the market (value->values) so if they if the dividends are
reducing the time and cost for well completion and stimulation programs owing to a lesser and lower stage count
here with orenitram which is the third reason we believe that there will be many thousands of additional treprostinil patients
so we continue to see strong demand for existing and expansion capacity on our gas assets and we believe were well positioned
now ill turn the call over to dave russo to review our results and then ill provide some additional thoughts and concluding remarks
by investing in our core industrial gases business but as i have always said
and remain (investmentgrade->investment grade) watch our capex closely and continue within those parameters to grow our dividend
which is probably prudent in this current market environment but you also mentioned no need for equity until the second half of next year
we could (have->*) not (we could not->*) have put up the first quarter results that we did without our team members staying focused on serving our customers
large companies where there actually is a somewhat active secondary market and then you have everything else
this was the second time we assisted a company in helping to solve for a capital structure problem that existed on a balance sheet
i would also like to relate today to some recent (developments->development) in the immunooncology landscape
we also had good progress on the ned market path we went out with a customized offering for the electric load in new england
brazil and colombia for the most part different economies who have different issues in them so in
what ive outlined is obviously a number of steps a great deal of work but i have full confidence in the team that we have in place that this is the right team
in addition we are investing in the future to allow us to continue to deliver and grow sustainable free cash flow for years to come
we expect our cash conversion cycle to show improvement in q4 similar to last year as we further bring down inventory levels following strategic positioning of key commodities (in->and) prior quarters
enables our customers to integrate more sensing more analysis and more control into these industrial internet of things systems without having to build a system from scratch
we remain on track for what we believe will be another record year for isg with that let me turn the call over to david berger who will summarize our financial results
and while you outperformed most of these companies jeff my question is how does the company think about the need to stretch the objective in this particular area (as->*) some of the peers have done
now (also->*) elsewhere in mozambique we are evaluating 3 high potential blocks for which we were awarded the right to negotiate exploration and production rights
yes even in this current quarter as well as in next year endeavor is to improve margins but at present i think this looks to be a decent range to work with
im very encouraged by both the acceptance and the reports back and not just from the plastic surgeons themselves but also directly from the patients
one of my indicators of the strength of this relationship is demonstrated by the high percentage of (customers and->kin) sales reps greeting one another with a hug
i will tell you that we from our perspective we believe were never done on driving that cost structure we continue as i said the organization continues to identify new opportunities
well i think the best way to answer that is that we have a number of objectives that include transformational moves
liquids line in the country that moves about 2 million barrels a day of refined products up from louisiana up to washington dc and maybe even up into new york harbor
secondly you recently launched (*->or) extended and complete benefits to (simyo->similar) customers i think it was earlier this week i was just wondering how big an opportunity this could be for you to take share
we are very proud to receive this recognition by dow jones sustainability index and i believe that being a leader in sustainability is vital to preserving our competitive advantage
regardless of the business cycle we are confident in exxonmobils integrated business model and our ability to create shareholder value over the long term
the higher rent (and->in) utilities but more importantly the major driver there weve seen is transmission expenses and these associated with the increased payload that (we have->weve) seen in the network
we had one in q1 we just talked about one in q3 so i would take that into account as you look at a yearoveryear view i think rates are higher now than they were before so i would take that into account as well
so i think that covers your question as best we can right now but even though were pleased with the initial results in the quarter
it is not (in->*) your materials but i would like to comment on our third quarter performance in relation to the internal targets for operating profit announced in october
are there other aspects that patients control that might contribute to varying functional benefit amongst patients or do you think theres a more direct line from the peak increases in muscle mass to function
before this we subsidized the handset in the subscription and this is by law not possible anymore to directly subsidize the handset again so
we do know what was what they were trying to get approved and based on what weve known in the past if thats the device that was approved
over the previous year due in part to the fact that outflows for the business model transformation expenses that were recorded last year actually occurred in this fiscal year
generating strong net cash flow deleveraging the balance sheet and growing the dividend in line with higher normalized earnings
and enhance the customer experience is a driving force behind client demand for more outsourcing innovation and a resulting increase in client spending
what we expect then is that well be able to move into the multiple ascending dose cohorts in a future study in patients with the disease so thats our planned approach
very closely to identify opportunities where we feel that we could work with the teams at celgene and perhaps (sujay->suj) you can give a little bit of an update in terms of those conversations and some of the next steps
we remain confident in our ability to continue executing on these initiatives as we look forward to getting back to our previous market share position and beyond
as i mentioned last quarter given the rmat designation awarded to this program we will continue to engage with the fda to evaluate an earlier submission if the data are supportive
forwardlooking statements are based on managements current assumptions and expectations of future events and trends which may affect the companys business strategy operations or financial performance
and have worked closely with surgeons to articulate the clinical benefits of the product through (peer to peer->peertopeer) educational events and (hands on->handson) case training
in terms of meeting our objectives as well as a number of other things and i wasnt trying (to be->*) i wasnt trying to be
strengthening our professional relationship advantages as well as having the strongest team of frontline sales representatives in this category
and i hope you enjoyed the little video that we opened with which was just trying to give you a feel for what weve been up to the last 12 months a lot of time on
because most of the investment in retail is happening online and on digital its happening on omnichannel its happening on customer experience its happening on analytics
the decrease was primarily due to the accounting effects of entering into the reinsurance agreement with assured guaranty corp and lower nonperformance risk spreads
the financial highlights deck or as presented on the call to reflect the impact of circumstances or events that arise after the date the forwardlooking statements are made
we have had success with the sale of a puerto rico (go->geo) claim the sale of a portfolio of private equity holdings we had in our investment portfolio
we believe we are in a unique position driven by having the largest pxi product portfolio in the industry a differentiated software position for creating modular systems
a portion of the trial and now 50 50 data confirming what we saw in the first quarter that information is intriguing to payers and to prescribers as well
i will immediately update you if any further progress is made on our initiatives this concludes my presentation on our financial results
before handing the call over to antonio let me remind you that this call is being webcast a replay of the webcast will be made available shortly after the call for approximately 1 year
the americas overall growth was held down by the previously mentioned delay in a few network services engagements and the softness in the public sector multiyear contract market
and ive seen hundreds of these kinds of situations and if we can demonstrate this kind of penetration and level of acceptance
turning to slide 5 i do want to spend a minute highlighting our new york yz (centrifugal->centrifical) chiller which was launched in early january
engineered integrated pumping systems and filtration solutions as well as providing (energy absorbing->energyabsorbing) road safety solutions and solutions for expanding the capacity of existing roads and bridges
what we dont have clear visibility on is when the individuals holding these securities will decide to exercise but we do expect they will occur in 2018 lets move on to (the->*) capital
and the other thing i would also point out would be that our unconsolidated hitachi joint ventures in china also saw strong doubledigit growth in the quarter
while insurance receipts were a significant driver of the quarterly performance we also continued to see solid working capital management contributing (to->*) higher levels of cash flow
they have been tremendous resources to facilitate our view into what is happening in terms of regulatory and legislative issues in the (healthcare->health care) space
(and->*) in (fact->effect) that actually helps us to build inventory but we need to understand and know the impact of that sooner rather than later which is why were engaging in all of this activity but ultimately youre right it gets down to
the amount of maintenance capital that we need in order to hold rate flat so we think weve done a good job in the first part of this year building our rate back up to say that 46000 to (47000->4700) barrel a day range
the second call is intended to give the companys englishspeaking investors the same opportunity to both hear directly from management and ask questions pertaining to results and the operating environment
and thats where we see the future growth and the future potential of the company so with that early introduction ill turn it over to kyle for a summary of our q2 financial results (*->kyle)
we do expect continued pricing pressure in our china field businesses as we look into q2 but were going to work to offset that headwind with cost actions
one we will increase core fee growth by becoming an essential partner to our clients gaining share of wallet and building enduring institutional relationships
and so what weve seen here is not only a significant recovery of fire and security products but very broadbased execution across every one of our platforms
so i think when you look at the power margins as george said (its->this) 100 basis points in the first quarter that transportation and logistics will probably continue
highly competitive marketplace we have previously planned to offset this decline with a strong second half of the year aided in large part by solid growth in our enterprise customer segment
its very similar to what we have been seeing in the past as you know many of these transactions take longer to close so we have been working on some of them
(*->the) how it manifests itself in other words i think you used the phrase this year i mean this (year is->years) like 2 weeks old so are we talking about each new contract that comes up as it comes up and
on market flows macroeconomics and a little bit of pricing which tends to be a little deeper in the first quarter than the out quarters just the way the calendar works and so were just trying to factor that in
such forwardlooking statements involve known and unknown risks uncertainties and other factors which may cause the actual performance financial condition or results of operations
as we continue to expand our presence in south america through (the->*) addition of sales offices in peru and argentina sales by product line is a better indicator of the financial performance of this segment
in terms of capital allocation we have one overarching goal and that is to strategically deploy capital where we believe we can drive the greatest value for our shareholders
we also intend to streamline 3 operational hubs and 2 joint ventures as well as continue (to->the) drive towards common technology platforms and the retirement of legacy applications
we will continue to look objectively and thoughtfully at how best to advance our plans to increase value for our shareholders and other stakeholders
at our most recent board meeting in december we formally welcomed our newest director john young who currently serves as group president of pfizer innovative health
somewhat muted outlook theres so much uncertainty out there in terms of the macro environment what it means for markets and what it means for investor flows
we would look (we would look->*) at be running that new system essentially (for->full) around 2021 (okay->*) so now im not making a statement on the sequence of (valdor->outdoor) versus cook
its a difficult one to answer from the standpoint of it (its->is) sometimes project related or region related and depends on competitive environment at times
with various effective dates that extend through december 2019 however several states have moved or will be moving to the new standards before the required federal (dates->date)
we continue to drive initiatives to strengthen our market position expand our solutions offering improve our global cost structure and all of these will benefit the company now and long term
and divesting businesses that are noncore lastly i wanted to highlight a number of truly innovative new products recently launched
again i dont have a deal that i can comment on just yet we are very actively working on several different fronts on both sides of the equation (there->now)
yes i think it is international was driven primarily by softness that we saw in europe quite frankly and
and so that installed capacity requires upgrades software upgrades and they have to buy renewal so because of all those reasons we think that we have reached a level this year
theres not necessarily any significant event that should really shift things from one quarter to another as we see it today so (id->i) anticipate a more
and demographics are improving as millennials transition to their late 20s and enter the phase of life when many begin to think about purchasing a first home
with that let me turn the time over to ryan and then mark will provide additional detail on our financial statements and projections ryan thanks (ritch->rich) and good afternoon everybody
being able to do the deeprock thing is when that got built as part of (deeprock->deep rock) really got built because of pony express but when it got built
regarding our overall bottom line performance simply put we need to and can do better that means reigniting servicing fee growth in a sustainable way
while there is more work to do ahead we are successfully executing on our strategy to become a building solutions leader with a large and growing specialty products business
on some of that which drives it so it depends on the origination mix as well but certainly thats probably on the upper end so from a conservative standpoint id back it down a little bit
in discussing our results during the call references to adjusted ebita and adjusted ebit margins exclude restructuring and integration costs as well as other special items
the management team and i are moving fast at a pace consistent with the significant shifts in our food and beverage market environment
theres been a lot of work done and i keep coming back to beacon i keep coming back to what were doing in terms of (consolidating->consolidated) operations that we have not realized the full promise from
perhaps i was being too bullish about the fourth quarter at least with regard to fx i thought it would be probably more neutral and it sounds like there will still be some
to provide more commentary on international but i think this was kind of a slow out of the gates for europe in the first quarter but we dont expect to see that continue for the balance of the year
we intend to continue to work as closely with the city on the planning to try and mitigate as much of that so potentially could be
of their latest growth initiative with a new line of truck body products as we expand into supplying (to->the) mediumduty class 5 through 7 market
while the cost of (these cds->ecds) did contribute to our (high->higher) deposit beta we were extremely pleased by our ability to meet our primary goal
so with that ill turn the call over to jeff taylor (*->our) chief financial officer to provide more detail around the numbers jeff
i think in terms of the investments from here i think certainly one of the things that we have been looking at very carefully is how we (re->*)
opportunities to add to the business but were not going to acquire for (acquisition->acquisitions) sake or diversify
these statements should be viewed via the cautionary statements and risk factors set forth from time to time in the companys filings with the securities and exchange commission
we still have much to do throughout the balance of the year but im pleased that (we have->weve) built on the momentum from this past holiday season and continue to execute at a high level
extreme temperatures and ultrahigh speeds require both exceptional engineering design and continuous operating performance capabilities
and we are also working on improving the commercial (arrangements->arrangement) with customers relating to the recovery of freight and related overheads
and working to gain their business in areas that will help our network so that we can actually give them a good price service combination
but were still were talking a few hundred bps here and there so it hasnt been a material shift at this point and if anything our cohorts are really consistent in their mix over time
as we did mention as joe mentioned in our prepared remarks we did leverage our balance sheet and increased inventory to try and
is well locked at this point and its streamline it and simplify it and were going to continue to do that and continue to make progress on it like we have been for the last couple of quarters
as we look forward we believe mitt is well positioned to take advantage of a wide range of agency and credit market opportunities at favorable returns
with existing customers and are getting our fair of shelf space our fair share of shelf space with our customers
that looks like any other foreignbased company in a territorial tax system so we think that our global capital structure is appropriate for our company
now with a stronger backlog in hand and an improved operating footprint we should be better positioned to take advantage of the increasing demand environment
but our ambition is not to create price wars we dont follow price wars and we certainly dont (condone->condown) any price wars in the market
we continue to successfully execute our strategy to increase market share by focusing on targeted customers across all business lines
as a reminder (phyox->fiox) has enrolled 25 normal healthy volunteers in the group a portion of the study which is complete
one of those is an operation that will be going in for refrigerated trailers in mexico
up to 46 so we do see some sequential improvement throughout the course of the year i think thats predominantly going to be in the second and third quarters
results in the quarter reflect continued growth in retirement consulting primarily driven by demand for delegated investment consulting services
space over the last few years as you had really strong cash flow growth but if looking forward over the next couple of years
built over the last period of time in europe but the market is growing and growing into that capacity so were not unhappy with whats going on there
pull back on their class 8 tractor investments this year but they are not saying that about their trailer needs
thank you (neal->neil) and good morning everyone id like to begin this morning by reviewing our financial performance for the fourth quarter and full year
to date thats certainly a reflection of the feedback that weve had from the market over the course of the last (five->5) months
thanks dick and good morning everyone let me start by saying that we are obviously pleased with the fourth quarter and full year results
in addition we continue to pursue unmanned opportunities with the marine (corps->corp) and the firefighting mission with the department of the interior
i think that you raise a very good point though we did take some actions that we outlined in our prepared remarks related to both
our fluid power platform which is more dependent on oem end markets is also under top line pressure in the current macro environment
for truckload conversion its also a part of our overall strategy of focusing on specific clients
in the life pensions and investment space market volatility has impacted new business flows over the past 6 months
second quarter trends you might be seeing in terms of the marketing efficiency and customer acquisition trends and (then there->the)
we dont believe this has any implications in a multiple dose context and (its->*) certainly no
this growth was driven by new customer onboardings as well as strong growth from existing customers
all right well thank you for joining us for todays call we look forward to speaking with you again when we report first quarter results next month
these changes are improving our customers experience and will lead to cost efficiencies and income growth over time
we have mentioned on previous earning call that the number of larger loan transactions have grown (proportionately->proportionally) with the size of the bank
but in a good place overall given the phasing of the ads and some new activation campaigns that effectively reduced the average price of the first transaction
(a->the) normalization in weather led to a strong second quarter result and we are right on plan with where we expected to be for the full year
im proud not only of the progress weve made on our strategic priorities but also of the new partnership we announced with (atairos->ataros) shortly after the quarters end
billings and gross profit declined on an absolute (dollars->dollar) basis our decision to close countries and fx were significant contributors
our regional residential real estate projects and terminating certain retirement living and student accommodation projects as i mentioned
number three higher interest expense because we intend to fund a portion of our equipment purchases with debt
and we did not want to be enrolling the pediatric patients in the 60 milligram per kilogram cohort so that has led to some delay in
we manage it in terms of coverage and leverage ratios as you would expect and we really have a global capital structure
for (diversification->diversifications) sake its all going to be done that makes sense to continue to increase value for shareholders with those actions
the reports that the company files or furnishes with the sec corporate governance information and select press releases and social media postings
and therefore the restructuring that is being undertaken just simply isnt sufficient because a year ago we were talking about trending to cash flow (break->breakeven)
the value proposition the longevity durability reliability of the products that they may be investing in
we are paying severance under our restructuring and with our negative working capital cycle we do have to fund as we exit countries and shrink goods
this collaboration to extend our galxc rnai technologies to tissues beyond the liver will be a joint research effort
are making to customers so were just not selling out certain slots during certain part of the year to anticipate that
that said one piece of the customer experience in which (we->weve) made fast gains is in customer service where well continue to increase our investment
we also made a decision to terminate a number of development projects in student accommodation and retirement living these were
a little over 4 we believe this is in part the result of the improved efficiency from our enhanced routing and scheduling through the virtual route management system
as we discussed at length last quarter we are operating in a challenging environment and im encouraged that dst continues to deliver strong and stable results in the face of these dynamics
and believe (*->that) theyll be an exceptional addition to rollins founded by the (phillips->philips) family (in->at) 1951 and headquartered on the outskirts of atlanta
we believe nexus will enable us to benefit from crossselling opportunities by further penetrating current customer accounts and expanding our addressable market to a broader range of procedures
plus were integrating the search functionality that has proven successful with (clearancejobs->clearance jobs) which allows hiring (managers->manager) to input full job descriptions rather than keywords in (the boolean->a bullion) search to serve up (ideal->by deal) candidates
the fully responsive platform has so far resulted in an uptick in apply rates which will help us with better user feedback along with data on usage and metrics to be used in customer reporting down (to->the) line
weve taken actions to improve investment performance and continue to invest in innovation through increasing our new active offerings and growing our (advisor->adviser) platforms
and it does make life difficult for active asset managers particularly those (whore->who are) very disciplined in their approach to identifying longterm value
any forwardlooking statements made by us in todays conference call is based solely on information currently available to us and speaks only as of the date on which it is made
compete with the pipeline to the gulf coast by rail to the west coast and when we look at our supply chain cost of how we gather
this increase reflects lower expenses including the absence of higherthantypical (cost->costs) associated with employee benefit plans and office relocations incurred in the yearago quarter
the annuity business also benefited from the ongoing favorable impacts of our annual assumption updates last quarter and refinements to our risk management strategy which was implemented last year
related to the ongoing client conversion activities and higher operating (cost->costs) as ifds expands its infrastructure to address increasing regulatory compliance and security needs
while we are fully transitioned to a significantly more capable erp system affording us added oversight and efficiency over the operational and financial elements of the company
overall we are pleased with the quarter results which demonstrate the capability and strength of our teams around the world and the benefit of our streamlined focus on our health and wealth strategy
(it stands->is found) at a lower level of those observed in previous years while the (debt->depth) is increased slightly in regards to what is shown previous years but maintaining at healthy levels
now we invite you to a quick review of our (vision and->digital) strategy please refer to slide 7 where we want to share with you how we are transforming the company
about how we see the retail sales but the demand continues to improve so not only did we get the growth in demand in 14 we have growth in demand in 15 were seeing growth in demand in 16 and so (the->*)
on the performance of emerging market equities i think weve seen a sharp improvement over the last couple of months as the market dynamics that keith was
positive direct impact on those redemptions the same difficult markets weve been talking about are having an immediate influence on client demands
so we think we can maintain that on your second question in terms of whether we (*->got to) get to the point where (growth->gross) inflows are matched by outflows not really i mean if you look at our outflow performance
because forwardlooking statements relate to the future they are subject to inherent uncertainties risk and changes and circumstances many of which are outside of our control
what are we going to do in this expansion we are going to have new anchor stores a new (fast->fash) fashion store we will have a financial
preparing for exams and those sorts of things as opposed to substantive consequences for the business but again not because it isnt on the radar screen but because we think were in good shape there
got you okay and then you said in financial services that you might be able to overcome kind of the pricing impact but not to expect significant growth
we maintained our diligent cash management focus as well as stock repurchases and quarterly dividend payments and closed the year with a very strong balance sheet
both of those businesses and we talked about it we didnt talk about the billing system last quarter but we did talk about prime plans prime plans was driven
and alongside these improvements to our processes we are confident that this will deliver improved performance across the house
these statements are estimates based on managements current expectations and involve risks and uncertainties that could cause them to differ materially from actual results
as a people business we believe the ability to advance employees (from->*) within our organization is important to the (continued->continuing) success of our company
are all in line with our expectations for 2016 margins in marketing are at the high end as fuel volumes continue to grow however
during 2016 (weve->we have) focused on the successful implementation of significant new clients and the renewals of other key clients within our financial services segment
and credit to the employees who have worked on the businesses that we have been divesting to continue those business going and the employees in the techfocused business
from a change in tax accounting rules for stockbased compensation as well as the continued growth of tllps income in proportion to tesoros income
as demonstrated in the past rollins has long distinguished itself (acquisition wise->acquisitionwise) by retaining key management which helps us improve the overall business
combined with (the->a) dosing schedule that is the most convenient of any biologic in this indication the entire package makes guselkumab look like a very attractive drug in our opinion
they recognize the scale they recognize (we are->were) ahead of the game and actually they recognize the importance of what were doing so actually were getting really good traction
driven by the increased attractiveness of us dollar products in the current environment as well as the introduction of a us dollar whole life product with nursing care benefits last quarter
make sure that when were (operating the->offering) custody we also do accounting when we do accounting we also do administration so on and so forth and so thats maybe a little bit of flavor as to where you have strength
when you get the culture right like northwest obviously has their team members drive customer loyalty and subsequently provides exceptional organic growth
on page 6 we show our gaap results in the top 2 panels as well as our results ex the notable items i just described for those of you who want to see some of our underlying trends
in materials and (polymer->polymers) science we experienced strong demand from the consumer electronics industry as they broadened their product offerings and need assistance with the use of new materials
at the beginning of this year we expect to drop that down in the second part of 2016 and an acquisition that well be making in alaska with some additional
while (a->*) material percentage of our (revenue is->revenues) informed by markets (and->are) not in our control we can control expenses we will intervene further if necessary
this alignment provides stronger coordination between risk legal and audit all with (a->the) focus of improving our fiduciary compliance
regarding our second objective which relates to our pipeline portfolio of innovative (wholeproduct->whole product) solutions we continue to make progress starting with our drug delivery programs we have targeted several aggressive milestones over the next several quarters
going forward of course it is very (*->very) important for us to be able to make sure that we will be able to generate growth in the service business just to make sure that we will be able to continue the profitability improvement in the future as well
these events combined to negatively influence consumer shopping pattern and footfall additionally we continued to feel the negative effect of the strengthening dollar on our international businesses
at business development and inorganic growth as an important critical part of our strategy going forward as i sit here today obviously i havent anything new to announce to you but i just want you to know that were actively pursuing valuecreating
customers and (unique->unit) consumption so that commercial activity and investment activity related to this chapter has been less than expected for the rest of the year but not the financial (results->result) in terms of capacity
(*->so) the pace of improvement that we have had now will probably continue during the first half of this year due to the thing that we have the hedges in place and of course also because of the inventory turns
the dollars are there we know we can get them in that time period and were confident we can get them in that time period but we also have done (these->this) enough times to know that some of those unintended consequences bubble up and what were seeing this quarter is a little bit of that
but we do think theres a couple of ideas that were going to go forward with were trying to work as i said with a number of different parties to try to get people (to sign->signed) off i think its strength is in numbers when you go to ferc and we think were trying to or (i->*) think we may have a coalition
we believe norbord is well positioned to manage through this period of volatility as always our commitment is controlling our controllables we will continue to only produce what we can sell
by the affordable housing module and the fact that we have the every comp everywhere which is making us competitive in some of those segments that we heretofore havent been able to play so thats kind of how i would rank and prioritize
a diabetes clinic that schedules their day every thursday for removals and reinsertions and they implement those kinds of practice flows we actually have many providers who
as a result of these incremental increases in expenses and interest costs that might have made certain deals that were penciling out late last year not pencil out that said transaction volume has not really been dramatically impacted
the wheat biscuit category unfortunately experienced some declines and in particular the core wheat biscuit range is declining in the market so much so that the market leader had to discount significantly to hold up volumes
is the selection and analysis of the most relevant comparable sales relevance is established by many factors including proximity how recently the sale occurred quality of the property and many other variables
between the time that (youd->you would) experience from order to delivery market as well as redistribution to (shelf->shaf) and tabletop create some challenges because the (zar->za) moves relative to the foreign currencies quite significantly
and as a result we believe over time this unique financial characteristic will lead to a full valuation for vistra it takes very low maintenance capital to support the ebitda of the company given the combination of highly efficient lowcost inthemoney fleet
we believe it is prudent at this point to reaffirm our guidance and wait until our third quarter call to consider an update to both the 2018 and 2019 guidance ranges however we feel very good about where we are at this point in time
we think about the bottom line just as much as we think about the top line and so therefore were going to look at cost and were going to look at our suppliers to help us invest in the future business and the reaction from the suppliers has been broadly very positive
the good news is the work that weve been doing on testing i think is going to pay off for us as we get the (firstline->first line) indication and the (obstacle->optical) goes away for second line so im very encouraged and excited about the opportunity to launch in (first line->firstline) for sure
whether people actively go because they want to be with somebody thats a stronger bigger entity or whether that entity raises their prices in response to spikes in prices and then (that->they) activates them to come to somebody like us
(but->*) what (happened->would happen) today is they would be giving would go ahead (and->*) do that insurance coverage check with our partner organization and (we->would) determine what their exact coverage level the bridge program would be an opportunity
weve decided to take a turnaround in the fourth quarter in one of the catalyst operations really to get some of the reliability performance back to where we need to do so thats (thats->*) an additional opportunity on that side of it but so its really
a strategic move that will position reis to provide intelligence on every property that may be of interest regardless of the users function or the type of transaction management or (marketing->market) activity in which the user is engaged
we also have the commercial prowess and market liquidity to capitalize on volatility and lock in value on a 2 to 3year forward basis contributing to certainty stability and visibility of our ebitda and free cash flow
but those boards and management teams are also taking time to assess what they actually think will happen going forward in their future so i wouldnt read anything into it other than the deals weve done are the ones that we think can add value and well continue to look
portion of stores some of that was howard identifying that the middle of the country might have seen some of the faster growth and that they werent really (espressodrinking->espresso drinking) and the brand didnt resonate as well when you tried to more densely populate those areas with your stores
other markets that benefited us with the growth was ghana and zambia in particular where were working very closely with our distributor (party->*) partners in order to build our brands and drive market penetration
as we accelerate the launch of keytruda around the world our researchers are continuing to study keytruda with an extensive clinical development program that spans a multitude of cancer types
ever since 2010 when we started to see these regulatory and efficiency issues in spain we are the only utility company in europe that has managed to get its results
as well as upselling to existing so i think were getting some traction there i think were getting some traction as i (try->tried) to allude to from our every comp everywhere initiative has been helped us
availability of wheat in the long term or the medium term to be sufficient so we always (tried->trade) on the import parity mechanism weve rationalized our wheat milling footprint to 5 mills which we operate now
new eyes find problems that were in files that were hidden (underneath in->under) the drawer underneath the desk yes i think what we would tell you at this point is (we->weve) had a number of new eyes on these already
all of which involve a number of business risks and uncertainties and can change as conditions do please review the cautionary statements in our press release and on slide 2 of todays presentation
as ive previously outlined we are taking a disciplined approach both financially and scientifically to identify and acquire opportunities at the right financial (valuations->valuation) in addition to acquisitions
over the past 6 months the company has explored multiple refinancing alternatives to ensure we would achieve the best possible terms with the right longterm partners
and then its you (*->dont you) may not see that for another quarter another year so theres a little bit more transactional nature to that
margin compression was more than anticipated this quarter due to lower prepayment and trust preferred security payoff income which tend to be less predictable from quartertoquarter
we do have (and->*) in that market obviously we do have our 48volt initiatives but we do have 12volt products as well that can
healthy consternation around the rent guidelines board (meeting->meaning) coming up in june and some of the impacts there so maybe one if you could provide some thoughts on what you think the outcome could be there
this may cause the actual results performance or achievements of the company to materially differ from the results performance or achievements expressed or implied by such forwardlooking statements
investors are cautioned that all forwardlooking statements in this call involve risks and uncertainty and that future events may differ materially from the statements made
so all parts of our active business (is->are) strong joes in fashion and with martha when you exclude the legacy business the martha business would actually be up
automotive was strongly up from the same quarter of last year reflecting our continued content growth and strong adoption of new products by our customers
so growth is a requirement that weve imposed on our acquisition strategy and you would expect to see
but im very comfortable with the reverse situation which is sitting on a nationwide cable plan that gives you optionality on mobile
the industrial technologies now that were bringing to this space will allow us to push the envelope in terms of the intelligence that were adding to the overall process to drive
it is a very competitive market for deposits in the northeast and we need to continue to change improve and grow our people products and processes
while this was not a material transaction it is consistent with our strategy to focus managements (efforts->effort) on key brands and priorities
we understand it is important for us to maintain low decline rates but given the size of the fs (checks->check) business now
i came away convinced that our regulatory (view->review) is well on track we expect to close still before yearend and this is key because this short (timeframe->time frame) between signing and closing
so were very excited about the ongoing portfolio transformation and continue to look for other opportunities to advance our profitable growth strategy
as old (parr->power) declined due to recent tax increases in colombia and continued declines on windsor due to scotch category contraction in korea
what we expect is the worst thing that you can do jamie when you buy somebody (and->you) bring them in is to kind of throw them into the middle of the bigger company
these properties have been written down to net realizable value based on recent appraisals and will be resolved over the coming months with minimum exposure going forward
as a result of this decision a contract termination dispute has arisen and we have recorded a pretax charge of 28 million during the quarter
please consider the risks and uncertainties that are mentioned in todays call and are described in our periodic filings with the securities and exchange commission
for the 3 years ended june 2019 with more of the remaining margin expansion coming through in fiscal 19 as we expect to have less (costs->cost) to absorb
same thing in the case of payroll services theres (an->*) initial setup fee when youre bringing a new small business on but then there is a recurring monthly fee for that
as an industryleading platform for linking the grid network and the distributed energy resources and an enabler of the internet of energy
it is always difficult to preserve core revenue levels during the third and fourth quarters of a presidential year due to displacement by the olympic games
those statements are subject to a number of risks and uncertainties actual results in the future could differ from those described in the forwardlooking statements as a result of various important factors
as you think about the growth drivers of the second half is it mainly overages kicking in on the existing business or is it mainly from some of these
(*->if and) when the auction results become known to the board it will consider whether further changes to our capital allocation priorities are warranted
it has and continues to be a great journey we continue to be a positive force in our communities by being that regional bank that keeps community in banking
for our existing business with any increases being limited to products and services that open up revenue streams we cannot access today
we have grown the business double digit over the past few years and increased our already high share by more than 250 basis points
please note the cautionary language regarding forwardlooking statements contained in the press release this same language applies to statements made in todays conference call
as continued strong free cash flow was partially offset by the execution of the share buyback program and the closing of the (casamigos->casa migos) acquisition
we have improved our management team and built a regional bank with a franchise that goes from the suburbs of philadelphia to north jersey and the new york metropolitan area
and revenue growth itself in dollars has been accelerating as well and much more so over the last year when all the momentum we are building has started to translate into revenue
understood okay and then maybe just one last one on the tax rate any update on your expectations there just given some of the changes that are going on in new jersey
our margin performance and increased investment in marketing has been made possible by embedding a culture of productivity improvement throughout the business
(*->there) were also numerous nonrecurring charges as part of entering the market with this business model that had to be incurred as part of this initial sale
key focus areas in this category in addition to our standard fraud and security offerings include scaling profitability
okay and then as you speak with your local advertisers about their hesitation to be back in the market now
risk factors management discussion and analysis of financial conditions and results of operations set forth in (investors->investor) bancorps filings with the sec
(in the->*) industrial side (or thats->of the world its) a good question i think we saw softening over the course of the quarter
weve completed multiple new business deals renewed several partnerships and we have a robust pipeline of activity that were focused on executing
we also made progress towards our goal to improve operating margins while navigating the impact of the implementation of the goods and services tax
growing optimism for small business owners it is important we see more sustainable trends and then the results manifest
so now let me come back to cable for a minute big picture and strategically beginning on slide 11 (there is->theres) a lot on this page but the message should be pretty clear
with an allowance coverage of almost 200 a strong credit history and excess capital we believe we are well positioned should the economy decline
africa performance was mixed with doubledigit growth in nigeria being partially offset by weakness in africa regional markets and south africa
our ebitda and cash flows are concentrated in q4 based on this and with a focus to pay down shortterm debt in q4 we expect to be back within our target range by the end of the year
in addition we continue to make significant progress with our new product introductions and channel initiatives as reflected in the vitality index improvement mentioned by dave earlier
while there continue to be many challenges in the completion of these projects several recent changes have provided significantly more clarity on certain options previously under consideration
what we believe were seeing brandon is a temporary situation where the cost of that common equity is higher than at least in our opinion our judgment higher than it should be
these and other risks uncertainties and factors including those discussed under the heading risk factors in our annual report on form 10k and other reports that we file
we will also discuss the results of our core businesses separately from the results of the south african (projects->project) and with that lets discuss our q3 results
markets performed as expected and we achieved a high level of contribution from (all from->*) our new product introduction and (channel led initiatives->channelled initiative)
all of this potential revenue is difficult to predict and forecast financially but does represent examples of technology within rmd which could be spun out
the ability to deliver improved margins while absorbing incremental investments continues to demonstrate the efficiency and effectiveness of our business
it has been a strain on our resources and a drag on our stock price that said those of you following the company closely recognize the potential for value creation
so (noelle->no al) theres a mix of customers and when you have this kind of growth and you have a quarter thats backend loaded its going to be difficult to build aprils
and also the fact that we are we have a lot more clarity about the likely outcomes based on the recoverability of the (costs in->cost and) our discussions with various parties
we continue to have a robust capital position and a business model that generates considerable free cash flow this provides flexibility to return healthy amounts of capital to shareholders
this was partially offset by acquisitions and strong organic growth in americas (emeia->emea) and the asia pacific mechanical and electronic hardware business
of our continued confidence in compugen could you talk a little bit about what the skin in the game of these folks are going forward
specifically the challenging market for energy commodities this year has bled over to equity values for midstream energy companies and because we have a significant backlog of projects growth projects
we have also seen cost savings in our expansion projects and as demonstrated by the adjustments to the backlog we are rightsizing the spend in this segment in light of the current commodity price environment
specifically we will focus on pro forma core operating results which exclude the results of the south african projects and we will separately provide an update on those projects
our approach for drug combination is based on the scientific and biological rationale of the pathway (were->we are) targeting and presents a differentiated approach
in summary i believe we have the right team and the right strategy for moving the projects to completion and meeting our contractual obligations while minimizing our risk
this event resulted in our need to reschedule the filing of our ind which was originally planned for q4 of this year
to stay with compugen and then the strategic (advisors->advisers) how much time of their working day do they spend advancing the (interests->interest)
to me it demonstrates what weve been saying that is that we are insulated from the direct and indirect impacts of very low commodity environment but were not immune
and ask you for advice on what would you tell them in order how to position themselves to maybe have a most (*->productive) outcome in these types of discussions
and so its kind of an action that were doing now that were moving forward on that we really dont expect to see much in the way of benefit in 2016 itll (be->*) beyond that
so depending on (paths->pads) that were being discussed there was (a->*) lot of options or variability into where that was going to go during the quarter it became (clearer->clear) which
we continue to introduce new products that are gaining customer acceptance in the end markets we serve from this segment and we see a strong (frontlog->front log) which gives us confidence in the future growth potential
(*->and) so now we think that we probably can grow at 10 longer term but that the coverage would be very tight and could be negative in some years
one we want to improve our control (over->of) our direct scope of work we want to improve our execution on these projects and ultimately mitigate our potential risk
our current portfolio reduces our (risks->risk) to the slowing china economy and positions us well in australia new zealand and korea
(single family->singlefamily) home construction will continue its recovery although we continue to expect variance in (this->the) segment driven by labor and land availability
the commercial operation of the first unit (in->at) the (medupi->minopi) site was part of that additionally based on further experience around the erection scope of work for the cooling towers and filter products
gave us a better understanding about what our expectations around recoverability would be so again (thats->its) around multiple scopes of work multiple levels of negotiation
the decrease was driven by a lower contribution from net investment spread results partially offset by more favorable case experience and higher full service fee income
just looking at this with the kind of yield (that->*) were trading at right now it just didnt make any sense to us to continue to have that overhang out there on
with respect to xcede our board and management along with our development partner cook biotech continued to believe in the value of this product and opportunity
while we are confident that we can achieve multiple pipeline (collaborations->collaboration) and believe that a new industry partnership may occur before the end of the year
(*->well) i think there (*->are) a lot of opportunities and i think that as weve said so many times having the footprint and the diverse assets that we have is a big plus (in->and)
thats why its so important that we offer employees a competitive total rewards package with benefits to help them and their families enjoy healthier more (secured->secure) lives
right but is it these folks is it just their reputational risk that theyre putting on the line is it
weve mapped out the (time table->timetable) and understand the cost and the impact on dynasil we have converted the dynasil liabilities (*->the) xcede liabilities to equity
we remain focused on growing our portfolio through acquisitions we have gained considerable experience successfully integrating a number of acquisitions over the past year
changes with respect to the way in which were managing capital as a result of the (rescission->recession) of our designation and we would also not expect any impact on the businesses
before we wrap up this recording id like to share some recent recognition erie earned from 2 national organizations for our commitment to employee health and wellness
and we are increasing our full year targets for restructuring (costs->cost) in order to further align our (costs->cost) with challenging market conditions in short
the situation was more difficult in romania where the performance was poor and were making changes and taking initiatives to stabilize our operations in the coming year
releases need no reminding that the industry is in a pretty tough place at the moment and were no different from the industry
operating margins continued to show good improvements as we continued our focus on improving the efficiency in our business and realigning our cost structure
mike i want to add to erics last point there because i think (a->*) part of the challenge that were facing now is that
weve reshaped our balance sheet and as part of that we have returned capital to shareholders and as i said in the presentation
now that weve refined our business to its techfocused core and have the organization in place we believe the execution of our strategy will continue to improve
as weve mentioned in the past these products have shorter lead times and have historically been a solid indicator of trends to come in the industrial sector
but i do want to call your attention to the breadth of product categories across building technologies launched within the quarter and over the last few weeks
we have really seen shifts in pricing and pricing structures at this point i mean at this point we still have pricing which has
(im->*) starting on slide 3 were very pleased that (encorafenib->ancorafenib) and binimetinib new drug applications and marketing authorization applications
in chile we have the recent openings of the office towers in our (mall in concepcion->mallin concept hun) with a leasing area around (11000->1100) square meters
of the (acquisitions->acquisition) of murray pest control and scientific pest control in australia as well as various (orkin->workin) acquisitions throughout the year
a slowdown in purchases or intentions to buy based on the new allegations for the current president
and the team is actively engaged with the business units as well as external advisers in an effort to improve cash generation and management
and i am confident we are investing in the technologies and channels necessary to accelerate top line growth over time
before i begin my review of our fourth quarter and 2018 results id like to take a moment on slide 5 to discuss notable items and how they impacted our financials
which provided us with a sense of confidence around our (lowtomid single digit->low to midsingledigit) organic constant currency revenue growth target that we discussed with you on that call
relative to the pound and euro so its been a little bit of a challenge for us not in terms of profitability but just in terms of demonstrating the growth that we are actually seeing over there
improving on a more favorable projected profitability profile and nonrecurring tax expense associated with asset sales in the prior year
i think if you look at us over the last about 10 years weve averaged about 2 net reduction in outstanding shares every year
to actually adjust our exposure levels now were trying to transact with our best clients as much as we used to before but in some cases weve had to be
and looking hard at deposits and then as importantly making sure that we try and get another part of the wallet or some consolidation out of it
an april 1 implementation and so something that were watching closely its not something that i would tell you today i call a trend but
its very difficult to generalize i mean certainly there can be a lot of work done to prove whether there is or isnt a problem
move as much as they are moving up or down and so i think our historic belief that we should run with operating leverage of
looking closer at our first quarter results in core products we saw a 3 decline in constant currency compared to a year ago
our associates around the world live by msas core values every day and at the center of this culture is our foundational core value of integrity
and since we need to focus on what we can control we are even more resolute that we need to actively manage our expense base lower which i will discuss further in a few minutes
we believe with northwest that pattern will continue in a very positive way i would also like to add my welcome to the team members at northwest
as we do all of that we will continue with our long track record of ensuring the assets on our balance sheet are an important source
and so i think we feel that this year we should get we should realize more out of our rate increases than we have in recent years
i think id focus on a couple (*->of) things first of all as it relates to the fourth quarter there is a huge push in q4 and that tends to be
is likely to do we had a phase ii result that went all the way to os with the doublet and so thats going to be helpful in order to assess the ultimate
(of->*) curious if you could comment historically when if you had experiences in the past where a client
the decline in this quarter is also partly attributable to exit (costs->cost) from the realignment of certain products and service offerings within the european market
that weve experienced here in the first quarter a little bit more in the second quarter a little bit less in the second quarter and then we start to see (it->*) turn positive in the second half
to generate improved investment outcomes and (we have->weve) put in place a number of important management actions outlined on the slide
these improved results were (impulsed->impulse) through (*->a) improved operational results of the malls in (ripley->ripply) in chile and peru as well as the improved results of the (associated->associates)
i thought id start today by providing you with an update on the progress we have made with respect to some of the strategic priorities i laid out for you last quarter
that affected those contracts that are adjusted by the peso to the dollar exchange rate and an increase in the number of clients that use these services
(going to->*) mitigate a lot of the pressure that we had in the first quarter and the second not fully so (it will->itll) improve first quarter to second quarter with the idea with all of the actions in place
and making sure that from a pricing standpoint were staying disciplined with the projects that were taking on and so that said we have seen significant improvement
as i mentioned its important to take into consideration various product trends we saw in our key end markets when looking at the total revenue line
well i think that the our experience in developing the g1 was that it took a very significant amount of investment
and its also visible beginning to be visible in some areas so as the last couple of months as im sure youre aware weve had a minor turn in the value growth
we have created what will be the new industry standard when it comes to reliability energy savings and service capabilities
while collections on our insurancerelated receivables drove a portion of this we continued to see good progress on the working capital front
but strategically now as were now segmenting our markets understanding how were deploying that capacity to be able to go after where growth is occurring
we ended the second quarter with 55 global sales team members compared with 41 at the end of the second quarter (of->*) last year
which we successfully implemented during 2016 we are closely monitoring the regulatory environment as our government transitions to new leadership
the actions we are taking in these areas will not only help us weather the tempestuous environment facing the industry but also leave us well placed
and we also talked about some of the challenges in getting it through the approval agencies and getting the product launched and shipping we finally overcame those
first and foremost to grow the business and part of that is looking very closely at and carefully at acquisitions in this space
and theres going to be opportunities that we see near term for (boltons->bolton) and expansions that were working on with our existing customers to add more capacity so
and so i do expect that later this year we will need to have more clarity on where we see the next tranche of processing capacity
which more than offset the positive impact of a rise in operating lease revenues an increase in revenue from the sale of (returned leased->returnleased) vehicles as well as other factors
how we allocate our capital and also how we manage the companies and essentially what we do is we look at every entity how their return on equity is
this remains unchanged from our previous forecast please turn to slide 30 with respect to consolidated unit sales
youve seen us participate in the market but we will continue to approach opportunities with an unwavering commitment to financial prudence as we manage our (opportunities->opportunity) set between potential acquisitions
for your reference increases and decreases in capital expenditures by business segment excluding the impact of currency translation effects are as shown
we are fully committed to all of our (customers->customer) for maintenance of their existing project to advising them on new product and to service and support their business goals
reported service revenues were down slightly due to our first quarter decision to shut down a wholesale business that we inherited from nextel
i will remind you that any statements made about the future including our expectations or predictions should be considered forwardlooking statements within the meaning of the federal securities laws
a little robot developed in conjunction with (nottingham->naltingham) university been doing that for a little while but now were actually bringing that into
we view dividends in the context of our overall capital allocation going back to the capital markets day and the source of cash return on invested capital that were looking for across rollsroyce
and maybe you notice here that we have for the first time now changed our reporting from a line of business reporting to (a->*) geography reporting
examples of these forwardlooking statements include statements regarding market expansion and funding trends expected growth in sales and product applications
if you are in nigeria or you are in indonesia or you are in thailand or you are in china or you are in mexico
in case we do the (ipo we will have->ipound) some funds to reallocate into the lines of business that we want to grow (*->in)
so thank you again and have a great day and thank you sir the conference (is->has) now concluded thank you for attending todays presentation you may now disconnect
and in this case thats definitely a part of our target strategy is to ensure that we have good penetration (in that->at) key consortia to map those consortia relationships and to ensure that were getting good
to look at things like what are the operational assumptions for our (fleets->fleet) whats our assumptions around retirements what are we seeing about what visibility (are we->were) getting on the cost of shop visits
our third quarter results included considerable strength in mass cytometry in both instruments and consumables but with a decline in our microfluidic genomics business
we are operating in environments where cost savings require a certain prework which is called (a->*) social dialogue
and other regulatory fees on a net basis consistent with how we have traditionally reported other passthrough items like sales taxes
devon recently announced the potential divestiture of certain properties in johnson county an area that was not competing well for ongoing capital investments in their portfolio
going forward into not only bolton opportunities now that weve got a good footprint in the delaware but also some (step out in->stepout and) expansion opportunities that were working on
on profitability the currency didnt help us i would say the main reason is the integration plan that we started last year
and were not anticipating those issues to occur on the (ten->tn) because theyre already a different design of (turbine->turbines) blade and they already have different coating
(*->but) in particular in terms of the chinese competition thats not obviously a new trend and would you say that trend has
anything (is->thats) outside of that certainly is possible not unlike what we did last year well continue to evaluate anything thats outside of that we dont have much outside of that
powered by mass cytometry over the last few quarters revenue has accelerated as customers adopt our premier tools to provide deeper insights into immune function
at the same time the underlying earnings have grown by 11 and we have continued to invest and to realize
and so when we can do that we do have some optimism about the ability (to->of) not only maintain these great churn levels but even see some further improvement (likely in->like we did) this quarter
we are increasing revenue across multiple product categories at a major us mobility oem and we have grown content in audio and standard products
as weve always been developing business and as i have learned from my predecessors that as long as you have good ideas
is that what we focus on is the value and the net price and volume growth over time and as weve said before the price can fluctuate (year to year quarter to quarter->yeartoyear quartertoquarter)
the outlook for lubricants in the domestic market is not really encouraging we believe to be well (positions in well->*) positioned in terms of clients and (products->product) portfolio
the way our stack system is configured our (high pressure->highpressure) gathering (frontline->trunk line) generally gathers from the west (towards->toward) the chisholm plant in the east
so were managing the capital very efficiently by adding the capacity and putting in facilities that are easy to expand as the (volume starts->volumes start) to materialize
we dont have perfect clarity on that where we are today one thing we need to resolve is our ngl solution in oklahoma so that we understand
just one tiny bit to finish on the overall shape of the portfolio so weve talked about cleaning up the portfolio
both sides are wrapping up their cases and are now preparing for closing arguments on april 30 after that well wait for the courts ruling
(improve->*) could improve slightly with time as risks are retired or will the margin (remained->remain) depressed through the life of the engines which are affected by the current issues
the hybrid motor which is unique to the freed adopts the worlds first hybrid vehicle motor magnet free of heavy (rare->rear) earth elements
part of thats going to be the expansion of the dtc effort this year i think the other piece as i look forward is being able to activate more patients
(its->is) pretty stable so you can never say never but as far as these issues are concerned that were dealing with at the moment we think we have them
as a result of numerous factors including general economic conditions in hondas principal markets and foreign exchange rates between the japanese yen and us dollar
always with a question how can we grow in the base coverage but also how can we grow in the services around it and the services question
please note that the prepared remarks which will follow contain forwardlooking statements and management may make additional forwardlooking statements in response to your questions
as a result they made the decision to market imaging mass cytometry services using the hyperion and they launched with a number of new pharma contracts already in hand
as they work through some of those challenges associated with (the->*) those deals but were not going to break out with specificity as we did through the first 4 quarters nor do we with other deals that after we announce them
thats helpful and then a followup if i may on that question when you (decided->decide) to exit the mobile business in september of 15 you talked about reducing
we are determined to have a (closeknit->closenit) hardworking team that is brimming with positive energy and we will continue to make the necessary changes to ensure that everyone at our company is aligned with our values
there is a smaller piece of our business on the creative tools side we will be transitioning that in the first half of the year as we transition that we do expect to see gains in impressions offset by declines in price
we think its a real way that we can drive pricing over the medium term we did double the number of advertisers on the platform were still a young business with a lot of room to grow but (were->we are) excited by the progress in the quarter
i think you could probably calculate it based on the information you have but were not going to release that on a public basis anymore going forward
and we remain equally focused on making smart investments in our sales and customer service capabilities so on the s component if you will
i think were going to continue to see the balance that weve laid out longer term we would expect clearly to deliver revenue growth at or above the rate of our categories
allow us to drive stronger knee market share as we exit 2017 so i think you should kind of think about (a->our) rolling 4quarter knee growth and thats kind of the base we assume well improve upon
our (advantaged->addvantage) platform provides us with the potential to be among the fastestgrowing consumer companies with substantial margin upside and strong eps growth
pretty excited based on our history of launching nextgeneration power tools and understanding that upgrade cycle to see an acceleration in that business in the second half as we move away from the sampling stage
although as expected we have seen some slowdown in bookings toward the end of the quarter as our customers realign their product needs to meet market conditions
we remain committed to maintaining an investmentgrade position throughout the cycle and we should be in a position to pursue other smart growth opportunities as the recovery continues
our design win pipeline continues to expand driven by the introduction of innovative products designed to address (stringent->stingent) product application requirements
but those phones only do what the applications and software of the platform (tell it to do->tele2) and we continue to enhance those capabilities by adding new features and new capabilities
the underlying business has some really good momentum you cant really see it in the numbers because theres such a lag between our shipment numbers and our consumption numbers just based on
in the future quarters as i discussed before i have spent considerable time working with doug gaylor to see where we can improve
we also reduced overheads by leveraging (0based->zerobased) budgeting and other tools and were beginning to institutionalize our approach to cost management
our supply chain reinvention initiatives remain on track and (well->will) increasingly benefit from the upgraded infrastructure and capabilities that were putting in place around the world
the turn we are now seeing is due to a higher proportion of larger more complex projects and as such can drive a longer lag
these results reflect the solid execution of our transformation agenda first we further focused our portfolio in our advantaged snacks categories
the pricing climate remains very positive our customers are confident and our recent acquisitions have performed well so far
you can find a reconciliation of these nongaap financial measures and other related information (in->*) both our earnings release and at the end of our supplemental presentation
weve successfully navigated similarly aggressive markets in the past by remaining highly disciplined in our credit selection and industry composition
emerging markets grew double digits as we took a more balanced approach by reducing costs and stepping up investment in our brands and capabilities
is important to note that the factors negatively impacting second quarter shipments are contradicted by strong underlying demand trends
this increase was due to the acquisition of body plus (and->*) sonoma and partially offset by the timing of certain marketing expenses related to our innovation calendar
i think under very difficult circumstances our teams in illinois have done a very good job maximizing profitability and being efficient (*->in) servicing customers so
due to new product introductions and anticipated upgrades (and->or) enhancements in our other product lines as well as increased placements and promotions in our core small kitchen appliance business
so (we->weve) probably (are seeing->seen) to bring it down to this year weve seen kind of the turn and starts and turn in large public transportation demand
in sum were pleased with our overall financial performance in 2015 as well as with the excellent progress we made in the transformation
and the reality is that we still have investments to make as part of executing and building the supply chain capabilities to deliver on the 2018 targets we just talked about so
hello everyone and welcome to the call our business really came together towards the end of last year and im very proud of our team for working hard to deliver these results
that said we are pleased to see the turn in this indicator for our markets as well as the solid growth in our internal backlogs
(i mean->and) increasingly the funding is there to grow at faster rates that said i think when you have a portfolio as broad as ours across as many markets as were in and
we also have seen real uptake over the last x number of quarters from our new product portfolio (and->in) the investments we made over the years in 3d printing
increases the book value of assets acquired to an appraised fair market value level it is this writeup of assets that (generates->generate)
and so theyll be a vital part of our portfolio but they and of themselves are not products that will be introduced to the marketplace at least not
a strong increase in international sales and a modest increase in commercial sales during the quarter were more than offset by (lower than anticipated->lowerthananticipated) us consumer sales
in many cases we simply need to have a reasonable or as expected pace of shipment to jobs that have already started
so i think if you did second half its probably (*->the) equivalent (to->of) something like (4 to 8->48) just keeping in mind that july was
from your china operations now (and->in) memory you had a few years ago with the power ase but just how you see about how aggressive you want to be getting back
we also have hired 5 new (industry experienced->industryexperienced) sales reps and had a very strong first quarter of sales bookings that will lay the groundwork (of->for) strong future growth
i think our ops (team->teams) continue to work hard to really work on their (*->fish) operating efficiencies and its (obvious that->obviously) theyre protecting each other which is incredibly important
both on the private and the public side and i think our people are working really hard every day to improve our business so these are exciting times
which has the impact of reducing growth by roughly 1 as previously stated selling days generally do not have an impact on the performance of our capital businesses
trend in the storage business thats been going on for a while weve got to make sure we can get into (*->the)
compared to users from other platforms and overall snapchat users played the game for twice as long as users (acquired->acquared) anywhere else
but if we were going to look at some of the core products liquid hydrogen helium argon our growth rates are substantially higher in those areas and i think thats particularly important to us
we are about carefully evaluating the risk of investment investing and making sure we have good returns for our shareholders
increase customer satisfaction lower churn and decrease their operating expenses all by applying the insights that our cloud analytics deliver
we believe that what counts in the long term is the increase in per share value of our stock not the size of our company or growth rate
that at least theres some degree of clarity on this comment which is we still expect to see operating leverage improvements next year even with this additional technology spend
(cleaner->clean) energy and emerging market growth the jazan project in saudi arabia is a great example of how big these projects can be
however activity levels and revenue opportunities from those fids and the emerging international recovery are not expected to have a positive financial impact
we believe the progress being made in these areas will diversify vivitrols growth vivitrol operates in a fragmented system where each state is unique in how it activates to address the opioid crisis
and that phrase though happens to be very true but i want to give you some hard (cold->coal) facts about the natural gas story which is our single most important business
this decrease was primarily due to weakness in demand (in->and) the international products run rate business while domestic product revenues were flat as its channel partner strategy is stabilizing
and yearend sales commission accelerators the decrease in operating expenses compared to the (year ago->yearago) quarter predominantly reflects lower investment levels for prototypes
work to expand the product set that we have here or to electronify things that are done manually and that can be both in operations functions
(we have->weve) assembled a collection of commercial capabilities and infrastructure designed specifically to navigate these complex treatment systems and to operate in an evolving (healthcare->health care) environment
in spain we also (have->had) the best quarter ever with (a->*) very good production thanks in part to very good solar (radiation->aviation)
the wholesale business from gibson gibson has provided some sort of guidance range of ebitda that they expect from that business
and i believe (we have->weve) made significant progress in our deal governance as we continue forward with our intelligent edge solution growth strategies i will now turn the call back to joel
all of our compensation plan and all of our benefits that we have here and so i wouldnt expect anything else that we would do from your standpoint to be material but it might
(*->that) pad was originally scheduled as another single well test and were currently evaluating accelerating the timing of that pad as well as whether or not well make it a 2well pad
that pad is just (downdip->down dip) of where we map the pressure transition and would be a useful data point in extending the successful application of slickwater completions in area (2 that->*)
in the second quarter we won a number of new customers including the los angeles metro transportation authority the (slovenian->slovanian) railways and the public health agency of sweden
what we can do to strengthen the walls around the company and the monitoring and protection process inside the company were spending a tremendous amount more on infrastructure
related to the reimbursement of development expenses for (diroximel->duraxonal) fumarate as a reminder the pdufa date for (diroximel fumarate->duroximal fumorate) is expected to occur in the fourth quarter of this year
and then of course the volume depends on our capability depends on customers but it is a very very important program for st and we are very encouraged
before bill gets into the details on our results i just wanted to spend a few minutes on what we see as some of the really key takeaways from the second quarter performance
about taking keeping the good pieces of ccar and continuing to focus on how it can be made into a better tool
in addition comments may also include nongaap financial measures those measures are reconciled to the comparable gaap measures and are included in the press release and the earnings slide materials
we also won an expand order from the department of homeland security this was a direct result of the previous (investments->investment) we had made in governmentspecific (certifications->certification) and capabilities
but we also have some things that are very unique to what we are and to the kind of conversation that we can have when we sit across the table from clients
so far away or if i consider like your largest competitor (infineon->in fineon) in the power space going to 300 millimeter getting scale and scope
as well as the positive benefits as we leverage our axos platform by accelerating product development at lower incremental (costs->cost) and reduced time frames
use those as our current expectations and seek to drive change in various states and if that change takes hold well probably see accelerations in growth trends
net cost performance was unchanged as our productivity actions and the tsa income were roughly offset by higher maintenance (costs->cost) inflation
air products is doing well and you see that in the numbers and we continue to believe that air products by itself will continue to do well
this new addition to our giga family of products is off to a rapid ramp with nearly 200 customers placing orders prior to general availability
and its obviously just extraordinarily important relative to its outcomes for how we run the business and what we do with capital which is obviously a hugely important
thank you for taking time from your busy schedule to be on our call today we do appreciate your interest in air products
operations and things like that but also how we present ourselves to clients in the consulting community so we do have a year of consolidation work to do which is never easy in these businesses
which exceeded our expectations for the business primarily due to colder weather in western canada and (higher than anticipated->higherthananticipated) activity in the oilfield and construction businesses
were also looking into making things smoother and connecting our multiple our domestic and our global (collaterals->collateral) so clients can easily and seamlessly move collateral
we believe we have an important platform (that->to) drive longterm revenue growth pipeline expansion and profitability and i look forward to updating you as we deliver on our strategy throughout the rest of the year
we dont expect a material change in our anticipated full year production as a result of the schedule change we are still projecting (10000->100) to (11000->1100) boe per day of production
off of services margins in q4 and thats been a clear goal of ours since we figured out what were doing here as we look into next year
as (ive->i) said on the third quarter call weve undertaken a review of the company timed around the annual planning process with the goal of prioritizing opportunities to strengthen the firm
the client recognized the advantage of having (the->a) diagnostic tracer deployed with the proppant during the frac operation as opposed to traveling in a liquid phase within the frac fluid
the focus that we have is on continuing to build the quality of the businesses that we have and build adjacencies where we have
that much at all from a historical standpoint and we feel very good about continuing to build out the store footprint
and then well end the year with 14 mike do you want to talk about the airplane and what youve heard from boeing and other operators around the world
now keep in mind that this quarter alone excluding the east china integration we grew total transactions in china in the midteens
so most (*->of) our markets are very undersupplied i think the data just came out from that showed (that->the) consumer pricing plans
we are very pleased to present as we think (a->*) strong set of figures
this will continue to be a majority of the specialty coffee occasions in china and our business for the years to come
the impact of frappuccino decline and the store closures to support the antibias training is estimated to be 3 points of comp in the quarter
we have continued a rapid pace in advancing our lead alzheimers program and we have set out a clear path forward for success
our express solutions as ari mentioned we had one that sort of popped up and we closed down within a quarter and then thats really a delivery
in the grinding market we expanded our product portfolio to increase larger grinding media which opens up more sales opportunities for us
it seems that finally (a->the) settlement is not as unlikely as it used to be in the past
is it more of a governor that youre putting on (*->it) at this point and the demand is very strong youre just making sure youre going through it very methodically or is it something that
you called out some of the chinese cloud demand can you just give us a little bit more color into the leasing and the pipeline and
making sure that we make investors aware of there are some things out there that (everybodys->everybody is) speaking about that we cant predict what that does
that the newly implemented tax reform (rules->rule) and the recent rise in (the->*) interest rates have not had a significant impact on our business
(designed->design) product that resonates with buyers and stands out from the competition and promise an outstanding customer experience
on the balance sheet i can be relatively short we have a sound balance sheet with relatively constant metrics
upside potential bringing to the shareholders so both parties remain confident that this is an interesting transaction to go forward
answer talk a little bit about how you all buy your lumber and how you lock that in versus how you all are pricing the house
in other cases given the fact that some of our branches need to continue to mature to our target of
germany is the point where we have not been so pleased with the development especially stemming from the
have to be keenly aware of the side (effects->effect) on the oral (*->side) are you hearing any kind of feedback where
(*->the) bookings for the group was up 50 versus last year and i think thats just giving a broad amount of indication for just how strong this is
unit margins in our chemical segment were up compared to the third quarter of 2017 on higher prices for tofa tofa derivatives and other highvalue products
the business outlook is subject to a number of risk factors as the format of this mornings presentation does not permit a full discussion of these risk factors
that the merger (represents->represent) a highly compelling opportunity for companies and their shareholders
as the american saying goes put your money where your mouth is and i think this is increasingly what we need to do
we will not be making an adjustment for (mainly loss->many lost) volume we dont think thatd be appropriate but well certainly be able to quantify the effects of
and are excited about our express solutions which have the ability to drive a true saas model and accelerate our (timeline->time line) to profitability
so that they kind of can accelerate their growth but i think with the obviously theres a great leveraging effect
with fuel hedge losses significantly below where they were last year (and->in) the second half of (the of->*) this year
having said that there are still times when facilities can lie idle for short periods of time and this has been addressed by running the business
(communications->communication) tower at our aurora (i->one) location during the quarter and we will be offering the first oncampus wireless access to customers
another (questioner->question or) asked about ultimately how productive these branches could get in terms of (the->*) servicing
as gary mentioned our construction team (continued->continues) to do an outstanding job delivering capacity to support our sales team
what you think a proper set of disclosures would look like or a better way to kind of communicate to the market how good of a business that is for you
yet over the long term the focus we put on the quality of our coffee the passion of our partners beautiful third place environments
it was an excellent opportunity for us to provide the staff additional insight into and context for our work
in our data centers we focused on (lowresiliency->low resiliency) solutions that enabled us to get even higher (yields->yield) on some of the assets that were deploying weve done
and the question then becomes well do we replace that technology spend that was for the new reservation system and put that money to something else so thats
if youre talking about the new store growth and when you look at our new stores we track very closely how the new stores perform
we think that the price increases that we put forward which are more modest price increases will all generally stick
(*->with) subcontractors and the vendors and constantly developing a strong bench strength that allows our
the majority of (erico->aercos) sales are into commercial vertical which continued to deliver growth in the quarter although the rate of growth is moderating
theres only one area of our particular portfolio right now thats unusual versus prior trends and (id->i) call (it->that) the strengthening dollar
furthermore since our product has a different route of administration than oral aricept the agency staff indicated an openness
these have all been big hits in early testing and we are excited to expand these offerings to more customers this quarter
that we will need to generate during this year will be coming from the order intake from now on so of course
if the contractual objection periods expire without any claim the underlying provisions
tammy will explain further but i did want to offer some commentary on our capacity forecast its being updated today
by these issues that youve seen in terms of (the->*) paving markets in latin america and then the outages
they (worked->work) exceptionally hard to learn and use a totally new system it has been very hard work
the impact of tariffs in china and specifically the general effects of tariff on demand in china relative to global demand overall
and very strong belief in the growth (plans->plan) and the strategy that weve built for the market going forward
we have made a provision that although butadiene is showing some signs of weakening of late the forecast does assume
overall if we are successful on this transformation road map we expect very positive changes in our financial results
this safe harbor language applies to the presentation and all comments to be made today i would also like to mention that (*->the)
the delivery opportunity has enabled a different yet not unusual competitive retail environment in china
but we really havent pushed from a marketing standpoint the usage as we develop more and more tools and we gather more and more data
of just basically not being able to run the martinez refinery when it was in the final stages of turnaround and the work stoppage occurred
(*->unemployment) rate in the west coast across the states continues to be very favorable to having a lot of people working it has
john will provide more details on our clinical development strategy intended to extract the full clinical and business potential of our lead program
distribution strategy in the ia channel which will become even more important and a more important distinguishing factor as we go forward so
all of this is (a->*) material although this is a material adjustment to the (projects->project) it is our opinion that the outcome of the discussions we are having
i also believe that the actions we have taken have materially reduced our risk profile going forward now ill turn the call over to scott
many of which are more dependent on driving efficiencies and expanding into new products and new markets than they are on underlying market growth
the current quarter net investment spread results included returns on noncoupon investments and prepayment fees slightly above our average expectations
following my remarks john will be sharing some data we presented at asco the american society for clinical oncology meeting
certain costs below segment income need to be normalized to align with the postspin spx corporate expense includes costs for individuals and other expenditures
amidst weaker macroeconomic data we continue to view these targets as reasonable based on the progress were seeing in our operational initiatives
for (a->*) reconciliation of such measures to the comparable gaap measures and a discussion of factors that could cause actual results to differ materially from those in the forwardlooking statements
were adding new products and new technologies in (this->the) business that gives us even more confidence in it so its really going to be a volume play on a goforward basis and they are at
and partly due to the way in which we sell it which is needsbased selling through the lps and the lcs but we have seen some increased competition in the bank channel
(helped->help) us focus on initiatives that will move the business forward and created an overall stronger sense of collaboration we have a clear road map built to pursue projects that matter most
reflecting a 4 increase in our variable annuity average separate account values and the ongoing benefit from the annual assumption updates last quarter
and so thats how were thinking about it as well and well be considering those as we possibly move forward one thing to add is that we also have legal options
the multifamily segment will continue to grow but we expect a deceleration in the rate of growth as compared to the last few years
the growth of both revenue margin (will make an->while making) investments in our business (and->*) demonstrates the disciplined approach we set out 2 years ago
our los angeles refinery down for planned maintenance and we had some unplanned maintenance in the early part of the quarter there was a continuation from
this is the way we manage the business and we believe this provides the best transparency to investors about our ability to drive value across the portfolio
i do believe we have the right team i do believe we have the right strategy and we are very focused on managing this very tightly
we intend to invest in the highest return opportunities available to us including strategic bolton acquisitions into our growth platforms
but we were able to offset this with stronger realized volumes on our (midsaskatchewan->mitsatchewan) pipeline system and higher revenues from increased midstream marketing activities
(*->and) the more opportunities arise on the loan and securitization front those would be opportunities that i dont think we would want to constrain ourselves
and if you were to review industry assessments for commercial markets today you would find a wide variance in expectations
this trend has not continued into october as we would estimate book value currently as being higher by a few cents quartertodate
we are excited to move these programs into the clinic to test their effectiveness in stimulating antitumor immune responses in patients
we have reached a point where the situation became much clearer with respect to the likely outcome around cost recovery options
however even in light of the weak commodity price environment transportation volumes have remained relatively consistent compared with last years second quarter
in thinking about our earnings pattern i would note that in recent years many of our businesses have had higherthanaverage expenses in the fourth quarter
and go to the investor section and from there go to the (presentations->presentation) section
im thrilled that he has accepted our offer and i look forward to working with him along (with->*) the rest of our board
i frankly do not know i can make guesses but i wouldnt want to make a guess but i think the government has chosen that this is the most (opportune->official) moment to announce and (they->we) have announced it
id say overall were seeing nice improvement in our business on the margin side we do think that the large project
we wish to caution you that such statements reflect only the companys current (expectations->expectation) and that actual events or results may differ materially
of that business and the connections with logistics for us is how we (are->were) able to take and distribute the product
similarly while hurricane michael heavily affected parts of florida and other coastal states our claims impact was again less than anticipated
how many of them actually get impacted by this regulation thats one and what is this concept of new (trucks->truck) which is required
we have a safe and strong team in place committed to our vision to make the world safer and secure the places where people thrive
we had many discrete items that significantly impacted and reduced our income tax rate during the quarter including a lower taxable gain on disposition
we closed the acquisition of great northern midstream in january and expect to offer it to tllp for acquisition in the second half of this year
whether as a result of new information future events or otherwise except as required by law we expressly disclaim any obligation
it would be appropriate for compugen to have a new chairperson on board to guide the next chapter of our corporate growth
to calculate tech salaries based on a tailored combination of attributes to help employers set budgets recruit for candidates and offer pay (aligned with->alignment) experience
project is complete and we are in the permitting process and it is now that is out for public comment
this strong performance was particularly evident in our denmark terminals where we experienced (higher->high) utilization rates storage fees and activity levels
(since->*) safe school initiatives and the need for school security upgrade is evident when you review state (legislative->legislated) priorities
and we are starting to hand over some of the units to tenants for internal fitout and we target to open the tower portion for operations by the end of the year
there has been no impact at all (and->*) we do not expect any impact that is where we use canadian crude oil today
in the power generation component of our power segment we will continue to be focused on reducing our (costs->cost) to be aligned with market demand
this presents compugen with a unique opportunity to generate value by developing differentiated and novel assets
greater stability to our earnings during the times of inherent housing market volatility and we are starting to see positive results
unfortunately markets like drc and zimbabwe continue to be a drag on the portfolio given the prevailing macro conditions
and we give up some of the upside on gas and because our skew (was->is) more to the downside on gas were willing to give that upside away
and is stable in the private label so i would say that the strategy of the group is driven by
hugely cautious on (the->*) one hand and also rigorous when it comes to (presenting->preventing) projects that are
south africas biggest and most loved cereal brand continues to perform pricing and promotional activity has and continues to be carefully managed for (profits->profit)
segments where we had utilization for patients with renal insufficiency but as we move forward i would expect that the mix is going to change substantially
we have to find additional ways to think about contracting with customers and working with customers differently than the way in which you do today
we have a little bit of flexibility around it but thats why were out right now trying to run some of these rfps because we want to get out in front of this so we could (*->see)
the investment in 2017 was exceptionally low because of the major deflation in soft commodities during that period as well as imports
by focusing on a (shopperpreferred->shopper preferred) assortment store shelves will soon feature our most popular products and sizes based on consumer insight
is it something about the competitiveness of your (bread->bridge) the pricing architecture why do you think that it hasnt gained the traction or at least
every owner of commercial real estate understands that a significant component of their annual expenses include property taxes
in fact our research suggests that all of those assets are either in commercial operations already or theyre in testing mode ready to be released
in the cases where someone is very straightforward from (a->an) insurance coverage perspective like an aetna
great well look thanks everybody very much for your interest thanks for spending the time listening to us and talking with us and thanks very much for the questions
business development continues to be a priority and we are committed to finding the best external science to enrich our pipeline and portfolio
(is->*) were (*->its) very comparable to sales like division by division and focus more on creating that natural hedge within the business unit
and we want to keep our capital structure as straightforward and simple as possible of course we always retain the flexibility to do a project financing
you asked about what would be the second publication and there will be a number of publications that will come out of the study
between the last year and this years performance on numbers of (registered actives->registereds) it is actually stable now versus last year
the discovery of the instances of unauthorized usage continues to create opportunities for reis compliance team to engage in productive conversations
rewarding shareholders and making the investments necessary to sustain and expand upon our competitive position for the long term
at what point in time does management start back up the stock buyback with these type of cash flows looking
inventory this quarter increased slightly in both value and days and you should expect going forward that the inventory will remain
with a broad and deep clinical program that continues to grow and continues to generate positive monotherapy and combination data
a significant gain in our renewal rates and strong yearoveryear growth in both deferred revenue and aggregate revenue under contract
the company remains active in protecting its intellectual property by pursuing firms and individuals who had previously gained unauthorized access to our services
incorporated into the existing filing for (keynote010->keynote 10) we have seen the agency (moving->move in) that way before but
specifically july 2018 wind production at the peak hour was right around the average wind production at the peak hour over the last 3 years in july
todays call will include my comments on reis financial and operational results i will then ask mark to review our financial performance
we do everything we can in our marketing efforts to facilitate the (pull through->pullthrough) there as well but it really is driven by the economics
the increase was primarily due to an increase in compensation legal and other expenses supporting operational growth (for->*)
in a tumor type that was previously believed to be refractory that is where immunooncology would provide no benefit theres clear evidence there could be some
its a 19 issue i think its a good issue to have we can manage it and we could actually push more into 20 if we wanted to
and what opportunities do we see there to reach the targets of 2017 this was presented in the strategic plan and
so far the impact of the latter 2 (is being->has been) negligible and we are optimistic that the (formal->former) will yield margin relief in the second half
we expect that maize juice and cereals will sustain an improved performance (off a->of the) sound base established in the first half of the year
so i just want to make sure i fully understand (it->this) so obviously sales force productivity driving incremental subscriptions and then obviously the continued
and the following question is related to the volumes of gas trading
the trading environment in which essential foods operates was characterized by deflationary dynamics across all product categories
strong volume recovery generated top line growth in core categories and translated into market share gains for some of our (market leading->marketleading) brands
in anticipation of ingesting later this year all commercial properties that fall outside of our traditional coverage and metro boundaries
the company cautions listeners that any such forwardlooking statements are based on assumptions that the company believes are reasonable but are subject to a wide range of risks
and jim (mckinney kempers->ckenney kemper) senior vice president and chief financial officer we will make (the->a few) opening remarks to provide context around our first quarter results
obligation being denominated in euro versus us dollar we do need to (mark to market->marktomarket) that adjustment
relates to is the irs allows you for orphan drug clinical (trials->trial) so if you have a drug that has a
and we will continue to invest in our claims team there with additional training and as they season in a little more with the organization
our investments in developing more granular property databases have already paid dividends and will continue to do so in a more expansive way
if we were comparing performance today to our original guidance issued in november of last year the beat would be significantly greater
(currently->how do you) think about something different except for working with the levers i mentioned so that this can take place naturally
such forwardlooking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected or implied
the number of patients that now come into that practice (of->and) the physician who wants to put on eversense accelerates even more
given the tight reserve margins we expect through at least summer 2020 we believe this backwardation will reverse at some point in the future
yes we didnt but its not as we said earlier the first use of cash will always be to pay down debt
the second question why during the first quarter we have had a drop above in hydro production
some of its august 2018 and summer 2019 (length->linked) in the spring when the forward curve ran up and was higher than our fundamental point of view
for the full procedure so (allin->all in) its going to take at least 90 days to get them certified just because of the duration of the sensor
summing up (*->the) transformation were pursuing in our culture and in our operations should result in a meaningful and favorable transformation in outcomes for our company and shareholders
this is an area of continuous focus and improvement however we expect to see positive contribution from these and other activities to both our cost and quality of service this year
over a continuous period so i would say the overwhelming majority of the upside is to come and we havent even scratched the surface of
based on this forecast current industry trends and our continuing market content improvement we are excited to expand our pursuit to continue to bring highquality differentiated products and services
remain committed to our aggressive costreduction targets and (are->*) on (*->our) track with them and after reducing debt we also expect to accelerate share repurchases in the back half of the year
and delivering efficiency to our partners and we now have most of the essential pieces of the puzzle in place to deliver on the unique product opportunity
weve also worked hard and executed on our initiatives to improve the balance sheet and weve made difficult decisions relating to products customers associates and locations
on (zoopla->zopla) we launched our innovative move planner recently which helps consumers managing manage everything related to their move in one place
but really sort of as youre thinking about bigpicture ideas and where our business is going what the business drivers are it really is going to be snap ads (and->in) the auction for the foreseeable future
we have successfully delivered multiple projects in sports (outofhome->auto home) and spectaculars we (continued->continue) to see growth in our transportation segment in our international business
approximately 60 of these new investments were to incumbent borrowers and more than half of these investments were in first lien secured positions
very simply if no other action is taken by a bdc other than adopting the change in the asset coverage ratio the probability of default for all of our lenders decreases
michael will provide more color on our recent investment activity later in the call but we remain vigilant in an admittedly tough market with a focus on companies with the strongest fundamentals
we plan to continue to invest in our suite of multiple resolution products for our different applications for both indoor and outdoor use
that we so urgently need in our culture in order to win in the field of smart devices but honestly spoken also in all other segments of our business
but we should not forget that these acquisitions are bringing what these acquisitions are bringing beside the pure business opportunity and this is an immediate effect
we believe that our ability to attract and retain customers comes (in->*) from our ongoing commitment to understanding our customers business performance requirements and further
we are committed to growing the business of our key suppliers and partnering with them to ensure that they achieve their volume and profitability objectives
though we are in the early stages of executing these multiyear plans i am energized by the engagement of our associates and the alignment we have on executing (the->this) strategy
so we will see some of them come down over the next couple of years but we are in that phase of putting the enterprise platform in place and we are not going to skimp on that were going to do the right things
when does it return to growth i think its ongoing as we talk we have to see that one of the big inhalers
we also rolled out pixel custom audiences in december which allows advertisers to reach audiences based on actions such as visiting their site
and when you buy a very large portfolio at a discount to nav and you hold it through a rising multiple environment you find yourself in a good position to exit and generate gains which is what weve done but
(them->the) especially the ones that were not in the pipeline when we acquired (sensile->sensun) but there are a couple of very interesting projects we are actually discussing at the moment
the trends well clearly the second quarter growth is also affected by the different timing of the easter
and (we are->were) still working with them on the diagnosis and analysis of whats going to be the final action plan hopefully (well->we will) have something
future problems as a result of the liquid market and the amount of (competitions->competition thats) out there i think thats an important point that people dont pick up on and i appreciate that question
we believe that we are taking appropriate preventative measures to deliver to our customers the quality experience we promised by deploying various (directive action->corrective actions)
so thats part of the plan as well and thats been very very well received and the cryogenic plant at (pilsworth->pellsworth) should be coming online towards the end of this year
at the same time (we will->well) continue to invest in growth across the group in a manner thats consistent with our risk appetite
and we make no obligation to update our disclosures for more information about factors that may cause actual results to differ materially from forwardlooking statements
and aside from this there was we have booked in full in july the cost (*->of) unwinding the interest rate hedge associated with this loan
i think (dietmar->debar) you just touched upon it there but this wasnt something i had in my memory for a reason for poor margins in the past so can you just talk about some of these quality issues and
i think its fair to say as always (its->theres) been an awful lot going on since we last saw you and im delighted to (better->be able to) share some of that with you today and also to take you through some of the numbers in a bit more detail
this lower leverage allowed us to reduce interest expense and provides increased financial flexibility to invest more aggressively to drive accelerated growth
what do you see as the lag effect for your business to recover and is your operating leverage in any way diminished by the costout actions (youve taken->you take)
which ramps up in the late first quarter and second quarter and statistics in 2017 are very consistent with those levels in 2016 with the expected retail demand levels
at times in our prepared comments or in response to questions we may offer additional metrics to provide greater insight to our business or our quarterly and annual results
ill start with our corporate results on slide 5 overall sales revenue decreased primarily due to lower selling prices particularly in chemical (intermediates->intermediate)
its not just the way the business is run but also (how->high) risk is managed and mitigated across the group
for your questions microphones are available and it would be very helpful if you gave your name and the name of the organization youre representing
the geopolitical tensions and this increasing us dollar are all bad macro forces for us in that sense in terms of what were facing
we have to switch the (charts no->chance) lets have a look into the operations we had a very good start
and as we initially put on wells that are more remote were trucking a lot of water as we build out have larger pads we get more and more thats put on pipe
and were making (the->*) most of the trend towards more commercial and industrial customers wanting to contract for the medium and indeed the longer (term->*)
look at these loans that weve acquired and that weve marked were trying to do a scrub right now and just see what the longterm fit is of some of these clients because if were going to exit
our consumers are doing more than ever before on our platforms and our partners are using more products and buying more services from us than ever before
additionally our geographic expansion initiatives and those of our customers will allow us to continue to fully support our customers with additional valueadded products and services
that you reached last night to other to the rest of the shareholders we have material change reports i think michael that need to be filed and so as we make sure were
the ebitda what you would call you could say that the drag is what the savings is so were not going to get the drag
it will mean we give our members new ways to find meeting leaders and others like themselves by life stage goal or location for instance
thats not rooted in science thats not been thoughtfully addressed on all issues so thats the most important thing
our mission is to go deeper than we do today and provide members with a deeply human and personal experience and one that truly meets them where they are
profitability as well as revenue growth and (will->well) continue to do so (and->*) you see that were investing in marketing dollars and were investing
in addition to our branding evolution to achieve the impact we want to have in the world our purpose must guide everything we do
its been a very difficult (*->or very difficult) work to combine our operations and our thinking in support of one company
that drive this industry and as we added thermoplay and (priamus->pramis) into the mix in the last few months
and weve delivered 4 consecutive years of strong free cash flow performance which weve sustained in the first half
while managing challenging conditions in some of our markets let me share the highlights of our first half performance with you
we want to become their partner of choice a partner to help them inspire them and to be part of their journey to lead healthier lives
from marketing to tech and digital product capabilities nick will go into further detail on our financial performance shortly
as most of you know besis business is seasonal with revenue and orders typically building in the first half of the year
well in certain logic but still not across the board only in very specific applications
a lot of focus on building that organizational capability we think its showing up in key categories we think its allowing us to attract a higher price point
so its a factor but something that i think all the people around the table here are quite willing to handle and deal with as are the dealers
now that all our retail banners have implemented the same financial system we will be moving to the straightline method for all our depreciable assets
our productivity program is on track and has enabled us to upweight investment in our brands and continue to expand margins
we are more consumercentric more efficient and more agile which is enabling us to deliver consistent performance
the world doesnt need another diet the world needs a leader in wellness and a brand that can bring wellness to everyone not just a few
im pleased with our progress in this half and im confident we remain on track to deliver our guidance of midsingledigit top line growth
that we would do for our brand and for members and for individuals especially that population
activity and prompt and what we can offer will be something that we will do with multiple partners and were
as a first move we have just announced (the->a) partnership with fresh realm the leading challenger brand in the fresh foods market
and that may also lead to further market share gains in the automotive as indicated in the comments
were not quite there yet i think that theres going to be challenges for the next couple of quarters as we continue to work on them
barnes group experienced a challenging third quarter as overall macroeconomic conditions put pressure on some of the end markets we serve
and we are working closely with our customer to evaluate that option we expect to have a better view of this in the fourth quarter
with growth in operating profit being offset by a oneoff tax payment and increase of maturing stock within working capital
we also have the capability and responsibility to make communities healthier by making healthy habits accessible to all
we will invest in research areas that bring health and wellness benefits that cant be measured only on the scale
this year we have experienced growing pains in a few of our plants where higher sales growth rates have increased capacity utilization
(*->for) the remainder of my comments im going to speak to the midpoint of our full year eps range and on a constant currency basis
but we need to be more aggressive although im pleased with the performance in 17 i think we could have set the bar higher and acquired more aggressively
the more (engaged->engage) the customer base the more data you have the easier that is to do so thats the journey were on weve got an amazing set of tools with
for those who accept the offer there will be a payout in december of 2015 which will be made out of existing plan assets
looking forward i see more opportunities to improve roic by further enhancing our approach to allocating capital among our businesses
again there are different i would rather not go and quantify the oem numbers because theres very high sensitivity on
in asia pacific lower volumes were caused mainly by india as i mentioned the popular segment there is in decline
as you look out 3plus years do you see meaningful opportunity for consolidation in the industry or rather is it the case that
for 55 years weight watchers has inspired people to come together and begin a journey of positive lasting change
we are doing this by making progress against our strategy to increase our spirits participation in emerging markets
and youll and so i think its better for us to hold on at this point on full year guidance but as i said in my prepared remarks
all grew double digits in q4 in both online and meetings with particular outperformance from online
online growth will continue to accelerate but having said that were also investing a lot in our meeting experiences
that we (cannot->can not) only have that in that distribution but in other distribution that (make->makes) sense for us
you may now disconnect
now let me take a few moments to discuss some of our strategic initiatives in the current market environment
in the end as we execute as expected in 2018 and 2019 we can move on a number of capital allocation fronts
the technology is so specific that the industry does not lend itself to meaningful consolidation
we all know that the first quarter is a great time to engage people in losing weight and getting healthier in the new year
and we think that the style and design that were bringing to market is extremely relevant for active families and lastly maybe a little bit
during our call we will be referring to the earnings release supplement slides which are also posted on our website
we were glad that so many of you could join us (by->via) webcast and what a special moment it was to be joined on stage by oprah (winfrey->whim freight)
the consistency of the performance we are delivering and the momentum we have in all 4 measures of our progress
we get to know what they want and were able to curate the assortments within the applicable banners that the customer will want so
productivity focus and cash generation will allow us to continue to invest in valueenhancing growth opportunities
we are utilizing these insights to participate in the right occasions with the right brands at the right price
we used catalyst to plan and allocate our marketing spend across markets and brands at the beginning of the year and now marketeers are using (catalyst->catalysts) in their daytoday roles to continuously optimize their spend based on the most current data
although the customer outage has affected our sales and margins this year our strategy is unchanged we are focused on delivering value to our customers in the most demanding fcc applications
whiskey is the most preferred spirit among high net worth individuals and this trend is accelerating theres been a boom in whiskeyled bars nationwide with more than 300 bars in china now
we have been continuing to invest as i mentioned in things like more video sharing (and->in) people being able to form their own communities we know how important that is so you will continue to see an evolution
operating as one company supported by the strength of our own brands portfolio loyalty program reinvented credit card and enhanced digital capabilities is critical to our longterm success and will remain our focus for the year coming up
we will discuss certain nongaap financial measures which are described in more detail in this mornings earnings release and on our website at gracecom reconciliations to the most directly comparable gaap financial measures
but as we share with many of you and you can find that on our quarterly presentation we are always introducing new features on our existing machines either
more and more to (*->be) integrating the different banners and thats now manifesting itself from a loyalty side could you (guys->just) help us understand a little bit more in terms of what your plans might look like beyond simply being able to earn
(*->to) more sophisticated random and impact copolymers our licensing pipeline is healthy and growing with more than 10 opportunities expected to reach decision points in the next 6 to 9 months
reduced overheads were the big driver of our margin improvement our productivity initiatives (focus->focused) on tight management of every line item within overheads and our actions to reduce these costs delivered strongly in this half
best catalyst technology and that creates an (anonymous->enormous) amount of value for them and we capture some of that value we expect those customers to be positives for our margins going forward
but really moving the brand forward in terms of its appeal and having an assortment that accommodates that so in terms of can the rest of the company help yes i mean when you look at the plans we have for our loyalty program (*->and)
at retailers such as cvs and walgreens we also recently announced a new partner for the brand in several home fragrance categories (and1->and one) continues to be a key performer
and were delivering more improved marketing efficiencies these efficiencies were broadbased across regions and were delivered by continuing to work with our agencies and our suppliers more efficiently and effectively
in december we announced that we surpassed a year early our target to collect 5 million pledges to never drink and drive by activating (join the pact->jointhepact) campaigns in over 40 countries
on october 1 we closed our acquisition of (priamus->primus) system technologies (priamus->primus) is a technology leader in the development of advanced process control systems for the plastic injection molding industry
elsewhere windsor net sales declined double digit as it continued to suffer from the category decline in korea and old (parr->par) performance was impacted by the tax regulation changes in colombia that i mentioned earlier
we have strong plans for the second half as the upweight of marketing investment against proven brand plans continues plans which have been driving improvement in brand equity and category share gains
their teams are focused on driving sales too so its a series of things all playing a role with (the->a) commitment internally here with our senior teams to actively manage performance to set monitor and course correct
weve done this with a shift from a seeding model with presence in 3 cities to national presence and also expanding from trendleading accounts into the broader premium accounts universe
in scotch momentum on johnnie walker our flagship scotch brand and primary scotch has continued while performance on some of our other scotch brands was impacted by challenging conditions in a few markets
barnes group does generate meaningful revenues from volkswagen however more than half our revenues from them are not dependent upon the engine platform as most of our products are employed to produce auto body parts
immediate actions include doubling our focus on productivity initiatives accelerating our efforts on key development projects and leveraging the combined purchasing power of our collective business to name but a few
think that youd see organic growth maybe in the first half of next year based on the trends that youve seen so far and what you anticipate for q4 as i look out into 2016 (id->i) still remain bullish in terms of
some of these units will be large and are being built to produce petrochemical feedstocks similar to the units we began supplying in q2 we have a solid position in this highvalue product segment
the developing softness within our industrial segment i referred to during last quarters call continued into the third quarter increasing its effect on our businesses and tempering our outlook for the remainder of the year
in china the biggest spirits market globally penetration of international spirits and scotch remains low the prospects for scotch in china are bright with favorable demographics and rising incomes
in 2018 all the banners will continue to collaborate to improve all aspects of our operations moving from a banner view of operating effectiveness to a (one company->onecompany) framework where the benefits will be larger and accrue faster
and this idea of really being authoritative around what (connotates->conitates) a healthy kitchen is an area from a very broad (crosssection->crossection) of product point of view that we think is an opportunity
today healthy is the new skinny increasingly people who join weight watchers are interested in something more than getting into a size (8 jean->18) they want to feel healthy and happy at every size
basic eps increased 36 due to the balance sheet remeasurement of our us deferred tax liabilities as a result of the headline rate reduction resulting in an exceptional tax credit
so there are certain features which have been introduced last year some of those processes can be improved so thats why we had a substantial amount
frankly a great year but not an end (state->stake) as we still have our sights on continued improvement with a new leg of operational efficiency programs targeting some key areas like it and supply chain
we have embedded productivity in the mexican business to drive out (costs->cost) to invest in growth this has resulted in savings being delivered across the 5 productivity work streams
the brand of the future have purpose (bringing->bring) meaning to people and are integrated through technology into peoples lives thats what i see in weight watchers and its why i joined this amazing company
thank you peter and good morning to everyone joining us on the call its been a productive first half of the year with a lot of activity underway as we continue to execute against our strategy to drive organic growth
this renewed and extended commitment from these leading institutions and the additional flexibility under the credit (agreement->agreements) provide a great runway for the company to continue to pursue its longterm growth strategy
candidates on both sides of the presidential contest this year spent far less than their 2012 predecessors in addition neither political party spent any significant money supporting their nominee with advertising and many of the super (pacs->packs) skipped the race entirely
as has been our norm id like to begin with an overview of our financial results for the quarter and then discuss markets and strategy then ill turn the call over to vikram (jog->joe) our cfo for a more detailed financial review before offering closing remarks and taking questions
for it to stop being dynamic ie at what point do you think okay we can draw a line under this its not going to increase (anymore->any more) or is there a risk that as we get through 18 or 19 you say well actually 20 is a bit worse
the second component of our success is teaming with the right partners we have customers that are experts in the areas where they operate are diversified and are financially strong such that they can manage and maintain activities throughout cycles
accuracy is very critical for these customers and the communications is important to make sure that our customers have reliable systems so my view is that electric vehicles were going to continue to grow because theyre
to maintain advertising levels and bring back a portion of the core advertising that moved to the sidelines in anticipation of strong political displacement the big news of course is political
with the information that they have and their kind of their data (and->*) capability and sit down and bring those together and figure out how do we bring more overall both services to
(*->so) barrett this is steve i think (johnson->jonsin) county has got a lot of opportunity for not only refrac but for new location drills and if you look at some of the other assets that have been sold recently in the barnett
another key topic at our capital markets day was our rewire program the restructuring and addressing significant change to rollsroyce across structure across process
we are diversifying our revenue profile which is helping to lower variability and we continue to execute on our manufacturing transformation and costreduction initiatives which enable us to continue driving profitability and free cash flow growth
these projects will also provide incremental cash flow for 2016 as we look ahead our diversified portfolio of midstream assets and multiple key resource plays provides a strong footprint to continue delivering longterm growth
the yearoveryear decrease was driven by both (products->product) and service and the sequential decrease was driven by lower consumables a significant portion of our consumables revenue is tied to a small number of customers
ultra has also commented recently on test results from the companys horizontal drilling program which could further extend the life of the field and potentially the utilization of our pipeline for liquids gathering
(and shneur->qneur) the only thing i would add to that is it really is kind of a tension between were already there and so we dont have to do things but the positive of that is because were there we do have synergy we do have opportunities
that the development itself is the scale of the development is pretty impressive and (youll->you) start to see the results that our producers are seeing out there (it->*) seems like every quarter theyre upgrading their (tight->type) curves and theyre showing a much better
we are capitalizing on increased content opportunities in infotainment safety and battery management systems and winning designs by providing highperformance products to a broad range of customers
however this improvement process is proving to take more time to implement than we anticipated and it is also evident that some more time will be required before we can see the benefit of (*->it)
leading producers in the stack are testing spacing profiles in the multiple landing zones of the meramec and woodford formations as well as evaluating the osage oswego and sycamore formations
this receivables management work of automating and outsourcing workflow innovation and solutions (or->for) efficiency and effectiveness fits right in our sweet spot
in addition to our strong print leadership we (continued->continue) to invest in our brand in digital technology (and->in) extending our sales channel reach and in improving our infrastructure
looking ahead to the december quarter we expect communications and data center to be down with strength in data center optical more than offset by declines in communications infrastructure and legacy products
we have a social media campaign underway with a powerful group of authentic influencers to drive awareness and engagement for the brand international expansion is a key priority to grow the brand
we are pleased to see mass cytometry taking a prominent role in informing the development of new immunotherapies it is still early days however these results offer additional steps forward (toward->towards) utilizing the power of t cell therapies to save lives
likewise we expected expensive races for governor in places like indiana north carolina and west virginia as well as continued healthy spending in the house state and local races and potentially even some controversial and expensive ballot fight
we have grown content in (peripherals->peripheral) and wearables we have content in most of the advanced (smartwatch->smartwash) brands on the market we have a small but growing product platform in gaming systems
maintaining a strong balance sheet is a priority for us and we are pleased with the recent recognition from moodys with their upgrade of our corporate family rating from ba2 to ba1 and the affirmation of a stable outlook
we are on track to launch a fragrance and color cosmetics line later this year and (hair and skin care->heron skincare) in 2019 joes continues to show strength domestically as well as internationally
on the positive side from our perspective these forces have opened up a buying opportunity with the announcement of this new share buyback program we intend to walk the walk and not just talk the talk
as youve heard from some of our peers already many if not most of the contentious senate and governor races seem to significantly cool off just as fourth quarter began and even lower races did not bring out as much spending as expected
we anticipate that marketing solutions and other services revenue which is primarily fraud and securities offers for this segment to be about 10 of direct checks revenue
we want to realize their full potential we understand that were not going to do that alone and are looking for partners on all those products that bring functional capabilities disease expertise geographic depth
we do have a feel for what that process will look like and who the potential buyers are there are a few (*->a) handful of operators who are trying to enter the barnett they see it as an opportunity for a place to develop
and our safety results demonstrate this commitment and im very pleased with the progress that the company has made in the last 3 years
we expect products to end the year slightly below its budget and that there the positive impact of double eagle pipeline which was acquired in the (hiland->highland) acquisition
this was primarily driven by higher maintenance costs due to customer planned maintenance outages more than offsetting our take the lead cost reduction (programs->program)
compared to the (year ago->yearago) quarter the decrease was primarily driven by the deployment of additional resources and the incurrence of additional costs
we remain committed and confident in our ability to deliver on our cost savings and our eps commitments
and there were many additional examples of our continued transformation to a cloud software platform systems and services company
not worse not substantially better from today but looking very much like where we are thats the way were just internally thinking about (it->*)
were still maintaining where we were in terms of demand for co2 but we did not need to ramp up as quickly and thats mostly
but i thought it would be interesting to give you some actual factual detail on whats really happening on both the demand and supply side of the natural gas story
from the value that we had it on our balance sheet at march 31 we told you we would work towards monetizing our private portfolio if the prices were right
very aggressive when we go out and we want to be realistic so 2 to 4 looks extremely good and kind of
the other certain items of any significance the fair value amortization and the marktomarket we see those in most quarters and weve discussed them in the past
until we see additional demand the additional production that we got from the first 6 wells or so was enough to take care of what we think we need so
as weve said before with whats happened in energy over the last 12 months the coverage we projected last year (and->in) the consolidation transaction has taken a substantial hit
decision on the dividend relative to the buyback i guess im just kind of curious how you guys think about sort of the value proposition of the shares currently
we will continue to look for opportunities to monetize our portfolio investments in transactions that we believe are in the best interest of our shareholders
yes we are looking at sometimes kind of making a wholesale deal with people in terms of acquiring many plants (rather->other) than just 1 or 2 plants
driven primarily by incremental volumes from (canwest->canlac) higher retail volumes driven by colder weather and organic growth and higher wholesale volumes related
at this point again i want to thank all of the employees of air products for their continued hard work and commitment
before we begin i want to remind you that in this call (well->we) refer to forwardlooking statements which include all statements we make about our future financial and operating performance
is anticipated to be consistent to modestly lower than 2017 primarily due to the anticipated impact of increases in electricity mill rate
on interest incremental interest associated with the (hiland->highland) transaction is more than offset by lower balance and lower rates
but as i said we are not in a hurry and we will take our time to make sure that we are investing in valuecreating projects
not rely as much on existing business and renewals is where we want to go and thats what we do well which is why were driving into those markets
we feel very good with that in the americas and were also transitioning that model into emea with a heavier focus on new logos
to the other and if we could have consumer insights and products which come from one country to be brought to another that should help to
so were at that now and were not hearing any pushback from shippers at this point in terms of their contractual commitments as far as the timing goes
and with (the->a) device that requires no battery or electronic operation at all (were->youre) able to have a deposition of this liquid powder
by far the largest economy in the world that is where the growth is right now the growth is in china and in india by any kind of a measure
our technology will define our future and we need to ensure were investing to create the (highest quality->highestquality) infrastructure and a platform which allows us
that you guys have penciled up with regard to reinvesting free cash flow versus the issuance of common equity burdened by multiyear dividend growth and im just curious when you did the analysis
that was mentioned earlier was is probably right but we have the tendency here not to forecast aggressively
as we rapidly develop product enhancements on one unified platform as well as our decision to moderate investments as we move forward
our net numbers that you see in the release are based on sold volumes but some of the production in yates was produced in september but not transported for sale until october
offset in part by an increase in residential and commercial volumes related to weather and contributions from tuckin acquisitions
particularly for those shareholders who utilize discounted cash flow models to assess valuations i will now turn it over to gwen for an update on our guidance and outlook
were on it weve got people focused on filling in the volumes id rather not talk a lot about particular progress or margins just because i think that
can you talk to your hiring plans for the second half of the year and how we should think about those relative to the cost structure
but i think thats roughly what youre going to see so thats the first piece the second piece is to be blunt were doing better business in international
the (timeline->time line) is open number two at the (current->*) currently we dont have any plans to return money to the shareholders because we think we can deploy the money
the bill is complex and will take some time to fully implement the amounts reflected in the earnings release represent our best estimates of the impact from the legislation to date
into reservoir description just hasnt happened yet we thought we would see some of that in q3 now we expect some of that in q4 (but->to)
as well as the payers again with prior consent so that everybody is aware of exactly how much drug is in the patients reservoir
from the end of january of 2016 to the end of may may (20 of->*) 2016 were still working through the full effect of that
the new logos and we call that a pack and we segregated the renewal processes with existing customers (and->*) we call those pods
and we have discussed other potential asset sales in our filings (were->we are) also working hard to improve our operating profitability and cash flow
we would expect these tsas to wind down in 2018 and are committed to taking actions to reduce the resulting stranded (costs->cost)
with no product defects in the gas business which is a great accomplishment for the team shows theyre focused on executing for customers while simultaneously delivering
where was this business at its peak and where are we right now in the cycle relative to the peak that this business has seen in the past
in product performance product road map service and support while also tying for the top spot in deployment experience
and im confident that once the mannkind device is approved that that will (offer->augur) yet additional thousands of patients
and what is (the is->*) there any kind of provision in there for the customers that it has to be done by a certain time or they have (an->it) out in their contract
using the same analysis kevin mentioned earlier our stock price at the end of the quarter equated to a value of our entire private portfolio
the only area where we have been considering share buybacks is in the event of the ipo and what we have said is the following and this is still true (weve->we have) said that
as you saw in our press release today effective at the end of the fourth quarter we deconsolidated our venezuela operations and we began to account for our investments in venezuela using the cost method of accounting in our gaap financial statements
which ended on september 30 2016 through this audio presentation we would like to review the financial results and highlight the major factors that influenced hondas business operations during the period
is to make sure that were continuing to make the investments necessary to stage our business for the long term as these emerging markets recover and so its a constant monitoring of how were performing but we think were getting the right balance here
should we expect additional delays just because of capacity constraints or is the state and (our->are) contractors (and->from) yourself able to adequately even meet that demand in future years (i think->*)
i do think if we step back a little bit trey and tom you might i know youre talking to customers about this all the time but if we looked at a year ago our customers were pretty reluctant to make investments ahead of the election and things (weve->we) talked about back then
and well be happy to take questions from the phone or from those of you on the webcast just follow the instructions youve been given and of course we will as usual give preference to questions coming from those of you here in the room
we dont expect video to be any different we do expect revenue and margin pressure as we manage through this especially this year but were excited about directv (nows->now) product (improvements->improvement) and our new user interface
we expect to deliver this margin target by continuing to focus on 3 things first productivity gains from our supply chain these are funded and in our plan and were now expanding and replicating a model thats working
building contacts along the value chain and weve received a little bit better feedback than what you (talked->talk) about in that coastal kind of houston market (things->seemed) flattening and even some slight improvement in the houston market
which has caused france to be in a very difficult and (miserable->miserve) situation in the first half of 2017 and given this situation and also given the fact
over the 5year period all of that while still generating doubledigit eps growth and strong cash flow so we think our underlying business fundamentals are quite solid theres obviously a lot of moving pieces in this challenging environment
i would say this much as we get into that project and into that acquisition and look at the quality of it as (ive->i) said in my comments were really excited about it this is a (really->very) good business it has very strong assets great positions great reserves
we also expect to continue to reduce overheads as we execute our zbb program as we adjust our organization model and we realize the first savings from migrating backoffice processes to global shared services
we understand (the->*) customers data and privacy and how to deal with that were the ones who (have->*) pushed for a consumer bill of rights and (pushed->push) that legislative earlier this year long before this became a headline story
but these arent things that are going anywhere theyre not getting this is weeks of delay (and->in) putting aggregate on the ground its not changing whether or not they do the project right and then once they start the visibility (*->there)
in addition our visibility to a turn in public construction activity continued to improve there are more highway project tons in backlog than weve seen in at least 3 years
this is the first (acura->anchura) model to be produced locally in china in japan production at the kumamoto plant resumed normal production utilization in september following recovery efforts from the earthquake
cash flow before financing activities is expected to be positive this year but lower than 2016 over the past several years the pace of new kitchen collection store openings has slowed and the number of store closings has increased
and specifically individual wireless subscribers who buy off a company plan have been moved from business solutions to consumer mobility historical financials have been recast to reflect that change
and even with the expansion of the crushing all the way through to the very end of december there was sugarcane left in the fields that ended up being processed in march 2016 which is the last month of the crop year
i guess second quarter it got pushed back a little bit so from our perspective its really timing of large work i think that as i said earlier the fundamentals are there and i think that that is a market that is returning and getting a lot better to your point
as we approach the end of 2018 we are seeing momentum all around the world we are executing on a robust pipeline of targeted opportunities across academic translational research cros and cancer centers
the pension accounting treatment reflects the impact of a reduction in the amount of debt that the company needs to recognize at this time due to an extension of the retirement age which results in a more gradual severance payment curve
remains unchanged our expectation for full year unit margin improvement remains unchanged very much on track despite second quarter weather impacts again the work is there everybody sees it
for the first time we have also published health separately i know this was a big desire of yours or some of yours over a long time we have done it because health for us is very important
the company undertakes no obligation to publicly correct or update the forwardlooking statements made during the presentation to reflect future events or circumstance except as may be required under applicable security law
starts data for public transportation infrastructure projects historically serve as a reliable leading indicator of our shipments to that end use with a lag depending upon the nature of the project
and then anecdotally now that youve been through a few quarters of beginning to ramp up the level of spending can you talk at all about where you found the reinvestment to be particularly effective where youve made the decision to pull back based on the payback youve observed
you have a positive outlook on both price and volume and john just to be specific on the record youre expecting continued improvement in unit profitability in the second half of the year correct
have given what you were talking about as backlog and some increased activity in both public and private markets so just to make it a little cleaner what are your expectations for pricing and what gives you confidence in your ability to realize better pricing
and then were also producing a higher percentage of asphalt sizes right now and this is because of the visibility we have of all the highway work and theyre just (a->*) smaller size and theyre just slower and harder (to->*) produce and more expensive to produce but
sugar price weakness observed late last year the market seems to be a little bit more optimistic about the brazilian crop but in our opinion there are no fundamental changes in this scenario when compared to what we presented here in previous quarters
on eliminating tail brands and less profitable skus across each region which will have a clear impact in the near term but as i said before stage us exceptionally well for the long term
and as you know with intuitive you see thats a very attractive market for us and we look forward to being able to launch mako in japan but i would say its a broad range of countries and its very similar the pattern that were seeing is a similar pattern
improving application performance is just the beginning when it comes to removing friction so that our community can grow and enjoy snapchat we have recently launched partnerships with wireless carriers in over a dozen markets to begin reducing cellular bandwidth costs for snapchatters around the world
the first changes weve made to focus the business (*->on) the storage business where we are dedicated to making sure that we decline less than a market that is in secular decline
but we are doing what we said were going to do we think our business is our business underlying business is sound and we think were well positioned to continue to deliver strong growth in a challenging environment and andrew it builds on the success and you (could->can) see the trend as we play through the year
well theyre going to its going to largely (vary->mirror) were training the competitive surgeons because as we put a robot in they need to get trained on it and what youre also seeing reflected in our (new->knee) numbers bob is as they get a new robot one of the first steps if they are a competitive account
in that leading association who (were->are) really excited because they see this combination as very very powerful for them so when a customer gets excited about the combination of competencies thats always a good indicator that were going to have commercial success
and we have seen our competitors attempt this strategy which has created pricing pressure in our contract discussions for next year frankly i dont understand the logic of these actions in a flat to declining growth business but yet here we are
as much as i love asia i dont like the trips over there and but it was very very fruitful and we (met->*) i met with (a->*) key customer in china and a key customer in japan and i think
anecdotal feedback but thats anecdotal and i dont want to start to make speculation about what the clinical data would look like other than to say were committed to collecting the data and continue to believe that this will have a positive impact on patient and customer experience
thank you dave and good afternoon ladies and gentlemen this is rick hill id like to thank all of you for joining the call today and i know its been a very long time since the company has had an opportunity to communicate with you
this additional detail may be onetime in nature and we may or may not provide an update in the future on these metrics please refer to our filings with the sec to understand how we calculate our metrics with that id like to turn the call over to evan
okay thank you matt we will now open the call up to your questions as i indicated initially in my opening remarks we will not be providing any guidance into future periods on this call so please keep that in mind when youre posing your question
really its we have a powerful model when we can get incremental sales here and so if you think about the marginal cost to serve here its not high and so simply put sales have been growing a lot faster than our costs on a variable side which has been terrific
our design and engineering teams are constantly monitoring the rollout of the redesign and making improvements based on what we (learn->learned) from our community and their usage of snapchat these adjustments to our products will continue over the next few quarters as we continue to optimize the application
compared to the old design core metrics around content consumption and time spent in the redesigned application are disproportionately higher for users over the age of 35 which bodes well for increasing engagement among older users as we continue to grow our business
people actually believe that they will work and they (realize->realized) theres an opportunity there with heat i spent the early part of this week with 2 chief executives in different parts of the country looking at the potential for heat offtakes in 2 of our facilities
our current ratio substantially even though were small we have everything has been done to really position us for rapid growth in the future and im just
as expected it will take time for our community to get used to the changes but overall we are pleased with the initial results and well be making the redesign available to our entire community in q1 there is a lot of work ahead as we optimize the updated application
to monetize gains and to reinvest the proceeds into our core assets our rotation of the american capital portfolio is now largely complete (and->in) what was a successful acquisition by any measure for our shareholders
relative to controls while there were no fraudulent activities identified or material misstatements it was identified by the company that we did have control issues
we took our eye off the ball as we tried to really focus on the internet of things which is often difficult to get your arms around and we sort of got away from our knitting
average closing the gap rapidly with the industry average as we speak and this is an area of strength from (bournemouth->bondmouth) water (they have->theyve) consistently been top or very nearly top of the sim leagues for some time so were looking forward to bringing best practice across the 2 companies
these statements are based on how we see things today actual results may differ materially due to risks and uncertainties please refer to the cautionary statements and risk factors contained in our 10q 10k and 10q filings
maybe slide 12 today is this something you might be willing to do again at some point regarding 2018s margin im just trying to get a better idea of specifically which line items grow when sense of timing and so forth
a set of desktop creative tools that make it easy for anyone to create their own augmented reality experiences and distribute them using snapchat in just 6 weeks from launch over (30000->300) lenses were created by our community and viewed over 1 billion times
(pretty->*) jarring result to nearly make no money im just curious if you look across that portfolio it seems like (theres->there are) several businesses that should be reasonably good so are there some reasonable (lossmakers->loss makers) in there at the moment
many of the auction dynamics were consistent with prior quarters although ad volumes were much higher in q4 it was very encouraging to see some substantial daily sales volumes flowing through the auction during the quarter
run from an opex point of view i think my focus is really starting with the strategy and which product areas we want to focus on and then from the strategy obviously that will
you can make a case for consolidation and get it approved when a couple (*->of) other competitors want to come together in theory any combination of the other 3 competitors is possible based on our look at it but it would obviously be
the latter of which we recently received a warning letter related to last years recall we remain on track with the eps accretion for both deals as their growth will accelerate through the remainder of the year
to the culture of the company of really recognizing knowledge skills and ability and the ability to really get into complex design opportunities
both matt and i agree there is no reason marvell with its existing structure today cant perform at the level of all of our peers or better
certainly weve when we encounter a special issue in the field we work diligently to uncover why that is and then we reserve at that time for what we think it will take to
and out of all our international offices this region was our top contributor to overall revenue growth in q4 still we have a lot of opportunity to make it even easier for advertisers
following robust discussions with key opinion leaders we believe there may be an opportunity to advance the development program and specifically target a (higher risk->higherrisk) population of infants
so it will be necessary for us to carefully ascertain a realistic level for customer demand both inside and outside japan for the next fiscal year and beyond
in addition to the impact of a largescale project in the financial services field and the development of my number projects in the public sector passing their peak
we will continue to look for opportunities to derisk sgis insured portfolio through commutations reinsurance and other hedging strategies
before turning the call back over to colin i would like to welcome our new colleagues and express my sincere appreciation to our people around the world for their (ethics->ethic)
this represents an amount that takes into consideration factors relating to the sale of our mobile phone business announced today including profits and risks
outside japan despite an environment of fierce competition with other vendors revenue rose in part due to the impact of the weaker yen
its appropriate to identify a population of patients who is reflective of that with the underlying disease and not kind of (cherry pick->cherrypick) or
as we continue the unique and exclusive partnership with only boardcertified plastic surgeons with that id like to turn the call over to questions and answers
financial services remains a consistent and predictable business for us as customers continue to look for flexible alternative ways to consume and finance their technology needs
that said we are doing everything possible to be well prepared that in the event (*->that there) if there was a priority review that would take us into the tail end of next year
at the same time we are evaluating further indication expansion as we believe luspatercept is a potential platform treatment for anemia i will jump into this in more detail in just a minute
so we have a great company we have a company that we are taking to the next level but for sure there are areas where an infusion of experience will make a big difference
so we are going to have a dual strategy of building and owning our own services more for the middle to lower part of the base and partnering for the top part of the base
in the current environment would cause you to maybe take that guidance up given the growth youre seeing in both the recurring engagements as well as some of the other digital initiatives
to scale manufacturing of our highest demand skus ahead of fda approval so that we can continue (offer->offering) this broad portfolio
this is a big part of our goal to optimize the capex (so->*) over time is we need to drop the (unitfree cost->unitary costs) and we need to be more efficient we need to really manage the vendors very tightly
and im very pleased to report that the new york department of financial services has just approved (*->the) payment in full of all remaining amounts on the surplus notes
we expect a better understanding of the potential benefit of vts270 to emerge as we carefully consider the totality of data available to us this is an important step
allow us to reveal some information to our investors when we have that permission (we will->well) be able to give you a light on the (product->*)
we once again are making strong advances on that front and matt will go into the details in a moment we also remain opportunistic regarding other uses of capital
looking at cash flow the chart shows the reported ebitda evolution into operating free cash flow and then the utilization of that cash generated
but they can also change from a handset subscription towards a simonly subscription especially also because besides the effect of the
we have the best service were connected now to or will be connected now to 3 refineries which give direct (take away->takeaway) off of the pipe improved markets
the strong rand against the dollar in the same period resulted in lower rand reported finance (costs->cost) on the (year denominated->us dollardenominated) debt at the holding company level
throughout our history our company and platform has weathered many economic and currency cycles while remaining committed to our 100year plan
earlier this month we took advantage of what we felt were favorable market conditions and added another longterm fixed rate piece of debt into our capital structure
actual results may differ materially from those expressed in or implied by the forwardlooking statements the company undertakes no obligation to update or review any estimate projection
for those of you who are unable to attend the event a live and ondemand webcast will be available in the investors and media section of our website
the sientra team has passionately proven its ability to perform at an exceptionally high level while (continue->continuing) to scale up with new hires
a number of parties have already been contacted and others who saw the announcement have contacted us and we are pleased by the level of interest thus far
the depth of our software position and the strength of our ecosystem that allowed us to continue to grow market share in the test and measurement market
two enterprises increasingly see outsourcing as a means of increasing their pace of innovation and supporting their strategic initiatives
given how well youve done repositioning the business mix et cetera (gen10->gen 10) in 18 it would seem that there would even be a little bit more lift behind that so
for pcs revenue increased over the previous year revenue in japan rose due to growth in enterprise sales
orders for our systems engineering business for this fiscal year have exceeded the revenue so we see this fall in revenue (is->as) a temporary phenomenon
(dollar to euro->do) against the local currencies is a big factor because all of the active equipment is being imported so strong rand weak rand makes a big difference
after rounds 1 and 2 we have been able to make some changes in our supply chain motion and think there is minimal risk from a financial perspective
(*->great) and just as a quick followup wonder if we could get maybe a little bit of color commentary on your progress around hyperconverged infrastructure (sure->*)
didnt progress as anticipated so (well->we will) look at things like severity of disease age of the patients at the time of onset of their disease the extent of their neurological
with our continued transition of administrative (certain->*) responsibilities to our reinsurer and the resulting ability to reduce the size of our staff
is that the right way to think about it and this is more of (a->*) kind of a flowback disposal system or how are you guys looking at this system over time ill let bill kind of (field->feel) that one
at this point its way too early to call whether or not our pipeline is going to be successful but we think its quite important that we have multiple shots on goal
the other growth drivers for digital was the extra time offering that we launched both in south africa as well as in nigeria
we also outlined our planned priorities for 2017 and our (longer term->longerterm) goal of becoming a leading diversified global aesthetics company
to the board for all of their insights during this transformation and most importantly to all of my hpe colleagues for their support and dedication to make all of this happen
generally consistent in terms of our production activities i mean the key (the->to) react for iraq will be ongoing investment to build up
certainly we could sell the business in parts as i said we are exploring and have a whole range of strategic options in front of us and well continue to pursue all of those
we were able to improve this ratio significantly due not only to higher profits for the period attributable to the owners of the parent but also to a recovery in market conditions including stock prices and foreign exchange
thats maybe not really intelligent and im also not so sure whether the margins are interesting for us and accretive so i think thats actually not the areas we are at the moment looking into
those patients who may have relatively few options to address the challenging diseases that theyre faced with clearly there are certain areas that you can already see in our pipeline where were likely to develop additional
and branch consolidations and over the last 2 years weve consolidated a total of 45 branches and increased our average deposits per branch along the way so were encouraged by the positive revenue trends in the last year
the substantial strong relative performance and if you could touch specifically on the americas to your point you were facing a really difficult comp last year (in->and) a difficult market environment you still realized positive growth so i thought that was surprising
i should just say that ofwat (are->i) still debating and discussing how they might want to report that on an industrywide basis so there is a discussion about how they will calculate it but i think on any basis thats going to be a strong performance however its calculated
the markets were selling into and we look at our (customers->customer) sales and we use that as our proxy for what the market growth is and then how our sales based upon the mix of those markets how our sales should be growing to match the market
is quite intriguing to payers as you might imagine theyre looking for the full data set including the randomized portion of the trial which again we should have that information (some time->sometime) in the first half of the year so overall things are trending well there
with better riskadjusted returns we use our longstanding relationships the flexibility of our capital and large commitment sizes and final hold capabilities to differentiate ourselves in the more competitive situations
from the acas acquisition is providing a nice tailwind we continue to manage the company in what we believe to be a prudent fashion and in the same manner that weve operated over the last 14 years and we believe that should serve us well even if the environment becomes more difficult
we go into the second quarter with improved market conditions and continuing solid real estate fundamentals that are being supported by crossborder capital allocations to real estate low interest (rate->rates) and corporate occupier demand
so there may continue to be a modest amount of related expenses as we go forward that weve broken out but the more significant like operational expenses and things that we were incurring last year are behind us
this sentiment has been validated at recent events like mobile world congress in barcelona and the 5g summit in brooklyn where ni customers like nokia and intel have demonstrated the power of our modular approach
which had been strong in the second and third quarters of last year revenue was also impacted by the increased severity of the competitive environment demand in q3 was weaker than we originally expected
this increases the financial flexibility we have to invest in ways that will allow us to execute our strategy where we will further add capabilities to better penetrate our growth market and ultimately (sign bolt onsized->fund boltonsized) acquisitions
okay great and then just when you because youve had the sale of (facility->facilities) youve gotten out of (markets->market) are you expecting working capital to be a source of cash again this year
well then conclude by providing an update on our overall business outlook the first quarter of fiscal 2017 started out strong and right in line with our expectations (we->*) were very pleased with our revenue and profitability growth which reflected the continued successful execution
to summarize we are excited by the innovation happening at (cemtrex->semtrex) in all of our divisions we are taking our services and products to the next level we are pleased with the brand we have developed thus far and look to increase (our->*) awareness moving forward
theres a significant opportunity to drive growth based on volume and again the clinical trials that weve designed are specifically addressed to look at those patient subpopulations where acthar potentially can offer
in europe there have been signs that the effects of the transformation are beginning to come into view including orders beginning to pick up and we are strengthening progress management to ensure that those results arrive
inside japan as revenues (continued->continue) to be generated (at->*) high levels our profitability management for certain projects primarily for replacing competitor services turned out to be insufficient
so if you look at the revision we made to our guidance we lowered our full year estimate of production by 11 million barrels of oil equivalent and all (of->*) that is essentially from expected lower gas and ngl production from our eagle ford asset
jason brings strong operational finance leadership capabilities and will lead the finance team to deliver the visibility accountability and insights to our financial and operational performance that only finance can deliver
and also increased 7 basis points from the third quarter in 2017 this upward trend has continued even with the effects of our purchase of lower core nim banks that we purchased this year
at the embedded world technical conference in nuremberg we highlighted how the ni platform is ideally suited to take advantage of ubiquitous connectivity and edge analytics that are needed for the industrial internet of things
first youll see ongoing focus on strong execution both with our inline and development products second we anticipate an increasing number of clinical data readouts and regulatory updates across our portfolio
due to the current administration however we still believe that the longterm growth for this type of products and services internationally will remain strong as other countries continue to expand their efforts in that regard
while such forwardlooking statements reflect managements expectations regarding our business plans and future results they are necessarily based on assumptions that are subject to risks and uncertainties which could cause actual results to differ materially
the key drivers behind margin relate to shifts in revenue to lower transactional volume together with (a->the) typically slower first quarter seasonality as well as continued (investments->investment) into the platform
and we look forward to multiple additional data sets being presented and available on acthar that will also help patients and prescribers we believe identify the appropriate patients and appropriate duration of therapy
the only other thing id like to add to marks comments (are->*) you had suggested that the raise in guidance was driven by acthar what i would say is the acthar business came largely in line with our internal expectations
exactly so we always like to go to the markets when its really a nice time to go where we have good positive dynamics to effectively and efficiently issue capital
the patient doctors the pharma industry (*->and) the whole health care systems have a very high interest that the treatment is done correctly and also that the expected effect of the medication is reached
the project is now fully on plan i cannot say too much about the start of (*->the) production because this is something that has to come from sanofi but i think all this project looks very nice and good and i think im very optimistic about this one
latin america had positive organic growth but slowed compared to prior year because of lower pricing and the strike in brazil pricing was still negative in the half but improved significantly in the second quarter (brazil->*)
for our (strand siding->strandsighting) portfolio that would be a major opportunity for us to put incremental volume into that business we are in the testing phase of that product now and so (with->but) that we have all hands on deck on developing
to the fda on march 13 slightly ahead of plan putting us one step closer to final approval of new commercial production and resupply were continuing to work with our team and very experienced consultants
and hence it was important for us that we actually take the next step forward into bringing those details out to all of you so that you can start to track this and build a model as the new normal going forward
top line performance was driven by solid execution and good market dynamics that we expect to continue from a portfolio mix perspective we continue to drive good growth in our value offerings and our core volume business continues to grow better than expected
i am tremendously grateful to tim for all he has helped us achieve and it is my pleasure now (*->to) turn the call over to him to provide additional details about our performance and financial outlook with that i will turn over to tim
comparing the third quarter 2017 to the same period in 2016 average loans grew 8 excluding the healthcare loan book which i will discuss in more detail in a moment
we have a very long wellestablished and successful partnership with (sabic->sabik) and this is something that in our broader business dealings both parties wanted to do and we saw that this was a
having said this you should expect the fourth quarter to be in a similar range as this past quarter and then bump up in 2018 looking at the individual line items salaries and employee benefits increased from q2 due to a couple of new hires
why were able to perform at the levels we are thanks to all of you on the call today for your continued support and confidence in our firm and have a great day this concludes todays call thank you for your participation you may now disconnect
and that its something that is being explained in more detail by plastic surgeons (in->and) advising their patients of this level of risk prior to undertaking any surgical procedure
this is the second fatality (weve->we have had) at the mine so far this year obviously its a severe setback after we have reported some significant improvements over the past few years in our safety record
and we have reaffirmed our full year guidance for revenues and adjusted ebitda as always we are focused on creating shareholder value for the long term and are steadfast in our mission to deliver operational excellence to our clients
i will tell you that not all of them will move at the same pace weve got a good diverse portfolio some that are associated with brownfield expansions to existing facilities
but were not going to forgo opportunities if we think that we see one in terms of additional acreage to pick up or an acquisition or (an->a) unique opportunity to go ahead and progress investments in a lower cost structure or
where it had been in previous years but youre also talking about (a->*) fairly significant restocking of the portfolio (that->and have) had some pretty clear success in guyana (is->*) this (*->is) an area where you see exxon perhaps being able to distinguish itself from peers in the near term
so the construction time for that facility would be about a year longer than a restart (at->of) valdor so if we get into next year and we decide cook is the best option were going to have to get working on it earlier
during the first quarter of 2019 from which we expect to gain insights that will assist us in our evaluation of the effects of (sotatercept->soptatercept) as a potential (first in class diseasemodifying->firstinclass disease modifying) treatment
our plan to achieve comprehensive fullscale manufacturing is on track and we are diligently preparing for the pending fda inspection of our facility ahead of anticipated approval by the end of this year
but we really my thinking is this is based on the strength of our siding business we see that stable earnings and stable cash flow generation as a means to reliably fund the dividend in the future
in both of those areas and what we try to do is we try to align the investment with the revenue levels its a bit of a subjective call for us but we try not to get out ahead of the revenue
and so i would say (*->theres) the current consensus is probably a little bit below what we (establishes->established as) our budget number back in october so id say theres a little downside to that i dont think it will materially impact
in addition our market share growth has outpaced singlefamily housing starts since the fourth quarter of 2016 which we believe is in part a strong testament to the high quality and value of our (smartside->smartsight) offering
three approximately 50 of current outsourcing contracts coming up for renewal in the next 24 months are at risk of not being renewed with the incumbent service or technology provider
there are no further questions in the (queue->que) at this time (why dont we->*) were almost an hour but why dont we go ahead and give everybody one more opportunity to enter and then well clear those if they do and if they dont then well end (it->*) at this
and so second half of next year as far as timing goes (is->its) going to be (a->*) really important readout for (ace083->ace83) and then (as->*) far as well wait and see based off of those data if we decide to expand
i do want to mention how pleased i am that we have been able to simplify our capital structure and to reduce significantly our leverage ratio which is net par of insured policies outstanding to claims paying resources
importantly we continue to increase the number of loan relationships in which we are the lead lender or arranger transactions that we lead have increased by 39 (since->and)
there is not one thing that we could point you to as you look at the news flow coming from our company theres hardly a week (going->gone) by where you dont see significant restructuring steps in various european country markets
except as otherwise required by law capstar disclaims any obligation to update or revise any forwardlooking statements contained in this presentation whether as a result of new information future events or otherwise
making sure that weve got certain stability within our commercial structure and that all the partners have the capability to go move forward and fund these projects but just to make sure the record is clear
how just how successful the wells are so we need a little bit more time with that (it will->itll) be the end of the year before we know more about the horizontal potential at least (to assume->just) even one portion of our field in the altamont so
and so what that means is that we dont just look at (a->*) constant well spacing across the field or a constant completion design across the field and what that does for you is that ends up making your capital more efficient as a matter of fact ill point to
this builds on the acquisition of dearbytes in january and further (strength and->strengthens) scale and capability of (kpns->kpn) security and public cloud services for all of our sme large enterprise and corporate customers
maybe not (20 plus->20plus) percent like we were able to see last year but we still have good solid expectations for fall protection in this business
rather than follow our conventional format of highlighting key accomplishments in the quarter i would like to focus my commentary on answering the most common inquiries we have received
and we wanted to make sure we were capturing that expense in our siding segment rather than osb was one of the reasons we did it (sallie->sally it) may have other things she should mention but
all of our leases that are not actually completely filled in where we have the most opportunity to drill (15000 foot->1500foot) laterals for the most part that acreage is actually out in space
first of all from a comparison side 2017 will have one big quarter and the rest mostly flat i think 2018 will be much more calibrated throughout the year
(*->i mean) will you be providing us with some sense as to the magnitude of contribution from dawson as a lot of us kind of look at the segments
and firefighter location capabilities that can come in the future and i think it becomes a challenging target
will those happen near term i dont know but i will tell you that there is interest in staying on pony due to its rate structure
volume leverage one item that id like to point out is that pricing does remain very competitive in china and did negatively impact margins in the quarter
so were seeing a lot of that crosspollination that we had hoped to see and gaining strides there and seeing a nice (uptake->uptick) in our market share performance in the americas
which reflects our initial estimate of the impact of tax reform in fiscal 18 this includes a onetime noncash tax benefit
that we have bottomed out and given that we will see a better margin expansion as a result of any sales (to this->today) so (it will->itll) take a couple of years to get back to
but perhaps most importantly this revolutionary product gives fire departments the opportunity to cost effectively equip every firefighter with thermal imaging technology
well continue to drive that going in but i think the (major->measure of) success as we look at this quarter will really be based on how were able to move the underlying metrics of the business
the yz represents a significant milestone in our product development journey and will become the new flagship in our chiller portfolio
our solutions business which as you know is primarily performance contracting also had strong order growth but this was against an easy prior year compare
the strengthening industrial landscape is supporting (the->a) higher level of base business in these areas and this is providing a nice (mix->mixed) tailwind to our product margins
we expect a continued acceleration of the underlying trading operating profit margin in the second half supported by further progress with our efficiency programs
revenues in both us and international irrigation were modestly improved in the quarter while infrastructure revenues were substantially higher than the same quarter (of->*) last year
emerging markets like latin america and southeast asia those markets tend to be a little bit more expensive for us as we continue to invest to (see->feed) the growth
our progress is the result of a plan developed with (the->a) complete alignment of our board its leadership and our management team
we believe that these attributes will be additive to our stated goal of increasing market share of our franchise through organic growth
we dont we have not heard that right now and i think just looking (at->in) the last couple of weeks i dont see anything that has really changed what we were seeing previously with the
data processing and software expense increased during the periods presented due to an increase in the volume of transactions and implementation of new software in our mortgage business
however seabed makes investment decisions independent of apollo and does not have board appointment rights or otherwise receive nonpublic information about the company
so acquisitions that would complement businesses that we know and customers that we know and markets that we understand in either structural panels
what the term of their contracts would be their answer would be we dont have any term contracts we just have shippers that have shipping history and show up day to day and so
bonuses out in the first quarter of each year as well so those are probably some of the items that really drive some of the timing steve but
when can you guys start shipping those is that what was driving the big backlog increase in the middle east just curious to what you guys could say about that
this level of development and testing is expected to continue through the next fiscal year as we complete the transition of the core product lines to the new standards
i dont know whether people would rather us (sand bag->sandbag) and beat the heck out of stuff all the time or not but i think weve been very transparent and well continue to do so if that means that
as a means of managing concentration by sharing credit exposure with other banks that you are familiar with that operate in our primary markets
ultimately we are committed to delivering on profitability as we continue to manage our way through the integration and focus on reinvesting for growth
now our plan is to load that plant as much as possible early we like the fact that its on the west coast so therell be some immediate logistics
and the number of counterparties out there are quite significant and the teams really turned on a dime to kind of adjust their processes
specifically negative i think its just the project mix at times so from time to time i think well see it have more of an impact than others (and->so) nothing real specific in there
primarily through adjusting variable incentive compensation and we expect there to be some modest benefit from this in the fourth quarter
executing against the strategic vision will require concerted action and select investments which (i am->im) driving forward across the business
such as those factors referenced in our discussion today our forwardlooking statements speak only as of today and we disclaim any obligation to update them even if our views change
the order performance in all 3 of those categories as well as i think you suggested the backlog was up at the end of the first quarter
multiples are higher i think in this space than generally seen in the industrial space and so that becomes a factor
and we also had one previously disclosed client transition which was worth about 2 percentage points yearonyear which was offset by net new business and client activity
i look forward to hearing your questions about the results reported today as this is an earnings call we would like to focus on our first half performance
so hard to comment because were actually in the middle of discussions around a number of things so (but yes->*)
expanding our margins and the i guess the support of our margins long term and (i->*) would expect that well be able to continue to improve
with a focus on all of our shareholders we are committed to consistently delivering strong financial results throughout the company
we appreciate your constructive input your support and your investment i know we are all learning a lot from our conversations with so many of you
additionally we announced the retirement of 2 longstanding board members effective as of the upcoming annual shareholders meeting in early march
we continue to take cost out of our products and find new ways to add value through technology with the integrated (tic->cic) being a prime example
we are excited about the growth prospects in this segment as we continue to focus on business improvement initiatives and organic growth opportunities that include investing in our brands
significantly less and if so what kind of a run rate of production across your different product lines you would expect to see (in->*) into the final quarter
this deal is a more (grownup->grown up) version of those earlier ones there are a couple of important differences (*->the) first is that we will manage all the work up to the start of clinical trials
so i dont know how much you can read from our results to the broader industry i would just tell you that our folks have had some good opportunities that weve executed well against
but will be partially offset by the completion of a major project during the third quarter of 2015 which we have previously discussed
the things that we described in december of last year and we see the same opportunities there (*->that) those opportunities are unchanged and
i mean is that deflationary piece relative to price kind of a significant component because (id->i) think just looking at the headlines on the commodities theres been
even though this charge has good payback we know we need to reduce the size of these charges going forward which is why weve rolled out a new performance management system and headcount control
the decrease in the percent of revenue is due to lower administrative salaries as a percent of revenues which continues to see incremental gains from the boss project
major projects that (we have->weve) talked about to allow them to move at the pace that they will and well lay those plans out when we get closer there but
lower guaranteed universal life sales were offset by higher sales across the other products reflecting specific distribution and product actions we have taken
we expect to offer at least one exclusive filter product with extensive (variance->variants) on the ecommerce site unavailable through other outlets
well first paul let me state we will receive the permit (in la->mla) theres nothing out there that tells us i mean it provides tremendous benefits
and so we think well hit the bottom of the jcurve sometime next year the life consultant count has been decreasing and will probably decrease for a little while longer
we will invest in salt lake city to be able to get to tier 3 gasoline and then well balance out the rest of our system to be able to be in compliance with (it->*)
as we have explained in previous conference calls the company is focusing on certain strategic avenues in order to achieve this transformation
taking our plans and putting them into implementation so we have a new leader that has taken over responsibility for our marketing business that joined just 2 weeks ago
the earnings from phoenix the capital return (on->and) the ongoing delivery of efficiencies from the merger this gives us confidence in our progressive dividend policy
elsewhere in our (partnered->partner) discovery segment weve seen very encouraging progress novartis recently took another antibody from our collaboration into clinical development
during the quarter we were also pleased to have expanded orkins presence internationally by adding 6 (*->new) franchises in central america south america
we expect our burn to increase in future quarters as we continue to advance our proprietary programs and build our commercial capability now id like to turn the call back to ron
we dont we typically dont talk about what the opportunity cost is we had i can tell you that in the first quarter we had
so our product were going to sell under this (traction->structural) motor or motor system may be different by customer by customer thats something we just try to make clear
and continue to serve out of hong kong because they have services that they can provide outside mainland china so it was a couple (of->*) hundred thousand dollars of annual loss
construct and operate a safe environmentally responsible facility that offers (benefits->benefit) to the state of washington and the entire west coast
within this context we believe we are uniquely positioned (managed->manage) and capitalized to meaningfully experience an improving industry environment to the benefit of our shareholders
continued really excellent execution relative to our march towards the 10 target id say we ended the year pretty much in line
their people their culture and their commitment to quality service are all attributes that we value when we look for the right company to add to our team
results in a followon product development and then generally results in the sale of those products and this (hiris->highris) project is
like jeffs question just about the opportunities to acquire any assets for our business we kind of scour the market for
the comprehensive loss and decline in book value on the quarter were primarily attributable to the underperformance of our interest rate swaps relative to assets
and what were also seeing is that we are maintaining the advantage that we seem to have in terms of safety and convenience
is going to come from organic growth with existing clients that we have not necessarily changes or tweaks to the affordable care act and so
sure so we hear a variety of reasons the most common when we actually survey customers leaving us is no need but we certainly know that no need is (a->*)
additional expenses were incurred prior to the gross profit line based exclusively on the kinds of projects that they were working on
very hard for us to predict what may play out there what i would tell you is that were confident regardless of what decision gets made
significantly we finally had the functional team in place for a full 3 months and the early signs of operating results from the organization working towards common goals and initiatives are very encouraging
and then also could you (can you->*) maintain this level of growth going forward in the americas or do you think youll need to maybe lean more (on->in) europe for growth going forward
yes so i was just wondering if you can just talk about the number of (other->ars of) programming that you would have increased on a yoy basis across your driver channels
we feel the medical device and consumer electronics world is continues to be extremely strong and we think we were growing in that area
health care practitioners continue to invest in deploying technologies to improve efficiencies and (efficacies->efficacy) in order to minimize cost
the forwardlooking statements and risks in this conference call are based on current expectations as of today and exponent assumes no obligation to update or revise them
constrained in a major way by the designation but would losing the sifi label affect your approach to capital or just your overall business strategy
in greece i think you said you were cautiously optimistic on the revenue outlook is there any reason why the opex cant keep falling
our forecast is based on the number we are given by our customers so at this point we do not know what is the reason but
id say for the most part were looking at these auctions not just on the basis of what has been found so far and published but what our geologists think may also be there so
in terms of the 8k announcement and some of the leadership change we had a structure which was maybe a little top heavy in that we had a senior vp of sales
(last->but) we must have the capacity to analyze and transform the data that our business generates into information
as tech professionals and employers continue to engage with our properties well gain better insight into customer behavior and use this information to better advise our clients
the overall structure longer term because were also differentiating and strengthening our product line as we go and (we would->wed) like to see more in terms of these project sales with (the->*) turnkey solutions and integrated pieces in those projects
i think the second perspective that weve developed as a senior team here is because its more fixed (than->and) variable we actually need to find ways that in good times we create more margin expansion and more leverage
in driving customer acquisition with products our focus is to make our exclusive innovations more accessible (im->i am) confident that positioning our new products optimally will accelerate the pace of customer (acquisitions->acquisition)
okay so in terms of the international projects that you have what is the sort of time line of these projects that you have in the backlog right now is it over (in->*) the next couple (of->*) quarters or is it over the next couple of years or
despite the challenging comparison in revenue in the first quarter resulting from large scba and ballistic helmet orders a year ago we saw strong improvements in the in some of the most profitable areas of our business in the quarter
more base business in some of the existing product line but i will say that our sales (reorganizations->organizations) are really excited about this next generation of product and as we are now ramping up into full production
shipments to the aftermarket channel declined 2 on a tough prior year compare the warmer weather we experienced during the quarter and a bit of (pull forward->pullforward) of demand that we saw in the fourth quarter of last year
we will do so by actively managing our balance sheet we will leverage existing cash on hand and excess cash flows generated throughout the year to enhance shareholder returns through organic and potential inorganic growth opportunities
(at->*) the infrastructure upgrade process which slows down our sales cycle so i dont think incentive can do that but we have some new things coming up in our story about how we can accelerate
getting any worse or getting any better i dont think its changed much its still a challenge to get it through government approval agencies the time constraints there continue to be challenging but
what weve done is weve gone from 5 regions to 7 regions so if we look at 4 of our sales managers have joined us literally over the last 6 months so theres been some changes there in terms of the way that we structure the management of the territories
but i would say that well be back to a normal situation by end of march which is going to mean that from beginning of march to really april the (evaluations->valuations) that should have probably kicked off 3 to 6 months ago are really (*->going to) be kicking off and in full swing
were also fairly well insulated from the vagaries of the general political and macroeconomic environment that were facing and this gives us confidence that we can continue to deliver growing revenue margins profitability and overall improved results
and so i want to choose my words carefully because you never want to put yourself in a position where you regret what you say but i think that the difference if you let me put it this way if you look at the difference in (end market->inmarket) pricing today
this together with the enhanced partnership with phoenix makes us confident that this will be reflected (inflows->in flows) over time theres still work to be done but the foundations are in place for a modern dynamic
we will be investing a lot of time and energy in these areas to ensure that we attract and retain the best employees possible across all areas of our business i will now turn the call back over to eddie thank you john
and we can see that being reflected in improved performance in some of those equity asset classes however i have to tell you its going to take a bit of time for the full (benefits->benefit) of these improvements to be felt
as a result we are improving our booked margin rate on new orders as well as accelerating service growth which will help alleviate some of the margin pressure in the field organization as the year progresses
as the chinese consumables order was only shipped in late december so (it will->itll) take a bit of time for the product to flow into the chinese market we do expect improved performance in other key international markets resulting from changes that we recently implemented
certainly employ some other creative tactics that (maybe->may be) a small more flexible and nimble biotech company can use that giant pharmaceutical companies that have strategic portfolio considerations may not be able to
of the company to be materially different from any future performance financial condition or results of (operation->operations) implied by such forwardlooking statements further information regarding these risks uncertainties and other factors
that will be reduced in the second quarter and then minimal impact in the third and fourth quarter based on whats being put into the backlog and just another note on that would just be to say that
while trends have been soft in south korea japan taiwan and hong kong we believe that the fourth quarter lumispa market (introduction->introductions) will positively impact our business and the trends of our business in these markets
these actions are enabled by the beacon work and the consolidation of work into our global hubs thus we are confident in our ability to execute quickly in fact initial reductions have already occurred
our capital allocation priorities remain consistent moving forward we will use cash first and foremost to grow our business while continuing to fund an increasing dividend and servicing debt obligations
information systems increased reflecting infrastructure enhancements as well as additional investments to support growth transaction processing costs were down as we renegotiated subcustodian savings for a second quarter in a row
all of our ammunition has been placed for this year (it->*) really makes more sense to us (and gives->to get) that visibility in terms of whats going on and then guide next year as the quarters roll out next year we dont have any specific plans with
then supply the chinese market and then supply the rest of the world because from a margin perspective we obviously have to look after the domestic side first because the margin is so much bigger so i think it was a lot of manual interventions
weve already received letters of eligibility from fhwa for products tested and submitted for review and are in process of completing testing and preparing requests for eligibility of the next group of products
these numbers reflect strong performance indicators which are the direct outcome of our strategic investments in top technologies and networks
for many years rollins has been considered the acquirer of choice for many familyowned companies we feel that (were->we are) in a great position to continue to deploy capital to get the best return for our shareholders
as well as doing more on the shaver side i think theres an opportunity for us with (the->a) more powerful platform to do more with ultrasonic shavers so those are really the areas that well probably be spending the dollars
the resulting margin compression for investment managers has led them to increase pressure on their providers asset owners facing inadequate returns are similarly pressuring providers to do more for less
this is a great example of the bold forward thinking by our marketing team that has sustained our growth over the past several years as we assess these technology updates we will keep you updated
ken krause will cover these areas in more detail in his commentary today ill discuss the trends we are seeing across our core product business and give you some more insight into one of our recent product launches in the fire service market
similarly we wanted to partner with (a->the) chinese data center operator who we felt confident (will->would) provide the same level of support and dedication we provide our customers as we help our customers grow in china
i think its fair to say jonathan were always looking at are there other baskets of capital and clearly theres a ton of money wanting to get into data center space so i think its fair to say that
(*->such) risks and uncertainties and other important factors that could cause actual financial and operating results to differ materially from those described in the forwardlooking statements are detailed in the companys filings made with the sec
be assured that as we grow in china we will not deviate from the culture and values that have built the starbucks brand and resulted in starbucks today being recognized as one of the most successful global brands
shock absorbers that has really helped us in bad times the philosophical point to argue here is we are still going to manage the company under the assumption that there will be very difficult times again ive heard
quite impressively in this very short period of time was leading the development around the new (avec->aubeck) concept that i will talk about in a minute
new international concourse at fort lauderdale and then the launch of new international flights from fort lauderdale and that included (the->a) new (destinations->destination) on our route network which was grand cayman
the airplanes safe but they do that by slowing things down more and more and more and of course for air traffic controllers to use the old technology that theyre forced to use is very very cumbersome
the underlying relationships that have developed between (*->between) the teams is very strong and evident to everyone involved in this process which is a testament to the commitment both companies have toward our common objectives
banning as well and as i said earlier the big news is down at pacific highlands ranch were moving into our more westerly planning areas and were going to have 5 new product offerings coming later this year
so were not going into the typical early birds (that->*) we need at least when it comes to (medtech->med tech) devices we need at least prototypes that we can test in our clinics
over the past year this work has enabled us to identify the strategic steps we needed to take to better and more profitably unlock opportunities that amplify our core value drivers
i assure you that starbucks runway in china is wide and long and i remain absolutely convinced that china will become starbucks largest and most strategic market in the world
its all good noise to talk about rates and tax cut but the fundamentals of the business are what drives housing and there is just a scarcity of supply and more demand
finally in q3 we did experience higherthanexpected levels of sales transfer from existing stores to new stores due primarily to the acceleration of new store openings in the first half of the year
the (other->*) first quarter item i want to cover was our restructuring charge weve talked about headcount reduction and other expense reductions in the first quarter we initiated further reductions that included both headcount and facility costs
before we start on the details i want to spend a little time talking about where we are in the transformation process what is going well what challenges remain that we are tackling and lastly to provide a longerterm outlook
we will introduce delivery in a way that combines the best coffees and the most innovative coffee and (tea->tee) beverages in the world with the rapidly evolving consumer trend in china for athome and (atwork->at work) convenience
these will prove to be shortlived let me assure you that our new delivery service will adhere to the high standards our customers in china have come to expect with regard to the starbucks experience
and the integration teams are making good progress in detailing the previously announced synergies operational synergy opportunities
as a result we have just renewed our normal course issuer bid and are actively planning to repurchase our stock the renewed bid allows us to buy back up to 52 million shares over the next 12 months
between renewable and conventional generation and 4 from other businesses such as commercialization services and other businesses that are growing in the company
the one thing we do have the ability to do is typically get about a 90day lock and so right now were again buying smartly and locking for those 90 days when we have the ability to see (a->*)
relative to the trends from the second quarter our cost forecast for the year is higher than we last reported im not real happy about that were certainly not satisfied with that
the way we respond to that is basically that we even more so focus on our efficiency (*->improvement efficiency) improvements that have not been
so you can fully expect us to always be vigilant on cost but particularly when you have a transaction such as this one has to be very careful that stranded costs are looked at and that theyre eliminated
in (the->this) same presentation what we said was that we split them (to->through) the different years to set the goals and to communicate the market the degree of achievement of this efficiency plan
our biogas and beer membrane filtration businesses remain strong offsetting partially offset partially by our beverage business seeing a number (a->of) large project delays globally and softer component sellthrough
but one statistic i think that you all would enjoy that i did (jot->job) down for this quarter as an example is for the first time in a while the majority of our markets are showing
although we do not discuss individual customers we are very determined to grow our distribution of our key brands in the back half of the year based on these innovations and we are very confident we will do exactly that
while acknowledging a disappointing q3 i want to be clear that we have 100 confidence in our growth strategy and the sustainability of the leadership position we have built in the market
and its a very stable market i think i would characterize it as very strong to your benefit in the community (theres->there is) a lot of competition there and
there were multiple reasons for this development also in q4 which we will elaborate later and which have also made us to think about the new program that is needed in the business
if our country is to continue to grow air travel and people want to fly so i think thats we need to keep our eye on the ball and worry less about some of the other (politicking->politicing) thats going on and
once we get to (investmentgrade->investment grade) i think theres other benefits obviously the investmentgrade market never shuts down in any kind of economic cycle so you always have access to capital
theres kind of a punch list along those lines the technology spend may be a little bit more complicated to think about the future but we have ramped up our training
of people technology manufacturing and marketing and sales in order to diversify our revenue streams into more profitable businesses and reduce our reliance on the cyclical oil and gas industry
we will get on this asset and if you dont want to be quantitative can you at least be qualitative about your confidence level that theres going to be a return on that investment that will be satisfactory in the end
and lastly incremental investments related to ongoing growth opportunities for new product development and channel management as well as corporate initiatives tied to our strategy
second we are continuing to fund our growth projects but at a lower longterm cost of equity capital than continuing to issue common equity in todays market
our federal team performed admirably delivering good results in the first quarter while the leadership team was pulling double duty to execute a purchase agreement in accordance with our bank covenant
and (i->id) just remind you that was kind of weighted down a little bit because of the venezuela divestiture extracting that we had pretty good margin growth
we will continue to have an overhead support structure in south africa that will naturally decline as we complete phases of the project but will represent an ongoing headwind to earnings until then
we have also consolidated operations in europe in the third quarter to reduce our future cost structure there for which you saw a charge this quarter
and is now going through a number of advancements to expand its reach beyond the initial patient population being helped (out->*)
we want 180 to be known as a prominent and dominant leader in our world of public company constructive activism we will continue to strive for excellence (and->in) investment performance
are you encouraged by the ability to bring in some outside capital are you pretty optimistic on that
late in the third quarter the discussions we have been having with our customers to understand the impact of the delays on all parties progressed significantly
it also includes the concept of a deferral of meaningful portion of the bonus to future years to encourage and reward persistent performance
in summary due to the consistent high cash flow generation we have many options to deploy capital to yield high returns for our shareholders
given our performance this quarter our compensation committee determined that it was appropriate for us to (improve->accrue) for the probable payment of a bonus to management at (the->*) yearend
desperate for business same thing with equipment providers materials providers and the rest of it and its a mix things are still pretty active in houston and so were not seeing much in the way (of breaks->it brakes) there
which is a good thing we have issued into this challenged equity market for the last 2 quarters creating at least a perceived overhang in the market for our equity
(thats->that) those are the types of opportunities that were going to be looking for in our privately held companies if the (valuation from->valuations and) the value are (appropriately leased at->appropriate and we believe) fair value
while increased storm activity continued during the third quarter including impact from hurricane florence the effect on our territories was modest compared to expectations
because they dont want to be in a position to miss the opportunity to increase their recovery from these reservoirs by
the chilean economy very much related to mining and i would say there had been strengthening earlier but the chilean economy still remains somewhat weak i think the political situation there
were getting ready to expand this program to date more than (5000->500) drivers have registered for the (smart phone->smartphone) app in our pilot states of ohio and west virginia
as well as decisions on how to move forward in the best interest of meeting contractual obligations while also mitigating longerterm risk
ari will conclude the companys prepared comments by reviewing key aspects of our financial results that were published earlier today
its not about finding a way to continue investing in attractive opportunities its a question about finding the right combination of dividend growth and coverage and the appropriate alternative financing
and so thats really the criteria that we used to evaluate among the alternatives that were available (to us->*)
last year and this year are they on the schedule that you (expect at->expected) a little bit above a little bit below can you give us some color on how the execution of the recent fids are going
will create an increase in (drills with->drilled but) uncompleted wells over the next several quarters we are also encouraged by the increased focus of our major clients
agents also began offering an enhanced coverage option for business auto policies and a new endorsement geared towards smaller corporations with (a->the) name business owner
(a->*) couple (of->*) project updates here we made great progress during the quarter signing up longterm commitments for capacity on the supply portion of northeast energy direct
we may seek modifications to that order to try to improve on that schedule and were certainly going to look for ways to claw back some of that (on->in) the project execution phase
(it->*) is important to note that the residential volumes were up low double digits in the quarter pricing for the commercial segment continues to get good traction
we are committed to our obligations on these projects and supporting our customers the owners and getting this very important power to the country of south africa
and that the results of our integration process provides meaningful and positive results that benefit our shareholders customers employees and communities alike
when there are delays like this (costs->cost) continue to escalate while pressure to recover the schedule increases and typical work processes get modified
and most of those are in southeast texas which is the sweet spot or the heartland of our natural gas facilities including houston corpus christi and beaumont
on june 19 we amended and extended our revolving credit facility for an additional 5 years under substantially the same terms as our previous agreement
the couple of accounts that we decided to write down at this point (*->where) were in the specific reserve for the most part and i just dont see an increased trend there
we note that the final bonus amounts will be determined at the end of the year and could change materially from what was accrued this quarter
theres been a lot of changes in the third quarter and a lot of these (*->a lot of these) are the results of our direct actions that have significantly reduced
we have to drill several wells down to the reservoir level cores and fluids have to be taken and then put into our laboratories so
we plan to accomplish this through operational efficiencies by expanding our growth platforms and reducing our exposure to lowerreturn (markets->market)
we are currently piloting this with a group of agents in tennessee and pennsylvania with the expectation of a complete rollout (by->of) the third quarter of next year
this is a very important milestone for the owner eskom our customers and spx as well signifying another step forward in the process
than we were able to announce immediately upon unblinding i cant say anything more about the numbers because these things have to be peerreviewed and presented in the proper
(talking->touching) on that sale for a minute we told you historically that (weve been->wed be) looking for opportunities to monetize our private portfolio if and only if
but what this really means is that reliable flexible natural gas facilities are absolutely necessary to back up wind and solar
but at this point in time i dont think i think thats what we can say at this point in time unless scott you have any additional commentary here
(you->we) were talking about something volatile or we can see some forecast the (benefits->benefit) because of the solar (projects->credit)
does the delay in ongoing investment impact the ability to get value for the same dollar out of the field
patients on the system and really push the payers to recognize the (product->products) out there so we dont anticipate it as a longterm program but thats not to say like many in (this->the) space you wouldnt bring it back once in a while
were continuously enhancing the experience adding video capabilities notification badges and other features will continue to make the experience even better and keep members engaged longer
the increase in the margins is really going to come from the fact that this is more of a fixed cost structure where we currently are for the remainder of 2017 and
to facilitate or support that so it would make it more achievable and reasonable at a patient cost perspective and we do anticipate it will be much more effective in moving folks through at that point
compared to normal renegotiation its a much bigger structural change than we are used to we also have the normal effect where we calibrate services and make changes of scope et cetera which always
ill add one thing if i may we do have enough flexibility in our capacity mike to supply (takreer->to career) when it comes up and to supply the business that were acquiring now
we can keep those customers for a number of years and thats really powerful for us to be able to get the customer number one and then retain the customer and weve been able to do that we saw this before
they are the types of companies we like they are actually for sale and that is in a part of (coor->core) where we have the integration capacity then were quite happy to continue to do acquisitions
in most of those markets is very strong id say the biggest issue were facing is the fact that our market share is so high in countries like germany that its hard to grow market share so we have to continue to find ways to grow
that were actually going to get that appeals to go through the partners that we use to do this are pretty optimistic with their success rate through the multiple appeal process but we have to get our
other permutations we actually have a few centers up in upstate new york where (they are->theyre) referring over to a general surgeon to insert because (they->theyve) chose to set up (a->*) kind of a hubandspoke
and an additional point is (*->its) on the import parity line so its the more (milling->willing) capacity on the wheat side that you can have near (a->the) coastal area the more beneficial it should be to your business because we dont expect the local
that said however it is believed that soft commodity pricing has reached the end of the current deflationary cycle and if one looks at the rand this morning and over the weekend i think its further supportive of that notion
which we its in the preclinical phase and we just completed that dosing study so we have a high sense of confidence that we can freeze that product designed for the belowtheknee drugcoated balloon (in->*)
and the important thing to manage here is making sure before the northern hemisphere crop is harvested we hedge our prices and contract out as much as possible of the (fruit the->*) vine fruit
(*->can) you just remind us again what the benefit on tax was this quarter it seems quite a bit lower than i would have anticipated this quarter the second question is
the high productivity growth that we see among our consultants is ensuring that the income opportunity that our (consultant->consultants) receives from (*->being) participating in the (oriflame->orifm) community is getting stronger
prospects and upsell opportunities and crosssell opportunities in existing clients so all of these things as i endeavored are trying to build upon one another and be multiple (struts->stretch) in the wheel (*->of)
in 2016 expenses rose incrementally due to the expansion of our sales force management hires and operations in the latter half of the year and the now normalized level of rent expense
as we continue to finalize purchase accounting and evaluate the asset closure obligations of the legacy dynegy fleet we expect the forecast for this segment could continue to shift in future quarters
its really a delicate situation its hard for us because we dont control it we have been very open about this we run the economics on (newbuild->new build) and we just dont see it on the thermal side in the forwards right now
(and->*) turning to page 5 we have isolated sources of volatility in our earnings in the highlighted section at the bottom of the page you can see that excluding these items underlying operating performance has improved over the (past->last) year
and we think about how were building this huge wall of data its going to be real hard for followers to match us with the data that were going to have over time and were going to have to find ways to work with payers so that they can
consistent with our purpose to inspire healthy habits its our intention to bring science and scale not only to weight management but also increasingly to fitness and positive mindset
finding the right parties to manage our shelf in topend grocer as well as key accounts was absolutely crucial to move towards moving the business to a more brand building and category focus
albeit at a slow pace it is expected that improvement in demand in key african export markets will continue through a combination of own effort and improved trading stability
that we shared with you in the past that said the share of most power brands improved in the context of growing categories within the defined channel (sasko->sasco) bread and (spekko->specco) rice being the exceptions
first this quarter we added an earnings presentation to give you a visual (cue->queue) of trends and key information as we walk through our results were trying to provide meaningful information so you have the context to understand and digest our quarterly performance
sure thanks for the question matt i think maybe not quantitatively because its only been a month but i can tell you that the local countries are super excited
that offsets whatever mitigation of usage might occur from the front lines of origination and underwriting so we historically have never been too concerned about capital flows
and what would be the second publication to sort of validate the effect that obviously youre going to see an overall survival benefit in that patient population and the last question is relative to the transcript
to be clear we arent changing who we are were changing the conversation about what makes us unique and changing (mindsets->mindset) so we can change how the world sees us
im also pleased to announce some green shoots in our joint venture in east africa we now have a dedicated pioneer team on the ground working with us to develop the beverage category in the region
you guys know this i mean (the->*) ercot weather can change on a dime and so we want to i think its prudent for us not to do anything yet on full year guidance and well have a lot to talk about at the q3 call around that
certain clients that want to just write a check and put the case behind them and dont necessarily feel at this time (*->that) a subscription is so it is a little bit more difficult to know in any 90day period
which gives a certain confidence because we have the orders on (hand->end) but of course (we have to->ive) do a good job now to make sure that customers are happy and that we can deliver on time
somewhere in the middle of q4 or (right->*) at the end of q3 roger we got a couple of different scenarios in our outlook so the timing is kind of hard to pin down but we know by the end of (*->the) year itll be exhausted
we believe inflation is beginning to ebb and we are confident in our ability to address the growing pains in our operating performance which contribute to increasing margins on a sequential basis for the rest of the year
this evolution will touch every aspect of our brand globally digitally and physically from product packaging to logos to app design this will encompass our consumer as well as our health solutions business
and theyre not mutually exclusive first would be our focus on digital engagement were generating more traffic to our website and mobile and improving our key organic search performance with better content merchandising
but if were truly to become a health and wellness brand we have to inspire people to be healthier all year long so in 2018 were introducing a new campaign globally summer of impact
of canadian tire what does one company one customer look like from a customer perspective (exyears->x years) down the road when you get where you want to be because you have to start thinking like the customer im sure youre already doing that
and then also being able to see their logo on (an->in) email marketing as well so that is becoming another vehicle for us to be able to get out in front of small business owners as well so theres a lot there but
we see this charge as a discrete item (arising->rising) from a contract dispute and not indicative of ongoing operations accordingly this adjustment (or->for) this charge if you will was excluded from our adjusted results
in addition we saw some improvement from the lower relative negative impact of exchange on operating profit versus net sales due to our hedging program which delays the timing of the exchange impact on profit
and launching in may it will be focused on the power of our program and (will->well) celebrate food family health and fun inspiring families and their friends around the world to be healthier
thank you ivan and good morning everyone (we have->weve) delivered another strong set of results demonstrating continuing progress against the measures we track to deliver efficient growth and value creation
customer group or people (that->who) dont currently shop there just (wonder->wondering) if you (can->could) expand upon that and whether your one company strategy is in some way hopeful in that finding that group of customers
(*->our) programs constitute probably what are some of the more complex components in our history and the teams have just done an outstanding job in terms of overcoming some of the challenges
we have become a reliable compounder of growth using our brand portfolio and geographic footprint coupled with our agility to deliver consistent top line performance
we have a strong innovation agenda aimed at recruiting consumers into spirits aligned with the 3 global pillars of recruit rerecruit and disrupt
that it wasnt necessarily that theres a ton of opportunities out there and youre just not going after them fast enough im just really trying to weigh up what you really meant by you want to be more aggressive
im pleased to share another strong set of results which demonstrate the progress (we are->were) making towards our ambition to be one of the (best performing->bestperforming) most trusted and respected consumer product companies in the world
moving to supply we are driving cost of production down through a number of work streams nigeria as an example has made most progress in the supply areas that we categorize as make and move
we plan to continue to manage our cost structure responsibly so that our growth rate of profit exceeds our growth rate of sales and with that id like to turn it back to mindy thanks nick
we (continued->continue) to build on momentum we had on scotch in fiscal 17 growing net sales 3 this solid performance was delivered while working through headwinds in some of our markets
i would also note that no shares of common stock were repurchased in the first quarter under our current share repurchase authorization our cash reserves are more than ample to support our growth initiatives
from an order booking point of view do you think that will be maintained or are we in such a volatile period that you cant really say that about whats going to happen in q1 well
obviously exchange coming (out as->at us) we had productivity initiatives that have allowed us to handle that extraordinarily well i dont expect that those (kind->kinds) of efforts are going to slow down in any material way
and we still have room to drive further trial and distribution for both regal apple and vanilla and further expand our liquid credentials through the first release of the (blenders->blender) series
weve also renewed our longtime partnership for (rugs->rog) with (safavieh->sophavia) we plan on launching this carefully curated mix of home decor categories at market in the spring
the departments together and then blend them together and not have 2 people doing the same job and (a->*) certain (task->tasks) being done 2 or 3 times so that certainly has to continue and i dont think anybody would say that (the->*)
we have (scrubbed->scrubed) our production forecast for the remainder of the year and while our outlook has been reduced we still have an expectation of a higher fourth quarter over both q3 and last year
come down by 32 basis points especially in a year when we were investing so heavily in the business to drive new capabilities like consumer brands digital store (sport->support) and analytics to mention a few
(duncan->dunkin) has made a substantial contribution to our company over the last 9 years and id like to thank him for seeing the company through to yearend disclosures and we wish him every success (with->for) his new endeavors
when you look at the (well worn->wellworn) campaign i think its pretty obvious theres a marked statement there that were going to be seeking a new generation of canadians not at the expense of the ones that are currently loyal to marks of course
its a strong vote of confidence and will benefit the company by extending the maturities providing a lower overall weighted average interest rate and offering more flexibility to the company
we are also providing a directional annual ebitda margin profile in total and for each of the 5 mos categories
could you just simply explain what exactly is the allowance rate is that the balance sheet item allowance for doubtful accounts divided by your receivables balance
how you choose what brands you want well i mean you try to get a (shortlist->short list) thats in categories where brand plays an important role that (its->is) relevant to not only the business were in today but where we want to take the business
we plan to leverage new tools to make our meetings more integrated with our vision for the future better utilizing technology to simplify the checkin process and finding other ways to support our team
the broadbased growth across the business and the 3 focus areas demonstrates the consistent and effective execution of our strategy through our 6 execution priorities
brazil is a good example of how we are using formats as an nrm tool small formats enable more accessible price points and extend our access to new consumer occasions
we are further strengthening our international efforts and collaborating with our partners to position the brand for growth in key markets such as europe middle east china and korea
our 6 priorities underpin the delivery of our strategy disciplined execution of our 6 priorities across the business is enabling the delivery of consistent results
so in summary we certainly experienced a quarter with mixed results but firmly believe that the transformation thats taken place over the last several years better positions the company to address the impact of shifting business cycles
so how do you how should we look at it from a 2 3year perspective will it sort of stabilize and probably increase in line with your other expenses or (*->you) your advertising and publicity will tend to be more like a percentage of revenues
to our capital by virtue of a higher tax rate and therefore while we did all of our analysis assuming that theres not going to be any changes in metrics you would have to consider that that benefit to the strengthening (of->*) effectively (our->or) aftertax reserves is something that would be considered into what would ultimately be deemed
these results were achieved through a combination of continued focus on delivering highly valued services to our clients and persistent scrutiny of our cost structure in response to the changing dynamics in the industries in which we operate
overall we remain highly confident in our strategic plan and our ability to deliver solid execution for our customers and create value for investors we remain focused on growing our business through organic initiatives and targeted acquisitions
and while we are very clear that the visibility that one has on the rural viewership should be monetized and that should be a winwin for advertisers and broadcasters both i think the exact
during the call the administration can make any declaration regarding the future with the objective of helping to understand the performance objectives these declarations are subject to change risks and uncertainties of the company
we are which is now currently in the field and being used weve (gotten->got) a second project to develop a preproduction prototype which is under development right now and will be delivered early next year
along the way (*->we) were required to do some additional work on permitting that was unexpected last summer when we developed our plans and thats moved that project out so all 3 projects the delays are attributable to
this includes enhancing the ways in which we connect and engage with our customers (and->*) at the same time were generating strong returns and substantial cash flow in our businesses and this enables us to strike the right balance between investing in growth
we remain committed to meeting our obligations on these projects and supporting our customers and the owner of the plant as well as help bring a muchneeded new power supply to the country of south africa
thanks tim as tim mentioned we are very pleased with the (finance->financial) results we are seeing this year they reflect (a->the) dedicated service of our agents and our employees as well as our commitment to deliver on our strategy
we compete with that pipeline cost particularly the future pipeline cost with the anticipated construction of a new pipeline out of bakken to the gulf coast to be able to get to the west coast and (*->we)
these increases were largely offset by lower revenue due to previously announced extensions of certain longterm contracts with lower pricing as well as a decline in mutual fund revenue as a result of continued (sub accounting->subaccounting) conversions
as a consequence the vast majority of sales in japan were us (dollardenominated->dollar denominated) sales outside of japan were consistent with last year as growth in brazil was offset by modest declines in other markets
we strongly believe that revenue monetization on both advertisement and subscription front is going to be driven by providing excellent quality content we aim to further enhance our offering across platforms going forward
earlier this afternoon we released our press release with summary results for our 2016 fiscal year including a table showing our results by segment which separately breaks out our xcede loss
but youre also catching up youre taking previous expenses and capitalizing those at the start of the year so theres going to be an in and out that were still evaluating so weve kept that out of what we talked about this morning certainly not our choice
it would be inappropriate to just add it on to what we talked about earlier because you need to allow us to go back in and allocate the capital that meets with the our objectives of generating the free cash flow for the company
while we may not be group supervised by the fed we will continue to be group supervised by new jersey and we continue to deal with developments that are occurring on the international front and so theres a level of spending that we expect
this required a supplemental funding to keep the company alive through february 2017 and a request to our development partner cook biotech to assist with the (firstinhuman->first in human) clinical trials
thank you (anuradha->anrada) i would like to welcome everybody to this call and appreciate your joining us for the discussion on the results of the third quarter of fiscal 2016 lets begin with details of some of the key developments of the quarter
i encourage you to follow along with the slide presentation during our prepared remarks a replay of the webcast will be available on our website until november 13 as a reminder portions of our presentation and comments
in this way and as we have mentioned in the previous slides the cost per risk was stable and at a lower level than seen in 2017 as we can also see in the graph in the lower right side of the slide
i will begin by saying that were very pleased with the quarter we reported record adjusted operating earnings per share that were driven by strong fundamental trends and solid momentum across our businesses
(*->pricing) too high given the fact that the government is restricting how many new candidates we get and to (exempt->*) the (*->extent that) people (paying->pay) more and more for the service and dont see newer candidates at the same rate they did before because the government is restricting
these results are especially good considering the impact of a major project wrapping up in the third quarter and a decline in defense technology development during the year both of which we have discussed previously
that gives us any concern about being successful in the permitting process its just taking more time so when you factor that into our capital plans as (steven->stephen) said that has resulted in moving our expenditures
so just for clarification is the intention to keep it indefinitely or you think that you will look to sell it down the road maybe as things turn a little bit
so if you could just explain that and the other thing is on your traction motor im just wondering if you could just clarify if this is the if you have (1->one) model and this is going into a particular
the improvement reflects favorable changes in the mix of income earned in lower rate jurisdictions the continued execution of the companys tax strategies and the benefit of discrete tax items recorded in the quarter
i think its best to just talk very briefly about each project first project is the los angeles integration and compliance project so all the design engineering all the evaluation of that
specific to the quarter the residential business absorbed higher returns versus the prior year within the retail segment as well as higher rebates reflecting increased annual volume thresholds achieved within the quarter
so nothings changed there although we still our position is still that we are interested in forming a company and to the extent that we do and were able to describe that we will do so in the (not too distant->nottoodistant) future
erie has received either a platinum gold or silver award from the group each year since 2009 preparing our workforce for the future is an area of focus that very much involves our employees today
looking ahead we remain well positioned to drive improvements in the business and deliver on the plan we presented in december of 2015 we look forward to updating you as we progress
todays remarks may also include financial measures that were not prepared in accordance with us generally accepted accounting principles reconciliations of nongaap financial measures to the most directly comparable gaap financial measures can be found in our earnings release
in our products group our emerald kvm product line is getting traction in the market and supports our excitement for its future this was a big step in the (products->product) strategic plan to develop proprietary product lines in key targeted markets
as you may recall from prior announcements don recently accepted this new assignment which is focused in part (of->on) preparing our company to effectively execute the operational product and cultural integration of (winning->any) new acquisition that might take place in the future
we have already completed 4 of these steps and we continue to work on changing the culture of air products by focusing on safety simplicity speed and selfconfidence
and perhaps you could elaborate a little bit on what impressive margin execution in lighting meant in terms of yearoveryear improvement or sequential improvement or kind of how youre run rating in that business
we believe in the medium and long term the market will value our common equity appropriately and we believe the market will value our particular structure that is a simplified largecap (ccorp->c corp) with a substantial and growing dividend also appropriately
or forwardlooking statements in the future i will now turn the call over to (anat->ana) thank you (elana->ilana) and welcome to compugen i would also like to welcome all the participants on todays call
and the team is doing a real nice job so we feel like thats going in the right direction i think we see a very different story in the power generation business where we have seen less demand
the breakthrough eds technology enables (a->the) diagnostic tracer element to be absorbed and chemically bonded to the durable (proppantsized->proppant size) particles that accompany the frac sand eds has rapidly become the preferred method for monitoring completion success
these remarks are intended solely to educate investors and are not intended to serve as (a->the) basis for medical decisionmaking or to suggest that any products are safe and effective for any unapproved or investigational uses
(dave->*) thanks gwen first some industry investment trends that are taking place (core is->cores) encouraged that operating companies are buying into living within free cash flow and emphasizing returns on invested capital as demanded by todays investors
which i believe results in 2 even more focused companies that can create greater opportunities for employees and customers as well as drive additional value for shareholders we appreciate your commitment and dedication
and could you talk about the complexities of trying to decaptivate more hydrogen from the refining industry i think that was early on one of the key opportunities that you (envision->envisioned) but it seems like its taking a fair amount of time
before we start the conference call this morning ill mention that some of the statements that we make during this call may include projections estimates and other forwardlooking information this would include any discussion of the companys business outlook
so we have some (harass the->harrashed) with our contractors and according to the situation we have obtained a really good answer from our (armed->arm) forces
so additional perf clusters leading to lesser stage count we actually think that adds to the efficiency of the well and reduces the time to drill
and you put all that together and you have a very bullish growth outlook for natural gas and electric generation but there are other factors the second demand driver is natural gas exports to mexico its real and its growing let me give you the facts
we are a contractor for various components at each of the sites with a scope that can include engineering manufacturing construction and commissioning depending on the specific contract and client
asia i would say were seeing slowing growth and additionally what has traditionally been pretty steady for us the service business we are seeing some lower service demands in our developed markets
probably be the case i would find it hard to understand why anybody would do a (nonremopro->nonrema pro) version of treprostinil when there was the (remopro->remal pro) version available
steel trackers that are negotiated because that is a (viable->variable) commodity and on a long lead time project youre not sure what its going to be when you get there (we have->weve) gone from having steel trackers weve done some preorders weve done a variety of things (and->*)
in this quarter im pleased to report that our commercial efforts have paid off in positive growth pretty much across the board at the same time i am disappointed that our underlying productivity did not fully translate to the bottom line
(*->and) this comes from a management team and board with substantial holdings of common equity so heres the bottom line for our equity investors first were taking off whatever pressure that our common equity issuances were having on the stock
there are reasons for this including higher planned maintenance this quarter and we have a lot of cost progress behind us but we continue to be excited by the opportunity ahead of us there is more to come in productivity
however it is our opinion that the third quarter charge represents the significant portion of our potential risk on the project and properly accounts for everything we know of today moving on to our financial position and modeling targets
and so theres no real need to have the added complexity in the pump of titrating to a different dose because thats done in the cartridge that the patient receives in the mail and then throws away afterwards
now added to the demand picture is the retirement of more coal plants due to environmental regulations and of (nuclearfueled->nuclear fuel) instruments due to age and operational issues
so in fact when we look at the total impact in q1 i would not be too focused on the component of that in the first quarter what i reassure is that we are seeing the savings coming through
ladies and gentlemen that does conclude todays conference call we do thank you for attending you may now disconnect your telephone lines
now let me also put in perspective our business and its prospects for the future (i have->ive) talked about analogizing our business to a toll road to the extent that youre probably tired of hearing (it->*) im kind of sick of using it myself
and then we have the ability to operate and attract thirdparty business operate this more efficiently and attract thirdparty business to these assets we look forward to expanding our already productive relationship with them and finding other opportunities like this
versus in the packaged gas business you could read that larger companies more likely to be in an export sort of an industry are doing better for us than perhaps people who are just serving the local market
you never know when these things are going to come up were obviously in the middle of (our->*) earnings season right now so were spending a ton of time listening to companies report their earnings so id say the (opportunity is->opportunities) around maybe not as plentiful but theyre still there and like i said (weve->we) found (2->too) that
and the effective deployment of that cash is one of my most important responsibilities as the ceo of the company something that i take very seriously
(are->*) our tenants commercial relationships and we believe that they continue to think that thats a very valuable asset in their network
on the flip side for whatever comes out next could that mean you get some increased content on the whatever the note 8 or whatever the next generation is
most important we have completed the refinance which strengthens our financial profile and provides us with additional flexibility
a little bit of a view on how (should->*) we (*->should) think about the deliveries of the (bizjets->beast jets) and also commercial interest on the pearl engine
they can do everything from full color to promotional materials (for it->*) but then they can move away from that
(*->we) will also continue to broadly drive our systems and components business with our differentiated products and services
we believe that growing the bank organically and through prudent acquisitions has served us well as a public company and through our second step 5 years ago
this more than offset declines in senator reflecting the recent period of political uncertainty surrounding the presidential election in kenya
its an inflow in the first quarter last year it didnt cost (in->an) income because we recorded it directly into provisions
our technologies and sales channels are stronger our digital technology services offers more mature
we continue to target increasing marketing solutions and other services as a percent of total company revenue
following that ill detail some of our recent accomplishments as well as provide a business outlook for the balance of the year
we made a conscious decision not to be a monoline lender but to change the direction and culture of this organization to become a commercial bank
we have a sharp focus on efficiency which is allowing us to reinvest in our brands and deliver margin expansion
(uncomfortable->im comfortable) being in a country when you are a mobile operator and you have no path to having a strong
is an effective approach to providing customers with the economic and performance benefits derived from a distributed energy resource
so we view that as another positive thing along with again the things i mentioned earlier about all the channel focus that we have
we will post both an audio recording and a transcript of this call on our website we also will post an updated investor deck (at->to) the website later today
we remain comfortable with these estimates at this time thank you for listening to all of (these->this) detail i will now turn the call over to jim ryan
the premium (a1->a) by and1 collection is on track to launch in specialty stores and boutiques later this year
and companies get started off of less than that so very very happy to see that continued commercial momentum
were always looking to the long term but these daily moves are nevertheless unsettling and we believe grossly overdone
think of it as just the right amount of data and analytics to be a difference maker for our customers
we saw benefit coming through from the work on organizational effectiveness and also the benefits from the second year of zerobased budgeting
they will be very helpful to manage that effort we believe that this path is the way to enhancing longterm value for our shareholders
the information in this presentation accompanies the financial disclosures in our earnings press release and on this conference call
(*->the) answer to your question broadly is the location of the next plant is something that we dont have to decide today
the savings span across most marketing activities including media experiential and right through to (point of sale->pointofsale)
but what we firmly believe is that in 2018 that we will see a (*->mode) modest price increase in the net basis
these ratios as well as our enhanced liquidity have us (wellpositioned->well positioned) to be able to transact efficiently on acquisition opportunities as they materialize
so could you talk about your plans and ambitions in specialty chemicals in china both in terms of organic and inorganic growth
we continue to look for opportunities to provide accessories and other checkrelated products and services to our consumers
precisely the move from prepaid to postpaid and we think weve hit it right on the spot on the way to do it
china is really combating their air pollution problem and the government is providing incentives to increase
really the emergence of bankruptcy and the reinvigoration of capital spending by ultra has driven volumes
having said this it is still very early days but so far we like what were seeing in colombia on mobile as much as we do on home
are difficult to predict and which can cause actual results to materially differ from those expressed or forecast in these forwardlooking statements
the first is going to be the addition of the abdominal symptoms claim which we believe will allow us to speak to a broader patient population
conserving a little bit of cash and having a little more firepower for some of the organic projects that you have potentially on the table or acquisitions
together automotive and industrial markets contributed close to half of total company revenue in the september quarter
and what is the status of the standstill agreement with allergan and then you touched a little bit on pricing
and part of the costs that weve talked about and fully scoped out this morning include both the expected
reconciling and matching payments resolving exceptions and then posting payments to keep receivables current
along with our 10k which was filed yesterday with the sec a replay of this call will be archived on our website for a limited time
and i would say its different in different places in the oklahoma set of contracts
we still have a large balance of old debtors to be collected we still have some supplies that we tend to pay a little earlier than the terms
it all starts with being in the right places today enlink is focused on 5 core areas the stack in central oklahoma
(laurie->lori) im just going to add on (on->*) the interestbearing checking line item is where we have the vast majority of our municipal deposits
and so were not at a point today where we need to decide where the next plant would go whether its in the chisholm area or whether its back further to
we are committed to financial discipline and have strategically focused on lower risk highreturn organic growth projects in our core areas
full field development that will come on in bigger chunks at a time
let me finally turn to consumer (consumer->*) was up in the september quarter above our expectations
what i like about it now was that unlike what our growth was 3 4 years ago
we simplified our processes and took complexity out of the business while reducing our (costs->cost) and expense structure
im sure many of you have questions about our business situation with spi so ill take a few minutes to address this topic
as i think about all that is underway at enlink today and the progress weve achieved i see 3 main keys to our success
and so i am being very thoughtful and diligent here interest is very high for this position
today we have one of the best positions in the stack both in terms of our infrastructure and diverse and active customer base
in the full year which is why weve made the comments weve made this morning about full year free cash flow and profit at the upper half of our guidance range
i will be providing updates on the program and our progress in the future there is plenty of opportunity ahead and (well be->we will) patient and methodical in the execution phase to manage risks and costs to achieve change
we have started divesting from coal we have then divested from tobacco and we have taken a further step from divesting from coal on the one hand
is to delever and then to use our stock buyback program well have to wait and see in terms of timing if there should be any proceeds from the auction or none whatsoever
i will now turn the call back to barry for concluding remarks barry thank you mike as youve heard we continue to focus on delivering results with operational excellence which is at the center of everything we do
cost reduction efforts a reduction in qualityrelated expenses and the impact of pension accounting treatment despite negative forex effects due to the appreciation of the yen and other factors
as well as exercising either its buyout or its termination options that are provided for under the lease and weve not received notification from arc or (zenith->xenith) regarding exercising either the buyout or termination option
thank you brad and let me add my thanks for joining the call today i will go through an overview of the financial results and provide some added color on what we see taking place within the market for ppas (for->*)
we are working diligently to further develop our services across the commodity chain including natural gas natural gas liquids and crude oil and working to expand our range of midstream services within each commodity
so again we feel really good about not only our base position but the expansion opportunities that we have seen this quarter and the ones that were working on currently and see additional opportunities
so as i said in the prepared remarks and as you noted it was really a change in the specifications which kind of didnt fit exactly what our product was doing
frankly werent really well understood until we got to around about the first quarter of this year and (realized->realize) that we had to basically redesign these blades
im very proud of what our employees do every day in our communities volunteering their time and talent to make a difference it will be this passion and purpose that will serve us well as we navigate through this current interest rate cycle
in august we told you that we were convinced that our shares were a bargain in light of our strong belief in our future the quality of our stations and employees our much stronger balance sheet and our lower cost of capital
my personal feeling is the expansion has not has nowhere near been as robust as previous expansions and so the length of (*->it with) the anemic nature of our growth
of the 5 we signed one of them is with (the->a) public company but 4 of them (were->are with) private (equity backed company->equitybacked companies) and so inherently the timing is a little bit uncertain because what those companies tend to do is to appraise their acreage and then they may explore a sale
and these are the first steps among many others that i cant talk about now because we have no time that we are making from really moving from a payer to a partner
the rationale for the company sending the notice is simply that the supply agreement is a vital part of the overall deal and an essential prerequisite for the other 2 components to be realized
now that the (elections->election is) almost behind us we see local and national advertisers seemingly sitting on the sidelines a bit more and a bit (longerthanusual->longer than usual) this late into an election quarter
many of you may also have questions regarding the accumulation of shares by (melodious->milodius) investments company limited a firm wholly owned by (jilun he->jewelan hub) a resident of hong kong
automobile stores theyre still selling automobiles left and right and so i have yet theres no factor that i have that i can sit here and tell you marci
we expect total cash outflow in the first quarter of 2019 to be higher than our projected outflow for the fourth quarter driven by bonus payments and our semiannual interest payment on convertible debt
(*->at) the operating income level the negative effect of the yen versus us dollar exchange rate was further exacerbated by the negative impact of currency effects of the yen versus a number of asian country currencies
and just (sort of->*) from listening to the commentary you took your fair share of political dollars that were in your market and implies that your ratings are probably holding up just wondering if thats a fair statement
forwardlooking statements are subject to a number of assumptions and uncertainties that may cause our actual results to differ materially from those expressed in these statements and we undertake no obligation to update or revise any forwardlooking statements
on our executive management team 11 of the 15 members are new to the bank since 2014 we need to execute on our plan and lead our teams with passion and purpose
demonstrated to us that there are many sophisticated and experienced investors with solar track records who recognize the value proposition created by the addition of storage and control systems
i would have expected france to be growing a little bit quicker than that i appreciate its a competitive market but its (the->a) digital poster child for the group do you expect it to be growing at the kind of group levels do you expect europe to be matching those group levels
in the december quarter we expect automotive to be up sequentially with increases in battery management systems for electric vehicles and continued growth in infotainment content
that 3 large us institutions have put themselves together to make sure that they work on exactly that topic that has shown to me that we are on the right journey
we are testing onsite (in->and) attorneys offices a new attorney escrow product and working with our business lines to roll out a new overdraft (privilege->privileged) product for small businesses and commercial checking customers
several years ago we had identified that customers needed smaller footprint and lower heat generation as they shift from centralized (controlled->control) systems to distributed control on the factory floor
in our areas of kind of the products were developing and focusing on the distribution channel and really focusing on the long tail we have started to see some results there so and of course we all know this is (a->*)
at the close of the market today fluidigm released its financial results for the quarter ended september 30 2018 id also like to let everyone know that our (outdated->updated) investor presentation
a portion of that increase was at omega for some projects that we did for fort (leonard wood->lenderwood) but then we also had higher (cost->costs) at mogas during the quarter for planned pipeline integrity maintenance work that we did on their system
and not really being affected by the fact that somebody has 2 or 3 product lines that theyre selling together to a customer thats been at least my experience so i dont think thats going to have a
on the 48volt front the deployment of our products in data center is expected to be delayed beyond calendar 2017 due to a change in requirements for the targeted lead project
but they will be managed in a different way which is more in a private (equity lifestyle->equitylifestyle) and then we obviously have some markets in there that will be sold where we reduce our footprint
moderating of the competitive environment over the last few months there continues to be some changes in that and
and we remain very confident about the southeast given continued growth in both public and private demand
they illustrate clearly the variability in the quarter but also the quality of the profit improvement that were seeing at the local level
yes look i think its in the quarter a lot of the tax benefit that we had in the prior year was in the fourth quarter the biggest piece of it
the money (thus->doesnt) we are not only considering to allocating the money in the emerging markets
and our revised outlook for the full year im very encouraged by the way many key indicators improved during the quarter
this growth came despite very tough weather in the east with the west showing very strong shipments as expected (it->*)
and on information currently available to the company they involve risks uncertainties and assumptions because they relate to future events
to quite frankly all our satellite customers with regard to the potential for much better quality wireless service so all of that kind of plays together
however we are working very constructively with each and every one of those customers on a (customer by customer almost enginebyengine->customerbycustomer almost engine by engine) basis
for those of you who have not yet downloaded the material please do so now as we will start immediately following (our->a) forwardlooking statement
the various factors for increases and decreases in income have been classified in accordance with (the->a) method that honda considers reasonable
we would have expected to be at the high end of the committed range of 15 to 16 had we not deconsolidated venezuela
and if we see interesting and attractive objects and investment opportunities they will only be looked at
digital insights and data insights and help advertisers make sure their advertising is working effectively and efficiently
these (16->60) million locations and the more than 1 million route miles of fiber in our overall network
and combining this with an aging population rising income levels and better access to information should help fuel industry growth for years to come
illinois is a challenge its just going to be a challenge the public side is tough believe it or not we do see growth on (res in->resin) illinois and well see some
the pricing climate continues to reflect this confidence in the sustained recovery and more tactically the healthy backlogs we and our customers see
the aerospace industry continues to be driven by the industry push for more fuelefficient aircraft and the satellite industry
chinas economy weakened in the last quarter due to tariff regulations which especially affected the chinese consumer production exports
and the impact of pension accounting treatment which more than offset the negative impact of foreign exchange fluctuations and other factors
granted these are early results in trial conditions but we are excited about what we have seen so far
pleased with the progress there put all that together thats why were confident (in tone->and toned) this morning with the financial outlook
thank you very much thanks for your questions thanks for your attendance and i wish you a good rest of the afternoon thank you
offsetting the (costs->cost) of investing in our growing customer base and a small amount of pressure from the new financial instrument reporting rules
our strong results in 2015 reflect our continued progress with the year playing out essentially as we planned
this result has been fueled by a very good performance across all the geographies that axa has
but on the phones we feel pretty good about getting good value for the investment plans we put out there and a great opportunity to generate value
it feels very different now because our customers are talking about and actively trying to make those investments in their own capacity (well they->really) see whats coming and (theyve->they) got bigger backlogs
our premier tools powered by mass cytometry and microfluidic technologies provide deep insights across a range of many diseases
over the next 5 years well be putting (band 14->ban) on tens of thousands of new and existing sites nationwide
were working hard to build something great for first responders and early response from our sales activities has been very positive
please turn to slide 18 with respect to profit before income taxes for the fiscal first half
we think (that will->thatll) turn around pretty quickly with the new funding in place but what youre seeing right now is really driven by healthy private demand
and customers were able to experience the new automated software solution phenomap from (visiopharm->viziopharm) while the software is the headline
compared with last year despite the additional cost incurred related to the spinoff and the incremental cost to be incurred going forward as a standalone
i say all that because we expect to return to more normal profitability and growth moving forward and i think youd see that
and that creates a virtuous cycle that combined with (these->new) software releases in which we have better utilization of the system faster utilization of the system
the yearoveryear and sequential increases in product margins were due to favorable manufacturing capacity utilization and product mix
this was primarily due to the positive impact of pension accounting treatment which more than offset the negative impact of forex effects
and weve got a good innovation pipeline so i think were well staged to continue to drive growth in this geography
as a result market share steadily improved with half of our chocolate revenue gaining or holding share for the full year
we really do believe that thats critical to be able to provide the services and to provide the quality of service
the shortfall in aggregates volumes drove most of the gap between our reported results and expectations for the quarter
the logistics in our industry around wholesalers and distributors and the amount of inventory that people take on when we launch new product
we see a return to solid growth but dont know that we can fully catch up to our original guidance in the months remaining
managing discretionary spend very tightly particularly on travel costs which have come down quite significantly over the last few months and in capital expenditure as well
longterm project pipelines for both private and public transportation work continue to build
customer confidence remains very strong given this visibility and the pricing climate remains positive
equilibrium it sounds like its at least a couple (of->*) quarters away if not longer or do you think it happens in the next quarter
and managing them in a way that you can either get out of the misery of underperforming
this means prudently increasing investments behind our power brands and innovation platforms to accelerate revenue growth and gain share
we believe were one of the few industry players with the potential to deliver strong top and bottom line growth over the long term
providing our customers with new tools to deeply characterize unique cellular subtypes and functional states unavailable on competing systems
if you think about the overall digital market i dont know the exact numbers but i think last year the overall digital advertising market
good expected (developments->development) but we cannot expect that every year you will get exactly same and thats why
the models proved to be a big hit with accumulated orders totaling (27000->2700) units in the first month following the launch
so china had a good quarter doubledigit growth in the quarter but i would say thats more to do with the comparatives than really having a big and strong business in china as you know we had a couple of years of difficulties in china
some deals which is very very unusual for rookies but most of them do have experience and they bring good leads with them so were encouraged by that
followed shortly thereafter by our 10q for q1 fiscal 17 we will then be current with our required sec filings and compliant with listing requirements of nasdaq
i think the biggest gating item right now is our ability to hire identify hire and train the mako specialists who are critical to ensuring that not just the surgeon but his entire or staff is prepared to have a really successful
could you give us a sense in terms of breaking out the state growth just as you did for texas but focusing on the la market versus northern and the san diego market in terms of what is driving real demand in the market
range of motion stability discharge to rehab and patient satisfaction we expect to begin to see some of the data at key (orthopaedic->orthopedic) conferences starting in 2018 and beyond as we track these patients over time
please be reminded that todays discussion may contain forwardlooking statements as defined in the private securities litigation reform act these statements are based on currently available information as of the date of such statements (*->and) are subject to risks
net income in 2018 is expected to increase modestly compared with this year as the (benefit->benefits) of the increase in revenues are expected to be mostly offset by the cost to implement these initiatives and the incremental public company (costs->cost)
between our competitive position and our customer response making sure that its a net positive impact so in the near term particularly in 2016 the bulk of (the of->*) our strategic actions (are->*) will continue to be focused
were working hard to build something great for first responders with the introduction of the (firstnet->firstnight) core first responders finally have the network that they have been asking for and that they deserve
are really fantastic and unique so its just a very attractive position now and longer term finally wed underscore that the recent improvement is really driven by private demand
in areas where they have (a market in->marketed) fiber for (the->*) last 2 years our penetration rate is nearly 50 thats quite a bit higher than in our nonfiber markets and leaves us a lot of room to run over the next couple of years
and so its returned to growth and its continuing to strengthen across (all->our) markets i would also add to that that in a lot of places thats before the big funding (flows through->flow swing yes) if you look at south carolina or tennessee or california
to be comparable to the prior year while other international consumer and commercial markets are expected to continue to grow moderately sales are also expected to continue to shift from instore channels to internet sales channels
which are subject to risks and uncertainties these risks are described in detail in the companys sec reports including our earnings release and our most recent annual report on form 10k
im watching backlog carefully and fully expect that the changes discussed will start to show improvements to backlog and subscription revenue over the next few quarters (and->in) coming years
once you get current on the filings which it sounds like (its->is) going to be next week or maybe shortly thereafter once you get the filings out would you be able to theoretically begin to buy back your stock at that point
well see a replacement of the margins and a growth in those margins on an extremely low capital expenditure basis so well transition through that thats what our (expectations->expectation is) on that
well always look to do some level of reinvestment we have committed to improving our operating margin as well so there isnt a (one for one->oneforone) like that you used to see maybe in the past where (weve delivered->we deliver) more top line and (spent->spend) at an even more aggressive rate
just a bit more color around kind of initial goal steps for integration there once the deal does close what sort of feedback or initial excitement have you been hearing from your sales force there
based on the courts determination we stand ready to close funding is in place even after we settle the special mandatory redemption bonds theres not much more we can add at this point
yes certainly that is not what occurred in the second quarter but in terms of over the long term we absolutely still remain committed to those kind of goals and we see that in the pipeline of the products and
we lowered our volume expectations for the year which lowered our guidance range this is due to compression of shipping days and the timing of large projects that we know (were->are) going to ship
such equipment would be written up to an appraised fair market value once the equipment has book value again it reinitiates the accounting depreciation process
many businesses in marvell where they have a strong where we have a strong leadership position and a strong base of profitability and actually in some of those businesses even where (*->we) have
we will be referring to these historical results in our comparisons during this call tax reform gave us the opportunity to invest and grow our customer base
ceramic versus (tantalum->tentil i mean) you say you see more tightness in ceramic and how thats guiding where youre allocating your capacity and also in the context of where you see your peers allocating (the->their) new capacity
(and->*) or how much of it is just spending more behind your existing products to support the price increases or (just->to) stay in front of consumers in a weak environment just trying to understand at what point do we start to see some lift
substantial amount of money customers tell me that (crexendos->crescendos) awardwinning solutions are perfect for a company that wants to increase productivity and save money
back to business in a very normal way obviously we do need to finish our remediation efforts but its not requiring any significant amount of investment and the (businesses->business) is sort of back on track
it also means maintaining our commitment to invest in sales and routetomarket capabilities so that were well positioned to capitalize on the longterm growth potential in emerging markets
communications with them along with the thorough investigation weve done we hope we can end that at some time in the future but at this time we have no update on it whatsoever
while revenues were down gross profit was comparable between years as benefits from reduced product (cost->costs) and a favorable shift in sales mix to higher margin and (higher priced->higherpriced) products offset the impact from lower sales (volumes->volume)
within the storage business that we need to take better advantage of particularly in the enterprise and the cloud space and we have the knowledge skills and ability to do that
in line as well as making sure weve got a longterm growth strategy in a business that really is attacking markets where there is clearly growth and there arent a lot of businesses
but we are seeing continued growth in both for us i do understand your question and well wait and see about what happens with the total marketplace i dont have
and market share performance as the year progressed we actively monitor the payback of these investments and (we will->well) continue to proactively adjust our spending based on actual returns
and i think rob if we saw more momentum in the markets and things were a little less volatile i think (wed->we) have more confidence in being a little more (forward leaning->forwardleaning) with that but thats part of what were thinking here
but in this context i think weve had a very clear strategy of what were trying to do and i just want to sort of make sure were clear about what were doing
for example if spil had a piece of fully functional equipment that was fully depreciated 0 book value
now before i start i want to make a few opening comments to refresh everyones memory on how we have gotten to where we are today
which are essential in this arena and by refocusing again on the cloud and the enterprise infrastructure
in q4 we made a lot of good progress with snap (pixel->xl) we focused on scaling its usage as well as building out its capabilities
right now we dont have the opinion that well have a lower level than last year so we believe that that business is still growing
and its something that weve certainly started to look at but job (1->one) is going to be (the->*) get the cost structure
(*->sure) so we already are pretty active in ascs for our sports medicine business and we have other products that we sell into that channel so its a channel that we know
so and (justin->justine hey) its (drew->true) on the revenue side of the world we did try to call out a couple of those in my comments we are a brand business and we do believe that the
which allows me to comfortably say that we are a leader in the renewable energy recycling and resource management space (there and->no im) pretty much recognized as such
know he knows how to identify markets where we can add value and so im optimistic and i wouldnt throw that number
theyve been in search of a polymer that can withstand the new stronger disinfectants being used in hospitals which is causing cracking with existing polymers
(*->yes) i think the biggest benefit to us is they have outstanding technology that gives us access to new procedures for a customer base
to be able to give us some really unique product offering that if you look at our cementless offering is now approaching 20 of our knees are now cementless which is
well i dont want to put matt into a box at this particular point in time so ive been hesitant to
and craig i want to add something on this if you look at marvell one of the things ive been most impressed with
during the past year we have also developed a family of outdoor products that provides a more competitive price with different performance levels
our first half results reinforce the strength of our product portfolio commercial execution and globalization effort
with our specialized sales force we will be able to broaden the reach of (novadaqs->novadex) technology as we look to leverage our highly complementary customer bases
and again we have this core competency and an ability to do a lot of data manipulation and data crunching
additionally the fourth quarter saw significantly more new android users as a percentage of net additional users than any other quarter in our history
we (continued->continue) to have strong relationships with key national billboard companies and expect demand to pick up again early next calendar year
in just 2 months since its launch some of the most visited websites have installed the pixel across thousands of domains
well can i say thank you all for being with us this morning i heard the word awesome being used and i think the talent in this room
and (viridor->verador) and its natural for a new chairman to examine the strengths of the business and consider the future
this has enabled us to exceed our original sales and earnings (target->targets) and is reflected in todays revised financial outlook for the year
as (ive->i) mentioned ive also had a chance to meet several customers already in order to understand their needs and how marvell can help solve their problems
going on within the company whatsoever i believe that quarter (one->1) seasonally is always down
during the christmas season this year strong growth in this area and marvell is going to be part of it and a big part of it
we get it done in 6 8 10 weeks and we get the deal so were seeing more of that as we go forward
as you all know q1 is normally seasonally down from q4 of the prior year market expectations
target partnered with us using snap ads and filters to drive action intent and instore visitation for holiday shopping
we drove a 16 percentage point lift in action intent to shop at target for the holidays as measured by nielsen
probably the most pleasing thing of all is the longterm contracted position in relation to the erfs which has substantially changed
and the chart on the right there gives a breakdown of where that operational rore outperformance has come from the middle line is the business plan commitment
but also were now managing the operational risk as well so some of you may recall (lakeside->lakesight) in its early days
there are several other contracts out there that were currently tendering as well and we will have some good choices to make in terms of we could contract long again
hey were real busy right now youre the fifth caller in line if you like we can call you back when your place comes up and you wont lose your place in line
and how were helping our customers win through innovation in germany i met with a leading manufacturer of medical devices for the operating theater
our commercial teams are doing a great job in managing tradeoffs and maintaining margins and customer engagement for innovation and growth
so i am confident about our longterm position and strongly believe this will continue to be a valuable business for eastman going forward
and to be able to sell our portfolio into customers where they have a presence so i think its a really nice marriage of commercial excellence our own
would be intuitive if you think about how they expanded geographically it was sort of very similar which certain countries are much more
(*->thank you) there are no further questions at this time i will now turn the conference over to mr kevin lobo for closing remarks
the end result is that purchase price allocation provides a more properly classified and valued balance sheet
your confidence (and->in an) acceleration in sales i guess for the balance of the year
and we expect that to continue the beauty of this market is its a growth market so youre having implants put in where they werent put in before
they didnt have that those kind of numbers in the second quarter but we do see that as a resumption of the pipeline within physio
moving next to the segment results starting with advanced materials on slide 6 which delivered a great first half of the year
this affected timing (and->in) revenue recognition (to->for) these projects and we will see sales for this work later in the fiscal year
weve had some (stryker->striker) issues as we work through some of the supply challenges but on the positive front those do appear to be moderating for us
throughout the year we used the strong demand for private assets to largely complete the rotation of the acquired american capital portfolio
every 6 to 8 weeks for all of our existing and future customers our phones themselves basically do what the platform tells it to do
the new phone introduction cycle (isnt->i mean is it) that something that sort of happens on an annual basis or could you just speak to that a little bit
great question from what we see right now we think the price pressure is upon us based on those capacities i dont think we see any
as has always been the case the consumer has the power to choose (*->we) they are free to choose a different product (a->*)
contracted obligated revenue that is not recognized yet so when we talk about increasing our backlog by
our ongoing investment in machine learning and our commitment to improving efficiency for advertisers is paying off
and competitive pressures (particularly->particular) from competitors in asia have intensified and we expect this will continue (to->through) the back half of the year
if you were to look out and look at the market forecast there is this capacity increase but you have to also be mindful of the fact that when it comes to (*->the) base oil business there is a significant entry barrier
one of the keys to successfully executing (the->this) strategy is having the right leadership team in place in 2018 we added significant talent and expanded the roles of current integer leaders to position us for success
our product line strategies will continue to evolve as we implement learn and adjust to achieve our strategic objectives this process reflects our cultural objectives of learning accountability and excellence
we very clearly need more space and capacity at competitive price and cost levels for medical plastic systems and also syringes the new facility (in skopje->and scope you) will address these needs
a little bit theres actually a name in there called (gehl->guilt) foods that we actually underwrote the junior piece of and actually have (since exited->syndexited) so i think theres a little more noise in the number rather than there is sort of any
were also seeing excess supply pressure as slow economic growth is not sufficient to absorb the large amount of capacity thats been built in a number of products especially in china for chemical intermediates
alleviating labor and capacity constraints continues to be a high priority for us in alignment with our growing market sectors and we continue to look to successfully implement initiatives to drive operating synergies and efficiencies consistent with best practices
the second goal was to make investments to build out our fee income lines of business to ensure that we had a balanced and diversified stream of revenue that would be sustainable at any point in an economic cycle
and increasing our share repurchases in the second half of 16 and into 17 as i look beyond 16 we are well positioned for growth as these shortterm challenges recede and our strong growth drivers continue
in terms of the offsetting amounts i would point out the (resets->reset) that we had for the business plan in terms of our business plan where we got an enhanced status for the business plan on the (south west->southest) water side
and his leadership has been a great stabilizing force for us and were encouraged by the level of recruiting opportunities as we continue to invest in atlanta weve scheduled the systems conversion for charter in february
in ems and now youre at 41 this quarter so im trying to get a feel for what to expect going forward do you see this level sustainable or was there anything in it that might have caused it to be a little bit higher than what it normally should (be->*)
we have obviously taking a bit more of a hit in volume than our competitors and weve been clear about that because for 10 years weve been a huge beneficiary of having the largest share of imports in china while china was growing
so that is because clearly the mix of traffic and a number of other factors will affect that figure the existing regulation allows us to translate
youll hear from penni and michael later in the call let me start by reviewing our first quarter results and afterwards ill provide some thoughts on the current investing environment and a brief update on the american capital transaction
that people need to understand how the numbers add up now certain analysts were have numbers in their guidance for 4q that are well above ours (and->*) i never really understand how (they how->*) people get so far off our guidance but
is that there are a number of agents who hope the ruling goes and these are agents who are part of on the market who hope the ruling is such that the one other portal rule is declared
our third quarter is historically a lighter quarter for sales and (profits->profit) due to the seasonality of our business in (sports->sport) and due to the (*->stead) decline of outdoor construction work in the winter months in the northern hemisphere
we have to (see->say) that we have done a very detailed analysis and (we are->were) not far away from our peers therefore (theres->there is) little we can do there looking into traffic as you mentioned there has been (an->a new)
i think we can get to and beyond what (rightmove->right move) charges on (*->an) absolute basis per branch by offering a variety of services and i think that you dont hit a (*->wall)
our sales (executive->excellence) team (has->*) also (*->has) several associates who are dedicated to analyzing our pricing throughout the organization to support the local decisions we make relating to product choices delivery decisions and customer support
secure and then theres another one in houston that were hopefully going to at least make it to the (shortlist->short list) so i think that if im picking up 2 out of 20 its certainly not as good as it was 12 months ago
so we did identify some potential partners and one partner in particular brought in several things that they saw and weve applied just a few of those in these first wells and you can see the performance is great
in terms of product weve again launched a number of new tools and features during the period which drive a significant opportunity to further engage with both our consumers and our partners
from where they were at the half year last year really as a result of the (erfs->ers) now being constructed and built out and that interest is now coming through into the profit and loss account for the funding that we have in place for those
(*->in) the fold as it relates to our pipeline were continuing to explore opportunities across all 3 of our primary market sectors and so again were going to continue to evaluate those and stay disciplined to our approach but
we (entered->enter) 2018 energized by the opportunities in front of us and excited to deliver against our plan for user growth augmented reality and content ill now hand over the call to imran for a discussion of our business results
were going to do that and that and ill put that anything we own in that category were activists here were going to do something if it looks to us like we can make our business better by selling a piece of it were going to do that
i joined (zpg->fpg) just over a year ago and some of you might remember how nervous i used to make (rachael->rachel) by counting and sharing the number of days in that i was (and i think she is->just) really pleased that ive stopped sharing that with you
in addition to our ongoing efforts thus far in 2017 to strategically invest in capacity talent engagement and retention and certain overhead to support the growing demand and expectations in all 3 primary markets we serve
(the->so) performance was increasingly getting better and better and we started to put together an opportunity list of things (that->*) we were seeing that would improve the economics considerably but it would take some time to
yes weve got a great team with charter up there today and its a very stable team as i mentioned and president of that bank lee is continuing to be our leader up there in georgia so i would characterize it as steady
i think its too early to really talk about when we can expect the product launch because i think we have to transfer this technology into a product first and i think we have to wait
so on the olympics side ross let me jump on that one so we are very excited to have a special event like the winter olympics and we believe snap (*->the) community will really enjoy what we have there were also excited to be the biggest mobile partner there
most importantly i find talented and committed people throughout (the->their) organization with a very strong executive leadership team in place
much better processes in place than we certainly had 2 years ago as it relates to managing our working capital it is (the->a) key emphasis for the business and we also operate under a
as these funds mature and generate strong incentive fees near the end of their fund (life->live) we expect that overall incentive fees will moderate and equity earnings will normalize to historical levels
but we think that the feedback that were getting from customers is (that->the) inomax offering is something that offers a lot of value to them in this particularly fragile patient population
and then as we think about the server business will revenue growth in the foreseeable future come entirely from mix shift and aup increases or do you have any line of sight into
some of the additional strategies and initiatives that weve just recently introduced at that meeting have not yet kicked in
let me first discuss our progress toward reestablishing (high quality->highquality) uninterrupted manufacturing supply the most critical corporate objective for sientra for the past 18 months
our management team sales force and the entire sientra organization are laser focused to ensure our transition from this (precision control->precisioncontrolled) launch to full supply
the underlying trading operating profit margin is expected to improve further in the second half of the year driven by more favorable commodity prices and further benefits of efficiency programs
as a reminder we will be making forwardlooking statements regarding our financial outlook in addition to regulatory and product development plans and research activities these statements are subject to risks and uncertainties that may cause actual results to materially differ
(areas->*) aoas underlying trading operating profit margin remained strong and highly accretive to the group the decrease of 20 basis points was due to the phasing of certain cost items
both deals were natural adjacencies that leverage our current (call->*) points and we are starting to see the benefits as (is->*) reported in our first quarter performance that patrick will go over (in->*) just a few minutes
this performance continues to demonstrate our ability to attract retain and deepen our relationships with our clients as we move to the income statement we saw growth in both our net interest income and our noninterest income
key clients in the region included toll holdings qantas and rio tinto so given our progress and continuing growth in digital services and in our recurring revenue businesses
okay and what kind of gives you guys the confidence i guess that those (pay->paid) down levels will subside somewhat (and->in) that kind of front door as you said rob production level (would->will) be able to increase in the coming quarters
since we acquired the products in the fourth quarter of 2016 and we are encouraged by our physician customer reaction and the base we have for expansion into the reconstruction market
this was primarily due to the significant impact of reduced revenue in network products next at the top of the next page slide 11 is ubiquitous solutions
in addition to substantial health economics (now comes->and outcomes) research and preclinical research activities (were->we are) actively communicating our data generation efforts at key research meetings and (for->through) scientific publications and several programs are reaching important milestones
as a reminder (ace083->aac3) is designed to increase strength and function in specific target muscles the data presented were consistent with the findings (we->weve) reported at neurology congresses throughout this year
digital revenues as i mentioned earlier on these were impacted by the vast optimization work that we undertook in 2017 resulting in the revenue contraction that you saw in the key markets such as nigeria
before turning the call over to our cfo david (grande->grandy) who will update you on our financial position i would like to first address some of the significant developments in our efforts to return value to our stakeholders
furthermore these customers also receive fixed mobile benefits offered within (kpn compleet->kapi and complaint) in sme we see strong interest in our (converted->converged) fixed mobile and it services
work should begin with our new managed services clients over the next few months note that our recurring revenues for the year will be a little uneven primarily due to the timing of new software license subscriptions
although service revenues are lower yearonyear we see that the customer lifetime value per subscriber is actually improving again since the 1st of may driven by the factors i just mentioned
outcomes before moving to a fullscale launch from a product supply standpoint were working with our manufacturing partner to ramp up production in order to meet the strong demand that were seeing
while demand was strong in the second and third quarters last fiscal year we projected that this fiscal year demand would be weak in the second and third quarters but would increase greatly in the fourth quarter
rather than driving around with the infotainment system installed in a vehicle the engineering team used ni products to produce and measure signals in a lab to quickly test a wide range of scenarios
i think what im trying to understand is how much of the pattern we observe on a quarterly basis is abnormal versus what you would think is normal because it looks like youre generating much of that target
i know youve still (get->got) 2 other jv partners on that is there a chance that this ends up as a wholly owned asset is that something thats kind of on the radar as (low hanging->lowhanging) fruit or is money better spent elsewhere right now
so you bring up a very good point were looking very hard at that placebo group because what we are assuming right now is that there is a benefit of the drug which means we have to understand why placebo patients
so a lot of the coverage and exposure were getting helps (to->*) reinforce the ability of our modular hardware and software to serve the growing number of smart connected wireless devices
we once again executed well this quarter for acthar were pleased with the performance trajectory of the product where yearoveryear sales declines are narrowing we expect these trends to continue
im a great believer that if you can get everybody in the company to be able to answer the question what is the strategy why is it important and what is my personal contribution what do i need to do to bring it to life
stripping (these->this) out the dutch revenue trend was in line with last quarter and adjusted ebitda relatively flat (jan kees->yang keiz) will elaborate further on this later in the presentation
we believe the project will be well positioned to supply lng customers in markets around the world exxonmobil will lead the construction and operations of the planned onshore facilities
on the second question regarding new acquisitions all of these businesses continue to grow very strongly so i think that new governance model that we had envisaged where we (leave->lead) them a certain degree of autonomy
and building up (in->an) inventory prior to final inspection and approval that (*->that) will give us the ability to expand our service levels
this work is part of our continued efforts to drive operational efficiencies throughout our company and realize expense reductions related to staff office space compensation and benefits
pursue collateral or other sources of payment repayment that we have on that or any other credit that we might have a loss on so i would say the efforts are ongoing on that front
turning to a few of our notable client wins in the americas a major entertainment company has selected isg for organizational change management in a digitally evolving enterprise
(that->thats) steady there could be a little dip going into q2 because you always wonder about what the orders look like as you go into q2 especially if you got some orders towards the end of the quarter in q1 but there was a lot of focus on our sales force
particularly what we have found in the middle of the system is that youre seeing supply optionality is becoming a focus point for a lot of those folks and so the utilities are looking at a connection with rex
were starting to leverage our traffic and data to extend our services and drive more leads in both the property and comparison divisions
(and->an) expert agent is a property software provider that provides essential systems for the daytoday management of estate agents and letting agents businesses
this concept has been of interest to the company for some time and it is exciting to have finally launched this division to make our (concepts->concept) a reality
from a people perspective were also committed to diversity and being the best place in to work in real estate services
also (have->*) helps (to->*) answer an additional question which is is there additional benefit that accrues by keeping the patients on for another 12 weeks
our diverse platform and strong business model enabled us to deliver positive core revenue growth and continued growth in our market share
as these are forwardlooking statements i must caution you that our actual revenues and earnings could be negatively affected by numerous factors such as any further weakness in global economies
the year has started well and we are delivering along expectations and we are executing our capex plan and are on track
on the mh side we continue to believe there is significant potential for this market in the long term based on the current upward trend we are experiencing in shipment levels
during that time we became more internally focused on integrating and executing on these transactions and (watched the->lost some) momentum on our sales growth
and kind of gave that guidance of those metrics on the initial conversation and then just (worked->work) with that partner to back into those metrics
so im going to sit back and let these great people tell you (what->*) a great quarter we had which i believe (prompts us->it promises) for a better quarter to come
this 5year cycle and ive got to say that im really looking forward to bringing (bournemouth->born with) water and (south west->southwest) water together because (we->i) have a little bit of (a->the) mantra its my mantra to say
pleasing to note that were already delivering on our regulatory obligations delivering the regulatory contract and outperforming so i think its fair to say not only (*->are) the results (are->*)
as we move towards the full year the margins that youll see in our business should return to roughly where they were at (year end->the yearend) last year and beyond that we should certainly see margin scale benefits
i think most importantly the way we think about it is that there is always going to be room for reimbursement
im not sure if this was a mix issue or is distorted by the ivy hill transaction but it seemed like you had originated
if you start to look at the technology or company that already has contracted customers (or->*) where devices are already sold
so if youre in that game and your game is marketing property running your business efficiently and using data
(*->and) our continued focus on leveraging growth synergies across the organization expanding our product portfolio and entering new markets and geographic regions
there have been a whole host of examples of exits that weve made from companies that frankly we werent thrilled with performance in so we talk about backing our incumbent winners a lot
it is definitely in an early stage but highly interesting from the technology and very complementary to advanced technologies
for total core revenue growth of 18 basis points on assets when you include harbor and sunshine and steve can give you some more color
you might or we might need to buy a few of those assets to get your next sensile medical
this will assist us going forward as we expand our relationship with each customer helping to supply them with additional services
improvement of the capabilities of the lines which in the end is also quality but we are talking automation that leads to
our outlook is promising and we believe our investments have been worthwhile and will continue to provide returns into the future
our electronic manufacturing capabilities and knowhow to support customers endtoend needs has been key to the launch of our new subsidiary
weve had a great start to the year in terms of the numbers and the engagement metrics with both our consumer audience and our partner base
of senior secured loans from pacific western bancorp as the bank decided to exit (middlemarket->middle market) lending during the first quarter
all integer associates are excited to serve our customers because it is through our customers that we improve patients lives
with this execution we expect our additional equity investment in ivy hill will generate a comparable level of dividends
focused on strategic (investment->investments) and capacity expansion geographic expansion increased efficiencies as well as new process and product development
i believe we took market share from our competition as we continued to outperform them as ive said many times before
in addition our industrial sales team is well positioned to continue to penetrate the residential housing market particularly given the rise in singlefamily starts
and complete interior packages bumper covers hoods and trim for the automotive specialty transportation and other industrial markets
(i->*) think your second question or part of the first question is actually more interesting (and->*) ive made this point in the past as have others on calls but
how did you reach this number and what has been labor representative reflections on it
and second question is that (there has->theres) been a significant decline in terms of the (bunker c->bunkercy) and (naphtha->not the) margin what is the driver behind that
is lower than the first quarter growth is not a surprise to us i remember when we were discussing the first quarter results
do you think that core growth rate accelerates or decelerates or remains relatively flat through the remainder of the calendar year
but i would assume that the normal way of which we normally have on (the->a) seasonality is also that what will happen
as well as the new (plant->plan) we are setting up in north (macedonia->mastedonia) i have the next chart showing more details on this specific topic
support coming from the government and the industry zone that is helpful especially in the starting period
as we now have strong prowess in providing product design sustaining engineering services and a successful track record of designing
is likely to be sound policy that said in terms of impact on our business im quite positive about
you typically assume that most of that heterogeneity will be balanced across randomized groups but this is a small study in (the->*) ultrarare condition
both phases of the trial (helped->help) to define the most appropriate patient population and optimal treatment duration for acthar in this condition
we expect to target products and markets in line with our current portfolio to allow us to continue to cultivate the patrick brand and enhance our product offerings
thank you todd our first quarter results are a reflection of and are consistent with the strong start to the year in all 3 of our primary markets
but it shows that a lot of things are ongoing in the company at the moment and let me pick some examples
when it comes to more addon the question you have to raise is always when do you actually invest
to better respond to your questions with myself today (are->our) executives from sk innovation and its major subsidiaries
higher bandwidth lower latency and more coverage to connect people and things to data processing and decisionmaking
you could see a higher correlation of profitability (*->and) return on invested capital for those facilities that tended to have local management
these statements are subject to risks and uncertainties that could cause our actual results to differ materially from those provided including
the improved sequential earnings were driven by higher (yield->yields) on the investment portfolio as we benefited from continued portfolio rotation initiatives
so those are clearly a couple of areas where we believe we already have expertise that we have things already in our pipeline
and our first digital innovation tour for our buyside clients to expose them to new digital innovations that can help them accelerate growth
we found out that there was (a->*) demand in the dj et cetera and thats why we ended up building the (necl->nickel) piece kind of simultaneously and
so our investments are focused primarily in 2 areas one is digital and the second is all things recurring if you will
so i mean the way i would think about it as (we->weve) discussed before when you look at this business and you go back the last couple (of->*) years and 18 is no different
on sgis longterm surplus notes in july and december of last year which have not yet been fully (accretive->accreted) to par
if you look at goodwill and other intangibles there was a decrease in line with the impairments that we took as well as the impact of the stronger rand
although the third quarter was impacted by regulatory effects we continue to make good financial progress
and as i mentioned we and our partners are very much engaged in looking at where (that->the) potential mechanism of action makes the most sense
in terms of their commitment to aesthetics and i think that there are several other
this weakness resulted in a lower performance in q1 than we had expected and adversely impacted our rf product sales
the sientra is a proven brand much like my los angeles lakers and (well->will) be back and were just going to rebuild through this process and that (well->will) be back to our
we caution that these forwardlooking statements are not a guarantee of future events and that actual events may differ materially from those in these statements
due to our strong focus on value creation for customers we decided not to enter a recent tender process for a group of municipalities
(*->great) so just for everyone on the call or maybe not on the call were having some issues (that->it) looks like (it system wide->its systemwide) with other folks as well
in addition to strong business performance our efforts with (hpe->hp) next (continue->continued) to pay off as we build on the progress we made in the first half of the year
increased in the year to 27x now as we look over the medium term we would like to see the holding company leverage
and very importantly (the->*) optimizing the effective pricing and yield for data propositions that we have taken to market
the demographic opportunity for sure is there the bit in the middle is weve got a strategy to basically take advantage of the opportunity
please refer to the tables and slide presentation accompanying todays earnings release on our website for details with that let me turn the call over to antonio
we are conducting a reexamination of our quality assurance process and implementing measures to prevent this from happening again
thanks operator in our remarks today we will include statements that are considered forwardlooking statements within the meaning of united states securities laws
(*->caliber) of our sales force and their strong professional and personal interactions with many of the surgeons in attendance
we remain laser focused on advancing our supply chain with our new partner vesta again berkshire hathaway subsidiary
and we started offering also new propositions you saw some of them in robs earlier (slides->slide) and these have gained traction in the second half of the year
specifically (we are->were) removing noncash items for this nongaap measure we believe this metric is a better proxy for measuring the success of a (high growth->highgrowth) organization
so those were the main items and as you look at the income statement moving to the income statement i just want to pick up on some of the key areas
so that study is going to have a couple different endpoints that were going to dive into and provide detail around
id now like to take just a minute to provide a legal update regarding the pending litigation with our former contract manufacturer
a focused sales and support channel that provides significant value to our customers and a strong network of integration partners
we have increased the forecast to account for the impact of the continued (weak yen->weekend) on results from the first quarter through the third quarter
now before we open up the call for questions id just like to say its been a privilege to be part of this team and im incredibly proud of what weve accomplished
were moving forward while we are adding to the resources and particularly the
we will be orchestrating the sourcing and selection of the technology solutions that will create this european digital bank
as we sort of finalize some of the newer indications then well be able to provide sort of bookends as to what the market potential for those would be
this is supported by smart analytics meaning we can rely less on mass marketing campaigns
smart elevators and using internet of things and using a strategy around that around an agile enterprise when you look at the auto
this (higher level->higherlevel) starting point multiplies the productivity of these design teams and helps bring the industrial iot to life faster
we took on a 10year takeorpay agreement for a new supply connection and terminal in the central kansas uplift
with a large part of the compensation really at risk based on the corporations
and the chemical expansion project at baytown and mont belvieu will begin a phased startup in the second half of the year
was accepted very well by the physicians everyone likes the new packaging and then for us on the serialized tracking that jeff mentioned before
as enterprise buyers seek to maintain flexibility and maintain leverage over service and technology providers
have deepened our value proposition diversified our revenues and significantly (expand->expanded) our total addressable market
the south african operation we show on an organic basis where we exclude disposals exclude acquisitions and significant one
is to increase the leverage at the opco level wherever possible (*->and) its not always possible in some of the markets that we operate (in->*)
based on that initial level of due diligence we would expect to receive initial bids
next please turn to the top of the next page slide 7 this is the breakdown by segment
was the strongest ive seen and reinforce the points that we made in the discussion that
underneath that there are 5 very key elements and the first one that i want to focus on is that we have a strong position in the right markets
as david will discuss in more detail during his comments we have reduced our overall portfolio
our view is collectively that the pricing would be more likely disclosed more closer towards launch or at launch
we have marked some significant milestones since our last call in addition to renewing the net registry agreement with (icann->ican) for another 6 years
(or in->all and) all is delivered through an it system or digital platform so theres no success for us (without->with our) success in the world of technology
as well as the sale of certain (interests->interest) we had obtained in connection with the detroit bankruptcy these efforts are ongoing
cost structure in terms of developing these types of projects in terms of cost (inflation->deflation) in terms of how we can think about (the->*) potential cost of the project
being very accomplishable i would say thats kind of the plan (ex->x) large transactions that may allow you to kind of
i want to acknowledge the strong partnership and (team based->teambased) approach that we have established with the (best->vesta) organization in wisconsin
we have an operational center that we set up in singapore in order to provide the customers all the support they need
looking closer at the insurancerelated receivables we (continued->continue) to make great strides in collecting these in the quarter to give you a better sense as to our progress lets walk through the receivable balance over the past several quarters
you have to make a choice right you have to decide well do i go complete wells out in space and (setup->set up) a problem for the (longterm->long term) or do i use that incremental capital to try and fill in all of my active leases as much as possible right which means im going to offset
and its not that there were people (were->*) being (spendthrift its->spent rift) we had these distributed operations and we just werent achieving scale benefits as rapidly as we should have as we could have been
the improved company performance is explained mainly by (*->a) significant (improvements->improvement) in the operation of the most businesses but mainly bank businesses in chile and in retail in peru
as with prior quarters we hosted a call in mandarin after the close of the taiwan stock market a few hours ago this is part of the companys ongoing efforts to broaden investor and analyst following in the domestic asia market given the full taiwan listing
well i think its a bit of both of the items that you discussed and also better blocking and tackling ken mentioned in his comments improvements in productivity that we are seeing americas operating margin
these positive trends were offset by unfavorable market conditions including the significantly down markets during the fourth quarter and ongoing fee compression which impacted our servicing fee revenues
as mentioned we initiated the randomized portion of the trial based on attractive safety an attractive safety profile and with encouraging clinical activity observed in the safety leadin and recruitment is well underway
better numbers whenever we seem to have higher activity on the cricket the situation will not last also we havent seen really much action from you as compared to the other broadcasters in terms of
a couple of the slides that were in the materials from last night in there you see 2 groups of wells one group is our increased completion design so (in->on) that group of wells we actually had more pounds per foot and more pounds per cluster
momentum that we have coming into the fourth quarter seems to be really solid so overall i dont think the guidance is really off that far where we have been all year long weve been right on the top end of the range so
we will be able to decouple our performance from the commodity cycle that dominates osb we believe that the end result of these focused and deliberate actions will be more consistent and sustainable results over time
on the first one so let me take that one in terms of the orders one of the things that we (decided->decide) to do just to make sure that everybody is clear is when youre looking at forecasting our revenue going forward the orders are now focused on the field side of the business
and iterations of smartphones may be very very fast but for the fire service that iteration is not as fast and it requires a lot of market research and understanding of what happens
two as we were talking about earlier the business as revenues have come on in this firm costs have gone up almost at the same rate we have not gotten sufficient scale advantages
i will say that the fee headwinds tend to hit a little more in the earlier part of the year than the latter part just because of the kind of calendarization and so thats incorporated in our forecast
in light of our recent results and ongoing industry dynamics we are taking immediate action on expenses to ensure that we become a more efficient organization for our clients and shareholders alike
who they give security clearance to we have to find that balance and so some would say its a good problem to have i think we believe its a pretty good problem to have but it is
given the significance and complexity of us tax reform we continue to analyze all aspects of the new legislation and may adjust this onetime charge as necessary over the course of the year
and the presence of a ras mutation who (have->*) received at least 1 prior line of therapy (and->in) no more than 2 prior lines of therapy and the trial contains a phase ib study to determine the maximum tolerated dose
dice (as->is) the goto resource to find and connect with the best talent we have a variety of initiatives that will drive dice forward including ongoing investment in product and marketing to raise brand awareness and deliver innovative tools (for->to) customers
for instance we continue to see good order flow in the industrial areas of our business with portable gas detection and industrial head protection posting doubledigit revenue increases in the first quarter
i think one thing (were->is) certainly clear about is that now we are able to accurately measure what the rural part of the country or the rural audiences are watching
state streets conference call is copyrighted and all rights are reserved this call may not be recorded for rebroadcast or distribution in whole or in part without the (expressed->express) written authorization from state street corporation
these factors contributed to improved price realization across our 3 product segments the recently passed tax reform package is likely to boost investment and consumer spending in the near term
a key takeaway was our ability to continue to enhance our digital footprint with the goal of improving access for our customers with special emphasis on an enriched (mobile format->mobileformat) experience
the limited supply of talent is even more acute (among->amongst) security clearance candidates clearancejobs unique position as a matchmaker of companies to candidates with active security clearances is resulting in continued revenue growth
demand in the americas segment (remained->remains) soft in this area on sluggish project spending but we continue to see strong trends in parts of the world where the cost of oil extraction is lower like the middle east
as we reshape our business we also continue to simplify our balance sheet and make sure that its appropriate for not just our business model but also our shareholders
we continue to find efficiencies in our business stemming from simplified structure productivity initiatives such as our cloud migration project and from discontinuing unprofitable ventures like (gettalent->get talent) and our local china presence
free cash particularly in the types of markets that were seeing right now which would lead to even meeting the various capital goals or capital investments you have
please (member->remember) that msa does not give guidance and that precludes most discussion related to our expectations for future sales and earnings having said that we will now open up the call for your questions
(*->yes) let me just from a high level most of the product sales will happen in november and december as we did previews in october that were positive but those were only really for our top leaders (so->*)
weve gone through the industry has gone through a very large number of repricings for all the reasons that ive outlined earlier in terms of the pressure that clients are under
compared to the control arm secondary endpoints include an os comparison of the doublet to the control arm and the triplet to the doublet the study includes a 30patient safety leadin to
with the work thats been done over the last year not just beacon but this consolidation of our operations into this global delivery group and the creation (*->and)
there is the global market trading (bookshop->book shock) which has the counterparty piece to it and then its everything else in the test including (assumption->assumptions) for balance sheet growth and so forth and on those areas
we do anticipate our fiscal 19 tax rate to increase to a range of 16 to 18 based upon the effective dates of certain provisions of the new legislation
more costly to do it there as far as the tax change we do look at these investments on an aftertax basis
but i think the amount of enthusiasm that we built up with that product line undoubtedly has a bit of an impact
we expect further challenges to negatively impact our performance in the fourth quarter and as a result weve updated our full year revenue and eps targets accordingly
we believe we can hold our margin around this level (nearterm->near term) given the encouraging yield on our new loan production and the probability of future rate increases
digging that we did on this it was kind of regional where there was some definite replacement that took place in a couple of regions it appeared to be some storm (damagetype thing->damage type things)
we anticipate the initial rollout of these of the program to begin in the pacific markets later this year and then globally over the next 2 years
for the extra effort and sense of urgency as we adjust to and take advantage of the significant changes in our industry
and thats really in those international markets where weve had the increase in sales domestic inventory levels have been brought down
before we end our call i would like to again remind everyone to be on the lookout for the information on our investor day and we hope to see you there
you can see in the margin waterfall that the combined benefit of 130 basis points from cost synergy and productivity save
i would assume that increases in revenue would increase our ebitda margin cash flow should also continue to be
we have rapidly evolved and developed (a->the) portfolio on both the acquisition and divestiture sides of the ledger
differently and think about multiples for the different businesses and i guess it gets a little bit confused when we have a facility thats
once we execute the share repurchase if we do then we would go back to our board if we thought that was (a->the) wise thing to do to get further authorization
as a final note you may have seen from the recent form 4 (filings seabed veil->filing cbed vail) investment has reported selling a portion of its shares
right martin i think youre absolutely right on the innovation this is not so much of a numbers thing were not looking at the
after my first 7 months as ceo of lp i am excited and energized by the progress we have made in our outlook for the future
and were going to have to offset that with productivity and other initiatives so that wed be positioned to deliver on the commitments we made
thus we are upgrading our client coverage model to meet these needs these changes including new senior leadership are already underway
we have committed to specific highermargin targets and are already delivering margin improvements without sacrificing growth
where well be putting kansas barrels (on to->onto) our pony express system to take them to either refineries or cushing
a i mean youve always had a very good softwareonly solution i think the market (is->has) probably moved
for an extended period (if->that) they should so desire so very happy with whats going on down there and continue to be happy and expect that will go for
also during this presentation capstar may make certain comments that constitute forwardlooking statements within the meaning of the federal securities laws
excluding this windfall tax from the current year and exit taxes associated with our european reorganization from the prior year
so between the volume of pricing and the fact that the usual kind of assumptions havent yet played out
this is the second quarter in a row in which we have operated with our (loan to deposit->loantodeposit) ratio at the upper end of our guidance and we expect this trend to continue
(*->so) no right now the people have not shown (*->a) lot of interest on the enterprise side to move to software
expenses were relatively flat with prior year and we experienced (higher than normal->higherthannormal) operating leverage which allowed more earnings to drop to the bottom line
thats going (to->*) okay got it and then maybe last one for me and then ill hop off how aggressively are you seeing
look at the g1 and to identify the great features of it and features that they think (*->that) they could improve upon
recently the brazilian government announced changes in the primary financing program for irrigation equipment called (*->motor infra)
its not as simple as bringing new technology to the fire service market as it might be (*->to) bringing new technology to the consumer market
about the infrastructure forecast for the fourth quarter and i think i heard that there (will->would) be somewhat less
we move forward with high conviction that we are well positioned to capitalize on a range of exciting opportunities to drive future growth
in addition we will use certain nongaap measures in our discussion and we ask that you read through the sections of our press release that address the use of these items
these loans are not transactions purchased from a syndication desk where there is no relationship with the client
with the execution of regional campaigns or the optimization of agreements with suppliers for sampling and merchandising materials
gross margins showed meaningful improvements as well as we saw strengthening in substantially all of our product categories
maybe get into sort of the biggest drivers of that and that we might expect to see the improvement in over the next
what we experienced this year i (will->would) describe as a shorter more compacted season in several parts of the country due to weather issues at the beginning of the season
at their own pace and its not really necessarily cloud migration because customers have multiple choices
this charge is in response to the challenging industry conditions and includes the organizational streamlining and delayering actions that ron announced last month
pricing (remained->remain) robust and we continue to make progress on productivity and our cost improvement initiatives
all of this is supported by (*->a) strong balance sheet that will provide us with the flexibility to deploy capital (with->to) the highest return opportunities
and took us 5 years to bring that to market with the amount of voice of customer research that we did in order to hit the (bulls->bullse) eye the way we did
for our competitors and that makes us feel pretty good but were not at all sitting still
in our minds theres no conversations there to be had in the east the conversations that well be focused on will be in the west as those producers and those customers
the americas and asia saw strong momentum and western europe was resilient in a context of high competitive pressure
we experienced payoffs on multiple projects in the third quarter that essentially offset fundings on new projects
that we know are talking about requiring more local content so that would potentially require some capex in some different regions
interest rates remain low and despite strong home price growth in recent years home prices remain relatively affordable
but we have other activities in process here to build off of that platform its just not a standalone product
and i think you saw in my prepared remarks i gave you a sense of what we expect to do in terms of expenses for the year
i commented that our intention was to capitalize on the momentum created by our operating and financial results
and then our (swan->swine) valley plant that we converted in 2015 (it->*) did not run at full capacity
our backlog is healthy to start the second quarter and order activity in industrial products continues to provide a sense of optimism
who are increasingly challenged to outperform their peers and consequently face lower volumes and thinner fees themselves
you should not rely on our forwardlooking statements because the matters they describe are subject to assumptions known and unknown risks uncertainties and other unpredictable factors many of which are beyond our control
keep in mind that we run with a very high measure of financial discipline including economics gaap accounting and statutory accounting and weve often said that we can meet higher standards thats not a problem for us
sure so i think the data services business weve always liked that business but it really is the farthest afield from what we do we acquired it when we acquired rigzone (in->*) the first place (*->and) there was a fair amount of interest
an operating sponsor have demand to maybe integrate more marketing and retail assets into their businesses and theres an opportunity for tesoro to sort of gain share (*->into)
and so if things are not unfolding in a positive direction with respect to administrative processes we also have the option to go to court so there are a number of different ways in which this can happen
size of (car->cars) so will this be used with the targets that youve given will it be used in a particular range of cars could you maybe provide more clarity in terms of where you think its going into the market
and drive further efficiencies in our power segment our transformers improvement plan remains on track and we continue to take (costs->cost) out of our power generation business to align with market demand
in the meantime we are focused on a number of product and distribution initiatives and while we continue to face nearterm sales challenges we remain optimistic on the longerterm prospects for annuities as the need for retirement income products
that project you can now see more of the light at the end of the tunnel than we have for some time the hearings are formally set for the end of june through about 30 days so the latter part of july
on potential tax reform we support effective tax policy that promotes growth and investment by corporations and greater financial flexibility for individuals to enable them to save more for retirement
and the public comment if they stick to the schedule (will->well) conclude actually shortly here within the next 2 or 3 weeks and then theyll go into the final phase before they issue the permit
expansions of some insitu projects just want to get a sense if your conversations with those producers (have->has) picked up and become more favorable over the last couple of months in terms of new volumes for your system
just to clarify on that so is that anything that would be accretive and in the energy infrastructure bucket or would you look to leverage some sort of operational synergies from those assets just given your other existing assets
(yes tom->m) its mark ive been saying i guess over a couple of calls now that we anticipate that at some point we would no longer be designated as a sifi and that there are several ways to get there
which has resulted in what could potentially which was previously a 10 to 15hour tuning project to get these things back in the field has reduced that time down to less than an hour
not any different than its been in the past because there most of that is exports going into mexico and a little bit into chile and peru but nothing different particularly to comment on your
in the industry and the impact that it had on the way that the crack spreads behaved (if->do) you exclude that you saw actually a very strong west coast market where
i guess i was trying to ask a different question as we just take our own views and use your forecast and we calculate the (difference barrels->different sparals) times price is there anything you think we should be (avail->available) cognizant of when we do that calculation
pending approval from state insurance departments (yourturn->your turn) will strengthen our ability to compete in the youthful driver market in a way that is profitable and sustainable (longterm->long term) while helping to encourage safer driving
yet fully understand the operational structure nor do we have a sense of how it might be financed if we are able to overcome these hurdles it could be quite transformative for xcede so
we believe these adjustments reflect the underlying performance of the business when discussing operational results and comparing to the prior year periods please refer to the reconciliation (and->in) the financial tables of our press release for further details
wind power or solar panel in the next few months or years even to new england is just not facing reality and the only practical choice in our judgment and (theres->its) a mix of a lot of
retirement and individual annuities businesses and while results (of->in) the quarter benefited from items that are inherently variable the earnings power of our businesses continues to trend higher
exploring new sources of revenue and preparing the workforce for the future were making good progress on all 4 areas of focus and id like to share a few highlights from the latest quarter
supported by our 2015 performance we believe these investments will enable the company to grow at an accelerated pace and faster than the broader market with higher returns on invested capital
bookings for power generation equipment remained at low levels and backlog declined sequentially from q2 as power generation markets remain weak we are intensely focused on reducing (costs->cost) and risk in this business
(no->oh) its not a liquidity problem in any way shape or form we have were very liquid security and the market has a significant appetite for the security so its really more the cost of that equity capital to us and
as i stated we feel comfortable in every area except for crude differentials and i guess a way to look at your own sensitivity on that is we run about 300 million barrels of crude a year and if our index is
notably we continue to evaluate enhancements to our risk management approach to optimize the balance between earnings liquidity capital flexibility and volatility and to a lesser extent
net of minority interest we released a powerpoint presentation and other details about this transaction (and->in) a public announcement in november which can be found on our website
getting our businesses healthy but ultimately were going to have to evaluate all of our businesses to ensure theyre driving value for shareholders if theyre not and we dont see a path to get them there
part of that due to some of the working capital items you mentioned and a lot of that coming from some of these large power projects that we are executing that will come back in the following years
as we would move forward and expect to look into both the acquisition of loans and the retention of loans through securitization that those sorts of investments do qualify (*->so)
provide a little more detail on the safe schools you mentioned state priorities are reflecting the need for this but are you seeing anything in budgeting specifically or is it still kind of just more commentary
so i would kind of label this as periodic business as usual meaning that periodically we look at our requirements and were continually raising the bar as we go forward
relative to maintaining some level of dividend and then also how you contemplate sort of debt repayment over that period of time as well i guess i just want to kind of understand how you guys balance all of those demands
we do expect future fee levels to be impacted over time by our product diversification strategy and by the aging of our business slide 6 presents our annuity sales
before i turn over the call to scott to go through the numbers in more detail i want to revisit our (valuecreation->value creation) road map and talk about some of the actions that were currently undertaking
as we have successfully done in the past our plan is to support their impressive results by sharing best practices with one another
those targets as with all of our earlystage targets are unlikely to be disclosed until the programs get a little bit further down the track but i think you can reasonably
and then i see what is (a->my) net cost impact (per->for) truck and see how the margins are getting impacted the moment the margins are getting impacted we start to raise prices
your q3 performance seems to have been quite strong especially on the margin front could you just elaborate a bit on what drove
well get started in just a minute with managements presentation and comments but before doing so let me take a minute to read the safe harbor disclosure
when our family first moved to atlanta 4 years ago it was northwest that knocked on our door and provided excellent pest control and termite services
and we dont expect that all of the patients will have been on treatment sufficiently long yet to have seen for the deepest possible response to have developed by the time at ash so
creating a functionally aligned org structure and having our senior leadership team fully staffed (began->begin) to show signs of progress in the fourth quarter with a number of accomplishments
wed obviously start to look at things like the pattern of investment i mean we thats the last thing well go after because we do believe that its important
by the joint venture investments and acquisitions that weve been doing so the vast majority of that has been funding (*->the) things weve done for instance in africa in brazil
fits our strategic model and profile for acquiring leading regional pest control companies that will strengthen our company
great so thank you very much i hope what youve heard this morning is that weve made really good progress in integrating and reshaping our business
across your segments in your conversations with customers is the expectation for demand to rebound after chinese new year
such statements are based on the companys views as of today and actual results could differ materially from the forwardlooking statements
what i wanted to understand is how much is this attributable to increasing contribution from railways and civil
on the los angeles refinery integration and compliance project we are continuing with the permitting process and we are now in the public comment period
in the latter half the form in which we repatriate we have a variety of tools for doing that obviously given the potential for tax reform
all of which positions us well given the value proposition our products bring directly to address these very issues
based on very few patients needs to be confirmed obviously and thats what were doing as we expand into the confirmation cohort
to conclude my remarks (i would->id) like to say that we are in a relatively good position probably the best weve had in a decade
(were->we are) very pleased with this revenue mix as it reflects the recurring nature of our revenue and provides added predictability to our results
tom its rob so japan goes into the same basket that i when i commented on seeing strong cash flow and distributable cash flow
benefit from cost savings you said that is before any reinvestment in the business (so wondering->i wonder) if you (could->can) give us an idea of (whats your->what youre) sort of
examples of forwardlooking statements include statements we make regarding guidance relating to our financial results
at a high level results in the quarter benefited from strong margins and good growth across a number of our businesses
now we will go on to slide 13 please now we will see the evolution that (ripley->ripple) has had
i would sort of just for clarity on that the contributions into our international business (at the earlier->in early) part of the year were largely driven
(more activity->activities) such as restructuring in europe and do you think you would like to shift more production to
to take a look at our current initiatives in the space of digital marketing and learn about opportunities related to demand creation moving forward
and how the (drugs->drug is) performing but i think what were trying to say is theres other work thats gone on in this area i would say quite a bit of work over time
looking back over 2016 im pleased with the significant accomplishments that we achieved through the hard work and dedication of our employees
one thing that im very sure about is that the fear that all of us seem to be having about this is possibly not (to the->*)
northwest will be identifying areas of synergy that they can leverage by being part of rollins the addition of northwest
while the markets and operating (environments->environment) have created some serious challenges for both us and the rest of the industry
we will follow with a review on the second quarter results of the year to continue to a more detailed look of the results
from our facilities out into our the market areas that we attract so we thats part of our overall integrated business but
alaska logistics and wholesale marketing distribution acquisition and from the recently closed acquisition of great northern midstream
market dynamics are changing for our clients the shift from active to passive means thinner fees as well as more competition amongst managers
a large portion of our cash balance will be used for the northwest acquisition but by no means would this limit our ability or appetite
the fourth quarter was down from the unusually high utilization we saw in the same period last year
the (structure has->structures) probably exceeded most peoples expectations we think it works very well because we have
and weve just been methodically going through every business in the company and ensuring that it fits with the overall strategy
on our sports offering at the same time we need to balance it out with the profitability or the losses that we need to keep under check
this month our chief marketing and strategy officer kevin smith (invited->invite a) me to tag along for a meeting with google (in->and) silicon valley
and from a margin perspective i mean look we are extremely pleased with what the management team has been able to do from (*->an) efficiency
and as we continue to reshape our business we will remain focused on ensuring the assets on the balance sheet
were simplifying our business and were putting in place a new global operating model that embraces modern working practices
(the repayment->tv repayments) of the new systems and applications put into operation in the previous months the launchings of new stores (*->increased)
the new franchises will offer commercial and residential pest control as well as termite services where appropriate
that investment professionals dont want to come and work for aberdeen standard investments quite the reverse
and future financial results that involve risks and uncertainties that may cause actual results to differ materially from those discussed here
i think whats interesting is the tolerability of that combination is unlikely to result in long durable treatment
what assurance can you give that savings will be sustainable and what is your new pretax margin target and before answering
so that could mean that they might have some idea that the government chinese government may take some action
worldclass investment company thats well placed to deal with the disruptive forces reshaping the industry
however im pleased to share that we have largely addressed these issues and are confident that we will fully overcome these headwinds in the second half of the fiscal year
as well as positive impacts from the refinements in our risk management strategy for product guarantees that we implemented last year
that this is a business that has had 14 consecutive years of positive net flows from institutional clients
and so for that reason what were doing here is paying both the dividend and doing acquisitions and thats still within well within the (limits->limit) for what we can do on our net (debttoebitda->debt ebitda) target levels
increases training services all sorts of things that are tied to cloud deployments and other things theyre just a very different type of service so the way youre asking me the question from a penetration standpoint i think the answer is its already happened
as well as to invest as much as we intelligently can to build the company for the future so we can serve all of our clients communities and shareholders for the long term we believe these investments are the right thing to do and good for all
because of our disclosure of certain risk factors inherent to the situation (weve->we have) seen negative impacts to our business we cannot yet quantify this impact but it has created issues with certain vendors and customers
some more meaningful contribution in the third quarter and we just dont see that and we think that thats been pushed out to the fourth quarter but as you can see rigs are certainly being put under contract
quite a bit of time and so what weve said is lets try and be really smart do some real work to try and figure out what makes the most sense for the long term for (the->a) brand as opposed to just (pick->*) something which feels good in the moment
our reporting this quarter was delayed a few days in order to finalize our results under the new 606 revenue recognition standards while the numerical changes are relatively minor the work required was not
of critical importance within the acquisition playbook is the attention to detail relating to operational and cultural aspects (of->and) activities that are essential in the integration planning and execution phases
in the third quarter of 2018 and we know significant challenges await however we have never been better operationally or (technology->technologically) positioned to help our clients to maintain and expand their existing production base
we remain committed to treating every dollar (of->*) shareholder money with the utmost care and consideration it is much easier for us to grow nav when the expense hurdle rate is where it is today
it shows the second half as having the price larger than the material (costs->cost) with power thats really going to take until the fourth quarter for that traction to catch up (rich->with) so
and the guidance (raise->raised) for the full year which well walk you through a bit later bottom line today is we continue to feel good about the overall markets and our ability to deliver on our commitments
that the second trial is actually at a higher dose than the first trial so while we always have to be cautious and you always have to think about and do really understand what happened when youre dosing patients with (a->the) drug
desktop security and iot we believe the emm market (remained->remains) solid we continue to deliver features that differentiate us from our competitor and we have plenty of room to grow in the category
in the last couple of years you seem to be getting pretty good prices i mean one might argue better prices than the equity market here is willing to ascribe to them have you ever thought about
they also reported last night and the numbers were solid the outlook was sound and they hired a new cfo we think the stock is grossly undervalued at this price and (were->we are) extremely excited about the stock at its current price
i think youre going to see the mix of our services continue to shift northbound on value while the mass of services decreases
the combination of new security option a completely new operating system and changes in application infrastructure appears to have caused it departments to proceed cautiously and therefore more slowly
we assume no obligation and do not currently intend to update any such forwardlooking statements if this call is reviewed after today the information presented during the call may not contain current or accurate information
of course now that the business will be put up for sale maybe you can comment on your interest level how their wholesale operations might fit with your own (and->*) whether or not you could pick up (extra->any additional) synergies by (skipping->scoopping) up that business
as we did with (thestreet->the street) we were able to assist this company in removing that overhang as we were doing that turtle beach business took off due to the popularity of the game fortnite (and->*)
with regard to nongaap financial metrics while we believe them to be helpful in understanding mobileirons financial performance they are not meant to be considered in isolation or as a substitute for the comparable gaap metrics
by the consent agreement we entered into the competition bureau as part of the canwest acquisition both (transactions->transaction) are subject to approval of (the competition->completion) bureau and other customary closing conditions
reported pricing was flat but was positive (excluding->excluded) a negative customer mix as we began recovering the higher power (costs->cost) from the first half of the year in our merchant business
was that an opportunistic move on your part or was it more strategic and if it was strategic can you drill down more into that why china why now and (the->my) second question is on
part of the change (as->is) you said (*->hey) what changes youre making were hiring people upgrading the team and really getting people that can take us to the next level as we start to look at some of the solutions like access and having to sell maybe a broader portfolio of
which continues to improve and (is->has) significantly improved from the 81 for the same quarter last year we continue to see improvements in our operating leverage and the absorption of our fixed (costs->cost) on higher levels of product sales
importantly based on the remaining 2017 caf ii sites to be closed out this year and the continued implementation of process improvements on new projects
by delivering an unrivaled subscriber experience will remain our focus as we expand into new markets and become calix the cloud software platform systems and services company
this is the result of the hard work and commitment of our people and their continued focus on executing our strategic fivepoint plan
we have added a new line to our income statement this quarter called other nonoperating income and expense this is where we are reporting the interest income from our cash and shortterm investments
sequential volumes were down slightly on lunar new year seasonality overall china pricing was flat as helium price headwinds were offset by positive pricing for other products
some people wanting to benefit from tax reform and all kinds of other interesting ideas but i think the demand is out there the reality of these cost headwinds is out there and so its been
look were not going to forecast the business on products and services we took a little bit of a risk this quarter just to simply say we intend to get rid of the brackets (in->and) services because for us we think thats a very important thing
with this dividend increase the board wants to convey a positive outlook regarding the resolution of some of the last remaining waivers
if you look beyond those items our underlying results benefited from the strong equity markets and we (continued->continue) to show modest underlying growth in revenues and reasonable profit growth across the firm
for the humanized (dinutuximab->dynatuximab) i have to say that the only drug we have or product that we have that i have not been able to keep the amount of inventory that i would like because
applaud what youre doing on that question on the capital return piece of this im wondering if youre thinking about keeping the dividend payout ratio
and for assessing oil production from individual stages of unconventional horizontal completions recently an operator in the eagle ford formation
last quarter we also mentioned that we may make investments in our business by adding to our investment staff which would increase our operating expenses
we expect the new 300 million standard cubic foot a day expansion of our existing relationship to commence later this year
now please turn to slide 10 you know that air products continues to be very focused on cash flow
so we think that the ability to raise guidance while absorbing these items is certainly reflective of the strong performance of the business
and adversely from those projected in any forwardlooking statements we make all forwardlooking statements speak only as of the date they are made
by everything by every measure that weve heard so far the (navys->navy is) quite excited about it and it could ultimately turn into
and (we->weve) got lower capitalized overhead as a result of reduced expansion capex but all these other moving pieces essentially net out to be a small positive
(increased->increase) their dosing faster than the first trial because thats part of the trial design and its possible though they havent announced it
we always talk about (thestreet->the street) we can now talk about constructive activism by talking about our participation in the turtle beach transaction
input into our core income unless there was a significant shift in expectations towards the next few fed meetings between (now->that) and then
that is a program where we are jointly developing with 2 other partners replacement
when (were->we are) reaching to the last part of the projects when we have the biggest part of the capex currently we have
inventory turns have remained consistent in the first half of 2018 and we expect our inventory turns to show improvement throughout the remainder of the year
please jim we are cautious about the future because we dont know what is going to happen in the future so we need to be cautious about that
other income primarily reflects the sale of nonstrategic marketable securities partially offset by net currency losses
and we intend to do this in the future that said we intend to continue covering all our dividends with our generated free cash flow
but with existing rather than new production assets and the third area of opportunity for us to invest
including a significant charge related to our south african projects which we will discuss in greater detail later in the presentation
and i was just wondering now that it looks like both of those (products->projects) are experiencing some maybe some modest delays to the schedule
where power rates were more where we expect them to run for the rest of the year and the overall gains weve made in pricing we see ourselves well on track
were going to continue to focus on the neb process that were involved in and all the requirements of that while we continue our project
because the drilling of the well companies that provide those drilling rigs do benefit early on from that revenue flow
with our (licensed->license) agents were now offering medicare supplement insurance to help our customers pay some of the hospital and medicare costs
these discussions have progressed to a point where we now better understand our cost responsibilities between parties and can more accurately estimate our (costs->cost)
and remain a proprietary important branded product of united therapeutics first and foremost
if indeed the international spend next year is up 10 we would still guide our revenue
incremental investments which are forecasted to be lower in 2015 will be focused on new products and channel development to meet
the adjustments shown for pension stockbased compensation and restructuring are all attributable to the spin so have also been adjusted out
as discussed in prior earnings calls the effective tax rate will continue to be somewhat sensitive to the geographic mix of earnings across the globe
we are restating our 2015 targets on a core basis we believe this gives the best visibility into the organic changes in our targets
however late in the third quarter customer behavior grew more cautious across the board and we saw some of the channel inventory adjustments i just referred to
im going to turn it over to greg and then ill talk more about progress were making on key initiatives in a few minutes greg
we have developed this value creation model with a focus to link people to a (brighter->bright) future and it embraces our stakeholders
you can find reconciliations of all pro forma figures to their respective gaap measures in an appendix to todays presentation
from my perspective i would like to briefly point out what i believe are the (3bulletpoint->3 bullet point) takeaways from our activities during the third quarter
these kinds of achievements are part of (a->the) steady drumbeat of enhancements that support the business our agents continue to bring in the door
the industry will continue to add perf clusters per stage yielding less stages while lateral lengths are nearing maximum levels
the combined effect of more hedges with slightly less remaining term resulted in an unchanged hedge duration or interest rate sensitivity
as well as our financial strength position us well to deliver valuable services to our customers and robust returns for our shareholders
the latest economic indicators have shown a stable environment which is favorable to our business in hong kong and mainland china
where the expectations had been a year or less prior when arms (are->were) resetting so i would view the overall position
electronic locks in the commercial arena is really the mother (lode->load) of opportunity for the company
we recently delivered new products to help our agents better meet protection needs of our customers and attract new business
just from south africa this year (or->*) the cash flow (impacts->impact) from it and
before i begin with comments around the business id like to thank our employees for their hard work in completing this long spinoff process
as we wont go over each financial metric on todays call this will allow us more time to move quickly into (question and answer->questionandanswer) period
well so you can see right here that its in these 3 products that weve shown you a picture of
and to discuss the progress (were->we are) making to mitigate risk associated with south africa this will be the way we discuss the company going forward
pluses and minuses associated with project delays (and we have->or perhaps) some minuses associated with project delays (*->so) i think weve been able to find plenty of opportunities to
but the improved loan growth late in the second quarter is expected to offset that decrease and the maturity of highcost borrowed funds late in the second quarter
not covered by medicare this coverage is available in most states through the exchanges life subsidiary erie family life
this is how we look at our business and (it->*) allows us to provide clearer insights into the portion of our business we are focused on for longterm strategic development
as a result of this we have also reduced our expectations around the recoverability of these costs from either subcontractors or customers
if we see a prolonged downturn wed need to revisit our assumptions but we would also likely get more aggressive on cost actions
and then in the way you termed it at the beginning of the call you said that were choosing no longer to pursue (yingde->yingbee) at this time
but until that happens we (sought->saw it) an alternative means to fund our growth capital needs without needing to issue shares in the common equity market
actual results may differ materially from expected results and reported results should not be considered as an indication of future performance
i dont know that youre going to see any appreciable shift in mix for a period of time it may be up a little bit or down a little bit in any given quarter
there (are 2->too) i think it becomes its very different in terms of what were willing to accept in terms of payback
in terms of is it more balanced towards shifting towards oncology are you still thinking about expanding in the addiction space
the things that are necessary which include hiring back (salespeople->sales people) building out the appropriate product structure
asset servicing results were helped by the strong markets and new business particularly in collateral management
power kind of power modules where we work with external (partners->partner)
let me see if i can help you understand some moving pieces under that we are definitely improving
this is in contrast to what we know about longterm (olanzapine->olanzapin) use where (weight gain->wake game) may continue for many months and years
for us is very very crucial because it is a new wave
pretty clearly deployment services is not a big part of international but the attached services are
and ignition systems at leading japanese and european customers
i would say and i think this is a as weve been thinking about investor day one of the
to put this into context more than 3 weeks worth of total inventory was drawn down from the distribution channel during the quarter
we still intend to return substantial capital to our shareholders this year subject to approval through the ccar process
as i mentioned the net impact of us tax legislation on our renewable energy investments was offset in the tax line
were on the formulary now as of this week but each individual (hospitals->hospital) and each individual (business->visit) is going to then have to go through the paperwork
to provide a better client interface and analytics including mobile capabilities
the yearoveryear increase also reflects the favorable impact of a weaker us dollar principally against the british pound
this is an example of the type of innovative study designed to provide useful information to clinicians
this combined business will improve our positioning in the marketplace with our clients and the consulting community
typically a well will pressure up and unload significant water volumes accompanied by increased oil and gas rates
as these innovations are customer segment and network technology agnostic
reconciliation of gaap to nongaap measures is included in our earnings press release and available on our website
i think its a little too early to give more color about where were going to end up ultimately with those ranges
and this is a market that we really havent had any weve got a few hundred cartons in the va so far for aristada so
last year we saw some changes in reimbursement in california with the state medicaid opening up
my colleagues and i would now be happy to answer your (questions->question) thank you
and then you should keep in mind that there are some additional multiclient investments expected from sales of existing surveys
a spend thats going to be like an aristada like a vivitrol more or less just give us a sense of just
(a line->align) for low power applications in the area of power modules with (a->the) possibility to integrate also microcontroller and include microcontrollers in this
our comments today will contain forwardlooking statements within the meaning of the federal securities laws and these statements are subject to a number of risks and uncertainties that could cause actual results to be materially different from those forwardlooking statements
i was im excluding the significant charges that we had in 2017 and whatever we could have in 2018 when i say that and that excludes the reinvestment or just the additional charges
cautionary language is also included on slide 1 of our earnings release presentation which we will use to go through our discussion today that presentation is available on our website and i encourage you to open it if you havent already
so on the external front were looking at similarly both the goal on the external front is to find things where we have scientific insights that provide an ability to (do to->*) assess opportunities on the outside (and->*) in a way that other people cannot
the offset wells with (the->a) field brine that effectively gives us a hydrostatic fluid column to push back against the offset wells that are being fracked that mitigation does tend to help
on the next slide slide 4 (*->id) like to highlight once again some details of our recent well results i already mentioned the (kudu->kudi) pad is coming online pretty much as expected and in line with the type curve
is so high in order to drive reimbursement and utilization in the clinic that i think that we and anybody whos playing (and->*) paying attention (to->in) this game has to move to highly differentiated new approaches
we also have the option of accelerating the development program by adding a third (grade->rig) concentrating on area 2 development and that also depends on commodity prices but we do have the liquidity and flexibility to bring on that rig
one of the benefits i think that we have when it comes to technology is were not dedicated in any one specific part of the country or part of the world we have technology resources in pittsburgh in new york
our first quarter results are typically affected by seasonal trends related to inventory fluctuation and commercial insurance plan resets in particular this year we saw a significant impact in aristada inventory during q1 (ill->and)
to both drive significant efficiencies in the future as well as be agile enough to allow us to move quickly as we expand our product offerings we are well into this journey and seek to accelerate the effort
we are continuously working to optimize our well designs and improve operational execution to control our cost and increase well productivity (and->in) keeping with our focus on rate of return along with production growth
there are some fundamental trends that are (theyre->*) going to start to move our way with (admonishment->the amonishment) i always give that things happen slowly in both addiction and the psychiatry notwithstanding the amount of data thats mounting in support of use of medicines like ours
were continuing to invest in the business to regain our share and are seeing some green shoots of progress lastly in treasury services the fees are just part of the story
additionally we also have a large inventory of other area 2 locations from which to choose if we were to change the drilling schedule to add in more (in->*) area 2 drilling
revision of the sales assumptions in the second half of 17 any (reason->reasons) for that changing i know recently you talked about few tens of millions in the back half and
and we are working very hard to make sure that in all the (bricks->breaks) that we need in terms of technology for this application we are the best
okay youre talking about the tax the benefit of the tax using that thats what you need for the incremental spend you dont have to touch the capital (of->*) return piece
but weve thought how best to use this additional ongoing benefit from the change in tax law we believe that weve (got->begun) a responsibility to our employees to share the benefit
i think as we are understanding our data were doing the work in the background in terms of the sales force sizing and the overlap with high prescribers (in->and) the oral side
continue to believe is important its important for you all but its important for us to be able to remain relevant in terms of how we price and how we deliver our products and services so
consistent with previous quarters the impact from foreign currency translation had an essentially neutral impact on net income on a total company basis
for expected future milestones and royalty payments from recro (a->the) noncash charge we recorded was due to a decrease in the fair value of this contingent consideration
overall were well positioned as we enter the second quarter given the growth opportunities from our proprietary products and anticipated progress in our pipeline candidates
i think weve talked about this we have weve won and lost from some of the consolidation thats taken place in the industry over the past bunch of years there were (*->a) couple
starting with our commercial organization we recently expanded our aristada commercial field and hospital organization by approximately 60 sales reps
i think investors we speak with would appreciate more visibility on how youre prioritizing what youre doing particularly as you think about the portfolio going forward
we also earned (designwins->design wins) in a number of shared connected bike models in china
our wealth management business also performed well and also benefited from the strong markets and investments we made to grow our clientfacing teams
including the impact of our recently expanded commercial team important new data from the alpine study and a recent national formulary addition
and our liquidity low leverage and good support from our bank group gives us flexibility to finance good acquisitions or accelerate the drilling program as john mentioned
therefore we anticipate fourth quarter revenues to increase about 10 at the midpoint on a sequential basis
what do you get a sense when speaking to customers is the main driver for the use of silicon carbide is it improved range of the car
reflect both a strong improvement in our microcontrollers operating performance and a significant turnaround in digital
i mean this is its clearly a (step up->stepup) in the level of technology spend that we have going on at the company
(our results->*) followed by a more detailed discussion by product group and then we will finish with (a->the) fourth quarter outlook and (fullyear->full year) perspective
this call will include forwardlooking statements that involve risk factors that could cause sts results to differ materially from managements expectations and plans
there could be a cost associated with it but then there could be a competitive advantage because that would effectively if in fact there is evidence of as you (refer->referred) to dumping
but for ed safety was the foundation he emphasized that it required everyones total commitment
after our comments well be pleased to take your questions our earnings release and the slides for this call are available on our website at airproductscom
in terms of the stuff that would be affected my understanding is it would be the lower cost stuff the stuff where the chinese imports have really made some hay residential
during the second quarter we had a large mrc customer convert to a term subscription in order to achieve cost savings by moving to a fixed term contract
which along with a number of other areas throughout california recently endured a series of devastating fires although the fires did not disrupt our operations
to the subscriber edge exos is built for a future where boundless complexity (of->at) the subscriber edge can be managed and monetized by the service provider
this is a clear growth driver for our industry in the next few years with car electrification semiconductors growing
and they believe (we believe->*) that those commitments will represent a differentiated earnings growth for our investors and im confident were doing the right thing
we are on schedule we are on plan so i dont see any reason why the number why we would have any kind of a significant change there but
and it was the indirect impact that really we think is one of the drivers of the red material cost inflation that you see on page 14 and that
we are anticipating that the impact of the lower tax rate would be almost entirely offset by the actions we will take to reinvest this benefit in our employees and our businesses
so the (end game->endgame) would be that we would keep the best of breed in equity fixed income and passive and develop the multiasset capabilities along with that
and ensuring that we do everything we can through our (with our->*) corporate trust business to leverage all (*->of) the relationships that we have for those people that make the decisions on who the trustee is going to be
which is currently scheduled as our second (slickwater->quarter) appraisal test in area 2 we could also make this a 2well pad instead of a single well as its currently scheduled
thats why we are not running after buying another big company because we do have the capability and a clear vision of what we are going to do
in the sensors there are 3 blocks of technologies where we have i believe a unique technology leadership
(at->as) a market leader and we won an award for an intelligent power module from a leading chinese air conditioner supplier
mike in terms of the name well make that decision toward the end of the year after the consolidation is completed
returning to shareholders is part of the criteria that we will continue to use to evaluate that option versus doing other things with the capital
we undertake no obligation to update or revise the information provided on this call or in the accompanying presentation as a result of new information or future results or developments
very simply a very concrete economic policy that has passed congress and it is enacted into law
our next generation of service offerings grew as well and most importantly we believe we have turned the corner on our deployment services cost structure
as we sit and look at the business levels this quarter it doesnt look like (weve->we) lost anything significant it looks like we
we do expect to see additional outages impacting (costs->cost) during q3 it was good to see the 1 price impact on sales
and we know also that on smart power technologies with time it is important to go to (12inch->1 inch)
we have managed to improve processes that are involved with the license compliance and that has resulted in (a->*) significant increase
and was up over 200 from the year ago period as we accelerated the completion of a large number of previously awarded caf ii sites
i do want to remind you there are no silver bullets here when it comes to revenue growth meaning any improvement in increasing the growth rate will take place over multiple years
when we meet in march we intend to review how the parts of our company work together to provide a unique value to our clients how we will use technology to drive our business forward
moving (onto->on to) iot the group is on track we are looking to ship our first prototype in the third quarter and have revenueready product by the end of this year
this was mostly related to a noncash change in the fair market values of the derivatives portfolio which was driven by a decline in the wti oil pricing during the quarter
i think weve been clear that we expect international to grow but not at a rate faster than the rest of the business is growing so as a mix
weve given a tremendous amount back through dividends and buybacks and so as we think about what the future looks like
so these are the things where we believe we have a lead and where we believe we have good technologies
we didnt necessarily invest in all the places we should have and thats what resulted in the decrease in share
we are finishing up our spring redetermination and we expect our borrowing base will be meaningfully higher so we expect that liquidity number to go up
from advertising and promotion spending i know you dont want to give us any type of numbers for when you start spending next year but should we be thinking that this is going to be
when we talk about the increment the capital needed for the incremental spend the way were thinking about it now this is it
the primary drivers in the yearoveryear increase in cash were borrowings under the line of credit and improved working capital velocity
(yes listen->lus i mean) i have no way of knowing what peers will do and what theyre currently doing other than what we all read about
three of the 5 parent wells in the unit are currently flowing without artificial lift where they had been previously on rod pump or gas (lift->list) for several years
our sensor business recorded a strong performance a clear trend we see here is the adoption of our products
the tragic losses sustained by employees and their families and friends have been met with a tremendous outpouring of support
the sequential increase was primarily driven by net new business securities lending equity market values and money market fees
we expect to repatriate a limited amount of cash from our nonus entities due to the capital and liquidity requirements of those entities
what we intend to do to continue our drive for efficiency as well as actions we will take to strengthen and streamline our infrastructure
we become an even more important place to work when you look at our turnover not excessively high in any way shape or form
but its early time production had been hampered by that obstruction so weve included it from the (sable->stable) pad metrics in the table given its mechanical constraints
how we go about doing our deployment services but deployment services are the lowest margin offering in the services portfolio
should we expect an acceleration in vivitrol trends like we saw a few years ago sort of kind of following up on the last comment as well
what we think we need to do for the future and we came to the determination that we think we can intelligently spend this amount of money
all the acquisition are marching on to what we had (anticipate->anticipated) what (our->their) model was showing and even more
we have said all along that deployment services (is->are) something that we want to make sure we can do for our customers but were also very happy
how does that impact your mix of product versus services cost of goods sold
fully abstracted and stateful open and standardsbased that allow our customers to move at devops speed
its important to note that we are not saying this is the 24hour ip for this well as peak production has not yet been established
as ive interacted with our clients i continue to believe we have more opportunity to partner with our clients across the many services we offer
reducing our leverage is one of our capital allocation priorities
which was still ongoing in the (year ago->yearago) quarter but subsequently completed this year
and strong performance fees for the quarter we were clearly beneficiaries from the strong equity markets
are there any areas that are causing some concerns in the business or things that we may
wondering if you could take us back to your initial discussions with gibson to acquire the business and
before we take your questions i would like to make a few comments about our outlook
we feel good about our volume growth that we had you see the headline looking at overall americas
so they are linear in the way they are done so you shouldnt read anything into that
we are definitely interested in pushing the edge of the scientific frontier in addiction
we just bought the propane division of that and the acquisition is our fourth tuckin
weve also spent the last year really focusing on marketing
when do you think you hit kind of a full penetration in a sense on that activity is there
which was offset by the tax benefit from remeasurement of associated (taxdeferred->tax deferred) liabilities
while new funding and initiatives to improve access to treatment (continued->continue) to be rolled out across the country
on 7 of those 8 pads weve seen production uplift in those parent wells
while our (depositary->depository) receipts revenue was lower due to volumes and the timing of corporate actions
we would expect to be in a position to provide more commentary around our growth opportunities then as well
which is also accompanied by (an->*) increase in frac fluid so the wells take a little longer to clean up
we take steps to mitigate that and we started doing that even with the hybrids by loading
and in addition to that there is a possibility that some assets will come
so what youre seeing is the tail of those deals being closed off
i believe an interesting package of technologies that are around
by the vast number of patients needing new medicines and the dearth of companies innovating in this area
any sort of uptake in (aristada->aristad) on the heels of the alpine study results for this year
opportunities and we expect to put on a good show well tell you all (whats->what)
very very hard to put specifics around that when it comes to product development spend
so its very much part of the investments that were making (in->and) what weve talked to (you->*) about
of the values and behaviors we live to every day across our company
which is part of a broadbased effort to improve the efficiency and effectiveness across the company
and third the core underlying franchise performance excluding these 2 items
both internally in terms of the things that we spoke about the efficiencies in the back office and the trading
the second quarter was more backend loaded than usual causing us to bump above the normal range
we can optimize that but more importantly the fact that we are having opportunities
once again thank you for your interest in calix and thank you for joining us today goodbye for now
or were buying our stock back those are all investment decisions and we look at what all of those things
we havent told you what we think revenue growth will exactly be
our sales do get hit in the first day first week with all the activity
we believe mobileiron access is the only solution in the market that solves the cloud app security challenge
i am very proud to be a member of this winning team
we note that this guidance raise is inclusive of the impact of some of the tariffs
based on this initial strong demand we expect great things in the immediate future
all while offering their subscribers a sensational experience
theres so much focus on the weight data by necessity (and->*)
it feels like sharing that portion with our employees
but were very much willing to rethink it if circumstances warrant (it->*)
and how much of a headwind could that loss be to your capacity utilization
both test alkermes medicines alongside efficacious standards of care
we see potential for vivitrol to become an increasingly utilized treatment option for patients
very strong third quarter and better second half in terms of (the->*) margin performance
on a final note i would like to mention (superior->superi) will be hosting an investor day
if you add that into your services then you can figure out how you get to a mix
and were doing a much better job of planning these together with our customers
of the things that youre investing in do you believe some of them will get explicit pricing
this includes the 2 significant actions we took since we last spoke
so what were focused on is really just maintaining that inventory
the continued and sustained improvement in symptoms in the stable population is important
as well as the noncash amortization thats burdening that to really show
as (cory->corey) just reviewed our financial performance in the third quarter was solid
now let me take you through the details of our fourth quarter guidance
around the globe (that->it) would be a unique capability that we can offer and we think that should
turning to expenses overall our expenses for the first quarter were in line with expectations
and were excited to help address the unmet needs of veterans struggling with schizophrenia
getting to the point where we generate cash at the operating level on a full year basis as well
were also building out in our triparty operations (an->and) automated rules engine so that
in more and more automotive and industrial applications
and pleasingly given we are investing in growth the cost of doing business percentage
this will require a level of systemization which we have been diligently working through
we are preparing (a->the) new drug application and plan to submit the file later this year
thats always been a little spotty and i think you need to look at a broader trend than a single quarter
so were making better choices about where we go and where we do not go
but this is really a new opportunity for us in the va but it is going to take some time because
well we dont want to give you any numbers but i would like to say that the jazan project is making good progress
actual results could differ materially from the statements made on this call today (*->and) all statements made on the call are made as of today
all your questions on march 8 and well do the best job we can but for now wed love to answer whatever questions you have especially about this quarter
of course our motivation is to keep going and to do everything that we can to make this business
we believe that we are in (an->*) excellent position with all of these technology (*->breaks)
certainly of our technology spend i personally would like to do as much as we possibly can if we didnt want to do it we wouldnt be doing it
and the increased use of outside contractors we will continue to make strategic investments in our platform products and software
the way were thinking about spending you and i both know that you dont make these commitments on what is today january 18 and
our working interest tends to be higher in area 2 so that would be a change to our capital program and anticipated production
sounded like china had worked out some of the early problems with their coal to meg processes and were going forward with a number of projects
so we end up not ending up with a price for something that didnt have boundaries around it so thats been going on since (greg has->gregs) been here
the investment in our it infrastructure builds a more scalable foundation allows us to automate the growing demands of our business
so when we get to 2019 we certainly wouldnt expect to see anything like this we would expect to see just (*->a)
these investments will further strengthen our leadership position in indias merchant industrial gases market
increase on us but you can really see the traction that our price increases had in the quarter
this is primarily due to the weaker wholesale propane market fundamentals a decrease in regional arbitrage opportunities
(*->one of the) things that we hope to spend a fair amount of time on is to talk about the uniqueness of the bank of new york mellon franchise
theres 2 things going on here with services going forward one is that we are increasing our mix
is the very very large industrial gas projects around the world driven by demand for more energy
organic and the inorganic coming through to help drive that and as that kind of flows through to earnings
if it wasnt for the benefit of (*->the) things like the renewables we do invest in (the bank on->bankown) life insurance and we also have (*->some)
we have seen some increases in service cost particularly on the completion side but were still comfortable with this range for now
as a percentage of our total (revenues->revenue) i think our revenues for services will still be
the dynamic thats taken place with that demographic is tantamount to product dumping
the format of the call will be an introduction by barry then simon will provide details on the financials we will then have time for questions
(yes abengoa->vengoa) has publicly said that they have launched a process
please be a little bit more patient if you can we will come back to you when we have some more to share with you and we will do so as soon as we can
the acquisition of (upverter->alberta) represents a significant step in the implementation of our cloud strategy
can we expect to see a greater contribution from overseas customers going forward and if so
but please do not consider that sic is only for (power->our) modules
so those are the ones that makes us a little bit cautious but maybe we are too cautious but thats usually not a bad thing
actual results may differ materially from those indicated or implied by our forwardlooking statements as a result of various factors
and you never would have heard (her->*) talk like that even a year or 2 ago so we jim and i always (said->say) on these calls which
that was a success on the axis (3->iii) and then so we repeated that on all of the (kudu->2 new) wells
our federal (successes->success has) also helped us with state and local agencies both domestically and internationally
have more of a limited entry effect to further refine the completion so that we
before charlie and mike discuss our results let me take a moment to remind you that our remarks today may include forwardlooking statements
i think we are as you mentioned we reiterated guidance this year and were off to (*->a) start as we expected in the first quarter
but i will give you a little (inkling->ankling) into q4 we are taking on shipments
that was the investment we made in january and we have seen no significant reason to change our view
average margins were lower than the (prioryear->prior year) quarter primarily due to weaker wholesale propane supply market fundamentals
as we discussed last quarter the team has now closed out a vast majority of these previously awarded sites
what youre seeing from us is a little bit more of the mix of us doing deployment services versus working with third parties that are doing it
which allowed us to terminate resellers in the nordics and our ukbased team is continuing to deliver good results
new and old (were->*) definitely (are biased towards->a bias toward) new i mean i think in the world we are right now the threshold for innovation
based on the progress made to date we continue to see evidence that the new process improvements and delivery methodologies are working
as deployment services makes up less of the mix and engineering and consulting services
more than 3x faster than the average semiconductor content in cars
where were going as a business and thinking through the deployment services and speaking to the caf part first
from their data centers to their subscribers across the entire access infrastructure
we see opportunities for oxygen and hydrogen plants around the world in this category
the second objective was to provide clinicians with data that may help them make treatment decisions for their patients
acam and weve actually been very positive on that now being in place and allowing that portion of the market to go forward and not have uncertainty so they can invest so we see both of those proceeding (at pace->apace)
requirements from our customers and so yes i believe you will see it as a percentage of mix of services go down and therefore as a percentage of mix of total revenues go down all the while were actually getting better at doing (it->*)
weve reduced layers aligned more closely around our clients created more business representation on our executive committee im confident that these actions will enable us to serve our clients more effectively and holistically but this is a work in progress
so that broadening of the states needs to occur for us to hit our plans but i would say that no particular state expansion is included in our anticipated guidance for 2019 as we said
looking to the future enhanced innovation delivered on decreased research and development investment is the promise of an allplatform company and so it shall be in this coming quarter and beyond
and thirdly very quickly if you could comment upon silicon carbide traction for you outside automotive and whether that is also trending (inline->in line) with expectations or ahead of (expectations thank you->expectation)
is the right thing to do relative to the tax law change again in (the->a) big scheme of things relative to the impact of this its a small number and there are other things that were thinking of but i would also put them in the context of thinking of other things relative to
having said that there are parts of the corporate trust business where our market share has been stable or growing over that time period as well so this is really a focused effort on some particular product sets in that business
is it just i mean this makes all the sense in the world we have 3 entities that are relatively subscale who we think we can drive significant benefits by creating more scale
and we will also disclose what are the capital investment plans and the initiatives that we have in terms of (in terms of->*) outsourcing
again the 2018 the way it was laid out our ability to spend this additional amount of money in technology and if you work through the math the effect on the effect of tax
these data show that (our->a) product with (aristada->aristadas) safety and tolerability profile does not require a tradeoff in terms of antipsychotic efficacy and we believe this will be important to physicians making treatment choices for their patients with schizophrenia
i (afraid->phrase) that in business terms but in human terms its really horrible (and->*) there are better medicines that should be used earlier in these patients journey and thats part of the policy aspect of it on the pharmacoeconomic side these patients are extremely expensive
when we were sitting here last quarter there were some very very large specific transactions that we did not win that we were all very knowledgeable about and quite frankly were fine not winning either because of price or because of terms
our full year adjusted pretax operating margin (continue->continued) to improve adjusting for the significant items in order to maintain (*->the) momentum we will continue to develop client solutions in alternative and passive strategies to meet our clients needs
demand continues to be healthy across our product groups and geographies and we expect the acceleration of growth for our new program serving wireless applications
we look forward to publishing the data from the alpine study and presenting full study results including interesting additional findings on (prolactin->proactam) sexual side effects sedation and other safety and tolerability measures at upcoming scientific meetings
and just ive been critical of things here and ive been supportive of things i would say we have a very strong analytical framework for how we think about how and where were investing
some of the charges (in->and) our significant items this quarter are a result of that work but we expect there will be more in 2018 we are at the tail end of our review and well provide an update at our march 8 investor day
and then relative to the rest of the expense base as i said in the comments i think were going to continue to be very very prudent about watching everything else that we spend and
and so one of the things which is high (in->on) our list to talk through in detail on march 8 is exactly how we think were differentiated versus the other people that you often think of as our competitors
how are they trending across your various product groups right now and if you have seen any further extensions (with->over) the course of q3 or are they coming back secondly with respect to
increasing services margin driven by alignment with our (allplatform->all platform) product strategy will also be on display this coming quarter and beyond helping our customers build more valuable businesses
states like california texas pennsylvania new jersey and kentucky are adopting more targeted policies in criminal justice and community settings and have removed certain access barriers to medications via legislation
this is not surprising to us given the duration of the study data from previous (olanzapine->olansin) studies have shown variable metabolic parameter findings in studies of this duration depending on study design and patient population
on the perspectives we do see generally that there tends to be a seasonal pattern with the second and third quarters being quite strong for vivitrol and those are patterns we expect through the course of the year but well continue to update you
our offer remains competitive and were continuing to win our fair share of new issues coming to the market consistent with last quarter total revenues in our corporate trust business were up midsingle digits
i know its still early days but any kind of quantification of what type of outperformance youre seeing and then can you give us a sense for what kind of (*->the) cost differences are between kind of the base case and the reduced spacing on those
i can tell you from my recent industry experience in washington i think theres still a view that not all of this will ultimately survive
and its been continuing going forward so our model in (systemization->systematization) is really around defining appropriate stages and steps for each of these areas so we segregated
yet even with active production in the unit for over 5 years production appears to be in line with expectations and is still cleaning up weve also seen production uplift in some of the existing parent wells
what feels to us very sustainable and predictable cost rates that have benefited now from those restructuring actions so the margin expansion
as of today our expectation is that it would be something similar to the charges we reported in the fourth quarter but this of course could change second regarding the impact of tax reform
one key component of that relates to a tax settlement in italy which you can read more about that we disclosed in our annual report it is positive for us that we have settled (*->this)
turning to how this will impact us going forward as charlie mentioned we are hopeful that the new legislation will help stimulate economic activity which should prove to be beneficial to us and our clients over time
compared to the prior quarter the increase was primarily driven by process improvement and greater efficiency in closing out a larger number of sites than expected since our last earnings call
half of those were (on boarded->onboarded) and trained in the fourth quarter of 2018 while the other half joined the company during q1 we expect to see an impact from these additions starting in the second quarter
we do hope that (post 2018->post2018) we would be able to start seeing some kind of benefits whether its on the revenue side or the expense side because of the amount of money that were investing
one is price and the second is supply chain realignment in supply chain youll see everything from us that were already in process of implementing from
hundreds of discrete things that are embedded in there that we could decide to delay or go forward with in the time frame that were planning for so
do the current services contracts kind of extend through the entire caf life cycle and we might see some deflationary impact kind of as we hit another caf deadline in years to come
and then beth maybe you can just comment on the balance (sheets->sheet) and your guidance of ending the year at (3x->3) to 34x (*->i mean) does that include an assumption for executing on
as you can see on slide 17 by the end of (enlighten2->enlice and ii) both groups had experienced clinically meaningful improvements in (panss->pan) scores with the patients considered to be mildly ill based on these scores
the same types of trends that youve seen in the past subject to ccar so that hopefully does mean (increase in->increasing) dividends and whatever the difference is in terms of (buybacks->buyback) so
prior to getting started id like to remind you of the language in our forwardlooking (statement->statements) section of the press release which was released yesterday as well as in our form 10q which will be filed today
this increase was primarily due to contribution from canwest and higher gross profits in canadian propane distribution usrf and the other services segment
between interest and taxes are largely offset so this measure is quite a good indicator of both net income growth
and we split our model well call it we focused more on specific resources on new logo development and new logo sales and specific resources on
this is an important element of amgs diversification strategy in sensors and our ability to build highly accurate sensors
but i think the more interesting things that we do as a company and the more people in that space understand how what theyre doing impacts what we can do as a company
but as you can see on the right on where we have selling and administrative expense you see the benefit of being efficient and having larger revenue base
but i can tell you from firsthand talking to the people takes a lot to crush their spirits i heard stories about people showing up at the plant the day after the hurricane wanting to go to work
making treatment decisions for their patients alkermes is focused on addiction and serious mental illness at a time when these are among the most important public health issues facing the country
create more efficiencies and to create a different kind of product set than we have today and so when it comes to (an->*) infrastructure spend
an environment here where we can continue to gain more efficiencies so well try and spend more time on this on march 8 when we have more time together but certainly
stock (inflow->and flow) like commercial what percentage of the production you do is sourced from china or asia versus whats done in mexico or on the continent

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2   traffic -> trafficdriving
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2   sales -> sell
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2   requests -> request
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2   relationship -> relationships
2   region -> regions
2   referenced -> reference
2   recovery -> recoveries
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2   realize -> realized
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2   reading -> redding
2   ramune -> ramony
2   ramped -> ramp
2   racs -> racks
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2   queue -> que
2   quarter -> quartertoquarter
2   quarter -> quarterend
2   pushed -> push
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2   purchased -> purchase
2   pull -> pulled
2   provides -> provide
2   provide -> provides
2   programme -> program
2   profitsharing -> profit
2   profitably -> profitability
2   productiontype -> production
2   productions -> production
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2   potential -> potentially
2   post -> postspin
2   pose -> post
2   polymer -> polymers
2   point -> points
2   point -> pointofsale
2   platforms -> platform
2   planned -> plant
2   plan -> plans
2   plains -> plain
2   picked -> pick
2   phillips -> philips
2   perunit -> per
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2   partnerships -> partnership
2   partners -> partner
2   partnered -> partner
2   own -> on
2   over -> of
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2   our -> your
2   other -> others
2   other -> of
2   orig3n -> origin
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2   or -> who
2   or -> were
2   or -> all
2   options -> option
2   one -> want
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2   of -> theres
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2   of -> our
2   of -> off
2   number -> numbers
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2   now -> down
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2   no -> so
2   nic -> nick
2   newton -> new
2   newbuilds -> new
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2   netbacks -> netback
2   narita -> areita
2   moves -> move
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2   millbrook -> milbrook
2   might -> may
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2   midla -> midland
2   michel -> michelle
2   mention -> mentioned
2   meetings -> meeting
2   means -> mean
2   mb -> nb
2   market -> marketleading
2   margin -> margins
2   maintained -> maintain
2   mail -> meal
2   macdermid -> mcdermott
2   lts -> altius
2   lowered -> lower
2   lowercost -> lower
2   lower -> lowerthananticipated
2   lower -> lowermargin
2   low -> lowrisk
2   low -> lowhanging
2   longerterm -> longer
2   loanloss -> loan
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2   lending -> lendingclub
2   lenderplaced -> lender
2   leave -> lead
2   learn -> learned
2   leads -> lead
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2   launched -> launch
2   last -> less
2   laserfocused -> laser
2   larger -> large
2   land -> landandexpand
2   know -> note
2   kinh -> kindo
2   kick -> kickstart
2   key -> keep
2   katherine -> catherine
2   jocelyn -> jostlin
2   jobs -> job
2   javits -> javit
2   its -> theres
2   it -> would
2   it -> they
2   it -> theres
2   it -> there
2   it -> is
2   isdn -> icn
2   is -> our
2   is -> of
2   is -> in
2   investmentgrade -> investment
2   interpreters -> interpretors
2   integrations -> integration
2   instruments -> instrument
2   install -> installed
2   inkind -> in
2   initiative -> initiatives
2   ingolstadt -> ingolstad
2   increase -> increasing
2   incidence -> incidents
2   inbasin -> in
2   inappetence -> inappetants
2   in -> with
2   in -> or
2   in -> inbrand
2   in -> from
2   in -> for
2   ill -> id
2   if -> is
2   if -> do
2   ie -> i
2   i -> asset
2   home -> homepage
2   holt -> halt
2   his -> the
2   hiland -> highland
2   highprotein -> high
2   highprofile -> high
2   highgrading -> high
2   highestgrowth -> highest
2   highervalue -> higher
2   higher -> higherthananticipated
2   higher -> higherrisk
2   higher -> higherend
2   highend -> high
2   high -> highvolume
2   high -> highpressure
2   hichew -> haichu
2   hesse -> hesser
2   here -> heres
2   henric -> henrik
2   heinz -> hines
2   he -> you
2   he -> hes
2   havent -> hadnt
2   have -> that
2   have -> get
2   has -> its
2   happened -> happens
2   happen -> happened
2   hand -> end
2   hal -> al
2   guests -> guest
2   guatiquia -> guadaquilla
2   growth -> growths
2   grow -> go
2   gross -> grow
2   grande -> grandy
2   government -> governmentguaranteed
2   goto -> gotomarket
2   going -> gone
2   goal -> goals
2   go -> grow
2   go -> going
2   glenn -> glen
2   giving -> given
2   getting -> gaining
2   gates -> gate
2   games -> game
2   game -> games
2   galxc -> galaxy
2   gains -> gain
2   gain -> gained
2   fullservice -> full
2   full -> fullscale
2   fuel -> field
2   fruits -> fruit
2   fronthaul -> front
2   front -> frontend
2   forward -> forth
2   forecast -> forecasts
2   force -> forced
2   for -> through
2   for -> per
2   followup -> follow
2   foliday -> holiday
2   flows -> flow
2   flow -> flows
2   flow -> flowfocused
2   fit -> fitforwork
2   firsttime -> first
2   firstline -> first
2   firstinhuman -> first
2   fills -> feels
2   filings -> filing
2   filed -> files
2   few -> 2
2   fastforward -> fast
2   faster -> fastergrowing
2   fashion -> fashionconscious
2   farmer -> pharma
2   fan -> fanout
2   fall -> falloff
2   factor -> factors
2   facility -> facilities
2   face -> faced
2   expenditures -> expenditure
2   expected -> expect
2   expand -> extend
2   everybodys -> everybody
2   eurohub -> euro
2   estimates -> estimate
2   estate -> estaterelated
2   equipments -> equipment
2   environments -> environment
2   entities -> entity
2   enter -> entered
2   enhanced -> enhance
2   engaged -> engage
2   endmarkets -> end
2   end -> enduser
2   emissions -> emission
2   educated -> educate
2   ebitwise -> ebit
2   earnings -> earning
2   early -> earlystage
2   duque -> duke
2   down -> done
2   double -> doubledigit
2   dollars -> dollar
2   does -> is
2   do -> doing
2   do -> did
2   do -> a
2   divisions -> division
2   dividend -> dividends
2   discs -> disks
2   discounts -> discount
2   discipline -> disciplined
2   digitalization -> digitization
2   different -> difference
2   development -> developments
2   developed -> develop
2   deliver -> delivered
2   decreased -> decrease
2   declined -> decline
2   decision -> decisionmaking
2   decided -> decide
2   debra -> deborah
2   deal -> do
2   day -> date
2   curves -> curve
2   crexendos -> crescendos
2   costsavings -> cost
2   costeffective -> cost
2   cory -> corey
2   core -> cores
2   cooling -> tooling
2   continuing -> continue
2   continued -> continuing
2   contents -> content
2   consumer -> consumerfriendly
2   compromised -> compromise
2   companys -> company
2   companies -> company
2   commissioned -> commission
2   coming -> come
2   combine -> combined
2   coding -> coating
2   chek -> check
2   changes -> change
2   changed -> change
2   chairs -> shares
2   center -> centers
2   catch -> catchup
2   carlyle -> carlisle
2   carl -> karl
2   cant -> can
2   cannon -> canem
2   can -> going
2   can -> cant
2   calculations -> calculation
2   c -> ccorp
2   by -> while
2   buyback -> buy
2   but -> well
2   but -> so
2   but -> and
2   bunnings -> bunning
2   build -> built
2   broadcasts -> broadcast
2   brand -> brands
2   brand -> brandnew
2   bournemouth -> born
2   bond -> bonds
2   bolton -> bolt
2   bofi -> bi
2   bills -> build
2   billed -> build
2   bill -> build
2   berkeley -> berkley
2   benchmarked -> benchmark
2   bell -> dell
2   believed -> believe
2   began -> begin
2   before -> for
2   been -> be
2   become -> became
2   be -> the
2   bases -> basis
2   based -> base
2   banked -> bank
2   bales -> barrels
2   back -> backcatalog
2   averages -> average
2   atairos -> ataros
2   at -> on
2   assure -> ensure
2   asset -> assets
2   as -> so
2   as -> its
2   as -> has
2   arrearages -> arreara
2   are -> theyre
2   are -> or
2   are -> is
2   are -> a
2   approached -> approach
2   applied -> apply
2   application -> applications
2   any -> many
2   anticipate -> anticipated
2   announced -> announce
2   and -> were
2   and -> we
2   and -> now
2   and -> im
2   and -> enough
2   analytics -> analytic
2   an -> any
2   amounts -> amount
2   amendments -> amendment
2   amazons -> amazon
2   allocations -> allocation
2   all -> already
2   aligned -> align
2   agreement -> agreements
2   aggregates -> aggregate
2   advantaged -> advantage
2   advanceds -> advances
2   advance -> advanced
2   ad -> add
2   actions -> action
2   acquisition -> acquisitions
2   accounts -> account
2   a -> on
2   a -> my
2   a -> its
2   a -> have
2   9855 -> 985
2   90000 -> 900
2   6000 -> 600
2   50000 -> 500
2   5000 -> 500
2   5 -> five
2   5 -> 5star
2   4000 -> 400
2   3rd -> third
2   30th -> 30
2   20000 -> 200
2   2 -> too
2   11000 -> 1100
2   100000 -> 100
1   zpics -> zpix
1   zpg -> fpg
1   zoopla -> zopla
1   ziprecruiter -> zip
1   zinplava -> inflava
1   zimbabwe -> zimbwe
1   zhejiang -> jetg
1   zetia -> our
1   zeroequivalent -> 0
1   zero -> zerobased
1   zephyr -> zeffr
1   zepatier -> zeparateer
1   zepatier -> sepatir
1   zenium -> xenium
1   zenium -> if
1   zenith1 -> xenith
1   zellweger -> zelwigrs
1   zee -> we
1   zar -> za
1   zapi -> zappi
1   zack -> ozach
1   zacapa -> zucapa
1   zacapa -> sucapa
1   yuyuan -> yen
1   yunnan -> yin
1   yuck -> yug
1   youve -> away
1   yourturn -> your
1   yourselves -> yourself
1   yourself -> yourselves
1   youre -> youve
1   youre -> yourselfemployed
1   youre -> are
1   your -> our
1   your -> each
1   your -> a
1   youll -> youre
1   youll -> youd
1   you -> that
1   you -> i
1   you -> how
1   you -> expected
1   you -> ever
1   you -> anticipated
1   yos -> jos
1   yingde -> yingbee
1   yielddriven -> yieldriven
1   yield -> fuel
1   yes -> zwei
1   yes -> y
1   yes -> vin
1   yes -> vengoa
1   yes -> vena
1   yes -> ulian
1   yes -> ul
1   yes -> ry
1   yes -> rooks
1   yes -> oh
1   yes -> mt
1   yes -> m
1   yes -> lus
1   yes -> kul
1   yes -> klake
1   yes -> k
1   yes -> is
1   yes -> il
1   yes -> erat
1   yes -> ed
1   yes -> and
1   yes -> alberdor
1   yeezy -> yasey
1   years -> peers
1   years -> few
1   yearoveryear -> your
1   yearend -> the
1   yeararound -> yearround
1   yearago -> year
1   year1 -> year
1   year -> yeartoyear
1   year -> yearround
1   year -> yearafter
1   year -> us
1   year -> the
1   year -> plan
1   year -> here
1   year -> ears
1   yeah -> yes
1   yeagy -> yegi
1   yarwun -> yarwin
1   xunlei -> chinle
1   xumo -> zumo
1   xtend -> extend
1   xix -> 19
1   xingyun -> quainial
1   xevo -> zevo
1   xetra -> clipra
1   xchanging -> exchanging
1   xcels -> xls
1   xa -> 10a
1   x -> xgene
1   x -> 0
1   www -> ww
1   wsfs -> wsf
1   write -> writeoff
1   write -> writedown
1   wound -> room
1   would -> youd
1   would -> were
1   would -> wed
1   would -> that
1   would -> itd
1   would -> hope
1   would -> had
1   worth -> worst
1   worst -> was
1   world -> well
1   world -> growth
1   works -> workstyle
1   workmen -> worksman
1   work -> workstyle
1   work -> workforce
1   work -> worked
1   work -> word
1   work -> wip
1   work -> war
1   work -> walk
1   work -> laid
1   wordofmouth -> word
1   wording -> working
1   word -> would
1   word -> where
1   woodlot -> woodlog
1   wont -> wouldnt
1   wont -> will
1   wont -> want
1   wondering -> wonder
1   wondered -> wondering
1   wondered -> wonder
1   wonder -> wondering
1   won -> one
1   womb -> wom
1   witty -> woody
1   witness -> witnessed
1   withstand -> withstanding
1   without -> with
1   within -> and
1   withdrawal -> draw
1   with -> you
1   with -> where
1   with -> this
1   with -> the
1   with -> telt
1   with -> over
1   with -> or
1   with -> on
1   with -> live
1   with -> its
1   with -> is
1   with -> boe
1   with -> and
1   with -> a
1   wit -> whit
1   wise -> right
1   wintry -> wintery
1   winter -> winner
1   winset -> windset
1   winning -> any
1   winfrey -> whim
1   windfall -> withfall
1   win -> with
1   win -> wind
1   wilmot -> wilmont
1   wills -> will
1   will -> with
1   will -> willmakesu
1   will -> while
1   will -> were
1   will -> itll
1   will -> at
1   wildcard -> wild
1   wil -> will
1   wil -> gold
1   wigigs -> wiggings
1   wiener -> winer
1   why -> where
1   why -> wheel
1   whose -> who
1   whos -> who
1   whos -> or
1   whore -> who
1   wholesaling -> wholesale
1   wholesale -> wholesalefunded
1   wholeproduct -> whole
1   whoever -> wherever
1   who -> you
1   who -> whove
1   who -> were
1   who -> to
1   who -> that
1   who -> returning
1   who -> of
1   who -> for
1   whitford -> woodford
1   white -> whitecollar
1   whispering -> whispring
1   whine -> wind
1   whine -> wanting
1   whim -> wim
1   whilst -> wha
1   while -> why
1   while -> where
1   while -> the
1   while -> by
1   which -> would
1   which -> that
1   which -> but
1   whether -> water
1   whether -> that
1   where -> work
1   where -> wheres
1   where -> what
1   where -> there
1   where -> sort
1   where -> but
1   whenever -> onever
1   whenever -> one
1   when -> want
1   when -> that
1   when -> may
1   when -> from
1   whats -> with
1   whats -> was
1   whatll -> what
1   whatever -> with
1   what -> wondering
1   what -> with
1   what -> which
1   what -> whether
1   what -> when
1   what -> or
1   whales -> wales
1   weve -> wed
1   weve -> reis
1   weve -> ive
1   weve -> have
1   westeel -> westseal
1   west -> westlac
1   west -> website
1   wesson -> weston
1   wesseling -> vesseling
1   werent -> were
1   were -> youre
1   were -> worth
1   were -> win
1   were -> well
1   were -> to
1   were -> this
1   were -> that
1   were -> remain
1   were -> more
1   were -> isnt
1   were -> is
1   were -> do
1   were -> and
1   went -> werent
1   went -> on
1   welltrained -> well
1   wellspring -> wild
1   wells -> well
1   wellrespected -> well
1   wellprepared -> well
1   wellorchestrated -> well
1   wellmanaged -> well
1   welldeveloped -> well
1   well -> youll
1   well -> you
1   well -> where
1   well -> were
1   well -> wellworn
1   well -> wellstructured
1   well -> wellestablished
1   well -> wellcapitalized
1   well -> television
1   well -> really
1   well -> no
1   well -> look
1   well -> ill
1   weightloss -> weight
1   weighting -> awaiting
1   weight -> waste
1   weight -> wake
1   weight -> wait
1   weeks -> scan
1   wed -> would
1   wed -> i
1   websites -> website
1   webpage -> web
1   web -> webon
1   weather -> whether
1   weather -> weathers
1   weakened -> weak
1   weakdemand -> weak
1   weak -> weekend
1   weak -> week
1   we -> with
1   we -> win
1   we -> which
1   we -> weighted
1   we -> weigh
1   we -> vichans
1   we -> there
1   we -> that
1   we -> seeing
1   we -> really
1   we -> perhaps
1   we -> measured
1   we -> leave
1   we -> ive
1   we -> currents
1   waypoint -> way
1   way -> web
1   way -> ways
1   way -> away
1   waterwolf -> water
1   waters -> water
1   water -> order
1   watching -> washing
1   watchers -> watches
1   watched -> lost
1   watch -> will
1   watch -> watchfaces
1   wastestripping -> waste
1   waste -> west
1   waste -> value
1   was -> would
1   was -> will
1   was -> whos
1   was -> while
1   was -> where
1   was -> reduced
1   was -> or
1   was -> just
1   was -> as
1   warung -> warram
1   warriors -> warrior
1   warren -> warn
1   warning -> wanting
1   warned -> worn
1   warehouser -> weyerheuser
1   warding -> warning
1   wants -> ones
1   want -> wont
1   want -> won
1   want -> was
1   want -> are
1   wang -> wong
1   wang -> wan
1   walthamstow -> wolfamstow
1   wallow -> walk
1   wallops -> walts
1   wallonia -> wallun
1   waiving -> wair
1   waiting -> weighting
1   waitandsee -> wait
1   wait -> way
1   waded -> weighted
1   wacc -> wac
1   vydate -> vitate
1   vueling -> welling
1   vtb -> btb
1   vshaped -> vshape
1   volume -> volumes
1   volume -> from
1   voip -> voice
1   void -> wide
1   voicestreaming -> voice
1   vlccs -> vltcs
1   vivien -> villion
1   vitamin -> of
1   visual -> digital
1   visioncorrection -> vision
1   vision -> digital
1   visanet -> visa
1   virtu -> virtue
1   virtu -> virtual
1   viridors -> ridors
1   viridor -> verador
1   vincent -> vincin
1   vilsoet -> vilsway
1   vigor -> vegor
1   vigor -> bigger
1   view -> viewsupporting
1   view -> review
1   view -> capacity
1   video -> videoondemand
1   vic -> vik
1   vibe -> five
1   viable -> variable
1   veto -> vito
1   vet -> vetted
1   vests -> vest
1   very -> vary
1   verticals -> vertical
1   versus -> with
1   versus -> was
1   vero -> viro
1   vermillions -> vermilions
1   verifying -> gratifying
1   ventev -> ventiv
1   vendors -> vendor
1   vending -> spending
1   velocities -> velocity
1   veil -> vail
1   vehicle -> vehicles
1   vdsl -> vbsl
1   vaughn -> vaugh
1   vats -> bats
1   vary -> mirror
1   varli -> virally
1   varli -> barli
1   various -> very
1   variants -> variance
1   variance -> variants
1   variablerate -> variable
1   variable -> wirebones
1   variable -> baremo
1   vanoort -> bannort
1   vandalism -> vandolism
1   vancocin -> vancosyn
1   vancive -> advancive
1   van -> rain
1   valvoline -> valving
1   valve -> val
1   valuing -> valing
1   valueinflection -> value
1   valueenhancing -> value
1   valuedriven -> value
1   valued -> value
1   valueadd -> value
1   value -> values
1   value -> valueenhancing
1   value -> valuecreating
1   value -> valueadded
1   value -> fleet
1   value -> data
1   valuation -> valuations
1   valuation -> evaluation
1   valuate -> evaluate
1   valuable -> value
1   validate -> validated
1   valdor -> outdoor
1   vail -> veo
1   uxc -> uxe
1   uttam -> utengava
1   utilitys -> utilities
1   usti -> uzte
1   usha -> wusamarten
1   userbase -> user
1   user -> users
1   user -> usercontrolled
1   user -> the
1   used -> the
1   used -> could
1   use -> views
1   use -> using
1   use -> news
1   usano -> jusano
1   usable -> unusable
1   us -> the
1   us -> promises
1   us -> ourselves
1   us -> off
1   us -> it
1   us -> awesome
1   us -> a
1   uricase -> urokase
1   urged -> urge
1   upwards -> upward
1   upverter -> alberta
1   upturn -> turn
1   uptrading -> up
1   uptodate -> up
1   uptake -> uptick
1   upstreamed -> upstream
1   upsized -> upsize
1   upsides -> upside
1   upset -> upside
1   upscale -> full
1   upper -> upperupscale
1   upheave -> achieve
1   upgrading -> upgrade
1   up -> upmarket
1   up -> our
1   up -> off
1   up -> are
1   up -> and
1   unyson -> unison
1   until -> into
1   until -> and
1   unmet -> unmedical
1   unmatched -> unmassed
1   unlike -> now
1   unlike -> and
1   unleashing -> unleashion
1   unjust -> adjust
1   unitholders -> unit
1   unitfree -> unitary
1   unit -> unitholders
1   unique -> unit
1   unions -> union
1   uniformed -> uniform
1   unidentified -> and
1   unico -> unicor
1   unfortunately -> fortunately
1   undoubtedly -> undoubted
1   underway -> im
1   undershoot -> understood
1   underperformed -> underperforming
1   underperformed -> underperform
1   underneath -> under
1   underlies -> underlines
1   underhired -> under
1   underearning -> under
1   under -> underwater
1   under -> underpenetrated
1   under -> underchallenged
1   under -> another
1   under -> and
1   uncomfortable -> im
1   uncharted -> unchartedom
1   unbonded -> unbunded
1   unbilleds -> unbills
1   unbalanced -> on
1   ultrahighnetworth -> ultrahigh
1   ultra -> ultralow
1   ulcerative -> ulterative
1   ulcerative -> ultative
1   uha -> yuha
1   ufs -> uss
1   ubereats -> uber
1   tyvek -> tieback
1   types -> type
1   typed -> types
1   typed -> takingly
1   type -> tight
1   type -> businesses
1   txu -> txq
1   twirla -> tweller
1   tuscarawas -> tusco
1   turquoise -> tercose
1   turns -> terms
1   turns -> returns
1   turning -> turn
1   turning -> churning
1   turnarounds -> turnaround
1   turn -> turns
1   turn -> term
1   turkmenistan -> turkmanistan
1   turbine -> turbines
1   tumorpromoting -> tumor
1   tully -> telly
1   tuition -> cheesee
1   tugofwar -> tag
1   tuck -> truck
1   tuboscope -> tubescope
1   tubi -> tobe
1   trying -> jointy
1   trying -> its
1   trybeforeyoubuy -> try
1   try -> tries
1   try -> to
1   truth -> troop
1   trustworthy -> transparenty
1   trusts -> trust
1   trustees -> trustee
1   trust -> trustbased
1   trup -> truck
1   truly -> totally
1   trueyou -> trueu
1   trued -> prove
1   true -> through
1   trudeaus -> to
1   trucked -> truck
1   truck -> product
1   troygould -> troy
1   trough -> through
1   tropicana -> tropicada
1   trojanlabel -> trotin
1   trod -> trade
1   tritan -> triton
1   trimble -> drimble
1   tried -> trade
1   trident -> triton2
1   trid -> tred
1   tribunes -> tribune
1   triassic -> triasic
1   trex -> tracked
1   tresc -> tresh
1   trends -> trans
1   trend -> trim
1   trend -> trendright
1   travail -> trail
1   transportationfranchise -> transportation
1   transmissions -> transmission
1   transmission -> translation
1   translate -> translating
1   transitioned -> transition
1   transaction -> transactional
1   tramlining -> trendlining
1   trainee -> training
1   train -> trained
1   trailed -> showed
1   trafford -> troford
1   traditional -> tradition
1   tradings -> trading
1   tradeoff -> trade
1   trade -> traded
1   trade -> thread
1   trade -> create
1   traction -> structural
1   tract -> tracked
1   tracking -> jacking
1   tracked -> track
1   track -> tracked
1   tracheostomy -> tray
1   traceability -> chasability
1   towerjazz -> tower
1   toward -> to
1   tow -> tot
1   tow -> to
1   tough -> stub
1   touchy -> hitachi
1   touchpoints -> touch
1   touax -> 2ax
1   totex -> tortex
1   total -> toll
1   tosas -> toses
1   tosa -> toesa
1   torrid -> torrord
1   torque -> torquintention
1   tor -> toron
1   tor -> door
1   tops -> top
1   topiramate -> pyramate
1   topdown -> top
1   top -> toptier
1   top -> topstack
1   top -> topranked
1   top -> pop
1   top -> cost
1   took -> to
1   took -> feel
1   tony -> kony
1   tons -> tonsbased
1   tonne -> ton
1   tonline -> g
1   tone -> toned
1   toetotoe -> toe
1   toebitda -> to
1   toe -> tow
1   today -> todays
1   today -> of
1   today -> do
1   today -> day
1   to -> you
1   to -> would
1   to -> true
1   to -> towards
1   to -> too
1   to -> throughout
1   to -> tababla
1   to -> store
1   to -> signed
1   to -> side
1   to -> quartertoquarter
1   to -> just
1   to -> is
1   to -> high
1   to -> growth
1   to -> got
1   to -> equipment
1   to -> enough
1   to -> doing
1   to -> deploying
1   to -> could
1   to -> as
1   tnbc -> tmbc
1   titer -> tighter
1   titan -> tight
1   tip -> kick
1   time -> timetable
1   time -> timelines
1   time -> dime
1   tim -> no
1   tim -> jim
1   tilling -> tiling
1   till -> to
1   till -> til
1   tighteningeasing -> easing
1   tight -> type
1   tight -> tie
1   tiers -> years
1   tied -> tight
1   tidied -> tied
1   tic -> cic
1   thyssenkrupp -> this
1   thwarted -> quate
1   thus -> doesnt
1   thus -> does
1   thumbing -> summing
1   thrown -> through
1   throughputs -> throughput
1   throughout -> through
1   throughout -> rather
1   through -> swing
1   through -> for
1   through -> due
1   thrombolytics -> thrombolypics
1   thriving -> driving
1   thousand -> thousands
1   thoughts -> thought
1   though -> while
1   though -> so
1   though -> know
1   though -> but
1   those -> us
1   those -> though
1   those -> this
1   those -> the
1   those -> that
1   this -> was
1   this -> vistat
1   this -> theres
1   this -> steel
1   this -> less
1   this -> it
1   this -> is
1   this -> an
1   thirdparty -> third
1   thirdparties -> third
1   third -> margin
1   third -> 30
1   thinking -> think
1   thinkbig -> think
1   think -> thinking
1   think -> singk
1   think -> face
1   think -> comment
1   things -> thinks
1   things -> seemed
1   thing -> type
1   thing -> same
1   theyve -> theres
1   theyve -> that
1   theyve -> have
1   theyve -> had
1   theyre -> youre
1   theyre -> thereafter
1   theyre -> that
1   theyre -> or
1   theyre -> are
1   theyd -> they
1   they -> to
1   they -> theyd
1   they -> the
1   they -> may
1   they -> if
1   they -> appeal
1   these -> new
1   these -> lease
1   these -> if
1   these -> ecds
1   these -> disease
1   these -> and
1   thermoset -> thermostat
1   thermal -> thermo
1   theres -> yes
1   theres -> were
1   theres -> this
1   theres -> of
1   theres -> because
1   therere -> theres
1   therell -> will
1   therell -> theyll
1   therell -> there
1   there -> where
1   there -> than
1   there -> so
1   there -> now
1   there -> no
1   there -> is
1   there -> in
1   there -> i
1   there -> either
1   then -> undertaken
1   then -> they
1   then -> there
1   then -> mean
1   then -> know
1   then -> it
1   then -> in
1   then -> any
1   then -> again
1   them -> yes
1   them -> then
1   them -> len
1   them -> lem
1   them -> it
1   them -> in
1   them -> i
1   thelong -> the
1   their -> they
1   their -> that
1   their -> day
1   theft -> test
1   theatre -> theaters
1   the -> with
1   the -> while
1   the -> what
1   the -> vehicle
1   the -> unusual
1   the -> tv
1   the -> traditional
1   the -> tightening
1   the -> they
1   the -> thequatide
1   the -> than
1   the -> telsa
1   the -> sustained
1   the -> stability
1   the -> some
1   the -> so
1   the -> really
1   the -> profit
1   the -> on
1   the -> net
1   the -> my
1   the -> momentum
1   the -> lexikon
1   the -> kind
1   the -> into
1   the -> incorporation
1   the -> i
1   the -> free
1   the -> forward
1   the -> fee
1   the -> end
1   the -> early
1   the -> distrat
1   the -> decisable
1   the -> completion
1   the -> competerbilt
1   the -> bankrup
1   the -> bankown
1   the -> away
1   the -> aviation
1   the -> all
1   the -> ah
1   the -> across
1   the -> 200
1   the -> 15
1   thawed -> thought
1   thats -> to
1   thats -> this
1   thats -> the
1   thats -> past
1   thats -> lasts
1   thats -> and
1   thatd -> that
1   that -> would
1   that -> weve
1   that -> we
1   that -> though
1   that -> them
1   that -> sort
1   that -> or
1   that -> now
1   that -> look
1   that -> like
1   that -> instead
1   that -> i
1   that -> have
1   that -> had
1   that -> going
1   that -> do
1   that -> did
1   that -> delevel
1   that -> debt
1   that -> back
1   that -> answer
1   thanks -> great
1   than -> to
1   than -> that
1   than -> on
1   than -> of
1   thai -> thaire
1   thad -> tad
1   testing -> test
1   tesa -> taser
1   terri -> terry
1   terrebonne -> turbon
1   terre -> tera
1   termination -> term
1   terminaling -> terminalling
1   terex -> tariffs
1   teresa -> theresa
1   tenure -> tenor
1   tensions -> tangents
1   tensile -> pencil
1   tenets -> tenants
1   tend -> cant
1   tenaciously -> to
1   ten -> tn
1   temperate -> temporary
1   telstra -> telstro
1   tellers -> tailors
1   tell -> tele2
1   tell -> talk
1   tell -> say
1   telkomsel -> telecom
1   telesat -> telisap
1   telecommunications -> telecommunication
1   teens -> teams
1   teekay -> pk
1   techs -> text
1   technology -> technologically
1   technologies -> technology
1   technical -> tactical
1   tears -> tiers
1   tearing -> tier
1   teams -> team
1   team -> teamwork
1   team -> teambased
1   teads -> keys
1   teacher -> future
1   tea -> tee
1   tcell -> t
1   tazeen -> tazine
1   taxequivalent -> tax
1   taxefficient -> tax
1   taxed -> tax
1   taxdeferred -> tax
1   tax -> tests
1   tawke -> torque
1   tautona -> tatona
1   tautona -> downtown
1   tau -> tao
1   tata -> tutor
1   tata -> status
1   task -> tax
1   task -> tasks
1   tariff -> tariffs
1   targeted -> target
1   target -> targetrich
1   target -> project
1   tardive -> tardig
1   tapped -> capped
1   tantalum -> tentil
1   tanja -> tania
1   tangerines -> tangerienes
1   tandem -> tender
1   tamil -> thamilado
1   talon -> talent
1   talking -> touching
1   talk -> talked
1   talents -> talent
1   takreer -> to
1   taking -> talking
1   taking -> taken
1   taking -> take
1   takes -> steps
1   taken -> take
1   take -> taking
1   take -> takeup
1   take -> takeouts
1   take -> taken
1   take -> takeback
1   take -> takeaway
1   take -> make
1   tailpipe -> tail
1   tailoring -> tailing
1   tah -> th
1   tad -> tag
1   tackling -> tacking
1   tackled -> taken
1   t2candida -> t2candidate
1   t2candida -> t2canada
1   t -> key
1   systemization -> systematization
1   system -> systemwide
1   synthesis -> synthesisorders
1   syngas -> singyar
1   synergies -> synergy
1   syndicate -> semicap
1   sword -> sort
1   switched -> switch
1   switch -> switched
1   swinnerton -> switterton
1   swift -> swyft
1   sweet -> swift
1   sweep -> suite
1   swaps -> swabs
1   swan -> swine
1   suzy -> suzie
1   suyai -> suy
1   sutherland -> settlein
1   sustainedrelease -> sustained
1   sustained -> sustain
1   susquehannaroseland -> susquehanna
1   survived -> survive
1   survival -> survivals
1   surprise -> a
1   surface -> service
1   sure -> can
1   supranuclear -> supernuclear
1   suppose -> should
1   supply -> supplies
1   supplier -> supply
1   supplement -> settlement
1   supine -> soupon
1   superior -> superi
1   superior -> serior
1   superintendency -> superintendents
1   super -> supervip
1   super -> superspec
1   super -> superregional
1   super -> superpremium
1   super -> superefficient
1   sun -> some
1   summary -> sum
1   sum -> some
1   sulzer -> silzer
1   sulphur -> sulfur
1   sujay -> suj
1   sufficiently -> efficiently
1   sufentanil -> defentinal
1   such -> that
1   such -> soch
1   such -> so
1   successively -> successfully
1   successfully -> successful
1   successes -> success
1   succeeded -> suc
1   subtherapeutic -> sub
1   substitutive -> substitive
1   subscriptions -> subscription
1   subscriber -> subscribers
1   subscribed -> subscribe
1   sublingual -> sublingus
1   subleased -> so
1   subject -> subjects
1   subcontracting -> with
1   subbing -> subbbing
1   subbase -> sub
1   subacquiring -> acquiring
1   subacquiree -> cip
1   sub -> subtrends
1   sub -> subbusinesses
1   sub -> subaccounting
1   stupid -> supi
1   study -> strategy
1   study -> sedi
1   studio -> studiod
1   students -> student
1   stryker -> striker
1   struts -> stretch
1   structuring -> restructuring
1   structure -> structurewise
1   structure -> structures
1   structural -> structure
1   stronger -> strong
1   stronger -> chicago
1   strive -> strives
1   stringent -> stingent
1   stretched -> stretch
1   strengthened -> strengthen
1   strengthen -> strength
1   strength -> strengthens
1   strength -> stream
1   streets -> street
1   streamline -> stream
1   streaming -> upstream
1   strand -> strandsighting
1   storms -> stones
1   store -> stow
1   store -> storeups
1   store -> storetype
1   storage -> stores
1   storage -> charge
1   stop -> stopped
1   stoneridges -> storages
1   stone -> stonebystone
1   stocks -> stock
1   stocked -> stock
1   stk -> sdk
1   still -> a
1   stewarts -> stewart
1   sterling -> sterns
1   stepup -> step
1   stepper -> step
1   stepdown -> step
1   stepchange -> step
1   step -> stepbystep
1   step -> set
1   stelmi -> stelme
1   stefan -> stafone
1   steeped -> steep
1   steel -> stee
1   steel -> deal
1   steam -> stream
1   steady -> steadystate
1   stays -> days
1   staying -> stand
1   stay -> say
1   stature -> stage
1   stats -> steps
1   states -> stage
1   statement -> state
1   statecontrolled -> state
1   stateby -> states
1   state -> study
1   state -> states
1   state -> statepatrle
1   state -> stake
1   state -> set
1   state -> say
1   state -> drives
1   startups -> startup
1   startup -> start
1   start -> stop
1   start -> started
1   stars -> stands
1   star -> stark
1   star -> starech
1   stanley -> staily
1   standstill -> stand
1   stands -> found
1   standby -> scanned
1   standardizes -> standardize
1   standard -> standards
1   stand -> down
1   stamp -> stem
1   stake -> state
1   stair -> stairsteps
1   stages -> stage
1   stage -> states
1   staffs -> staff
1   stack -> stock
1   stack -> spac
1   stabilized -> stabilize
1   stabilize -> have
1   stabbing -> stafving
1   stabbing -> staffing
1   srep -> threat
1   squeeze -> squeze
1   spurning -> spurring
1   spun -> fun
1   spuds -> spots
1   springsteen -> springstein
1   spread -> spreads
1   spot -> slot
1   sporting -> exporting
1   sport -> support
1   spoon -> food
1   spoof -> spooth
1   spoiler -> boiler
1   splits -> split
1   spikeup -> spike
1   spendthrift -> spent
1   specifics -> specific
1   specifically -> to
1   specially -> specialty
1   specially -> especially
1   specialized -> specialize
1   speciality -> specialty
1   specialist -> specialists
1   special -> specialist
1   spec -> stack
1   sparing -> spending
1   spaceship -> space
1   south -> southwest
1   south -> southest
1   south -> sale
1   sought -> saw
1   sotatercept -> soptatercept
1   sort -> sorted
1   sort -> so
1   sort -> bits
1   sophie -> sylvie
1   soot -> soup
1   soot -> set
1   somewhat -> somewhatted
1   sometime -> some
1   sometime -> own
1   somebodys -> somebody
1   some -> them
1   some -> submitations
1   some -> a
1   solvay -> sauway
1   solutions -> scaling
1   solriamfetol -> sole
1   solri -> solary
1   solid -> stellar
1   solid -> solidstate
1   sold -> solar
1   sold -> sell
1   sodastream -> soda
1   sockets -> socket
1   so -> to
1   so -> through
1   so -> some
1   so -> shall
1   so -> over
1   so -> ke
1   so -> kay
1   so -> i
1   sno -> snow
1   snippets -> sniffets
1   sniddling -> smiddling
1   snapshottype -> snapshot
1   smoothie -> smoothy
1   smooth -> smooths
1   smirnoff -> spirnoff
1   smiled -> smile
1   smell -> snow
1   smartwatch -> smartwash
1   smartside -> smartsight
1   smart -> smartphone
1   smallticket -> small
1   smaller -> forward
1   slows -> slow
1   slowing -> slow
1   slower -> lower
1   slowed -> slow
1   slowdown -> slow
1   slow -> slowdown
1   slovenian -> slovanian
1   slither -> slitter
1   slipped -> slip
1   slip -> blip
1   sliding -> driving
1   slides -> slide
1   slide -> slideshow
1   slide -> slides
1   slide -> slidebyslide
1   slide -> sight
1   slickwater -> quarter
1   slices -> slice
1   slate -> leg
1   skus -> sqs
1   skull -> skill
1   skopje -> scope
1   skipping -> scoopping
1   skincare -> skin
1   skin -> kid
1   skillset -> skill
1   skills -> skill
1   skill -> scale
1   sketchtoscale -> skettoscale
1   sizeable -> sizable
1   sites -> site
1   site -> sites
1   site -> sitelevel
1   sis -> sas
1   sipp -> sip
1   siphon -> site
1   sinotruk -> sinocharge
1   sink -> think
1   singledigits -> singledigit
1   singledigit -> single
1   single -> to
1   single -> singlefamily
1   sing -> seeing
1   since -> syndexited
1   since -> and
1   simyo -> similar
1   simply -> simple
1   simplisqueeze -> simply
1   simplest -> centers
1   simpler -> simple
1   simonsvoss -> simons
1   similar -> similarsized
1   similar -> similarly
1   silvious -> sylvius
1   silo -> siloed
1   silico -> silica
1   silhouettes -> silhoides
1   significantsized -> significant
1   significantly -> significant
1   significance -> significant
1   significance -> signance
1   signed -> time
1   sign -> fund
1   sigmaaldrich -> cigmallrich
1   siding -> siting
1   side -> to
1   side -> slide
1   side -> sides
1   sib -> sob
1   shutting -> shedding
1   shutdown -> shut
1   shuanghui -> shanghuai
1   showing -> shown
1   showed -> show
1   show -> shown
1   show -> chosen
1   shouldering -> shoulder
1   should -> sque
1   should -> fruit
1   should -> can
1   shorttomedium -> short
1   shorterterm -> shorter
1   shortcycle -> short
1   short -> sure
1   short -> sort
1   short -> shortterm
1   short -> shorttail
1   shopperpreferred -> shopper
1   shop -> drop
1   shocked -> shopped
1   ships -> shifts
1   shipped -> ship
1   shipment -> shipments
1   shinsei -> chinsei
1   shining -> shine
1   shifts -> ships
1   shifts -> shift
1   shift -> ship
1   sheppard -> shepperd
1   shelves -> shelve
1   shelf -> shaf
1   she -> shes
1   shared -> share
1   shared -> chaired
1   sharecor -> shercor
1   shape -> shaped
1   several -> severfold
1   seventy -> southent
1   seventy -> 77
1   setup -> set
1   settled -> sell
1   set -> send
1   set -> said
1   set -> it
1   sessions -> session
1   services -> servicesonly
1   services -> service
1   servicenowexclusive -> servicenow
1   servicenow -> service
1   serviced -> service
1   service -> services
1   serve -> solve
1   seriously -> serious
1   sequence -> sequenced
1   sentinel -> sentiment
1   sensile -> sensun
1   seniororiented -> seniorated
1   senior -> seniorated
1   send -> sense
1   send -> san
1   sempra -> somethro
1   semester -> semesters
1   semaglutide -> all
1   sellthrough -> sold
1   selling -> sellin
1   sellin -> sell
1   selleys -> sullis
1   selleys -> sallys
1   sell -> solve
1   sell -> saw
1   sell -> hostbank
1   selftaught -> sellside
1   selflube -> selflood
1   selfadminister -> selfadministered
1   self -> selfcheckin
1   self -> selfbagdrop
1   selectservice -> select
1   selective -> selected
1   selected -> selective
1   seized -> ceased
1   segment -> segments
1   sees -> seas
1   seen -> senior
1   seen -> see
1   seen -> saying
1   seems -> seemed
1   seems -> seem
1   seemed -> seem
1   seeks -> seek
1   seeing -> see
1   seeing -> being
1   seedlip -> seadlip
1   see -> steve
1   see -> seen
1   see -> seeing
1   see -> seed
1   see -> say
1   see -> feel
1   see -> feed
1   securitys -> securities
1   security -> securities
1   securities -> security
1   secures -> secure
1   sector -> factor
1   sector -> center
1   sections -> section
1   section -> session
1   section -> fairly
1   secondlargest -> second
1   secondhalf -> second
1   second -> secondtier
1   seating -> seatings
1   seasons -> season
1   seasonafterseason -> season
1   searipple -> seabo
1   seara -> siara
1   sean -> on
1   sean -> joe
1   seal -> see
1   seaboard -> seaborne
1   seabed -> cbed
1   sea -> city
1   se -> sites
1   scrubbed -> scrubed
1   scrolls -> scroll
1   scribante -> squermante
1   screening -> straighting
1   screaming -> screening
1   scratch -> scrainage
1   scot -> scott
1   sciences -> science
1   sciclone -> cyclone
1   scholls -> shoals
1   schedule -> scheduled
1   schedule -> scale
1   scepter -> septor
1   scepter -> sector
1   scentiva -> sentiva
1   scenes -> themes
1   scene -> seen
1   scarves -> scarb
1   scares -> scarce
1   scale -> skill
1   saying -> same
1   say -> see
1   say -> saying
1   sawmills -> sawmill
1   savuka -> sabuca
1   savings -> saving
1   savings -> items
1   savings -> and
1   savethedate -> save
1   saverne -> saverna
1   sat -> said
1   sasko -> sasco
1   santo -> santa
1   sanjiv -> sungeev
1   sanitary -> cere
1   sanistal -> sunistall
1   sands -> sand
1   sandd -> sent
1   sandd -> chance
1   sand -> sandbag
1   sanctions -> sanction
1   sampling -> handling
1   sameproperty -> same
1   same -> samerestaurant
1   same -> samehome
1   same -> safe
1   salkowski -> salkhalski
1   salix -> selects
1   salespeople -> sales
1   saleslinked -> sales
1   sales -> sale
1   sales -> itself
1   sale -> sell
1   sale -> adamacell
1   saladier -> saladjay
1   saladier -> saladay
1   salable -> saleable
1   sakauesan -> sako
1   said -> that
1   said -> so
1   said -> set
1   said -> if
1   safrinha -> saphrinha
1   saffron -> safran
1   safavieh -> sophavia
1   sad -> staffing
1   sac -> zac
1   sable -> stable
1   sabic -> sabik
1   sa -> saa
1   rwa -> rw
1   rvs -> rv
1   ruukki -> ruuki
1   ruston -> rusten
1   rustom -> reusum
1   russias -> roches
1   rusm -> our
1   rushed -> rush
1   runrate -> run
1   runin -> running
1   runin -> runn
1   rung -> room
1   rung -> road
1   run -> one
1   rules -> world
1   rules -> rule
1   rule -> rural
1   rule -> rules
1   ruko -> rootco
1   rugs -> rog
1   rubber -> rupper
1   roz -> raj
1   royaltybearing -> royalty
1   royal -> world
1   rovat -> vat
1   routit -> route
1   route -> routetomarket
1   rounds -> round
1   round -> than
1   roughs -> rough
1   rotork -> rotor
1   rosacea -> rosa
1   rollsroyce -> rollsroys
1   rollsroyce -> both
1   rolled -> worldwide
1   rolled -> roll
1   rolfs -> rolffs
1   roland -> rlan
1   rodrigo -> urgo
1   rocklea -> rock
1   robusta -> robust
1   robin -> robbin
1   rob -> rod
1   roam -> rome
1   roadtec -> rotex
1   roads -> road
1   roadbuilding -> road
1   road -> roadshows
1   road -> right
1   rna -> rnadizing
1   rjrt -> rjt
1   rj -> our
1   riviera -> revi
1   river -> rivers
1   ritz -> ritzcarlton
1   ritchie -> ritchi
1   ritchie -> richy
1   ritch -> rich
1   riskweight -> risk
1   riskreward -> risk
1   riskaverse -> riskaverge
1   riskadjusted -> risk
1   risk -> riskslide
1   risk -> riskreturn
1   risk -> riskoff
1   risk -> riskaverse
1   risk -> riskadjusted
1   risk -> recepsis
1   risen -> arisen
1   riptide -> rip
1   ripley -> ripply
1   ripley -> ripple
1   ripe -> right
1   riot -> ryags
1   rio -> real
1   rintega -> ruintega
1   rintega -> intega
1   ring -> ringastar
1   riioed1 -> rioed1
1   riio2 -> rio2
1   riio1 -> rio1
1   rigid -> visit
1   rightfirsttime -> right
1   right -> rightsizing
1   right -> rate
1   right -> i
1   rifaximin -> rifaximan
1   ridea -> idea
1   ride -> right
1   rick -> correct
1   rich -> with
1   rica -> rico
1   rhine -> ryan
1   reynolds -> reynold
1   reynolds -> rentals
1   reynolds -> jrands
1   rewritings -> reratings
1   review -> would
1   review -> view
1   reverse -> reversal
1   reverse -> rebirth
1   revenuebased -> revenue
1   revenue -> revenueproducing
1   revelstoke -> revelsoke
1   revealing -> reviewing
1   reveal -> review
1   revaluation -> valuation
1   revaluation -> reevaluation
1   reuse -> use
1   returned -> returnleased
1   returned -> return
1   retro -> retrosynthesis
1   retirement -> tirement
1   retentions -> retention
1   retail -> retailtomail
1   retail -> retails
1   resulting -> resulted
1   resulted -> result
1   resultant -> result
1   restructuring -> restructuringrelated
1   restructure -> dollar
1   restrictions -> restriction
1   respite -> respike
1   respimetrix -> recipe
1   respected -> respective
1   resources -> resource
1   resorts -> the
1   resort -> resorts
1   resilience -> resilient
1   residents -> resident
1   reserve -> reserved
1   resell -> resale
1   rescission -> recession
1   res -> resin
1   requite -> requote
1   requires -> required
1   requirements -> requirement
1   require -> is
1   request -> requests
1   request -> reclass
1   req -> rec
1   reprographics -> riple
1   reproductive -> repredictive
1   repriced -> reprice
1   representations -> representation
1   reported -> reporting
1   replayed -> replaced
1   repayment -> repayments
1   reotype -> reo
1   reorienting -> orienting
1   reorganizations -> organizations
1   renting -> running
1   rentals -> rental
1   renewed -> new
1   renewals -> renewal
1   renewables -> renewable
1   renew -> review
1   remote -> our
1   remopro -> remal
1   remediation -> mediation
1   remains -> mean
1   remaining -> remainder
1   remain -> and
1   relinquished -> relinquis
1   reliability -> liability
1   relevant -> relevance
1   relationships -> relationship
1   relationship -> relationshipbased
1   relation -> so
1   relation -> relations
1   related -> costs
1   rekinect -> reconnect
1   reject -> resect
1   reit -> recall
1   reit -> read
1   reit -> re
1   reissue -> reissued
1   reinvestments -> reinvestment
1   reinvest -> we
1   reinforce -> reinforced
1   reiff -> reef
1   regulatorybased -> regulatory
1   regulatorily -> regulatory
1   regulations -> regulation
1   regulars -> regulators
1   regularization -> regularizationdriven
1   regular -> regularly
1   registered -> registereds
1   regenerating -> were
1   regence -> regions
1   regard -> regards
1   regain -> regained
1   regain -> gain
1   refractive -> refracted
1   reflects -> reflected
1   reflect -> reflects
1   refining -> refiing
1   refined -> fine
1   refinanced -> refinance
1   reference -> referenced
1   refer -> referred
1   reevaluation -> the
1   reels -> whels
1   reefs -> reit
1   reebok -> reebulk
1   redyard -> red
1   redomestication -> redemistication
1   redesign -> redesigned
1   redeploying -> redeploy
1   redemption -> redemptions
1   redbubble -> red
1   redact -> react
1   red -> bread
1   recurringrevenue -> recurring
1   recover -> cover
1   records -> record
1   recordings -> recording
1   reconciliation -> reconciliations
1   reckitt -> wreckitt
1   recipe -> recipes
1   recessions -> recession
1   recently -> recent
1   received -> receives
1   recapped -> recap
1   rebroadcasting -> broadcasting
1   rebel -> revel
1   rebate -> rebating
1   rebased -> rebate
1   reasonably -> easily
1   realtime -> real
1   really -> rooted
1   really -> real
1   really -> reading
1   really -> immediately
1   realizing -> relifing
1   realistically -> realistic
1   real -> your
1   real -> rice
1   real -> really
1   reagila -> reglia
1   readymix -> radiomex
1   ready -> related
1   readout -> readouts
1   read -> readthrough
1   read -> readout
1   reactive -> through
1   reached -> breached
1   reach -> reached
1   rea -> riya
1   rbb -> rwb
1   raw -> romats
1   rav -> rab
1   rationalized -> rationalize
1   ratings -> rating
1   rating -> raising
1   rather -> other
1   rates -> rights
1   rates -> race
1   rate -> read
1   rate -> ratemaking
1   rate -> rated
1   rate -> joint
1   rate -> grade
1   rarity -> rareity
1   rarely -> really
1   rare -> rear
1   rapport -> report
1   rankordered -> rank
1   range -> reinsurance
1   range -> grains
1   ran -> read
1   ramune -> ramoni
1   ramune -> lamoni
1   rams -> ram
1   rampup -> up
1   rampup -> ramp
1   ramping -> wrapping
1   ramp -> wrap
1   rally -> value
1   rakuraku -> dakudaku
1   raisers -> razors
1   raise -> rise
1   raise -> raised
1   rainfall -> rainfalls
1   rain -> rate
1   railway -> rail
1   rahul -> ralph
1   raft -> wrap
1   radius -> ratios
1   radiation -> aviation
1   rachael -> rachel
1   racemi -> resiving
1   r -> to
1   quotoshare -> quota
1   quotaed -> quoted
1   quifa -> kifa
1   quifa -> kefa
1   quickreturn -> quick
1   quicker -> quick
1   quick -> quickquote
1   quick -> quickly
1   quick -> quickload
1   quick -> quickcharge
1   quetiapine -> catibean
1   questioner -> question
1   questionandanswers -> questionandanswer
1   question -> questions
1   question -> questionandanswer
1   quentin -> quin
1   quench -> quanch
1   qudos -> craders
1   qudos -> coders
1   quartile -> qual
1   quarter -> year
1   quarter -> reported
1   quarter -> quartertodate
1   quarter -> quarterbyquarter
1   quarter -> corridor
1   quantitive -> quantitative
1   quantify -> quantified
1   quant -> quangenius
1   quality -> welldiversified
1   quality -> reciplates
1   quality -> age
1   qualifying -> qualified
1   quadrupole -> quadropol
1   qsymia -> tsymia
1   qsymia -> qsymias
1   qantas -> quantas
1   q1 -> q1s
1   pylons -> pilot
1   put -> fit
1   pursuing -> pur
1   purduekaplan -> purdue
1   pumps -> pump
1   pump -> prompt
1   puma -> pum
1   pullin -> pulling
1   pullforward -> pull
1   pullforward -> a
1   pulled -> pullback
1   pull -> pullthrough
1   pull -> pullforward
1   pull -> pullback
1   publiclytraded -> publicly
1   publicly -> probably
1   psychometrician -> cycle
1   pscu -> psu
1   prussia -> frusher
1   prudence -> prudency
1   provision -> provisions
1   proving -> proven
1   proving -> improving
1   provided -> providing
1   provided -> provide
1   provided -> prided
1   provide -> provider
1   provenance -> providence
1   proved -> prove
1   proved -> improved
1   prove -> grow
1   proteins -> protein
1   protects -> protect
1   protection -> projection
1   protection -> profession
1   prospects -> prospect
1   prospect -> prospects
1   propriety -> proprietary
1   proppantsized -> proppant
1   propositions -> proposition
1   proportionately -> proportionally
1   proportionate -> proportion
1   proportion -> portion
1   propertylevel -> property
1   property -> properties
1   propensity -> capacity
1   propelled -> propel
1   propel -> propell
1   proof -> proves
1   proof -> proofofconcept
1   prompts -> it
1   promoters -> promoter
1   prominence -> providence
1   prolactin -> proactam
1   projects -> credit
1   project -> projectbased
1   project -> product
1   progress -> workinprogress
1   progress -> product
1   profitstars -> profitstar
1   profits -> properties
1   profiting -> cost
1   profitenhancement -> profit
1   profitability -> profitably
1   profitability -> profitabilities
1   profit -> profits
1   profiling -> help
1   products -> projects
1   products -> manufactured
1   products -> for
1   productivitytype -> productivityp
1   product -> protocols
1   product -> project
1   product -> prior
1   product -> point
1   product -> for
1   processes -> process
1   processed -> process
1   process -> processorself
1   process -> processoriented
1   process -> processing
1   proceed -> proceeds
1   probably -> part
1   probably -> by
1   probable -> forward
1   privatization -> premiumization
1   privatelabel -> private
1   priorperiod -> prior
1   priority -> reality
1   priority -> prior
1   prioritized -> prioritize
1   priorities -> priority
1   prints -> print
1   principle -> principal
1   primaryfocused -> primary
1   primary -> primarily
1   primarily -> primary
1   pricetocost -> price
1   pricesmart -> pricemark
1   pricesensitive -> price
1   prices -> priced
1   prices -> price
1   prices -> crisis
1   priced -> price
1   pricecompetitive -> price
1   price -> pricing
1   price -> priceaware
1   price -> for
1   price -> cost
1   priamus -> pramis
1   previously -> previous
1   previousgen -> previous
1   previous -> previously
1   preteen -> pretea
1   pressuretesting -> pressure
1   pressure -> and
1   presenting -> preventing
1   prereleased -> preleased
1   prepackaged -> prepackage
1   preowned -> freeown
1   premiums -> premium
1   premium -> premiumgrade
1   premise -> onpremise
1   premiere -> premier
1   pref -> prep
1   predicted -> predictive
1   precision -> precisioncontrolled
1   precheck -> pretech
1   precedents -> precedent
1   precautions -> precaution
1   precautionary -> precaution
1   prebuilts -> prebuilt
1   pre -> prespin
1   prairie -> prev
1   practice -> practices
1   practically -> is
1   powertrain -> power
1   powerplay -> power
1   power -> powered
1   power -> our
1   powell -> paul
1   poured -> poored
1   potentially -> intentionally
1   potentially -> essentially
1   potential -> retention
1   potassium -> potasion
1   pot -> instapot
1   postoffice -> post
1   posthoc -> post
1   postdefault -> post
1   post80s -> postats
1   post -> posttransaction
1   post -> posttrade
1   post -> postremal
1   post -> postmerger
1   post -> postlaunch
1   post -> postintegration
1   post -> postclosing
1   post -> postacquisition
1   post -> post2018
1   post -> pose
1   possibly -> positively
1   possession -> possion
1   positions -> positioned
1   positioning -> oppositioning
1   position -> sishen
1   position -> positions
1   position -> positioned
1   porvenir -> or
1   portfolios -> portfolio
1   portals -> portal
1   port -> ritchie
1   porsche -> porschecarz
1   pork -> for
1   populations -> population
1   popular -> profitable
1   popes -> books
1   pop -> popup
1   pop -> pophealth
1   poorer -> poor
1   poor -> fewer
1   pool -> pull
1   polypropylene -> propylene
1   polyone -> polyones
1   politicking -> politicing
1   policy -> positive
1   policy -> policies
1   policies -> policy
1   pointsearning -> points
1   pointofsale -> point
1   pointnext -> point
1   point -> pointtopoint
1   point -> pointe
1   pnyang -> penyang
1   plush -> flush
1   plug -> plugand
1   please -> for
1   plays -> placed
1   plays -> place
1   playing -> play
1   playing -> planning
1   playground -> play
1   player -> players
1   played -> laid
1   play -> way
1   play -> played
1   play -> plate
1   play -> deploy
1   plattsburgh -> plattesburg
1   platooning -> puttooning
1   platform -> platformrelated
1   plates -> plate
1   plants -> plant
1   plants -> costs
1   plantings -> planting
1   planting -> planning
1   plant -> the
1   plant -> plants
1   plant -> pan
1   plans -> plants
1   plank -> point
1   plangrid -> planned
1   planetechs -> plain
1   plan -> play
1   plan -> plant
1   plan -> planet
1   plan -> brand
1   plaintiff -> planoff
1   placing -> placement
1   place -> places
1   place -> placed
1   pk -> pkenhancing
1   pizzas -> pizza
1   pixel -> xl
1   pivotal -> prival
1   pirfenidone -> profenidone
1   pirfenidone -> prefenidone
1   pirdop -> period
1   pirated -> pired
1   pipeline -> headkline
1   pineapple -> pineappeline
1   pilsworth -> pellsworth
1   pilotscale -> pilot
1   pilot -> pipe
1   pilingon -> palingon
1   pilates -> pulateties
1   pikka -> peaka
1   pigments -> pigment
1   pierced -> pearsed
1   piece -> pieces
1   pie -> buying
1   pickle -> peccle
1   picking -> taking
1   picked -> ticked
1   phyox -> phiox
1   phyox -> fiox
1   philosophy -> velocity
1   phasing -> phase
1   phase1 -> phase
1   phase -> phases
1   phase -> pace
1   pharmacys -> pharmacies
1   ph -> pjx
1   ph -> p
1   petrosen -> petrocend
1   petro -> petrochem
1   petrie -> entry
1   pest -> pets
1   pesos -> peso
1   perton -> per
1   persons -> person
1   persisting -> persistent
1   permit -> premise
1   peritoneal -> parentneal
1   peritoneal -> parent
1   peripherals -> peripheral
1   periods -> speeds
1   period -> periods
1   pergallon -> per
1   performing -> performance
1   performing -> environmentally
1   performance -> performances
1   performance -> performancebased
1   performance -> compact
1   perficient -> perfician
1   perfecting -> pervecting
1   perceptron -> percepton
1   percentoff -> percent
1   percentages -> percentage
1   percent -> perc
1   per -> pur
1   per -> or
1   per -> of
1   pensiveness -> hintiveness
1   pendulum -> pandulum
1   pemex -> pengmesk
1   pegsiticase -> pixitakacine
1   pegged -> tick
1   peg -> pegged
1   peer -> peertopeer
1   peek -> think
1   peek -> peak
1   peck -> pack
1   pearshaped -> parashaped
1   peanuts -> payments
1   peal -> peel
1   pcks9 -> pcsk9
1   pcb -> pcd
1   paypay -> paypal
1   payoff -> pay
1   paymentus -> paymentis
1   payments -> impairment
1   payments -> claims
1   payment -> payments
1   paying -> pay
1   pay -> spay
1   pay -> payer
1   pay -> paper
1   pavements -> payments
1   paved -> pave
1   paul -> pal
1   paul -> nick
1   paul -> all
1   patrons -> patron
1   patrik -> patrick
1   patricia -> patrian
1   pathologists -> pathologist
1   patent -> patentpending
1   patella -> batella
1   past -> last
1   passthroughable -> passed
1   passport -> past
1   passing -> pass
1   passengers -> passenger
1   passenger -> passengers
1   passed -> past
1   passed -> pass
1   pass -> payers
1   pass -> passed
1   pass -> pas
1   pas -> paas
1   party -> thirdparty
1   parts -> pox
1   parts -> as
1   partnership -> partnerships
1   partners -> works
1   partnering -> partnered
1   partnering -> firming
1   particulates -> particularly
1   particulate -> particular
1   particular -> particulate
1   participated -> participating
1   parter -> partner
1   parr -> power
1   parr -> par
1   parmesan -> parmejan
1   parmesan -> parmasan
1   parkside -> park
1   pardon -> partner
1   parcels -> parcel
1   paraprofessionals -> power
1   parameter -> perimeter
1   paracalcitriol -> pericalcitol
1   papua -> papu
1   paperless -> payperless
1   paper -> papers
1   panss -> pan
1   panels -> panel
1   palsy -> policy
1   pall -> pal
1   pairing -> paring
1   paint -> paints
1   paint -> pain
1   painstakingly -> pains
1   paidin -> paid
1   paid -> pays
1   pages -> phases
1   pacs -> packs
1   packet -> pack
1   packaged -> package
1   pack -> tackandhold
1   pack -> pac
1   pack -> impact
1   pace -> base
1   pa -> paidep
1   ozawasan -> osasan
1   owners -> onerous
1   owner -> owneroperators
1   owner -> owneroccupiers
1   owner -> owneroccupied
1   owner -> ownerfunded
1   owned -> own
1   own -> owned
1   ovm -> obm
1   oversupply -> oversupplied
1   oversee -> will
1   overperformance -> over
1   overly -> overwh
1   overeat -> overe
1   overdeliver -> over
1   overbuilding -> over
1   overaperiodoftime -> time
1   overall -> overhaul
1   over50s -> over
1   over -> however
1   outweigh -> outweighed
1   outsourcers -> outsources
1   outsourced -> outsource
1   outsource -> outsourced
1   outside -> outsized
1   outreached -> outright
1   outofhome -> auto
1   outlines -> outlined
1   outline -> outlined
1   outlet -> outlets
1   outgrowing -> growing
1   outgoing -> outreased
1   outfit -> outlet
1   outdoorliving -> outdoor
1   outdated -> updated
1   outcomes -> this
1   outcome -> outcomes
1   outbound -> opab
1   out -> outsourced
1   out -> how
1   out -> else
1   out -> and
1   ourselves -> ourself
1   ourself -> ourselves
1   ours -> our
1   our -> while
1   our -> up
1   our -> solution
1   our -> roi
1   our -> rgps
1   our -> rgp
1   our -> out
1   our -> on
1   our -> let
1   our -> i
1   our -> hyrod
1   our -> however
1   our -> hard
1   our -> for
1   our -> at
1   our -> as
1   our -> arpacs
1   ottowa -> ottawa
1   other -> ars
1   other -> any
1   osfis -> offeas
1   osfi -> os3
1   orthopaedic -> orthopedic
1   orpic -> orbiq
1   orpak -> orpac
1   orlacos -> rolakos
1   orla -> ola
1   orkla -> oibak
1   orkin -> workin
1   originations -> origination
1   originals -> original
1   oriflame -> orifm
1   oriented -> goal
1   organix -> organics
1   organicallygenerated -> organically
1   org -> ard
1   orebody -> ore
1   ore -> orebody
1   ore -> or
1   ore -> old
1   ore -> all
1   orders -> audit
1   order -> water
1   order -> ordertoship
1   order -> ordertocash
1   orchestrate -> horse
1   or -> vp
1   or -> to
1   or -> that
1   or -> so
1   or -> reform
1   or -> our
1   or -> on
1   or -> not
1   or -> line
1   or -> i
1   or -> goldnouth
1   or -> get
1   or -> but
1   or -> as
1   or -> although
1   or -> a
1   optum -> optimism
1   optix -> optics
1   optiquel -> opticl
1   option -> options
1   option -> auctionlike
1   optimize -> optimized
1   opps -> ops
1   opportunity -> fertility
1   opportune -> official
1   opioidsparing -> opioidsbearing
1   opioidminimization -> opioid
1   opioid -> opioiduse
1   operators -> will
1   operationlinked -> operation
1   operation -> operational
1   operating -> offering
1   operate -> operated
1   openly -> ultimately
1   openlabel -> open
1   openers -> open
1   opened -> open
1   opendoor -> open
1   open -> stoping
1   onus -> bonus
1   ontherun -> onthelugh
1   onstream -> on
1   only -> reasoning
1   only -> flowing
1   onetime -> one
1   onestim -> onstem
1   onestim -> onestem
1   oneil -> oil
1   one -> the
1   one -> program
1   one -> onevonage
1   one -> onestop
1   one -> ones
1   one -> oneforone
1   one -> onecompany
1   one -> more
1   one -> and
1   oncologist -> oncologists
1   onceaday -> day
1   onboard -> upward
1   on -> upon
1   on -> under
1   on -> to
1   on -> that
1   on -> term
1   on -> some
1   on -> our
1   on -> or
1   on -> ontrade
1   on -> onshore
1   on -> online
1   on -> ongoing
1   on -> one
1   on -> onboarded
1   on -> like
1   on -> from
1   on -> for
1   on -> exxon
1   on -> down
1   on -> done
1   omnea -> onea
1   om -> oem
1   olten -> alton
1   olive -> golve
1   old -> oldfashioned
1   olanzapine -> olanzapin
1   olanzapine -> olansin
1   okay -> right
1   okay -> miner
1   okay -> ate
1   okanagan -> okanagon
1   ointment -> oibmant
1   oilexposed -> oil
1   oil -> oilproducing
1   ohlson -> also
1   often -> also
1   ofgs -> ofg
1   offtrack -> off
1   offsets -> offset
1   offmarket -> off
1   official -> officient
1   offices -> officers
1   officer -> officers
1   office -> softness
1   office -> offers
1   offhand -> off
1   offers -> offer
1   offering -> offerings
1   offer -> offers
1   offer -> offering
1   offer -> augur
1   offensive -> offense
1   offair -> off
1   off -> offer
1   off -> offen
1   off -> offcampus
1   off -> golf
1   ofac -> mofax
1   ofac -> fact
1   of -> you
1   of -> while
1   of -> were
1   of -> these
1   of -> then
1   of -> that
1   of -> seeking
1   of -> reel
1   of -> project
1   of -> operating
1   of -> op
1   of -> ones
1   of -> offers
1   of -> offas
1   of -> its
1   of -> it
1   of -> is
1   of -> if
1   of -> health
1   of -> eva
1   of -> does
1   of -> are
1   of -> above
1   of -> about
1   oems -> wems
1   oems -> ones
1   odd -> hot
1   ocrevus -> ocrevis
1   occurring -> recurring
1   occupancies -> occupancy
1   obvious -> obviously
1   obuasi -> obuasis
1   obuasi -> hubuasi
1   obstacle -> optical
1   oblique -> oble
1   obligations -> obligation
1   obligation -> obligations
1   o2o -> o2
1   nyx -> mix
1   nyserda -> nicerta
1   nycha -> nicho
1   nycha -> nichel
1   nuts -> nut
1   nutritional -> nutrition
1   nursing -> nursent
1   nullify -> neulify
1   nuclearfueled -> nuclear
1   nuance -> nuanced
1   nows -> now
1   now -> marz
1   now -> in
1   now -> i
1   now -> dial
1   now -> demand
1   now -> as
1   now -> are
1   novickis -> novikas
1   novadaqs -> novadex
1   nottingham -> naltingham
1   notice -> noticed
1   nothing -> nothings
1   notes -> nodes
1   note -> know
1   not -> that
1   not -> now
1   not -> nottoodistant
1   not -> nothing
1   not -> no
1   not -> and
1   northerners -> northern
1   norepinephrine -> neuropinephrine
1   nordson -> also
1   nordlys -> norus
1   nordlys -> nordless
1   norditropin -> nordicopi
1   norbord -> nervord
1   noodles -> nudos
1   nontolls -> nontools
1   nonrunrate -> nonrun
1   nonrisk -> nonresk
1   nonremopro -> nonrema
1   nonrecurring -> norecurring
1   nonproprietary -> nonprorietary
1   nonperforming -> not
1   nonoklahoma -> nonokhama
1   nonoil -> nonoilchain
1   noninterest -> nons
1   nongrowing -> ongoing
1   nonconforming -> nonperforming
1   nonbanking -> local
1   nols -> nol
1   noelle -> no
1   nod -> odd
1   no -> you
1   no -> on
1   no -> oh
1   no -> number
1   no -> novyxeos
1   no -> novote
1   no -> not
1   no -> noel
1   nivea -> nive
1   nitride -> nitri
1   nintedanib -> nettenib
1   nintedanib -> an
1   nine -> 9
1   nik -> nick
1   night -> knight
1   nifty -> mifty
1   nielsen -> newson
1   niconovums -> nikanovamsonic
1   nhtsa -> knits
1   ney -> ne
1   nextraq -> nextrak
1   nextdecade -> next
1   nextbest -> next
1   next -> nextgeneration
1   newwave -> new
1   newstore -> new
1   newgeneration -> new
1   newest -> new
1   newest -> arstorvs
1   newbuilding -> new
1   new -> to
1   new -> there
1   new -> newport
1   new -> need
1   new -> knee
1   new -> into
1   new -> gine
1   new -> accura
1   neurorehabilitation -> neurorhabilitation
1   neuromorphic -> normorphic
1   neulion -> newline
1   neulion -> new
1   networth -> net
1   networking -> net
1   networkdense -> network
1   network -> networks
1   network -> net
1   netteddown -> netted
1   netcomm -> netcom
1   net -> then
1   net -> that
1   net -> next
1   net -> as
1   net -> and
1   nervous -> nervousism
1   nephrotic -> fraudic
1   nephcure -> nefcare
1   neolab -> neo
1   neighborhoods -> neighborhood
1   neighborhood -> neighborhoods
1   negotiations -> negotiation
1   needs -> used
1   needed -> need
1   need -> needs
1   need -> knew
1   necl -> nickel
1   neches -> nechest
1   necessary -> necessarily
1   nebs -> neb
1   nearoptimal -> near
1   nearer -> near
1   nearcomplete -> near
1   near -> new
1   near -> nearrecord
1   near -> nearer
1   near -> mirror
1   near -> emiss
1   navys -> navy
1   navilyst -> navist
1   nausea -> nature
1   natural -> the
1   national -> nationals
1   nasdaqlisted -> nasdaq
1   naren -> narreen
1   naphtha -> not
1   napabucasin -> nababucasin
1   nadir -> nadear
1   naacp -> nwacp
1   n -> end
1   n -> and
1   myscript -> my
1   myc -> mix
1   my -> que
1   my -> myrotrip
1   my -> more
1   my -> mike
1   my -> karding
1   my -> binuscale
1   my -> a
1   mvcs -> mbcs
1   musculoskeletal -> musculoskelpil
1   muscle -> masu
1   munitions -> ammunitions
1   multiscale -> multiskilled
1   multipley -> multiply
1   multiples -> multiple
1   multiple -> multiplephase
1   multiple -> multi
1   multidiscipline -> multidisciplined
1   mulesoft -> mealsoft
1   mugshot -> mung
1   mueller -> trimeller
1   muchneeded -> much
1   muchimproved -> much
1   mty -> mt
1   mts -> mdevs
1   mtech -> mteq
1   ms -> minsolin
1   mr -> mrtinbag
1   mps -> nps
1   mponeng -> impuonang
1   mponeng -> imponane
1   mowing -> flowing
1   moving -> owning
1   moving -> moved
1   moving -> move
1   movie -> moviepark
1   movement -> moment
1   move -> moving
1   move -> moveup
1   mouth -> moth
1   mouse -> mass
1   most -> both
1   mortgagefree -> mortgage
1   morrys -> maurys
1   morococha -> mouricocha
1   morinaga -> more
1   more -> where
1   more -> or
1   more -> move
1   more -> moreover
1   more -> mall
1   more -> activities
1   moran -> miran
1   moprex -> mopr
1   moot -> mood
1   moody -> moodys
1   montpelier -> montlier
1   month -> amount
1   montecillo -> montesil
1   monros -> monroes
1   monroforward -> monroe
1   monroforward -> monro
1   moneys -> monies
1   money -> monies
1   monetized -> monetize
1   mondelez -> mondelezs
1   monaka -> monaker
1   moments -> minutes
1   molybdenum -> molydenium
1   molybdenum -> molyb
1   moltenis -> multane
1   molteni -> multinie
1   molteni -> malteni
1   moist -> moi
1   modular -> module
1   modesto -> madesto
1   model -> module
1   model -> modal
1   mode -> modelike
1   mocvd -> mocbd
1   mochi -> motion
1   mobimoney -> mobile
1   mobile -> mobis
1   mobile -> mobileformat
1   moab -> mod
1   mlps -> mlp
1   mixes -> midd
1   mixed -> mixeduse
1   mixed -> mixedmarshal
1   mix -> mixed
1   mix -> miss
1   mitre -> mitotan
1   mitre -> mito
1   mitigate -> mitigates
1   missions -> emissions
1   mission -> missionbased
1   missed -> missteps
1   missed -> miss
1   miss -> missell
1   miss -> misestimate
1   mismatched -> misched
1   mislead -> milead
1   mishima -> mojina
1   miserable -> miserve
1   mirtazapine -> mirtazopine
1   mirroreye -> mirae
1   mirror -> mir
1   miranda -> marinda
1   mirabeau -> mirabow
1   minefield -> mine
1   mine -> vine
1   mine -> mined
1   mindsets -> mindset
1   mindfulness -> miselness
1   mind -> minds
1   milling -> willing
1   milk -> mill
1   milk -> milka
1   mile -> mileposts
1   migrations -> migration
1   mighty -> midi
1   mightve -> might
1   might -> will
1   midtolate -> mid
1   midthird -> midthur
1   midsingle -> midsingledigits
1   midsingle -> midsingledigit
1   midsaskatchewan -> mitsatchewan
1   midodrine -> middren
1   midnext -> through
1   midlast -> mid
1   middledistance -> middle
1   middle -> middleware
1   middle -> middlemarket
1   mid -> midwest
1   mid -> midto
1   mid -> midsingle
1   mid -> midquently
1   mid -> midmarket
1   mid -> media
1   microhawk -> microhook
1   microfilm -> microphone
1   micro -> microbanking
1   mick -> vic
1   michel -> michele
1   micheal -> michael
1   mic -> mike
1   mi -> i
1   mgalfa -> mglfa
1   metrics -> metric
1   metrans -> matrans
1   metoo -> meetoo
1   methodology -> methodologies
1   metabolic -> metapolic
1   meropen -> maripen
1   mergers -> merger
1   merger -> mergerrelated
1   merfs -> mirfs
1   merchantbase -> merchant
1   mens -> menswear
1   mems -> mims
1   member -> remember
1   melodious -> milodius
1   meister -> maesta
1   mega -> megacarry
1   meetings -> medians
1   meeting -> mena
1   meeting -> meaning
1   meet -> meets
1   meet -> make
1   meekly -> meatly
1   medupi -> minopi
1   medtech -> med
1   medsafes -> medsafe
1   medsafe -> messafes
1   mediumterm -> medium
1   medium -> media
1   medimmune -> mezimune
1   medimmune -> medinue
1   medications -> medication
1   medical -> medicare
1   medians -> mediums
1   median -> medium
1   mediamiser -> mediser
1   medexpress -> med
1   mechanics -> mechanic
1   meatballs -> meatball
1   measurements -> measurement
1   meaning -> meanings
1   mean -> me
1   mean -> is
1   mean -> in
1   me -> you
1   me -> mi
1   mclaughlin -> mclachlin
1   mckinney -> ckenney
1   mbs -> nbs
1   mays -> mace
1   maybe -> i
1   may -> many
1   maximum -> maximal
1   mavenir -> mavenia
1   mavenclad -> mavinclud
1   maval -> mavil
1   mauk -> malc
1   matured -> mature
1   matts -> mats
1   matter -> manner
1   matrix -> matrics
1   materialized -> materializing
1   mate -> make
1   matco -> mapco
1   matco -> macco
1   masternaut -> masternot
1   mast -> masco
1   masse -> mass
1   masks -> masked
1   masked -> mask
1   mask -> mass
1   mary -> barry
1   martinez -> martin
1   marshals -> marshal
1   marsh -> march
1   marrow -> merrow
1   married -> mirrored
1   markham -> markum
1   marketspecific -> market
1   marketplace -> marketplaces
1   marketing -> markting
1   marketbymarket -> market
1   market -> marketaccepted
1   market -> mark
1   marked -> marktomarket
1   marked -> market
1   mark -> marktomarket
1   marissas -> maurices
1   marieline -> marin
1   marieline -> marilin
1   marianne -> maryanne
1   marianna -> mariana
1   margin -> market
1   margin -> marginal
1   marcus -> mark
1   marburg -> marlborg
1   maps -> map
1   map -> math
1   map -> mak
1   many -> main
1   many -> any
1   manufacturer -> manufacture
1   manufacture -> manufacturer
1   mansour -> monsour
1   manifest -> manifests
1   mani -> moni
1   manantial -> manantie
1   managers -> manager
1   manager -> managers
1   managed -> manage
1   managed -> major
1   malvern -> melbourne
1   malts -> malls
1   mall -> mallin
1   malikai -> malacay
1   makoto -> macata
1   making -> makings
1   making -> make
1   making -> and
1   makes -> made
1   makelines -> make
1   makeline -> make
1   make -> making
1   make -> made
1   major -> measure
1   maize -> banish
1   maintenances -> maintenance
1   maintenance -> maintenancefree
1   mainly -> namely
1   mainly -> may
1   mainly -> many
1   mainly -> inlink
1   maine -> main
1   main -> mean
1   maher -> mahar
1   madrid -> madriton
1   madonna -> madona
1   made -> named
1   made -> make
1   macs -> max
1   macro -> macroeconomic
1   macri -> macris
1   mackie -> macky
1   macedonia -> mastedonia
1   macassa -> casa
1   lynne -> len
1   lynette -> lannett
1   luxfer -> leptfor
1   lumped -> lump
1   luminant -> luminate
1   luizacred -> liza
1   ludwig -> ludwick
1   luck -> like
1   lube -> loop
1   ltvs -> lcvs
1   lp -> lt
1   lozenge -> lovenge
1   lowvariable -> low
1   lowtomid -> low
1   lowsingle -> low
1   lowrisk -> low
1   lowresiliency -> low
1   lowlevered -> low
1   lowkey -> lokey
1   lowestvolume -> lowest
1   lowerpaid -> lower
1   lowergrowthrate -> lower
1   lowergrowth -> lower
1   lower -> lowerrate
1   lower -> lowered
1   lower -> lowercost
1   low -> lowquality
1   low -> lowcarbon
1   low -> load
1   louis -> lewis
1   loudcloud -> loud
1   lots -> lot
1   lot -> lots
1   lot -> lost
1   lot -> levels
1   lost -> loss
1   lossmakers -> loss
1   loss -> lot
1   losing -> proofing
1   lose -> close
1   loop -> lube
1   looking -> we
1   looking -> look
1   look -> the
1   look -> mike
1   look -> luk
1   longrunning -> longrun
1   longerthanusual -> longer
1   longerlead -> longer
1   longer -> long
1   longdistance -> long
1   long -> longtail
1   long -> longform
1   long -> longest
1   long -> longer
1   long -> loan
1   long -> has
1   long -> fong
1   logistics -> logisticsfocused
1   logistics -> logistic
1   logistic -> logistics
1   logal -> logo
1   lodgingfocused -> lodging
1   lodging -> lodginistry
1   lode -> load
1   locking -> logging
1   locations -> occasions
1   location -> locations
1   loblaw -> lobla
1   loantovalues -> loan
1   loadings -> loadins
1   load -> loan
1   lo -> loan
1   lo -> law
1   liza4 -> lizapor
1   liveviewing -> live
1   lives -> slice
1   liveaction -> live
1   little -> low
1   litmus -> litmos
1   lite -> slide
1   lite -> lot
1   lit -> liit
1   lists -> list
1   listen -> i
1   list -> lists
1   lisah -> lisa
1   liquidity -> liquid
1   liquidcooled -> liquid
1   liquid -> liquids
1   lip -> lib
1   lions -> lion
1   linx -> linked
1   linktech -> linktek
1   linked -> link
1   lining -> aligning
1   linehaul -> line
1   line -> mine
1   line -> lineup
1   line -> lines
1   line -> linehauls
1   line -> align
1   lindt -> lind
1   lindsey -> lindsay
1   limon -> mon
1   limits -> limit
1   limitedtime -> limited
1   limited -> ltd
1   limitations -> limitation
1   likely -> like
1   like -> think
1   like -> reflect
1   like -> look
1   like -> let
1   like -> it
1   like -> can
1   liisa -> lisa
1   light -> like
1   light -> lightcategory
1   ligase -> ligate
1   ligands -> ligand
1   lifts -> lift
1   lifter -> liftter
1   lift -> met
1   lift -> list
1   lift -> lifigus
1   life -> lives
1   life -> live
1   life -> lifo
1   life -> lifechanging
1   lieutenant -> latinant
1   lied -> live
1   lied -> lies
1   licensors -> licensers
1   licenses -> license
1   licensed -> license
1   license -> licensed
1   lib -> little
1   liaisons -> liaisance
1   liaising -> liazing
1   leyland -> shook
1   leyland -> lailan
1   leveraging -> of
1   leverage -> levers
1   leverage -> leverageneutral
1   leverage -> leveraged
1   level -> labor
1   lets -> id
1   less -> list
1   less -> lessen
1   leonie -> leoni
1   leonard -> lenderwood
1   length -> linked
1   length -> link
1   length -> lent
1   lendsure -> lindsure
1   lending -> funding
1   lei -> lee
1   legup -> leg
1   legislator -> legislature
1   legislative -> legislated
1   leg -> lag
1   leg -> blag
1   led -> lead
1   led -> initiative
1   leave -> weave
1   leases -> thesis
1   leaserelated -> leisurerelated
1   leased -> lease
1   leased -> and
1   leaseability -> leasability
1   lease -> leasing
1   lease -> leaseup
1   lease -> leased
1   lease -> lead
1   lear -> leer
1   lear -> alere
1   leap -> leapeline
1   lean -> lien
1   leads -> leased
1   leading -> leadingedge
1   lead -> led
1   lead -> leap
1   lead -> league
1   lead -> leads
1   lazier -> laser
1   laypeople -> lay
1   layer -> layout
1   laxatives -> laxardus
1   lax -> lags
1   lawsuit -> lawsuits
1   laws -> law
1   lawrenceburg -> warrensburg
1   law -> laws
1   lavish -> labvish
1   lautenbach -> latenbach
1   laurie -> lori
1   launching -> launchy
1   launch -> launches
1   latter -> ladder
1   lateseason -> late
1   later -> latter
1   later -> laterstage
1   later -> late
1   latent -> leading
1   late -> lateyear
1   last -> lost
1   last -> but
1   lasik -> latic
1   largescreen -> large
1   larger -> largest
1   large -> largest
1   laps -> lapse
1   laparoscopy -> fibroscopy
1   lanvin -> longon
1   lanvin -> lavon
1   lantern -> lanth
1   lantana -> atana
1   lakeside -> lakesight
1   lakeshore -> lake
1   laidin -> latein
1   laid -> lay
1   lagostina -> langustina
1   lagans -> lagands
1   lagan -> lagm
1   lag -> lay
1   lafayette -> lofayette
1   ladysmith -> ladiesmith
1   ladysmith -> ladies
1   labs -> lab
1   labelexpo -> label
1   la -> lapari
1   la -> lapare
1   kynsna -> naisna
1   kurt -> kirt
1   kurdistan -> kyurdistan
1   kura -> kuroncology
1   kukuila -> kukuiula
1   kudu -> kudi
1   kudu -> 2
1   ktuu -> ktu
1   kraft -> craft
1   kpns -> kpn
1   kpn -> kpm
1   kpn -> kapi
1   korsuva -> krisuva
1   korea -> career
1   kopanang -> copenan
1   kongregate -> congregate
1   konecranes -> konekrins
1   kombat -> combat
1   kolstad -> kohlstad
1   kolding -> culden
1   know -> now
1   know -> known
1   knocked -> not
1   knight -> like
1   knees -> east
1   klarna -> corona
1   kla -> kra
1   kla -> care
1   kitzmantel -> kitchmental
1   kinds -> kind
1   kindly -> kind
1   kind -> can
1   kimu -> kimo
1   kimmo -> kim
1   khurmala -> kermala
1   kfmb -> kfnb
1   keynote010 -> keynote
1   keyenabling -> key
1   key -> keys
1   key -> cash
1   kew -> hugh
1   kevin -> given
1   ketel -> kettle
1   keratoconus -> cathones
1   kerala -> cariba
1   kenric -> kenarie
1   kenneth -> anneth
1   ken -> can
1   kempers -> kemper
1   kees -> keiz
1   kaufhof -> kahaf
1   katarzyna -> kytrazina
1   kaspar -> kasbarn
1   karratha -> paratha
1   karla -> carla
1   kamloops -> kamboos
1   kamillo -> camillo
1   kaman -> command
1   kaikaku -> quacaco
1   kaikaku -> kayako
1   k -> key
1   justin -> justine
1   justify -> justifies
1   just -> yes
1   just -> so
1   just -> its
1   just -> is
1   just -> has
1   jury -> dury
1   jumbotrons -> jumbo
1   julie -> julian
1   jukes -> juices
1   judge -> judges
1   juan -> gren
1   journey -> journeys
1   jour -> your
1   jot -> job
1   jord -> jare
1   jord -> georg
1   joint -> join
1   join -> jointhepact
1   johnson -> jonsin
1   john -> jon
1   jog -> joe
1   jocelyn -> joslin
1   jobtodate -> jobttodate
1   jma -> jme
1   jirka -> jirca
1   jimmie -> jimmy
1   jim -> jims
1   jilun -> jewelan
1   jigisha -> tigisha
1   jigisha -> jugisha
1   jianpus -> gmpus
1   jianpus -> genpus
1   jetty -> jetsi
1   jeffery -> jeffrey
1   jeanmarc -> jeanmargbusier
1   jeanlouis -> jeanloui
1   jean -> gene
1   jays -> j
1   jarislowsky -> jaro
1   januarys -> january
1   janssen -> yanssen
1   jan -> yang
1   jamison -> jamieson
1   jamalco -> jimalco
1   jamalco -> gemalco
1   jakarta -> jakarto
1   jail -> jale
1   jack -> jeff
1   j -> jcode
1   j -> jay
1   ivo -> ibo
1   ivo -> evo
1   ive -> weve
1   iv -> i
1   itself -> self
1   its -> was
1   its -> us
1   its -> theyre
1   its -> these
1   its -> that
1   its -> rift
1   its -> products
1   its -> of
1   its -> at
1   its -> and
1   its -> a
1   itll -> well
1   ithaca -> iphica
1   ithaca -> ethica
1   items -> item
1   itd -> were
1   itching -> etching
1   it -> you
1   it -> within
1   it -> well
1   it -> us
1   it -> to
1   it -> the
1   it -> since
1   it -> said
1   it -> id
1   it -> have
1   it -> get
1   it -> did
1   it -> at
1   it -> another
1   issues -> tissues
1   issues -> issue
1   issued -> issue
1   isnt -> i
1   isle -> aisle
1   island -> ireland
1   is -> weve
1   is -> were
1   is -> us
1   is -> tiny
1   is -> think
1   is -> system
1   is -> sprinted
1   is -> one
1   is -> it
1   is -> isnt
1   is -> hes
1   is -> focus
1   is -> because
1   is -> a
1   irsa -> yielda
1   irrs -> irs
1   irregular -> a
1   iroquois -> iraqui
1   iroquois -> iraquary
1   irma -> irm
1   irene -> irenes
1   irelands -> irelandsonly
1   irapuato -> europatu
1   iqap -> icap
1   ipo -> ipound
1   ip -> iptv
1   iottype -> iot
1   ioc -> ifc
1   involving -> evolving
1   involves -> involved
1   involve -> evolve
1   invoice -> invoices
1   invited -> invite
1   invitae -> in
1   investors -> investor
1   investor -> investors
1   investor -> invested
1   investment -> investing
1   investment -> down
1   investigators -> investigator
1   investec -> investing
1   invest -> are
1   inventories -> inventory
1   invekra -> invectra
1   introduction -> introductions
1   intro -> in
1   intreas -> intrias
1   into -> is
1   into -> at
1   intertek -> intertech
1   interpreted -> interpret
1   internet -> internetrelated
1   internal -> interval
1   internal -> a
1   intermediates -> intermediate
1   interloper -> interlopur
1   interior -> entire
1   interims -> interim
1   interesting -> interestingly
1   interestfree -> and
1   interested -> interesting
1   interest -> interestearning
1   interactive -> interpative
1   interaction -> interactions
1   interact -> interactive
1   intentional -> attentional
1   intend -> attempt
1   intellipath -> ntelo
1   intel -> mantel
1   intel -> internal
1   integrated -> integration
1   integrated -> integrating
1   integral -> integrated
1   integral -> are
1   intacta -> intact
1   insurers -> ensurers
1   insureds -> insurance
1   insulation -> installation
1   instore -> installed
1   institutions -> institution
1   instant -> stream
1   installer -> installment
1   installed -> stalled
1   insourced -> insource
1   insisting -> insist
1   inside -> insight
1   inservice -> and
1   insensitivity -> in
1   inquisitive -> acquisitive
1   inquired -> acquired
1   inputs -> input
1   inpatients -> inpatient
1   inpackage -> in
1   inotersens -> innetersens
1   inorganic -> integrating
1   inoperative -> innovative
1   innovation -> innovations
1   inning -> innings
1   inline -> in
1   inkling -> ankling
1   injelly -> ingeli
1   injection -> insection
1   inherited -> inheritage
1   ingraining -> engraining
1   ingrained -> ingrain
1   infrastructural -> infrastructure
1   informa -> informal
1   inform -> info
1   influenced -> influence
1   influence -> influences
1   influence -> influenced
1   inflows -> in
1   inflow -> and
1   inflexible -> then
1   inflations -> inflation
1   inflationary -> inflation
1   inflation -> deflation
1   infineon -> in
1   infibeam -> insibeam
1   infer -> infirm
1   industry -> interest
1   industry -> industryexperienced
1   industry -> industries
1   industrials -> industrial
1   indulging -> indulges
1   indonesia -> technician
1   indihome -> indivo
1   indie -> indy
1   indicators -> indicator
1   indicator -> indicators
1   indicates -> indicate
1   indexed -> index
1   inderal -> indoor
1   ind -> guid
1   increasing -> increased
1   increase -> the
1   including -> included
1   included -> include
1   include -> includes
1   incidence -> infants
1   incar -> incart
1   inbred -> mbread
1   inappetence -> inappotants
1   inappetence -> an
1   inapp -> in
1   in -> within
1   in -> when
1   in -> we
1   in -> warten
1   in -> to
1   in -> theres
1   in -> then
1   in -> plan
1   in -> now
1   in -> mla
1   in -> mean
1   in -> mattchons
1   in -> kind
1   in -> involved
1   in -> intrinity
1   in -> intact
1   in -> instore
1   in -> inn
1   in -> injelli
1   in -> ingeli
1   in -> indisbelieved
1   in -> indeed
1   in -> inbrands
1   in -> inbar
1   in -> fredericon
1   in -> extrusions
1   in -> disease
1   in -> costs
1   in -> concept
1   in -> being
1   imvescor -> investor
1   impulsed -> impulse
1   improvement -> proven
1   improvement -> improved
1   improved -> approved
1   improve -> accrue
1   importantly -> pertinently
1   importantly -> important
1   import -> input
1   implementation -> importation
1   implement -> increment
1   impinged -> impinj
1   imperilment -> impairment
1   impairments -> impairment
1   impacting -> impacted
1   impacting -> and
1   impacted -> impacting
1   impact -> impacts
1   immunovirology -> immunovisa
1   immediate -> intermediate
1   im -> were
1   im -> let
1   ill -> old
1   ill -> isolate
1   ill -> and
1   iii -> iiis
1   ii -> 2
1   ignacio -> him
1   iglo -> iglu
1   ifrs -> rfs
1   ifc -> diopsy
1   if -> with
1   if -> where
1   if -> weve
1   if -> because
1   idria -> atria
1   idex -> idexx
1   identified -> are
1   ideas -> idea
1   ideal -> by
1   idb -> idv
1   id -> wed
1   id -> ive
1   icr -> icor
1   iconic -> psychronic
1   ice -> isotanees
1   ice -> icebook
1   icann -> ican
1   ias -> irs
1   ian -> he
1   i -> well
1   i -> wed
1   i -> we
1   i -> us
1   i -> then
1   i -> telling
1   i -> right
1   i -> or
1   i -> one
1   i -> on
1   i -> dairy
1   i -> by
1   i -> as
1   i -> ahead
1   i -> 1
1   hzo -> hco
1   hypothalamus -> hypothalomas
1   hyperpassionate -> hyper
1   hypergrowth -> hyper
1   hymotion -> highmotion
1   hydrocarbon -> hydrocarbonprice
1   hydro -> hydropump
1   hybrids -> hybrid
1   hurray -> horae
1   humira -> qumira
1   humber -> honda
1   humana -> a
1   hugely -> usually
1   hudson -> edson
1   hud -> hug
1   huaron -> horo
1   htc -> hse
1   hras -> hrasmutant
1   hpe -> hp
1   hows -> how
1   however -> how
1   however -> a
1   how -> other
1   how -> of
1   how -> high
1   hovr -> howvere
1   housing -> housings
1   households -> household
1   house -> houses
1   house -> household
1   hours -> hour
1   hourglass -> aeroglass
1   hotels -> hotel
1   host -> list
1   hospitals -> hospital
1   hoshin -> hochin
1   hormones -> hormone
1   horizon -> horizons
1   hoped -> hope
1   hope -> hoped
1   homopolymers -> polymers
1   homeownership -> home
1   homebuilders -> homebuilder
1   home -> hometime
1   home -> hometeam
1   home -> homebuying
1   holster -> hoster
1   holmes -> homesapproved
1   holloman -> holluman
1   holdup -> hold
1   holborn -> holbourn
1   hogs -> ogs
1   hog -> of
1   hockema -> hockem
1   hitdriven -> hit
1   history -> hists
1   his -> these
1   his -> a
1   hiris -> highris
1   himax -> hymax
1   him -> an
1   hikes -> hike
1   highvalueadded -> high
1   highvalue -> high
1   hightraffic -> high
1   hightowers -> high
1   highsingle -> high
1   highreturnoninvestment -> high
1   highreturn -> high
1   highproduction -> high
1   highpixel -> high
1   highperformance -> high
1   highmargin -> high
1   highlydisciplined -> highly
1   highly -> high
1   highlighted -> piloted
1   highlight -> highlighting
1   highlight -> highlighted
1   highgrowth -> high
1   highestreturn -> highest
1   highestranked -> highestrank
1   highestgrossing -> highest
1   highest -> highestquality
1   higheryielding -> high
1   highervolume -> higher
1   higherrate -> higher
1   higherpaying -> higher
1   highermargin -> higher
1   highergrowth -> higher
1   higherdose -> higher
1   higher -> higheryielding
1   higher -> higherthannormal
1   higher -> higherpriced
1   higher -> higherlevel
1   higher -> highergrade
1   highendsize -> end
1   highdose -> high
1   highcontaminant -> high
1   highcapacity -> high
1   high20 -> high
1   high -> highvelocity
1   high -> highvalue
1   high -> highrisk
1   high -> highprofile
1   high -> highpotential
1   high -> highperformance
1   high -> highmargin
1   high -> highlevel
1   high -> highinterest
1   high -> highgrowth
1   high -> highcost
1   high -> highalpine
1   high -> haikakao
1   hide -> tied
1   hidalgo -> idalago
1   hichew -> hitchu
1   hichew -> high
1   hichew -> hichu
1   hichew -> haitu
1   hghctp -> hdhctp
1   hes -> he
1   hes -> has
1   hermann -> herman
1   hereditary -> hereditarally
1   hereby -> here
1   here -> your
1   here -> tier
1   here -> adhere
1   herbalife -> mobilize
1   herb -> her
1   heps -> haps
1   heparin -> happening
1   henry -> henri
1   henric -> hendrick
1   hemostatic -> hemostat
1   hemoglobin -> hemolobin
1   hemmelrath -> hemillerrath
1   hemel -> hem
1   help -> helped
1   helly -> kelly
1   hell -> held
1   hell -> hel
1   hell -> he
1   hell -> can
1   helios -> healios
1   helically -> healically
1   held -> health
1   heights -> height
1   hedge -> hedged
1   hed -> hes
1   heavylifting -> heavy
1   heavy -> heavyduty
1   heavier -> heavy
1   heat -> hit
1   heap -> heat
1   healthsouth -> hellsouth
1   healthapproved -> health
1   health -> help
1   health -> healthy
1   health -> healthoriented
1   headwinds -> headwind
1   headsup -> heads
1   headon -> head
1   headfakes -> head
1   head -> headon
1   head -> headcount
1   he -> hub
1   he -> his
1   hcn -> hcm
1   hbv -> hvv
1   hawler -> hollular
1   hawler -> hauler
1   having -> making
1   having -> have
1   having -> covering
1   havent -> having
1   havent -> have
1   havent -> hasnt
1   have -> weve
1   have -> theyve
1   have -> spent
1   have -> of
1   have -> ive
1   have -> having
1   have -> havent
1   have -> give
1   have -> be
1   have -> amformings
1   have -> a
1   haute -> hut
1   hatteras -> hataras
1   has -> theres
1   has -> thats
1   has -> that
1   has -> in
1   has -> had
1   has -> does
1   hartung -> cartong
1   hartscottrodino -> hotscottrodino
1   harnest -> harnes
1   harmonized -> harmonize
1   hardness -> harness
1   hardest -> hottest
1   hard -> hot
1   hard -> heart
1   harbor -> harborn
1   harass -> harrashed
1   happening -> happened
1   happened -> would
1   haneda -> honeda
1   handsets -> handset
1   hands -> handson
1   handled -> angle
1   hand -> handoff
1   hamish -> hemish
1   halls -> hall
1   hall -> haul
1   half -> halfmoon
1   halden -> halton
1   hair -> heron
1   hail -> hale
1   hadnt -> havent
1   had -> would
1   had -> observe
1   had -> it
1   had -> having
1   had -> guys
1   had -> and
1   had -> added
1   habitat -> habited
1   gvhd -> gdg
1   guys -> just
1   guy -> gay
1   gun -> gunlake
1   guinness -> guints
1   guinness -> guinnes
1   guinness -> ginnes
1   guinness -> ginnas
1   guidings -> guiding
1   guidances -> guidance
1   guesswork -> guest
1   guess -> just
1   gubernatorial -> gubnatorial
1   guarding -> gardening
1   guadalajara -> wadara
1   grunenthal -> grunental
1   growth -> growthoriented
1   growth -> grows
1   growth -> golf
1   grownup -> grown
1   grown -> growing
1   growing -> going
1   growing -> drilling
1   groups -> routes
1   groups -> group
1   ground -> groundwork
1   gross -> grossup
1   gross -> grosstonets
1   grizzlys -> grizzly
1   grew -> through
1   grew -> grow
1   grew -> drew
1   greg -> gregs
1   greeting -> grading
1   greenhill -> green
1   greenfields -> greenfield
1   green -> greenwood
1   green -> greenspace
1   green -> grand
1   greatest -> greater
1   great -> greattasting
1   great -> greater
1   great -> good
1   gray -> grade
1   gravityfed -> gravity
1   gratefully -> greatly
1   grass -> gasfield
1   graphs -> graph
1   graphical -> geographical
1   granules -> grandles
1   graney -> gredy
1   graeme -> graham
1   grades -> grid
1   grade -> rig
1   gppdelek -> gpp
1   governor -> or
1   governmentpay -> government
1   government -> governments
1   government -> governance
1   gout -> gal
1   gotten -> got
1   gotten -> gone
1   gotta -> got
1   gothenburg -> gothenberg
1   got -> thought
1   got -> have
1   got -> cut
1   got -> begun
1   goodquality -> good
1   goodness -> good
1   gone -> on
1   gold -> golden
1   goingforward -> going
1   going -> will
1   going -> weve
1   going -> though
1   going -> starting
1   going -> me
1   going -> growing
1   going -> got
1   going -> good
1   goddamned -> godamn
1   gochujang -> go
1   goals -> goal
1   goalposts -> goalpost
1   goal -> score
1   go -> roll
1   go -> gotomarket
1   go -> goforward
1   go -> geo
1   go -> do
1   gms -> gm
1   glyoxylate -> glyoxolate
1   gloom -> bloom
1   globalshop -> global
1   glen -> don
1   gives -> give
1   gives -> get
1   give -> given
1   giromini -> muted
1   gilles -> sheil
1   gilles -> ju
1   gilles -> gil
1   gigawatthours -> gigawatt
1   ghaghoo -> gaghoo
1   gettalent -> get
1   gets -> get
1   get -> hit
1   get -> got
1   get -> going
1   get -> gets
1   get -> getgo
1   get -> could
1   get -> continue
1   gestamp -> the
1   gerry -> jerry
1   gerresheimer -> gerresheim
1   gerresheimer -> garresimer
1   gerli -> gerley
1   geographicallyfocused -> geographically
1   genuine -> generating
1   gensets -> genset
1   genotype1 -> genotype
1   genitourinary -> genity
1   genesys -> genesis
1   generous -> generative
1   generates -> generate
1   gen10 -> gen
1   gen011 -> gen
1   gen003 -> gen
1   gen -> gensets
1   gehl -> guilt
1   gcib -> gsip
1   gauteng -> halten
1   gasfueled -> gas
1   garlic -> garlictose
1   gareth -> garris
1   garen -> darren
1   gap -> gaap
1   gamut -> gannet
1   gamut -> gambut
1   game -> gamechanging
1   galxc -> galxcrnai
1   galnac -> galmac
1   galaxy -> galaxys7
1   gained -> gain
1   gain -> game
1   fuze -> fuse
1   futurelooking -> forwardlooking
1   futile -> futil
1   further -> third
1   furloughs -> follows
1   funding -> spending
1   funded -> fund
1   fundamentals -> fundamental
1   fund -> fundraising
1   fund -> fundline
1   funcos -> funkos
1   fun -> thumb
1   fumarate -> fumorate
1   fullyloaded -> fully
1   fullservice -> service
1   fullphase -> full
1   fullfledged -> full
1   fullcycle -> full
1   full -> fuller
1   full -> fullcourt
1   full -> for
1   fulfilled -> fulfill
1   fuels -> fuel
1   fueled -> fuel
1   ftn -> fdn
1   fse -> fsc
1   fryes -> fries
1   frustrated -> frustrate
1   frontofmind -> front
1   frontlog -> front
1   frontline -> trunk
1   frontline -> front
1   frontendloaded -> frontend
1   frontend -> front
1   frontburner -> front
1   front -> frontline
1   from -> run
1   from -> off
1   from -> of
1   from -> back
1   from -> and
1   frit -> frip
1   friends -> funds
1   freshdelmontecom -> first
1   frenetic -> flunetic
1   freeofcharge -> free
1   free -> freez
1   free -> feeflowing
1   freds -> fres
1   fredonia -> fedonia
1   francois -> fasoi
1   france -> transient
1   fourth -> 4th
1   fourlegged -> 4legged
1   fourier -> furier
1   founding -> found
1   found -> thought
1   fosun -> fosom
1   forwards -> forge
1   forwardlooking -> forward
1   forwardleaning -> forward
1   forward -> to
1   forward -> forwards
1   forward -> forwardleaning
1   fortunate -> fortun
1   fortigate -> 4tigate
1   former -> pharma
1   formats -> format
1   formal -> former
1   formal -> far
1   form -> firm
1   forgo -> forego
1   forestall -> forstall
1   foregone -> forgoen
1   foreclosed -> our
1   forecasted -> forecast
1   forecast -> forecasted
1   fore -> 4
1   force -> floors
1   forbes -> forbe
1   for -> were
1   for -> the
1   for -> right
1   for -> providing
1   for -> or
1   for -> more
1   for -> like
1   for -> in
1   for -> full
1   for -> four
1   for -> fekella
1   for -> are
1   for -> a
1   foolproof -> foodproof
1   followthrough -> follows
1   following -> filing
1   following -> falling
1   followed -> follow
1   folgers -> folders
1   focused -> marketmaking
1   focused -> focuses
1   flywheel -> playwheel
1   fluctuations -> fluctuation
1   flowthrough -> flow
1   flowlines -> flow
1   flowing -> pulling
1   flowed -> flown
1   flowed -> floated
1   flow -> flowthrough
1   flow -> flowed
1   flow -> floor
1   flow -> float
1   floor -> flow
1   floor -> flor
1   floated -> floater
1   flip -> flipchip
1   flexible -> flexibly
1   flexible -> flexibletype
1   fleets -> fleet
1   flea -> fleetic
1   flatrolled -> flatroll
1   flatrolled -> flat
1   flat -> flatrolled
1   flat -> flatline
1   flap -> flat
1   fixedrate -> fixed
1   fixedprice -> fixed
1   fixed -> fix
1   fitting -> hitting
1   fitting -> feeling
1   fits -> fit
1   fit -> fits
1   fit -> fit4
1   fisk -> fiscal
1   firstnet -> firstnight
1   firstever -> first
1   first -> size
1   first -> personal
1   first -> firstmover
1   first -> firstmat
1   first -> firstly
1   first -> firstline
1   first -> firstinhuman
1   first -> firstinclass
1   first -> firsthand
1   first -> firms
1   firm -> fram
1   fires -> fire
1   fireretardant -> fire
1   fire -> firebrased
1   finma -> finmark
1   finished -> finish
1   finessing -> fernesting
1   fine -> find
1   finding -> sounding
1   finding -> find
1   find -> finds
1   financings -> financing
1   financing -> financingrelated
1   financing -> financial
1   financier -> financial
1   financial -> financials
1   financial -> finance
1   financial -> fencial
1   finances -> financials
1   finance -> financial
1   finally -> i
1   final -> finally
1   fill -> fillin
1   filing -> planning
1   file -> follow
1   file -> fire
1   figured -> figure
1   fifthlargest -> fifth
1   field -> fuel
1   field -> fill
1   field -> feel
1   fico -> fica
1   fiber -> fiberglass
1   fiber -> fabranet
1   fewer -> few
1   few -> 3
1   fetekro -> fetecor
1   fervent -> pervent
1   ferron -> farran
1   ferc -> fdrc
1   fenics -> fedex
1   felt -> thought
1   felt -> felts
1   fell -> sell
1   feet -> seat
1   fees -> piece
1   feels -> feel
1   feelings -> feeling
1   feel -> fuel
1   feel -> felt
1   feeding -> ceding
1   feeders -> feed
1   feed -> team
1   feed -> feedstage
1   fee -> fees
1   fee -> feeforservice
1   federicos -> puerto
1   federico -> puerto
1   fed -> said
1   feat -> feed
1   fcl -> fgl
1   fazenda -> fresendo
1   fasttrack -> fast
1   fasttopatient -> faster
1   fastergrowth -> faster
1   fastergrowing -> faster
1   fast -> saas
1   fast -> fastreturn
1   fast -> fastcasual
1   fast -> fash
1   farther -> further
1   far -> for
1   fancy -> of
1   fall -> follow
1   fall -> fallen
1   faith -> fade
1   fair -> fairly
1   failures -> failure
1   facultative -> faculty
1   facts -> fact
1   factored -> factoring
1   factor -> fact
1   fact -> part
1   fact -> factor
1   fact -> effect
1   facilities -> facility
1   facetoface -> phase
1   facetoface -> face
1   faceoff -> face
1   faced -> face
1   face -> phase
1   face -> pace
1   exyears -> x
1   exxonmobil -> xomo
1   extremo -> xsteem
1   extracts -> extract
1   extract -> xtrac
1   extra -> any
1   extex -> xtex
1   extent -> extend
1   extend -> extent
1   extend -> expand
1   express -> expressed
1   exploration -> explorationdriven
1   explanations -> explanation
1   explains -> explain
1   explaining -> explain
1   explained -> explain
1   experts -> expert
1   experience -> speed
1   expensive -> expense
1   expenses -> expense
1   expense -> experience
1   expending -> expanding
1   expended -> expanded
1   expecting -> experiencing
1   expected -> inspected
1   expect -> affect
1   expansions -> extensions
1   expansion -> expenditure
1   expanded -> expanding
1   expandable -> expendable
1   expand -> expanded
1   existed -> exist
1   exist -> exists
1   exgen -> xgen
1   executive -> executives
1   executive -> excellence
1   execution -> executionrelated
1   excluding -> excluded
1   exclude -> excludes
1   excited -> excitement
1   exchanges -> exchange
1   exchange -> exchanges
1   except -> exceptary
1   exceeds -> exceed
1   exceed -> seat
1   exar -> xr
1   examples -> example
1   exalesco -> ex
1   exactly -> exact
1   evolving -> involving
1   evolved -> evolves
1   evolved -> evolve
1   evoke -> invoke
1   evils -> eagles
1   evident -> evidenced
1   evidenced -> evident
1   evidenced -> evidence
1   everybody -> everyone
1   every -> over
1   evergreen -> ebbe
1   evergreater -> ever
1   ever -> every
1   ever -> evere
1   eventually -> it
1   events -> wins
1   events -> event
1   event -> even
1   evened -> even
1   even -> either
1   evaluations -> valuations
1   evaluations -> evaluation
1   evaluating -> evaluated
1   evaluated -> guided
1   evaluated -> evaluate
1   evaluate -> alloy
1   eurowings -> euroing
1   europe -> european
1   euro -> zero
1   euro -> eurodenominated
1   euphemistic -> eupheimistic
1   eti -> ati
1   ethiopia -> in
1   ethics -> ethic
1   etch -> edge
1   estuary -> estery
1   estimated -> estimate
1   esthetic -> aesthetic
1   estates -> estate
1   estate -> state
1   establishes -> established
1   established -> establish
1   essen -> essent
1   espressodrinking -> espresso
1   espoused -> found
1   esperia -> speria
1   espejo -> elsebeo
1   esas -> eases
1   erie -> eri
1   erico -> aercos
1   erickson -> ericsson
1   eric -> erics
1   erfs -> ers
1   ercot -> erkai
1   era -> air
1   equivocation -> a
1   equivalents -> equivalent
1   equityholders -> equity
1   equity -> equitylifestyle
1   equity -> equitybacked
1   equipment -> commitment
1   equatorial -> equator
1   epo -> epotherapy
1   epitaxial -> epitaxel
1   epioff -> epif
1   ephemeral -> ephemoral
1   enzymeworks -> enzyme
1   envision -> envisioned
1   environmentdepressed -> environment
1   environmentallyconscious -> environmentally
1   environmental -> environment
1   environment -> environments
1   entry -> entrylevel
1   entrepreneurial -> entrepreneur
1   entrances -> interests
1   entitlements -> entitlement
1   enterprisetype -> enterprise
1   enterprise -> enterpriseclass
1   entered -> intracious
1   entered -> added
1   entegra -> integra
1   ensures -> ensured
1   ensure -> share
1   enroute -> and
1   enrollments -> enrollment
1   enoxaparin -> and
1   enlighten2 -> enlice
1   enjoyed -> enjoy
1   enhancements -> enhances
1   enhance -> enhanced
1   engineered -> engineer
1   enginebyengine -> engine
1   engagements -> engagement
1   enerpac -> enterpac
1   energyrelated -> energy
1   energynet -> energy
1   energyconservation -> energy
1   energy -> energys
1   energy -> energyrelated
1   energy -> energyabsorbing
1   energy -> energies
1   enel -> ngp
1   endusers -> end
1   enduser -> endusers
1   endtoend -> endtoendo
1   endsegments -> end
1   endmarket -> market
1   endloaded -> loaded
1   ended -> into
1   ended -> end
1   end -> yearend
1   end -> intue
1   end -> inmarket
1   end -> ends
1   end -> endgame
1   end -> en
1   end -> aim
1   end -> 2018
1   encouraged -> encourage
1   encorafenib -> ancorafenib
1   encompassed -> encompass
1   encoded -> encoated
1   enb -> emv
1   enabler -> ablo
1   enabled -> enabling
1   enable -> enables
1   en -> in
1   empowers -> empower
1   employee -> employed
1   emphasized -> emphasize
1   empathize -> emphasize
1   emission -> equivalent
1   emerchandising -> immerchandising
1   emeia -> emea
1   emea -> maya
1   emboldened -> unboldened
1   emails -> email
1   elsztain -> elsene
1   elses -> else
1   else -> elses
1   ellington -> ellingtonsponsored
1   ellington -> ellingtonet
1   elkantelope -> elcantelope
1   eliminates -> may
1   electronic -> electronics
1   electromagnetic -> electromalytic
1   electricity -> ultracy
1   electricities -> electricity
1   electrical -> electric
1   elections -> election
1   eldora -> aldora
1   elara -> lara
1   elana -> ilana
1   either -> even
1   eirgen -> airgin
1   eight -> 8
1   efrain -> effort
1   efforts -> separates
1   effortless -> effort
1   effort -> efforts
1   efficacies -> efficacy
1   effect -> effects
1   effect -> affect
1   educations -> education
1   edge -> edged
1   edgartown -> edgatown
1   edgartown -> edgaretown
1   ecosystem -> ecosystems
1   economys -> economy
1   economies -> economy
1   economic -> economics
1   ecologically -> echologically
1   ecig -> esaic
1   ecareers -> careers
1   ebitdar -> ebitda
1   ebitda -> ebitdas
1   ebidta -> ebitda
1   ebensburg -> evansburg
1   eat -> heat
1   eat -> each
1   earning -> earnings
1   earlyseason -> early
1   earlier -> previously
1   each -> which
1   each -> eatrate
1   dyslipidemia -> this
1   dynos -> dinos
1   dynasil -> donal
1   dynamic -> dynamics
1   dyadics -> dietics
1   dyadic -> dietic
1   dwayne -> dway
1   duty -> dutyfree
1   durations -> duration
1   duraseal -> duraceal
1   dunn -> dun
1   duncan -> dunkin
1   duluxgroup -> jewellux
1   duluxgroup -> drawx
1   dulux -> jewlocs
1   dulux -> jewelics
1   dulux -> drawlocks
1   duet -> do
1   due -> through
1   due -> new
1   due -> do
1   duct -> gut
1   duct -> duc
1   duck -> duc
1   duane -> quain
1   dual -> dualserve
1   dual -> dualhub
1   du -> did
1   dryers -> drives
1   drydocking -> dry
1   dry -> trydock
1   dry -> try
1   dry -> drydocking
1   dry -> dried
1   drunk -> drink
1   drug -> truck
1   drug -> drugmart
1   drops -> drop
1   dropped -> topped
1   dropped -> drop
1   dropdowns -> drop
1   drop -> dropdown
1   drop -> dropanhook
1   drives -> drive
1   drive -> drives
1   drinking -> tricking
1   drills -> drilled
1   drilling -> drawing
1   drill -> drilled
1   drew -> true
1   dressings -> dressing
1   dray -> great
1   drawing -> draw
1   drama -> down
1   drain -> dream
1   dragged -> drags
1   drag -> drive
1   dozing -> dosing
1   doxercalciferol -> doctor
1   downwards -> downward
1   downstreams -> downstream
1   downholes -> downhole
1   downdip -> down
1   downcycle -> down
1   down -> downturn
1   down -> downtrading
1   down -> downticket
1   down -> downline
1   doubts -> dots
1   doubleedged -> doubleedge
1   doubledigit -> double
1   doseresponse -> dose
1   doseescalation -> dose
1   dose -> those
1   dorm -> dormroom
1   doorcrasher -> door
1   doom -> deem
1   doom -> boom
1   done -> got
1   done -> down
1   done -> doing
1   donald -> don
1   donald -> dental
1   dolores -> deloris
1   dollardenominated -> dollar
1   dollar -> dollars
1   dollar -> dollardenominated
1   dollar -> do
1   dojo -> dozhou
1   doing -> viewing
1   doesnt -> does
1   does -> thus
1   documents -> document
1   documentations -> documentation
1   doctrine -> suddenly
1   do -> you
1   do -> would
1   do -> to
1   do -> should
1   do -> seeing
1   do -> dont
1   diwali -> hivali
1   divot -> divit
1   division -> divisions
1   divided -> dividend
1   divestures -> divestitures
1   diversification -> diversifications
1   ditto -> did
1   distressed -> distressoriented
1   distill -> digital
1   dissatisfaction -> satisfaction
1   disruptions -> disruption
1   disruption -> destruction
1   disrupter -> disruptor
1   dispositions -> disposition
1   disposal -> disposable
1   displacing -> displace
1   displaced -> displayed
1   dislocations -> dislocation
1   discussing -> discussion
1   discreet -> discrete
1   discovered -> discover
1   discontinuing -> discontinued
1   disciplines -> discipline
1   diroximel -> duroximal
1   diroximel -> duraxonal
1   dirk -> dirt
1   directly -> correctly
1   directive -> corrective
1   diplomatic -> deplomatic
1   dinutuximab -> dynatuximab
1   dinein -> dining
1   dime -> time
1   dime -> dims
1   dime -> daimon
1   dilution -> evolution
1   digits -> singledigit
1   digital -> digitalcentric
1   digit -> midsingledigit
1   digit -> digits
1   differentiating -> differentiation
1   differentially -> essentially
1   different -> differing
1   difference -> different
1   difference -> differences
1   dietmar -> debar
1   dieting -> diding
1   diesel -> dieselectric
1   dies -> dyes
1   dierks -> dirts
1   didnt -> dont
1   did -> have
1   dicks -> the
1   dick -> dicker
1   dicernas -> diseras
1   dibenzoates -> dibenzoids
1   diarmuid -> dermit
1   diaries -> darries
1   diamondrock -> diamond
1   dialog -> dialogue
1   dialing -> piling
1   diagnoses -> diagnosis
1   dewey -> julie
1   devon -> evan
1   development -> developers
1   developing -> develop
1   developer -> development
1   develop -> developed
1   devaluation -> valuation
1   devaluation -> the
1   dev -> des
1   deutsch -> deutsche
1   detsky -> gfinere
1   determined -> determine
1   detainees -> attainees
1   detail -> details
1   destinations -> destination
1   dessi -> dessie
1   dessi -> decie
1   desserts -> dessert
1   desktops -> desktop
1   desist -> assist
1   desirous -> desired
1   designwins -> design
1   designtovalue -> design
1   designed -> design
1   design -> designin
1   design -> designed
1   dermacell -> dermicel
1   dermacell -> dermacil
1   derived -> derives
1   derive -> drive
1   derivatives -> drivatives
1   derisks -> derisk
1   derisked -> derisk
1   depreciation -> appreciation
1   depositary -> depository
1   depofoam -> depoform
1   depofoam -> depofome
1   depofoam -> depofom
1   departments -> department
1   dense -> build
1   denominated -> dollardenominated
1   denis -> dennis
1   demonstrate -> demonstrates
1   demon -> demand
1   demerger -> demerge
1   demands -> demand
1   demand -> demandsupply
1   demand -> demands
1   delivery -> delivering
1   delivery -> deliver
1   delivering -> delivered
1   deliverers -> the
1   delivered -> deliver
1   del -> el
1   degraded -> degreed
1   defines -> defined
1   define -> to
1   deficiencies -> efficiencies
1   defexpo -> deaf
1   defensibly -> defensively
1   defense -> defensive
1   defendant -> dependent
1   deer -> gear
1   deeprock -> deep
1   deeplearning -> deep
1   deepens -> steepens
1   deepdive -> deep
1   deep -> deepdive
1   deeds -> deads
1   dedication -> dedicate
1   decrease -> increase
1   decoration -> degoration
1   declining -> decline
1   declines -> decline
1   decline -> declining
1   decline -> declined
1   decks -> debt
1   decisions -> divisions
1   decisions -> decision
1   deciliter -> decimeter
1   deceleration -> acceleration
1   decade -> decades
1   debttoebitda -> debt
1   debts -> deaths
1   debt -> the
1   debt -> depth
1   debt -> deck
1   debt -> debttoasset
1   debra -> devorah
1   debra -> deborh
1   deaths -> death
1   dearly -> darely
1   deals -> deal
1   dealer -> dealershipments
1   dealer -> deal
1   deal -> these
1   dead -> debt
1   dcrphxc -> dciphxc
1   dcrhbvs -> dcr
1   dc -> ecb
1   days -> dates
1   dayrateterm -> day
1   day -> they
1   day -> the
1   day -> daytrater
1   day -> daytoday
1   day -> dates
1   day -> data
1   day -> d
1   dawn -> done
1   davenport -> devonport
1   davenport -> devon
1   dates -> date
1   date -> they
1   date -> day
1   date -> aid
1   dataset -> data
1   databricks -> databrix
1   database -> data
1   data -> native
1   data -> datarich
1   data -> datadriven
1   data -> datadependent
1   data -> databasing
1   data -> beta
1   dasotraline -> dasteralin
1   darrel -> daryl
1   dark -> dart
1   darcey -> darcy
1   daphne -> stephanie
1   dancers -> dances
1   dammam -> dam
1   damagetype -> damage
1   daiwa -> daiway
1   d -> b
1   czechia -> chekia
1   cyclone -> saclone
1   cycle -> tackle
1   cyberattacks -> cyber
1   cyberattack -> cyber
1   cv -> cb
1   cutted -> capital
1   cut -> cove
1   cut -> come
1   customers -> kin
1   customer -> engine
1   customer -> customerfocused
1   customer -> customerdriven
1   customer -> customerbycustomer
1   customer -> custer
1   custom -> accustomed
1   currently -> how
1   currentday -> current
1   current -> curig
1   currency -> currencyneutral
1   cure -> care
1   cupboards -> coverts
1   cuomo -> como
1   cummins -> come
1   cum -> cumed
1   culinarian -> culinary
1   cue -> queue
1   cubist -> cubic
1   crystal -> crystalclear
1   crying -> cruwing
1   cruise -> crews
1   crude -> crew
1   croutons -> crudons
1   crosssections -> crossection
1   crosssection -> crossection
1   crossindustry -> industry
1   crossindustry -> crossindustries
1   crosscurrents -> cross
1   cross -> crosslicensing
1   cross -> crossindustry
1   cross -> crossfunctional
1   cross -> crossection
1   cros -> hero
1   crooked -> crocade
1   crombies -> cromies
1   crmdriven -> crm
1   criterion -> criteria
1   criteria -> criterion
1   crisp -> crisperfect
1   cripple -> triple
1   creep -> accrete
1   creditrisk -> credit
1   creature -> feature
1   creates -> create
1   created -> had
1   created -> creative
1   cre -> cree
1   craze -> creeze
1   crane -> cranes
1   craig -> greg
1   cracks -> crack
1   covenant -> covenants
1   coursecorrecting -> course
1   course -> coursecorrecting
1   courage -> colors
1   couple -> couplefold
1   counts -> count
1   country -> county
1   country -> countryvolatility
1   counter -> contra
1   could -> is
1   could -> get
1   could -> do
1   coughed -> caught
1   couchetard -> couchetar
1   cottage -> cottash
1   costumers -> customers
1   costsaving -> cost
1   costs -> caused
1   costs -> care
1   costreduction -> cost
1   costoffunds -> cost
1   costneutral -> cost
1   costings -> cost
1   costing -> caustic
1   costeffectively -> cost
1   costcutting -> cost
1   costcontrol -> cost
1   cost -> cutoffs
1   cost -> costtotreat
1   cost -> costplus
1   cost -> costeffective
1   cost -> costcompetitive
1   cost -> core
1   corvus -> corbus
1   cortrophin -> cortropin
1   correspondent -> corresponding
1   correspondence -> correspondent
1   correctional -> correction
1   corps -> corp
1   corporation -> cooperation
1   corporatepreferred -> corporate
1   corporate -> customer
1   cores -> core
1   cores -> coolers
1   corecivic -> core
1   core -> coord
1   core -> coarsecotch
1   core -> coal
1   cordnevers -> cord
1   coral -> kearl
1   copying -> copy
1   coor -> core
1   coolfit -> cofit
1   cooler -> coolerthannormal
1   converted -> converged
1   conversations -> conversation
1   conventions -> convention
1   convention -> can
1   controlled -> control
1   control -> controls
1   control -> controlled
1   control -> controll
1   contributed -> contributor
1   contributed -> contribute
1   contrasts -> contrast
1   contrarian -> contrary
1   contractor -> contractors
1   contractile -> contractual
1   contract -> contracts
1   contract -> contractor
1   continuingoperations -> continuing
1   continuing -> continued
1   continues -> continued
1   contenders -> and
1   contains -> contain
1   consuming -> continuing
1   consumers -> consumer
1   consultants -> consultant
1   consultant -> consultants
1   constraints -> constraint
1   constantinople -> constantanopel
1   consortia -> consortium
1   consolidations -> consolidation
1   consolidating -> consolidated
1   console -> counsel
1   consists -> consist
1   consideration -> consolidation
1   conservatively -> consultatively
1   conservative -> concerted
1   conns -> coms
1   connotates -> conitates
1   connectiveness -> connectedness
1   connections -> connection
1   connect -> connectiq
1   congruence -> congreence
1   conform -> conformofts
1   conform -> confirm
1   confirming -> conforming
1   confirm -> conform
1   confirm -> confirmed
1   confidence -> confident
1   conemaugh -> conema
1   coned -> con
1   condone -> condown
1   conditional -> condition
1   condition -> conditions
1   condense -> can
1   condemn -> contend
1   concern -> concerned
1   concepts -> concept
1   concepcion -> hun
1   concentrates -> concentrate
1   concentrate -> concentrated
1   con -> co
1   computation -> competition
1   compugens -> compugen
1   compton -> comton
1   comprised -> comprises
1   comprise -> comprised
1   complimentary -> complementary
1   compliantly -> compliant
1   compliant -> compliance
1   complex -> contracts
1   completers -> completors
1   complete -> compete
1   compleet -> and
1   complaints -> plans
1   complaining -> complainent
1   complainants -> complaintists
1   competitor -> and
1   competitive -> competitor
1   competitions -> competition
1   competing -> completing
1   competent -> component
1   comparative -> competitive
1   companyrun -> company
1   company -> complete
1   company -> companys
1   company -> companyoperated
1   companies -> competence
1   companies -> companys
1   compactrio -> rio
1   community -> communities
1   communicative -> communicated
1   communication -> communications
1   common -> comfort
1   commodity -> commoditytype
1   commodities -> commodity
1   commitment -> commitments
1   commission -> commissions
1   commission -> commissioned
1   commingled -> comingled
1   commerzbank -> commenzbank
1   commercialscale -> commercial
1   commercials -> commercial
1   comment -> for
1   comment -> common
1   commensal -> commisols
1   commensal -> commencol
1   commenced -> commence
1   comes -> outcomes
1   comes -> come
1   comers -> commerce
1   come -> jump
1   come -> coming
1   comcasts -> comcast
1   combined -> combinedcycle
1   combined -> combine
1   combinations -> combination
1   combat -> combats
1   com701 -> com7010
1   colors -> coolers
1   colored -> color
1   colorants -> colorance
1   colonies -> colonitions
1   colonic -> chronic
1   colombias -> columbias
1   collector -> collective
1   collections -> collection
1   colleague -> yester
1   colleague -> colleagues
1   collaterals -> collateral
1   collar -> caller
1   collagen -> college
1   collaborations -> collaboration
1   colending -> coal
1   cold -> coal
1   coincidently -> coincidentally
1   coil -> cold
1   cognizance -> cognizants
1   coggin -> cogn
1   cocoa -> cokomas
1   coco -> cocoa
1   cochair -> cold
1   coater -> coaters
1   coag -> coague
1   cmms -> cms
1   club -> person
1   closeknit -> closenit
1   closein -> closeend
1   closed -> cos
1   clinton -> clint
1   cline -> klein
1   client -> finalists
1   client -> clients
1   clearly -> quilt
1   cleared -> clear
1   clearancejobs -> clearance
1   clear -> clearlam
1   clear -> clearer
1   cleaner -> clean
1   clean -> claim
1   claws -> clause
1   classaction -> class
1   class -> modifying
1   class -> klattress
1   class -> glass
1   clas -> plus
1   clas -> clozolsun
1   claris -> clarus
1   clarients -> clarions
1   clal -> clshare
1   clal -> cla
1   claims -> claim
1   claim -> claims
1   cityfibre -> cityfiber
1   citibank -> city
1   citi -> sitc
1   cisternal -> sisternal
1   ciroc -> seroc
1   circumstances -> circumstance
1   cigalites -> sigalite
1   cif -> sif
1   churns -> turns
1   churned -> turned
1   choreography -> chrio
1   chordoma -> kordoma
1   chopping -> shopping
1   chopped -> chop
1   chocoball -> chuckable
1   chlor -> chloralkali
1   chironna -> corona
1   chipping -> chip
1   chinesemanufactured -> chinese
1   chinese -> china
1   child -> charle
1   chickadee -> chikidi
1   chicagos -> chicago
1   chicago -> chicagobased
1   chicago -> chica
1   cherry -> cherrypick
1   chemotherapeutic -> chemotherapy
1   cheese -> jes
1   cheer -> 2year
1   checks -> check
1   checkpoint -> checkpoints
1   checkered -> checkout
1   checked -> check
1   check -> cheg
1   cheap -> chief
1   chc -> cap
1   chastising -> chastizing
1   chasing -> chase
1   charts -> chart
1   charts -> chance
1   chartered -> targeting
1   charter -> chartered
1   chargeoffs -> chargeoff
1   charge -> charged
1   channel -> channelled
1   changing -> change
1   change -> changing
1   change -> changes
1   change -> changeover
1   change -> chance
1   change -> chain
1   chancellors -> chances
1   chamouchouane -> shabishwin
1   challenging -> challenge
1   challenges -> challenge
1   challenge -> channels
1   challenge -> channel
1   challenge -> challenges
1   challenge -> challenged
1   chalet -> chalette
1   chaired -> shared
1   chains -> change
1   chains -> chain
1   ceva -> cva
1   certolizumab -> solizumab
1   certifications -> certification
1   certain -> serving
1   ceres -> series
1   ceo -> co
1   century -> central
1   centrifugal -> centrifical
1   centres -> centers
1   central -> centrazona
1   center -> structure
1   center -> centre
1   cent -> sent
1   census -> sensusada
1   cemtrex -> semtrex
1   celsis -> salsys
1   cellpowered -> cell
1   ceatec -> citic
1   cd40 -> ce40
1   ccorps -> c
1   ccorp -> c
1   ccgts -> cpgts
1   cbn -> cvm
1   cbiz -> cevs
1   caused -> cost
1   cause -> cost
1   catofin -> cadafon
1   cathy -> kathy
1   category -> categories
1   categories -> category
1   catalysts -> catalyst
1   catalystdesigned -> catalyst
1   catalyst -> catalysts
1   catalogues -> catalogs
1   catalog -> kill
1   castings -> casting
1   cashpay -> cash
1   cashedge -> cashed
1   cashback -> cash
1   cash -> cashoncash
1   cash -> cashgenerative
1   casemix -> case
1   case -> cases
1   casdin -> casm
1   casamigos -> casa
1   carveout -> carve
1   carty -> cardia
1   cart -> car
1   carseland -> castles
1   cars -> cards
1   carry -> carried
1   carry -> care
1   carriers -> carriage
1   carrier -> pure
1   carrie -> carey
1   carlyles -> carliles
1   carlyle -> carlile
1   carl -> calm
1   cargill -> cargo
1   cargill -> cardial
1   care -> here
1   card -> carrot
1   card -> cardown
1   card -> car
1   carbidebased -> carbabased
1   car -> cars
1   capstone -> kapstone
1   capmark -> catmark
1   capitals -> capital
1   capitalized -> capitalize
1   capitalintensive -> capital
1   capitalgenerative -> capital
1   capital -> profitable
1   capital -> capitalraising
1   capacityconstrained -> capacity
1   capacity -> capacities
1   cap -> cat
1   cap -> capped
1   canwest -> canlac
1   cant -> kind
1   cano -> canyona
1   cannot -> cant
1   cannot -> can
1   cannon -> candem
1   canned -> can
1   candy -> can
1   candor -> pandor
1   candies -> candors
1   candida -> candidate
1   candida -> canada
1   cancun -> cantoon
1   canada -> canadian
1   can -> to
1   can -> in
1   can -> if
1   can -> have
1   can -> do
1   can -> cannot
1   campaigns -> campaign
1   calusdian -> khulusian
1   calls -> on
1   calls -> call
1   callout -> call
1   called -> cooled
1   called -> call
1   calldown -> call
1   call -> pull
1   call -> paul
1   call -> called
1   calk -> kok
1   calhoun -> calhoon
1   calculation -> calculations
1   calc -> count
1   cake -> take
1   cain -> kane
1   caiman -> cayman
1   caffeine -> cafein
1   caffarel -> goverl
1   caffarel -> goforel
1   cadre -> category
1   cadiz -> catus
1   cacao -> kakao
1   c3g -> c3
1   c3 -> ctubule
1   c130s -> c130
1   bytes -> bites
1   byless -> by
1   byebye -> bye
1   by -> themself
1   by -> per
1   by -> of
1   by -> but
1   by -> at
1   by -> almost
1   buyers -> buyer
1   buybacks -> buyback
1   buy -> buysiders
1   buy -> buyandbuilt
1   buy -> bind
1   buw -> bwing
1   buttressing -> bustling
1   button -> by
1   butler -> buttler
1   butch -> butche
1   but -> with
1   but -> which
1   but -> to
1   but -> though
1   but -> the
1   but -> than
1   but -> if
1   but -> from
1   but -> by
1   but -> both
1   businesses -> visits
1   business -> visit
1   business -> the
1   burton -> berton
1   burst -> worked
1   burnout -> burn
1   burnoff -> burn
1   bunnings -> buning
1   bunker -> bunkercy
1   bundle -> bundles
1   bumpup -> bump
1   bulls -> bullse
1   built -> build
1   builds -> build
1   buildouts -> buildout
1   buildings -> building
1   building -> billing
1   build -> deliver
1   budtke -> buckey
1   budgets -> budget
1   bucyrus -> blucyrus
1   buckets -> bucket
1   bubly -> bubli
1   bubbly -> bubbley
1   bryan -> ryan
1   brownfields -> brownfield
1   brokering -> broking
1   broker -> brokered
1   broadbrush -> broad
1   broad -> brow
1   british -> pherweys
1   bristolmyers -> crystalized
1   brio -> real
1   bringing -> to
1   bringing -> bring
1   brighter -> bright
1   bridges -> breaches
1   bricks -> breaks
1   brian -> brand
1   brett -> brad
1   bret -> brett
1   brents -> brent
1   brendan -> frendan
1   breathes -> breeds
1   breaks -> brakes
1   breakeven -> break
1   break -> breakeven
1   breadcrumbs -> bread
1   bread -> bridge
1   bread -> brent
1   breach -> bridge
1   brazil -> brazilian
1   brasileiro -> braziliro
1   brands -> branch
1   brandings -> branding
1   brandagnostic -> brand
1   brady -> fray
1   brad -> brett
1   brachyury -> brachyuri
1   brachyury -> brachiuri
1   brachial -> bracheal
1   bps -> basis
1   bpiece -> bps
1   boycotts -> boy
1   boxed -> box
1   bowl -> ball
1   bow -> bowave
1   bow -> botai
1   bournemouth -> bormouth
1   bournemouth -> bondmouth
1   bounty -> bouncy
1   boulevard -> bullevad
1   bottomofthecycle -> bottom
1   bottoming -> bottom
1   both -> booth
1   boss -> bos
1   borrowing -> borrowings
1   borrowing -> boeingbased
1   borrow -> bore
1   borough -> borrogreen
1   born -> borne
1   borders -> broaders
1   booster -> boost
1   boost -> booster
1   boolean -> bullion
1   bookshop -> book
1   booking -> book
1   book -> bookends
1   bonus -> balance
1   boltons -> bolton
1   bolt -> boltonsized
1   bolsa -> pulsev
1   boli -> bolia
1   bold -> both
1   boggle -> buggle
1   bobbing -> bombing
1   bob -> but
1   bnote -> b
1   bmind -> be
1   bluelinx -> bluelinks
1   blowmolding -> blow
1   blowing -> blurring
1   bloodshed -> blood
1   bless -> blus
1   blending -> blendingubiola
1   blenders -> blender
1   bleeds -> leads
1   blau -> blou
1   blast -> bless
1   blareadiness -> bla
1   bland -> buoyant
1   blake -> its
1   blaise -> ze
1   bladexs -> gladex
1   black -> blackhawk
1   bizjets -> beast
1   bit -> bid
1   bismarck -> bizmark
1   bismarck -> bid
1   biscayne -> biscay
1   birtinya -> burtenya
1   births -> birds
1   biospace -> virusbased
1   biopharm -> biopharma
1   biologics -> biologic
1   binaural -> viral
1   billings -> billing
1   billing -> filling
1   billing -> building
1   billing -> billion
1   billing -> billings
1   billfold -> billfo
1   billed -> bill
1   bill -> phil
1   bigname -> big
1   biggerscale -> bigger
1   big -> peak
1   big -> exogeneous
1   big -> advance
1   bidittowinit -> bid
1   bidding -> fitting
1   bicentenario -> b
1   biased -> bias
1   bhushan -> bushin
1   bhushan -> bushen
1   bezeq -> beziq
1   beyond -> be
1   between -> in
1   betteroptimized -> better
1   better -> betterthanindustry
1   better -> be
1   beta -> best
1   bestsellers -> best
1   bestperforming -> best
1   bestinclass -> best
1   bestcase -> best
1   best -> vesta
1   best -> bestselling
1   best -> bestquality
1   best -> bestperforming
1   beside -> besides
1   berkeley -> burkeley
1   berkeley -> brookly
1   benioff -> benny
1   benefit -> benefitrelated
1   benckiser -> vankiser
1   belvieu -> a
1   below -> belowtheline
1   below -> beload
1   believes -> believed
1   believe -> believed
1   being -> in
1   being -> has
1   being -> bringing
1   beiersdorfs -> by
1   beiersdorf -> viiersdorf
1   beiersdorf -> beiersv
1   behr -> bay
1   begun -> begin
1   begin -> begins
1   begin -> beginning
1   begin -> began
1   begets -> beget
1   before -> beforeharvest
1   been -> seen
1   beds -> fed
1   bed -> bedbug
1   becoming -> become
1   become -> becoming
1   because -> that
1   because -> but
1   because -> as
1   because -> and
1   beazley -> beasley
1   be -> will
1   be -> receive
1   be -> people
1   be -> do
1   be -> begun
1   be -> been
1   bc -> dc
1   bayou -> bayu
1   bayou -> baju
1   bayers -> buyers
1   baw -> bah
1   bausch -> bosch
1   baudette -> bar
1   baudette -> bad
1   batch -> bat
1   bat -> back
1   basis -> bases
1   basin -> base
1   basically -> besi
1   basic -> basicomo
1   basefarm -> baseham
1   base -> space
1   baryprem -> barriprem
1   barring -> borrowing
1   barrels -> sparals
1   barrel -> barrels
1   barikewa -> barrquila
1   barents -> barratze
1   bare -> barred
1   barcelonabased -> barcelona
1   bar -> borrow
1   banno -> bano
1   bankcard -> bank
1   bank -> base
1   bank -> banking
1   bank -> account
1   bane -> vein
1   bancserv -> banks
1   banco -> pango
1   bamboo -> bambu
1   ballplayers -> ball
1   ballast -> balance
1   ball -> fall
1   ball -> balls
1   bags -> bag
1   baffinland -> bathomland
1   backwerk -> bakfirk
1   backwards -> backward
1   backwarddated -> backwardated
1   backtesting -> back
1   backofthehouse -> back
1   backoffice -> back
1   backlog -> backlogs
1   backlog -> background
1   backlist -> blacklist
1   backgrounds -> background
1   backendweighted -> backend
1   backed -> companies
1   backed -> back
1   back -> that
1   back -> matched
1   back -> forecast
1   back -> backwards
1   back -> backtobacks
1   back -> backsolve
1   back -> backend
1   azoty -> azulty
1   axway -> xway
1   axa -> oxa
1   away -> awayfromhome
1   awards -> our
1   awards -> award
1   award -> reward
1   award -> awardwinning
1   avte -> avt
1   avoided -> of
1   average -> leverage
1   average -> averaged
1   avedro -> avidro
1   avec -> ovik
1   avec -> aubeck
1   avanafil -> vanafil
1   aval -> moval
1   availability -> of
1   avail -> available
1   automotivethemed -> automotive
1   autocad -> autocat
1   auto -> autototo
1   authorship -> office
1   author -> off
1   audit -> occupany
1   audiological -> autological
1   audiocodes -> audiocase
1   audio -> audiocast
1   auckland -> ocwen
1   au -> aur
1   atwork -> at
1   attraction -> traction
1   attracted -> attractive
1   attend -> intend
1   attachment -> attach
1   atopic -> a
1   atlas -> dapolis
1   atlantis -> atlanta
1   athome -> at
1   ateams -> a
1   atco -> acco
1   at -> with
1   at -> we
1   at -> magic
1   at -> leased
1   at -> lease
1   at -> if
1   at -> had
1   at -> atthemarket
1   at -> atoiding
1   at -> apace
1   at -> added
1   at -> add
1   astrazeneca -> mastrazeneca
1   astaldi -> astardi
1   assure -> assured
1   assurants -> assurant
1   assurant -> assuring
1   assurant -> assurance
1   assumption -> assumptions
1   assumed -> assume
1   assume -> assumed
1   associationowned -> association
1   associated -> associates
1   assistance -> assist
1   assets -> aspects
1   assetpurchase -> asset
1   assetlevel -> asset
1   asset -> assetsensitive
1   asset -> assetlight
1   asset -> assetlevel
1   asset -> assetbased
1   assembly -> assemblytype
1   aspects -> aspect
1   asks -> ask
1   asinine -> astenine
1   ashok -> a
1   ashland -> nashville
1   asd -> ast
1   ascendon -> at
1   ascend -> cent
1   as -> was
1   as -> us
1   as -> thus
1   as -> those
1   as -> thats
1   as -> that
1   as -> s
1   as -> or
1   as -> opcosm
1   as -> just
1   as -> because
1   as -> at
1   as -> achieved
1   as -> a
1   arti -> aste
1   arrogance -> arrigants
1   arrived -> arrive
1   arrangements -> arrangement
1   arpm -> arpu
1   arpm -> arpa
1   arpa -> po
1   around -> under
1   around -> over
1   around -> on
1   around -> in
1   armed -> arm
1   armature -> armture
1   armament -> armored
1   arkoma -> arcoma
1   aristada -> aristadas
1   aristada -> aristad
1   arising -> rising
1   aric -> eric
1   ares -> areas
1   arena -> rena
1   are -> who
1   are -> too
1   are -> seen
1   are -> seeing
1   are -> relate
1   are -> other
1   are -> of
1   are -> not
1   are -> i
1   are -> help
1   are -> excited
1   are -> areas
1   are -> and
1   arclights -> arc5s
1   arcfiling -> arc
1   arc -> ark
1   arc -> arch
1   arc -> arcfiling
1   arbitrator -> arbitr
1   aram -> arram
1   arabica -> arabika
1   ar -> ai
1   aquilo -> aquoro
1   aptose -> aptos
1   aptiom -> apptian
1   approved -> improved
1   approve -> approved
1   approval -> accrual
1   appropriations -> preparations
1   appropriately -> appropriate
1   appreciated -> appreciate
1   appnexus -> abnexus
1   applying -> deploying
1   apply -> applied
1   applied -> flight
1   apple -> apple2
1   appetizing -> appetiting
1   appear -> appears
1   apomorphine -> upper
1   apexxks -> apexks
1   apexxc -> apexe
1   apexxc -> apexc
1   apexxc -> apex
1   apex1 -> apex
1   apart -> above
1   apace -> at
1   apa -> aba
1   anyway -> any
1   anymore -> any
1   any -> trigger
1   any -> meas
1   any -> anyway
1   any -> anytime
1   any -> anything
1   any -> anymore
1   any -> an
1   any -> a
1   anuradha -> anrada
1   antitau -> antitowel
1   anticipated -> anticipate
1   anticipate -> we
1   antibacterial -> antibacteria
1   anthony -> antony
1   antagonist -> antagonistic
1   answers -> answer
1   answered -> answer
1   another -> neither
1   anonymous -> enormous
1   anodes -> anolds
1   announcement -> announced
1   announced -> and
1   announce -> announced
1   anniversaried -> anniversary
1   anil -> aneel
1   angiovac -> angioback
1   anew -> annu
1   andrea -> andre
1   and1 -> and
1   and -> your
1   and -> you
1   and -> with
1   and -> want
1   and -> unlikely
1   and -> unless
1   and -> unfocus
1   and -> underlying
1   and -> under
1   and -> think
1   and -> theres
1   and -> thats
1   and -> sub
1   and -> some
1   and -> skincare
1   and -> sets
1   and -> remember
1   and -> qneur
1   and -> making
1   and -> kind
1   and -> just
1   and -> intangible
1   and -> insofaras
1   and -> if
1   and -> id
1   and -> henna
1   and -> from
1   and -> ensure
1   and -> enhancing
1   and -> because
1   and -> attraction
1   and -> are
1   and -> ann
1   and -> andy
1   and -> andreas
1   anchors -> ancos
1   anat -> ana
1   analyze -> analyzed
1   analysts -> analyst
1   analysis -> analyses
1   an -> they
1   an -> the
1   an -> that
1   an -> our
1   an -> it
1   an -> events
1   an -> another
1   amro -> umro
1   ample -> apple
1   amount -> amounts
1   amount -> alantos
1   among -> amongst
1   american -> america
1   america -> americas
1   amen -> am
1   ambrose -> amros
1   ambition -> ambitions
1   am -> im
1   aluminum -> aluminium
1   aluminium -> aluminum
1   alumina -> aluma
1   although -> while
1   alternatives -> alternative
1   alternative -> automotive
1   alternative -> alternatives
1   alternative -> alternate
1   also -> so
1   also -> all
1   alright -> okay
1   alreadymeaningful -> already
1   already -> really
1   alphas -> alphase
1   alphas -> alpas
1   along -> on
1   almost -> theres
1   almost -> by
1   alm -> unplanned
1   alluded -> allude
1   alltime -> all
1   allplatform -> all
1   allpervasive -> all
1   allowed -> load
1   allowed -> allow
1   allow -> allows
1   allopurinol -> alupirinal
1   allogeneic -> allogenic
1   allocation -> allocations
1   allison -> allyson
1   allison -> alison
1   allin -> all
1   allans -> alans
1   all -> to
1   all -> oil
1   all -> mall
1   all -> hold
1   all -> care
1   all -> both
1   all -> altogether
1   all -> also
1   all -> allecutable
1   alister -> alastair
1   aligned -> alignment
1   alice -> alas
1   ali -> aley
1   algorithm -> algorithmdriven
1   algeco -> algefill
1   algebra -> algebrane
1   alexion -> alexionon
1   alesco -> aleesco
1   alert -> alerts
1   alents -> alletes
1   alent -> elant
1   alent -> eland
1   alejandro -> alehandro
1   alecensa -> acensor
1   alarm -> longlock
1   al -> el
1   airsep -> airstep
1   airsep -> air
1   airline -> airlines
1   airline -> airlinerelated
1   air -> atriput
1   air -> airspace
1   air -> airlift
1   aim -> able
1   aileron -> alaran
1   aileron -> ailarons
1   aids -> aid
1   ahlstrom -> alstreams
1   ahlstrom -> allstream
1   ahgs -> asgs
1   ahead -> to
1   ahead -> head
1   ahead -> a
1   agvantage -> advantage
1   agriculture -> agricultural
1   agricultural -> agriculture
1   agreements -> agreement
1   agreedupon -> agreed
1   agree -> agreed
1   aggressively -> progressively
1   aggressive -> impressive
1   aggregation -> application
1   aggregate -> aggregateintensive
1   agglomerate -> aglomerate
1   agency -> agencybacked
1   again -> as
1   again -> against
1   ag -> outlook
1   aftertax -> after
1   after -> at
1   after -> as
1   afraid -> phrase
1   affluent -> afriend
1   affects -> affect
1   affected -> affecting
1   aesthetics -> aesthetic
1   aero -> aerostructures
1   aerial -> ariel
1   advisory -> advisories
1   adviser -> an
1   advice -> vice
1   advertisings -> advertising
1   advertisements -> advertisement
1   advertised -> advertise
1   adversities -> diversities
1   advantaged -> addvantage
1   advantage -> anv
1   advancement -> advancements
1   advanced -> advance
1   advamed -> avomed
1   adulthood -> adult
1   adult -> other
1   admonishment -> the
1   admissions -> missions
1   administered -> administer
1   adjuster -> adjust
1   adjusted -> adjustment
1   adjustable -> adjustablerate
1   adjust -> adjusts
1   adjust -> add
1   aditya -> ahit
1   adds -> ads
1   addressed -> address
1   additives -> additive
1   additions -> edition
1   additional -> addition
1   addition -> edition
1   add -> echo
1   add -> at
1   adapted -> adopted
1   adama -> aramacell
1   acura -> anchura
1   actuarial -> actual
1   actually -> actual
1   activity -> activityrelated
1   activity -> activities
1   action -> actions
1   act -> act4
1   acrosstheboard -> across
1   across -> acrosstheboard
1   acreage -> acres
1   acquisition -> acquisitionwise
1   acquired -> acquared
1   acquired -> a
1   acquire -> have
1   acousticians -> acquisitions
1   acm -> hcm
1   acl -> aco
1   acknowledged -> acknowledge
1   achievements -> achievement
1   achieved -> achieve
1   achieve -> achieving
1   ace083 -> ace83
1   ace083 -> aac3
1   accrue -> crew
1   accretive -> accreted
1   accounts -> counts
1   account -> count
1   accomplishment -> accomplishments
1   accompaniment -> accompanyment
1   accompanies -> a
1   acclaims -> claims
1   acclaim -> claim
1   access -> excellencekeeping
1   access -> assess
1   accept -> except
1   absurd -> absert
1   absorptions -> absorption
1   absolutely -> absolute
1   abovemarket -> above
1   above -> abovenoted
1   above -> abovemarket
1   above -> about
1   about -> thus
1   about -> of
1   about -> by
1   about -> been
1   ab452 -> av452
1   aan -> an
1   aadvantage -> advantage
1   a1 -> a
1   a -> therapeutic
1   a -> that
1   a -> stay
1   a -> some
1   a -> scp
1   a -> reversed
1   a -> resourced
1   a -> ramp
1   a -> practical
1   a -> pitty
1   a -> particularly
1   a -> other
1   a -> marketed
1   a -> major
1   a -> it
1   a -> is
1   a -> in
1   a -> i
1   a -> governmentsponsored
1   a -> failurting
1   a -> edifis
1   a -> driveoff
1   a -> customers
1   a -> competitive
1   a -> changes
1   a -> challenged
1   a -> awheel
1   a -> any
1   a -> along
1   a -> allegion
1   a -> alive
1   a -> align
1   a -> alerting
1   9months -> namlins
1   96000 -> 9600
1   95000 -> 9500
1   90plus -> 90
1   9 -> 9month
1   9 -> 90
1   8 -> 18
1   7th -> seventh
1   777 -> 77
1   760 -> 760plus
1   70someodd -> 70somodd
1   70000 -> 700
1   7000 -> 7
1   7 -> 7x
1   7 -> 7millimeter
1   7 -> 7digit
1   6x -> 6
1   62000 -> 6200
1   60000 -> 600
1   6 -> fixed
1   6 -> 6month
1   5th -> fifthrow
1   54000 -> 5400
1   504 -> fibo4
1   5000plus -> 500
1   500000 -> 500
1   5 -> 5year
1   5 -> 5month
1   4x -> 4
1   4th -> 4
1   4s -> 4
1   4c -> foresee
1   4acre -> foraca
1   47000 -> 4700
1   44 -> 4
1   400000 -> 400
1   40000 -> 400
1   4 -> full
1   4 -> few
1   4 -> 4x
1   4 -> 4quarter
1   4 -> 4hour
1   4 -> 4growth
1   4 -> 48
1   3yearout -> 3year
1   3x -> 3
1   3bulletpoint -> 3
1   366 -> 36
1   30tradingday -> 30
1   300millimeter -> 300
1   30 -> 30inch
1   30 -> 3
1   30 -> 12
1   3 -> three
1   3 -> reorganization
1   3 -> iii
1   3 -> free
1   2x -> 2xon
1   2x -> 2
1   2story -> 2store
1   2storey -> 2story
1   2platform -> 2
1   2nd -> second
1   2be -> 2
1   29 -> 29th
1   27000 -> 2700
1   25000 -> 2500
1   205 -> 25
1   2018 -> 18
1   200er -> 200
1   2000s -> 200s
1   200000 -> 200
1   200 -> 2
1   20 -> 2no
1   20 -> 20plus
1   2 -> to
1   2 -> presents
1   1for7 -> 14
1   1999 -> 199
1   1920s -> 19
1   19000 -> 1900
1   19 -> 19store
1   18th -> 18
1   17hectare -> 17
1   17 -> 70
1   16 -> 60
1   15minute -> 15
1   15000 -> 1500foot
1   15 -> a
1   15 -> 15x
1   14 -> 14th
1   14 -> 14point
1   12inch -> 1
1   12 -> 12week
1   12 -> 12vantage
1   12 -> 12month
1   110000 -> 1100
1   10000 -> 10
1   10 -> 10year
1   1 -> onecompany
1   1 -> i
1   1 -> a
1   1 -> 14
1   0carbon -> 0
1   0based -> zerobased
1   06 -> 6
1   05 -> one
1   0 -> zero
1   0 -> cero

DELETIONS: count ref
466   the
409   a
337   and
238   of
197   is
197   are
163   to
152   it
144   in
141   that
107   have
98   will
82   i
73   we
72   our
60   or
48   you
41   so
39   yes
39   on
36   as
34   at
34   an
33   would
33   with
32   year
32   up
29   for
29   but
28   then
27   if
26   were
25   its
25   be
24   has
24   do
22   well
22   this
18   what
17   there
16   had
15   was
15   market
15   am
15   all
14   term
13   us
12   time
12   mean
11   theyre
11   than
11   right
11   related
11   quarter
11   out
11   okay
11   now
11   not
10   when
10   thats
10   look
10   im
10   day
10   based
9   think
9   some
9   sec
9   quality
9   other
9   no
9   line
9   know
9   going
9   from
9   end
9   cost
9   by
9   ago
8   they
8   them
8   ill
8   down
7   thanks
7   thank
7   off
7   more
7   level
7   just
7   growth
7   care
7   can
7   2
6   your
6   work
6   weve
6   way
6   theres
6   see
6   reduction
6   really
6   net
6   margin
6   growing
6   digit
5   where
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5   sales
5   party
5   over
5   looking
5   here
5   grade
5   good
5   get
5   first
5   driven
5   dont
5   business
5   been
5   also
5   1
4   world
4   who
4   value
4   type
4   through
4   those
4   sure
4   stage
4   space
4   sort
4   slide
4   risk
4   product
4   point
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4   oriented
4   new
4   may
4   make
4   little
4   like
4   how
4   hook
4   focused
4   even
4   east
4   date
4   company
4   call
4   bit
4   base
4   anticipated
4   about
3   why
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3   understood
3   things
3   these
3   their
3   supply
3   state
3   start
3   spin
3   size
3   should
3   say
3   sale
3   rate
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3   operating
3   only
3   office
3   my
3   much
3   months
3   making
3   lines
3   kind
3   ion
3   industry
3   hey
3   go
3   give
3   fund
3   front
3   forward
3   form
3   flowing
3   earning
3   digits
3   deposit
3   cycle
3   customer
3   could
3   brand
3   any
2   youre
2   wise
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2   use
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2   steps
2   statements
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2   leading
2   last
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2   history
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2   hanging
2   half
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2   got
2   gary
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2   free
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2   far
2   explain
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2   event
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2   each
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2   4
2   1000
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1   dairys
1   d
1   cxi
1   currently
1   current
1   crossselling
1   creating
1   cp
1   court
1   costs
1   cosm
1   correcting
1   correct
1   corporation
1   core
1   conversations
1   controlled
1   control
1   contributes
1   contract
1   continue
1   consumer
1   consequently
1   conductor
1   concept
1   competition
1   compensation
1   compare
1   committee
1   commented
1   coming
1   come
1   collar
1   code
1   closing
1   clients
1   clear
1   class
1   clal
1   chip
1   chief
1   cheniere
1   chem
1   checkin
1   charge
1   changed
1   certainly
1   certain
1   centric
1   cds
1   category
1   casual
1   cast
1   case
1   cars
1   carry
1   carlton
1   card
1   carbon
1   capitalized
1   capacity
1   campus
1   campbell
1   calls
1   cacao
1   c
1   bye
1   buying
1   buy
1   businesses
1   bug
1   bruce
1   brooks
1   broker
1   bring
1   brian
1   brazil
1   brands
1   braised
1   box
1   boursier
1   body
1   boarded
1   board
1   bill
1   bezeq
1   better
1   ben
1   being
1   begin
1   because
1   bead
1   bavla
1   basing
1   basically
1   barrett
1   barely
1   bar
1   bank
1   backs
1   background
1   backed
1   b
1   away
1   aware
1   avoiding
1   averse
1   avaya
1   atgaa
1   assume
1   asset
1   arizona
1   areas
1   area
1   approved
1   appealed
1   anticipate
1   ann
1   andrea
1   alpine
1   alphas
1   allowing
1   allow
1   alkali
1   airways
1   ahead
1   agents
1   age
1   aeroplan
1   adrian
1   adds
1   adama
1   acura
1   activity
1   actives
1   action
1   act
1   acquisition
1   achieved
1   accounts
1   accounting
1   accepted
1   absorbing
1   absolutely
1   ability
1   abengoa
1   8
1   70
1   7
1   34
1   2018
1   2017
1   2000s
1   20
1   17
1   15th
1   14
1   10
1   01

INSERTIONS: count hyp
248   the
234   and
189   a
175   are
123   of
114   to
105   that
96   is
86   in
82   have
81   it
68   we
54   our
49   i
45   will
45   so
36   but
34   you
34   care
27   its
26   or
26   as
25   on
23   yes
23   were
23   term
22   mean
22   be
21   for
19   with
18   then
17   positioned
17   if
17   at
17   an
16   year
16   would
16   well
15   what
15   up
15   new
15   line
14   where
14   time
14   there
14   market
13   now
13   growth
12   this
12   rate
12   just
12   has
11   am
10   date
10   been
9   think
9   thats
9   service
9   not
8   kind
8   end
8   can
8   1
7   was
7   us
7   they
7   some
7   right
7   plan
7   one
7   like
7   im
7   had
7   board
6   years
6   when
6   type
6   out
6   off
6   into
6   forward
6   cycle
6   creation
5   very
5   those
5   theres
5   sure
5   margin
5   how
5   from
5   down
5   cost
5   by
5   all
4   youre
4   them
4   thanks
4   thank
4   should
4   see
4   return
4   really
4   period
4   pacific
4   owned
4   no
4   next
4   look
4   level
4   id
4   half
4   group
4   frame
4   focused
4   even
4   could
4   based
4   back
4   any
3   your
3   who
3   while
3   weve
3   value
3   upscale
3   turn
3   through
3   these
3   their
3   size
3   sets
3   scale
3   savings
3   received
3   point
3   over
3   more
3   lot
3   loss
3   list
3   lines
3   last
3   label
3   increased
3   home
3   haul
3   great
3   got
3   going
3   go
3   force
3   food
3   due
3   driven
3   dont
3   do
3   dense
3   currency
3   containment
3   building
3   bit
3   base
3   average
3   also
2   worth
2   works
2   working
2   work
2   wise
2   why
2   way
2   want
2   volume
2   unit
2   under
2   trading
2   trade
2   track
2   too
2   theyre
2   than
2   testing
2   tech
2   team
2   tax
2   talk
2   street
2   streams
2   still
2   side
2   ship
2   sharing
2   set
2   segments
2   season
2   sale
2   rock
2   risk
2   response
2   reach
2   protein
2   projects
2   project
2   profile
2   pro
2   price
2   preferred
2   power
2   portfolio
2   points
2   plus
2   play
2   platform
2   placed
2   piper
2   performing
2   performance
2   people
2   pay
2   part
2   other
2   okay
2   oh
2   office
2   net
2   much
2   move
2   mind
2   meeting
2   may
2   markets
2   map
2   made
2   loan
2   loaded
2   little
2   linked
2   lets
2   largest
2   know
2   hub
2   holders
2   high
2   hi
2   hey
2   help
2   hand
2   grading
2   grade
2   get
2   free
2   first
2   field
2   few
2   fairly
2   expo
2   etch
2   effective
2   ed1
2   ebitda
2   earning
2   dose
2   distance
2   digit
2   debt
2   days
2   day
2   continue
2   cloud
2   change
2   certain
2   card
2   call
2   builds
2   build
2   believe
2   being
2   basin
2   balance
2   ask
2   again
2   add
2   action
2   about
2   able
2   10
1   zeti
1   youve
1   yielding
1   yard
1   x
1   world
1   words
1   wolf
1   wins
1   win
1   willing
1   wife
1   whole
1   whilst
1   which
1   whats
1   weighted
1   weight
1   wave
1   wars
1   war
1   wanted
1   wall
1   vta
1   voided
1   vitam
1   viewing
1   view
1   versus
1   variable
1   values
1   valueadded
1   valuation
1   usual
1   usm
1   users
1   use
1   urinary
1   upon
1   unfortunately
1   unemployment
1   underfit
1   twilio
1   trons
1   training
1   trained
1   traffic
1   traded
1   towers
1   topic
1   tools
1   ton
1   together
1   toe
1   times
1   tight
1   tide
1   ticket
1   thus
1   threat
1   though
1   thiopia
1   things
1   tends
1   tenders
1   temporary
1   telephone
1   teams
1   talent
1   take
1   t
1   system
1   synergies
1   sum
1   suit
1   such
1   subtle
1   subsidiaries
1   styles
1   strong
1   stripping
1   strength
1   streaming
1   stream
1   store
1   stead
1   start
1   staff
1   stabilized
1   squeezed
1   spring
1   sponsor
1   spent
1   spend
1   specific
1   spec
1   sort
1   sorry
1   sorr
1   soft
1   smith
1   smaller
1   slower
1   slovk
1   slot
1   slight
1   sku
1   sitting
1   site
1   sit
1   single
1   simus
1   silveraglutide
1   show
1   shot
1   short
1   shore
1   shop
1   shock
1   shet
1   shes
1   sherri
1   sheet
1   shared
1   share
1   shaled
1   serve
1   sep
1   sensitivity
1   sensitive
1   sension
1   sellers
1   script
1   screen
1   scene
1   say
1   save
1   satisfactory
1   saltbam
1   sales
1   said
1   run
1   royce
1   route
1   roseland
1   rolled
1   ricos
1   rico
1   reward
1   revenue
1   revaluation
1   retardant
1   results
1   result
1   respected
1   resort
1   resiliency
1   required
1   rental
1   release
1   related
1   regular
1   reduction
1   recruiter
1   receive
1   reamfetol
1   readiness
1   rates
1   raise
1   race
1   r
1   quivocation
1   quite
1   quickly
1   quarter
1   quality
1   put
1   purchase
1   pull
1   providing
1   property
1   properly
1   promoting
1   profitable
1   professionals
1   productive
1   production
1   product
1   process
1   pricing
1   press
1   prepared
1   possible
1   port
1   pocking
1   pleased
1   please
1   players
1   plate
1   plant
1   pixel
1   pipe
1   pig
1   pick
1   phase
1   pervasive
1   periods
1   per
1   paying
1   pattern
1   patient
1   path
1   passionate
1   passing
1   pasder
1   party
1   parties
1   paid
1   page
1   package
1   pace
1   ownership
1   owe
1   overhang
1   outstanding
1   outof
1   outcome
1   order
1   orchestrated
1   optimized
1   optimal
1   ops
1   operations
1   operation
1   ons
1   only
1   online
1   once
1   offers
1   number
1   note
1   node
1   night
1   newton
1   news
1   nevers
1   neutral
1   neil
1   needed
1   need
1   near
1   neal
1   naps
1   name
1   naciously
1   myondough
1   my
1   multiple
1   mouth
1   motor
1   most
1   morphin
1   moorth
1   money
1   momentum
1   molding
1   moderately
1   mode
1   mobile
1   mix
1   minute
1   minimization
1   millimeter
1   migos
1   mid
1   mick
1   metrix
1   menu
1   mention
1   meet
1   medium
1   measurement
1   meaningful
1   maybe
1   matthew
1   manufactured
1   mandatum
1   managed
1   makers
1   make
1   loops
1   long
1   log
1   living
1   listed
1   lipidemia
1   lion
1   lifting
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1   levered
1   let
1   less
1   lending
1   lee
1   least
1   leased
1   learning
1   leaning
1   leaf
1   lead
1   ld
1   late
1   lat
1   large
1   lailen
1   lag
1   ladies
1   lab
1   kyle
1   kickoff
1   jon
1   jobs
1   jets
1   jazz
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1   investments
1   investment
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1   invest
1   intetinib
1   interval
1   internal
1   intensive
1   inhuman
1   infrastructure
1   infra
1   inflection
1   indexes
1   inch
1   inc
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1   ill
1   ii
1   identifying
1   identified
1   hurdles
1   human
1   house
1   hours
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1   headed
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1   he
1   hbvs
1   harvey
1   hard
1   happen
1   growing
1   ground
1   grossing
1   grid
1   green
1   greater
1   graphics
1   government
1   gold
1   gives
1   give
1   geostomy
1   generative
1   generation
1   generating
1   generated
1   gen
1   gallon
1   gags
1   future
1   funosian
1   funds
1   fueled
1   fuel
1   freight
1   franchise
1   france
1   fracs
1   fourth
1   former
1   focus
1   flows
1   flow
1   flitch
1   flexible
1   fish
1   finished
1   fineon
1   find
1   filing
1   feet
1   fees
1   feel
1   federal
1   fed
1   fda
1   fakes
1   fact
1   face
1   extent
1   express
1   exposed
1   experiencing
1   experience
1   expansions
1   exclusive
1   every
1   ever
1   especial
1   escalation
1   equivalent
1   enhancement
1   endstorage
1   endocote
1   enabling
1   emissions
1   else
1   eliminate
1   efficient
1   efficiency
1   effectively
1   edge
1   easier
1   early
1   dup
1   drinking
1   dress
1   dr
1   downs
1   door
1   doing
1   doctream
1   docking
1   dive
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1   dip
1   digitally
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1   developed
1   design
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1   deliver
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1   delek
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1   default
1   decade
1   deal
1   data
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1   cutting
1   cute
1   cusips
1   crumbs
1   crasher
1   cots
1   correction
1   correcting
1   correct
1   corps
1   corp
1   cooled
1   controlled
1   control
1   contracting
1   contaminant
1   constrained
1   conservation
1   conscious
1   complete
1   complaint
1   competitive
1   company
1   comp
1   commerce
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1   cog
1   cmo
1   closed
1   class
1   civic
1   city
1   cindon
1   choo
1   chemical
1   charge
1   challenging
1   challenge
1   century
1   centinario
1   cell
1   case
1   career
1   carbon
1   car
1   capital
1   campaign
1   called
1   caliber
1   calcifiriol
1   buy
1   businesses
1   burner
1   bullet
1   bubble
1   brush
1   bruce
1   broadball
1   bring
1   breaks
1   bottom
1   both
1   boss
1   booking
1   book
1   body
1   ble
1   billing
1   big
1   between
1   best
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1   bellevue
1   beginning
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1   because
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1   bank
1   banca
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1   ar
1   aquarry
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1   approach
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1   anything
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1   alex
1   aleesco
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1   air
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1   aga
1   afterseason
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1   adjusted
1   additional
1   actually
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1   active
1   acquisition
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1   accounts
1   accelerating
1   50s
1   3
1   2phase
1   20s
1   2018
1   20
1   11

PER-WORD STATS: word  corr tot_errs count_in_ref count_in_hyp
the   49821 1454 50713 50383
and   30890 1346 31623 31503
a   16621 1188 17294 17136
in   22031 970 22559 22473
we   23942 744 24318 24310
of   27058 577 27401 27292
that   19204 539 19501 19446
is   9552 539 9876 9767
are   7662 520 7918 7926
to   33542 509 33818 33775
it   4978 415 5242 5129
were   4592 395 4810 4769
cost   985 336 1035 1271
i   6828 322 7004 6974
will   4972 320 5160 5104
have   7354 301 7523 7486
costs   349 293 613 378
our   18225 268 18370 18348
on   8883 267 9009 9024
you   7391 250 7514 7518
well   2618 248 2729 2755
weve   1882 241 2005 2000
its   2519 205 2622 2621
as   8872 195 8962 8977
this   7104 187 7200 7195
or   2565 187 2679 2638
at   4043 186 4138 4134
for   8703 182 8793 8795
there   2418 178 2535 2479
would   2291 149 2359 2372
with   6981 146 7072 7036
theres   690 134 725 789
an   2406 132 2473 2471
they   1824 127 1897 1878
so   5582 127 5644 5647
but   3816 119 3869 3882
has   1923 117 1981 1982
one   1431 101 1470 1493
then   1241 97 1306 1273
market   2291 97 2323 2356
had   1235 96 1286 1280
1   194 92 246 234
can   2485 90 2533 2527
yes   258 88 319 285
continue   2383 88 2409 2445
continued   622 86 685 645
theyre   364 84 407 405
their   1397 80 1441 1433
thats   1358 79 1400 1395
if   1730 79 1774 1765
year   3749 77 3804 3771
was   2657 77 2701 2690
from   3776 71 3818 3805
up   1500 69 1544 1525
be   5748 69 5781 5784
what   3017 66 3054 3046
high   484 66 516 518
could   1006 65 1033 1044
do   2496 59 2532 2519
markets   951 58 994 966
youre   633 57 655 668
these   2590 57 2619 2618
im   636 56 665 663
where   1673 55 1692 1709
product   1077 54 1093 1115
now   2276 54 2308 2298
time   1646 51 1661 1682
into   1656 51 1672 1691
than   1422 50 1446 1448
investment   680 49 693 716
id   362 48 383 389
care   201 47 209 240
rate   708 46 723 739
health   200 46 209 237
all   2247 46 2277 2263
products   997 45 1034 1005
mean   348 45 363 378
youve   241 43 270 255
term   348 43 362 377
new   2679 43 2691 2710
ill   411 43 433 432
end   837 43 856 861
us   2986 42 3010 3004
through   1429 42 1443 1457
investments   517 42 550 526
2   706 42 720 734
ive   135 41 157 154
healthcare   7 40 42 12
when   1340 39 1364 1355
them   981 39 1006 995
line   751 38 765 775
by   2882 38 2902 2900
increase   916 37 927 942
plan   605 36 615 631
your   1458 35 1475 1476
who   476 35 492 495
out   1440 35 1461 1454
quarter   3881 34 3904 3892
not   2995 34 3012 3012
just   2151 34 2167 2169
increased   515 34 537 527
growth   2784 34 2800 2802
some   3077 33 3093 3094
right   984 33 1000 1001
look   1377 33 1396 1391
higher   822 33 842 835
off   291 32 307 307
may   909 32 923 927
wed   74 31 86 93
think   3471 31 3486 3487
no   614 31 633 626
risk   342 30 354 360
going   2299 30 2318 2310
been   2096 30 2107 2115
any   1351 30 1364 1368
project   365 29 372 387
rates   418 28 438 426
projects   482 28 502 490
down   621 28 635 635
am   121 28 137 133
want   920 27 931 936
value   912 27 922 929
forward   971 27 984 985
other   1593 26 1608 1604
low   251 26 267 261
long   376 26 389 389
get   1284 26 1300 1294
focused   486 26 501 497
day   353 26 372 360
work   913 25 927 924
results   1671 25 1684 1683
remain   475 25 476 499
lower   721 25 731 736
first   1904 25 1919 1914
brand   301 25 308 319
back   912 25 926 923
while   883 24 892 898
result   567 24 576 582
positioned   194 24 199 213
like   1606 24 1616 1620
4   213 24 227 223
100   44 24 44 68
youll   107 23 121 116
those   1919 23 1928 1933
more   3651 23 3664 3661
margin   556 23 566 569
itll   27 23 32 45
under   292 22 306 300
remained   49 22 69 51
really   1567 22 1579 1577
maybe   447 22 459 457
go   787 22 799 797
benefit   377 22 386 390
being   770 22 783 779
type   162 21 172 173
see   2244 21 2257 2252
point   744 21 754 755
over   1854 21 1862 1867
make   1081 21 1091 1092
kind   862 21 869 876
improvement   420 21 426 435
benefits   279 21 292 287
sales   1318 20 1327 1329
level   601 20 611 611
date   137 20 144 150
customer   783 20 797 789
youd   43 19 55 50
short   145 19 151 158
net   395 19 406 403
got   495 19 501 508
full   533 19 538 547
focus   807 19 815 818
business   3407 19 3419 3414
asset   246 19 253 258
way   809 18 820 816
two   29 18 47 29
theyve   71 18 80 80
service   499 18 503 513
program   455 18 461 467
know   731 18 744 736
forecast   120 18 123 135
years   1156 17 1162 1167
wellpositioned   0 17 17 0
wanted   142 17 152 149
seeing   577 17 584 587
post   31 17 43 36
operation   87 17 96 95
okay   203 17 217 206
months   461 17 472 467
month   130 17 139 138
improvements   198 17 212 201
improved   329 17 338 337
how   1582 17 1589 1592
data   496 17 504 505
whats   249 16 258 256
volume   400 16 406 410
step   139 16 147 147
state   147 16 157 153
risks   266 16 280 268
remains   214 16 225 219
opportunity   755 16 764 762
opportunities   888 16 896 896
move   408 16 413 419
forecasts   8 16 22 10
expectations   391 16 404 394
expectation   120 16 123 133
effect   217 16 221 229
development   510 16 513 523
businesses   492 16 501 499
build   365 16 370 376
based   488 16 500 492
which   2572 15 2578 2581
try   172 15 179 180
target   184 15 193 190
system   311 15 315 322
strength   221 15 226 231
programs   290 15 299 296
price   581 15 586 591
pay   162 15 170 169
operations   455 15 461 464
my   511 15 521 516
he   82 15 90 89
change   543 15 550 551
brands   232 15 245 234
base   374 15 379 384
acquisition   444 15 448 455
very   2594 14 2600 2602
use   425 14 433 431
today   686 14 695 691
third   668 14 677 673
take   853 14 863 857
seen   575 14 581 583
related   418 14 430 420
per   186 14 192 194
longterm   265 14 275 269
lines   207 14 217 211
improve   514 14 520 522
here   534 14 544 538
gross   92 14 102 96
flow   381 14 389 387
digit   15 14 23 21
developments   63 14 75 65
customers   1593 14 1599 1601
also   2426 14 2433 2433
300   16 14 16 30
too   175 13 182 181
solutions   347 13 358 349
say   826 13 831 834
sale   151 13 160 155
said   550 13 558 555
revenue   1214 13 1218 1223
quarters   439 13 449 442
quality   332 13 344 333
plant   104 13 112 109
plans   277 13 287 280
pick   71 13 81 74
near   119 13 124 127
front   167 13 173 174
company   1187 13 1194 1193
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reach   137 3 138 139
raising   28 3 30 29
rail   38 3 38 41
queue   5 3 7 6
que   0 3 0 3
quartertoquarter   15 3 15 18
pure   22 3 22 25
pump   8 3 10 9
pullforward   0 3 2 1
pulled   11 3 12 13
providing   192 3 192 195
provided   150 3 153 150
prove   30 3 31 32
protein   15 3 15 18
property   110 3 111 112
profitably   16 3 18 17
profitable   160 3 160 163
profile   101 3 102 103
probably   436 3 438 437
privileged   9 3 9 12
privilege   6 3 9 6
priority   91 3 93 92
primary   123 3 124 125
prices   360 3 363 360
priced   17 3 19 18
priamus   0 3 3 0
previously   213 3 214 215
pressure   187 3 189 188
prairie   0 3 3 0
pose   1 3 3 2
portfolio   656 3 656 659
pop   3 3 5 4
polymers   4 3 4 7
pointofsale   0 3 1 2
plate   21 3 21 24
planning   116 3 116 119
plain   0 3 0 3
pilot   26 3 27 28
picked   24 3 27 24
phil   7 3 9 8
pharma   20 3 20 23
percent   35 3 37 36
people   678 3 678 681
patients   321 3 324 321
partnerships   63 3 65 64
partnership   99 3 100 101
partners   260 3 263 260
partnered   4 3 6 5
page   96 3 98 97
outsourced   5 3 6 7
outsized   7 3 7 10
outcomes   55 3 56 57
ourselves   139 3 140 141
orders   154 3 157 154
options   135 3 137 136
ops   2 3 3 4
operate   134 3 137 134
nexus   4 3 4 7
nexsys   0 3 3 0
newton   0 3 2 1
neutral   17 3 19 18
movement   42 3 43 44
mirror   0 3 1 2
mind   103 3 104 105
mike   52 3 52 55
midsingle   6 3 8 7
michel   0 3 3 0
meta   0 3 0 3
met   40 3 42 41
merger   49 3 51 50
mention   63 3 65 64
meetings   30 3 33 30
meet   169 3 171 170
meda   0 3 3 0
marc   1 3 4 1
managed   67 3 69 68
mall   4 3 5 6
main   108 3 109 110
mail   15 3 18 15
lowrisk   2 3 3 4
lowered   14 3 16 15
lowercost   1 3 3 2
logistics   61 3 63 62
loantodeposit   1 3 1 4
loaded   14 3 14 17
lithiumion   0 3 0 3
lithium   1 3 4 1
lists   0 3 2 1
listen   15 3 16 17
liquid   40 3 41 42
light   67 3 70 67
license   48 3 49 50
length   27 3 30 27
least   178 3 180 179
lear   2 3 5 2
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later   205 3 208 205
laser   6 3 6 9
larger   240 3 243 240
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lag   31 3 32 33
la   5 3 8 5
kpn   3 3 5 4
kiosks   0 3 3 0
kiosk   1 3 1 4
kick   9 3 11 10
jocelyn   0 3 3 0
jobs   27 3 29 28
job   150 3 150 153
jewelx   0 3 0 3
jamess   0 3 3 0
james   6 3 6 9
j   8 3 10 9
ion   3 3 6 3
investors   218 3 220 219
investing   189 3 189 192
integrated   127 3 129 128
insights   39 3 42 39
influence   20 3 22 21
inflation   97 3 98 99
incidence   1 3 4 1
impairment   16 3 16 19
impacting   43 3 45 44
ideel   0 3 3 0
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hurricane   30 3 33 30
house   23 3 25 24
hour   19 3 21 20
hot   19 3 20 21
hope   153 3 154 155
holders   7 3 8 9
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highprofile   3 3 5 4
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heavy   58 3 59 60
heat   14 3 15 16
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guest   15 3 15 18
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greater   201 3 201 204
grading   5 3 5 8
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generative   2 3 3 4
galxc   8 3 11 8
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funded   26 3 29 26
fullservice   1 3 4 1
frontline   5 3 7 6
fourth   679 3 681 680
former   28 3 29 30
flowed   0 3 2 1
floor   40 3 42 41
flexible   40 3 42 41
flatrolled   0 3 2 1
fitting   1 3 3 2
fits   20 3 22 21
firstline   1 3 3 2
firstinhuman   1 3 3 2
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finance   69 3 71 70
finally   215 3 217 216
fees   92 3 93 94
feels   22 3 23 24
fee   64 3 66 65
fed   22 3 23 24
fastergrowing   1 3 2 3
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facility   187 3 189 188
facilities   125 3 126 127
faced   20 3 21 22
extent   98 3 99 100
expense   261 3 262 263
expenditure   18 3 18 21
exceed   31 3 33 32
exactly   123 3 126 123
evidenced   20 3 22 21
every   327 3 328 329
events   177 3 179 178
evaluated   15 3 17 16
evaluate   94 3 95 96
etch   1 3 2 3
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erik   0 3 3 0
equivalent   20 3 20 23
equity   206 3 208 207
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enhance   115 3 116 117
enduser   5 3 6 7
enabled   45 3 46 47
emission   5 3 6 7
either   154 3 155 156
effective   139 3 140 141
druxidopa   0 3 0 3
drugs   24 3 27 24
droxidopa   0 3 3 0
doubledigit   39 3 40 41
double   62 3 64 63
door   16 3 16 19
doom   0 3 3 0
dollardenominated   1 3 2 3
division   50 3 51 52
distributions   12 3 15 12
distribution   269 3 269 272
disciplined   118 3 118 121
discipline   72 3 74 73
deposit   58 3 61 58
depofoam   0 3 3 0
delivering   201 3 203 202
decrease   145 3 146 147
declined   62 3 64 63
decision   175 3 177 176
decide   38 3 39 40
dates   11 3 12 13
darin   0 3 3 0
d   7 3 9 8
cut   38 3 40 39
curt   0 3 3 0
current   569 3 571 570
crossindustry   0 3 2 1
crossection   0 3 0 3
costeffective   2 3 4 3
costdown   0 3 0 3
costcontainment   0 3 3 0
correct   51 3 52 53
containment   4 3 4 7
constantcurrency   0 3 3 0
constant   56 3 56 59
conscious   7 3 9 8
conform   2 3 4 3
confirm   26 3 28 27
concept   38 3 39 40
complete   159 3 160 161
competition   117 3 118 119
commissioned   6 3 8 7
combine   24 3 26 25
collectibles   14 3 17 14
collectible   0 3 0 3
cold   18 3 19 20
coal   41 3 41 44
club   10 3 13 10
clal   0 3 3 0
city   67 3 67 70
china   300 3 302 301
changed   110 3 113 110
chance   42 3 42 45
ccorp   1 3 2 3
catalyst   27 3 28 29
catalog   8 3 11 8
cars   15 3 17 16
carry   34 3 37 34
carlyle   2 3 5 2
carl   4 3 7 4
cardium   4 3 4 7
capability   106 3 109 106
capabilities   273 3 273 276
cap   22 3 24 23
cannot   72 3 74 73
cannon   3 3 6 3
calls   90 3 93 90
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calculation   19 3 20 21
buyback   20 3 22 21
bunnings   1 3 4 1
built   149 3 150 151
builds   23 3 24 25
broadbased   20 3 20 23
bringing   107 3 109 108
bring   283 3 284 285
brett   3 3 4 5
breaks   5 3 6 7
bottom   143 3 143 146
borrowing   14 3 16 15
born   0 3 1 2
bolton   9 3 11 10
bolt   0 3 1 2
billed   2 3 5 2
bid   31 3 31 34
begun   46 3 47 48
began   79 3 81 80
basin   37 3 38 39
bases   4 3 6 5
bar   18 3 20 19
balanced   40 3 43 40
bag   9 3 11 10
background   15 3 16 17
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award   22 3 24 23
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assurant   3 3 5 4
assume   82 3 84 83
ashuk   0 3 0 3
approach   236 3 236 239
apply   35 3 36 37
apexxc   0 3 3 0
announce   54 3 55 56
amounts   57 3 59 58
alphas   2 3 5 2
almost   127 3 129 128
allow   182 3 184 183
allocations   7 3 9 8
allocation   90 3 91 92
allan   0 3 3 0
aligned   48 3 51 48
alan   9 3 9 12
agreements   59 3 60 61
aggregate   22 3 23 24
aftersales   0 3 0 3
advantaged   5 3 8 5
advanced   67 3 68 69
actual   310 3 310 313
actions   195 3 197 196
achieved   117 3 119 118
achieve   198 3 199 200
aboveaverage   2 3 5 2
9   85 3 87 86
8   92 3 94 93
600   4 3 4 7
2000   0 3 3 0
19   60 3 61 62
18   137 3 137 140
17   102 3 104 103
1100   2 3 2 5
zt   0 2 0 2
zerobased   3 2 3 5
zephr   0 2 0 2
zepatier   0 2 2 0
zenium   0 2 2 0
zenith   0 2 2 0
zacapa   0 2 2 0
yourselves   4 2 5 5
yielding   8 2 9 9
yen   8 2 9 9
yearround   1 2 1 3
write   10 2 12 10
wrap   17 2 17 19
worst   9 2 10 10
worn   2 2 3 3
workstyle   0 2 0 2
workstreams   0 2 2 0
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won   33 2 34 34
winning   31 2 33 31
winds   2 2 4 2
wind   44 2 44 46
wils   0 2 2 0
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wild   3 2 3 5
wil   4 2 6 4
whom   18 2 18 20
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whine   0 2 2 0
whim   0 2 1 1
whenever   14 2 16 14
whatever   49 2 51 49
weighting   2 2 3 3
website   171 2 171 173
waves   3 2 5 3
watch   39 2 41 39
warning   12 2 13 13
war   4 2 4 6
wanting   18 2 18 20
wang   0 2 2 0
wall   10 2 11 11
wales   1 2 2 2
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wafer   4 2 4 6
voice   20 2 20 22
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visit   12 2 12 14
visiopharm   0 2 2 0
vision   72 2 73 73
virtu   2 2 4 2
vigor   1 2 3 1
viewing   15 2 15 17
vic   1 2 2 2
vetri   0 2 2 0
vetery   0 2 0 2
veradors   0 2 0 2
vehicle   67 2 68 68
vary   19 2 20 20
varli   1 2 3 1
variants   1 2 2 2
variance   15 2 16 16
values   29 2 29 31
valueenhancing   2 2 3 3
valueadded   23 2 23 25
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vail   2 2 3 3
usual   34 2 35 35
users   60 2 60 62
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upside   64 2 64 66
upon   141 2 141 143
updates   58 2 60 58
update   303 2 303 305
unlike   16 2 18 16
units   112 2 114 112
unitholders   7 2 8 8
unfortunately   21 2 22 22
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unbilled   8 2 8 10
unable   8 2 10 8
ulcerative   0 2 2 0
typed   0 2 2 0
tv   11 2 12 12
truthtype   0 2 2 0
trust   57 2 58 58
trials   40 2 42 40
trial   114 2 114 116
treatments   12 2 14 12
transpecos   0 2 2 0
transpacos   0 2 0 2
transmission   33 2 34 34
training   84 2 84 86
trained   12 2 12 14
trafficdriving   0 2 0 2
traditional   94 2 95 95
traded   13 2 13 15
tracks   3 2 5 3
torque   0 2 1 1
tor   0 2 2 0
topperforming   0 2 0 2
topline   0 2 2 0
tooling   5 2 5 7
took   140 2 142 140
ton   14 2 14 16
together   224 2 225 225
tim   23 2 25 23
tiers   4 2 5 5
ticket   10 2 11 11
tick   8 2 9 9
throughthecycle   0 2 0 2
threat   8 2 8 10
thirdplace   0 2 0 2
theyd   0 2 1 1
thestreet   0 2 2 0
therapies   25 2 25 27
tf   0 2 0 2
tenant   17 2 17 19
temporary   34 2 34 36
tef   0 2 2 0
tea   9 2 11 9
tautona   0 2 2 0
tata   1 2 3 1
tastes   2 2 2 4
taste   5 2 7 5
task   14 2 16 14
tariffs   24 2 24 26
tanja   0 2 2 0
talking   211 2 212 212
tailwinds   8 2 10 8
tailwind   11 2 11 13
tag   1 2 1 3
tad   1 2 2 2
t2candida   0 2 2 0
synthesis   0 2 2 0
synergies   64 2 65 65
sylvia   0 2 0 2
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switch   30 2 31 31
swift   7 2 8 8
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successfully   92 2 93 93
successes   12 2 14 12
subjects   15 2 16 16
structures   30 2 31 31
structural   31 2 32 32
stronger   173 2 175 173
strong   1434 2 1434 1436
stretch   8 2 8 10
strengthen   80 2 81 81
streams   40 2 40 42
streamlined   8 2 8 10
streaming   8 2 9 9
storage   52 2 54 52
stone   12 2 14 12
stepped   12 2 14 12
stepout   1 2 1 3
stay   96 2 97 97
stars   2 2 4 2
stands   7 2 8 8
stake   13 2 14 14
staffing   19 2 19 21
staff   59 2 59 61
stabilizing   22 2 22 24
stabilize   33 2 34 34
stabbing   0 2 2 0
sprung   0 2 2 0
sprun   0 2 0 2
sponsored   1 2 3 1
spends   2 2 4 2
specific   255 2 255 257
specialty   89 2 89 91
specially   0 2 2 0
specialist   6 2 7 7
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speak   95 2 97 95
soot   0 2 2 0
someone   27 2 29 27
solid   260 2 262 260
snow   9 2 9 11
small   264 2 265 265
slowdown   33 2 34 34
slot   5 2 5 7
slip   3 2 4 4
slides   66 2 67 67
slice   1 2 1 3
skincare   2 2 3 3
sizable   15 2 16 16
singledose   0 2 0 2
simply   104 2 105 105
simple   47 2 47 49
silvia   0 2 2 0
significance   13 2 15 13
siding   5 2 7 5
shown   72 2 72 74
showed   33 2 34 34
shortseller   2 2 2 4
shop   43 2 44 44
ships   12 2 13 13
shipments   65 2 66 66
shift   155 2 156 156
shes   5 2 5 7
sheets   5 2 7 5
she   23 2 25 23
sharing   50 2 50 52
seventy   3 2 5 3
setting   47 2 47 49
session   16 2 16 18
servicenow   7 2 8 8
sent   5 2 5 7
sensitive   12 2 13 13
seniorated   0 2 0 2
senior   63 2 64 64
selling   156 2 158 156
sellin   5 2 6 6
selleys   0 2 2 0
seller   18 2 20 18
selective   28 2 29 29
selected   35 2 36 36
seekingtruth   0 2 0 2
security   84 2 85 85
secured   26 2 28 26
seat   9 2 9 11
sean   4 2 6 4
sealing   1 2 3 1
sea   14 2 16 14
screening   6 2 7 7
scepter   0 2 2 0
scene   1 2 2 2
scanned   0 2 1 1
save   21 2 21 23
sata   0 2 0 2
sarta   0 2 2 0
sandpiper   1 2 3 1
sandd   0 2 2 0
sanctioned   0 2 2 0
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sallie   0 2 2 0
saladier   0 2 2 0
ryan   7 2 7 9
running   112 2 112 114
runin   0 2 2 0
rung   0 2 2 0
round   15 2 16 16
rollsroyce   3 2 5 3
roles   15 2 15 17
role   80 2 80 82
robb   0 2 2 0
roadmap   0 2 2 0
rite   0 2 0 2
riskaverse   1 2 2 2
riskadjusted   8 2 9 9
ripley   1 2 3 1
rintega   0 2 2 0
riio   0 2 2 0
rightsize   2 2 2 4
rightmove   0 2 2 0
rieter   0 2 2 0
rico   17 2 17 19
reward   21 2 21 23
reversal   22 2 23 23
returned   18 2 20 18
retention   67 2 67 69
resultz   0 2 2 0
resulted   79 2 80 80
restaurants   26 2 28 26
response   121 2 121 123
respected   6 2 7 7
resource   50 2 51 51
resorts   18 2 19 19
resort   9 2 10 10
resets   2 2 4 2
reset   15 2 15 17
requirements   83 2 85 83
required   138 2 138 140
representation   7 2 8 8
represent   63 2 63 65
reported   139 2 140 140
rentals   4 2 5 5
rental   49 2 49 51
remember   85 2 85 87
released   26 2 28 26
relation   29 2 31 29
regulatory   154 2 154 156
regain   4 2 6 4
reflects   131 2 132 132
reflect   156 2 157 157
reevaluation   0 2 1 1
redding   1 2 1 3
recurring   100 2 100 102
recovery   138 2 140 138
recoveries   12 2 12 14
record   171 2 172 172
recipe   3 2 4 4
recession   9 2 9 11
rebate   5 2 6 6
readypak   0 2 0 2
readout   3 2 4 4
reached   48 2 49 49
re   3 2 4 4
rating   17 2 18 18
rather   145 2 146 146
rarely   3 2 5 3
range   317 2 319 317
ramped   17 2 19 17
ramony   0 2 0 2
rain   6 2 7 7
racs   0 2 2 0
racks   0 2 0 2
race   8 2 8 10
r   0 2 1 1
quickly   164 2 164 166
questionandanswer   6 2 6 8
qudos   0 2 2 0
quarterend   0 2 0 2
qsymia   2 2 4 2
q3   71 2 73 71
q1   111 2 113 111
pushed   32 2 34 32
push   55 2 55 57
pureplay   1 2 3 1
pur   0 2 0 2
pulling   18 2 18 20
pullback   1 2 1 3
puerto   18 2 18 20
publicly   35 2 36 36
proving   12 2 14 12
providence   2 2 2 4
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proved   9 2 11 9
protection   38 2 40 38
prospects   91 2 92 92
prospect   19 2 20 20
proportion   31 2 32 32
properties   84 2 84 86
propel   3 2 4 4
proof   20 2 22 20
programme   0 2 2 0
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productiontype   0 2 2 0
productions   0 2 2 0
producing   26 2 28 26
pro   21 2 21 23
primus   0 2 0 2
primarily   330 2 331 331
premise   7 2 8 8
preferred   40 2 40 42
precaution   0 2 0 2
postspin   1 2 1 3
port   12 2 13 13
poor   16 2 17 17
pool   21 2 23 21
polymer   5 2 7 5
policies   35 2 36 36
please   277 2 278 278
plays   30 2 32 30
playing   29 2 31 29
players   74 2 74 76
played   25 2 26 26
platforms   146 2 148 146
planting   4 2 5 5
plains   3 2 5 3
pk   2 2 3 3
pixel   8 2 9 9
pirfenidone   0 2 2 0
piper   0 2 0 2
pipe   33 2 33 35
piece   125 2 126 126
phyox   0 2 2 0
phillips   0 2 2 0
philips   0 2 0 2
phases   19 2 19 21
ph   4 2 6 4
perunit   0 2 2 0
person   26 2 26 28
peritoneal   0 2 2 0
pegged   2 2 3 3
peer   12 2 14 12
peek   1 2 3 1
peak   55 2 55 57
paying   64 2 65 65
paths   7 2 9 7
path   75 2 76 76
passing   21 2 22 22
passengers   10 2 11 11
passenger   18 2 19 19
pas   0 2 1 1
partnering   23 2 25 23
particulate   1 2 2 2
parr   0 2 2 0
parmesan   0 2 2 0
park   18 2 19 19
paper   36 2 37 37
pan   1 2 1 3
pal   0 2 0 2
paint   15 2 17 15
pads   10 2 10 12
packs   1 2 2 2
package   27 2 27 29
outsource   5 2 6 6
outsize   0 2 2 0
outlined   40 2 40 42
outlet   5 2 6 6
outdoor   16 2 16 18
outcome   70 2 71 71
ourself   0 2 1 1
origin   2 2 2 4
orig3n   0 2 2 0
orebody   0 2 1 1
optimized   9 2 9 11
opioid   8 2 9 9
operational   301 2 302 302
operated   28 2 29 29
online   159 2 159 161
ongoing   223 2 223 225
onetouch   0 2 0 2
onestim   0 2 2 0
onecompany   0 2 0 2
olanzapine   0 2 2 0
ohlson   0 2 2 0
official   6 2 7 7
officers   15 2 15 17
officer   36 2 38 36
ofac   8 2 10 8
oems   18 2 20 18
odd   2 2 3 3
obuasi   6 2 8 6
observe   13 2 14 14
obligations   32 2 33 33
obligation   83 2 84 84
nycha   1 2 3 1
nph   1 2 3 1
novadaq   5 2 7 5
novadac   0 2 0 2
nothing   78 2 79 79
normal   164 2 166 164
nordlys   0 2 2 0
nonperforming   4 2 5 5
nintedanib   0 2 2 0
nic   0 2 2 0
news   116 2 116 118
newest   4 2 6 4
newbuilds   0 2 2 0
newbuild   0 2 2 0
neulion   0 2 2 0
netbacks   2 2 4 2
netback   0 2 0 2
neighborhoods   3 2 4 4
neighborhood   1 2 2 2
needed   113 2 114 114
nearer   0 2 1 1
nb   0 2 0 2
narita   1 2 3 1
n   0 2 2 0
mt   1 2 1 3
mponeng   0 2 2 0
mph   0 2 0 2
moves   33 2 35 33
movements   21 2 23 21
mouth   2 2 3 3
morinagas   0 2 2 0
moorinagas   0 2 0 2
monroforward   0 2 2 0
monies   0 2 0 2
money   199 2 200 200
momentum   207 2 207 209
moment   131 2 132 132
molybdenum   2 2 4 2
molteni   0 2 2 0
module   9 2 9 11
mode   21 2 22 22
mitre   0 2 2 0
missions   1 2 2 2
missed   13 2 15 13
mir   0 2 1 1
millimeter   1 2 2 2
millbrook   0 2 2 0
milk   11 2 13 11
milbrook   0 2 0 2
midsized   5 2 7 5
midsize   5 2 5 7
midsingledigit   5 2 5 7
midland   4 2 4 6
midla   0 2 2 0
mick   0 2 1 1
michelle   2 2 2 4
mi   7 2 8 8
mentioned   471 2 471 473
medsafe   0 2 1 1
medimmune   0 2 2 0
medical   106 2 108 106
medians   0 2 1 1
media   75 2 75 77
med   4 2 4 6
measurement   32 2 32 34
measure   86 2 87 87
means   186 2 188 186
meaning   51 2 52 52
meal   3 2 3 5
mcdermott   0 2 0 2
mb   0 2 2 0
mats   0 2 1 1
matrix   7 2 9 7
matco   0 2 2 0
masked   1 2 2 2
mask   4 2 5 5
martin   9 2 10 10
marktomarket   2 2 2 4
marketleading   10 2 10 12
marked   16 2 18 16
marieline   0 2 2 0
manufacturer   16 2 17 17
manufactured   7 2 7 9
manufacture   16 2 17 17
managers   52 2 53 53
manager   33 2 34 34
maintenance   105 2 106 106
maintained   38 2 40 38
maintain   176 2 176 178
macdermid   0 2 2 0
lube   0 2 1 1
lts   0 2 2 0
lowhanging   1 2 1 3
lowerthananticipated   0 2 0 2
lots   52 2 53 53
loop   7 2 8 8
logistic   1 2 2 2
lodging   9 2 10 10
loanloss   0 2 2 0
lo   0 2 2 0
lives   36 2 37 37
lite   0 2 2 0
listened   0 2 2 0
lisa   2 2 2 4
lion   1 2 1 3
link   12 2 12 14
limited   85 2 86 86
likely   157 2 159 157
lifecycle   0 2 2 0
lied   0 2 2 0
licensed   10 2 11 11
lib   0 2 1 1
leyland   0 2 2 0
levers   22 2 22 24
lendingclub   0 2 0 2
lenderplaced   1 2 3 1
lender   11 2 11 13
len   0 2 0 2
learning   73 2 74 74
learned   28 2 28 30
learn   28 2 30 28
leap   4 2 5 5
leaning   5 2 6 6
lazydays   2 2 4 2
lazy   1 2 1 3
laws   29 2 30 30
lautenbach   0 2 2 0
launched   102 2 104 102
latter   30 2 31 31
laserfocused   3 2 5 3
lanvin   0 2 2 0
landandexpand   0 2 0 2
land   59 2 61 59
lake   9 2 10 10
ladysmith   0 2 2 0
ladies   67 2 67 69
lab   23 2 23 25
kudu   0 2 2 0
kla   0 2 2 0
kinh   0 2 2 0
kindo   0 2 0 2
kickstart   0 2 0 2
keys   5 2 5 7
keep   295 2 295 297
katherine   0 2 2 0
karl   0 2 0 2
kaikaku   1 2 3 1
k   4 2 5 5
julie   2 2 3 3
julian   0 2 1 1
jostlin   0 2 0 2
jord   0 2 2 0
joint   66 2 67 67
join   22 2 23 23
joe   13 2 13 15
jim   37 2 38 38
jigisha   0 2 2 0
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tenders   10 1 10 11
tender   15 1 15 16
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telling   25 1 25 26
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tao   0 1 0 1
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tah   0 1 1 0
tactical   2 1 2 3
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tackle   4 1 4 5
tacking   0 1 0 1
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table   57 1 58 57
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syndicated   5 1 6 5
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sweet   11 1 12 11
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swan   1 1 2 1
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surface   8 1 9 8
supranuclear   0 1 1 0
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supporting   64 1 65 64
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superregional   1 1 1 2
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superefficient   0 1 0 1
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sun   2 1 3 2
summing   1 1 1 2
summary   94 1 95 94
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suite   25 1 25 26
suit   1 1 1 2
sufficiently   2 1 3 2
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success   277 1 277 278
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sucapa   0 1 0 1
suc   0 1 0 1
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subtle   2 1 2 3
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subscriber   18 1 19 18
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subscribe   4 1 4 5
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subject   196 1 197 196
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styles   6 1 6 7
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student   27 1 27 28
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stripping   4 1 4 5
stringent   8 1 9 8
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strengthened   18 1 19 18
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stingent   0 1 0 1
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stephanie   2 1 2 3
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stepbystep   3 1 3 4
stem   3 1 3 4
stelmi   0 1 1 0
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stellar   1 1 1 2
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steep   3 1 3 4
stee   0 1 0 1
steam   3 1 4 3
steadystate   0 1 0 1
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stead   1 1 1 2
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staying   23 1 24 23
status   32 1 32 33
stature   1 1 2 1
stats   3 1 4 3
statepatrle   0 1 0 1
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startups   9 1 10 9
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standstill   1 1 2 1
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standardizes   1 1 2 1
standardize   1 1 1 2
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stable   116 1 116 117
stability   62 1 62 63
srep   0 1 1 0
squeze   0 1 0 1
squermante   0 1 0 1
squeezed   1 1 1 2
squeeze   8 1 9 8
sque   0 1 0 1
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spurring   1 1 1 2
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splits   2 1 3 2
split   21 1 21 22
spirnoff   0 1 0 1
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specialize   3 1 3 4
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special   66 1 67 66
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sorr   0 1 0 1
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somewhatted   0 1 0 1
somewhat   109 1 110 109
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somebodys   1 1 2 1
somebody   34 1 34 35
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solriamfetol   0 1 1 0
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simplest   1 1 2 1
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shall   2 1 2 3
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severfold   0 1 0 1
several   420 1 421 420
seventh   3 1 3 4
setup   3 1 4 3
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serving   40 1 40 41
servicesonly   0 1 0 1
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seroc   0 1 0 1
seriously   11 1 12 11
serious   22 1 22 23
serior   0 1 0 1
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sequenced   2 1 2 3
sequence   7 1 8 7
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separates   2 1 2 3
sep   0 1 0 1
sentiva   0 1 0 1
sentinel   0 1 1 0
sentiment   23 1 23 24
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747   1 0 1 1
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67   1 0 1 1
66   1 0 1 1
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65   1 0 1 1
63   3 0 3 3
62   1 0 1 1
606   2 0 2 2
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58   2 0 2 2
57   5 0 5 5
56   3 0 3 3
5545   1 0 1 1
55   3 0 3 3
54   2 0 2 2
53   1 0 1 1
52   5 0 5 5
51   3 0 3 3
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50   83 0 83 83
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468   1 0 1 1
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43   1 0 1 1
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410   1 0 1 1
41   4 0 4 4
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40   45 0 45 45
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39   5 0 5 5
380   1 0 1 1
38   1 0 1 1
37   2 0 2 2
365   2 0 2 2
360degree   1 0 1 1
360   1 0 1 1
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350   3 0 3 3
35   21 0 21 21
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330   1 0 1 1
33   5 0 5 5
321   1 0 1 1
32   5 0 5 5
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28   8 0 8 8
27x   1 0 1 1
274   1 0 1 1
27   10 0 10 10
260   1 0 1 1
26   8 0 8 8
25year   1 0 1 1
25x   1 0 1 1
253   1 0 1 1
250   1 0 1 1
24hour   3 0 3 3
24   23 0 23 23
230   1 0 1 1
23   8 0 8 8
22   7 0 7 7
21   14 0 14 14
20year   2 0 2 2
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2030   2 0 2 2
2025   3 0 3 3
2023   1 0 1 1
2022   1 0 1 1
2021   3 0 3 3
2020s   1 0 1 1
2020   41 0 41 41
2019   149 0 149 149
2018s   1 0 1 1
2016s   1 0 1 1
2016   283 0 283 283
2015   108 0 108 108
2014   22 0 22 22
2013   3 0 3 3
2012   6 0 6 6
2010   1 0 1 1
2009   1 0 1 1
2008   2 0 2 2
2007   4 0 4 4
2006   1 0 1 1
2005   1 0 1 1
2004   1 0 1 1
2002   1 0 1 1
1year   4 0 4 4
1st   4 0 4 4
1s   1 0 1 1
1q   3 0 3 3
1a   1 0 1 1
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1998   1 0 1 1
1995   10 0 10 10
1951   1 0 1 1
18month   4 0 4 4
1800   3 0 3 3
180   2 0 2 2
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175   1 0 1 1
174   1 0 1 1
1700   1 0 1 1
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167   1 0 1 1
166   1 0 1 1
1600   2 0 2 2
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152   2 0 2 2
1500   6 0 6 6
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1473   1 0 1 1
1400   2 0 2 2
140   1 0 1 1
132   1 0 1 1
1300   4 0 4 4
130   3 0 3 3
13   32 0 32 32
12volt   1 0 1 1
129   1 0 1 1
120   1 0 1 1
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112   1 0 1 1
110   1 0 1 1
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10qs   1 0 1 1
10q   33 0 33 33
10k   39 0 39 39
10count   1 0 1 1
1031   1 0 1 1
101   1 0 1 1
100year   1 0 1 1
09   1 0 1 1
081x   1 0 1 1
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07   2 0 2 2
03   1 0 1 1
025   1 0 1 1
014   1 0 1 1