[{"path": "a93681c92a0b9c04743f541a54b180c7_159.wav", "text": "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 user-base?", "duration": 15.0}, {"path": "a93681c92a0b9c04743f541a54b180c7_14.wav", "text": "and that kind of marketing will be quite feasible and I talked about this when I explained to you about integrated marketing solution in the previous presentation. Now what are shoppers buying?", "duration": 15.0}, {"path": "a45d8b57fe6b8199bca7aec4d022bbb3_101.wav", "text": "the capacity of the existing tank houses that we have with our improvement program, so that's 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.", "duration": 15.0}, {"path": "718a89dc503706eae0091bcd9410d567_196.wav", "text": "actually put that into refined product service when we bring 2 and 2x on. So as time goes on and when we finally openly bring 2x on, we have a multitude of options. But what we've built is an incredible enterprise", "duration": 15.0}, {"path": "2a59b9df2de5248e64727f10185a8423_66.wav", "text": "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.", "duration": 15.0}, {"path": "67716cee321d117b0318930dd142f06a_1.wav", "text": "The press release and the information on this call speak only as of today's date, and the company disclaims any duty to update the information provided therein and herein. I will now turn the call over to Gregg Mollins, President and CEO of Reliance.", "duration": 15.0}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_86.wav", "text": "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,", "duration": 15.0}, {"path": "14f3d2486b21e639a953afb7ad03d90c_145.wav", "text": "So to recap, a strong progress seen from Orkla Investments, both from the fully consolidated businesses as well as joint ventures and associates.", "duration": 15.0}, {"path": "8b71a232d7fe61e6232807b635977c31_125.wav", "text": "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 additional leakage, I guess, is plugged?", "duration": 15.0}, {"path": "8b71a232d7fe61e6232807b635977c31_164.wav", "text": "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. That's been critically important to", "duration": 15.0}, {"path": "044da592acc01ff7baacb3dbf2a302a9_54.wav", "text": "And as you know, with Intuitive, you see that's a very attractive market for us, and we look forward to being able to launch Mako in Japan. But I would say, it's a broad range of countries, and it's very similar -- the pattern that we're seeing is a similar pattern", "duration": 15.0}, {"path": "b34f680a9162805e0188170d6272a356_84.wav", "text": "By completing these strategic acquisitions, we expanded our sound platform for growth that drives Granite's diverse portfolio as America's infrastructural company. 2018 proved to be a year of significant evolution for a company that is nearly a century old.", "duration": 15.0}, {"path": "75fa1bebed0b858c76cc7058477e40e2_7.wav", "text": "Earlier this year, we introduced a Korean barbecue meatballs shareable featuring Gochujang sauce as well as a new Pad Thai formulation, which is a popular dish where we have the opportunity to improve the flavor profile.", "duration": 15.0}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_236.wav", "text": "Our future continues to look very bright for UQM as the commercial electrical 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.", "duration": 15.0}, {"path": "cc82e791c065bdc271addf355bac274f_37.wav", "text": "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", "duration": 15.0}, {"path": "d261e09fa176510406c0d05eeedfc8f8_60.wav", "text": "our people to engage in that. That's exactly what Iberia has done. It's the reason why we say we are enthusiastic about the maintenance activity in Iberia because we've improved our cost performance and we are meeting the financial targets.", "duration": 15.0}, {"path": "cfe2656d9b742e3743835cfde245c60a_79.wav", "text": "The question we're 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", "duration": 15.0}, {"path": "c433164f6d189e18b1e4784e376b6ecb_86.wav", "text": "Thank you, operator. Before we get started, please note that some of the comments today that are not historical facts could be considered forward-looking statements under federal securities laws and are based on certain assumptions and expectations of management.", "duration": 15.0}, {"path": "30710391b8ab4cb549180602d31d4f4a_88.wav", "text": "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.", "duration": 15.0}, {"path": "7394bde65e000fbb7b528c6c65bd099d_64.wav", "text": "Our storage business continues to operate below plan as many customers and potential customers are utilizing real storage in lieu of the caverns. We're continuing to work on additional contracts for this storage season, which we need to be in place by September time frame to benefit this year.", "duration": 15.0}, {"path": "bab12f620df0f367e74acdcc467686f1_212.wav", "text": "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.", "duration": 15.0}, {"path": "fcabfedf41ab18064a96d393869e4d4e_32.wav", "text": "So how do you -- how should we look at it from a 2-, 3-year perspective? Will it sort of stabilize and probably increase in line with your other expenses, or your advertising and publicity will tend to be more like a percentage of revenues?", "duration": 15.0}, {"path": "1d2ff648e4a30fa5555a7ab85bf60190_59.wav", "text": "the overall structure longer term because we're also differentiating and strengthening our product line as we go. And we would like to see more in terms of these project sales with the turnkey solutions and integrated pieces in those projects.", "duration": 15.0}, {"path": "3df0981a2d94ed56170b78330aa72ee9_153.wav", "text": "the warehouse to pick for e-commerce, which breathes more life into them. So this is a evolving story, Vivien. And the outlook is not perfectly clear because the economics of many of these new digital channels", "duration": 15.0}, {"path": "cd1773ea94a046c0a36b679e2efcee9f_50.wav", "text": "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 environment.", "duration": 15.0}, {"path": "98f10f0935e5b778e888a1b8130a3d31_89.wav", "text": "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. We've said that", "duration": 15.0}, {"path": "b305bff75f28d238f0bd7da5bd4f13b8_79.wav", "text": "and now enabling all of the different product calls you need to connect with the different devices, to enable Binaural VoiceStreaming and get to the best audiological performance.", "duration": 15.0}, {"path": "567a41009710fa1568bb8125213bf9eb_81.wav", "text": "One of the primary drivers of resolving our distressed loans is re-performance through modifications. Since last year, we have heightened our focus on using modification programs and have generated", "duration": 15.0}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_76.wav", "text": "And we are also pursuing a broad approach to recyclable cups. We have long espoused the importance of companies doing well by doing good, and we will not waver from our focus and leadership position in sustainability.", "duration": 15.0}, {"path": "7cf9ea093ccaf8fe8af51c4e00832372_58.wav", "text": "We believe that we have developed the claim department structure and process, that combined with the highly trained and centralized staff, provide the foundation that allows us to build on our success in the area of transportation.", "duration": 15.0}, {"path": "ef44080b170ca6366a6d3132d0baf11a_55.wav", "text": "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.", "duration": 15.0}, {"path": "63d825666ef6527fd7e4f26e728a4e61_100.wav", "text": "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?", "duration": 15.0}, {"path": "9b697782ea80be97854f35d6fc62c93a_214.wav", "text": "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.", "duration": 15.0}, {"path": "333d478ab06fd400afafa68f4a952191_128.wav", "text": "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?", "duration": 15.0}, {"path": "61a1812ea55a4d676119b4f3d7cd6c10_27.wav", "text": "either in the cloud or on the apps processor. And they're finding more and more applications that can fit in this processor. So as you go throughout the year and the products are introduced, we'll talk more about the use cases, but they, for sure, are expanding.", "duration": 15.0}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_111.wav", "text": "in our case, as we look at the market from a quarter standpoint, we know exactly the units that we shipped. We obviously know exactly the revenue that we generated. We have very high specificity around what the inventory levels are in the wholesaler channel,", "duration": 15.0}, {"path": "3877b1983229ec488c6349a188bccf92_214.wav", "text": "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 in their day-to-day roles to continuously optimize their spend based on the most current data.", "duration": 15.0}, {"path": "382e3c8eda678694c6368e00f19c8881_39.wav", "text": "I'll begin today's 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, I'll return with a few concluding remarks before opening up the call to questions.", "duration": 15.0}, {"path": "4311782968e936c378fdee8946cd9cca_115.wav", "text": "And then the third one is, whether this is right or wrong, it's just very difficult to be in this space without having a brand really in a traditional university in a traditional campus that's rooted in a physical location.", "duration": 15.0}, {"path": "bfb0fac9575cd0820a660f2577199468_145.wav", "text": "How does that change going forward? How does the industry -- and you're 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 other than the peak of the 7-year cycle?", "duration": 15.0}, {"path": "e35fae1d3df1f7aeda409f90f200ec7b_133.wav", "text": "The emergence of new distribution channels offers the potential for our brands to reach more directly and deeply than ever before. You've heard us talk a lot about the investments we've made across these channels, and I'll come back to these later.", "duration": 15.0}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_106.wav", "text": "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 acceleration in the new business", "duration": 15.0}, {"path": "6a45749d272884d2809fa70f7807250c_91.wav", "text": "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.", "duration": 15.0}, {"path": "125388f1b45117acde70abc39e0f7d04_102.wav", "text": "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 to make GME a growing and diversified company.", "duration": 15.0}, {"path": "10ad32c5e0559c879e032faaf3148ab4_49.wav", "text": "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.", "duration": 15.0}, {"path": "a968612b5d51d3df12aad60dde8e1e41_67.wav", "text": "Regarding our second objective, which relates to our pipeline portfolio of innovative 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.", "duration": 15.0}, {"path": "30a142fac5a62ab00227cb6a339a6226_177.wav", "text": "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.", "duration": 15.0}, {"path": "24a2aec67e247f9c4d4cc89d6dbab525_81.wav", "text": "Despite all the noise during the quarter, we're 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", "duration": 15.0}, {"path": "76b892bf017891d7028256847747227c_52.wav", "text": "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 our countercyclical investment strategies.", "duration": 15.0}, {"path": "3043e7527da9e59e29b7412cafeb9d80_89.wav", "text": "I should add that the majority of the assets that we have closed or are under contract were secured off-market, thus avoiding competitive option like bidding. This is a complement to our ongoing efforts to further develop our relationships throughout the industry.", "duration": 15.0}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_34.wav", "text": "and hang on to the business that we have. And they also don't want to see antagonistic relationships, where we have multiple suppliers of the same product that have to compete through our channels. So", "duration": 15.0}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_39.wav", "text": "they'll ask us to look at that. So it's really -- it's a little bit of a 2-way street. A lot of our opportunities come from client-driven needs that they're talking to our account management and sales team about all the time.", "duration": 15.0}, {"path": "2ddcbcc22b1b6524d53dab890b104647_104.wav", "text": "but we still want every quarter to be at a certain number and that I thought we were a little disappointed that we didn't get to the double-digit number, and we did see actually a slowdown post Diwali.", "duration": 14.97}, {"path": "4fdbfd9eec396928550d0c799e170d34_102.wav", "text": "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", "duration": 14.97}, {"path": "62d981deed6d5128615c99d1597178b6_198.wav", "text": "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 change starting with our first quarter reporting.", "duration": 14.97}, {"path": "a93681c92a0b9c04743f541a54b180c7_34.wav", "text": "So you were talking about O2O, and you were talking about advertisements, but that's an area of your strength from the past. So for financial services and its monetization, as you strive to make progress, I think there's a lot of still missing pieces.", "duration": 14.97}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_23.wav", "text": "the first changes we've made to focus the business -- the storage business where we are dedicated to making sure that we decline less than a market that is in secular decline,", "duration": 14.97}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_188.wav", "text": "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 who'll continue to do so with the cleanup efforts that lie ahead.", "duration": 14.97}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_166.wav", "text": "ship out your products. However, if your products can not be sell-through, 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.", "duration": 14.97}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_260.wav", "text": "when the market changes very fast, you don't want to be caught unprepared. For example, when it starts raining, you suddenly realize you don't have your umbrella or the bucket, then that -- you have a big problem. Regarding your second question,", "duration": 14.97}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_247.wav", "text": "But I think the one point we can make is we're starting to see that we get sort of a better grip on and visibility on what the overall pipeline looks like, and it is gradually coming down. And I think that's", "duration": 14.97}, {"path": "6a927d8b7734e7ddd8ffd264fa1020a6_52.wav", "text": "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 Honda's business operations during the period.", "duration": 14.97}, {"path": "0f4370b614f29bd596e4f6871cc77864_219.wav", "text": "When we publish our third quarter actuals, we will also be updating our first and second quarter non-GAAP 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 software acquisitions", "duration": 14.97}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_125.wav", "text": "you have a very good idea of what the traffic patterns are now. So going forward, we shouldn't see more of these changes in the -- as dramatic a change in the mix as you've seen in the past? And you start to see the benefits of some of the circuit costs you spent?", "duration": 14.97}, {"path": "da14df2e02d11f6f8599533d9d57faee_168.wav", "text": "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.", "duration": 14.97}, {"path": "ea97a179f1be386d6cd36637ae70a1fc_129.wav", "text": "such as corporate 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.", "duration": 14.97}, {"path": "49a78c1ec143d9ac46e893e77198c0e3_188.wav", "text": "But on the other end of that spectrum, older dogs, dogs with chronic diseases, they have inappetence 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.", "duration": 14.97}, {"path": "65b48a7260ef038ff1bec3cc200331c3_78.wav", "text": "as well as our performance during the third quarter and year-to-date, 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", "duration": 14.97}, {"path": "b8cbc11bbdc49ca206588e2a99b0f733_115.wav", "text": "Such forward-looking 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.", "duration": 14.97}, {"path": "a8b43081254547419da7462d9c957d61_184.wav", "text": "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 a higher per well cost and that might be bringing up the average. But wanted to get your thoughts there.", "duration": 14.97}, {"path": "6a372ea97b0b130a4d37f16b54d97909_121.wav", "text": "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 high-margin growth software company.", "duration": 14.97}, {"path": "b281eff988085e0776dc8a10223f1048_12.wav", "text": "for a protocol violation, after he received an unrelated vaccination for shingles just before his second dose of SEL-212. His uric acid level had been fully controlled over the first month.", "duration": 14.97}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_71.wav", "text": "Having been in China since 1999, 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 long-term success.", "duration": 14.97}, {"path": "c3567809c19ce6a800677544cd84f88b_229.wav", "text": "But of even greater longer-term importance is the work we're doing to make our marketing more effective. Diageo has marketing flair. Our teams create great marketing campaigns to drive the growth of our brands,", "duration": 14.97}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_149.wav", "text": "So it's a combination. There's just not one easy answer. And I can tell you, we're very dedicated to those practices. Those geographies are very important to us. We have outstanding clients in those areas.", "duration": 14.97}, {"path": "ab4dae37361262d727d1d2f8f78765d5_238.wav", "text": "So as is clearly illustrated, loading operations on 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", "duration": 14.97}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_110.wav", "text": "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 kind of entering a stage where our assets are a bit better utilized.", "duration": 14.97}, {"path": "915bdcf0edfec49b928ca4010cbb40ca_116.wav", "text": "At the beginning of July, we divested our household cleaning segment. The transaction is accumulation of many strategic actions we've taken over the last 7 years towards becoming a focused and leading consumer healthcare company.", "duration": 14.97}, {"path": "8b2f9d78b826db37ca84dae4d193d8a3_8.wav", "text": "that started to ship in June. We believe, given the 6-month 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.", "duration": 14.97}, {"path": "ba5f13bb75329629d0c070c9014ff4f0_0.wav", "text": "please be advised that this conference call will contain statements that are forward-looking 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,", "duration": 14.97}, {"path": "1949bd0c9c4c23d495d880c4c552bfe1_38.wav", "text": "to work for less than their peers at other airline. We're not going to do that. So yes, we're going to sign contracts. When we sign them, they're going to be at those levels and yes. And no, we don't expect that", "duration": 14.97}, {"path": "fb817a6cc685a3fd0f003456dd641c01_187.wav", "text": "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 that's where the misses came, Steve.", "duration": 14.97}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_266.wav", "text": "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.", "duration": 14.97}, {"path": "77d2dd6d5e46cc8a8e80809305b60208_184.wav", "text": "All of the details, by the way, are available on the Form 4s 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 performance-based grants", "duration": 14.97}, {"path": "98bbf1693b5a53e7f02d890a8dca876a_10.wav", "text": "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.", "duration": 14.97}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_75.wav", "text": "So with that, I just tell you, I think he is an ideal candidate to take over that role from our really long-standing Kamillo Kitzmantel that made an excellent job representing that company", "duration": 14.97}, {"path": "66b25c60d952bd002c7ab20da9248086_136.wav", "text": "is this -- the opportunities is more and more like a credit card kind of portfolio. And one of the attractive aspects of a credit card portfolio is actually you've got a high average credit score relative to the yield", "duration": 14.97}, {"path": "fb03ff65af8e5f80abd090abeaf767cf_87.wav", "text": "In South Dakota, a bill requiring every school to have a safety plan and lockdown drills pass committee. In Indiana, the state senate is voting on a proposal to create a handbook of safety precautions schools can follow.", "duration": 14.97}, {"path": "9dc19bfa451bc1278b7136420493f84d_35.wav", "text": "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 it's an advantage to be able to move in areas that we need as we go into the next crop season.", "duration": 14.97}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_148.wav", "text": "And so these are technologies that they'll turn off in very dire times, but they will end up turning it back on because it's not very smart economically to have these turned off for a long period of time because you're going to be basically blow out your pipe.", "duration": 14.97}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_42.wav", "text": "The other area I think would be just kind of world economic health. I don't think the world's going to turn to recession, but it's kind of a flaky world right now, and it's almost a binary, things turn on and off", "duration": 14.97}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_30.wav", "text": "So customers with that profile are hidden. Not everybody gets to them, but we do. So that's basically it. We are going to places where we understand that", "duration": 14.97}, {"path": "2cd5b184c2ef6624ce219830182927c9_40.wav", "text": "Also, we have a continued focus on safety and reliability. We have an unwavering commitment to top quartile safety performance and reliability, so we want to create value for not just the shareholders but our customers and our employees as well.", "duration": 14.97}, {"path": "49dfadfb9a3d4d27ac250602928cf9ea_7.wav", "text": "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", "duration": 14.97}, {"path": "1378aabd380e63d3f89fe0e445fc8b06_59.wav", "text": "That's 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.", "duration": 14.97}, {"path": "8f92dfb06900be4f209f31f24cb885fb_41.wav", "text": "Today's remarks may also include financial measures that were not prepared in accordance with U.S. generally accepted accounting principles. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in our earnings release", "duration": 14.97}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_174.wav", "text": "I just had a quick follow-up one to the -- a few questions ago on the capital recycling. I was just wondering if you could discuss, as you go forward and you're more balanced in terms of dispositions versus -- and the uses of those proceeds, what do you", "duration": 14.97}, {"path": "bcb3aac2c7cc035961d9ee8cfd330044_68.wav", "text": "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 you're always going to have a lag time as recruits pull through the licenses of a quarter or so.", "duration": 14.97}, {"path": "3ae068efa03cd088f4d3edea682f199f_9.wav", "text": "Although we set what I felt was a low bar of attaining historical job-to-date productivity at the end of the second quarter, we experienced slightly lower productivity than historical performance in Q3 and took an additional charge.", "duration": 14.97}, {"path": "b1a98885c1d81414cdc122e807760faf_114.wav", "text": "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.", "duration": 14.97}, {"path": "b35398859e534e471fb1cd60f5baac20_42.wav", "text": "And it's doing it all at a price point which allows us to show fantastic leasing spreads, but still be very significantly below new construction costs, while at the same time", "duration": 14.97}, {"path": "eb93e70cdf7a839a69546250fb3646fb_114.wav", "text": "I'd like to remind you that during this presentation, you'll hear some forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances.", "duration": 14.97}, {"path": "1bb9219ad31877175e18e8e48ff2f63c_99.wav", "text": "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.", "duration": 14.97}, {"path": "027d36b67ee5bba934695b2d0c47eb08_12.wav", "text": "you're going to be increasing your capacity toward the end of the quarter, correct? And so I'm wondering what kind of discussions you're having about market penetration with your salespeople.", "duration": 14.97}, {"path": "f314d55f20e7186f4cd0e41e32ec144b_114.wav", "text": "Second, 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.", "duration": 14.9699375}, {"path": "4fdbfd9eec396928550d0c799e170d34_108.wav", "text": "and an increase at our Trinidad plant due to an increase in volume of water delivered to our customer resulting from the plant expansion completed in 2016. The increases were partially offset by lower revenues at our BVI operation.", "duration": 14.94}, {"path": "b28b60cd77c97aadb361896b0eb570a8_121.wav", "text": "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", "duration": 14.94}, {"path": "f0dd7e4dad969b480d0d2a70609aedba_173.wav", "text": "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.", "duration": 14.94}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_197.wav", "text": "where it's a lot easier to create product innovation and find more dynamic solutions for business owners. But we haven't seen that happen yet, but hopefully we will see that over the next few quarters.", "duration": 14.94}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_192.wav", "text": "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.", "duration": 14.94}, {"path": "f2cd7d3ddaf92ab9c64154d74b2d118a_72.wav", "text": "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.", "duration": 14.94}, {"path": "e8a2a593282199ea052f788b8fead64b_69.wav", "text": "As more and more of these contracts are transferred to us, we are able to increase our responsiveness and profitability. It is expected that at the current phase, however, it will still take several quarters to wrap up all of the assignments.", "duration": 14.94}, {"path": "6838b008f3efe8575b83cde089459d33_50.wav", "text": "The parent's 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.", "duration": 14.94}, {"path": "c4dc8f962a85aa47af50f82845f550e2_7.wav", "text": "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,", "duration": 14.94}, {"path": "82218f543c9a546c4baa5323f250b39f_214.wav", "text": "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,", "duration": 14.94}, {"path": "ff2d1613ef8b55cc55bec6e266f6cfc2_23.wav", "text": "either conservative in nature or really didn't have a lot of revenue associated with them. So as we've gone through the process, we've not seen a big change in our long-term outlook. Of course, like almost any other company, we're running", "duration": 14.94}, {"path": "d4d2bcc69eeb01cb739c3c86ba8816df_108.wav", "text": "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.", "duration": 14.94}, {"path": "6f2c2a55736c5c47a19eca807ec60e33_62.wav", "text": "Our last question is, will we be providing guidance for fiscal year '18? Revenue and profitability guidance is a difficult challenge, especially, when you're pursuing significant opportunities with new customers.", "duration": 14.94}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_280.wav", "text": "for strategic deals if I'm 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", "duration": 14.94}, {"path": "171fd9df333ddd814c764843ed624121_145.wav", "text": "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.", "duration": 14.94}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_65.wav", "text": "We are now also starting to really take this out to the clients. We've already seen the pipeline for Entrada begin to grow. And we've certainly are now excited to be able to bring an analytics offering to the table as well.", "duration": 14.94}, {"path": "f4d0f1362716be33f02690dd1a8df663_76.wav", "text": "Nonetheless, our general consumer products fared very well overall. The year-on-year decline in sales primarily reflects the impact from the closing of a business at one of our subsidiaries.", "duration": 14.94}, {"path": "b96165244f010b3f1e61cbbc5e504d96_99.wav", "text": "stay focused on delivering what we're talking about here in the back half of 2018, first and foremost. We're 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.", "duration": 14.94}, {"path": "ade68f8add7249890d086ecf4b5b8cab_50.wav", "text": "in 2016 compared to 2015. This is encouraging and 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.", "duration": 14.94}, {"path": "4510e2aa4676c7a10c96df3f4ebf2beb_62.wav", "text": "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 strategic plan to develop proprietary product lines in key targeted markets.", "duration": 14.94}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_135.wav", "text": "During this call, certain statements we make will be forward-looking. I want to call your attention to our safe harbor provision for forward-looking 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 forward-looking statements.", "duration": 14.94}, {"path": "9b93af1e7019959620214c387f283d8e_142.wav", "text": "When we approached 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 we'll be selling to.", "duration": 14.94}, {"path": "9b93af1e7019959620214c387f283d8e_34.wav", "text": "the one I mentioned, Sihl was on Sage X3 is the name of their ERP, we have to build those connectors. We've gotten good at that. So the fact that we could get a company like Sihl up and running actually live with customers in just under 8 weeks and do a connector", "duration": 14.94}, {"path": "e2c02e1788cb10703d7611ef157f8135_215.wav", "text": "would be to try to get to at a cost basis of closer to 4% over the course of time. I'm not going to burden the new CFO with that expectation. But I think if you go back and look at some of our statistics,", "duration": 14.94}, {"path": "c3567809c19ce6a800677544cd84f88b_111.wav", "text": "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.", "duration": 14.94}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_208.wav", "text": "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.", "duration": 14.94}, {"path": "10728656364812338b7417b035dae4c4_76.wav", "text": "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.", "duration": 14.94}, {"path": "526e0d5398a516831b49936c31a8ea1c_60.wav", "text": "On the Susquehanna-Roseland project, we demonstrated our ability to cooperate with multiple state and regulatory government agencies and to partner with a neighboring utility, which built an additional 50 miles of transmission line in New Jersey as part of that project.", "duration": 14.94}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_245.wav", "text": "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 growing from a small base so I get excited about higher growth rates.", "duration": 14.94}, {"path": "0ec0a75c1800bac01520dcac5b8992fb_61.wav", "text": "Turning to Slide 9. As we look to the future, we are excited to be a leader in this industry. With our diverse portfolio and leading market positions, we see many catalysts for continued profitable growth.", "duration": 14.94}, {"path": "9b697782ea80be97854f35d6fc62c93a_227.wav", "text": "but we are doing what we said we're going to do. We think our business is -- our business, underlying business, is sound and we think we're well positioned to continue to deliver strong growth in a challenging environment. And Andrew, it builds on the success and you could see the trend as we play through the year,", "duration": 14.94}, {"path": "f875d701e5a9dd5ab745c8380c02cc3a_10.wav", "text": "What I think we can say is, tipi continues to demonstrate a very high level of clinical activity in this population. And we're doing everything we can to try to pursue all options for accelerated development.", "duration": 14.94}, {"path": "741526dd2a3db996d2f22f4bcdae4be6_80.wav", "text": "This renewed and extended commitment from these leading institutions and the additional flexibility under the credit agreement provide a great runway for the company to continue to pursue its long-term growth strategy.", "duration": 14.94}, {"path": "741526dd2a3db996d2f22f4bcdae4be6_58.wav", "text": "Thank you, Peter, and good morning to everyone joining us on the call. It's 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,", "duration": 14.94}, {"path": "1c7b9fe66120faecd8217e1df394005c_17.wav", "text": "And that actually includes the cost of building out the residential mortgage business. That cost, we're not really going to see much recovery of our expense there. It's a little bit of lead time as you build that out. We've brought in a really talented team from Astoria", "duration": 14.94}, {"path": "92bf6fe090b6bc565cb500b688fd9173_73.wav", "text": "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.", "duration": 14.94}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_6.wav", "text": "As we announced earlier in the year, we no longer sell our paint products to Mitre 10 New Zealand and are now aligned with Bunnings in big box hardware retailing in New Zealand. The transition occurred later in the year and resulted in a modest decline in profit for the New Zealand business.", "duration": 14.94}, {"path": "bc3fa49aaccfacb1392855627864851e_62.wav", "text": "We appreciate your continued interest in LGI Homes. During today's 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.", "duration": 14.94}, {"path": "22a55e362dd67dc8f7cd40f7ec8d62c1_118.wav", "text": "Is that -- I mean, you mentioned some of the drivers. But I mean, is a lot of this just the pipeline and work is good, the new products are good? And I mean, do you think we're just in a period that might be a little better than normal over the next couple of years?", "duration": 14.94}, {"path": "4721d5a2e7061d90a4e4e4768adc2486_61.wav", "text": "We continued 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.", "duration": 14.94}, {"path": "aa14e40ba684ff629fa9635314cea11e_4.wav", "text": "As you may recall from prior announcements, Don recently accepted this new assignment, which is focused in part of preparing our company to effectively execute the operational product and cultural integration of winning new acquisition that might take place in the future.", "duration": 14.94}, {"path": "a0d537badd260e2071136602e3b73b26_122.wav", "text": "But they're a little bit wider spreads. They're a little bit less leverage. We've 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 we've designed our program the way we've designed it.", "duration": 14.94}, {"path": "09b5b62d328d3d0719b6825357fdfb48_235.wav", "text": "We expect in the next 90 days to be able to make announcements and discuss some of the things to achieve the goal 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,", "duration": 14.94}, {"path": "95303f68781d6fb58e19ec1dc7785a7c_66.wav", "text": "The majority of this cash is earmarked for future debt reduction and share repurchases. We consider that the success we've had with the disposition program has prefunded these strategic priorities.", "duration": 14.94}, {"path": "9fb4423a70358ef22be9982299969f7a_121.wav", "text": "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.", "duration": 14.94}, {"path": "5b331cf4e6f62ec9a9c30a4728e36054_161.wav", "text": "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 law is very clear that we were entitled to rely upon the opinion of legal counsel.", "duration": 14.94}, {"path": "0f8a61f667edd9a400d7abe2a7908a9e_78.wav", "text": "Our marketing team has also assembled a large group of nationally recognized key opinion leaders into a trained speakers bureau, which will educate chartered nephrologists and endocrinologists on appropriate use of Rayaldee. As a reminder,", "duration": 14.94}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_69.wav", "text": "I think the second perspective that we've developed as a senior team here is because it's more fixed than variable, we actually need to find ways that in good times we create more margin expansion and more leverage.", "duration": 14.94}, {"path": "f268a8174f58c93ad6b45b7f151fe896_229.wav", "text": "One of the most important things that we're doing in the company is our fleet -- refleeting that Express. And if there's possibility to accelerate that, it's the highest return project that we have out there and it's something we would look at.", "duration": 14.94}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_100.wav", "text": "can you talk about the sustainability? I understand it's more driven by you rather than the end market, but once you get into the space and once you're an approved vendor, why should this trend not be sustainable, say, over the next multiple quarters?", "duration": 14.94}, {"path": "0b7afb66a39a4c81151309bacc830c60_9.wav", "text": "Let me walk you through a handful of these capabilities to illustrate how we're being responsive to the specific needs of the technology industry and differentiating ourselves in the market.", "duration": 14.94}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_193.wav", "text": "Digital gaming continued to be a solid segment, although slower growth in some of our publishers. The Kongregate segment provided some growth in the quarter, and we expect strength in our DLC segment in conjunction with new software launches throughout the year.", "duration": 14.9100625}, {"path": "2f888e63a31b86cc2f4f97710e8eed79_24.wav", "text": "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.", "duration": 14.91}, {"path": "d28b2b09c127b5be033738aa3cd380b3_18.wav", "text": "And while our focus on traditional retailers remains core, we are seeing strong progress in e-commerce where sales are up ahead of our objectives at more than 30% for the fiscal year having accelerated into the fourth quarter.", "duration": 14.91}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_8.wav", "text": "The key components of the impairments and unusual items are outlined on Slide 7 of our investor presentation, and I'll talk briefly to the key -- to each of the 5 categories in the table.", "duration": 14.91}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_136.wav", "text": "posting a revenue improvement over the second quarter of 11.2%. As you have heard, the future of Fred's Pharmacy is centered squarely on healthcare and is driven by our retail and specialty pharmacies.", "duration": 14.91}, {"path": "67716cee321d117b0318930dd142f06a_137.wav", "text": "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.", "duration": 14.91}, {"path": "4b7945dd823dcbc0b2724efa66393673_210.wav", "text": "very strong eCom growth. And so it's a year that we were in most cases very happy with. We try to the best of our capability to be very transparent to you and tell you what we think goes well and not well and we hope that it allows you to make a better decision. But I would also", "duration": 14.91}, {"path": "66c9091ba849cdb6d64987642ced64d2_49.wav", "text": "however, this segment was unfavorably impacted by the severe weather in early January and the series of nor'easters in March, which contributed to a decline in the regional segments financial results compared to last year.", "duration": 14.91}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_83.wav", "text": "These range improvements were a key driver of our seasonal performance with Christmas cards, wrap, gifting, seasonal WIGIGs, diaries, calendars and decorations all delivering a strong performance over the Christmas period.", "duration": 14.91}, {"path": "23eff4c724ee00f56319fcc47add3441_135.wav", "text": "We've seen other signs that there is some softness in some other areas of the core market in Europe, where it's very difficult for us to really have good guidance, and how much of that is absolutely the market versus absolutely our integration activities. But", "duration": 14.91}, {"path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_107.wav", "text": "As has been our norm, I'd like to begin with an overview of our financial results for the quarter and then discuss markets and strategy. Then I'll turn the call over to Vikram Jog, our CFO, for a more detailed financial review before offering closing remarks and taking questions.", "duration": 14.91}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_0.wav", "text": "at appliedmaterials.com. And now I'd like to turn the call over to Gary Dickerson. Thanks, Mike. I'm 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 company's history.", "duration": 14.91}, {"path": "acac17023d3f7225f1d7a0cbc8e5b7d3_181.wav", "text": "growing ahead of the market, that I think there's no doubt about it. We're also coming from a position which I think is important to understand where we have -- we are not distributed in the area that we really needed to. The evolution of the omnichannel and digital is helping our growth rate,", "duration": 14.91}, {"path": "655d592e9d1b1027f1824b1554d8b131_128.wav", "text": "which was paid on October 3. This quarter's dividend increase follows the 16.7% increase announced in February and is the third dividend increase since we completed the Lorillard acquisition last June.", "duration": 14.91}, {"path": "7ec19aea307c76d4a57fa87368305630_54.wav", "text": "Let's begin with the quarter. We're now about halfway through executing the financial strategy we announced 18 months ago. As this quarter's results show, we're making solid progress on key aspects of our plan, and we're on track to meet our goals for the year.", "duration": 14.91}, {"path": "6e3037e770ba5e0dfc98e3223986aad2_7.wav", "text": "We believe a large part of what drives retailer performance in these community shopping centers is their increasing differentiation from super regional malls, which are increasingly driven by leisure and entertainment or day-out type shopping.", "duration": 14.91}, {"path": "9c1272d9d120c5bfafd6e6b566f89b62_224.wav", "text": "so it's paperless. But it's 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.", "duration": 14.91}, {"path": "3aba3f0bef57d2f71dcc573a0fb198ed_166.wav", "text": "We are excited to have Gates 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.", "duration": 14.91}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_29.wav", "text": "some of the challenges they have there and some of the solutions that we provide. So it's 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.", "duration": 14.91}, {"path": "c67af59ea29f4e80b8eeede6e730658e_40.wav", "text": "customers love to come in and just like go and have fun in. And George is putting processes in place and consistency. But at the end of the day, it's about making the store experience great. And I'm really pleased with the progress our operating team's made, and", "duration": 14.91}, {"path": "3df0981a2d94ed56170b78330aa72ee9_57.wav", "text": "So believe me, we will make the right decisions. But at this point, it's 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.", "duration": 14.91}, {"path": "2a7d7f3eb6960e631743ca5a0d86461f_5.wav", "text": "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 through the floor on 98% of the loans with floors.", "duration": 14.91}, {"path": "b94d748876ddf8e881d4191dec45baf3_79.wav", "text": "There's 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.", "duration": 14.91}, {"path": "02deeb29574f1571812a11f66bb8fda1_6.wav", "text": "First and foremost, that is a great segment of the market that's 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 -- we're positioned with customers in that market.", "duration": 14.91}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_138.wav", "text": "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 U.S. and foreign locations,", "duration": 14.91}, {"path": "ab4dae37361262d727d1d2f8f78765d5_25.wav", "text": "The programs has so far generated more than 1,300 ideas and initiatives with individual initiatives benefits ranging from thousands of dollars to multimillions over fiscal year '17 and beyond.", "duration": 14.91}, {"path": "9e8690a521142359001a137074905535_203.wav", "text": "we haven't had any discussions specific about that. But that question has come up from people. I got to tell you, for all the hard work that we've done, I just don't see how that makes sense right now when we're so far down the path.", "duration": 14.91}, {"path": "ba5f13bb75329629d0c070c9014ff4f0_12.wav", "text": "I won't give you any more details than that since the customer is still analyzing the bidders. And there's another one we will be bidding in about a month, which is equally as big.", "duration": 14.91}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_155.wav", "text": "to our capital by virtue of a higher tax rate. And therefore, while we did all of our analysis, assuming that there's not going to be any changes in metrics, you would have to consider that, that benefit to the strengthening of, effectively, our after-tax reserves is something that would be considered into what would ultimately be deemed", "duration": 14.91}, {"path": "b3d7bc295d09d9927e465213612c0192_115.wav", "text": "So I -- it's a little bit hard for me to commit to that, although I think there is one customer that is desirous to press release with us on what they're doing at 300-millimeter. But for the most part, I think it's just to track the revenue and listen to the calls, watch the numbers.", "duration": 14.91}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_4.wav", "text": "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 double-digit earnings per share growth in each quarter of the year.", "duration": 14.91}, {"path": "059024560d9d1039cf08746ee7393114_49.wav", "text": "The judges said it best. It would not be an overstatement to say that the pressure for reform from USA TODAY's reporting has significantly reduced the possibility of a public health crisis.", "duration": 14.91}, {"path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_46.wav", "text": "One other thing I would add is we're not seeing the adoption of scrubbers at the pace that we anticipated a few months ago. I think it's been much", "duration": 14.91}, {"path": "c5120d9702331edaf23bb6e639df0a70_96.wav", "text": "Without control, you cannot safely harness the benefit of IL-12. 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.", "duration": 14.91}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_86.wav", "text": "And these markets are not always that easy to work in. So that means market-by-market, we need a little bit different strategy, but I come to that later. So", "duration": 14.91}, {"path": "5c601f5318d5dcbe20fdd78f19c2b277_58.wav", "text": "The fourth quarter was one of sustained momentum for Redwood across our business lines, despite the market-wide volatility we saw towards the year-end. We took advantage of attractive prices, adding several line items to the portfolio at compelling levels.", "duration": 14.91}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_81.wav", "text": "While line extensions and close-in 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.", "duration": 14.91}, {"path": "64364105b816dd0b6a029e9cd210e65b_210.wav", "text": "we are optimizing our marketing efforts of the life sciences products within these businesses by now leveraging the international brand strength of the Extract name for all life science sales and marketing efforts across the globe on a go-forward basis.", "duration": 14.91}, {"path": "383cf39e54475c8a25af2af7b35c6f2e_123.wav", "text": "which is good for Finning. I mean, we're 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 haven't had a lot of details on where they're going to spend it. So", "duration": 14.91}, {"path": "a0fe48ba783b94dc7e5b0201aba7c1cb_145.wav", "text": "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 skipped the race entirely.", "duration": 14.91}, {"path": "ebd59e21db89edb92205e012427cd9db_189.wav", "text": "to mitigate oil production and in fact, increase production out of our remaining oilfields. They are attractive investment opportunities at this oil price and we've taken our time to really mature those prospects to where we're now very comfortable in growing them.", "duration": 14.91}, {"path": "b0d88c0f1efca89ecb928172341dc75d_230.wav", "text": "And unfortunately, the competition figured this out and it's been stealing share, so we've got work to do. And then the third one that we pointed to was Wish-Bone. Now this is a big category. It's also a great brand. But frankly, it has not benefited from enough disruptive innovation.", "duration": 14.91}, {"path": "2cd5b184c2ef6624ce219830182927c9_378.wav", "text": "This is a good example of the type of work that our origination team is doing to meet the needs of these customers. They're trying to customize products that work specific to their needs around energy management. We are well positioned to", "duration": 14.91}, {"path": "0702a77635d50ec3b154df61456c1b63_97.wav", "text": "But I think what gives it us is that there's opportunities that we see in there where through the -- perhaps the ROFO that we had as part of the midstream transaction, and some other activities that other parts of the organization are undertaking", "duration": 14.91}, {"path": "a98061f951c1b2c7a915e296098bc4de_74.wav", "text": "the market would give us funding at a price that's not significantly higher than what we have in our plans. So we will be opportunistic and wait for the spreads in the market to", "duration": 14.91}, {"path": "523cf294ec146d5411972168b1c10f09_39.wav", "text": "we are unable 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 fifth-largest customer filed a voluntary petition for reorganization.", "duration": 14.91}, {"path": "ebb371780b97ae7f2172f242fbdc5c7c_27.wav", "text": "These result were achieved under market condition that have yet to show significant sign of improvement, not mentioning the challenge of working is a low selling price environment in our industry.", "duration": 14.88}, {"path": "ab861b81968e1b5fcb606ed886919d68_55.wav", "text": "The investments in Capital Contractors, Garden Fresh and Gerli 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.", "duration": 14.88}, {"path": "a93681c92a0b9c04743f541a54b180c7_166.wav", "text": "So various pieces of data acquisition is what we are trying to do. We're working hard to do so and we're trying to look at a variety of options. Ozawa-san, do you have anything to say? Are you talking about POS data for example?", "duration": 14.88}, {"path": "3557b21a45c35e71e82cc43b19977855_224.wav", "text": "from an ongoing EBIT standpoint it is not really going to have an impact. As far as further reducing costs on that business, all those costs are really contained in Irapuato, and there was very little cost here dealing with that particular issue. So I don't think we're going to see anything", "duration": 14.88}, {"path": "c9ecd6e0347cbf5fe881201a5e803fb3_167.wav", "text": "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", "duration": 14.88}, {"path": "1f1b29266d2cede9b8f0f06ca57aae17_179.wav", "text": "generally, you're going to have deleverage, and you're going to have excess labor, maybe excess food, although we don't usually -- we have multiple deliveries a week, and so we don't usually have a problem unless we are closed because of a snowstorm for multiple days. But there's no question about it. When we have predictability", "duration": 14.88}, {"path": "13220986bf30f26076a674e2a9edc89c_219.wav", "text": "at that point because it's 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 from the tax reform?", "duration": 14.88}, {"path": "67716cee321d117b0318930dd142f06a_226.wav", "text": "So a good portion of it is more of the kind of stainless flat rolled where we have followed the market trends more from a pricing standpoint. But then we've also got a lot of stainless long products in there, a lot that goes into energy.", "duration": 14.88}, {"path": "8bbc2f54137b794265dfb01f1559868d_95.wav", "text": "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 lab systems,", "duration": 14.88}, {"path": "044da592acc01ff7baacb3dbf2a302a9_189.wav", "text": "Well, they're going to -- it's going to largely vary. We're training the competitive surgeons because as we put a robot in, they need to get trained on it. And what you're also seeing reflected in our new numbers, Bob, is as they get a new robot, one of the first steps, if they are a competitive account", "duration": 14.88}, {"path": "044da592acc01ff7baacb3dbf2a302a9_157.wav", "text": "in that leading association, who were really excited because they see this combination as very, very powerful for them. So when a customer gets excited about the combination of competencies, that's always a good indicator that we're going to have commercial success.", "duration": 14.88}, {"path": "78c85dc9a16f82b09d3a2363004e658d_54.wav", "text": "Customers are deploying all modules of the BIM 360 platform, and I am excited to share that large customers like AECOM, Arcadis, Swinnerton and Layton have already started adopting our new platform, and we look forward to more customers doing the same.", "duration": 14.88}, {"path": "3121e8f4a75758834d32a9e4e0555221_61.wav", "text": "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 especially notable in Texas.", "duration": 14.88}, {"path": "3d2a6b6fb3bd6590fccc401d58e7942d_13.wav", "text": "The increasing influence on patient navigation is in the center of that initiative. And patient navigation in the middle of Hesse and in the north of Hesse,", "duration": 14.88}, {"path": "de3b766a868da918e499f407dbf5d716_124.wav", "text": "which is defined as distributable cash flow divided by distributions declared on the weighted average common and subordinated units outstanding during the quarter, was 0.81x in the fourth quarter.", "duration": 14.88}, {"path": "39e5706898dcaf14a280b3a123877cd6_38.wav", "text": "and we will be using the same strategy of refinancing for upcoming operations as well. Now I'll 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", "duration": 14.88}, {"path": "839852ec8452dbd90e9341d15cbba7c5_126.wav", "text": "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,", "duration": 14.88}, {"path": "cc82e791c065bdc271addf355bac274f_134.wav", "text": "when compared to others. And I believe that the entire market will benefit from this benefit. And this is good for the entire market. It's good to all consumers. And I honestly hope that all", "duration": 14.88}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_289.wav", "text": "of 2017. We can 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.", "duration": 14.88}, {"path": "0f4370b614f29bd596e4f6871cc77864_76.wav", "text": "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 network.", "duration": 14.88}, {"path": "276392c471c063580869aec014a1feda_147.wav", "text": "These strategies are coming to life through exciting, innovative products like those we've 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.", "duration": 14.88}, {"path": "171fd9df333ddd814c764843ed624121_171.wav", "text": "what's 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 we're in the business of building digital factories, and", "duration": 14.88}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_45.wav", "text": "I'll begin my remarks today with an overview of the key highlights from this past quarter, including an update on our Marlin 2.0 initiative that I outlined on our call last quarter, which is aimed to taking Marlin to its next level of growth and profitability.", "duration": 14.88}, {"path": "b092d2be33ad52beefab208355b18235_77.wav", "text": "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 haven't seen a one-off here, we haven't seen any signs in any", "duration": 14.88}, {"path": "fcabfedf41ab18064a96d393869e4d4e_25.wav", "text": "And while we are very clear that the visibility that one has on the rural viewership should be monetized, and that should be a win-win for advertisers and broadcasters both, I think the exact", "duration": 14.88}, {"path": "8fd0d858dd99b5b6291eafc83e9a604d_110.wav", "text": "Anyway, that's just a few comments on the quarter, quick highlights as we run through them. We've got all the management team here, so I thought maybe we'd hit them up for some more color before we jump into questions from callers.", "duration": 14.88}, {"path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_18.wav", "text": "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.", "duration": 14.88}, {"path": "dd28a387ccc9575df47840b850647c7f_111.wav", "text": "For our strand siding 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 that, we have all hands on deck on developing", "duration": 14.88}, {"path": "7bc22aba9bc29d69ee10cc60db7903d8_66.wav", "text": "for it to stop being dynamic, i.e, at what point do you think, okay, we can draw a line under this, it's not going to increase anymore? Or is there a risk that as we get through '18 or '19, you say, well, actually '20 is a bit worse?", "duration": 14.88}, {"path": "2b0b79fa03313a4e9261734dd728b622_24.wav", "text": "We have more than adequate liquidity to fund lending opportunities while maintaining a slightly asset sensitive balance sheet. And we are increasing our efforts to improve the investment portfolio yield in order to increase the margin in earnings.", "duration": 14.88}, {"path": "191c819db03c2dfd0207cd1f42e278a4_101.wav", "text": "They are work we do well -- we're performing well. And even in those large communications clients that are temporarily going through some volatility, we're multiple programs top stacked ranked in their performance queues.", "duration": 14.88}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_158.wav", "text": "And in an improving economy, that can have a much more positive impact in our business. And that's why, Mark, we're very excited about adding this element to our management team.", "duration": 14.88}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_53.wav", "text": "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.", "duration": 14.88}, {"path": "ef44080b170ca6366a6d3132d0baf11a_79.wav", "text": "particularly in our traditional 40 Act business. We are also redoubling our investments in the faster growing segments and areas of strategic focus, including exchange traded funds, private equity and alternative investment businesses.", "duration": 14.88}, {"path": "9b697782ea80be97854f35d6fc62c93a_115.wav", "text": "is to make sure that we're continuing to make the investments necessary to stage our business for the long term as these emerging markets recover. And so it's a constant monitoring of how we're performing, but we think we're getting the right balance here,", "duration": 14.88}, {"path": "1fd097fa0bd05da0e7af03521e23bc68_44.wav", "text": "Yes. I think we take great pride on being strong stewards of this firm's capital. I think we have done a very effective job, trying to balance the amount of dollar reinvestment into the business", "duration": 14.88}, {"path": "da879f8ea1c23aa6565cccaacac271fc_198.wav", "text": "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 fringe-related costs.", "duration": 14.88}, {"path": "49e533a8449f6b9b6c806458e73338e1_55.wav", "text": "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 sign-up, as they're discovering more and more new platforms out there, one of the most difficult things", "duration": 14.88}, {"path": "8cfc2a9aace5078f22a83c782b9d41f7_136.wav", "text": "And perhaps you could elaborate a little bit on what impressive margin execution in Lighting meant in terms of year-over-year improvement or sequential improvement or kind of how you're run rating in that business?", "duration": 14.88}, {"path": "3b2908426357bb8269c3a01469865cd6_160.wav", "text": "At this point, March activity also looks to be trending similarly to the strong start for the year. So early indications for 2017 are positive, but much of the quarter's performance will be driven by what we see in the next 31 days.", "duration": 14.88}, {"path": "6709c061d39d0e433079f84160f11c80_134.wav", "text": "As we highlighted last quarter, a second key contributor to our strong flow results is the broad range of high-performing strategies we offer in investment areas having particular appeal during periods of rising interest rates such as we are now experiencing.", "duration": 14.88}, {"path": "e33785a294553de2a12d4463bf786744_13.wav", "text": "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 self-confidence.", "duration": 14.88}, {"path": "d74cec1fb73e1b1134bfa7152762ad80_101.wav", "text": "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.", "duration": 14.88}, {"path": "d74cec1fb73e1b1134bfa7152762ad80_107.wav", "text": "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,", "duration": 14.88}, {"path": "e7d23208b973f7998b2fb21a00d87849_45.wav", "text": "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", "duration": 14.88}, {"path": "3e29586725757a72d8c143f3da2658f5_3.wav", "text": "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", "duration": 14.88}, {"path": "b01b8f0fa0baf54952151c2e767b6f77_7.wav", "text": "And finally, regulatory capital ratios all exceed the levels required to be considered well capitalized and the tangible common equity ratio increased from 7.39% and at the end of the first quarter to 7.76% as of the end of the second quarter.", "duration": 14.88}, {"path": "75b064acca5b532722510ac0b9b0822e_165.wav", "text": "Apart from... 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 evaluate. And our internal bias is always to build.", "duration": 14.88}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_76.wav", "text": "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.", "duration": 14.88}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_273.wav", "text": "extremely excited about the progress we've 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", "duration": 14.88}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_141.wav", "text": "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.", "duration": 14.88}, {"path": "648ddbbaa83d8a627c7ab752f63a80bd_13.wav", "text": "We've 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.", "duration": 14.88}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_274.wav", "text": "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,", "duration": 14.88}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_39.wav", "text": "deliver to prototype in what is an irregular box. And it's not the typical ground-up scenario. We've done a number of these, so we've been able to keep some cost efficiencies in line in working with our retail partners on the operations side.", "duration": 14.88}, {"path": "538323cb37246bc97d1253b369a7414a_71.wav", "text": "Going forward, of course, it is 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.", "duration": 14.88}, {"path": "b1a98885c1d81414cdc122e807760faf_49.wav", "text": "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.", "duration": 14.88}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_5.wav", "text": "Similarly, it's difficult to articulate the disappointment that we didn't 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.", "duration": 14.88}, {"path": "744f5859c7d9a0567b387ae84326d940_178.wav", "text": "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.", "duration": 14.88}, {"path": "c2a4f7aacf0036edc5b94457c0d8329a_13.wav", "text": "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.", "duration": 14.88}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_9.wav", "text": "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 end-loaded.", "duration": 14.88}, {"path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_114.wav", "text": "A-C-A-M. And we've 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.", "duration": 14.85}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_82.wav", "text": "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 we're talking about 5 or 6 points", "duration": 14.85}, {"path": "7ec9d2889f6012c7058eb766f6de38e2_128.wav", "text": "I'm very excited about being -- taking up the 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 stakeholders within the Dominican Republic.", "duration": 14.85}, {"path": "918de179148bbfe18b95415ee0065a3d_156.wav", "text": "the second quarter financials that are part of that S-1 will become stale. So we'll need to amend our S-1 for our third quarter financials, which you see before you today.", "duration": 14.85}, {"path": "8b71a232d7fe61e6232807b635977c31_128.wav", "text": "Not much. No. There's 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 it's more focused on analytics.", "duration": 14.85}, {"path": "4b7945dd823dcbc0b2724efa66393673_147.wav", "text": "Secondly, our focus on key cities. Our 6 key cities in the world continue to set a pace and influence for the rest of the world on how fashion and sports trends are being created and also being rolled out.", "duration": 14.85}, {"path": "e1f462455d6c826d9c173c35d4844383_19.wav", "text": "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.", "duration": 14.85}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_228.wav", "text": "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?", "duration": 14.85}, {"path": "e26b501c6e000fdaa11edde97cc71436_57.wav", "text": "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, we're beginning to see very substantial scaling efficiencies inside the business.", "duration": 14.85}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_89.wav", "text": "The second aspect I'd 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.", "duration": 14.85}, {"path": "8957425799e5ce0200bfacf204d0acde_183.wav", "text": "Importantly, the unit has performed well through the downturn and offer significant optionality to recovery in the offshore, which would be enhanced by tightness in construction vessel availability and further enhanced by continued advancement in subsea pumping and fluid separation.", "duration": 14.85}, {"path": "e56726c7aedd69029957c84128050700_38.wav", "text": "Of course, our top line is dependent on customer timing and the complex revenue recognition rules 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.", "duration": 14.85}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_94.wav", "text": "And a very significant amount of our unbilled total, as I've said previously and as we reviewed in-house, comes due, to put it bluntly or I don't know how else to define it, in the next 12 months.", "duration": 14.85}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_55.wav", "text": "the additional millions of dollars and the opportunity cost associated with taking PCKS9 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", "duration": 14.85}, {"path": "ebecd7e874a9b3998b70ec3200f71e89_4.wav", "text": "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 market-leading revenue growth.", "duration": 14.85}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_51.wav", "text": "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 12-month basis.", "duration": 14.85}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_122.wav", "text": "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.", "duration": 14.85}, {"path": "f23036451aab1cb9d659c3ac9a23825c_11.wav", "text": "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,", "duration": 14.85}, {"path": "c5c7a9f409241412b160a93cde7ef630_136.wav", "text": "However, our guidance does not include any new contract awards beyond those previously announced as we don't 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.", "duration": 14.85}, {"path": "bd40628b97efec198825ccf910c7e27e_48.wav", "text": "Yes, that's a great question. And it would be on the former of that you mentioned. We believe that we're a hospital company that today's platform is built off of our sublingual sufentanil tablets. It just so happens we've got 2 products built off of that fundamental", "duration": 14.85}, {"path": "b43c001c5af465d220ab0b69a95202ae_214.wav", "text": "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", "duration": 14.85}, {"path": "915bdcf0edfec49b928ca4010cbb40ca_23.wav", "text": "tend to do very well online as consumers go out and look for those trusted brands and find them online. So that's 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.", "duration": 14.85}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_225.wav", "text": "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.", "duration": 14.85}, {"path": "ceeedf178333db4c586311e4f43bdfd1_40.wav", "text": "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.", "duration": 14.85}, {"path": "ba5f13bb75329629d0c070c9014ff4f0_103.wav", "text": "it costs more during winter months with the ground. But also, because of traffic conditions and snow and all of that, typically, utilities don't ask for as much work", "duration": 14.85}, {"path": "e2225d612a954a24e7e91c08215d7b51_18.wav", "text": "referred to as new lot 1. Subsequently reducing the shared ownership common title to a small slither between the new master lot 1 owned by Reading and the existing lot 6 owned by Charter Hall.", "duration": 14.85}, {"path": "cbdc44c5f09baa21b5979beaf7f1e1e4_109.wav", "text": "what you think is a reasonable expectation or target in these markets going forward, I hate -- I don't 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, let's say, the next 12 to 18 months?", "duration": 14.85}, {"path": "aed770c98113f594e36325a5822547e4_75.wav", "text": "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.", "duration": 14.85}, {"path": "21f21433851eb7c7f7dbc710309341bb_172.wav", "text": "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 some pretty good results, which Allan and Dean will comment further on in a few minutes.", "duration": 14.85}, {"path": "c40b5d1a13169c5acf69590932a56f98_93.wav", "text": "to the FDA on March 13, slightly ahead of plan, putting us one step closer to final approval of new commercial production and resupply. We're continuing to work with our team and very experienced consultants,", "duration": 14.85}, {"path": "8eaca8d8a419f74540f69ade8defabbd_64.wav", "text": "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", "duration": 14.85}, {"path": "1c7b9fe66120faecd8217e1df394005c_43.wav", "text": "over the many years we've been referred to as a mini New York community bank, today I think we look at Signature Bank as our aspirational business model here. It's a relationship model. They do operate in the same segment of the lending business in New York City.", "duration": 14.85}, {"path": "da879f8ea1c23aa6565cccaacac271fc_236.wav", "text": "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.", "duration": 14.85}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_232.wav", "text": "But as Mike pointed out, there's a lot of small titles that need support that maybe aren't getting it, and that's where we're trying to step in. Tony, I don't know if you want to talk about sort of new software trends? Look, we have seen a reduction in new software trends. We've kind of hit -- it feels like we've hit a point where we have a", "duration": 14.85}, {"path": "189b20e7b975130ca5abd0e419e54908_65.wav", "text": "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 was focused more on servicing that particular customer. So", "duration": 14.85}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_214.wav", "text": "for the purposes of the Private Securities Litigation Reform Act of 1995. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statement.", "duration": 14.85}, {"path": "254f3c2175c8e11d6da7d44a221e1bff_4.wav", "text": "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.", "duration": 14.85}, {"path": "a0d537badd260e2071136602e3b73b26_66.wav", "text": "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.", "duration": 14.85}, {"path": "1353031386f884a821e7e9bab449727d_111.wav", "text": "In driving customer acquisition with products, our focus is to make our exclusive innovations more accessible. I'm confident that positioning our new products optimally will accelerate the pace of customer acquisitions.", "duration": 14.85}, {"path": "11f02fb2db5d9fb5ff82f0374376f759_38.wav", "text": "Thank you for attending today's presentation. You may now disconnect.", "duration": 14.85}, {"path": "0f9d6e24171bc068e7ff7a11e7e44060_17.wav", "text": "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,", "duration": 14.85}, {"path": "1300495cfa53748f732f54277d5a8cea_83.wav", "text": "had a reverse back to the first quarter of fiscal 2016 from the fourth quarter of fiscal 2015. In addition, the reduction of shipments in the pre-fall line collection is expected to impact our second quarter sales,", "duration": 14.85}, {"path": "72b117fb1330bda9f954a219bb5a675e_70.wav", "text": "we are well positioned to accelerate our organic growth in the second half of the year. Now I'll turn the call over to Glenn to provide a more detailed review of our second quarter financial results. Glenn? Thanks, Pete, and good morning, everyone.", "duration": 14.85}, {"path": "ee17f090e669ff9029bd1dc57db6e43e_61.wav", "text": "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.", "duration": 14.85}, {"path": "3e42c35588dc721e96280bc039e96c8d_83.wav", "text": "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.", "duration": 14.85}, {"path": "a4f81a27f0c6d07b56208e16121b9896_115.wav", "text": "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.", "duration": 14.85}, {"path": "902872913863de98d38e2936b846cf66_45.wav", "text": "Should we expect additional delays just because of capacity constraints? Or is the state and our contractors and yourself able to adequately even meet that demand in future years? I think,", "duration": 14.85}, {"path": "902872913863de98d38e2936b846cf66_53.wav", "text": "I do think if we step back a little bit, Trey, and Tom, you might -- I know you're 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 we've talked about back then.", "duration": 14.85}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_129.wav", "text": "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.", "duration": 14.85}, {"path": "1378aabd380e63d3f89fe0e445fc8b06_51.wav", "text": "and other customers for additional orders that would provide visibility into 2020. In the year ahead, we're very focused on execution to drive sustainable long-term growth and improvement in our operating results.", "duration": 14.85}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_147.wav", "text": "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.", "duration": 14.85}, {"path": "bcb3aac2c7cc035961d9ee8cfd330044_59.wav", "text": "And that's 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.", "duration": 14.85}, {"path": "bf99037f89cd485f95f097842619a0c7_51.wav", "text": "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.", "duration": 14.85}, {"path": "0e410ca71e50235e520d5af32ce0f54a_91.wav", "text": "And we are not, and I'll repeat that again, not currently involved in any sales process for a refinery. Rumors and speculation will always be with us, but what I would say is simply judge us by our record.", "duration": 14.85}, {"path": "24a2aec67e247f9c4d4cc89d6dbab525_47.wav", "text": "As I noted in my opening remarks, we'll continue to proactively increase prices to address the margin squeeze precipitated by the steep increase in freight and contained metal costs, even if we forgo some volume in the short term.", "duration": 14.85}, {"path": "8dd740d83ff1c7319a82eeba6047633d_163.wav", "text": "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,", "duration": 14.85}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_183.wav", "text": "I don't expect it to be linear. I think it'll 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.", "duration": 14.8499375}, {"path": "b7d4858dcc1d9cf454416082b75a3429_13.wav", "text": "either needs to be demolished or relocated. We are in the efforts 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.", "duration": 14.82}, {"path": "b7050f62f52a3d2803beea21404f7af6_55.wav", "text": "In order to maximize that individual customer's value, we see an opportunity to further differentiate our value proposition in the next few years by commercializing our online banking prototype we've built of a highly flexible front-end online banking platform,", "duration": 14.82}, {"path": "48954c357d5ad754c29ea1c28dbdad2a_54.wav", "text": "We continue to have placement for this product line and good sales results in the largest U.S. retail chain as well as in other chains and online retailers, and we are pursuing additional chains to our placement to the line.", "duration": 14.82}, {"path": "6388da88b00ebc88af59435bdac74132_87.wav", "text": "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.", "duration": 14.82}, {"path": "abd0f750609f1263b566f0c09b981a16_103.wav", "text": "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 in June.", "duration": 14.82}, {"path": "8cb24daf76784487ad63780546dc4ba4_142.wav", "text": "that we thought were complementary to what we had might be inventive and new in a passive construct and maybe even edge toward a factor tilt and away from the most undifferentiated products. And so", "duration": 14.82}, {"path": "7ec9d2889f6012c7058eb766f6de38e2_209.wav", "text": "And what we've identified, of the cost savings that we've 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", "duration": 14.82}, {"path": "82b66739c0d2b8a47f19a5acbe3b90ed_10.wav", "text": "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.", "duration": 14.82}, {"path": "82218f543c9a546c4baa5323f250b39f_106.wav", "text": "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 we've reoriented our sales coverage as I just talked about", "duration": 14.82}, {"path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_87.wav", "text": "and we know that there's a significant demand. And this -- you'll see where I'm going with this in a minute, Tazeen. 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.", "duration": 14.82}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_116.wav", "text": "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.", "duration": 14.82}, {"path": "fa45af64ef25007f998c655347bfbecb_452.wav", "text": "And that's 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.", "duration": 14.82}, {"path": "1133b8984db446b9c963a09eaf0785a4_150.wav", "text": "As mentioned before, given some of the activity in the segment is service-related as well as the resell of purchased goods, we would not expect the margin to be equal to our other businesses. But it is fair to say there's certainly opportunity for improvement.", "duration": 14.82}, {"path": "b7943f4a2b95d2bc2ce102e3af9b5d22_114.wav", "text": "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 the group average.", "duration": 14.82}, {"path": "6864081f83959f4b49e25e597f28af66_59.wav", "text": "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,", "duration": 14.82}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_186.wav", "text": "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, large-cap C-Corp with a substantial and growing dividend also appropriately.", "duration": 14.82}, {"path": "30710391b8ab4cb549180602d31d4f4a_150.wav", "text": "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.", "duration": 14.82}, {"path": "1d2ff648e4a30fa5555a7ab85bf60190_26.wav", "text": "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.", "duration": 14.82}, {"path": "6a372ea97b0b130a4d37f16b54d97909_70.wav", "text": "We are now looking at customer acquisition costs 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.", "duration": 14.82}, {"path": "6c43a32379bfc34fc8cfe84ff94d6498_169.wav", "text": "I am tremendously grateful to Tim for all he has helped us achieve, and it is my pleasure now turn the call over to him to provide additional details about our performance and financial outlook. With that, I will turn over to Tim.", "duration": 14.82}, {"path": "6c43a32379bfc34fc8cfe84ff94d6498_68.wav", "text": "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.", "duration": 14.82}, {"path": "c5c7a9f409241412b160a93cde7ef630_67.wav", "text": "We are building a very robust acquisition pipeline, and by the end of this year, we hope to acquire 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.", "duration": 14.82}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_87.wav", "text": "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.", "duration": 14.82}, {"path": "13141efea197b407280701081390f0ce_84.wav", "text": "In April, we were notified by Amazon of their intent to shift our scope of services over the next year. The shift is to assist them with their highest-growth segment of their delivery system as they ramp up more local delivery systems over the next 2 years.", "duration": 14.82}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_137.wav", "text": "As Irene mentioned, we're moving with a sense of urgency to address the issues we've 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.", "duration": 14.82}, {"path": "532e653f6aa6c3bf43a5b256bb4c1254_86.wav", "text": "We know we are in attractive marketplaces. You might have noticed that Columbus and Indianapolis that we've talked about for years in this thing are 2 of the markets that are Amazon client list. So there's people other than First Merchants executives that feel like", "duration": 14.82}, {"path": "f1da65edd5f2026ffd647d496bb96ce7_53.wav", "text": "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.", "duration": 14.82}, {"path": "e2225d612a954a24e7e91c08215d7b51_17.wav", "text": "At the time of our original Cannon Park acquisition, Reading controlled over 80% of the lot entitlements in the Community Title Scheme via its ownership of 12 of the 13 lots.", "duration": 14.82}, {"path": "b3d7bc295d09d9927e465213612c0192_69.wav", "text": "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 high-end, serious engagements", "duration": 14.82}, {"path": "8eaca8d8a419f74540f69ade8defabbd_150.wav", "text": "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.", "duration": 14.82}, {"path": "369789f0d39dbf62298be2aa807ff8ee_71.wav", "text": "who are interested in wanting to take a look at Suyai possibly for an acquisition of Suyai. Interestingly, at least for me more interestingly, that level of interest is coming from Argentines and from", "duration": 14.82}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_152.wav", "text": "Secondly, we have a number of businesses within the home improvement space where DuluxGroup 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.", "duration": 14.82}, {"path": "416ebb7a4160f7cd2f98361cbd1cb769_8.wav", "text": "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.", "duration": 14.82}, {"path": "ab3354b86be920cde18291112bf8a70a_110.wav", "text": "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 mainly for 2 weeks.", "duration": 14.82}, {"path": "f542ab325f47ed150e28888da2f85871_35.wav", "text": "Before I turn the call over to Tom, I'd like to take a few moments to outline our progress since we last talked in March when a decision was made to discontinue the ACT IV study based on the recommendation of the Data Safety and Monitoring Board.", "duration": 14.82}, {"path": "1689b94530eca82b7758c86b4cf3125f_23.wav", "text": "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.", "duration": 14.82}, {"path": "3877b1983229ec488c6349a188bccf92_179.wav", "text": "Whiskey is the most preferred spirit among high net worth individuals, and this trend is accelerating. There's been a boom in whiskey-led bars nationwide with more than 300 bars in China now.", "duration": 14.82}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_83.wav", "text": "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.", "duration": 14.82}, {"path": "dd85c205eb4aedd5ecd5be2c37c4d1b9_0.wav", "text": "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.", "duration": 14.82}, {"path": "4ee3c79ebc57c9870b221b9479d52436_168.wav", "text": "we remain confident that we can continue to access longer-term 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.", "duration": 14.82}, {"path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_73.wav", "text": "As I've said before, we're not a rigid company nor are we displacing an older device with a new incrementally better device. Novadaq was established based on a unique new idea", "duration": 14.82}, {"path": "e552924838fe493d3cc967dd0c5c4563_183.wav", "text": "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.", "duration": 14.82}, {"path": "e0555e30370c43189a1136fb7ef17d20_17.wav", "text": "This was primarily driven by unfavorable timing of certain tax-related items that we expect to normalize by Q2, partially offset by working capital improvements and a decline in cash paid for pensions and restructuring.", "duration": 14.82}, {"path": "b20564a6da1bcfc7b80552299d9e002a_149.wav", "text": "that's maybe not really intelligent, and I'm also not so sure whether the margins are interesting for us and accretive. So I think that's actually not the areas we are at the moment looking into.", "duration": 14.82}, {"path": "50eb350badadec6e4272b90684741c25_96.wav", "text": "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.", "duration": 14.82}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_12.wav", "text": "Sales for non-BioFlo 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.", "duration": 14.82}, {"path": "712bbcab5338e07dd63dad97bb652018_51.wav", "text": "Parts washer revenues were flat despite a slightly lower number of actual services performed in the quarter, while waste oil collection volumes dropped more than 60 million gallons, up from a year ago.", "duration": 14.82}, {"path": "b154f7c33e567e453cb765f4ac03dd2f_125.wav", "text": "And we have seen our competitors attempt this strategy, which has created pricing pressure in our contract discussions for next year. Frankly, I don't understand the logic of these actions in a flat to declining growth business, but yet here we are.", "duration": 14.82}, {"path": "0b7afb66a39a4c81151309bacc830c60_10.wav", "text": "Second, as our clients recruit talent, they must address the difficulties of sourcing, scheduling and tracking dozens of job candidates.", "duration": 14.82}, {"path": "726bad4d5d1a6b2f62034eb8dc843450_115.wav", "text": "add to it as we get into the back half? It's 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,", "duration": 14.82}, {"path": "9d8c8f4a41008455665fd243ed99b642_143.wav", "text": "adding more value to them. And that growth and that differentiator -- differentiation has further improved our financial results, a good set of underlying", "duration": 14.79}, {"path": "bc605e9d69e921f4f61a508a448ad0dd_43.wav", "text": "let me start with a summary of what we think are the main messages today. It's an encouraging set of results, and certainly, we feel this builds on a lot of the progress we've had over the past couple of years. Our sales growth has been sustained, and importantly, that remains ahead of the market.", "duration": 14.79}, {"path": "6388da88b00ebc88af59435bdac74132_267.wav", "text": "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.", "duration": 14.79}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_199.wav", "text": "if you could generalize with enterprises -- first of all, if I look at our incumbent base, they've had the product for a long time. They have their own experiences, plus or minus with it, but", "duration": 14.79}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_44.wav", "text": "as much as I love Asia, I don't 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", "duration": 14.79}, {"path": "7e14890193df4b10e1eeab6ab886529f_156.wav", "text": "We have been continuing to invest, as I mentioned, in things like more video sharing and people being able to form their own communities. We know how important that is. So you will continue to see an evolution", "duration": 14.79}, {"path": "3c211ab9236e508ad4a5ee63e29324e3_19.wav", "text": "terms of other initiatives, we're still working on our heavy oil initiative. We don't 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.", "duration": 14.79}, {"path": "c4dc8f962a85aa47af50f82845f550e2_143.wav", "text": "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,", "duration": 14.79}, {"path": "6616e76da46baea11d6032fc063716c1_51.wav", "text": "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.", "duration": 14.79}, {"path": "2fc915b996c687200d995736980aae9a_49.wav", "text": "I mean part of that is the very basic business as well. It's -- part of it was in a very basic brown and black business. That's an annuity business that seemed to get hurt a little more than the rest of the athletic business in the second quarter.", "duration": 14.79}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_120.wav", "text": "and it really is stable. And that's 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 not been treated before", "duration": 14.79}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_74.wav", "text": "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.", "duration": 14.79}, {"path": "257e4e92036da9582a8a288c88332ff3_57.wav", "text": "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,", "duration": 14.79}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_49.wav", "text": "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.", "duration": 14.79}, {"path": "9c1272d9d120c5bfafd6e6b566f89b62_264.wav", "text": "get that expert advice, be able to look at all them colors and all them combinations, which you can't do online. So I think I actually see them in the opposite light. Anybody who is stimulating home", "duration": 14.79}, {"path": "02825b6f22019c60be741d7e45b63f9d_59.wav", "text": "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 year-end.", "duration": 14.79}, {"path": "3aba3f0bef57d2f71dcc573a0fb198ed_23.wav", "text": "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.", "duration": 14.79}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_46.wav", "text": "Also on today's call, the company may provide non-GAAP 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.", "duration": 14.79}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_13.wav", "text": "that offer expansion in naturally growing markets, including Industrial Environmental, renewable waste-to-energy and other power generation or industrial equipment that serves a broad global market.", "duration": 14.79}, {"path": "58ff8a727ec4f3859407b64f08246759_25.wav", "text": "with growth led by hysterectomy. We continue to see an increasing proportion of U.S. gynecology procedures being performed by physicians that specialize in complex, benign and cancer surgery who tend to be users of da Vinci systems.", "duration": 14.79}, {"path": "9b93af1e7019959620214c387f283d8e_54.wav", "text": "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. We're also delighted with the feedback from our customers, that is, suppliers, and what they are getting from their end customers, that is, their buyers.", "duration": 14.79}, {"path": "98f10f0935e5b778e888a1b8130a3d31_97.wav", "text": "And we'll be happy to take questions from the phone or from those of you on the webcast. Just follow the instructions you've been given. And of course, we will as usual give preference to questions coming from those of you here in the room.", "duration": 14.79}, {"path": "29426a77336443eedde7eaa29e9c2852_219.wav", "text": "Yes, Ben, so that would be, I think, 2 places we still have license largely will be CRM-driven. We do still sell a handful of new modules or user licenses back to the existing base", "duration": 14.79}, {"path": "bb2ca5b87982b2388d82cd64a73f08cf_3.wav", "text": "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.", "duration": 14.79}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_190.wav", "text": "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, we're going to continue to grow because they're", "duration": 14.79}, {"path": "63eaf9677d7577484a1557ae6bfbb585_4.wav", "text": "we'll 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.", "duration": 14.79}, {"path": "63eaf9677d7577484a1557ae6bfbb585_34.wav", "text": "was flat. Was that sort of also a deliberate sort of semi-credit 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?", "duration": 14.79}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_11.wav", "text": "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.", "duration": 14.79}, {"path": "b3d7bc295d09d9927e465213612c0192_232.wav", "text": "that's why we have the confidence of the greater than the 25%. But it's 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.", "duration": 14.79}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_241.wav", "text": "So we've had, I think, a cordial discussion on the fact that a 5-year average is probably not a great way to look at this, that if you looked at it in the context of the first 3 years when we had a C code", "duration": 14.79}, {"path": "94f913b974baab79fb636f6521170dd7_268.wav", "text": "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. They're sales to people in the preferred customer category,", "duration": 14.79}, {"path": "54c8e2e08c60dfe9b4bafc3938ccf332_23.wav", "text": "But that obviously requires the government going through and seeing that. All that being said, the other things that we've done from a standpoint of input costs and tariffs and freight in particular, is we have pushed on price increases in our various businesses", "duration": 14.79}, {"path": "b4fc31ae6403a17b15c30d3ec3b82487_120.wav", "text": "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.", "duration": 14.79}, {"path": "4abafd22e11b6ea5b43048d805ea115f_59.wav", "text": "And my second question is more general that you mentioned about SEMM and SME. So I was wondering what is the difference between SEMM and as of SME, in terms of loan size, in terms of customer acquisition,", "duration": 14.79}, {"path": "9908957f60adff5efc1c8692a0f5ab38_113.wav", "text": "To support our comp sales growth, we will continue to improve our in-store experience, maximize our marketing testimonial campaign and capitalize on our merchandise localization initiatives.", "duration": 14.79}, {"path": "884400c829f179d8cf68b767f45f03a4_221.wav", "text": "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.", "duration": 14.79}, {"path": "a9ff9f85f03afdd2d13b76e14060b31d_232.wav", "text": "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.", "duration": 14.79}, {"path": "383cf39e54475c8a25af2af7b35c6f2e_69.wav", "text": "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 off-highway trucks scheduled for delivery beginning in the first half of this year.", "duration": 14.79}, {"path": "1215cf00a11992ec74743f92026af2e9_89.wav", "text": "Although, we have capacity in our gathering and intrabasin systems, the rapid production growth has substantially filled Permian long-haul pipelines sooner than expected and has created constraints in some of our Delaware Basin intrabasin pipelines.", "duration": 14.79}, {"path": "6daa2d0829057899b014b06c36e1d54b_50.wav", "text": "or forward-looking statements in the future. I will now turn the call over to Anat. Thank you, Elana, and welcome to Compugen. I would also like to welcome all the participants on today's call.", "duration": 14.79}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_48.wav", "text": "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 it's certainty of financing", "duration": 14.79}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_119.wav", "text": "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", "duration": 14.79}, {"path": "933faa5ac159ab158506e2bc0f714977_16.wav", "text": "And so I think the thinking is well, if you're 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 because of nearby Freedom product?", "duration": 14.79}, {"path": "ef7e77f6a5983826d0eefe75f7832ce6_72.wav", "text": "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.", "duration": 14.79}, {"path": "ef7e77f6a5983826d0eefe75f7832ce6_225.wav", "text": "we see a lot of product -- a lot of project activity. There's half a dozen major airport expansions and renovations occurring across the country. Multiple large sports and entertainment complexes or stadiums", "duration": 14.79}, {"path": "24c7526f6daca8e16ab91bea6124148a_244.wav", "text": "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.", "duration": 14.79}, {"path": "6f1b092b312410065d308541be46da95_200.wav", "text": "The position that we've 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, it's more likely to drive costs down quicker.", "duration": 14.79}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_186.wav", "text": "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 long-term success and will remain our focus for the year coming up.", "duration": 14.79}, {"path": "b1a98885c1d81414cdc122e807760faf_133.wav", "text": "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 as another very exciting indication for us.", "duration": 14.79}, {"path": "a3fbf89a515da36191ae904a5bbec99e_37.wav", "text": "Okay. And then the last question I had is, it's 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", "duration": 14.79}, {"path": "19bfb8daeb6e43d59415df478017d5c3_16.wav", "text": "and will continue investing in key areas to drive long-term 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.", "duration": 14.79}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_61.wav", "text": "We've 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.", "duration": 14.79}, {"path": "97ddc19ecb28bab2d19fd3b181182062_76.wav", "text": "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.", "duration": 14.79}, {"path": "7551ffae17aa39dd4ea962a43f96bf04_122.wav", "text": "biotech deals. And I think I ran into a couple that I didn't 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?", "duration": 14.7600625}, {"path": "d162113e3aface010baec17bd408736b_63.wav", "text": "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", "duration": 14.76}, {"path": "d819fc602f924dd226fb27a9d26007d2_5.wav", "text": "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 wasn't making sense, and then getting new product in markets where we didn't have existing product is", "duration": 14.76}, {"path": "4fdbfd9eec396928550d0c799e170d34_158.wav", "text": "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", "duration": 14.76}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_129.wav", "text": "Thank you, Dave, and good afternoon, ladies and gentlemen. This is Rick Hill. I'd like to thank all of you for joining the call today. And I know it's been a very long time since the company has had an opportunity to communicate with you.", "duration": 14.76}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_216.wav", "text": "at business development and inorganic growth as an important critical part of our strategy going forward. As I sit here today, obviously, I haven't anything new to announce to you, but I just want you to know that we're actively pursuing value-creating", "duration": 14.76}, {"path": "044da592acc01ff7baacb3dbf2a302a9_149.wav", "text": "anecdotal feedback but that's anecdotal. And I don't want to start to make speculation about what the clinical data would look like, other than to say we're committed to collecting the data and continue to believe that this will have a positive impact on patient and customer experience.", "duration": 14.76}, {"path": "46906afb4e1ee1fef09b5908e76beefa_44.wav", "text": "those patients who may have relatively few options to address the challenging diseases that they're faced with. Clearly, there are certain areas that you can already see in our pipeline where we're likely to develop additional", "duration": 14.76}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_42.wav", "text": "What's more challenging going ahead is your creative powers. You can be very talented. However, you've just simply sing a song with no accompaniment.", "duration": 14.76}, {"path": "833f98dbc79997580b24335033aac5d2_229.wav", "text": "And that's tough to do when you've got players who have some cost investments and they're looking to try to reduce cost. We've proven, just like the on the upstream sector to be able to find ways to compete.", "duration": 14.76}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_120.wav", "text": "And as I keep saying, it is impossible to predict how many tenders will come onto the market each year, but we expect to continue winning between 20 and 30 units in an average year well into the long term.", "duration": 14.76}, {"path": "73ba4ff250b62745e03880e75b9a1581_208.wav", "text": "selling up the chain. So when we bought Comex, there's been some additional technology brought in. So there's a lot more premium products being sold. So the coverage of the premium products is better than", "duration": 14.76}, {"path": "224a41b247c04842c2998802d67c8123_69.wav", "text": "And my expectation is that pricing should improve as we go forward. And don't forget that we have a very dominant position in the market, and we will not compromise that dominance at any", "duration": 14.76}, {"path": "a24a661c2eb55542903c72391ec09f9b_93.wav", "text": "Looking ahead to 2017, we have a number of exciting initiatives that we expect to further our top line growth over 2016. Most notably, we're implementing a small expansion of our sales force, which will allow us to have 2 dedicated teams,", "duration": 14.76}, {"path": "c433164f6d189e18b1e4784e376b6ecb_15.wav", "text": "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,", "duration": 14.76}, {"path": "16e51362df94379ea33a24334015f385_42.wav", "text": "Regarding our ongoing focus on cost controls. We've continued to identify areas of additional cost savings in Q2, including the reduction in termination expense through elimination of our free voice app calling,", "duration": 14.76}, {"path": "6a372ea97b0b130a4d37f16b54d97909_185.wav", "text": "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,", "duration": 14.76}, {"path": "b94d748876ddf8e881d4191dec45baf3_107.wav", "text": "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 not allowing us to record that revenue until we actually have the signed agreement.", "duration": 14.76}, {"path": "10dfe5270a7e4216d68614041d2a9bbe_30.wav", "text": "And so what we're 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 them cheaper than the oil companies", "duration": 14.76}, {"path": "265e62fc569e790d8b3e58698aaab701_44.wav", "text": "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 ZURAMPIC look very encouraging.", "duration": 14.76}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_14.wav", "text": "As one example, we've 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 that's for agencies that have a vehicle for every officer.", "duration": 14.76}, {"path": "809e26eaacb31ffdee78d3f41a6ce90a_97.wav", "text": "as we learn more, should we be able to give more definitive views on the impact of the quarter, we'll 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.", "duration": 14.76}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_203.wav", "text": "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 at this point is probably the company you should worry least about", "duration": 14.76}, {"path": "915bdcf0edfec49b928ca4010cbb40ca_46.wav", "text": "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,", "duration": 14.76}, {"path": "9b697782ea80be97854f35d6fc62c93a_93.wav", "text": "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 we're now expanding and replicating a model that's working.", "duration": 14.76}, {"path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_81.wav", "text": "We don't expect video to be any different. We do expect revenue and margin pressure as we manage through this, especially this year, but we're excited about DIRECTV NOW's product improvements and our new user interface", "duration": 14.76}, {"path": "6318dda27b3e36d76533c048c64a3014_73.wav", "text": "the private loan business is that stream of income doesn't generate gains, right. The asset management business doesn't really generate material gains. And so we think we're in a position now and we have a demonstrated track record that", "duration": 14.76}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_116.wav", "text": "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 5-year moving averages, which is the way that CMS approached it. So I think whether they're going to", "duration": 14.76}, {"path": "757695924b5e43c7d44e29dc141cc035_40.wav", "text": "And the team is doing a real nice job. So we feel like that's going in the right direction. I think we see a very different story in the power generation business where we have seen less demand.", "duration": 14.76}, {"path": "9908957f60adff5efc1c8692a0f5ab38_22.wav", "text": "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", "duration": 14.76}, {"path": "9908957f60adff5efc1c8692a0f5ab38_13.wav", "text": "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.", "duration": 14.76}, {"path": "71ea3ed1436c2759a95f8d629963db2e_42.wav", "text": "what I've 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 they're going to do", "duration": 14.76}, {"path": "884400c829f179d8cf68b767f45f03a4_132.wav", "text": "As a reminder, our Monro.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.", "duration": 14.76}, {"path": "812d8f09b72b4d410d138d3b24caebbc_32.wav", "text": "until recently how much that was going to -- how much spend that was going to be before the end of the year. Then secondly, it really reflects our cautious guidance in the Q3. So I mean, as we've done in the past, we've been pretty good stewards of capital. When we see business", "duration": 14.76}, {"path": "a0fe48ba783b94dc7e5b0201aba7c1cb_51.wav", "text": "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,", "duration": 14.76}, {"path": "b0d88c0f1efca89ecb928172341dc75d_241.wav", "text": "that bad. It's just a shade light of what we were expecting. So I look at those data points and I contemplate what you're saying about profitability on the forward. And it sounds like the vast majority of the drop", "duration": 14.76}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_69.wav", "text": "because we now have a full handle on what the networks looks like today and what we think it ought to look like going forward, and there is significant opportunities there that our product supply team is after. So we don't feel we're impaired in terms of", "duration": 14.76}, {"path": "e552924838fe493d3cc967dd0c5c4563_179.wav", "text": "We will discuss certain non-GAAP financial measures, which are described in more detail in this morning's earnings release and on our website at grace.com. Reconciliations to the most directly comparable GAAP financial measures", "duration": 14.76}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_138.wav", "text": "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.", "duration": 14.76}, {"path": "3bc6d3e1c0a117340d288c289bf7f679_89.wav", "text": "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, I'll turn it over to Tom for some final thoughts. Thanks, Rick.", "duration": 14.76}, {"path": "1f142ea668261ba963d47aac6bab69dd_202.wav", "text": "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 it's one of the reasons we're so encouraged about that opportunity and have chosen to invest significantly behind", "duration": 14.76}, {"path": "2cd5b184c2ef6624ce219830182927c9_273.wav", "text": "I'd say finally, the growth plan continues to be supported by state-level 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", "duration": 14.76}, {"path": "5f4034bd1c0669186fcee6909c5d59e7_30.wav", "text": "We're 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 we're in, and", "duration": 14.76}, {"path": "5be70acf701b7a6c9322f8feeaca63cd_3.wav", "text": "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.", "duration": 14.76}, {"path": "77423f08f0208d476dea73c639f6293a_229.wav", "text": "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.", "duration": 14.76}, {"path": "a766b08317742c952705018a899f3998_77.wav", "text": "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 to see our technology adopted in the mobile gaming market by Hero Interactive,", "duration": 14.76}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_152.wav", "text": "those were 2 names that we had been watching for a while. There are still some uses and tenants out there that we're keeping a closer eye on. But the magnitude of last year's bankruptcies are certainly smaller as we look into this year.", "duration": 14.76}, {"path": "30a142fac5a62ab00227cb6a339a6226_59.wav", "text": "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, I'd like to turn the call over to Evan.", "duration": 14.76}, {"path": "365c360aff42713cef71a7d026eeeb6d_199.wav", "text": "So it's a good question. We looked at that yesterday and it's a hard path for sure. But the question is do we really -- is that really -- even though we provided the guidance and we don't like backing off of guidance, as I just talked about previously,", "duration": 14.76}, {"path": "365c360aff42713cef71a7d026eeeb6d_4.wav", "text": "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 double-digit bookings growth and solid double-digit new logo growth.", "duration": 14.76}, {"path": "365c360aff42713cef71a7d026eeeb6d_157.wav", "text": "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 double-digit new client growth this quarter and nearly double-digit growth for the full year.", "duration": 14.76}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_182.wav", "text": "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.", "duration": 14.76}, {"path": "c9ecd6e0347cbf5fe881201a5e803fb3_8.wav", "text": "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 company's actual cash collection experience.", "duration": 14.7599375}, {"path": "8292bdb9af87f10627c044f3842b2c76_76.wav", "text": "I characterize the plan as evolutionary rather than revolutionary. Something that would occur organically over time, and wouldn't be executed on a speculative basis.", "duration": 14.7599375}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_184.wav", "text": "Currency in circulation is stabilizing as remonetization comes to an end. The transition to the digital economy has been broad based across several categories, including everyday spend and suggests wide societal participation.", "duration": 14.7599375}, {"path": "8ad0d5b5df75415c56ba590cad29489a_28.wav", "text": "This increase was due primarily to higher investment in technology and product development, including our next-generation liquid-cooled stack technology as well as the increased investments related to our commercial efforts in China.", "duration": 14.73}, {"path": "364a769967b9b1a7cd069e2ce95c6e25_88.wav", "text": "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? There's no swing in tax paid or anything like that?", "duration": 14.73}, {"path": "214dcdc435ef3259490466447858fa56_78.wav", "text": "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.", "duration": 14.73}, {"path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_81.wav", "text": "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, we're actually getting better at doing it.", "duration": 14.73}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_252.wav", "text": "We have analyzed all opportunities and relevant costs and have prioritized the investments based on our capabilities, the size of the price as well as the expected returns in growth and margin.", "duration": 14.73}, {"path": "7909dfb87fb4102d9f9ba8e99f751ee5_29.wav", "text": "a little bit. But we never had really an official target. The decision on what to do with the distribution is something that's made by the board on a quarter-by-quarter basis.", "duration": 14.73}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_230.wav", "text": "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 can't remember what it was. I just wondered, can you give us sort of an equivalent number in the first half what the drag from energy was in", "duration": 14.73}, {"path": "91422f85dbf838639b3cb9dd9da364eb_126.wav", "text": "we are -- which is now currently in the field and being used. We've gotten a second project to develop a pre-production prototype, which is under development right now and will be delivered early next year.", "duration": 14.73}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_99.wav", "text": "Existing products offer their value. It's all a matter of management, how do you make the adjustment, because you cannot always have new products.", "duration": 14.73}, {"path": "8957425799e5ce0200bfacf204d0acde_172.wav", "text": "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.", "duration": 14.73}, {"path": "1133b8984db446b9c963a09eaf0785a4_190.wav", "text": "Well, I certainly think they're 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", "duration": 14.73}, {"path": "257e4e92036da9582a8a288c88332ff3_71.wav", "text": "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,", "duration": 14.73}, {"path": "15ac383479a7c990aab7b155e4d42053_109.wav", "text": "and branch consolidations. And over the last 2 years, we've consolidated a total of 45 branches and increased our average deposits per branch along the way. So we're encouraged by the positive revenue trends in the last year.", "duration": 14.73}, {"path": "6e3037e770ba5e0dfc98e3223986aad2_139.wav", "text": "These research outcomes have resulted in full re-profiling 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.", "duration": 14.73}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_202.wav", "text": "I'd like to start by discussing the group's third quarter results and then provide some more commentary on our 2 geographic reporting segments. I'll follow that with some color on cash flows, the balance sheet, and as usual, finish with a few comments on returns.", "duration": 14.73}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_52.wav", "text": "The first one, an opportunity that we had originally expected to be a revenue opportunity is actually being realized as a counter expense and was implemented a couple of months later than originally anticipated.", "duration": 14.73}, {"path": "616e9ba16db091317ae4d96e877a9bbe_110.wav", "text": "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 a difficult market environment, you still realized positive growth. So I thought that was surprising.", "duration": 14.73}, {"path": "bab12f620df0f367e74acdcc467686f1_61.wav", "text": "I will begin with an overview of AECOM's 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 question-and-answer session.", "duration": 14.73}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_3.wav", "text": "We've reduced layers, aligned more closely around our clients, created more business representation on our executive committee. I'm confident that these actions will enable us to serve our clients more effectively and holistically, but this is a work in progress.", "duration": 14.73}, {"path": "10dfe5270a7e4216d68614041d2a9bbe_38.wav", "text": "we likewise aren't 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", "duration": 14.73}, {"path": "e6c0fa1068c28557c3e17e0d02b831b1_14.wav", "text": "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.", "duration": 14.73}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_115.wav", "text": "We intend that such forward-looking statements be subject to the safe harbor provided by the Private Securities Litigation Reform Act of 1995. The forward-looking information is based upon current information and expectations regarding TASER International.", "duration": 14.73}, {"path": "1be44822d16f85bd501a5f19876895b1_9.wav", "text": "Typically, improvements 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.", "duration": 14.73}, {"path": "03b9bb6c861e205653c9c22f11f9ef1f_74.wav", "text": "Okay. And the, I guess, some of the power plants it looks like you're 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 get recovery later on? Or how does that -- how should we think about that?", "duration": 14.73}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_92.wav", "text": "cloud. It's also the services that we've 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.", "duration": 14.73}, {"path": "5633fe3600ee04237bbb918c56341864_29.wav", "text": "The breakthrough EDS technology enables a diagnostic tracer element to be absorbed and chemically bonded to the durable proppant-sized particles that accompany the frac sand. EDS has rapidly become the preferred method for monitoring completion success", "duration": 14.73}, {"path": "e29584f9f829602cacebcce71c2a4fb9_11.wav", "text": "so we can remain on schedule for filing the accelerated approval application with FDA. I am pleased with the approval and hope to be able to announce completion of this in the near future.", "duration": 14.73}, {"path": "e0d1342ad3d27fd648b708837de08797_142.wav", "text": "We have a very long well-established and successful partnership with SABIC, and this is something that, in our broader business dealings, both parties wanted to do. And we saw that this was a", "duration": 14.73}, {"path": "64364105b816dd0b6a029e9cd210e65b_357.wav", "text": "and where we're going with the business. Two or 3 years ago, we certainly weren't generating the kind of performance in the business that would end up generating the kind of cash that we have to work with today.", "duration": 14.73}, {"path": "407fee9910ab57874978cf85a89b1d9d_21.wav", "text": "We are continuing to expand our premium products. How these investments in the quality of our products payoff can be seen as a simple example of a new business class, which we put into our long-haul fleet over the last years.", "duration": 14.73}, {"path": "72b117fb1330bda9f954a219bb5a675e_225.wav", "text": "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,", "duration": 14.73}, {"path": "2cd5b184c2ef6624ce219830182927c9_315.wav", "text": "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 we'll talk about what's actually in our long-term plan when we get to that portion of it.", "duration": 14.73}, {"path": "8f92dfb06900be4f209f31f24cb885fb_121.wav", "text": "These remarks are intended solely to educate investors and are not intended to serve as a basis for medical decision-making or to suggest that any products are safe and effective for any unapproved or investigational uses.", "duration": 14.73}, {"path": "2c4d64ba9a75dff613a83aa6f145f4b7_126.wav", "text": "as I'm sure you're aware, the upfront software expense is really not that great. It's the implementation costs and the amount of money you have to spend on consultants and advisers to make sure you get it right because there's so much power within the system,", "duration": 14.73}, {"path": "a766b08317742c952705018a899f3998_96.wav", "text": "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 which you follow the company and understand the complexities and underlying fundamentals of our business model. To those I haven't yet met,", "duration": 14.73}, {"path": "e97326d6a8951550e363f2be6ec489ba_140.wav", "text": "customers and unique 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 in terms of capacity,", "duration": 14.73}, {"path": "f15a674bdbbc461872000604216ae071_108.wav", "text": "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", "duration": 14.73}, {"path": "f15a674bdbbc461872000604216ae071_43.wav", "text": "has been very clear in terms of a high-capacity view, leveraging a continuous improvement in the operating efficiency in the constant search for innovation", "duration": 14.73}, {"path": "32283c24ad18239efb166db8422560b2_67.wav", "text": "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.", "duration": 14.73}, {"path": "3ae068efa03cd088f4d3edea682f199f_24.wav", "text": "In August, as part of our company's 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.", "duration": 14.73}, {"path": "7a80c3e91e5a2693cdaef5f716808317_82.wav", "text": "We've strengthened our internal communications to ensure we allow a broader global organization to assist in the leadership of our chain's efforts, ensuring we are behaving as one Rotork and bring the entire organization along our chain's journey.", "duration": 14.73}, {"path": "19bfb8daeb6e43d59415df478017d5c3_5.wav", "text": "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.", "duration": 14.73}, {"path": "9097dcbaf554d635920c6274b1de4997_44.wav", "text": "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", "duration": 14.73}, {"path": "bece1ee458b65656b484de51021c5219_29.wav", "text": "led rally is highly likely evened. So on the Robusta market, we are fairly friendly to that market, given all these technical and fundamental factors that I just mentioned to you.", "duration": 14.73}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_160.wav", "text": "Okay. And if you don't get it -- I mean, is there a point at which in the year where if we don't get 1 or 2 bookings, then it becomes an issue for the guide? Like at what point do you start to worry about the range?", "duration": 14.73}, {"path": "5f38ce681d4413a793d34a0650c59bf2_188.wav", "text": "driven primarily by expected high single to low double-digit growth for XIAFLEX. Only a small portion of the diagnosed patient population for each of the XIAFLEX indications have actually been treated.", "duration": 14.7299375}, {"path": "bd40628b97efec198825ccf910c7e27e_67.wav", "text": "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", "duration": 14.7000625}, {"path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_64.wav", "text": "Looking to the future, enhanced innovation delivered on decreased research and development investment is the promise of an all-platform company, and so it shall be in this coming quarter and beyond.", "duration": 14.7}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_154.wav", "text": "Patricia and I had the opportunity to spend half a day with Hamish and his 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", "duration": 14.7}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_84.wav", "text": "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 you're posing your question.", "duration": 14.7}, {"path": "2602edddc3363eadcaafe1c33271f3e4_128.wav", "text": "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 it's now time to execute. We look forward to updating you, as we execute our plan.", "duration": 14.7}, {"path": "6b45877b719000e47adfd1ec118c376a_27.wav", "text": "and that stuff would be at the best end of the pricing spectrum, because grocery-anchored 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.", "duration": 14.7}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_40.wav", "text": "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 Fred's.", "duration": 14.7}, {"path": "8cb24daf76784487ad63780546dc4ba4_31.wav", "text": "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.", "duration": 14.7}, {"path": "3180572bc2da758668c19200930e1bc4_224.wav", "text": "as we said before, primary purpose of it will be to mitigate any dilution from equity awards. So you could see that from that. And then we'll look at our stock and see if there is any opportunistic reason to do it.", "duration": 14.7}, {"path": "de3b766a868da918e499f407dbf5d716_6.wav", "text": "One macro event worth noting, of course, is the recent Presidential election. In the past several weeks, there has been some conversation about how the change in the administration could potentially impact the wireless sector and our business.", "duration": 14.7}, {"path": "c4dc8f962a85aa47af50f82845f550e2_175.wav", "text": "drive those incremental margins up. But they'll -- with any increase, it's going to recover. And also remember, we're carrying some excess resources in this period that we would expect to lever more into next period. So", "duration": 14.7}, {"path": "ff2d1613ef8b55cc55bec6e266f6cfc2_46.wav", "text": "But in terms of adding additional CapEx, that's something we're evaluating now, but it's certainly not something that can have an impact on Q2. Just to be clear, you did, haven't -- ordered another slug that will be coming in", "duration": 14.7}, {"path": "18b396ddd443d84d12477c42e31cdf0e_15.wav", "text": "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", "duration": 14.7}, {"path": "833f98dbc79997580b24335033aac5d2_264.wav", "text": "our Chief Operating Officer, who along with his team, built our retail operations. And Jim is going to give you a little more -- a little bit more information about our retail organization and how it drives value for Vistra. Jim?", "duration": 14.7}, {"path": "1942e14b1721d0de894f437d1b3e75c5_67.wav", "text": "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,", "duration": 14.7}, {"path": "cfbe91105113db7a5784f77e411b7a3f_273.wav", "text": "completely. We are just an integral part of a system of equipment and flow of activities. And all these interfaces have to be managed, have requirements on the design of the machinery which we supply.", "duration": 14.7}, {"path": "8292bdb9af87f10627c044f3842b2c76_194.wav", "text": "Another example arises from the fact that global real estate investors are more interested than ever in Canada's major cities, particularly Montreal, Toronto and Vancouver.", "duration": 14.7}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_191.wav", "text": "As previously reported, KESHI placed their first production order with us, and we are in the full launch and build mode for this product line, and we will begin shipping the initial systems to KESHI in China during this quarter.", "duration": 14.7}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_84.wav", "text": "We'll continue to monitor these results closely, while at the same time, we're developing a trial for smaller stores as well as a lower-cost version. And of course, we'll keep you posted on the results of those trials.", "duration": 14.7}, {"path": "599ab9a8d39052867bd99cb2fa4fd4f2_25.wav", "text": "Well, I go back to some earlier comments, where I think that there's not much appetite to companies to grow outside of cash flow, and so if you think that the industry, as a whole, is moving towards a model where", "duration": 14.7}, {"path": "911d447bcdcedb4e0cf5230de225921c_161.wav", "text": "It is also worth reiterating that we have now had 3.5 years of continuous monthly payments from Kurdistan Regional Government despite the many hardships they have faced in that time", "duration": 14.7}, {"path": "2b87d263eaf2464f275a48fa005b16c7_6.wav", "text": "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 number of our existing customers, and in time, we would expect that to recover.", "duration": 14.7}, {"path": "4e04d3229b988f1db5b842ac5b993894_67.wav", "text": "This pad-optimal design incorporates greater clearance for walking over and around wellheads on a pad and includes many other features that are being sought by customers as they remain focused on efficiency and high-quality execution.", "duration": 14.7}, {"path": "30e94343ee663488872ae176b419a163_98.wav", "text": "the way the industry has been evolving on the unsecured front and what your peers have been doing. So I'm 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?", "duration": 14.7}, {"path": "6b3df032b804a1a371d25e1eef019c4a_122.wav", "text": "and also what will happen in the future, we do not make any forecasts about that either, but I also think that in the past that was a very important issue because that was the way we", "duration": 14.7}, {"path": "d8eb5522db0e51d75ea6518462954c52_67.wav", "text": "year-to-date, in the first 6 months, you lost about 200,000. It looks like there's an increase happening in your consumer line loss. I was wondering if you could maybe give a little bit of color on what's going on there. Is it just the pickup in competitive intensity we've seen this year?", "duration": 14.7}, {"path": "c3567809c19ce6a800677544cd84f88b_116.wav", "text": "We're, 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.", "duration": 14.7}, {"path": "8a93698d03a48d42fc7d7e50cb67dc2b_95.wav", "text": "Well, so let's talk about that because the types of customers that I'm 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", "duration": 14.7}, {"path": "ab4dae37361262d727d1d2f8f78765d5_24.wav", "text": "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.", "duration": 14.7}, {"path": "ef44080b170ca6366a6d3132d0baf11a_103.wav", "text": "the nuance will probably come from the maturity of our construction lending portfolio. We don't have a real good handle on what a level set number might be, but there's nothing unusual to point to in the quarter.", "duration": 14.7}, {"path": "f1da65edd5f2026ffd647d496bb96ce7_12.wav", "text": "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.", "duration": 14.7}, {"path": "6318dda27b3e36d76533c048c64a3014_2.wav", "text": "Actual results may differ materially from the results expressed or implied in these statements as a result of risks, uncertainties and other factors, including, but not limited to, the factors set forth in the company's filings with the Securities and Exchange Commission,", "duration": 14.7}, {"path": "33ed8514914fae6825997843290fe049_12.wav", "text": "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.", "duration": 14.7}, {"path": "bc3fa49aaccfacb1392855627864851e_93.wav", "text": "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.", "duration": 14.7}, {"path": "4721d5a2e7061d90a4e4e4768adc2486_59.wav", "text": "But we're also growing within the less differentiated product lines, driving costs out and managing pricing for improved profitability. In short, the strategic course correction that we initiated last year", "duration": 14.7}, {"path": "41e5f97c6d94e8f87bb5fb602fe25500_31.wav", "text": "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. Let's highlight a few of these points.", "duration": 14.7}, {"path": "e522eff219f3eaa2c9b090dc12cad420_1.wav", "text": "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,", "duration": 14.7}, {"path": "407fee9910ab57874978cf85a89b1d9d_74.wav", "text": "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", "duration": 14.7}, {"path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_162.wav", "text": "the electronics part of ATS over the last number of years that we've talked about has been mobile and that continues to be the biggest driver. But as we talked about in the last couple of quarters, we've", "duration": 14.7}, {"path": "00a36b039cb49e6b99bb6d17635a3c25_192.wav", "text": "Your company has fully implemented all the features that are required for a successful GST rollout. We have passed on all the reduction", "duration": 14.7}, {"path": "ef7e77f6a5983826d0eefe75f7832ce6_71.wav", "text": "As we've stated in the past, weather can have a significant impact on our results as unusually cold, wet and wintry weather can impact outdoor construction activities and our ability to safely deliver products.", "duration": 14.7}, {"path": "538323cb37246bc97d1253b369a7414a_94.wav", "text": "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,", "duration": 14.7}, {"path": "bf99037f89cd485f95f097842619a0c7_93.wav", "text": "plus in view of the introduction of the automatic information exchanges of 1st of January 2018. I think that beyond that point we should see outflows due to regularization tailing off across the sector. So", "duration": 14.7}, {"path": "9b7d3cbcfbcf14d70a241700c869bd8d_77.wav", "text": "These products are primarily used as fire-retardant fillers, engineered fillers, white pigment in plastic and rubber applications as well as for use in catalyst applications.", "duration": 14.7}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_24.wav", "text": "more and more to -- integrating the different banners, and that's now manifesting itself from a loyalty side, could you guys help us understand a little bit more in terms of what your plans might look like beyond simply being able to earn", "duration": 14.7}, {"path": "8dd740d83ff1c7319a82eeba6047633d_22.wav", "text": "the Alibaba e-commerce volumes going through Singapore via that relationship with SingPost. We are delighted to hear that Amazon is going to do more in Singapore going forward.", "duration": 14.7}, {"path": "3043e7527da9e59e29b7412cafeb9d80_90.wav", "text": "with the strongest trends in Vegas, New York, New Jersey, New England, Buffalo, L.A., Sacramento and Cleveland. Our view of supply remains generally unchanged and our watch markets are the same.", "duration": 14.7}, {"path": "43942582edfb20599f3e7456137f8deb_127.wav", "text": "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, we're already seeing encouraging trends and inquiries from prospective students now that RUSM has a permanent home.", "duration": 14.6999375}, {"path": "a45d8b57fe6b8199bca7aec4d022bbb3_22.wav", "text": "which will then be batch processed. And that is what we're going to do over the next couple of weeks or months, let's say, so that we're pretty confident that we bring down the net working capital or the stock level", "duration": 14.67}, {"path": "249b7b83531140105343e2a0e89150fa_101.wav", "text": "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.", "duration": 14.67}, {"path": "81430c39b7b202d05644e419e2a01a65_121.wav", "text": "Another large project that we can now discuss is the New York City Housing Authority or NYCHA. On April 6, NYCHA announced the commencement of work of the -- on the first phase of their energy performance contract", "duration": 14.67}, {"path": "01502edf6cda82061f1f45d6b0e8e189_131.wav", "text": "more base business in some of the existing product line, but I will say that our sales reorganizations are really excited about this next generation of product. And as we are now ramping up into full production,", "duration": 14.67}, {"path": "01502edf6cda82061f1f45d6b0e8e189_109.wav", "text": "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.", "duration": 14.67}, {"path": "cfbe91105113db7a5784f77e411b7a3f_80.wav", "text": "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", "duration": 14.67}, {"path": "99dcd9ce8ec3aa7509b9395d3da2ff0c_92.wav", "text": "And again, please let me mention that Swiss Life will be hosting an Investors Day next year on the 29 of November in order to discuss our new strategic program.", "duration": 14.67}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_93.wav", "text": "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.", "duration": 14.67}, {"path": "c4138e2179e3fba907f3ea7c12cf2b8a_102.wav", "text": "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 a tremendous franchise in the oil and gas industries. And we want to make sure that", "duration": 14.67}, {"path": "c5c7a9f409241412b160a93cde7ef630_101.wav", "text": "Since joining CoreCivic in 2007, Patrick has served in a number of critical leadership roles that have provided him with meaningful company-wide knowledge and experience, while supporting and leading our efforts to grow and diversify our company.", "duration": 14.67}, {"path": "191c819db03c2dfd0207cd1f42e278a4_9.wav", "text": "Our record of operational excellence, progress penetrating high-growth industries and strong new business signings gives us confidence in our ability to grow, diversify our client base and further expand margins over time.", "duration": 14.67}, {"path": "ef44080b170ca6366a6d3132d0baf11a_36.wav", "text": "Information about factors that may cause them to differ is contained in our SEC filings. Forward-looking statements made speak only as of today, and we undertake no obligation to update them except to the extent required by securities laws.", "duration": 14.67}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_70.wav", "text": "and with additional investments in quality, efficiency and production capacity, we will continue to capitalize on these opportunities to deliver improved value-added revenue and EBITDA. We will now open the call for questions.", "duration": 14.67}, {"path": "f77935c4693e4d33252c9c76993e9c8b_15.wav", "text": "So can you give us a -- your thoughts on being able to structure some sort of longer-term financing and refinance the debt with either your current bank or another bank?", "duration": 14.67}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_32.wav", "text": "and we believe that the market will continue to be supported in Q2. So if what I've just said confirms itself then you guys will rightly beat me up at when we have the same call in Q2 to say that we were conservative on", "duration": 14.67}, {"path": "5ea42ed8ea9a65bd01aaabb678685483_115.wav", "text": "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", "duration": 14.67}, {"path": "9e8690a521142359001a137074905535_218.wav", "text": "We needed to do that to open up a bunch of footprint because we're integrating DAT and another business that wasn't even one of our Big 6 integration projects into that same footprint, which is going to work really well. It fits the model perfectly.", "duration": 14.67}, {"path": "e2225d612a954a24e7e91c08215d7b51_80.wav", "text": "As a founder of the firm TroyGould, 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.", "duration": 14.67}, {"path": "8eaca8d8a419f74540f69ade8defabbd_204.wav", "text": "in addition to the organic growth initiatives already underway. We'll 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.", "duration": 14.67}, {"path": "8eaca8d8a419f74540f69ade8defabbd_16.wav", "text": "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.", "duration": 14.67}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_186.wav", "text": "I feel confident that we're working absolutely on the right things. And my comments that, again, we've 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.", "duration": 14.67}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_200.wav", "text": "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 and Overwatch from last May.", "duration": 14.67}, {"path": "22a55e362dd67dc8f7cd40f7ec8d62c1_230.wav", "text": "maybe looking at partnerships and building that ecosystem out more so than you would've thought a year ago or 18 months ago? Or do you feel like anything your customers are looking for, if you can't find a way to acquire it, you've got the bandwidth and the resources to develop it internally?", "duration": 14.67}, {"path": "6709c061d39d0e433079f84160f11c80_168.wav", "text": "And if you want to know relative levels of profitability of our business, starting with revenue 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 we're trying to build revenues,", "duration": 14.67}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_5.wav", "text": "As we move deeper into the second quarter and expect to realize more online efficiencies, we're excited to kick off our offline marketing in earnest and accelerate our customer education efforts around Groupon's marketplace evolution and improved value proposition.", "duration": 14.67}, {"path": "5633fe3600ee04237bbb918c56341864_129.wav", "text": "Dave. Thanks, Gwen. First, some industry investment trends that are taking place. Core is encouraged that operating companies are buying into living within free cash flow and emphasizing returns on invested capital as demanded by today's investors.", "duration": 14.67}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_81.wav", "text": "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.", "duration": 14.67}, {"path": "5efe4589d80ac1232c2958182c188903_54.wav", "text": "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 trade show activities, things like that.", "duration": 14.67}, {"path": "387e37f77b5e6be4e5ab2b00e95e38f1_170.wav", "text": "Therefore, please allow me to make some initial remarks about how we're seeing the current environment and why we remain confident about Bladex's capacity to continue to deliver in a prolonged downturn cycle.", "duration": 14.67}, {"path": "e0555e30370c43189a1136fb7ef17d20_34.wav", "text": "And as we think about the balance of the year, we're not really giving specific guidance, Kai, but really what I would say is as you think about the cash we generate over any year, we're going to manage that -- the investment of that cash based on return on capital.", "duration": 14.67}, {"path": "902872913863de98d38e2936b846cf66_42.wav", "text": "building contacts along the value chain and we've received a little bit better feedback than what you talked about in that coastal kind of Houston market, things flattening and even some slight improvement in the Houston market.", "duration": 14.67}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_144.wav", "text": "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.", "duration": 14.67}, {"path": "bf99037f89cd485f95f097842619a0c7_83.wav", "text": "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.", "duration": 14.67}, {"path": "0b7afb66a39a4c81151309bacc830c60_117.wav", "text": "So as they assess the national opportunity for each of these verticals, they have changed some locations, shut off the hiring, analyze their teams. But the items that go into this", "duration": 14.67}, {"path": "9b93af1e7019959620214c387f283d8e_57.wav", "text": "that articulate the variety of benefit to the end customer and by doing inserts and onserts with their own paper invoices to give end customers the opportunity to come to the supplier's website and sign up for ARC in a couple of simple steps.", "duration": 14.6699375}, {"path": "6e6da7f810609ce64857373f11984455_92.wav", "text": "why we're 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 today's call. Thank you for your participation. You may now disconnect.", "duration": 14.64}, {"path": "5111fdad778749872c23e78c9b0d653b_41.wav", "text": "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 quite a bit of time on the call, but we feel like we have a good handle on all of these things heading forward", "duration": 14.64}, {"path": "87bce6c4c7d972f51540cb0b27af5905_13.wav", "text": "Comments made on the call today will contain forward-looking information. This information, by its nature, is subject to risks and uncertainties, and actual results may differ materially from the views expressed today.", "duration": 14.64}, {"path": "95962e0f754f9e2f786778c85d0913b8_132.wav", "text": "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,", "duration": 14.64}, {"path": "13220986bf30f26076a674e2a9edc89c_156.wav", "text": "the investments that you made including the hiring in the fourth quarter and we look at the macro backdrop, it feels better today than a year ago. I'm just wondering in terms of when we look at your 10% loan growth guidance, is it", "duration": 14.64}, {"path": "dd3166f311a5f12a25103a0295e8ac3e_187.wav", "text": "We provide this critical service in steel mills, in the pipe processor's operations, in the pipe yards of 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.", "duration": 14.64}, {"path": "918de179148bbfe18b95415ee0065a3d_42.wav", "text": "those are good learning experiences for the company too. We learn a lot about, well how other people do the business even if we're the loser. I would tell you that market has been discouragingly frothy so far.", "duration": 14.64}, {"path": "8b71a232d7fe61e6232807b635977c31_11.wav", "text": "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.", "duration": 14.64}, {"path": "d085781ecd776da8a9c4d31ad547606b_196.wav", "text": "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", "duration": 14.64}, {"path": "d085781ecd776da8a9c4d31ad547606b_87.wav", "text": "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 our ability to cut cost of deposits,", "duration": 14.64}, {"path": "797946494c2985a20aa50823e8723c44_45.wav", "text": "We shed the construction side of the business where we didn't have the right scale to manage our risk and focused on the higher value engineering support and sales. As a result, the business has been a stable earnings contributed this year at significantly improved margins.", "duration": 14.64}, {"path": "a212b77ae2b2452093665a4e179ed3a3_134.wav", "text": "probably point number one. Point number two would be the upside potential from incentive revenue that we've had a long history of doing very, very well at. The third element would probably be", "duration": 14.64}, {"path": "4032bfdd59881fc6506c082737cb5a99_122.wav", "text": "so it was more introduced as a pop-up show post holiday that we thought might have some legs and it just didn't. And as we've noted in the past, we don't expect a 100% hit rate on all new launches of shows. We'll have a fairly good hit rate,", "duration": 14.64}, {"path": "171fd9df333ddd814c764843ed624121_168.wav", "text": "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.", "duration": 14.64}, {"path": "07d30eec04a77191950ef0992d097daf_147.wav", "text": "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", "duration": 14.64}, {"path": "87753115961242d7035b7938c7e4dea1_70.wav", "text": "And after the analysis of the data collected from those 4 wells, we'll be further delineating our development program. But you can expect it to be a little widespread initially before we go into full-phase development.", "duration": 14.64}, {"path": "38b2f94da12bbf2d32246763aab8265a_133.wav", "text": "what we experienced in our own portfolio in Q1, we can say there was a lot of volatility. What we've observed on the markets is decline on the Polish Stock Exchange.", "duration": 14.64}, {"path": "bab12f620df0f367e74acdcc467686f1_200.wav", "text": "you're 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.", "duration": 14.64}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_24.wav", "text": "remain encouraged by the enthusiasm of our agents, school district and association partners, and are confident we are on the right track to being the company of choice to help the nation's educators protect what they have today and prepare for a successful tomorrow.", "duration": 14.64}, {"path": "8fd0d858dd99b5b6291eafc83e9a604d_71.wav", "text": "There's 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.", "duration": 14.64}, {"path": "3df0981a2d94ed56170b78330aa72ee9_66.wav", "text": "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.", "duration": 14.64}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_205.wav", "text": "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", "duration": 14.64}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_28.wav", "text": "We are confident that our investments will continue to drive revenue and bookings growth and expand our addressable market over time. We will continue to calibrate our expense level relative to bookings and revenue and carefully assess the return on our spend.", "duration": 14.64}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_175.wav", "text": "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.", "duration": 14.64}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_152.wav", "text": "If you take a week of our U.S. business, it's 15 million of orders. Now even if you say that we were stopped for the full week and we 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,", "duration": 14.64}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_43.wav", "text": "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.", "duration": 14.64}, {"path": "5ea42ed8ea9a65bd01aaabb678685483_13.wav", "text": "The third and largest, cost of goods sold, will take the longest to recognized -- 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 partners.", "duration": 14.64}, {"path": "9e8690a521142359001a137074905535_149.wav", "text": "I know you said you're 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.", "duration": 14.64}, {"path": "0e52a74a184c92ad0c336af764aa0796_112.wav", "text": "While there is a continuous increase of this -- of the volumes going through the e-commerce channel and driven by the e-commerce activities", "duration": 14.64}, {"path": "e00fd35e201a8607d264b803a5130c59_182.wav", "text": "I should just say that Ofwat are still debating and discussing how they might want to report that on an industry-wide basis. So there is a discussion about how they will calculate it. But I think on any basis, that's going to be a strong performance however it's calculated.", "duration": 14.64}, {"path": "6318dda27b3e36d76533c048c64a3014_95.wav", "text": "We believe that our ability 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,", "duration": 14.64}, {"path": "c40b5d1a13169c5acf69590932a56f98_26.wav", "text": "and that it's something that is being explained in more detail by plastic surgeons in advising their patients of this level of risk prior to undertaking any surgical procedure.", "duration": 14.64}, {"path": "7ebbb41dcefeb482191f8bc22031b5d9_83.wav", "text": "The dollars are there, we know we can get them in that time period. And we're confident we can get them in that time period. But we also have done these enough times to know that some of those unintended consequences bubble up and what we're seeing this quarter is a little bit of that.", "duration": 14.64}, {"path": "433a6e203f9db93835c27ff83e86c801_50.wav", "text": "if you were trying to look at one period, it's probably not going to change that number dramatically because of the relative size of their spend versus ours and the fact that they are pretty close in the percentages to begin with. So", "duration": 14.64}, {"path": "068bea67ac01942fafb955a1116b29dd_5.wav", "text": "During the second quarter, we proposed various health-related initiatives to our customers such as information campaigns pertaining to the implementation of Bill 41 and campaigns related to severe allergies.", "duration": 14.64}, {"path": "757695924b5e43c7d44e29dc141cc035_117.wav", "text": "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.", "duration": 14.64}, {"path": "c47a92e006b54d014a79b447528c55a7_63.wav", "text": "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.", "duration": 14.64}, {"path": "45ab782035fdb06f5ec710d0845bc18f_116.wav", "text": "the markets we're selling into and we look at our customers' 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.", "duration": 14.64}, {"path": "0dec9a606303da3039d11eec4ec9bd86_138.wav", "text": "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.", "duration": 14.64}, {"path": "e33785a294553de2a12d4463bf786744_237.wav", "text": "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, but it seems like it's taking a fair amount of time.", "duration": 14.64}, {"path": "472c8876d3d729a35b2d00133efbb029_43.wav", "text": "to the extent that we can't foresee a major growth. We should see what would be the feasible growth at least. So that's the basis of our forecast. And for the operating income,", "duration": 14.64}, {"path": "af00f4e7b63ee843a3d203f982fac701_67.wav", "text": "our strategy is starting to play out there, and the referenceability gives us more credibility when we're talking to other customers in other parts of the world. It is a very dynamic market now, as you're aware and everyone's aware, with the business climate that's out there.", "duration": 14.64}, {"path": "fe80c1056f21701e41cf3489c450f5ae_94.wav", "text": "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.", "duration": 14.64}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_158.wav", "text": "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 that's been driving our improvement", "duration": 14.64}, {"path": "812d8f09b72b4d410d138d3b24caebbc_2.wav", "text": "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.", "duration": 14.64}, {"path": "e35fae1d3df1f7aeda409f90f200ec7b_192.wav", "text": "led to another year where our share of spend and share of market was comfortably above 100. This step-up in margin shows that we are reaping the benefits of investments made over the past few years", "duration": 14.64}, {"path": "e35fae1d3df1f7aeda409f90f200ec7b_224.wav", "text": "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 we've seen in the last quarter, and we don't even have the shares yet because they come in with a", "duration": 14.64}, {"path": "ebd59e21db89edb92205e012427cd9db_124.wav", "text": "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.", "duration": 14.64}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_82.wav", "text": "in a time where they were hit by the crisis. So the expectations, they underperformed. And -- but we", "duration": 14.64}, {"path": "e0555e30370c43189a1136fb7ef17d20_179.wav", "text": "Can you give us a little bit more color in terms of if that's 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?", "duration": 14.64}, {"path": "3e42c35588dc721e96280bc039e96c8d_56.wav", "text": "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, who's doing it, and how much it's going to cost.", "duration": 14.64}, {"path": "2cd5b184c2ef6624ce219830182927c9_171.wav", "text": "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 we're happy to provide that.", "duration": 14.64}, {"path": "c334e290beb657ee3efcb6b2f734c81e_22.wav", "text": "And so I think that -- there's a couple of dynamics that 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,", "duration": 14.64}, {"path": "125388f1b45117acde70abc39e0f7d04_95.wav", "text": "You may now disconnect.", "duration": 14.64}, {"path": "933faa5ac159ab158506e2bc0f714977_41.wav", "text": "or 2 to 6 months after that lumber was dropped on the 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", "duration": 14.64}, {"path": "c71a6ab1a0697010811c89200ab21613_149.wav", "text": "Maintaining a strong strategic hedging program is an important element to supporting the long-term 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.", "duration": 14.64}, {"path": "f268a8174f58c93ad6b45b7f151fe896_252.wav", "text": "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", "duration": 14.64}, {"path": "f268a8174f58c93ad6b45b7f151fe896_5.wav", "text": "We're very proud of the progress the FedEx team has made in recovering from the effects of the cyberattack at TNT. Let me express our appreciation to the thousands of FedEx professionals", "duration": 14.64}, {"path": "2c4d64ba9a75dff613a83aa6f145f4b7_18.wav", "text": "Yes, it's -- for the -- it's hard to say because we're not sure what's 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,", "duration": 14.64}, {"path": "bf99037f89cd485f95f097842619a0c7_49.wav", "text": "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.", "duration": 14.64}, {"path": "ec9a5ef8abdaa14007f86d64e2cf49c1_54.wav", "text": "I'll turn now to our financial guidance for the fourth quarter and full fiscal year of 2016. We believe that Mercury's market opportunities and backlog position us to continue delivering solid revenue growth in the fourth quarter of the fiscal year.", "duration": 14.64}, {"path": "16c235a53fc719ec92ef3b3c3b371150_281.wav", "text": "But we do think there's a couple of ideas that we're going to go forward with. We're trying to work, as I said, with a number of different parties to try to get people to sign off. I think it's -- strength is in numbers when you go to FERC, and we think we're trying to -- or I think we may have a coalition.", "duration": 14.64}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_36.wav", "text": "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.", "duration": 14.6100625}, {"path": "b7d4858dcc1d9cf454416082b75a3429_181.wav", "text": "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,", "duration": 14.61}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_74.wav", "text": "and the replay will be available on our website until the next earnings call. Please note this webcast is a property of iPass and any copying of or rebroadcasting without express prior written consent of iPass is prohibited.", "duration": 14.61}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_261.wav", "text": "And then the other thing I'll note, and this is things that we're working on, our systems and processes in iPass, I made the comment that we moved very quickly and in a very short period of time made a lot of progress with the company.", "duration": 14.61}, {"path": "f0dd7e4dad969b480d0d2a70609aedba_22.wav", "text": "Last area that I want to highlight is the SME part of our portfolio. We've 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.", "duration": 14.61}, {"path": "2f888e63a31b86cc2f4f97710e8eed79_80.wav", "text": "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,", "duration": 14.61}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_280.wav", "text": "where we both developed in the mass and the derma or the therapeutic market. It's as such an interesting market that creates value and where we are strengthening our competitive situation.", "duration": 14.61}, {"path": "e824f4380f8203a1e3ed60e7da1e39e5_154.wav", "text": "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 haven't been able to play. So that's kind of how I would rank and prioritize", "duration": 14.61}, {"path": "8bbc2f54137b794265dfb01f1559868d_135.wav", "text": "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?", "duration": 14.61}, {"path": "de3b766a868da918e499f407dbf5d716_3.wav", "text": "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.", "duration": 14.61}, {"path": "088b4c55add5ff0e667bdbdd22187fc3_4.wav", "text": "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.", "duration": 14.61}, {"path": "9e937c87ad87f354d42a688156853a30_33.wav", "text": "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 re-acceleration into July, maybe some color around segments within wired would be helpful as well.", "duration": 14.61}, {"path": "a4a85b87c36f3a8c723d6d0e87cba645_10.wav", "text": "continued growth really relates to the marketing endeavors. And granted, you're acknowledged by Ovum here. But can you talk to how you're able to translate that recognition into more", "duration": 14.61}, {"path": "6f2c2a55736c5c47a19eca807ec60e33_27.wav", "text": "Given the unprecedented levels of bandwidth required to connect everything from toasters to dishwashers to factories, fiber, and more importantly, fiber management and pathway solutions will be the key enabler for a more connected future.", "duration": 14.61}, {"path": "2fc915b996c687200d995736980aae9a_148.wav", "text": "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 Latin American as well? Yes. I still think they're in the", "duration": 14.61}, {"path": "2fc915b996c687200d995736980aae9a_152.wav", "text": "I don't know. Right now we're selling pretty well. I think our margins are better than most of those for our customers. So right now, we're in a status quo. But we certainly do watch all of that to see what will take our space. Haven't heard that anything is outrageously significant yet.", "duration": 14.61}, {"path": "957e0f876f9a4af9b498c19843675474_14.wav", "text": "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 permission to spend in a critical arena of their lives.", "duration": 14.61}, {"path": "839852ec8452dbd90e9341d15cbba7c5_42.wav", "text": "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 we've been working on and modeling and finally launched that", "duration": 14.61}, {"path": "8011d82cf2151421d3dfacce65adde30_10.wav", "text": "My explanation follows the presentation materials entitled Results for the 9 Months Ended December 2015, which is shown in the center of the viewing screen. Please turn to Page 2 of the materials.", "duration": 14.61}, {"path": "9c5bc3e66dc0c7ac4a559a1d71e70c85_171.wav", "text": "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 interest-bearing deposits.", "duration": 14.61}, {"path": "9da45cfd4472699ef05d887adce01223_40.wav", "text": "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", "duration": 14.61}, {"path": "2905366dcf0eb60a22b63a1b3d9adf95_97.wav", "text": "In the long-term, logistics matter. We think the trucking problem today in the Permian will worsen, and it will erase the economic benefit of using regional sand.", "duration": 14.61}, {"path": "b022fc1979ef416dd25317a4c062328e_154.wav", "text": "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 liability-sensitive there, there's maybe upside to the margin as the year progresses without any Fed rate hikes? Any color there would be helpful.", "duration": 14.61}, {"path": "9ab2e6eb9debfae2de541ba645bfd265_84.wav", "text": "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, we're going to continue to make ongoing revenue streams out of that financing rather than just brokering the deal off to somebody else.", "duration": 14.61}, {"path": "b2d6357f46f3a82cff6625277f9a20f6_14.wav", "text": "Our entire team worked tirelessly in the first quarter to deliver against our model for growth with profitability, and I'm proud of what we accomplished. Our pipeline is robust and in the first quarter, we added more qualified opportunities than ever before,", "duration": 14.61}, {"path": "3cc0a4a6f1b08b522c732ad8944e8624_26.wav", "text": "structural investments that would drive sort of a step change in our cost structure, we continue to aggressively evaluate those opportunities. We've met with our Board to talk about a few of those. We're meeting with our Board again at our next meeting to go over some others and", "duration": 14.61}, {"path": "98f10f0935e5b778e888a1b8130a3d31_250.wav", "text": "which has caused France to be in a very difficult and miserable situation in the first half of 2017. And given this situation and also given the fact", "duration": 14.61}, {"path": "6d97c63e754383663561baada77c7354_96.wav", "text": "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 at our back.", "duration": 14.61}, {"path": "f90636acacf7a46141d37814810a6a8f_31.wav", "text": "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.", "duration": 14.61}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_255.wav", "text": "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 see another year of good housing performance this year.", "duration": 14.61}, {"path": "e2c17247ae2f5d4fa8dd8814cc801198_121.wav", "text": "So as with all algorithm driven engines, we'll continue to refine that as you put the output back into the import and it refines going forward. So that's an important step in our new retail systems using AI to guide our clearance activity.", "duration": 14.61}, {"path": "48f4f350c0636fa0c7acf339cfccb869_128.wav", "text": "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.", "duration": 14.61}, {"path": "f875d701e5a9dd5ab745c8380c02cc3a_26.wav", "text": "We are encouraged by our results that demonstrate the KO-539 has the potential to be active in subtypes representing approximately half of patients with AML and drive robust and persisting responses in preclinical models.", "duration": 14.61}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_64.wav", "text": "Video equipment, which include projectors and display panels, also increased across all end markets, up nearly double digits in the quarter. NetComm increased high single digits with gains in all but one customer market.", "duration": 14.61}, {"path": "dffe8257f781608bb17bb637249e4d2a_250.wav", "text": "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 in-package to avoid the fees for transacting out of package.", "duration": 14.61}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_222.wav", "text": "But we also see the power of physical marketing, and our new Studio D concept, which we've opened as a pop up in Melbourne with our Dulux business, is an example of how we are continually innovating in our decorative paints business.", "duration": 14.61}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_181.wav", "text": "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", "duration": 14.61}, {"path": "7cc11de7f206c637e6293da0d956405e_69.wav", "text": "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.", "duration": 14.61}, {"path": "e42f90eacf0e766ff39973c6aca06c93_39.wav", "text": "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", "duration": 14.61}, {"path": "77d2dd6d5e46cc8a8e80809305b60208_72.wav", "text": "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", "duration": 14.61}, {"path": "3877b1983229ec488c6349a188bccf92_146.wav", "text": "Reduced overheads were the big driver of our margin improvement. Our productivity initiatives focus on tight management of every line item within overheads, and our actions to reduce these costs delivered strongly in this half.", "duration": 14.61}, {"path": "b126c31149f1cadf1d891082a187d6fc_178.wav", "text": "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.", "duration": 14.61}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_45.wav", "text": "big growth channel for us. What we're looking for is not just shifting, as consumers just shift perhaps from brick-and-mortar to e-com, but how do we actually make that incremental to our overall sales versus just a shifting. So", "duration": 14.61}, {"path": "e552924838fe493d3cc967dd0c5c4563_188.wav", "text": "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.", "duration": 14.61}, {"path": "b08d602a938cc263402d9d2db56f2490_54.wav", "text": "Throughout today's call, we will be presenting certain non-GAAP 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.", "duration": 14.61}, {"path": "dbf6a9009ea60e2e96772ee3ccea7226_41.wav", "text": "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.", "duration": 14.61}, {"path": "77423f08f0208d476dea73c639f6293a_21.wav", "text": "We also saw and you're seeing in Q1 so far what I would describe as a couple of key accounts that are reducing spending or changing spending habits a little bit, which are driving our outlook for the quarter.", "duration": 14.61}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_103.wav", "text": "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", "duration": 14.61}, {"path": "bcb3aac2c7cc035961d9ee8cfd330044_121.wav", "text": "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.", "duration": 14.61}, {"path": "b1a98885c1d81414cdc122e807760faf_6.wav", "text": "Now on to, SPINRAZA. The initial underlying demand has been robust. We noticed a solid progress in terms of both infrastructure and insurance coverage.", "duration": 14.61}, {"path": "976a5489fe4d30c2e1ebb237ec62398a_88.wav", "text": "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.", "duration": 14.61}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_139.wav", "text": "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 Systems division as compared to last year's period.", "duration": 14.61}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_5.wav", "text": "More specific to the technology side of the integration, we're 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.", "duration": 14.61}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_75.wav", "text": "And then third thing I would say and emphasize is we're really taking a very thoughtful approach to the relaunch of the company. I've mentioned in the past, we have been much too internally focused over the past three years.", "duration": 14.5800625}, {"path": "4fdbfd9eec396928550d0c799e170d34_76.wav", "text": "and we do entertain that from time-to-time with certain customers. It's a really small percentage of our total revenue, but nonetheless because it's immediately recognized it can have an outsized impact and that's really what happened.", "duration": 14.58}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_24.wav", "text": "and demands to be connected and demands increasingly more data ubiquitously, combined with a telecommunications industry that is struggling to meet these consumer demands profitably.", "duration": 14.58}, {"path": "3cb802f8fba7d33603c29387ccdaf817_143.wav", "text": "Roche Group through Genentech, I believe, in the second week of this year, issued an open letter to hemophilia patient groups with the purpose of providing information.", "duration": 14.58}, {"path": "87bce6c4c7d972f51540cb0b27af5905_1.wav", "text": "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, there'll be an opportunity for questions.", "duration": 14.58}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_143.wav", "text": "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.", "duration": 14.58}, {"path": "c68c15299b67173c7ae163cc5938f3c1_147.wav", "text": "once the rules are fully implemented. For example, there will be a lot of vape shops going out of business. Now we've contracted outside retail agents to call on these vape shops to see if we can convert those over.", "duration": 14.58}, {"path": "0bd1a2daa99e7a5cfa0bf1cb0064857f_26.wav", "text": "This is the second fatality we've at the mine so far this year. Obviously, it's a severe setback after we have reported some significant improvements over the past few years in our safety record.", "duration": 14.58}, {"path": "55d548325797d638567669cd75444301_22.wav", "text": "And the reason that it's 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,", "duration": 14.58}, {"path": "e824f4380f8203a1e3ed60e7da1e39e5_123.wav", "text": "as a result of these incremental increases in expenses and interest costs that might have made certain deals that we're penciling out late last year, not pencil out. That said, transaction volume has not really been dramatically impacted.", "duration": 14.58}, {"path": "dd3166f311a5f12a25103a0295e8ac3e_4.wav", "text": "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.", "duration": 14.58}, {"path": "c4dc8f962a85aa47af50f82845f550e2_114.wav", "text": "we're 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,", "duration": 14.58}, {"path": "bad55d25c1222682bd893d97dc5cbb27_107.wav", "text": "in '18 and then I don't have Gulfstream delivering until '18, remind me, when you're 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", "duration": 14.58}, {"path": "5f38ce681d4413a793d34a0650c59bf2_153.wav", "text": "from a revenue standpoint. So we want to get that out there. But I think it's also important to talk maybe just a little bit of the carryover for Zetia and quetiapine because they're so big contributors to what we're doing. So when you look at those 2 products,", "duration": 14.58}, {"path": "d4ad91ac3b9c1832b95aa346c8c84b46_32.wav", "text": "if someone else wants to pay more, that's fine. It doesn't really have anything to do with what we ought to be willing to do nor do I think that sort of the decline in", "duration": 14.58}, {"path": "2f8bdc3cf1d9a9bef5b62b15afde93b1_74.wav", "text": "more or less all items in a way that they are decreasing the balance sheet. And non-current assets increased mainly as a consequence of the acquisitions made in the construction and also we have", "duration": 14.58}, {"path": "ee640f0dcb9928c0bdd795eddbeac7c0_57.wav", "text": "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.", "duration": 14.58}, {"path": "863512efd537ffd31c094dd9bfd5ebd3_247.wav", "text": "and thirdly, very quickly if you could comment upon silicon carbide traction for you outside automotive and whether that is also trending in-line with expectations or ahead of expectations. Thank you?", "duration": 14.58}, {"path": "2905366dcf0eb60a22b63a1b3d9adf95_29.wav", "text": "that kind of stuff is going to really come into the market, and it's 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.", "duration": 14.58}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_32.wav", "text": "the diseases. I would like to return to one question of Nicole's 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", "duration": 14.58}, {"path": "30710391b8ab4cb549180602d31d4f4a_94.wav", "text": "Actual results may differ materially from those expected or implied. Forward-looking statements are as of the date they are made, and we undertake no obligation to update any forward-looking statement beyond what is required by applicable securities law.", "duration": 14.58}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_26.wav", "text": "When we look at the investment, which includes the purchase pricing, the original IP and the leases associated with them, the capital expenditures associated with it and whatever operating losses exist to ramp it up,", "duration": 14.58}, {"path": "a8b43081254547419da7462d9c957d61_115.wav", "text": "well cost. So we do a lot of things that enable us to continue to make steady improvements in our well costs. And we can't be more proud of our operational teams as they continue to strive to do that.", "duration": 14.58}, {"path": "8a77ceadd7e4729abc9102d38be3a227_57.wav", "text": "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 scale, lower operating costs and enabling growth.", "duration": 14.58}, {"path": "b305bff75f28d238f0bd7da5bd4f13b8_234.wav", "text": "and a significant divestment impact from the hearing plan business. And then if you go to the retail, you can see the composition of the strong growth we had on the audiological care side,", "duration": 14.58}, {"path": "02deeb29574f1571812a11f66bb8fda1_120.wav", "text": "And we are selling those things that we don't -- we have decided that it's not worth the organic or the inorganic investment to us if the opportunities are elsewhere, and that's really how we've been making those decisions. And also keep in mind, things that are small", "duration": 14.58}, {"path": "16ed973148ce103dc95fdcfaf35bbe7b_88.wav", "text": "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 of data scientists. And that's really the promise of Einstein and really our philosophy behind", "duration": 14.58}, {"path": "ab4dae37361262d727d1d2f8f78765d5_60.wav", "text": "And so these normalization of mine plans take time, and that's 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.", "duration": 14.58}, {"path": "809e26eaacb31ffdee78d3f41a6ce90a_126.wav", "text": "The 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 longer-term, sustainable levels.", "duration": 14.58}, {"path": "809e26eaacb31ffdee78d3f41a6ce90a_50.wav", "text": "and in France, where we were forced to take one line down for 8 days and a second line down for 10 days due to the quality of feedstocks we received from a supplier. The impact of these outages was confined to the third quarter with no lingering effect", "duration": 14.58}, {"path": "f77935c4693e4d33252c9c76993e9c8b_188.wav", "text": "potential contracts and why I think '17 could be a lift and the range and all that stuff. Because if you guys have internal models showing that, which I'm sure you do, then you're transacting on data", "duration": 14.58}, {"path": "9b697782ea80be97854f35d6fc62c93a_163.wav", "text": "over the 5-year period, all of that while still generating double-digit EPS growth and strong cash flow. So we think our underlying business fundamentals are quite solid. There's obviously a lot of moving pieces in this challenging environment,", "duration": 14.58}, {"path": "d4b51176b605646e70b37d07a7c19599_33.wav", "text": "The acquisition of the original equipment business for Maval industries announced earlier this year is an excellent example of us expanding our offerings to provide more fully integrated solutions to our customers.", "duration": 14.58}, {"path": "f1da65edd5f2026ffd647d496bb96ce7_50.wav", "text": "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.", "duration": 14.58}, {"path": "f875d701e5a9dd5ab745c8380c02cc3a_72.wav", "text": "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,", "duration": 14.58}, {"path": "1ad54837f74515ad7caa2a50d70459c9_62.wav", "text": "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 I'll hand it back over to John. Thanks, David.", "duration": 14.58}, {"path": "21f21433851eb7c7f7dbc710309341bb_80.wav", "text": "it sounds as though we won't really see much of a change in the in-store 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?", "duration": 14.58}, {"path": "8eaca8d8a419f74540f69ade8defabbd_222.wav", "text": "thermal performance, extended asset life and other operational efficiencies. We're also making progress establishing strategic relationships with key partners in the composites world for both the development, manufacturing and further extension of the technology.", "duration": 14.58}, {"path": "059024560d9d1039cf08746ee7393114_158.wav", "text": "I think it hasn't been a surprise. I think it's been a very positive experience. We really enjoy working with the teams, and we've 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.", "duration": 14.58}, {"path": "b24e0b37987585f3c63f28df67e6a1f6_72.wav", "text": "that we have in France, 7 million of those sit within those Triassic 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,", "duration": 14.58}, {"path": "01f88a67f39af3a74d5f23b095615d39_21.wav", "text": "and the expansion of existing co-chair agreements were announced in the half. And we think they add considerable consumer benefit, aid with competition and help improve the economics of our international operation.", "duration": 14.58}, {"path": "bc3fa49aaccfacb1392855627864851e_54.wav", "text": "So we think we may see some homes closing at a slower average sales price and a customer selecting a 1,400 or 1,500 square foot instead of a 1,600 to 1,800 square feet as one of the offsets to rates increasing.", "duration": 14.58}, {"path": "3d3b327645f62f252bb876e5bb4a9259_20.wav", "text": "in the last year or 2. And so if you take those 2 sort of things, that probably gives you a good view of what's 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.", "duration": 14.58}, {"path": "7498a6630302a038bd537d192c3a44f4_41.wav", "text": "part of that is making sure that we are trend right and that our styles match today what our customers are looking for and then focused on innovation. And so you'll see us", "duration": 14.58}, {"path": "9b64cf7bd80b5f16bf1c68440d023e8a_52.wav", "text": "on our transportation network, our efforts to improve our network capacity and efficiency are beginning to pay off with financial benefits and improved service levels. So to summarize, we have 20 work streams in progress", "duration": 14.58}, {"path": "8635f950dc44da3fcad542b2c066bedf_119.wav", "text": "we see in the organization. We continue to see a difficult but an opportunity-filled environment. And we continue to look for ways to grow our business, continue to improve our returns and capitalize on the momentum", "duration": 14.58}, {"path": "5633fe3600ee04237bbb918c56341864_2.wav", "text": "Before we start the conference call this morning, I'll mention that some of the statements that we make during this call may include projections, estimates and other forward-looking information. This would include any discussion of the company's business outlook.", "duration": 14.58}, {"path": "f3ef7b587ef19092f28a7c1ece1d46fe_22.wav", "text": "a very good skillset 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", "duration": 14.58}, {"path": "b3e9a3bbebcc4111afca87b4cadf58bf_27.wav", "text": "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,", "duration": 14.58}, {"path": "b0d88c0f1efca89ecb928172341dc75d_283.wav", "text": "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.", "duration": 14.58}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_197.wav", "text": "We do expect that automation and technology will continue to generate productivity improvement, but I don't think it's fundamentally changing the percentage of increment that we're providing on a year-over-year basis at this point in time.", "duration": 14.58}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_156.wav", "text": "Sales productivity continued to improve for both hunting and farming opportunities, driving a steadily expanding pipeline and the acceleration in constant currency revenue growth.", "duration": 14.58}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_115.wav", "text": "We're 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.", "duration": 14.58}, {"path": "1f142ea668261ba963d47aac6bab69dd_100.wav", "text": "Now that's how you're 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,", "duration": 14.58}, {"path": "1758a982f596e3033f062a5b9f011361_58.wav", "text": "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", "duration": 14.58}, {"path": "1378aabd380e63d3f89fe0e445fc8b06_68.wav", "text": "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", "duration": 14.58}, {"path": "6f1b092b312410065d308541be46da95_278.wav", "text": "What we saw through the winter was milder weather, so the reason it wasn't called upon was that the weather was milder than average. We actually did some post-event analysis to see what would've happened had we had average weather or even cold weather.", "duration": 14.58}, {"path": "bf99037f89cd485f95f097842619a0c7_147.wav", "text": "Now this is the environment that Julius Baer likes, performs best in. When it's uncertain, there are a lot of opportunities, there are a lot of ways for us to expand and develop our strategy further.", "duration": 14.58}, {"path": "e45bd91347da3c6cbd1fca37e8c0215d_134.wav", "text": "these particular engines run much longer than a standby 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.", "duration": 14.58}, {"path": "0e410ca71e50235e520d5af32ce0f54a_18.wav", "text": "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", "duration": 14.58}, {"path": "bc5018861ccb5380fbe71ad789a6d4b0_30.wav", "text": "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?", "duration": 14.58}, {"path": "365c360aff42713cef71a7d026eeeb6d_151.wav", "text": "So it's kind of hard to give you a completely bullish answer because we're trying to be very, very disciplined. But we've been very, very fortunate in the last 18 months. And I hope that our luck continues and that we find things that can really", "duration": 14.58}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_46.wav", "text": "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.", "duration": 14.58}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_64.wav", "text": "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.", "duration": 14.58}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_206.wav", "text": "in terms of what our large customers are telling us, over time, they're 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,", "duration": 14.58}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_205.wav", "text": "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 segments, driven by timing of milestone receipts.", "duration": 14.58}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_24.wav", "text": "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 of demand that we saw in the fourth quarter of last year.", "duration": 14.58}, {"path": "6e6da7f810609ce64857373f11984455_82.wav", "text": "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.", "duration": 14.55}, {"path": "e23e3aabab4b12e359bc92a480c2d294_3.wav", "text": "He will have responsibility for all of Nobilis' operating units nationally and will continue to focus on executing the company strategic plan. Kenneth is a proven leader and has played a pivotal role in executing Nobilis' growth strategies,", "duration": 14.55}, {"path": "309554ae886fe4911da6e3329b631fe6_89.wav", "text": "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.", "duration": 14.55}, {"path": "95962e0f754f9e2f786778c85d0913b8_81.wav", "text": "the new capacity additions that will come onboard 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", "duration": 14.55}, {"path": "c9ecd6e0347cbf5fe881201a5e803fb3_132.wav", "text": "analysis last year to validate that amount. Again, the information was somewhat limited because the company was in its nuances. There wasn't a lot of billing and collection information that was unique to the company.", "duration": 14.55}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_107.wav", "text": "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 lower-growth brands and locations.", "duration": 14.55}, {"path": "54558afacef9ab3010d5a57ac4feb664_78.wav", "text": "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", "duration": 14.55}, {"path": "55d05334bdde612eb9dd102bb41d216e_10.wav", "text": "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.", "duration": 14.55}, {"path": "e824f4380f8203a1e3ed60e7da1e39e5_5.wav", "text": "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.", "duration": 14.55}, {"path": "f3f1b7c8f174b4be50981a0f85d6a30b_44.wav", "text": "As we're able to expand our services with these clients, we typically make the overall relationships more profitable, which helps to offset the higher rate we must pay on their initial deposits. And this brings up an important point about our business model.", "duration": 14.55}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_201.wav", "text": "you probably continue to see some margin pressures the first quarter or so of the year, with a very strong margin pick up as we get through the onboarding of this new business and some of the cost related to the start-up for that new business", "duration": 14.55}, {"path": "04f29bc02d1e2ef65077ca67bf41f475_161.wav", "text": "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", "duration": 14.55}, {"path": "25411ff16eb3ca72b6e736eb0fe0cafb_101.wav", "text": "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.", "duration": 14.55}, {"path": "1b91eb82f5211000e711424657cc2484_314.wav", "text": "the fact is, you have founding partners likely starting to think about generational transfer, what the future for their business holds. And so we're also just at a point in time in the evolution of the private funds business where a lot of these", "duration": 14.55}, {"path": "c4dc8f962a85aa47af50f82845f550e2_15.wav", "text": "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.", "duration": 14.55}, {"path": "46906afb4e1ee1fef09b5908e76beefa_73.wav", "text": "is quite intriguing to payers. As you might imagine, they're looking for the full data set including the randomized portion of the trial which, again, we should have that information some time in the first half of the year. So overall, things are trending well there.", "duration": 14.55}, {"path": "6f2c2a55736c5c47a19eca807ec60e33_7.wav", "text": "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 year-to-date as well as our outlook and strategic initiatives for the remainder of fiscal 2017 and beyond. Cheri?", "duration": 14.55}, {"path": "1b1699497be56330b3ed833f22bc63f6_108.wav", "text": "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.", "duration": 14.55}, {"path": "a24a661c2eb55542903c72391ec09f9b_41.wav", "text": "In terms of development support, we are increasingly excited about the added potential to create long-term 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.", "duration": 14.55}, {"path": "9c5bc3e66dc0c7ac4a559a1d71e70c85_115.wav", "text": "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.", "duration": 14.55}, {"path": "0f4370b614f29bd596e4f6871cc77864_4.wav", "text": "Although we have been negatively affected by the imposition of U.S. 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.", "duration": 14.55}, {"path": "ee640f0dcb9928c0bdd795eddbeac7c0_191.wav", "text": "From a rate per loaded mile basis, we were out of bed a year ago. And if you look at us, and I'll let you do your own homework, but by our math, we think we're second only to one company in terms of rate per loaded mile right now coming out of the quarter.", "duration": 14.55}, {"path": "d5bf790f69586c23fa90f48cee1d6554_3.wav", "text": "So we have some harass the -- with our contractors. And according to the situation, we have obtained a really good answer from our armed forces", "duration": 14.55}, {"path": "a7e7a1621af9b4e850260f9824ee8746_74.wav", "text": "I guess, echoing Darrel, it's not impossible that we go a bit higher, but it's certainly been a steady pace in and around this level. And we usually don't hope for it to be higher because it's been fairly sustainable at the level that it's at.", "duration": 14.55}, {"path": "49a78c1ec143d9ac46e893e77198c0e3_163.wav", "text": "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 move-out to clinics.", "duration": 14.55}, {"path": "c3af5ef871fb87eee698a7a6e8e1d41e_48.wav", "text": "We will make forward-looking statements during the call, which are based on management's current expectations. We caution listeners that these forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from our expectations.", "duration": 14.55}, {"path": "3278114d0e939eef0c3ec96dbed0f49b_38.wav", "text": "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%. We'll now go through the financial", "duration": 14.55}, {"path": "974a2d744cd3d9acf42d74816de91f7f_96.wav", "text": "We'll certainly take your comments under advisement because you're not the only voice on that side of the ledger. So far, even though we discussed it with the board and discussed it internally,", "duration": 14.55}, {"path": "ea60900258f99d1003ab247c506e42d9_25.wav", "text": "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.", "duration": 14.55}, {"path": "505ccbd6e857cad05a179a5ed5419d1b_28.wav", "text": "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 Powell's future success. With that, I'll turn the call over to Don.", "duration": 14.55}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_181.wav", "text": "She will also continue to build our change management services, which are increasingly in demand in every change-related project as more and more of our client base understands that you have to address the people side of transformation, too.", "duration": 14.55}, {"path": "10728656364812338b7417b035dae4c4_120.wav", "text": "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.", "duration": 14.55}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_69.wav", "text": "The third point is the utilization of open innovation and ICT. By improving our product competitiveness and promoting work style reform, we'll contribute to the realization of the ultrasmart society.", "duration": 14.55}, {"path": "bbb4adabb4fce8ad4d11962c46f59a1f_72.wav", "text": "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,", "duration": 14.55}, {"path": "915bdcf0edfec49b928ca4010cbb40ca_120.wav", "text": "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 self-treatment.", "duration": 14.55}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_23.wav", "text": "Along the way, we're required to do some additional work on permitting that was unexpected last summer when we developed our plans, and that's moved that project out. So all 3 projects, the delays are attributable to", "duration": 14.55}, {"path": "0e52a74a184c92ad0c336af764aa0796_61.wav", "text": "We continue to believe that the overall reform movement in China, including the government's bold strategies to bring healthcare products and services to the entire population, address serious public health issues,", "duration": 14.55}, {"path": "dffe8257f781608bb17bb637249e4d2a_226.wav", "text": "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.", "duration": 14.55}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_80.wav", "text": "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.", "duration": 14.55}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_23.wav", "text": "Going forward, we'll 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,", "duration": 14.55}, {"path": "c47a92e006b54d014a79b447528c55a7_96.wav", "text": "It's a year 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.", "duration": 14.55}, {"path": "be1d9f57faececddb1cdbf5e831bcbf9_158.wav", "text": "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 that's easier. I mean, the important part is to strengthen the balance sheet.", "duration": 14.55}, {"path": "254f3c2175c8e11d6da7d44a221e1bff_30.wav", "text": "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 respective companies.", "duration": 14.55}, {"path": "8635f950dc44da3fcad542b2c066bedf_80.wav", "text": "being a little bit more focused on positive operating leverage. And so I think you're correct that our expense base is higher than what I would have said a year ago, I think,", "duration": 14.55}, {"path": "5633fe3600ee04237bbb918c56341864_123.wav", "text": "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,", "duration": 14.55}, {"path": "c5120d9702331edaf23bb6e639df0a70_7.wav", "text": "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", "duration": 14.55}, {"path": "3f6641f7d8f1ab845ad4f637cfb35109_181.wav", "text": "to delever. Are you are choosing not to? Or is there a cash flow timing issue? Or you actually don't have enough cash? And if you're not retiring that debt because I think that's what investors want you to do", "duration": 14.55}, {"path": "387e37f77b5e6be4e5ab2b00e95e38f1_16.wav", "text": "And the reserves and impact on provisions will be a function of the size of the credit portfolio. So a majority of the impact that we saw in the restructuring of the loans and credits are already absorbed, as I mentioned to you before.", "duration": 14.55}, {"path": "4ee3c79ebc57c9870b221b9479d52436_28.wav", "text": "This group has also been tasked with establishing a secondary pipeline capacity trading platform. The trading platform builds on the work that APA has done to develop innovative capacity trading products for shippers to readily trade their capacity.", "duration": 14.55}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_94.wav", "text": "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, i.e. are we running the business how we priced it? Second,", "duration": 14.55}, {"path": "6299a010c7bb84feaf14b263750dbd1a_206.wav", "text": "And so there are 2 ways. That while we're doing an acquisition, we'd 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. That's why it was important for us to take that", "duration": 14.55}, {"path": "c71a6ab1a0697010811c89200ab21613_106.wav", "text": "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.", "duration": 14.55}, {"path": "eea41cba1f90b280bbd96fdaa9d0f4bf_88.wav", "text": "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", "duration": 14.55}, {"path": "0b7afb66a39a4c81151309bacc830c60_82.wav", "text": "And we're 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.", "duration": 14.55}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_83.wav", "text": "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.", "duration": 14.52}, {"path": "264e575b73bc2a485bee416c1ac10cee_104.wav", "text": "And really what I am driving at here is the sustainability of this margin improvement, especially given, I think, I heard you say that don't expect that the parts and service revenue growth we saw in the first quarter to be extended into the rest of the year.", "duration": 14.52}, {"path": "249b7b83531140105343e2a0e89150fa_52.wav", "text": "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.", "duration": 14.52}, {"path": "78c85dc9a16f82b09d3a2363004e658d_101.wav", "text": "A great example of the convergence of design and make was a significantly expanded deal we signed with Daiwa House industries, one of the largest construction companies in Japan. They sell prefabricated homes in the region and are working to expand globally.", "duration": 14.52}, {"path": "4032bfdd59881fc6506c082737cb5a99_174.wav", "text": "just -- is there any way you can kind of or do you feel like you've accounted for the risk that you could have additional boycotts with the show? And I guess, as it relates to the Winter show,", "duration": 14.52}, {"path": "d261e09fa176510406c0d05eeedfc8f8_142.wav", "text": "while there is a case to support the expansion of Heathrow, we would only do so if the costs of that expansion are managed and result to no increase in passenger charges. We don't believe in any case whatsoever", "duration": 14.52}, {"path": "1133b8984db446b9c963a09eaf0785a4_25.wav", "text": "of margin. So we're just beginning, but we think it's an excellent way to look at the business. It's a part of our Grow and Optimize strategy because optimize means optimizing your customer base as well", "duration": 14.52}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_211.wav", "text": "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 that's", "duration": 14.52}, {"path": "a24a661c2eb55542903c72391ec09f9b_88.wav", "text": "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 the investigator patient and advocacy communities", "duration": 14.52}, {"path": "a44c74bdc01aa7e317addc11f2274e11_182.wav", "text": "Chinese textile production. So it's 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 what's the tariff into that country?", "duration": 14.52}, {"path": "171fd9df333ddd814c764843ed624121_124.wav", "text": "As Slide 5 highlights, this was a phenomenal leasing quarter. And as I just mentioned, we set a number of records. The revenue signed was more than double the prior 4-quarter average. And through the first half of the year, we have signed more revenue than we did all of last year.", "duration": 14.52}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_180.wav", "text": "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. It's real and it's growing. Let me give you the facts.", "duration": 14.52}, {"path": "a7e7a1621af9b4e850260f9824ee8746_155.wav", "text": "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 don't know that we quite did.", "duration": 14.52}, {"path": "3aba3f0bef57d2f71dcc573a0fb198ed_135.wav", "text": "Most of my questions have been answered. I guess just 2 follow-ups. One, can you just comment on the sort of order trends or what you've seen so far in the first quarter? I would assume the demand trends continue to be strong, and I don't know if they were trending above", "duration": 14.52}, {"path": "636d6909fbd8656f88f72f66a3a162ff_113.wav", "text": "In addition to this, weather-adjusted 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.", "duration": 14.52}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_92.wav", "text": "is the right thing to do relative to the tax law change. Again, in the big scheme of things relative to the impact of this, it's a small number, and there are other things that we're thinking of. But I would also put them in the context of thinking of other things relative to", "duration": 14.52}, {"path": "8aa1aa8317783203344434f855535c25_71.wav", "text": "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 we've operated over the last 14 years. And we believe that should serve us well, even if the environment becomes more difficult.", "duration": 14.52}, {"path": "8aa1aa8317783203344434f855535c25_113.wav", "text": "with better risk-adjusted returns. We use our long-standing relationships, the flexibility of our capital and large commitment sizes and final hold capabilities to differentiate ourselves in the more competitive situations.", "duration": 14.52}, {"path": "c67af59ea29f4e80b8eeede6e730658e_44.wav", "text": "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 we've shared a number of times, our brand awareness continues to go up,", "duration": 14.52}, {"path": "6a372ea97b0b130a4d37f16b54d97909_106.wav", "text": "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", "duration": 14.52}, {"path": "b305bff75f28d238f0bd7da5bd4f13b8_147.wav", "text": "a significant investment into the high-growth developing markets. Before we get later into the numbers, just a little bit our reporting as well as organizational structure, restructured in 3 businesses", "duration": 14.52}, {"path": "16ed973148ce103dc95fdcfaf35bbe7b_89.wav", "text": "Yes. 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 that's why we're seeing", "duration": 14.52}, {"path": "ed93b88b63d3dba4c5ed78d463a77bdd_93.wav", "text": "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.", "duration": 14.52}, {"path": "526e0d5398a516831b49936c31a8ea1c_61.wav", "text": "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 coal-fired generation in Kentucky.", "duration": 14.52}, {"path": "4567936d89925d1a3b983274b11ecae5_149.wav", "text": "you have somewhat slower intake. I'm just wondering whether there's 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 higher margin,", "duration": 14.52}, {"path": "809e26eaacb31ffdee78d3f41a6ce90a_25.wav", "text": "on the basis of their own needs to satisfy infrastructure development. And of course, that's a function of a lot of things, including, by the way, when we think about places like Argentina, what's happening in the government and the ability to fund some of these projects.", "duration": 14.52}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_51.wav", "text": "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 own show in Russia and we don't need anything", "duration": 14.52}, {"path": "998be8edc26e9b2c4dc0a06a5b42a887_74.wav", "text": "Okay. Maybe turning over to the wireless communication modules that you've mentioned. When do you think you'll be qualified for shipments on those? And maybe can you give us an idea on what the average selling price would be for those?", "duration": 14.52}, {"path": "6318dda27b3e36d76533c048c64a3014_136.wav", "text": "allow all third-party 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 best-in-class returns on our equity.", "duration": 14.52}, {"path": "52976c4bc9a150b3c85d5d6f1b3febb1_80.wav", "text": "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 you guys have more of a strategic security investment?", "duration": 14.52}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_223.wav", "text": "Mexico and Canada. So again, I'm not going to take a prediction as to what that's going to look like in the future, but I have a hard time believing that it's going to go away entirely.", "duration": 14.52}, {"path": "da879f8ea1c23aa6565cccaacac271fc_212.wav", "text": "the ground as we had anticipated. I'd say the client reaction probably a little bit better than we had anticipated. We're being careful not to oversell it. We have lots of audits through the facility and lots of visits by clients and lots of requests", "duration": 14.52}, {"path": "92bf6fe090b6bc565cb500b688fd9173_139.wav", "text": "aggressively pursuing commodity deflation and other pricing opportunities to partially mitigate this impact. It will position us to demonstrate continued operating leverage in 2016 as well as reasonable earnings growth.", "duration": 14.52}, {"path": "c47a92e006b54d014a79b447528c55a7_36.wav", "text": "We still expect a strong performance from HHI this year, driven by strong innovation such as the recent unveiling of a new line of Wi-Fi-enabled Halo Smart Locks at the Consumer Electronics Show just this past January.", "duration": 14.52}, {"path": "e29584f9f829602cacebcce71c2a4fb9_63.wav", "text": "deadline for each or 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?", "duration": 14.52}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_85.wav", "text": "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,", "duration": 14.52}, {"path": "c5120d9702331edaf23bb6e639df0a70_81.wav", "text": "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 our IL-12 GBM patients,", "duration": 14.52}, {"path": "5efe4589d80ac1232c2958182c188903_99.wav", "text": "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.", "duration": 14.52}, {"path": "e0d1342ad3d27fd648b708837de08797_71.wav", "text": "But we're 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 unique opportunity to go ahead and progress investments in a lower cost structure or", "duration": 14.52}, {"path": "e0d1342ad3d27fd648b708837de08797_184.wav", "text": "I will tell you that not all of them will move at the same pace. We've got a good, diverse portfolio, some that are associated with brownfield expansions to existing facilities,", "duration": 14.52}, {"path": "e0d1342ad3d27fd648b708837de08797_298.wav", "text": "where it had been in previous years. But you're also talking about a fairly significant restocking of the portfolio that had some pretty clear success in Guyana. Is this an area where you see Exxon perhaps being able to distinguish itself from peers in the near term?", "duration": 14.52}, {"path": "1862ee2f84dc77a40dde64b34f3ab94e_50.wav", "text": "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 I'll talk more about that in the quarterly presentation going forward.", "duration": 14.52}, {"path": "812d8f09b72b4d410d138d3b24caebbc_218.wav", "text": "And lastly, I actually think what we're 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.", "duration": 14.52}, {"path": "71c8aba809b2c3334e487f92f9009647_16.wav", "text": "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.", "duration": 14.52}, {"path": "e552924838fe493d3cc967dd0c5c4563_52.wav", "text": "best catalyst technology. And that creates an anonymous amount of value for them, and we capture some of that value. We expect those customers to be positives for our margins going forward.", "duration": 14.52}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_230.wav", "text": "it is harder for our people to identify those cancellations, go in and reopen that seat inventory and then resell those seats, and that's where we're seeing a revenue penalty, if you will, from", "duration": 14.52}, {"path": "b478d2808e90233ed994884e644a3d34_14.wav", "text": "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 we've seen it through the", "duration": 14.52}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_111.wav", "text": "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", "duration": 14.52}, {"path": "3ae068efa03cd088f4d3edea682f199f_100.wav", "text": "Another good example of innovation is how we've 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,", "duration": 14.52}, {"path": "c2a4f7aacf0036edc5b94457c0d8329a_105.wav", "text": "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 SaaS-based solutions, they were impressed.", "duration": 14.52}, {"path": "8fde6a4ab2de2ba6bbd0b4196ef82454_217.wav", "text": "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.", "duration": 14.49}, {"path": "d28b2b09c127b5be033738aa3cd380b3_144.wav", "text": "I don't look at Amazon as a customer that's in any way different than our other customers, and I would look at that as an opportunity as well as a risk. But the opportunity far outweighs the risk,", "duration": 14.49}, {"path": "55d548325797d638567669cd75444301_161.wav", "text": "So -- and that's why we feel that it's 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.", "duration": 14.49}, {"path": "8cb24daf76784487ad63780546dc4ba4_103.wav", "text": "we come to a conclusion that the earnings power of the company will not support it over the longer term, then we're 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,", "duration": 14.49}, {"path": "f3f1b7c8f174b4be50981a0f85d6a30b_83.wav", "text": "We also have some flexibility to move trust cash off our balance sheet. So as we continue to focus on growing our noninterest-bearing deposit base, we should be able to better manage the impact of trust deposits on our funding cost going forward.", "duration": 14.49}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_83.wav", "text": "due to the timing of reinvestments and new account onboarding. With regards to the first quarter, we're expecting earnings to be comparable to the prior year as the impact of the new account start-ups will be most heavily felt in that quarter.", "duration": 14.49}, {"path": "82b66739c0d2b8a47f19a5acbe3b90ed_101.wav", "text": "And so when I look at the pipeline, it remains quite solid. And what I like about it is that it's 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 we've discussed earlier, but that's", "duration": 14.49}, {"path": "3121e8f4a75758834d32a9e4e0555221_5.wav", "text": "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 out-of-period quality revenue adjustments that John will talk about in a few minutes,", "duration": 14.49}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_114.wav", "text": "The release and corresponding financial supplement are available at assurant.com. As noted in the release, beginning in the first quarter 2016, we revised the presentation of Assurant's results to focus on housing and lifestyle.", "duration": 14.49}, {"path": "75fa1bebed0b858c76cc7058477e40e2_185.wav", "text": "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 I'd mention when you think of the components of the quarter to-date same-store sales", "duration": 14.49}, {"path": "5f38ce681d4413a793d34a0650c59bf2_63.wav", "text": "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.", "duration": 14.49}, {"path": "5f38ce681d4413a793d34a0650c59bf2_151.wav", "text": "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.", "duration": 14.49}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_3.wav", "text": "As always, value creation for shareholders remains central to our plans. And so we'll continue to focus on profitable growth, cash generation and optimal use of cash whilst investing for the future.", "duration": 14.49}, {"path": "a24a661c2eb55542903c72391ec09f9b_34.wav", "text": "So we are pleased to have this clarity on the outline of the trial, as we make further progress on the statistical plans. We'll be in position to give more detail on the specific trial design elements, including patient numbers and observation periods.", "duration": 14.49}, {"path": "2f8bdc3cf1d9a9bef5b62b15afde93b1_93.wav", "text": "in '18 because of that if you look at new acquisition where we have also said that we don't see that will have any material impact on the EBIT in '18. So the new acquisition", "duration": 14.49}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_182.wav", "text": "Given Alexion's 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.", "duration": 14.49}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_186.wav", "text": "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.", "duration": 14.49}, {"path": "dd28a387ccc9575df47840b850647c7f_131.wav", "text": "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,", "duration": 14.49}, {"path": "c5c7a9f409241412b160a93cde7ef630_119.wav", "text": "On a year-over-year 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.", "duration": 14.49}, {"path": "974a2d744cd3d9acf42d74816de91f7f_156.wav", "text": "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.", "duration": 14.49}, {"path": "8a93698d03a48d42fc7d7e50cb67dc2b_74.wav", "text": "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", "duration": 14.49}, {"path": "75eb5b75bb8587b63c318714ea956b9e_136.wav", "text": "Other litigation includes proceedings in New York federal district court against Roche and unrelated to the recent Delaware settlement, our pending appeal of the Life Technologies case before the Federal Circuit in New Haven.", "duration": 14.49}, {"path": "7f0b365cacc47c00a8284b0070994e4a_65.wav", "text": "This quarter we also entered into a license agreement with MedImmune, the global biologics research and development arm of AstraZeneca. This agreement represents a clear win-win situation.", "duration": 14.49}, {"path": "9b697782ea80be97854f35d6fc62c93a_92.wav", "text": "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 back-office processes to global shared services.", "duration": 14.49}, {"path": "0e52a74a184c92ad0c336af764aa0796_16.wav", "text": "These products are aligned with the China government's focus on fostering innovation, and thus can potentially move more quickly through development and regulatory process and gain more favorable pricing.", "duration": 14.49}, {"path": "cac9bb252b7974b7044423e714c2f054_96.wav", "text": "for over 10 years, and as a result, we've got a track record there. We brought new people along to help us grow the portfolio. So we've got the ability to", "duration": 14.49}, {"path": "741526dd2a3db996d2f22f4bcdae4be6_10.wav", "text": "at retailers, such as CVS and Walgreens. We also recently announced a new partner for the brand in several home fragrance categories. AND1 continues to be a key performer", "duration": 14.49}, {"path": "49e533a8449f6b9b6c806458e73338e1_123.wav", "text": "and involve risks and uncertainties. These statements include our guidance for first quarter and full year 2019, our medium-term guidance and the impact and timing of our acquisitions. Our actual results may differ materially from these statements.", "duration": 14.49}, {"path": "49e533a8449f6b9b6c806458e73338e1_222.wav", "text": "our software stack is now more able to be deployed in a more wholesome manner across the world. And so we're able to deliver more and more experiences and products to multiple countries.", "duration": 14.49}, {"path": "41e5f97c6d94e8f87bb5fb602fe25500_76.wav", "text": "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.", "duration": 14.49}, {"path": "838af8ffae77ce8ff59c77b1985f8fc5_110.wav", "text": "Thanks, Rusty. Let's 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 we're seeing thus far.", "duration": 14.49}, {"path": "09b5b62d328d3d0719b6825357fdfb48_62.wav", "text": "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.", "duration": 14.49}, {"path": "a2ba164f019804628c07b36de47cd464_28.wav", "text": "Nebraska, Louisiana. So it's typically playing out in different ways in different states. So the experience that we've had in Florida has been hugely beneficial to us. We're really the only player nationally that has a level of experience we do", "duration": 14.49}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_236.wav", "text": "the ability to help manage a client's traditional, transitional and transformational requirements begins with deep domain expertise. We believe our vertical structure and industry focus", "duration": 14.49}, {"path": "e9970d55b0ac8bddede7f337c0f94d36_12.wav", "text": "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", "duration": 14.49}, {"path": "902872913863de98d38e2936b846cf66_229.wav", "text": "I would say this much, as we get into that project and into that acquisition and look at the quality of it, as I've said in my comments, we're really excited about it. This is a really good business. It has very strong assets, great positions, great reserves", "duration": 14.49}, {"path": "d383beeae6efd0a411a453f90412d8d3_110.wav", "text": "as we know, Central Bank has phased out additional buffers and they will be added gradually quarter by quarter. And the third side of that story is our ambition to grow the opportunities that we see in the market", "duration": 14.49}, {"path": "e69e64683a56cdadf1c95192e753f27e_153.wav", "text": "Okay. So if I could just ask a quick follow-up. 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", "duration": 14.49}, {"path": "bf8646ad61e3857d4cf46e592c18f685_4.wav", "text": "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 3-year outlook on where the company revenues could be.", "duration": 14.49}, {"path": "0668081864383eb57919b99c85649753_61.wav", "text": "Very good 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 COGS savings or does some of that come out of OpEx as well?", "duration": 14.49}, {"path": "f268a8174f58c93ad6b45b7f151fe896_40.wav", "text": "type of traffic on a profitable, long-term basis. The other thing that I would mention to you that is often missed in these evaluations or the comments about the e-commerce business,", "duration": 14.49}, {"path": "81c03e2c15e8fe8213fbd40368b49581_90.wav", "text": "So the deeper credit, it's 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. We've always had the view that we need to", "duration": 14.49}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_181.wav", "text": "This advanced technology improves the physician, patient and pharmacy experience. It's simple to use, saves money for consumers and plan sponsors and leads to better pharmacy adherence and health.", "duration": 14.49}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_114.wav", "text": "a lot of feedback on food offerings, although we do get some. So it's -- 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,", "duration": 14.49}, {"path": "bcb3aac2c7cc035961d9ee8cfd330044_93.wav", "text": "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 adviser's perspective. So wondering, how you think your advisers might react to such an arrangement.", "duration": 14.49}, {"path": "30a142fac5a62ab00227cb6a339a6226_49.wav", "text": "Really, it's -- we have a powerful model when we can get incremental sales here. And so if you think about the marginal cost to serve here, it's not high. And so simply put, sales have been growing a lot faster than our costs on a variable side, which has been terrific.", "duration": 14.49}, {"path": "30a142fac5a62ab00227cb6a339a6226_182.wav", "text": "Our design and engineering teams are constantly monitoring the rollout of the redesign and making improvements based on what we learn 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.", "duration": 14.49}, {"path": "9cd9b67e289e807d677aabc5765fec6a_81.wav", "text": "I think frustrated is the right word. That it was -- we had these good savings we were getting in OIP, and for one reason they weren't dropping to the bottom line. And I think one of the things we said to the analyst and investor community was", "duration": 14.49}, {"path": "9cd9b67e289e807d677aabc5765fec6a_60.wav", "text": "We expect the mid-market 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.", "duration": 14.49}, {"path": "e271ed845347e9c930ab0a44eb7785da_16.wav", "text": "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.", "duration": 14.4600625}, {"path": "f3ea353a6c918bc1fd311a9cad6b9777_13.wav", "text": "Just like our other products, we work 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 market-leading and an experience that makes it easier to get a mortgage.", "duration": 14.46}, {"path": "0db71632fa65f1d166f14cb8593c4690_64.wav", "text": "your cash flow in Mining. What do we expect at the end of the year? Can you still drop these expenses? Now what about slabs?", "duration": 14.46}, {"path": "2f888e63a31b86cc2f4f97710e8eed79_162.wav", "text": "The RoutIT 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", "duration": 14.46}, {"path": "2f888e63a31b86cc2f4f97710e8eed79_158.wav", "text": "To remind you, we've 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.", "duration": 14.46}, {"path": "75fa1bebed0b858c76cc7058477e40e2_170.wav", "text": "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.", "duration": 14.46}, {"path": "145244b0378e6657d456cffca8bbc982_88.wav", "text": "bringing it up a little bit in U.K. as well. So we don't really have so much difference in that. It's just when we have a strong utilization, their margins are very, very good. It's really what we have to be careful of, is making sure we can forecast going forward and watch our utilization", "duration": 14.46}, {"path": "39e5706898dcaf14a280b3a123877cd6_139.wav", "text": "Facility which will open before the end of this year in Saverne, which is quite similar to the previous facility, which I talked about. And it will also", "duration": 14.46}, {"path": "cc82e791c065bdc271addf355bac274f_75.wav", "text": "now, if you try to see what's 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", "duration": 14.46}, {"path": "b4874109876c9f165eef4be112d9f30d_5.wav", "text": "All of the new Forerunners are compatible with our Connect IQ application framework, enabling users to personalize their watches with a host of interesting watch faces, custom data fields and useful applications developed by third parties.", "duration": 14.46}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_161.wav", "text": "terribly progressive disease leading to disability and compared to the natural history we are looking for retaining -- patient's retaining abilities, motor function, language function and so on.", "duration": 14.46}, {"path": "8957425799e5ce0200bfacf204d0acde_5.wav", "text": "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.", "duration": 14.46}, {"path": "ddf51a035f75b2e145a283edfd51fffc_65.wav", "text": "We're outgrowing our Sunnyvale office space and are constructing the second building adjacent to our existing building, which we expect to occupy in the second half of 2020. Including spending on this project,", "duration": 14.46}, {"path": "171fd9df333ddd814c764843ed624121_41.wav", "text": "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 something that is incredibly important to them.", "duration": 14.46}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_191.wav", "text": "The only hitch remains us getting through these unbilleds 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.", "duration": 14.46}, {"path": "132abea68f255eb89160dde90b6d3b80_24.wav", "text": "we reserve Q4, depending on where we are in inventory, about the level of production performance. So CV should look like every other year in terms of seasonality and AG will be less back-end loaded", "duration": 14.46}, {"path": "616e9ba16db091317ae4d96e877a9bbe_66.wav", "text": "We go into the second quarter with improved market conditions and continuing solid real estate fundamentals that are being supported by cross-border capital allocations to real estate, low interest rate and corporate occupier demand.", "duration": 14.46}, {"path": "4e04d3229b988f1db5b842ac5b993894_36.wav", "text": "and as we move through the fleet, we'll be spending a little bit more dollars in terms of CapEx, whether it be more fluid end or maybe a transmission rebuild, but that's where the differential in the dollar value comes.", "duration": 14.46}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_110.wav", "text": "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 elevated by 5 to 6 points in the fourth quarter,", "duration": 14.46}, {"path": "c1d916407f390d20e9d8f9b453e22435_70.wav", "text": "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.", "duration": 14.46}, {"path": "87ba56e8ff82d5e181ee5d6d66543c51_59.wav", "text": "programs overall did a nice job of bringing in clients, but like I said, more skewed towards prior clients than new. Could you give us a rough idea of the size of the free EZ program last year and this year?", "duration": 14.46}, {"path": "1c89bbe35013b8f40511ac9ba8824242_41.wav", "text": "I mentioned on our last call that we were beginning to get some of the volume out of the, what we call the Lakeshore 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", "duration": 14.46}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_168.wav", "text": "And I'm pleased that we are already starting to get early benefits from the mindset shift that comes with our Connected 4 Growth program. The chart shows many examples where we have more than halved the innovation time for some of our launches.", "duration": 14.46}, {"path": "dd28a387ccc9575df47840b850647c7f_122.wav", "text": "So the construction time for that facility would be about a year longer than a restart at Val-d'Or. So if we get into next year and we decide Cook is the best option, we're going to have to get working on it earlier", "duration": 14.46}, {"path": "7bc22aba9bc29d69ee10cc60db7903d8_254.wav", "text": "Another key topic at our Capital Markets Day was our rewire program, the restructuring and addressing significant change to Rolls-Royce across structure, across process,", "duration": 14.46}, {"path": "ef44080b170ca6366a6d3132d0baf11a_111.wav", "text": "While credit trends will vary from quarter-to-quarter, our general portfolio quality continues to be in line with historical performance. And I'm extremely proud of our consistently strong track record of quality underwriting.", "duration": 14.46}, {"path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_49.wav", "text": "We understand the customers' data and privacy and how to deal with that. We're the ones who have pushed for a consumer Bill of Rights and pushed that legislative earlier this year, long before this became a headline story", "duration": 14.46}, {"path": "74d0910b4af16f82a812bddbb151d966_124.wav", "text": "And so -- which appears to be a pretty similar situation. And so I would say that the pressure is mounting on the issue, and you've got projects there that are both important", "duration": 14.46}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_122.wav", "text": "This includes enhancing the ways in which we connect and engage with our customers. And at the same time, we're generating strong returns and substantial cash flow in our businesses. And this enables us to strike the right balance between investing in growth", "duration": 14.46}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_118.wav", "text": "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.", "duration": 14.46}, {"path": "433a6e203f9db93835c27ff83e86c801_46.wav", "text": "And frankly, I want to get us to the position where we find something else to do and that's the message I've delivered to our folks. Because even when we had the volume, it was fairly empty calories.", "duration": 14.46}, {"path": "7cc11de7f206c637e6293da0d956405e_97.wav", "text": "We know that there is a market for a new entrant who wants to come in and try it out and see what it's all about. But when you pick up the phone and you don't get to talk to a human being on the other side, that's a pretty powerful telltale sign of things just aren't working right,", "duration": 14.46}, {"path": "a009c5f14d4d0bb5ca875164cffbd6ab_25.wav", "text": "Our Q4 guidance reflects a number of factors. First, as we discussed on last quarter's 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.", "duration": 14.46}, {"path": "757695924b5e43c7d44e29dc141cc035_69.wav", "text": "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 much-needed new power supply to the country of South Africa.", "duration": 14.46}, {"path": "757695924b5e43c7d44e29dc141cc035_182.wav", "text": "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.", "duration": 14.46}, {"path": "838af8ffae77ce8ff59c77b1985f8fc5_9.wav", "text": "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.", "duration": 14.46}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_77.wav", "text": "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 grow nicely.", "duration": 14.46}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_240.wav", "text": "Barrett, this is Steve. I think Johnson 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,", "duration": 14.46}, {"path": "f268a8174f58c93ad6b45b7f151fe896_112.wav", "text": "for any other reason than the market is growing. So if we increase capital expenditures, as Alan said, it will be because the market is growing. We think we can make more money and increase cash flows", "duration": 14.46}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_78.wav", "text": "in those more progressive relationships. So we've migrated that up to about half as of today, and we'll continue to push forward on that. And as Steve mentioned, we've driven some very nice results across all 3 lines of business. We see things like lower in-patients", "duration": 14.46}, {"path": "45c2e7788c29cc5f1c183ec742511c6f_65.wav", "text": "Austin is our primary market, and we have a strong presence here. But there are also opportunities for Stratus in other select, fast-growing markets in Texas, as shown through our purchases of the New Caney and Kingwood Place properties in the Houston area.", "duration": 14.46}, {"path": "a766b08317742c952705018a899f3998_44.wav", "text": "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 solutions-based customers.", "duration": 14.46}, {"path": "bcb3aac2c7cc035961d9ee8cfd330044_21.wav", "text": "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.", "duration": 14.46}, {"path": "30a142fac5a62ab00227cb6a339a6226_125.wav", "text": "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.", "duration": 14.46}, {"path": "eb93e70cdf7a839a69546250fb3646fb_224.wav", "text": "which are driving better safety performance. Over time, we expect that safety performance to continue and mitigate the headwinds we're seeing on the insurance side. So I would tell you, short term, there are some levers we could execute against.", "duration": 14.46}, {"path": "1bb9219ad31877175e18e8e48ff2f63c_84.wav", "text": "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 consulting business and our core accounting business.", "duration": 14.46}, {"path": "1bb9219ad31877175e18e8e48ff2f63c_53.wav", "text": "On top of that, the evidence that we have is that we have seen a larger number of RFPs and that we've actually won a nice number of sizable engagements for off-season work, which is a", "duration": 14.46}, {"path": "bc605e9d69e921f4f61a508a448ad0dd_105.wav", "text": "Some of those work streams, I've already started to see some of their initiatives land in the business and rally 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,", "duration": 14.43}, {"path": "ab861b81968e1b5fcb606ed886919d68_67.wav", "text": "John, my personal opinion is I think we've 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.", "duration": 14.43}, {"path": "95962e0f754f9e2f786778c85d0913b8_151.wav", "text": "And to answer your second and third question -- I'm 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", "duration": 14.43}, {"path": "8efbf78365acddb6289e9e48925c09eb_152.wav", "text": "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,", "duration": 14.43}, {"path": "249b7b83531140105343e2a0e89150fa_7.wav", "text": "with emphasis on the fourth quarter. For further reference, we've also attached an expanded quarterly appendix at the end of this presentation, as well as a full quarterly reconciliation of any non-GAAP financial measures used.", "duration": 14.43}, {"path": "2a59b9df2de5248e64727f10185a8423_36.wav", "text": "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.", "duration": 14.43}, {"path": "8cb24daf76784487ad63780546dc4ba4_139.wav", "text": "and that really is one of the things that gave rise to as we discussed having third-party support for the creation of our MAP Navigator product and ongoing screening thereafter. And I would say those are the", "duration": 14.43}, {"path": "7974a5134807f46a1484a8adf81505be_169.wav", "text": "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.", "duration": 14.43}, {"path": "25411ff16eb3ca72b6e736eb0fe0cafb_72.wav", "text": "some of our competitors over the last couple of years, because we've 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.", "duration": 14.43}, {"path": "14f3d2486b21e639a953afb7ad03d90c_30.wav", "text": "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", "duration": 14.43}, {"path": "8b71a232d7fe61e6232807b635977c31_40.wav", "text": "Yes, thanks, Tim. I don't 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. But let's look at some of the dimensions. One is time frame.", "duration": 14.43}, {"path": "84d2b192c2dd9cdcf24bacf3788a5322_133.wav", "text": "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.", "duration": 14.43}, {"path": "a45510e526a5935c1f8d4f039149ff3b_113.wav", "text": "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", "duration": 14.43}, {"path": "957e0f876f9a4af9b498c19843675474_75.wav", "text": "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 about our new programs,", "duration": 14.43}, {"path": "8292bdb9af87f10627c044f3842b2c76_28.wav", "text": "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.", "duration": 14.43}, {"path": "8292bdb9af87f10627c044f3842b2c76_223.wav", "text": "They are making commitments that are firm on large chunks of space with options to expand in time. We don't allow the tenants to", "duration": 14.43}, {"path": "d261e09fa176510406c0d05eeedfc8f8_283.wav", "text": "But still in '17, we are going to have some noise that we'll have to explain to you and has to do with costs being dragged up by revenues. So the net will be the right one, positive,", "duration": 14.43}, {"path": "dbafd430cf189ffeffd96a06da8ba37d_80.wav", "text": "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.", "duration": 14.43}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_131.wav", "text": "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 we've driven is a much better balance across all device types.", "duration": 14.43}, {"path": "eb4fd38da7ae1a347630ef447dfe9abe_49.wav", "text": "so we think it's 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.", "duration": 14.43}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_121.wav", "text": "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.", "duration": 14.43}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_142.wav", "text": "We are currently 6 weeks into this effort. And while it is still early days in what will ultimately be a 6- to 9-month project, I am very encouraged by what we are seeing in terms of the potential gains in throughput while maintaining current headcount levels.", "duration": 14.43}, {"path": "b96165244f010b3f1e61cbbc5e504d96_208.wav", "text": "So if we're at that place with supply recovery and we continue to make progress on the culture of the organization, particularly again around our commercial organization, I think we're in a position to begin to go on true offense.", "duration": 14.43}, {"path": "7394bde65e000fbb7b528c6c65bd099d_131.wav", "text": "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 don't know that, that's going to have an impact.", "duration": 14.43}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_47.wav", "text": "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", "duration": 14.43}, {"path": "8aa1aa8317783203344434f855535c25_79.wav", "text": "So there may continue to be a modest amount of related expenses as we go forward that we've broken out, but the more significant, like operational expenses and things that we were incurring last year, are behind us.", "duration": 14.43}, {"path": "6a372ea97b0b130a4d37f16b54d97909_6.wav", "text": "and 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.", "duration": 14.43}, {"path": "b1da16cba24af8e472573c4c9caf17c7_128.wav", "text": "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 DiamondRock's strategy for over a decade.", "duration": 14.43}, {"path": "17f54a9938f35a4bde713fb3eb33a80e_35.wav", "text": "It's 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", "duration": 14.43}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_72.wav", "text": "We are diversifying our revenue profile, which is helping to lower variability. And we continue to execute on our manufacturing transformation and cost-reduction initiatives, which enable us to continue driving profitability and free cash flow growth.", "duration": 14.43}, {"path": "b43c001c5af465d220ab0b69a95202ae_32.wav", "text": "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 it's important to recognize that we expected this creep, this creep from urban markets into more rural markets.", "duration": 14.43}, {"path": "809e26eaacb31ffdee78d3f41a6ce90a_7.wav", "text": "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 this time, we are anticipating that production in Wesseling may be curtailed by approximately 3 weeks.", "duration": 14.43}, {"path": "948f025c16fce2bcb2909e610c9be557_51.wav", "text": "with Paul. We were at dinner and we have got us -- the wheel business is no problem. We can do it. We got to jack it up on the other. So that's my story there. So I'm happy with it", "duration": 14.43}, {"path": "9e8690a521142359001a137074905535_252.wav", "text": "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 we're aiming for, and they'll drive permanent improvements to efficiency throughout our business.", "duration": 14.43}, {"path": "532e653f6aa6c3bf43a5b256bb4c1254_28.wav", "text": "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", "duration": 14.43}, {"path": "f875d701e5a9dd5ab745c8380c02cc3a_17.wav", "text": "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.", "duration": 14.43}, {"path": "8eaca8d8a419f74540f69ade8defabbd_86.wav", "text": "throughout 2017. As a reminder, we are also in the process to developing our patent pending molded structural composite technology, that we believe will have broad applications in the dry and refrigerated truck body and refrigerated space.", "duration": 14.43}, {"path": "9e07401011239a074ff66741ee557224_108.wav", "text": "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.", "duration": 14.43}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_230.wav", "text": "we haven't seen a meaningful dropoff. And in fact, I do believe that construction activity in China recently has started to pick back up. That's what we're hearing from our folks on the ground. And so we would expect, as we", "duration": 14.43}, {"path": "a009c5f14d4d0bb5ca875164cffbd6ab_197.wav", "text": "To complement all of this, we've added an incremental 1,500 dedicated smart home store employees to make sure that when you come to shop with us, we'll do a great job identifying what smart home solution would work best for you.", "duration": 14.43}, {"path": "3b2908426357bb8269c3a01469865cd6_99.wav", "text": "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 long-standing client relationships to serve new markets.", "duration": 14.43}, {"path": "254f3c2175c8e11d6da7d44a221e1bff_28.wav", "text": "as we are facing severe changes in the environment, we are taking a cash flow focused management approach in order to maintain financial soundness, and also from the perspective of strengthening our management foundations.", "duration": 14.43}, {"path": "838af8ffae77ce8ff59c77b1985f8fc5_2.wav", "text": "As we look at our second quarter results, our crude oil sales volumes exceeded the high end of our guidance by almost 1,100 barrels per day or almost 5%, and", "duration": 14.43}, {"path": "d62cc3a0dfe3492ed16dfc17c028071e_39.wav", "text": "So it has real business application and it's real time. So it allows them to work directly on the clients that are the most valuable to them. They're the ones that are already in their system.", "duration": 14.43}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_162.wav", "text": "As a result, we are projecting a high-teen percent decline 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.", "duration": 14.43}, {"path": "71c8aba809b2c3334e487f92f9009647_150.wav", "text": "we don't 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 we'll get the return, but we're not short of projects for organic investment or business.", "duration": 14.43}, {"path": "9dc19bfa451bc1278b7136420493f84d_46.wav", "text": "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 we're only into the second fiscal quarter,", "duration": 14.43}, {"path": "b0d88c0f1efca89ecb928172341dc75d_53.wav", "text": "But by the same token, I will tell you we are very confident that we know exactly what to do here. It's not an overnight trick. This is going to be fundamentals and hard work as we've done before. But these are very good brands. As I just pointed out,", "duration": 14.43}, {"path": "690a9eb04a9c850c77634cd88c8459da_70.wav", "text": "Most of our wins are going to come in that area because there aren't a whole lot of mechanical system being sourced anymore, and every win is essentially a confirmation of our capabilities to do that.", "duration": 14.43}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_144.wav", "text": "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 all the investment that they made in the past toward the future.", "duration": 14.43}, {"path": "6299a010c7bb84feaf14b263750dbd1a_104.wav", "text": "restructuring that bank debt and lowering the interest cost of that bank debt as we've described a number of times over the past few years. However, we have an ambition to reduce the proportion of bank debt", "duration": 14.43}, {"path": "c71a6ab1a0697010811c89200ab21613_151.wav", "text": "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.", "duration": 14.43}, {"path": "77423f08f0208d476dea73c639f6293a_259.wav", "text": "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", "duration": 14.43}, {"path": "24c7526f6daca8e16ab91bea6124148a_94.wav", "text": "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, was a bit artificially high because we were -- we had a lot of restructuring activities,", "duration": 14.43}, {"path": "f15a674bdbbc461872000604216ae071_170.wav", "text": "we'll be talking about what we are seeing in the mid and the last 2 years, and very much in the last year, and we still see there", "duration": 14.43}, {"path": "594b7b614804475e4ab8ab4c405ecf40_145.wav", "text": "at the infrastructure upgrade process, which slows down our sales cycle. So I don't think incentive can do that. But we have some new things coming up in our story about how we can accelerate", "duration": 14.43}, {"path": "b49c3cda0bcd26bab06abdd492274a3e_54.wav", "text": "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 same-station growth.", "duration": 14.43}, {"path": "85edb0a846d9e1cfa542b893eed4a0f3_4.wav", "text": "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.", "duration": 14.43}, {"path": "726bad4d5d1a6b2f62034eb8dc843450_106.wav", "text": "We are experiencing delays in some of our cost-reduction 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.", "duration": 14.43}, {"path": "47546a57a865bca0f4e677dc3b485053_36.wav", "text": "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", "duration": 14.43}, {"path": "070a939ddb72d87ed87e4b863da14a89_4.wav", "text": "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 as a potential first in class disease-modifying treatment.", "duration": 14.4}, {"path": "bc605e9d69e921f4f61a508a448ad0dd_160.wav", "text": "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?", "duration": 14.4}, {"path": "214dcdc435ef3259490466447858fa56_117.wav", "text": "We now have over 0.5 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.", "duration": 14.4}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_40.wav", "text": "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 we're talking about.", "duration": 14.4}, {"path": "22ad97a95501a08f15c06605cd277fec_173.wav", "text": "in order to get Fluid Handling back towards the mid-teens operating margin? Or what kind of revenue run rate do you feel that you need? Given over the last several years, you've done something structurally to improve the business, et cetera, so I would imagine", "duration": 14.4}, {"path": "8cb24daf76784487ad63780546dc4ba4_155.wav", "text": "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", "duration": 14.4}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_131.wav", "text": "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 we've done with Chase and Amex, that they are as excited as we are about the power of this platform.", "duration": 14.4}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_188.wav", "text": "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 long-term performance and away from solely in-year profit.", "duration": 14.4}, {"path": "8b71a232d7fe61e6232807b635977c31_38.wav", "text": "that big dataset, in order to allow it to really reach its full potential for the marketplace. And so we've been preparing ourselves for that, and that's why you see the size of the panel increase. Now as far as acquiring set-top box data", "duration": 14.4}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_133.wav", "text": "Is that top line indicative of how we should think about growth in earnings if we think about it longer term? I know there's complexities on the accounting in terms of what's flowing to the top line and what's flowing as rebates on the expense line.", "duration": 14.4}, {"path": "6d02f116f1ae8575d9b916f1429454eb_51.wav", "text": "Thanks, Tim. As Tim mentioned, we are very pleased with the finance results we are seeing this year. They reflect a dedicated service of our agents and our employees as well as our commitment to deliver on our strategy.", "duration": 14.4}, {"path": "01502edf6cda82061f1f45d6b0e8e189_191.wav", "text": "getting any worse or getting any better? I don't think it's changed much, it's still a challenge to get it through government approval agencies. The time constraints there continue to be challenging. But", "duration": 14.4}, {"path": "833f98dbc79997580b24335033aac5d2_101.wav", "text": "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.", "duration": 14.4}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_27.wav", "text": "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.", "duration": 14.4}, {"path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_88.wav", "text": "The year-over-year decrease was driven by both products 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.", "duration": 14.4}, {"path": "0f4370b614f29bd596e4f6871cc77864_66.wav", "text": "are subject to risks and uncertainties. Trimble's actual results may differ materially from those currently anticipated due to a number of factors detailed in the company's Form 10-K and 10-Q or other documents filed with the Securities and Exchange Commission.", "duration": 14.4}, {"path": "171fd9df333ddd814c764843ed624121_129.wav", "text": "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.", "duration": 14.4}, {"path": "eb4fd38da7ae1a347630ef447dfe9abe_175.wav", "text": "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", "duration": 14.4}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_85.wav", "text": "We highlighted on our last call the 3 engagement models with which we go-to-market. These engagement models provide customers a flexible approach to create the required commercial infrastructure they will need to manage their revenue.", "duration": 14.4}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_120.wav", "text": "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.", "duration": 14.4}, {"path": "863512efd537ffd31c094dd9bfd5ebd3_227.wav", "text": "And we will also disclose what are the capital investment plans and the initiatives that we have in terms of -- in terms of outsourcing.", "duration": 14.4}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_74.wav", "text": "It's about 70. It's about 70, it's relatively stable at this point in time. But as we've moved through the past year, we have had some turnover, that was kind of expected as we really transition from selling products to solutions", "duration": 14.4}, {"path": "c433164f6d189e18b1e4784e376b6ecb_17.wav", "text": "As Scott mentioned, I'll go over our financial results in more detail and discuss our current hedging activities. I will also walk through our upcoming credit facility redetermination and provide updated guidance for the remainder of the year.", "duration": 14.4}, {"path": "550ef3fcaf67ca1df87136acfdfa9d19_58.wav", "text": "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, we've been able to achieve savings in chemical and energy costs.", "duration": 14.4}, {"path": "f2a2ba46b242698577188259de23de31_58.wav", "text": "Matt, typically, we don't -- I don't focus necessarily on the number of people that we pick up. I 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.", "duration": 14.4}, {"path": "b092d2be33ad52beefab208355b18235_62.wav", "text": "We're 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.", "duration": 14.4}, {"path": "b092d2be33ad52beefab208355b18235_84.wav", "text": "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 through the integrations of our 2 merger partners.", "duration": 14.4}, {"path": "b092d2be33ad52beefab208355b18235_17.wav", "text": "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", "duration": 14.4}, {"path": "30e94343ee663488872ae176b419a163_92.wav", "text": "Okay, that's 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,", "duration": 14.4}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_103.wav", "text": "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 they're lower cost, but I'm thinking maybe they're also", "duration": 14.4}, {"path": "e6c0fa1068c28557c3e17e0d02b831b1_93.wav", "text": "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.", "duration": 14.4}, {"path": "74d0910b4af16f82a812bddbb151d966_63.wav", "text": "construction that -- and the gathering system that feeds into that is a bit variable as to timing as well. So it's not really a question of how much in terms of projects really. It's just a matter of the timing of those projects.", "duration": 14.4}, {"path": "f1da65edd5f2026ffd647d496bb96ce7_46.wav", "text": "Thank you, Atif. Good afternoon, everyone, and welcome to the call. We're pleased to report another successful quarter, building on the momentum from the prior few quarters. Chris will cover the financials in detail, but I'd like to make a few high-level comments.", "duration": 14.4}, {"path": "da34a7b460e520db0401de3ce860187c_22.wav", "text": "So it will give us time to reallocate capital to reduce our debt in the near term and that's one of the main initiatives. The second one is, if there are any opportunities from a portfolio perspective,", "duration": 14.4}, {"path": "939c2eaaa171907197a14e58cea3514d_125.wav", "text": "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.", "duration": 14.4}, {"path": "87045996e7446329f1d98c909c6ca7fe_241.wav", "text": "if -- it doesn't look that much different to end Q3. So should I take your comments earlier to mean that some of the branch deposit growth has been so much stronger that you feel that you can permanently", "duration": 14.4}, {"path": "45ab782035fdb06f5ec710d0845bc18f_114.wav", "text": "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 on-sized acquisitions.", "duration": 14.4}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_5.wav", "text": "We also saw a continued strong performance from several other products, including Creon and Duodopa. So overall, we're extremely pleased with our commercial performance and financial results for the quarter,", "duration": 14.4}, {"path": "3877b1983229ec488c6349a188bccf92_81.wav", "text": "and we're delivering more improved marketing efficiencies. These efficiencies were broad-based across regions and were delivered by continuing to work with our agencies and our suppliers more efficiently and effectively.", "duration": 14.4}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_55.wav", "text": "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 capabilities in customer service.", "duration": 14.4}, {"path": "8635f950dc44da3fcad542b2c066bedf_74.wav", "text": "Wrapping up on Slides 12 and 13. I think we're 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", "duration": 14.4}, {"path": "8635f950dc44da3fcad542b2c066bedf_14.wav", "text": "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.", "duration": 14.4}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_71.wav", "text": "Behind all of this, we're 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.", "duration": 14.4}, {"path": "cd331fa6dd24e811af3c0529212bfbb8_74.wav", "text": "What we've done is we've 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 there's been some changes there in terms of the way that we structure the management of the territories.", "duration": 14.4}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_30.wav", "text": "because what you have there is a very, very strong e-commerce business for all goods and that includes as well much more than here in Europe includes as well food", "duration": 14.4}, {"path": "1862ee2f84dc77a40dde64b34f3ab94e_36.wav", "text": "As you can see from this chart, Atea's 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 year-end.", "duration": 14.4}, {"path": "1300495cfa53748f732f54277d5a8cea_128.wav", "text": "all of our customer touch points to look like. So that wasn't reflective of any numbers or anything. Certainly, we continue and we'll continue to look at our store portfolio. We certainly expect to continue to grow our retail footprint.", "duration": 14.4}, {"path": "e9970d55b0ac8bddede7f337c0f94d36_44.wav", "text": "While I often emphasize the importance of recurring revenue, our strong track record of reporting past sales is consistent with what we've always maintained, that the value of a license is more important than the timing of it.", "duration": 14.4}, {"path": "902872913863de98d38e2936b846cf66_51.wav", "text": "but these aren't things that are going anywhere. They're not getting -- this is weeks of delay and putting aggregate on the ground. It's not changing whether or not they do the project. Right. And then once they start, the visibility", "duration": 14.4}, {"path": "902872913863de98d38e2936b846cf66_236.wav", "text": "In addition, our visibility to a turn in public construction activity continued to improve. There are more highway project tons in backlog than we've seen in at least 3 years.", "duration": 14.4}, {"path": "125388f1b45117acde70abc39e0f7d04_101.wav", "text": "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.", "duration": 14.4}, {"path": "125388f1b45117acde70abc39e0f7d04_172.wav", "text": "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. Let's turn to Page 16 in the attached slide deck.", "duration": 14.4}, {"path": "eea41cba1f90b280bbd96fdaa9d0f4bf_122.wav", "text": "Okay. Just to clarify kind of if you had to 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?", "duration": 14.4}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_266.wav", "text": "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.", "duration": 14.4}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_255.wav", "text": "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 non-GAAP amounts.", "duration": 14.4}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_213.wav", "text": "Thanks, Gary, and welcome, everyone. Our employees did a great job again this quarter providing their legendary customer service, and I'd like to thank them for that and congratulate them on a great quarter.", "duration": 14.4}, {"path": "f388f8ab8a5751d4efc504090d00ca64_44.wav", "text": "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 long-term growth.", "duration": 14.4}, {"path": "24a2aec67e247f9c4d4cc89d6dbab525_72.wav", "text": "We're 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.", "duration": 14.4}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_236.wav", "text": "I'll give a short answer and then Chris can elaborate on it. We have actually slimmed down the technology to very much those areas, and there's a test site in terms of Savuka where we can actually use it in terms of the Mponeng operation, particularly the", "duration": 14.4}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_50.wav", "text": "element of our overall business. That's the part that we have to get right. I mean, we're pretty darn -- look, we're never fully satisfied. That's just not the nature of the management team here. But we're pleased with what's going on in Europe. We're pleased with what's going on in Canada.", "duration": 14.4}, {"path": "33ed8514914fae6825997843290fe049_60.wav", "text": "as well as expanding the awareness of our other indications that can be treated effectively with the XTRAC. I'm enthusiastic about positioning STRATA as the valued business partner of choice for dermatology and aesthetic medicine practices.", "duration": 14.3999375}, {"path": "0b2059114216fe9195b6a4256ed84843_125.wav", "text": "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 forward-looking statements,", "duration": 14.3999375}, {"path": "3b2908426357bb8269c3a01469865cd6_63.wav", "text": "be edited, assembled, accessed, translated, rendered and submitted to regulators. Our Language Solutions and other reporting unit includes traditional commercial printing as well as our Language Solutions offering,", "duration": 14.3700625}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_220.wav", "text": "This extends the antenna's 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.", "duration": 14.37}, {"path": "b7d4858dcc1d9cf454416082b75a3429_115.wav", "text": "plant. And Clifford has mentioned that our prices achieved did not quite lift 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", "duration": 14.37}, {"path": "10ad172801ac8cd3a21e4355d7349eb5_53.wav", "text": "and providing them with a customized experience as they explore our program offerings and courses and evaluate our universities as their choice for education. Lastly, we continue to develop and enhance our overall mobility capabilities", "duration": 14.37}, {"path": "abd0f750609f1263b566f0c09b981a16_91.wav", "text": "Looking ahead, we have a high quality, well diversified portfolio and we're 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.", "duration": 14.37}, {"path": "280baf1d10cd27b78eae4bf2574b9c98_13.wav", "text": "And as a reminder, we take ownership of these direct imported goods earlier as we record in-transit inventory on our balance sheet when the goods leave the overseas ports. Now I would like to turn to our guidance.", "duration": 14.37}, {"path": "f3f1b7c8f174b4be50981a0f85d6a30b_3.wav", "text": "We entered 2019 with a very strong platform in place from a business development standpoint, and we're 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,", "duration": 14.37}, {"path": "3c211ab9236e508ad4a5ee63e29324e3_15.wav", "text": "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.", "duration": 14.37}, {"path": "2fc915b996c687200d995736980aae9a_113.wav", "text": "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.", "duration": 14.37}, {"path": "cfbe91105113db7a5784f77e411b7a3f_208.wav", "text": "That is almost a full logistic operation. That's a whole different model than making cable in large volume and send it to Europe. This kind of project element, that's the business which we do, where other components come in.", "duration": 14.37}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_186.wav", "text": "as their first major customer and application for electrification. Peterbilt will electrify a number of Class 8 transport and refuse trucks as first adopters working with the Meritor E-axle.", "duration": 14.37}, {"path": "8957425799e5ce0200bfacf204d0acde_10.wav", "text": "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 7,000 processed miles of flexible pipe.", "duration": 14.37}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_267.wav", "text": "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,", "duration": 14.37}, {"path": "b7943f4a2b95d2bc2ce102e3af9b5d22_67.wav", "text": "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 segment's result.", "duration": 14.37}, {"path": "6b5a6b4dce64e7db04bee7d7b7d37aba_6.wav", "text": "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,", "duration": 14.37}, {"path": "8b6b51842af008f5f437f53cc2e71835_12.wav", "text": "As we would expect in this environment, our active commodity, natural resource equity and multi-strategy real asset portfolios posted solidly positive returns and materially outperformed their benchmarks.", "duration": 14.37}, {"path": "e56726c7aedd69029957c84128050700_81.wav", "text": "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 employee-related costs", "duration": 14.37}, {"path": "9da45cfd4472699ef05d887adce01223_93.wav", "text": "to reduce or avoid the repayment of the amounts owed to creditors like Syncora. There's also been a discussion of the flight of human capital from the island that could negatively affect the economic recovery of Puerto Rico.", "duration": 14.37}, {"path": "21c2451cb9f5fbf43e4e2e3d3d23325d_179.wav", "text": "understand you're indicating a lower run rate than certainly what it's 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 you're looking for in the first quarter? Or are there gaps in the scheduling given the nature of spot?", "duration": 14.37}, {"path": "93d3e5be9cf75e0921d47f10d4178939_18.wav", "text": "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 oil-impacted markets and supply pressures elsewhere, these issues convey the importance", "duration": 14.37}, {"path": "9ab2e6eb9debfae2de541ba645bfd265_102.wav", "text": "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 up every day to deploy capital into this market.", "duration": 14.37}, {"path": "da14df2e02d11f6f8599533d9d57faee_79.wav", "text": "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.", "duration": 14.37}, {"path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_79.wav", "text": "Jeff, it's 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.", "duration": 14.37}, {"path": "29426a77336443eedde7eaa29e9c2852_58.wav", "text": "Please refer to our most recent Form 10-K and SEC filings for more information on those risks. We believe that a combination of both GAAP and non-GAAP measures are more representative of how we internally measure our business.", "duration": 14.37}, {"path": "815f65663b3982554e82806de0cbd918_62.wav", "text": "Similar to the last quarter, the 0 to 15-day 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.", "duration": 14.37}, {"path": "1968062b387ef01efed18108be2dc264_67.wav", "text": "Okay, great. And then just when you -- because you've had the sale of facility, you've gotten out of markets, are you expecting working capital to be a source of cash again this year?", "duration": 14.37}, {"path": "c5c7a9f409241412b160a93cde7ef630_50.wav", "text": "On this call, we will discuss certain non-GAAP 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.", "duration": 14.37}, {"path": "ea60900258f99d1003ab247c506e42d9_62.wav", "text": "Between the time that you'd experience from order to delivery market as well as redistribution to shelf and tabletop create some challenges because the ZAR moves relative to the foreign currencies quite significantly.", "duration": 14.37}, {"path": "b43c001c5af465d220ab0b69a95202ae_124.wav", "text": "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.", "duration": 14.37}, {"path": "0ec0a75c1800bac01520dcac5b8992fb_111.wav", "text": "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.", "duration": 14.37}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_179.wav", "text": "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", "duration": 14.37}, {"path": "ea7f210b3c08271afbdb6d434b8394e9_51.wav", "text": "Due to the improvement in our project slate, we believe that most of these cost 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.", "duration": 14.37}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_211.wav", "text": "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 ever-increasing complexity of molecular structure.", "duration": 14.37}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_35.wav", "text": "with our customers is probably more optimistic and positive than it was a few months ago. But it's really hard to tell exactly how those talks are coming along. We're optimistic that it will get resolved at some point.", "duration": 14.37}, {"path": "059024560d9d1039cf08746ee7393114_105.wav", "text": "Historically, the company experiences a use of cash in the first quarter as it's generally the lowest revenue quarter of the year and incentive compensation payouts from the prior year are made. In addition,", "duration": 14.37}, {"path": "dffe8257f781608bb17bb637249e4d2a_184.wav", "text": "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 high-risk buckets.", "duration": 14.37}, {"path": "61a1812ea55a4d676119b4f3d7cd6c10_7.wav", "text": "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.", "duration": 14.37}, {"path": "7551ffae17aa39dd4ea962a43f96bf04_101.wav", "text": "But our growing volume of tax has the opposite effect of accelerating our ability to recognize revenue. We're able to pull into a quarter all of the test reported in that quarter, multiplied by the amount we estimate that we will collect in the future.", "duration": 14.37}, {"path": "49e533a8449f6b9b6c806458e73338e1_75.wav", "text": "This segment of our business is now much larger and 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.", "duration": 14.37}, {"path": "ab3354b86be920cde18291112bf8a70a_172.wav", "text": "organically build some areas where we don't have the expertise. But now we would entertain an appropriate larger deal as we said we're putting in the capabilities so that we can put more assets onto the platform more efficiently.", "duration": 14.37}, {"path": "757695924b5e43c7d44e29dc141cc035_212.wav", "text": "Asia I would say we're 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.", "duration": 14.37}, {"path": "54c8e2e08c60dfe9b4bafc3938ccf332_87.wav", "text": "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.", "duration": 14.37}, {"path": "3877b1983229ec488c6349a188bccf92_161.wav", "text": "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 campaigns in over 40 countries.", "duration": 14.37}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_8.wav", "text": "We continue to believe it's the right trade-off. 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.", "duration": 14.37}, {"path": "799c15a4a6e9e3c86374761fec31c00a_41.wav", "text": "These results reflect our ability to execute our strategy in spite of an uncertain marketplace, seasonal holiday plant closures and some additional weather-related disruptions that occurred near the end of the quarter.", "duration": 14.37}, {"path": "a76bedec950d8af557e451e58416d028_190.wav", "text": "We're taking a 2-step approach for the connection in the home, I mean, the physical connection in the home. It is when we're opening the roads and when we are active in the streets, we offer the various customers", "duration": 14.37}, {"path": "71ea3ed1436c2759a95f8d629963db2e_124.wav", "text": "That's another opportunity for us on the train length side on this network. So several of those are out there in the coming years. We'll be working with our customers to try to convert them from a productivity standpoint. If I look at other opportunities of productivity, we haven't talked about it yet.", "duration": 14.37}, {"path": "cd331fa6dd24e811af3c0529212bfbb8_18.wav", "text": "but I would say that we'll 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 that should have probably kicked off 3 to 6 months ago are really be kicking off and in full swing.", "duration": 14.37}, {"path": "66b25c60d952bd002c7ab20da9248086_94.wav", "text": "Please note that today's call contains forward-looking 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.", "duration": 14.37}, {"path": "387e37f77b5e6be4e5ab2b00e95e38f1_5.wav", "text": "On the other hand, countries more dependent on commodities continue to face challenges as prices are still low and, with a few exceptions, don't show any signs of a strong recuperation.", "duration": 14.37}, {"path": "6cbf592846662213258684c3049e4592_63.wav", "text": "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.", "duration": 14.37}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_44.wav", "text": "And Shneur, the only thing I would add to that is, it really is kind of a tension between we're already there and so we don't have to do things, but the positive of that is because we're there, we do have synergy, we do have opportunities", "duration": 14.37}, {"path": "bf8646ad61e3857d4cf46e592c18f685_48.wav", "text": "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.", "duration": 14.37}, {"path": "93e134910b4a7c587bc461da0c9a2083_38.wav", "text": "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.", "duration": 14.37}, {"path": "24c7526f6daca8e16ab91bea6124148a_43.wav", "text": "Food Colors business to incorporate North Asia, that's only a small chunk of it. So the remaining part of Asia Pacific is -- it's a combination of Flavor and Color and probably pretty close to that ratio you just quoted. Okay.", "duration": 14.37}, {"path": "0b7afb66a39a4c81151309bacc830c60_95.wav", "text": "the timing and amount of insurance service revenue and insurance costs, in the case of net service revenues, and the income tax impact and number of shares granted in market price needed to quantify stock-based compensation expense,", "duration": 14.37}, {"path": "16c235a53fc719ec92ef3b3c3b371150_14.wav", "text": "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, low-cost, in-the-money fleet", "duration": 14.37}, {"path": "16c235a53fc719ec92ef3b3c3b371150_237.wav", "text": "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.", "duration": 14.37}, {"path": "a4d3f12bcd4bd2b79c885714ce84ab4f_57.wav", "text": "Ultra has also commented recently on test results from the company's horizontal drilling program, which could further extend the life of the field, and potentially, the utilization of our pipeline for liquids gathering.", "duration": 14.37}, {"path": "e26b501c6e000fdaa11edde97cc71436_112.wav", "text": "and what that means for us is that we can see a clear path from where we are to over 100,000 supplier connections and tens of millions in revenue in the next few years from ReposiTrak alone.", "duration": 14.3699375}, {"path": "7eebbbc069b4bf8367aa748751df9bc7_77.wav", "text": "We saw -- we actually saw during major citywide conventions some of the strongest rates is not actually the strongest rates ever in the city. So", "duration": 14.34}, {"path": "a45d8b57fe6b8199bca7aec4d022bbb3_136.wav", "text": "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", "duration": 14.34}, {"path": "223f05c0b9b116532e9af84afa76cac7_44.wav", "text": "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.", "duration": 14.34}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_57.wav", "text": "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 bottom-of-the-cycle opportunities in the auto franchise sector.", "duration": 14.34}, {"path": "7974a5134807f46a1484a8adf81505be_34.wav", "text": "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.", "duration": 14.34}, {"path": "1b91eb82f5211000e711424657cc2484_107.wav", "text": "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 publicly-traded asset managers that are taxed as partnerships.", "duration": 14.34}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_41.wav", "text": "Yes, the unfortunate part is that's in their control to launch their powertrain. And again, they're responsible for a number of other components besides ours. The area that I think has hurt them very badly is the transmission.", "duration": 14.34}, {"path": "a827180c08c11f2e53c6966fceaabf5b_90.wav", "text": "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.", "duration": 14.34}, {"path": "4032bfdd59881fc6506c082737cb5a99_70.wav", "text": "Over the last month, we've 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 Summer shows for the aforementioned reasons.", "duration": 14.34}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_76.wav", "text": "Our strategy of effectively managing our space and assets continues to produce strong cash generation and sustainable profits. Gross margin was well-managed, up 80 basis points in the half.", "duration": 14.34}, {"path": "6a927d8b7734e7ddd8ffd264fa1020a6_29.wav", "text": "This is the first Acura 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.", "duration": 14.34}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_50.wav", "text": "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. We've made mistakes in the past", "duration": 14.34}, {"path": "b7943f4a2b95d2bc2ce102e3af9b5d22_166.wav", "text": "If you have followed our calls before, I always underpin that I did not expect the extremely good margin in the segment to remain forever. Still the current level is a satisfactory one.", "duration": 14.34}, {"path": "276392c471c063580869aec014a1feda_59.wav", "text": "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.", "duration": 14.34}, {"path": "ee640f0dcb9928c0bdd795eddbeac7c0_167.wav", "text": "This is no accident. It is a result of bringing together a great team, unified in 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.", "duration": 14.34}, {"path": "655d592e9d1b1027f1824b1554d8b131_5.wav", "text": "Debra and I have worked closely over the past 2 years, and I am confident that Debra will successfully build upon the strong foundation for our businesses that we have formed together following the Lorillard acquisition.", "duration": 14.34}, {"path": "2905366dcf0eb60a22b63a1b3d9adf95_7.wav", "text": "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 we're delivering sand to that market.", "duration": 14.34}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_73.wav", "text": "but the other is analytics truly informing practice. And I think that's what you'll 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.", "duration": 14.34}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_14.wav", "text": "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.", "duration": 14.34}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_152.wav", "text": "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 company's part. But our same-store sales numbers", "duration": 14.34}, {"path": "70c92ab88d38f489d5074f2859e0290e_66.wav", "text": "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", "duration": 14.34}, {"path": "b43c001c5af465d220ab0b69a95202ae_94.wav", "text": "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", "duration": 14.34}, {"path": "75eb5b75bb8587b63c318714ea956b9e_55.wav", "text": "There are added costs to be absorbed throughout each step of the development to commercialization process as a product moves from discovery through platform to product development to validation and manufacturing and finally, service provision,", "duration": 14.34}, {"path": "74d0910b4af16f82a812bddbb151d966_89.wav", "text": "But beyond that, we'll determine -- when we come to that point and we got that down, then we'll determine what we think the very best use of that cash is from a shareholder perspective.", "duration": 14.34}, {"path": "c40b5d1a13169c5acf69590932a56f98_61.wav", "text": "Our plan to achieve comprehensive full-scale 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.", "duration": 14.34}, {"path": "1c7b9fe66120faecd8217e1df394005c_103.wav", "text": "the brokers start hearing that there's going to be some upward movement in the back end of the curve, you may see more refinancings as the year goes along. Dime will not participate at those rates. We don't have to now because we have another line of business available to us.", "duration": 14.34}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_15.wav", "text": "most notably, lower-than-expected 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.", "duration": 14.34}, {"path": "c47a92e006b54d014a79b447528c55a7_7.wav", "text": "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.", "duration": 14.34}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_244.wav", "text": "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.", "duration": 14.34}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_60.wav", "text": "but obviously high reward if it were to play out is the pancreatic study. That is one that we've heavily risk-adjusted, and so it's not something that we're counting on, certainly isn't something that investors should be counting on at this point.", "duration": 14.34}, {"path": "0dec9a606303da3039d11eec4ec9bd86_147.wav", "text": "While both are doing fine, they just simply don't -- 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,", "duration": 14.34}, {"path": "d74cec1fb73e1b1134bfa7152762ad80_72.wav", "text": "These increases were largely offset by lower revenue due to previously announced extensions of certain long-term contracts with lower pricing, as well as a decline in mutual fund revenue as a result of continued sub accounting conversions.", "duration": 14.34}, {"path": "cd331fa6dd24e811af3c0529212bfbb8_82.wav", "text": "We're also fairly well insulated from the vagaries of the general political and macroeconomic environment that we're facing, and this gives us confidence that we can continue to deliver growing revenue margins, profitability and overall improved results.", "duration": 14.34}, {"path": "1862ee2f84dc77a40dde64b34f3ab94e_76.wav", "text": "into the future. I will also say that a lot of people think that the public cloud is where everything's going to end up. Some think that everything is going to end up with Amazon. I'll tell you, you will never see that.", "duration": 14.34}, {"path": "a2ba164f019804628c07b36de47cd464_78.wav", "text": "cardiac and musculoskeletal 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 unique expertise in this area.", "duration": 14.34}, {"path": "71c8aba809b2c3334e487f92f9009647_166.wav", "text": "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 in cement prices? And for you guys, which is the bigger cost, electricity or fuel?", "duration": 14.34}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_41.wav", "text": "will increase as we gain scale. However, that doesn't necessarily mean that this will improve the company's margin because as I usually say,", "duration": 14.34}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_128.wav", "text": "On October 1, we closed our acquisition of Priamus System Technologies. Priamus is a technology leader in the development of advanced process control systems for the plastic injection molding industry.", "duration": 14.34}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_209.wav", "text": "that the development itself is -- the scale of the development is pretty impressive. And you'll start to see the results that our producers are seeing out there. It seems like every quarter they're upgrading their tight curves and they're showing a much better", "duration": 14.34}, {"path": "f268a8174f58c93ad6b45b7f151fe896_172.wav", "text": "to choreograph these massive industrial systems during these peak seasons. We will begin literally the day after New Year's planning for next peak season.", "duration": 14.34}, {"path": "5be70acf701b7a6c9322f8feeaca63cd_119.wav", "text": "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.", "duration": 14.34}, {"path": "48bcc356a89059f921765f872bfe293c_21.wav", "text": "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. So this is the year where we have changed this trend.", "duration": 14.34}, {"path": "1dc9a88d7f1aa3877f317b59e2724c8e_130.wav", "text": "We'll 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", "duration": 14.34}, {"path": "ec81096e007f2e89de94b49db12d11bb_47.wav", "text": "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.", "duration": 14.34}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_6.wav", "text": "Chris Sheppard is always quick to remind us that safety is a journey rather than a destination. It's a point that we'll never forget as we continue on the path of eliminating all injuries from our mines. Now", "duration": 14.34}, {"path": "97ddc19ecb28bab2d19fd3b181182062_142.wav", "text": "And we attribute it to be the money that we spend on capital equipment. We've got excellent quality that is going out, I think much better than many of our competitors do because they haven't spent the money on newer equipment.", "duration": 14.34}, {"path": "809e26eaacb31ffdee78d3f41a6ce90a_2.wav", "text": "Regarding the use of non-GAAP financial measures. A reconciliation of each used non-GAAP financial measure to its most comparable GAAP financial measure was provided in yesterday's earnings release and is included in this morning's presentation material.", "duration": 14.3399375}, {"path": "1949bd0c9c4c23d495d880c4c552bfe1_220.wav", "text": "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 program and our new mobile platform, the results are even more encouraging.", "duration": 14.3399375}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_104.wav", "text": "that, under the rules here, we would match cost through amortization, the mask cost against future production when we go into production usually a few months away from initial mask, final mask set", "duration": 14.31}, {"path": "c9ecd6e0347cbf5fe881201a5e803fb3_115.wav", "text": "Some people could obviously do some algebra and calculate a rough approximation, but obviously, we're sensitive on disclosing that to the public at this point in time, but we've never disclosed it.", "duration": 14.31}, {"path": "8cb24daf76784487ad63780546dc4ba4_161.wav", "text": "we're 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 we'll continue to monitor going forward.", "duration": 14.31}, {"path": "46906afb4e1ee1fef09b5908e76beefa_188.wav", "text": "there's a significant opportunity to drive growth based on volume. And again, the clinical trials that we've designed are specifically addressed to look at those patient subpopulations where Acthar potentially can offer", "duration": 14.31}, {"path": "8b2314627d54755a15c55244bb862225_95.wav", "text": "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.", "duration": 14.31}, {"path": "c6447babe88f061184d64309eebb8629_151.wav", "text": "The increasing reserves in some businesses seems to indicate that there has been a certain relaxation in subscription criteria and provisioning. What measures will be taken to control the subscription policies at these various subsidiaries?", "duration": 14.31}, {"path": "9c5bc3e66dc0c7ac4a559a1d71e70c85_106.wav", "text": "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.", "duration": 14.31}, {"path": "0f4370b614f29bd596e4f6871cc77864_9.wav", "text": "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.", "duration": 14.31}, {"path": "276392c471c063580869aec014a1feda_118.wav", "text": "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.", "duration": 14.31}, {"path": "93d3e5be9cf75e0921d47f10d4178939_40.wav", "text": "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. I'll now turn the call over to Ted.", "duration": 14.31}, {"path": "7394bde65e000fbb7b528c6c65bd099d_133.wav", "text": "So that has not been a fact from the Gulf Coast. And so we are -- the trend seems to be drawing down in the harbor, we're not seeing any more imports up there, and", "duration": 14.31}, {"path": "2f52e3495f64a67b885c0d35be2e8dce_108.wav", "text": "We're also excited about the possibility for rising interest rates and potentially lower taxes. And I'll share some comments on each of those items in a minute. But before I do that, let's go through our fourth quarter results. So to summarize,", "duration": 14.31}, {"path": "3df0981a2d94ed56170b78330aa72ee9_77.wav", "text": "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.", "duration": 14.31}, {"path": "dd28a387ccc9575df47840b850647c7f_96.wav", "text": "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.", "duration": 14.31}, {"path": "6a372ea97b0b130a4d37f16b54d97909_72.wav", "text": "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 industry-based content subscriptions.", "duration": 14.31}, {"path": "b305bff75f28d238f0bd7da5bd4f13b8_116.wav", "text": "I think the one where we still benefit a lot from an inorganic component on the retail side is in Germany, where we've acquired a larger chain with 50 stores, which was still fully in the inorganic side.", "duration": 14.31}, {"path": "66f8c62a56dfd5c78625e220e4be83bc_47.wav", "text": "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.", "duration": 14.31}, {"path": "664ce6f8ad7864e2844f637e7a1b48d7_80.wav", "text": "I'm 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?", "duration": 14.31}, {"path": "e6c0fa1068c28557c3e17e0d02b831b1_1.wav", "text": "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.", "duration": 14.31}, {"path": "191c819db03c2dfd0207cd1f42e278a4_74.wav", "text": "We have a few tech clients that the product adoption and the uptake on purchasing isn't where they thought it would be. And so that's a little slower. Same kind of muted experience across a few of our retailers.", "duration": 14.31}, {"path": "526e0d5398a516831b49936c31a8ea1c_135.wav", "text": "Kentucky. But your U.S. 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?", "duration": 14.31}, {"path": "ab4dae37361262d727d1d2f8f78765d5_178.wav", "text": "And then I think one of the standouts over the last 12, 18 months has been the balance sheet remediation that you've delivered. Beyond the obvious things, I was wondering just if you could give us some ideas, your thoughts as to what the benefits of that are to the business", "duration": 14.31}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_80.wav", "text": "We'll 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 basic quality.", "duration": 14.31}, {"path": "53889f50eda8b316a01a3df89d226e7f_109.wav", "text": "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.", "duration": 14.31}, {"path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_152.wav", "text": "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.", "duration": 14.31}, {"path": "e00fd35e201a8607d264b803a5130c59_289.wav", "text": "people actually believe that they will work. And they realize there's 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.", "duration": 14.31}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_140.wav", "text": "As a consequence, the vast majority of sales in Japan were U.S. dollar-denominated. Sales outside of Japan were consistent with last year as growth in Brazil was offset by modest declines in other markets.", "duration": 14.31}, {"path": "b3d7bc295d09d9927e465213612c0192_167.wav", "text": "within the present served market by doing activities such as we had announcement in China that we didn't specifically talk about in this call because no specific progress was made, no material", "duration": 14.31}, {"path": "416ebb7a4160f7cd2f98361cbd1cb769_131.wav", "text": "We also believe that by combining with MTY, Imvescor shareholders will realize immediate value and have increased exposure to growth with less risk.", "duration": 14.31}, {"path": "a009c5f14d4d0bb5ca875164cffbd6ab_246.wav", "text": "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?", "duration": 14.31}, {"path": "1689b94530eca82b7758c86b4cf3125f_62.wav", "text": "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.", "duration": 14.31}, {"path": "3877b1983229ec488c6349a188bccf92_204.wav", "text": "Elsewhere, Windsor net sales declined double digit as it continued to suffer from the category decline in Korea, and Old Parr performance was impacted by the tax regulation changes in Colombia that I mentioned earlier.", "duration": 14.31}, {"path": "c36ef43210d40b0d1ad8f2acc597c76b_35.wav", "text": "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 pricing today", "duration": 14.31}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_100.wav", "text": "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.", "duration": 14.31}, {"path": "e29584f9f829602cacebcce71c2a4fb9_81.wav", "text": "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.", "duration": 14.31}, {"path": "e522eff219f3eaa2c9b090dc12cad420_87.wav", "text": "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,", "duration": 14.31}, {"path": "a616ba8be6ee1b5fba020f8e4ccd9691_31.wav", "text": "To summarize, we are excited by the innovation happening at Cemtrex. 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.", "duration": 14.31}, {"path": "75b064acca5b532722510ac0b9b0822e_226.wav", "text": "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 -- I'd be able to quantify some as well.", "duration": 14.31}, {"path": "812d8f09b72b4d410d138d3b24caebbc_58.wav", "text": "Because we must respect the board's 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.", "duration": 14.31}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_83.wav", "text": "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.", "duration": 14.31}, {"path": "f5e9c69a92eb9179062673e044f8a53b_38.wav", "text": "the percentage of automation that each process needs and the volume that we're going to require. So I actually don't anticipate an unusual increase in CapEx. I think a lot of the CapEx, we've actually already paid for, quite frankly.", "duration": 14.31}, {"path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_35.wav", "text": "we think this business can produce pretty good cash over time as we grow. So I think it's more of a statement from our perspective of the value of the business model at the moment.", "duration": 14.31}, {"path": "96488f25af54f91198b444e5eff8e878_204.wav", "text": "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?", "duration": 14.31}, {"path": "0f8a61f667edd9a400d7abe2a7908a9e_146.wav", "text": "And the key to this molecule is that, it also shows a relatively potent antagonist that feature towards the prostate. And so the plan here is to develop a Phase II or to start a Phase II study", "duration": 14.31}, {"path": "6cbf592846662213258684c3049e4592_179.wav", "text": "As Diane said earlier, we're 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.", "duration": 14.31}, {"path": "933faa5ac159ab158506e2bc0f714977_81.wav", "text": "Got it, that's helpful. And then the second question I had relates to kind of a more general question. I think one of the things that we're seeing that's really fascinating about the industry and the stocks right now is", "duration": 14.31}, {"path": "712bbcab5338e07dd63dad97bb652018_149.wav", "text": "Let me close with our outlook. We entered 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.", "duration": 14.31}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_71.wav", "text": "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.", "duration": 14.31}, {"path": "7bac04f03928ee8894ab00007116400b_42.wav", "text": "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.", "duration": 14.31}, {"path": "9cd9b67e289e807d677aabc5765fec6a_3.wav", "text": "The impact of the benefits from the revenue synergies and cost programs will grow in 2017, and we feel we've made very good progress against all of our objectives. So let me highlight some of these accomplishments in more detail.", "duration": 14.31}, {"path": "4b5d33b9c200403f2d4633e47f1d4110_45.wav", "text": "There's rarely a day that goes by where we don't hear from some customer that's interested in doing something. And we've tried to use those opportunities to start to push the price up a little bit.", "duration": 14.31}, {"path": "485e97686e9a27d2df5b3fc02106e3d4_112.wav", "text": "With clinical momentum growing ever stronger, our robust financial position allows us to conduct and complete all of the trials that we discussed today", "duration": 14.2800625}, {"path": "9d8c8f4a41008455665fd243ed99b642_101.wav", "text": "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 we've been undertaking for the last 18 months is showing benefit.", "duration": 14.28}, {"path": "6e6da7f810609ce64857373f11984455_88.wav", "text": "in both of those areas. And what we try to do is we try to align the investment with the revenue levels. It's a bit of a subjective call for us, but we try not to get out ahead of the revenue.", "duration": 14.28}, {"path": "a93681c92a0b9c04743f541a54b180c7_200.wav", "text": "The aim of this, there are two. 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,", "duration": 14.28}, {"path": "d28b2b09c127b5be033738aa3cd380b3_236.wav", "text": "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,", "duration": 14.28}, {"path": "718a89dc503706eae0091bcd9410d567_142.wav", "text": "a little bit mismatched, if you will, relative to the downstream takeaway option. So obviously, you've got the opportunities for Comanche Trail and TransPecos, but is there a bigger opportunity for you to move some of those volumes possibly to the south or southeast?", "duration": 14.28}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_180.wav", "text": "ability for consumers from the noise that's been around the whole lending area driven by Royal Commissions is going to mean that it's going to take a little bit of time to convince consumers that they're going to", "duration": 14.28}, {"path": "2a59b9df2de5248e64727f10185a8423_94.wav", "text": "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.", "duration": 14.28}, {"path": "2a59b9df2de5248e64727f10185a8423_34.wav", "text": "Inside Japan, as revenues continued to be generated at high levels, our profitability management for certain projects, primarily for replacing competitor services, turned out to be insufficient.", "duration": 14.28}, {"path": "55d05334bdde612eb9dd102bb41d216e_67.wav", "text": "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.", "duration": 14.28}, {"path": "55d05334bdde612eb9dd102bb41d216e_73.wav", "text": "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 year's quarters has decreased.", "duration": 14.28}, {"path": "8cb24daf76784487ad63780546dc4ba4_82.wav", "text": "Well, the fee levels are essentially consistent across the programs. There's some variability that the adviser is able to charge based on the level of services provided.", "duration": 14.28}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_196.wav", "text": "Seeing 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.", "duration": 14.28}, {"path": "a27b6a158b524914d94b0a407a41ef82_38.wav", "text": "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", "duration": 14.28}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_100.wav", "text": "And if so, would you like to tell us how much you're running ahead? And then secondly was just on the academic business. I know that the GAP investment was never particularly skewed", "duration": 14.28}, {"path": "56e05107e391476d11fe1f637733f028_121.wav", "text": "This amendment will be filed on Form 8-K in the next several days. It provides for improved required maximum leverage covenant levels. Under the original agreement, the leverage covenant maximum level,", "duration": 14.28}, {"path": "6838b008f3efe8575b83cde089459d33_125.wav", "text": "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.", "duration": 14.28}, {"path": "82218f543c9a546c4baa5323f250b39f_53.wav", "text": "this quarter, second quarter. So I think it's a little premature to put numbers on it and model it, but it's, again, a significant additional step that we're taking to try to improve", "duration": 14.28}, {"path": "75fa1bebed0b858c76cc7058477e40e2_57.wav", "text": "This media campaign continues our work from last fall, incorporating digital, outdoor and radio channels as well as our first foray into television advertising.", "duration": 14.28}, {"path": "145244b0378e6657d456cffca8bbc982_15.wav", "text": "serving not only Safran but also some of their suppliers. Our German business has benefited from strong turnaround activity, and our U.K. business has rebounded and is showing significant improvement compared with prior year.", "duration": 14.28}, {"path": "cfbe91105113db7a5784f77e411b7a3f_109.wav", "text": "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.", "duration": 14.28}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_51.wav", "text": "We also expect to open this year a global manufacturing and technology operations and innovation center. We're currently finalizing our evaluation of locations for that center", "duration": 14.28}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_133.wav", "text": "Our successful High Street strategy remains unchanged. We continue to deliver on our margin growth and cost savings with more to go, and we'll continue to work on how we use our space to best deliver the strategy.", "duration": 14.28}, {"path": "0f4370b614f29bd596e4f6871cc77864_252.wav", "text": "previously built in completely that Viewpoint and e-Builder acquisitions were already completely in. And then I guess more broadly, and I think you've kind of touched on it already with what you're looking at for transportation, et cetera, but", "duration": 14.28}, {"path": "eb4fd38da7ae1a347630ef447dfe9abe_128.wav", "text": "it doesn't belong to us. We have the shares in a trust so the regulator in Israel haven't gave us the control permit. So we maintain the shares in a trust", "duration": 14.28}, {"path": "30710391b8ab4cb549180602d31d4f4a_60.wav", "text": "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 U.K. builders, which comprise the majority of our revenues in this channel.", "duration": 14.28}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_167.wav", "text": "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", "duration": 14.28}, {"path": "fcabfedf41ab18064a96d393869e4d4e_48.wav", "text": "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.", "duration": 14.28}, {"path": "c1d916407f390d20e9d8f9b453e22435_85.wav", "text": "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.", "duration": 14.28}, {"path": "08ed60a546bd48af9db028c4e3c8af26_89.wav", "text": "Likewise, in Latin America where we've had this substantial business over the years, and we've been increasing our sales representation in Latin America and certain countries in South America.", "duration": 14.28}, {"path": "8a77ceadd7e4729abc9102d38be3a227_182.wav", "text": "most of the changes that we've made up to this point or all of the changes that we've 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 we've approached it.", "duration": 14.28}, {"path": "cc5ce88cbccddf8e99408418e7749a7d_56.wav", "text": "and we will follow on with our strategies 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.", "duration": 14.28}, {"path": "265e62fc569e790d8b3e58698aaab701_14.wav", "text": "With that, I'll turn it over to Tom Graney. 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.", "duration": 14.28}, {"path": "26119288a71567b572f1d8b551e397cb_3.wav", "text": "We are providing this information to enable investors to perform a more meaningful comparison of our operating results in a manner similar to management's analysis of our business. Lastly, this call is also being webcast and a replay will be available on our website for 2 weeks. And", "duration": 14.28}, {"path": "bb2ca5b87982b2388d82cd64a73f08cf_118.wav", "text": "we think about the bottom line just as much as we think about the top line. And so therefore, we're going to look at cost and we're 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.", "duration": 14.28}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_169.wav", "text": "We are capitalizing on increased content opportunities in infotainment, safety and battery management systems and winning designs by providing high-performance products to a broad range of customers.", "duration": 14.28}, {"path": "07f75a4256867f119bac833eae67cb73_21.wav", "text": "in-depth about what your current capacity and utilization of assets? And how you expect that to change over the coming years? And what are the major projects you have in terms of increasing capacity over the next couple of", "duration": 14.28}, {"path": "75eb5b75bb8587b63c318714ea956b9e_37.wav", "text": "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. We're not reacting to it but being proactive in working with them", "duration": 14.28}, {"path": "7f0b365cacc47c00a8284b0070994e4a_44.wav", "text": "Any decisions regarding possible financing will take into consideration these factors as they exist at such time as well as the capital needs to ensure a clear path forward for the company's development program.", "duration": 14.28}, {"path": "948f025c16fce2bcb2909e610c9be557_242.wav", "text": "September, I would expect that their sales will probably pretty much stay where we have forecast them. But I think they're -- they will start to", "duration": 14.28}, {"path": "21f21433851eb7c7f7dbc710309341bb_199.wav", "text": "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", "duration": 14.28}, {"path": "059024560d9d1039cf08746ee7393114_129.wav", "text": "With that, today's 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.", "duration": 14.28}, {"path": "ec298d3b4d5979aa8c64bf222562e259_63.wav", "text": "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 -- customer base in these markets.", "duration": 14.28}, {"path": "c20824ea6f927fe380f48a904cf4821b_1.wav", "text": "Several factors that could cause or contribute to such differences are described in detail in the Risk Factors section of the Clean Energy's Form 10-Q filed May 5, 2016. These forward-looking statements speak only as of the date of this release.", "duration": 14.28}, {"path": "3877b1983229ec488c6349a188bccf92_183.wav", "text": "We have strong plans for the second half as the up-weight of marketing investment against proven brand plans continues, plans which have been driving improvement in brand equity and category share gains.", "duration": 14.28}, {"path": "7498a6630302a038bd537d192c3a44f4_221.wav", "text": "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", "duration": 14.28}, {"path": "3c80de013154b028ecdc6354d16c6fbc_170.wav", "text": "acquisitions in markets that you're 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?", "duration": 14.28}, {"path": "a76bedec950d8af557e451e58416d028_54.wav", "text": "We will dense 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 start-ups.", "duration": 14.28}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_182.wav", "text": "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 momentum.", "duration": 14.28}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_133.wav", "text": "And at the end of the day, we have in that market, as well, the income of our discounters that are selling their own private labels as well at lower prices. I think that is", "duration": 14.28}, {"path": "b126c31149f1cadf1d891082a187d6fc_134.wav", "text": "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 home health agency in the New Port Richey, Florida market.", "duration": 14.28}, {"path": "b3e9a3bbebcc4111afca87b4cadf58bf_63.wav", "text": "Is that correct in your plan? Which segment has low progress, for example? So if you could give me some nuance or image, please.", "duration": 14.28}, {"path": "f5e9c69a92eb9179062673e044f8a53b_97.wav", "text": "Yes. Well, the expansion is around the different -- we're 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", "duration": 14.28}, {"path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_127.wav", "text": "taken into account kind of the conversations you're 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", "duration": 14.28}, {"path": "8f92dfb06900be4f209f31f24cb885fb_76.wav", "text": "probably be the case. I would find it hard to understand why anybody would do a non-RemoPro version of treprostinil when there was the RemoPro version available.", "duration": 14.28}, {"path": "eea41cba1f90b280bbd96fdaa9d0f4bf_49.wav", "text": "We transitioned away from a regionally focused operation to a globally managed network, expanding capacity and significantly reducing delivery lead times of critical high-value products.", "duration": 14.28}, {"path": "24c7526f6daca8e16ab91bea6124148a_170.wav", "text": "this was just one facility. Right. Just one facility. So it seems as if you're 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", "duration": 14.28}, {"path": "ee824d23bd881a3dc5ee8be881b7d18b_55.wav", "text": "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 credit disrupts the supply chain.", "duration": 14.28}, {"path": "bcb3aac2c7cc035961d9ee8cfd330044_30.wav", "text": "The results that you described, the strong results are a combination of strong recruiting as well as strong licensing simultaneously. And that's some of those fundamental support systems we've worked on over the years to create that.", "duration": 14.28}, {"path": "0e410ca71e50235e520d5af32ce0f54a_50.wav", "text": "reliable and profitable production in the coming quarters. So I'll now hand over to Alister to provide some additional color on the third quarter financial results.", "duration": 14.28}, {"path": "32283c24ad18239efb166db8422560b2_71.wav", "text": "And what's important is not just the feedback loop, but when you create a revenue stream to support a particular group, whether it's our equity team or this new group or the portfolio management group, you are", "duration": 14.28}, {"path": "b1a98885c1d81414cdc122e807760faf_154.wav", "text": "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.", "duration": 14.28}, {"path": "3043e7527da9e59e29b7412cafeb9d80_5.wav", "text": "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.", "duration": 14.28}, {"path": "bece1ee458b65656b484de51021c5219_135.wav", "text": "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 it's converted into powder, you can liquidate it far more easily.", "duration": 14.28}, {"path": "97ddc19ecb28bab2d19fd3b181182062_258.wav", "text": "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", "duration": 14.28}, {"path": "97ddc19ecb28bab2d19fd3b181182062_77.wav", "text": "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.", "duration": 14.28}, {"path": "5833763223d8d85b6fcb5fe90e821c77_116.wav", "text": "We look forward to sharing our progress as we build this company to becoming a pure-play multi-technology dermatology company and achieving our purpose of relentless passion for healing. And thanks again.", "duration": 14.25}, {"path": "f3ea353a6c918bc1fd311a9cad6b9777_35.wav", "text": "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 they're not getting from their current financial providers and making it easy to do so,", "duration": 14.25}, {"path": "5111fdad778749872c23e78c9b0d653b_182.wav", "text": "As far as how long does it take for a customer to go from a low-volume utilization to high-volume utilization, it is all about reimbursement.", "duration": 14.25}, {"path": "f262bb6a5f222326e1fd4cf3c5adee66_110.wav", "text": "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.", "duration": 14.25}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_86.wav", "text": "potentially requiring some technology customization. As we've expanded our reach and introduced the SDK, the number of whales in our ocean is expanding, making us less dependent on any single partnership.", "duration": 14.25}, {"path": "3cb802f8fba7d33603c29387ccdaf817_103.wav", "text": "I couldn't clearly understand why it is done by Chugai. Working together or business integration with Roche Diagnostics may be considered in the foreseeable future. Will", "duration": 14.25}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_52.wav", "text": "We would 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.", "duration": 14.25}, {"path": "4c0e38d8d88c73a7a01dc542a85b2604_115.wav", "text": "with the space around. I think it's a very long tail business. We are 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.", "duration": 14.25}, {"path": "82b66739c0d2b8a47f19a5acbe3b90ed_76.wav", "text": "And sure, in years where there's 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.", "duration": 14.25}, {"path": "ff2d1613ef8b55cc55bec6e266f6cfc2_72.wav", "text": "Can you give us some sense of what the rate of growth was in the ROADM business quarter-to-quarter? It looks to me as I play with the numbers that it was very steep. And I'm looking at the guide, and I'm thinking,", "duration": 14.25}, {"path": "2a5b0a6532fa2b71915a2930be02621a_181.wav", "text": "Dialysis in China has been experiencing double-digit growth in recent years due to promulgation of a new reimbursement system called Severe Disease that makes dialysis reasonably affordable for most patients in major cities.", "duration": 14.25}, {"path": "beb9b090a2850e9f9feb4f00ee472d07_33.wav", "text": "So if you just like to turn to Slide 4 now, and if we just consider the underlying results for a moment, you'll see how Fleetwood's results have moved over the last 4 years. And while I mentioned revenue and EBIT a moment ago,", "duration": 14.25}, {"path": "4032bfdd59881fc6506c082737cb5a99_118.wav", "text": "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.", "duration": 14.25}, {"path": "73ba4ff250b62745e03880e75b9a1581_53.wav", "text": "Was that a property that you were interested in and you didn't want to pay as much as they paid? Or was that just not a property that interested you at all?", "duration": 14.25}, {"path": "8011d82cf2151421d3dfacce65adde30_35.wav", "text": "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.", "duration": 14.25}, {"path": "11ca275b0bd65060f43ae2d28e1c489f_5.wav", "text": "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.", "duration": 14.25}, {"path": "e743ddc0caabaebf5e9a6568eaef8334_72.wav", "text": "come through yet in a incredibly meaningful way what could happen with some of our end markets with some booster shots related to infrastructure spending. So I'm excited about", "duration": 14.25}, {"path": "276392c471c063580869aec014a1feda_1.wav", "text": "We believe that these non-GAAP financial measures assist management and investors in evaluating our performance and preparing period-to-period results of operations in a more meaningful and consistent manner as discussed in greater detail in the supplemental schedules to our earnings release.", "duration": 14.25}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_241.wav", "text": "steel trackers that are negotiated because that is a viable commodity. And on a long lead time project, you're not sure what it's going to be when you get there. We have gone from having steel trackers, we've done some preorders, we've done a variety of things, and", "duration": 14.25}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_54.wav", "text": "is still a strategic element to work out. So I don't 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", "duration": 14.25}, {"path": "002d12258ff802d65f79ae2eef99e4ab_174.wav", "text": "Yes, Julian, that's -- and I'll just put it in perspective. We've 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", "duration": 14.25}, {"path": "e60f6485243932b9280d864cb17a6ba8_175.wav", "text": "of the regulated business is to continue to invest. And as mentioned by Jean-Marc, it's one of the reasons why we decided to get a partner in order to have more financial flexibility", "duration": 14.25}, {"path": "b96165244f010b3f1e61cbbc5e504d96_34.wav", "text": "is absolutely critical. It's absolutely critical. We have great people in this organization. I don't 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", "duration": 14.25}, {"path": "65b48a7260ef038ff1bec3cc200331c3_93.wav", "text": "In addition, we're 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.", "duration": 14.25}, {"path": "be8b554309f7632bc9ebbd967764001e_151.wav", "text": "This, together with the enhanced partnership with Phoenix, makes us confident that this will be reflected inflows over time. There's still work to be done, but the foundations are in place for a modern dynamic,", "duration": 14.25}, {"path": "1c89bbe35013b8f40511ac9ba8824242_16.wav", "text": "And one of the pieces is definitely just what commercial loans and the way they pay every day and the month matters. And so February cost us a couple of basis points every first quarter", "duration": 14.25}, {"path": "a8b43081254547419da7462d9c957d61_134.wav", "text": "The progress we've 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.", "duration": 14.25}, {"path": "3df0981a2d94ed56170b78330aa72ee9_167.wav", "text": "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 -- is this just symptomatic of a higher cost of growth structurally as you work through changes at the retail and consumer level?", "duration": 14.25}, {"path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_96.wav", "text": "that cadence. What also affects that ramp rate is the number of different services that we offer. So right now, we're offering about 5 to 6 unique types of services, and we have programs in the pipeline that are coming. So each one of those", "duration": 14.25}, {"path": "dd28a387ccc9575df47840b850647c7f_46.wav", "text": "And so I would say the current consensus is probably a little bit below what we establishes our budget number back in October, so I'd say there's a little downside to that. I don't think it will materially impact", "duration": 14.25}, {"path": "6a372ea97b0b130a4d37f16b54d97909_92.wav", "text": "which has driven and we expect will continue to drive faster and more efficient implementations. Also, please know a large majority of Q4 services revenue is expected to come from -- from our backlog of services", "duration": 14.25}, {"path": "b305bff75f28d238f0bd7da5bd4f13b8_269.wav", "text": "I don't foresee any significant other changes on that level. I think it's fair to say that over the last 12 months, we have made some new assignments on people who are leading countries,", "duration": 14.25}, {"path": "b94d748876ddf8e881d4191dec45baf3_25.wav", "text": "One of these challenges is supporting the increasingly complex disabled and elderly populations, which includes a rise in the number of elderly people who face functional and cognitive limitations.", "duration": 14.25}, {"path": "974a2d744cd3d9acf42d74816de91f7f_161.wav", "text": "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.", "duration": 14.25}, {"path": "bad5c30984ee2f4197590921440beeee_41.wav", "text": "Before we begin the call today, I would like to remind you that forward-looking statements made during today's conference call do not account for future economic circumstances, industry conditions, company performance and financial results.", "duration": 14.25}, {"path": "58d5f604300a30c0c5bd9aa57d207478_114.wav", "text": "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", "duration": 14.25}, {"path": "526e0d5398a516831b49936c31a8ea1c_157.wav", "text": "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 state's specific federal implementation plan has been developed.", "duration": 14.25}, {"path": "b43c001c5af465d220ab0b69a95202ae_134.wav", "text": "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.", "duration": 14.25}, {"path": "262bc21196721c5ff9114acbd2ff03c3_243.wav", "text": "Because of the size of uplift, we are tracking it separately. We said we'll do this and we're going to call out the numbers separately. And when you get to the segmental piece, you'll see both before and after, and here we just kept it at the before Project Uplift.", "duration": 14.25}, {"path": "bc4b465c8862422ce02ffe9b79e6e1c7_16.wav", "text": "Yes. So I want to correct you on one thing. We don't give guidance, so it was a target and an aspirational target that we've actually worked towards and sustained. And so we really don't want to get into the thought process that this is guidance.", "duration": 14.25}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_84.wav", "text": "considered some of the, what I'll 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", "duration": 14.25}, {"path": "a1329d5014382fed182ec42276821868_99.wav", "text": "Tony, just moving on beyond Swan and Macassa, it was interesting to note in the reserve update that you noted that you're not really doing much drilling at Holt right now, just given the royalties.", "duration": 14.25}, {"path": "8eaca8d8a419f74540f69ade8defabbd_17.wav", "text": "With the promise to provide innovative and robust products and improved responsiveness taking root, we look to further develop our Midwest channel and begin expanding our indirect channel into additional regions of the country within", "duration": 14.25}, {"path": "49e533a8449f6b9b6c806458e73338e1_149.wav", "text": "I'd 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.", "duration": 14.25}, {"path": "e33785a294553de2a12d4463bf786744_26.wav", "text": "In this quarter, I'm 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.", "duration": 14.25}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_4.wav", "text": "Brian will go into more detail in the quarter and our full year guidance momentarily. Before I turn the call over to him, I'll give a bit of color on each of our strategic priorities, first, on investing to bring millions more customers to our marketplace.", "duration": 14.25}, {"path": "884400c829f179d8cf68b767f45f03a4_1.wav", "text": "If I could draw your attention to the safe harbor statement on Slide 2 of the presentation, I'd like to remind participants on this morning's call that our presentation includes some forward-looking statements about Monro's future performance.", "duration": 14.25}, {"path": "09b5b62d328d3d0719b6825357fdfb48_130.wav", "text": "We have also made good progress in our plan to reduce controllable expenses starting with this quarter. I'd like to point out that some of these expense reductions will come through some of our segments and are not all on our corporate activities' lines, although we have made some workforce reductions", "duration": 14.25}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_24.wav", "text": "A strong U.S. 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.", "duration": 14.25}, {"path": "64364105b816dd0b6a029e9cd210e65b_231.wav", "text": "These actions not only highlight our commitment to increasing shareholder value to return of capital, but they also demonstrate our continued confidence that Wabash has a sustainable earnings stream and future cash flows that make these activities possible.", "duration": 14.25}, {"path": "64364105b816dd0b6a029e9cd210e65b_13.wav", "text": "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, it's important to make clear that while the", "duration": 14.25}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_11.wav", "text": "So I'm 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 we're going to move up in a fairly orderly fashion", "duration": 14.25}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_117.wav", "text": "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.", "duration": 14.25}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_169.wav", "text": "initial commercial success we've had around the platform strategy, and the -- share with you what that means for the future, and then we'll finish up with the targets and ambition open it up for questions.", "duration": 14.25}, {"path": "10ad32c5e0559c879e032faaf3148ab4_75.wav", "text": "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.", "duration": 14.25}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_80.wav", "text": "Our third quarter revenue trends were also impacted by the timing of the July 4th holiday as well as last year's outage, which roughly offset each other on a unit basis.", "duration": 14.25}, {"path": "77423f08f0208d476dea73c639f6293a_138.wav", "text": "there's 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.", "duration": 14.25}, {"path": "77423f08f0208d476dea73c639f6293a_82.wav", "text": "Last year, the Bureau covered every presidential primary and general debate, every important state primary, both conventions, countless events and down ticket races and of course, election night.", "duration": 14.25}, {"path": "bcb3aac2c7cc035961d9ee8cfd330044_117.wav", "text": "On a full quarter basis, the ratio of new life insurance licenses to recruits was 17.4%, and we expect this ratio to continue to be near this range for the full year 2016. We also expect the ratio", "duration": 14.25}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_138.wav", "text": "their teams are focused on driving sales, too. So it's a series of things all playing a role, with the commitment internally here with our senior teams to actively manage performance to set, monitor and course correct", "duration": 14.25}, {"path": "3ae068efa03cd088f4d3edea682f199f_38.wav", "text": "aided by higher-margin process systems work, increased equity earnings and lower depreciation and amortization due to our classification of Technology operations as a discontinued operation.", "duration": 14.25}, {"path": "8dd740d83ff1c7319a82eeba6047633d_117.wav", "text": "in terms of how you model this, I would suggest to you that you should just look at the historic medium-term growth rates and expect that the airport volumes grow at about that level going forward.", "duration": 14.25}, {"path": "153ca64e1ddbb5b38a71827429635d48_60.wav", "text": "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.", "duration": 14.25}, {"path": "19bfb8daeb6e43d59415df478017d5c3_109.wav", "text": "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.", "duration": 14.25}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_92.wav", "text": "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.", "duration": 14.25}, {"path": "92bf6fe090b6bc565cb500b688fd9173_211.wav", "text": "its brands, its products, its innovation, and it is driving that across all geographies in a very aggressive way, and it's been very successful, and we expect it to continue to do so.", "duration": 14.2200625}, {"path": "139f0a6300f504b3e8673e39b0429161_8.wav", "text": "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.", "duration": 14.22}, {"path": "ab861b81968e1b5fcb606ed886919d68_105.wav", "text": "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.", "duration": 14.22}, {"path": "b40ab385cca0095fc17f5310045ca5d2_40.wav", "text": "in the retail pharmacy environment. And I will say that the opioid prices has really changed the way that we interact with and work with these industries as well as state and federal government.", "duration": 14.22}, {"path": "22ad97a95501a08f15c06605cd277fec_63.wav", "text": "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 we've been speaking largely here to what we see in the", "duration": 14.22}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_300.wav", "text": "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, it's their biggest brands which are doing really well.", "duration": 14.22}, {"path": "19eed824fc629ea7d3f8ea7572c7abb7_17.wav", "text": "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", "duration": 14.22}, {"path": "718a89dc503706eae0091bcd9410d567_185.wav", "text": "Certainly, we're losing a lot of deals either to things that just don't make sense to us or to companies that we don't know for sure they know what they're doing because they haven't built plants or pipe in some period of time. So we're getting our fair share,", "duration": 14.22}, {"path": "4c0e38d8d88c73a7a01dc542a85b2604_2.wav", "text": "seems to have slowed down compared to the earlier except maybe some pockets, but in general the flow of problematic value received in our books seems to be much under control.", "duration": 14.22}, {"path": "67716cee321d117b0318930dd142f06a_179.wav", "text": "The trade cases have helped stabilize import levels and lower the spreads, as metal prices overseas have increased to a level where it's not all that advantageous to buy foreign material.", "duration": 14.22}, {"path": "ec0ecc8e73cce4598def6cfff6f7c598_82.wav", "text": "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.", "duration": 14.22}, {"path": "8b71a232d7fe61e6232807b635977c31_190.wav", "text": "Yes, absolutely. 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 I'm an advertiser -- used to be a brand manager, so if I'm thinking about this from", "duration": 14.22}, {"path": "3121e8f4a75758834d32a9e4e0555221_25.wav", "text": "some of the hospitals that we've been dealing with are fairly restrictive in terms of concurrent and prior authorization for admissions. And so we're working with them to beef up that ability.", "duration": 14.22}, {"path": "91422f85dbf838639b3cb9dd9da364eb_1.wav", "text": "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.", "duration": 14.22}, {"path": "a212b77ae2b2452093665a4e179ed3a3_146.wav", "text": "Moving to Slide 3. Our agenda this morning begins with a brief overview of 2018 results and PPL's business outlook for 2019. I'll also provide a brief update on key regulatory developments.", "duration": 14.22}, {"path": "cc82e791c065bdc271addf355bac274f_110.wav", "text": "in our e-commerce sales. That's why we see now a consistent growth in margin in all categories and all channels. Now speaking about operating expenses.", "duration": 14.22}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_108.wav", "text": "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.", "duration": 14.22}, {"path": "acac17023d3f7225f1d7a0cbc8e5b7d3_1.wav", "text": "We have quite a few participants in the call today. So that's 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.", "duration": 14.22}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_123.wav", "text": "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.", "duration": 14.22}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_247.wav", "text": "In terms of the way we look at how we deploy that capital to look at returns, that's a really interesting question because, really, it is about trying to deploy the capital as flexibly as possible", "duration": 14.22}, {"path": "38b2f94da12bbf2d32246763aab8265a_134.wav", "text": "and how it performed and the various elements that performed, we look at various equities, to which -- which in a great extent,", "duration": 14.22}, {"path": "be8b554309f7632bc9ebbd967764001e_206.wav", "text": "and we can see that being reflected in improved performance in some of those equity asset classes. However, I have to tell you, it's going to take a bit of time for the full benefits of these improvements to be felt.", "duration": 14.22}, {"path": "0360a780927a31fb0bec9e79dac878a2_134.wav", "text": "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.", "duration": 14.22}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_279.wav", "text": "to increase share ownership. This is really requiring our managers to put their short-term bonuses into the long-term share plans if they want to keep the same compensation and then benefit from the", "duration": 14.22}, {"path": "9b93af1e7019959620214c387f283d8e_10.wav", "text": "Well, stay tuned, and I'll update you on our ARC customer and usage metrics as well as a number of important milestones that bear evidence that ARC is gaining traction and indeed has the potential to drive very significant growth for the company.", "duration": 14.22}, {"path": "29426a77336443eedde7eaa29e9c2852_157.wav", "text": "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", "duration": 14.22}, {"path": "f90636acacf7a46141d37814810a6a8f_19.wav", "text": "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.", "duration": 14.22}, {"path": "16ed973148ce103dc95fdcfaf35bbe7b_151.wav", "text": "building AI for CRM, is our ability to make it easy for our customers to use and adopt and benefit from this revolution we're seeing in AI. So what you're saying is just by turning on Einstein, our Commerce Cloud customers, for example, have seen some", "duration": 14.22}, {"path": "ab4dae37361262d727d1d2f8f78765d5_141.wav", "text": "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, identifying all our critical risks,", "duration": 14.22}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_18.wav", "text": "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.", "duration": 14.22}, {"path": "b43c001c5af465d220ab0b69a95202ae_131.wav", "text": "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 acquisition-related legal and consulting fees,", "duration": 14.22}, {"path": "0ec0a75c1800bac01520dcac5b8992fb_12.wav", "text": "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.", "duration": 14.22}, {"path": "7f0b365cacc47c00a8284b0070994e4a_86.wav", "text": "including the recent hiring of a Chief Medical Officer, who is now leading the company's clinical activities and strategy to an established network of consultants, CROs and in-house capabilities.", "duration": 14.22}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_173.wav", "text": "By now, I'm sure you've seen our 2 press releases, and you're 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.", "duration": 14.22}, {"path": "6318dda27b3e36d76533c048c64a3014_50.wav", "text": "In addition to completing the absorption of the supplemental dividends into our monthly dividends, our long-term 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.", "duration": 14.22}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_214.wav", "text": "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 high-return-on-investment initiatives.", "duration": 14.22}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_134.wav", "text": "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 the initiatives under way, we'll be holding an Analyst Day including a deep dive NAV session", "duration": 14.22}, {"path": "7551ffae17aa39dd4ea962a43f96bf04_51.wav", "text": "But that doesn't 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.", "duration": 14.22}, {"path": "f15966ae82e18b472ad78dd961f8e5e8_5.wav", "text": "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 of the combined firms.", "duration": 14.22}, {"path": "ab3354b86be920cde18291112bf8a70a_9.wav", "text": "Let's 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.", "duration": 14.22}, {"path": "77d2dd6d5e46cc8a8e80809305b60208_152.wav", "text": "to the nuclear fuel experts, but also other experts from the utilities. And finally, at least annually, there's a full formal meeting of all the members in the same room that sometimes", "duration": 14.22}, {"path": "98bbf1693b5a53e7f02d890a8dca876a_42.wav", "text": "bring it online each year? Well, it's really a little bit of both. I mean, when we look at the demand in the areas where we see that we're going to be able to either fill the site -- some of the sites are RVs, so either fill it with the RV or fill it with a manufactured home.", "duration": 14.22}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_25.wav", "text": "a brand-new go-to-market process that has been really transformational for the company, and we even really haven't even seen the benefit of that till beginning in spring 2019. But you're starting to see some of that come together with just the timing.", "duration": 14.22}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_84.wav", "text": "the executive team. But it's much bigger than that because it has to be a holistic buy-in from the entire company to deciding that we're just going to be better at how we operate. And that also isn't limited to just structure, process,", "duration": 14.22}, {"path": "bfb0fac9575cd0820a660f2577199468_193.wav", "text": "Yes. So no, I think that it's a fair question, Bill. So clearly, this is something that we continue to work on. And the program that we have currently, when you're talking about the sizable deals that would be visible to you,", "duration": 14.22}, {"path": "812d8f09b72b4d410d138d3b24caebbc_179.wav", "text": "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.", "duration": 14.22}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_5.wav", "text": "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,", "duration": 14.22}, {"path": "24a133abc343c813233d416b0cef96cd_60.wav", "text": "from that -- those superlot transfers that's coming forward in the Residential business. We're 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", "duration": 14.22}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_41.wav", "text": "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 roll-off of our hedging positions.", "duration": 14.22}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_180.wav", "text": "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 just starting to pick up", "duration": 14.22}, {"path": "1d021dfadd51998ac079e1df49929c60_64.wav", "text": "Mike, would we expect -- let's assume that pricing doesn't develop as you expect. Obviously, that's plan A. But, let's say we're instead working with plan B. Does the ultimate reduction", "duration": 14.22}, {"path": "902872913863de98d38e2936b846cf66_122.wav", "text": "I guess, second quarter, it got pushed back a little bit. So from our perspective, it's 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.", "duration": 14.22}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_187.wav", "text": "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.", "duration": 14.22}, {"path": "411bdacf05f84134fc80b874a15cf3b7_257.wav", "text": "Let me show you in the following how we have brought this concept to life in the context of our T-Online acquisition. Udo has shown you the results already, and I would like to illustrate in more detail the operational processes behind.", "duration": 14.22}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_133.wav", "text": "And it puts us in a position, as long as we can fill the airplane up with customers, that we'll have a lower cost and can keep your fares lower. So that's the importance of considering the gauge. You just can't take that", "duration": 14.22}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_168.wav", "text": "Club Pilates and America's 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", "duration": 14.22}, {"path": "9097dcbaf554d635920c6274b1de4997_20.wav", "text": "These data show that our product with ARISTADA safety and tolerability profile does not require a trade-off in terms of antipsychotic efficacy and we believe this will be important to physicians making treatment choices for their patients with schizophrenia.", "duration": 14.22}, {"path": "97ddc19ecb28bab2d19fd3b181182062_123.wav", "text": "that to certain extent, but at Reliance, our diversification strategy that we've tried to build company around, we think helps mitigate that offset because we've got positive on markets with growth at the same time that we're experiencing", "duration": 14.22}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_200.wav", "text": "I think we've been very pleased with Europe on any number of fronts and especially given the fact that there's been a fair amount of disruption for the people who work in that business between the", "duration": 14.22}, {"path": "de3b766a868da918e499f407dbf5d716_9.wav", "text": "We're 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.", "duration": 14.1900625}, {"path": "118b6e5a6077bedf5081ed70425b6866_69.wav", "text": "As Lei mentioned, there were some very encouraging signs in terms of our number of customers, live videos as well as pipeline for new customers. We're obviously very focused on execution for this business.", "duration": 14.19}, {"path": "8fde6a4ab2de2ba6bbd0b4196ef82454_91.wav", "text": "In recent months, we've seen fairly rapid increases in raw material cost in Asia Pacific, led largely by supply-side considerations, including stricter application of environmental regulation in China and other factors.", "duration": 14.19}, {"path": "0db71632fa65f1d166f14cb8593c4690_61.wav", "text": "So we would enrich the mix. And when we talk about mix enrichment, there is no restriction in our debt renegotiation agreement.", "duration": 14.19}, {"path": "5111fdad778749872c23e78c9b0d653b_89.wav", "text": "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", "duration": 14.19}, {"path": "6388da88b00ebc88af59435bdac74132_151.wav", "text": "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.", "duration": 14.19}, {"path": "f0dd7e4dad969b480d0d2a70609aedba_197.wav", "text": "We haven't seen the development yet of demand for breach response services type products in a large way, that's the piece of the market where we have particular IP. As regulations", "duration": 14.19}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_138.wav", "text": "And I think really good examples of that were the Aerial Re acquisition a year ago, which has proved to be a tremendous benefit to the company on many different levels that we've talked about in the past", "duration": 14.19}, {"path": "2d7efae3f89647d6468deed3b73bf98a_84.wav", "text": "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.", "duration": 14.19}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_76.wav", "text": "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 as we move forward.", "duration": 14.19}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_35.wav", "text": "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.", "duration": 14.19}, {"path": "04f29bc02d1e2ef65077ca67bf41f475_94.wav", "text": "This receivables management work of automating and outsourcing workflow innovation and solutions or efficiency and effectiveness fits right in our sweet spot.", "duration": 14.19}, {"path": "570faeed3dcfa26c6246dc42309025ad_234.wav", "text": "The next questions come from Mark Petrie from CIBC. I think the first question was around tax rate, and we've already addressed those. So moving to the second question.", "duration": 14.19}, {"path": "c4dc8f962a85aa47af50f82845f550e2_103.wav", "text": "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.", "duration": 14.19}, {"path": "82218f543c9a546c4baa5323f250b39f_58.wav", "text": "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", "duration": 14.19}, {"path": "39e5706898dcaf14a280b3a123877cd6_206.wav", "text": "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", "duration": 14.19}, {"path": "23eff4c724ee00f56319fcc47add3441_39.wav", "text": "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 IoT-type applications to provide them an enhanced", "duration": 14.19}, {"path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_11.wav", "text": "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.", "duration": 14.19}, {"path": "1133b8984db446b9c963a09eaf0785a4_214.wav", "text": "due most notably to sales in plastics being favorable with Peninsula sales being greater than the impact of the blow-molding divestiture as well as the benefit in flexibles of last year's Plastic Packaging Inc. acquisition.", "duration": 14.19}, {"path": "6a927d8b7734e7ddd8ffd264fa1020a6_90.wav", "text": "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.", "duration": 14.19}, {"path": "2b87d263eaf2464f275a48fa005b16c7_94.wav", "text": "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 don't have a clear indication on when that's going to end.", "duration": 14.19}, {"path": "c433164f6d189e18b1e4784e376b6ecb_35.wav", "text": "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", "duration": 14.19}, {"path": "c433164f6d189e18b1e4784e376b6ecb_53.wav", "text": "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.", "duration": 14.19}, {"path": "37a4b48ae67b74a7533cc6f9a1a1c11d_13.wav", "text": "for more ecologically 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 in particular?", "duration": 14.19}, {"path": "da14df2e02d11f6f8599533d9d57faee_58.wav", "text": "our pilot programs for courseware solutions were completed, and we now have plans to grow the programs in the fall. We are exciting that this offering now includes a print companion so that students can learn in either format.", "duration": 14.19}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_127.wav", "text": "The profit on the joint ventures comes through the equity income from investee's line, which is above of income. And the decision was made to", "duration": 14.19}, {"path": "a001f4c808bdc9a395ee7d3f9288fc50_17.wav", "text": "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 I know that, that", "duration": 14.19}, {"path": "87ba56e8ff82d5e181ee5d6d66543c51_7.wav", "text": "That 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.", "duration": 14.19}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_249.wav", "text": "right? So if for some reason one or 2 of them don't work out, we will not let that linger. We do not have a pride of authorship. We will make a move, if we have to, to pull that inventory back in and get out of that lease. And so", "duration": 14.19}, {"path": "dd28a387ccc9575df47840b850647c7f_66.wav", "text": "In addition, our market share growth has outpaced single-family 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 offering.", "duration": 14.19}, {"path": "b305bff75f28d238f0bd7da5bd4f13b8_258.wav", "text": "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, it's not just top of the line,", "duration": 14.19}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_96.wav", "text": "Yes. I'd say the main thing we've learned globally is we've got to help our customers get to field trials so that they're actually deploying the products in the field.", "duration": 14.19}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_63.wav", "text": "Our foundation was built on our ability to provide high-level professional services and counsel. And while we've done extremely well in the actual work, we have not kept pace with our skills in developing client opportunities in new business.", "duration": 14.19}, {"path": "10728656364812338b7417b035dae4c4_119.wav", "text": "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.", "duration": 14.19}, {"path": "ab4dae37361262d727d1d2f8f78765d5_10.wav", "text": "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.", "duration": 14.19}, {"path": "b43c001c5af465d220ab0b69a95202ae_13.wav", "text": "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.", "duration": 14.19}, {"path": "2c3945f11b4d91727b1ce00d490e11b6_23.wav", "text": "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, it's 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?", "duration": 14.19}, {"path": "968913c3f9111fc67f1d9956c56dec3b_167.wav", "text": "We also continually monitor comments on social media to ensure that we are getting unfiltered feedback from various survey channels. Our mission is to always keep a close watch on the sentiment and satisfaction of our owners.", "duration": 14.19}, {"path": "21f21433851eb7c7f7dbc710309341bb_207.wav", "text": "But overall when we look at our competitive indices and we track this very closely with a basket of competitors across our entire business, we're not seeing a lot of price inflation in the market.", "duration": 14.19}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_138.wav", "text": "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.", "duration": 14.19}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_115.wav", "text": "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.", "duration": 14.19}, {"path": "dffe8257f781608bb17bb637249e4d2a_79.wav", "text": "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 customers, but I think your point is well made. It is certainly a very difficult target,", "duration": 14.19}, {"path": "416ebb7a4160f7cd2f98361cbd1cb769_106.wav", "text": "and we believe it does offer all of our stakeholders an opportunity for accelerated growth and rewards our patient shareholders. I'll have more to say on this later in my prepared remarks.", "duration": 14.19}, {"path": "54c8e2e08c60dfe9b4bafc3938ccf332_47.wav", "text": "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,", "duration": 14.19}, {"path": "b4fc31ae6403a17b15c30d3ec3b82487_158.wav", "text": "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 forward-looking statements.", "duration": 14.19}, {"path": "6709c061d39d0e433079f84160f11c80_73.wav", "text": "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.", "duration": 14.19}, {"path": "3877b1983229ec488c6349a188bccf92_131.wav", "text": "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.", "duration": 14.19}, {"path": "3877b1983229ec488c6349a188bccf92_165.wav", "text": "We've done this with a shift from a seeding model with presence in 3 cities to national presence and also expanding from trend-leading accounts into the broader premium accounts universe.", "duration": 14.19}, {"path": "8b3fb852b7afa89068326fa10e2e7563_112.wav", "text": "Given the recent periods of volatile exchange rate fluctuations, we've seen larger differences between these internal standard FX rates and the actual foreign exchange rates. As a result, we updated our internally derived standard currency exchange rates", "duration": 14.19}, {"path": "fe3a8419e2f120643bff5e9e80190ed5_99.wav", "text": "But you're also catching up -- you're taking previous expenses and capitalizing those at the start of the year. So there's going to be an in and out that we're still evaluating. So we've kept that out of what we talked about this morning. Certainly not our choice.", "duration": 14.19}, {"path": "09b5b62d328d3d0719b6825357fdfb48_71.wav", "text": "We certainly understand the need to communicate developments of this plan as they occur. We will do so when we are ready for both our Green Plains shareholders and our partnership unitholders. As I said earlier, we will remain focused on proving value for our shareholders.", "duration": 14.19}, {"path": "1862ee2f84dc77a40dde64b34f3ab94e_97.wav", "text": "being responsible for acting on physical business plans or actions that we have decided either in a country or across countries.", "duration": 14.19}, {"path": "ebd59e21db89edb92205e012427cd9db_180.wav", "text": "The completion of the farm-in to the prospective licenses adjacent to Elk-Antelope and the acquisition of our largest seismic program for 10 years in that area has the potential to mature large structures for drilling.", "duration": 14.19}, {"path": "e0555e30370c43189a1136fb7ef17d20_132.wav", "text": "that you mentioned improve 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 do you feel good about where everything sits currently?", "duration": 14.19}, {"path": "9fb4423a70358ef22be9982299969f7a_175.wav", "text": "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,", "duration": 14.19}, {"path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_127.wav", "text": "However, given the increasingly competitive gene therapy landscape in Pompe, we've made the decision not to provide further specifics on the nature of our findings or the resultant changes we have made in our construct design.", "duration": 14.19}, {"path": "1758a982f596e3033f062a5b9f011361_111.wav", "text": "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.", "duration": 14.19}, {"path": "f268a8174f58c93ad6b45b7f151fe896_224.wav", "text": "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.", "duration": 14.19}, {"path": "6c929ddddb79b887458ae21f1a3aa09d_31.wav", "text": "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.", "duration": 14.19}, {"path": "6f1b092b312410065d308541be46da95_286.wav", "text": "we never had it in any of our forecasts. So it's historically -- it goes back a number of years. We never expected to receive those allowances and Ofgem did it outside of the mid-period review and just tidied that up actually in terms of the allowances.", "duration": 14.19}, {"path": "06dc7804f9beda6e9c0ab3bb47010ab1_39.wav", "text": "at 0 for the first half of this year. We are very pleased with this result. It's also a KPI that our clients pay a lot of attention to. And we, of course,", "duration": 14.19}, {"path": "7bac04f03928ee8894ab00007116400b_122.wav", "text": "What made us great was a crystal clear 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", "duration": 14.19}, {"path": "76b892bf017891d7028256847747227c_96.wav", "text": "We also remained quite active fundraising for our open-end 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.", "duration": 14.19}, {"path": "b35398859e534e471fb1cd60f5baac20_21.wav", "text": "and we are seeing very good activity in our submarkets with consistent demand and a steady pipeline of potential deals for our well-located modernized office and retail properties.", "duration": 14.19}, {"path": "6f73dbce90cb2d313480b437f0c51bbc_15.wav", "text": "initiatives undertaken at Bell Media and Bell 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", "duration": 14.19}, {"path": "139f0a6300f504b3e8673e39b0429161_90.wav", "text": "Today's call will also include a discussion of certain non-GAAP 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 non-GAAP measures", "duration": 14.16}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_226.wav", "text": "While the latest developments with ZTE and Huawei create new uncertainties, it's important to note that MACOM supplies technology and products that are not readily replicated by anyone anywhere, including China.", "duration": 14.16}, {"path": "b7d4858dcc1d9cf454416082b75a3429_92.wav", "text": "we'll 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, doesn't help", "duration": 14.16}, {"path": "0db71632fa65f1d166f14cb8593c4690_55.wav", "text": "Do you believe that we have the right conditions to implement this adjustment? Will this depend case-by-case? Could you please give me your prospect regarding", "duration": 14.16}, {"path": "3cb802f8fba7d33603c29387ccdaf817_30.wav", "text": "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 Russia's third-party prices or the market price.", "duration": 14.16}, {"path": "3557b21a45c35e71e82cc43b19977855_203.wav", "text": "We've 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, that would give us opportunities to produce packaging for them.", "duration": 14.16}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_194.wav", "text": "The good news is the work that we've been doing on testing, I think, is going to pay off for us as we get the first-line indication and the obstacle goes away for second line. So I'm very encouraged and excited about the opportunity to launch in first line, for sure.", "duration": 14.16}, {"path": "a45d8b57fe6b8199bca7aec4d022bbb3_79.wav", "text": "We have already explained the market drivers. We had very good concentrates throughput. So quite an increase compared to the last year, which is of course, also to the fact that Fit For Future,", "duration": 14.16}, {"path": "718a89dc503706eae0091bcd9410d567_14.wav", "text": "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,", "duration": 14.16}, {"path": "6b45877b719000e47adfd1ec118c376a_86.wav", "text": "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 North Bay markets.", "duration": 14.16}, {"path": "ac2317620b37fe65aac46aea3c31e67e_66.wav", "text": "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 forward-looking statements.", "duration": 14.16}, {"path": "123a9a590195f61aa739ee9b2dec4952_153.wav", "text": "We also have a plan to pursue a multi-app strategy, focusing in particular on some of our traditional Stepper titles that we expect will generate a great deal of player interest, and", "duration": 14.16}, {"path": "1927f9c722093d1d64b610c4227ccf59_55.wav", "text": "With that, I'll turn the call to Cathy to talk about financial results and guidance. Thank you, Mary. I'll start by discussing our capital markets activity and balance sheet, followed by our financial performance for the third quarter.", "duration": 14.16}, {"path": "04f29bc02d1e2ef65077ca67bf41f475_17.wav", "text": "In addition to our strong print leadership, we continued to invest in our brand, in digital technology and extending our sales channel reach and in improving our infrastructure.", "duration": 14.16}, {"path": "e8a2a593282199ea052f788b8fead64b_22.wav", "text": "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.", "duration": 14.16}, {"path": "918de179148bbfe18b95415ee0065a3d_45.wav", "text": "So if you kind of go run all that calendar algebra that would probably put you into the first week of December, before you'd be in a position to go raise equity.", "duration": 14.16}, {"path": "d085781ecd776da8a9c4d31ad547606b_76.wav", "text": "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.", "duration": 14.16}, {"path": "ada4e338c266148264077e06bac68005_38.wav", "text": "over in 2019. Collectively, at all of the above noted projects, we can count many, many billions of dollars of recent, current and planned capital investments, for which we will fully benefit while never receiving a cash call.", "duration": 14.16}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_114.wav", "text": "Unless you are a fair routine, if you have no dancers or other entertainers to help you, then consumers will find -- will not find your show entertaining enough.", "duration": 14.16}, {"path": "f5ebbbfd39f9227dd73a6d31db4f6201_60.wav", "text": "as we continue to replace legacy systems like Avaya, Cisco, and Genesys with our modern cloud technology. This release changes the game by expanding our reach to very large global enterprises supporting many thousands of agents.", "duration": 14.16}, {"path": "8292bdb9af87f10627c044f3842b2c76_136.wav", "text": "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 make further progress this year.", "duration": 14.16}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_187.wav", "text": "this comes from a management team and board with substantial holdings of common equity. So here's the bottom line for our equity investors. First, we're taking off whatever pressure that our common equity issuances were having on the stock.", "duration": 14.16}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_82.wav", "text": "and a business that, in my opinion, increased government spending doesn't affect us because we're simply not going to pursue significant growth in a business that at best generates 2% pretax margins", "duration": 14.16}, {"path": "911d447bcdcedb4e0cf5230de225921c_3.wav", "text": "This is a good indicator of much improved political relationship between the federal government and the Kurdistan Regional Government. We are very happy to deepen our investments in the Kurdistan Region of Iraq.", "duration": 14.16}, {"path": "a8034762296368c60571fcde382c3274_67.wav", "text": "No, no decisions. It's tough because in some of those strategies, we see potential. And one always thinks that you're just around a turning point where they can become more economic.", "duration": 14.16}, {"path": "3cc0a4a6f1b08b522c732ad8944e8624_105.wav", "text": "One, it's a great tasting product. 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 just", "duration": 14.16}, {"path": "8a77ceadd7e4729abc9102d38be3a227_47.wav", "text": "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.", "duration": 14.16}, {"path": "9952903822d3aabb9a8a8fdd41f23bc2_29.wav", "text": "So if you look at the revision we made to our guidance, we lowered our full year estimate of production by 1.1 million barrels of oil equivalent, and all of that is essentially from expected lower gas and NGL production from our Eagle Ford asset.", "duration": 14.16}, {"path": "8a93698d03a48d42fc7d7e50cb67dc2b_102.wav", "text": "First of all, I don't know, so let me be clear about that. It is very clear, as you all know from doing incremental margin calculation, that the platform business is a wholly different business. However,", "duration": 14.16}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_11.wav", "text": "We ended the quarter on a stronger -- in a stronger financial position with the flexibility to continue investing in attractive projects for long-term value creation while also returning cash to our shareholders through share repurchases and dividends.", "duration": 14.16}, {"path": "82131762fc1c2b2358ac3a167666ab87_119.wav", "text": "And we know the Internet is going to be an important channel for this industry going forward, and we have to have it, and we didn't have it. So the test that were doing in the fourth quarter is going to be limited to one of our states.", "duration": 14.16}, {"path": "0ec0a75c1800bac01520dcac5b8992fb_142.wav", "text": "And we wanted to make sure that we're looking at all our options on an NF3. Do we expand in Korea, or do we build a new greenfield site. And that's the part of the work that we're finalizing at this point in time.", "duration": 14.16}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_222.wav", "text": "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.", "duration": 14.16}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_167.wav", "text": "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 there's a level of spending that we expect", "duration": 14.16}, {"path": "21f21433851eb7c7f7dbc710309341bb_122.wav", "text": "We saw some very encouraging results, but we're not running on all cylinders and we still have work to do. It's about customer, brand, assortments and merchandising. Our job now is to get them all aligned.", "duration": 14.16}, {"path": "da879f8ea1c23aa6565cccaacac271fc_78.wav", "text": "an accomplishment that few CROs can claim. We believe it's a testament to the value our clients place on our contribution to their research efforts, and we work every day to enhance that value.", "duration": 14.16}, {"path": "da879f8ea1c23aa6565cccaacac271fc_173.wav", "text": "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", "duration": 14.16}, {"path": "f15966ae82e18b472ad78dd961f8e5e8_174.wav", "text": "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.", "duration": 14.16}, {"path": "433a6e203f9db93835c27ff83e86c801_4.wav", "text": "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.", "duration": 14.16}, {"path": "c47a92e006b54d014a79b447528c55a7_94.wav", "text": "We're reintegrating this business and we stood the business back up this quarter. We're focused on improving the business fundamentals and we're lapping difficult first half comps. Additionally, we're increasing -- materially increasing investment spend", "duration": 14.16}, {"path": "45ab782035fdb06f5ec710d0845bc18f_5.wav", "text": "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.", "duration": 14.16}, {"path": "0dec9a606303da3039d11eec4ec9bd86_223.wav", "text": "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. That's really the primary driver.", "duration": 14.16}, {"path": "0dec9a606303da3039d11eec4ec9bd86_213.wav", "text": "So while it isn't 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.", "duration": 14.16}, {"path": "0dec9a606303da3039d11eec4ec9bd86_13.wav", "text": "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 additional processing day this year.", "duration": 14.16}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_166.wav", "text": "where we try to capture that stronger interest in buying and use that as a lead for the organization. We've got a cost calculator, so customers are able to understand what the cost of the Trex material would be.", "duration": 14.16}, {"path": "8d71e62af8c57a752b0e04f6546bf622_110.wav", "text": "Just for closing, the Israel brought very good news and brought financing from sales and sales of assets that were hidden value on the company level.", "duration": 14.16}, {"path": "1300495cfa53748f732f54277d5a8cea_38.wav", "text": "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.", "duration": 14.16}, {"path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_100.wav", "text": "and we're 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 we're really focused with grabbing real estate, so to speak. So", "duration": 14.16}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_120.wav", "text": "what is your outlook to grow recurring revenue in 2019? Do you anticipate some recovery? What could we expect?", "duration": 14.16}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_105.wav", "text": "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", "duration": 14.16}, {"path": "6a45749d272884d2809fa70f7807250c_61.wav", "text": "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,", "duration": 14.16}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_82.wav", "text": "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. We've gotten several inquiries from people asking us", "duration": 14.16}, {"path": "1d021dfadd51998ac079e1df49929c60_177.wav", "text": "that we can be at flat volumes that offset some of the markets that are in modest decline. We're not seeing anything from an order rate or order pattern perspective that assumes a modest erosion in the second half. It's more just that", "duration": 14.16}, {"path": "bc1efb704df9c180935803c70a315597_93.wav", "text": "Turning to the reduction in NPLs across each asset class. The strong performance that we've seen in our Irish mortgage portfolio over recent reporting periods continues. Nonperforming mortgages", "duration": 14.16}, {"path": "0f8a61f667edd9a400d7abe2a7908a9e_96.wav", "text": "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.", "duration": 14.16}, {"path": "b4072ee178832ecf3d2a0f25fd8b8387_59.wav", "text": "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, which more than offsets the ADSL losses.", "duration": 14.16}, {"path": "c71a6ab1a0697010811c89200ab21613_159.wav", "text": "with less wells. And so I think that's the important point for me. And so with the saving in land that I mentioned, I think next year we'll be able to do the same with less capital and less wells.", "duration": 14.16}, {"path": "f268a8174f58c93ad6b45b7f151fe896_105.wav", "text": "So going back to the question, you've got to have a disciplined approach to the mix of commercial and residential packages. Having said that, we are quite confident", "duration": 14.16}, {"path": "0807d606b6cf98da19b317b4928c3572_29.wav", "text": "our current ratio substantially. Even though we're small, we have -- everything has been done to really position us for rapid growth in the future. And I'm just", "duration": 14.16}, {"path": "e45bd91347da3c6cbd1fca37e8c0215d_178.wav", "text": "But closer to us, we are in a segment of the market which is not likely to be impacted. The government's efforts are really on the main line", "duration": 14.16}, {"path": "b49c3cda0bcd26bab06abdd492274a3e_40.wav", "text": "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.", "duration": 14.16}, {"path": "365c360aff42713cef71a7d026eeeb6d_238.wav", "text": "Our goal for the event was to outline our plans for driving sustainable long-term profitable growth and provide a deep dive into our product strategy and the actions we have been taking to accelerate our transformation initiatives.", "duration": 14.16}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_108.wav", "text": "target and any other similar words may be used to identify forward-looking statements. Such forward-looking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from such statements.", "duration": 14.16}, {"path": "9cd9b67e289e807d677aabc5765fec6a_75.wav", "text": "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", "duration": 14.16}, {"path": "9097dcbaf554d635920c6274b1de4997_50.wav", "text": "I afraid that in business terms but in human terms it's really horrible. And there are better medicines that should be used earlier in these patient's journey and that's part of the policy aspect of it. On the pharmacoeconomic side, these patients are extremely expensive.", "duration": 14.16}, {"path": "16c235a53fc719ec92ef3b3c3b371150_302.wav", "text": "whether people actively go because they want to be with somebody that's a stronger, bigger entity or whether that entity raises their prices in response to spikes in prices and then that activates them to come to somebody like us,", "duration": 14.16}, {"path": "1bb9219ad31877175e18e8e48ff2f63c_77.wav", "text": "they're early stage. There is a high mortality rate in those discussions. It's 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.", "duration": 14.16}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_5.wav", "text": "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.", "duration": 14.16}, {"path": "f5875d033110e66b5aafc3c0003babdf_51.wav", "text": "and there is -- are 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 they have to comply with. But then you also have the local fresh food phenomenon", "duration": 14.13}, {"path": "c459f473b2c99662c3e29eeb2df74043_47.wav", "text": "In the Xetra segment, we from now on show revenues from listings separately. Previously these were included in the Other line item.", "duration": 14.13}, {"path": "7ad622c38e1f0e472ca166e2ad70844d_12.wav", "text": "As we experienced in December, when the more seasonable weather set in, there is a lot of pent-up customer demand from such a long period of sustained warmer-than-normal temperatures throughout last year and into the early part of this year.", "duration": 14.13}, {"path": "3557b21a45c35e71e82cc43b19977855_158.wav", "text": "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 container on that side of the business. And the same would be true.", "duration": 14.13}, {"path": "7974a5134807f46a1484a8adf81505be_10.wav", "text": "financial transactions completed by mobile devices have grown 75% over the past 2 years and is now the most popular financial transaction channel for our customers.", "duration": 14.13}, {"path": "8bbc2f54137b794265dfb01f1559868d_97.wav", "text": "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.", "duration": 14.13}, {"path": "1d2f3c74735a986131e7b219d9eff713_184.wav", "text": "personnel that we have in Vegas, the long-term relationship that they have in that market and their ability to source great land opportunities. And as you know, they've grown their market share consistently over the last 4 years. So", "duration": 14.13}, {"path": "6f2c2a55736c5c47a19eca807ec60e33_33.wav", "text": "we are pleased with the overall progress we're seeing in the business as a whole, especially, at the national carrier level. In a moment, I'll demonstrate the traction we're gaining in our key growth markets, which has been masked by temporary sub-par performance in other markets.", "duration": 14.13}, {"path": "a212b77ae2b2452093665a4e179ed3a3_0.wav", "text": "Good morning, and welcome to the PPL Corporation Fourth Quarter Earnings Conference Call.", "duration": 14.13}, {"path": "8475d4f528174aebabcb109487bee3f3_37.wav", "text": "that get very quickly internationalized and that becomes a nice contributor to the group's overall organic sales growth. Just wondering why you're not pulling that lever contrary to most of your competitors.", "duration": 14.13}, {"path": "d261e09fa176510406c0d05eeedfc8f8_200.wav", "text": "Could you elaborate a little bit more on what the plans are and whether it's just Barcelona-based or whether you look at other locations? I mean, Manchester seems to stand out as a big long-haul leisure destination and how that shapes your thinking on that.", "duration": 14.13}, {"path": "47a303604df9f9fc9f2f89a9280c3a79_5.wav", "text": "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.", "duration": 14.13}, {"path": "15ac383479a7c990aab7b155e4d42053_76.wav", "text": "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.", "duration": 14.13}, {"path": "ee640f0dcb9928c0bdd795eddbeac7c0_37.wav", "text": "is there are a lot of guys that kind of -- and it's amazing to us that -- that are involved in the industry, but there are a lot of guys that genuinely thought this wasn't going to come to pass, right up until, kind of, triple witching hour. And so", "duration": 14.13}, {"path": "1244d2b5a259c3bc73742830d60d53fc_46.wav", "text": "We're 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,", "duration": 14.13}, {"path": "21c2451cb9f5fbf43e4e2e3d3d23325d_178.wav", "text": "See, the vessel design allows us to move between regions as well and then 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", "duration": 14.13}, {"path": "6e3037e770ba5e0dfc98e3223986aad2_81.wav", "text": "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", "duration": 14.13}, {"path": "ebecd7e874a9b3998b70ec3200f71e89_40.wav", "text": "they've already had that spectrum for 25 years. It doesn't help them to keep it for another 6 months or a year. It just, I guess, harms them less. Obviously, if they don't get the extension and have to shut it down, then they have a substantial amount of 3G capacity that they're losing.", "duration": 14.13}, {"path": "b96165244f010b3f1e61cbbc5e504d96_41.wav", "text": "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.", "duration": 14.13}, {"path": "3aba3f0bef57d2f71dcc573a0fb198ed_158.wav", "text": "Thanks, Ivo. I will now cover our Q4 financial performance beginning on Slide 9 where, as Ivo mentioned earlier, you can see the record results that we have delivered for revenue and adjusted EBITDA. Adding to our core growth", "duration": 14.13}, {"path": "49a78c1ec143d9ac46e893e77198c0e3_112.wav", "text": "We believe this will simply take time and trial. Furthermore, as veterinarians expand the use of the product from acute inappetence into chronic inappetence, that will drive total days of therapy, which has the potential to increase sales.", "duration": 14.13}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_49.wav", "text": "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, we're fine not winning, either because of price or because of terms.", "duration": 14.13}, {"path": "58d5f604300a30c0c5bd9aa57d207478_87.wav", "text": "As social security expenses are rising around the world, the pressure on the pharmaceutical industry, as you know, to reduce drug costs,", "duration": 14.13}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_17.wav", "text": "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.", "duration": 14.13}, {"path": "ab4dae37361262d727d1d2f8f78765d5_217.wav", "text": "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 as the region temporarily sources alternative products from these plants.", "duration": 14.13}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_7.wav", "text": "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.", "duration": 14.13}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_87.wav", "text": "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 year-over-year because of the higher build rates.", "duration": 14.13}, {"path": "28404e399cb043d390aa70bceb339dd4_40.wav", "text": "It is also a good year-around small business base. We see significant opportunities for deepening relationships with our product set, especially investment management and home equity along with a much higher lending capacity.", "duration": 14.13}, {"path": "4479886907c2a9ec843d6ea1e5e0cacc_142.wav", "text": "So against the backdrop of a healthy market environment, we'll 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 we've been public.", "duration": 14.13}, {"path": "262bc21196721c5ff9114acbd2ff03c3_96.wav", "text": "adjusted operating profit. This is excluding the net cost of uplift which we're showing separately right down there at the bottom for each of the segments, since it is quite distorted whilst we going through the spend phase. And the other", "duration": 14.13}, {"path": "262bc21196721c5ff9114acbd2ff03c3_141.wav", "text": "And also the procurement savings, you've made a big push. How quickly do they begin to feed through to the bottom line? Yes. And I wouldn't say so much as a pass-through as a recognition of an inflationary environment", "duration": 14.13}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_70.wav", "text": "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.", "duration": 14.13}, {"path": "9e07401011239a074ff66741ee557224_109.wav", "text": "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.", "duration": 14.13}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_40.wav", "text": "But the other thing I would say is we're still optimistic that you're 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 we're seeing early signs of that now.", "duration": 14.13}, {"path": "d223c88e8d5b658f28749ce0db145daf_51.wav", "text": "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.", "duration": 14.13}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_152.wav", "text": "With our acquisition of ThinkGeek.com, we not only have the largest collectible-focused website, but we also have a strong development arm that allows us to produce the coveted exclusives that these fans desire.", "duration": 14.13}, {"path": "189b20e7b975130ca5abd0e419e54908_118.wav", "text": "the integration with Wheels now and the cross-selling, 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?", "duration": 14.13}, {"path": "01f88a67f39af3a74d5f23b095615d39_253.wav", "text": "You can see the particular capacity and fuel guidance on this slide, so I'll just make a few comments about what we're seeing in the market at the moment. Looking ahead, we're seeing strong forward bookings.", "duration": 14.13}, {"path": "af00f4e7b63ee843a3d203f982fac701_73.wav", "text": "Also, we will discuss certain financial information that is not prepared in accordance with GAAP. We believe that these non-GAAP financial measures, when reviewed in conjunction with our GAAP financial measures,", "duration": 14.13}, {"path": "0fa398ef99a7a936fc1e509dacaaadde_1.wav", "text": "Liberty Global disclaims any obligation to update any of these forward-looking 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.", "duration": 14.13}, {"path": "98bbf1693b5a53e7f02d890a8dca876a_31.wav", "text": "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 in-park sales efforts.", "duration": 14.13}, {"path": "01b376669d5ea40acc7fb5a87503586e_97.wav", "text": "This represents partial recovery of losses experienced over the past several years within BioMedical associated with higher than anticipated warranty claims experienced in certain AirSep product lines.", "duration": 14.13}, {"path": "a76bedec950d8af557e451e58416d028_35.wav", "text": "percentage from Orange Belgium to get your cost down to being in line with what you've announced already? And then just a quick point around cost cutting. It seems like you are making very good progress on", "duration": 14.13}, {"path": "cd331fa6dd24e811af3c0529212bfbb8_89.wav", "text": "as the Chinese consumables order was only shipped in late December, so it will 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.", "duration": 14.13}, {"path": "f5e9c69a92eb9179062673e044f8a53b_37.wav", "text": "taking more time or more expense than needed? Or how can you have the expansion -- or the relationship expand, put in more and more CapEx, yet have slower revenues? Or at some point, it's got to kind of all equalize, I would think.", "duration": 14.13}, {"path": "3412b2f7aef0615537779e312cf984c3_55.wav", "text": "the projects that have been out there, the ones that -- we haven't won all of them, but we're certainly losing a lot fewer than we used to. So again, yes, I'm feeling pretty good about", "duration": 14.13}, {"path": "6299a010c7bb84feaf14b263750dbd1a_94.wav", "text": "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,", "duration": 14.13}, {"path": "93e134910b4a7c587bc461da0c9a2083_136.wav", "text": "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", "duration": 14.13}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_224.wav", "text": "and then also have this huge growth in what look 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 care center, for example?", "duration": 14.13}, {"path": "0536b57caa15ae9f7338c4e58f9f62b6_81.wav", "text": "low level at the end of the year, with the pipeline that we're 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 we're in very good shape.", "duration": 14.13}, {"path": "ef7e77f6a5983826d0eefe75f7832ce6_73.wav", "text": "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.", "duration": 14.13}, {"path": "b478d2808e90233ed994884e644a3d34_158.wav", "text": "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.", "duration": 14.13}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_18.wav", "text": "as we do a zero-based budget for every space in the portfolio, we're taking a thoughtful look at each space and the spaces we may get back because of retailer distress or disruption, and then there's an additional kind of portfolio reserve", "duration": 14.13}, {"path": "bcb3aac2c7cc035961d9ee8cfd330044_135.wav", "text": "are exactly on this topic of the cost of implementing and living under that exemption. And so if some of that should change, we'll reevaluate, but right now we don't see that as a significant dynamic for us to deal with.", "duration": 14.13}, {"path": "ec9a5ef8abdaa14007f86d64e2cf49c1_56.wav", "text": "We're 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.", "duration": 14.13}, {"path": "ec9a5ef8abdaa14007f86d64e2cf49c1_144.wav", "text": "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", "duration": 14.13}, {"path": "e5eb29123d69fdbc74dbc529dfe6c6cc_106.wav", "text": "We will focus on the value-creation process in order to optimize synergies related to the acquisition as outlined on Page 17. We have begun to leverage Stoneridge's customer relationships and products", "duration": 14.13}, {"path": "85edb0a846d9e1cfa542b893eed4a0f3_5.wav", "text": "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", "duration": 14.13}, {"path": "744f5859c7d9a0567b387ae84326d940_108.wav", "text": "Okay. And I believe you mentioned that PolyOne 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", "duration": 14.13}, {"path": "e26b501c6e000fdaa11edde97cc71436_10.wav", "text": "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.", "duration": 14.1299375}, {"path": "6e6da7f810609ce64857373f11984455_8.wav", "text": "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.", "duration": 14.1}, {"path": "62d981deed6d5128615c99d1597178b6_147.wav", "text": "That's good news for the business. And it does suggest to us that despite the daily forecast of gloom and doom for the global economy, individual businesses are still pursuing initiatives that require consulting support.", "duration": 14.1}, {"path": "214dcdc435ef3259490466447858fa56_88.wav", "text": "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.", "duration": 14.1}, {"path": "c9ecd6e0347cbf5fe881201a5e803fb3_164.wav", "text": "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?", "duration": 14.1}, {"path": "55d548325797d638567669cd75444301_11.wav", "text": "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.", "duration": 14.1}, {"path": "55d05334bdde612eb9dd102bb41d216e_88.wav", "text": "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 market with one quick one, that private label out of China or something, and I think they're going to have trouble getting any traction.", "duration": 14.1}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_303.wav", "text": "returns available in other real estate classes and maybe, to some extent, in other investment opportunities. And when you're looking at the select-service brands, particularly, there's less volatility in those -- the performance of those hotels.", "duration": 14.1}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_54.wav", "text": "And also, in the leverage calculations, 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", "duration": 14.1}, {"path": "25411ff16eb3ca72b6e736eb0fe0cafb_36.wav", "text": "We took the opportunity in recent quarters to add modestly to position post-market dislocation such as Brexit in June, and as the markets have recovered, we've selectively reduced our exposures to some of these positions.", "duration": 14.1}, {"path": "d085781ecd776da8a9c4d31ad547606b_248.wav", "text": "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 capital.", "duration": 14.1}, {"path": "91422f85dbf838639b3cb9dd9da364eb_99.wav", "text": "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 first-in-human clinical trials.", "duration": 14.1}, {"path": "95b678c2b11d1ded2d9e9ba839aaee06_226.wav", "text": "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", "duration": 14.1}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_162.wav", "text": "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", "duration": 14.1}, {"path": "833f98dbc79997580b24335033aac5d2_82.wav", "text": "Today's discussion will contain forward-looking statements, which are based on assumptions we believe to be true only as of today's 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 forward-looking statements.", "duration": 14.1}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_182.wav", "text": "In today's 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.", "duration": 14.1}, {"path": "1b1699497be56330b3ed833f22bc63f6_19.wav", "text": "Before I begin my review of the results, let me remind everyone that the operating results presented in today's release reflect the changes in our financial reporting as a result of our implementation of the new revenue accounting standard.", "duration": 14.1}, {"path": "8011d82cf2151421d3dfacce65adde30_20.wav", "text": "I would like to highlight 2 main points. First, although performance in the non-resource field was firm, lower market prices on resource commodities led to a decline in the resource field.", "duration": 14.1}, {"path": "1133b8984db446b9c963a09eaf0785a4_167.wav", "text": "When you aggregate it all, we're doing quite well. But specifically in manufacturing productivity -- in the plants that have SPS, we just have stellar results that have fully implemented it.", "duration": 14.1}, {"path": "1244d2b5a259c3bc73742830d60d53fc_25.wav", "text": "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 we're anticipating a better back half of the year because of what we're hearing. But", "duration": 14.1}, {"path": "1244d2b5a259c3bc73742830d60d53fc_10.wav", "text": "The fund industry, in particular, has an opportunity to shift to a more data-centric and analytics-driven model, which is just one step in the overall evolution of financial services, moving from documents to data.", "duration": 14.1}, {"path": "c4138e2179e3fba907f3ea7c12cf2b8a_149.wav", "text": "single account they run. But they are also responsible for liaising with their colleagues inside of Intertek to basically make sure they can get the ATIC solution they need for their customers inside the group portfolio.", "duration": 14.1}, {"path": "40e11288ea7cb86fdf307dbe648142e3_137.wav", "text": "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", "duration": 14.1}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_137.wav", "text": "Our full year adjusted pretax operating margin continue to improve, adjusting for the significant items. In order to maintain momentum, we will continue to develop client solutions in alternative and passive strategies to meet our clients' needs.", "duration": 14.1}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_65.wav", "text": "We're 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 it's certainly not at an industry crisis stage. It seems like", "duration": 14.1}, {"path": "58ff8a727ec4f3859407b64f08246759_120.wav", "text": "And that's 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.", "duration": 14.1}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_186.wav", "text": "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.", "duration": 14.1}, {"path": "bd40628b97efec198825ccf910c7e27e_103.wav", "text": "We'll 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.", "duration": 14.1}, {"path": "915bdcf0edfec49b928ca4010cbb40ca_61.wav", "text": "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?", "duration": 14.1}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_183.wav", "text": "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", "duration": 14.1}, {"path": "948f025c16fce2bcb2909e610c9be557_59.wav", "text": "dealers that we sell the LSW package through, by our choice. And the reason being is that we believe", "duration": 14.1}, {"path": "3898a5c021167b8169287fc8bb59f753_114.wav", "text": "and adjusted EBITDA grew by 12.9%. 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.", "duration": 14.1}, {"path": "1ad54837f74515ad7caa2a50d70459c9_108.wav", "text": "European hospitals are very cost conscious, and many of them see great potential value in being able to use the T2Candida Panel to rapidly remove patients from unnecessary and very expensive empiric anti-fungal therapy.", "duration": 14.1}, {"path": "741526dd2a3db996d2f22f4bcdae4be6_11.wav", "text": "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.", "duration": 14.1}, {"path": "7cc11de7f206c637e6293da0d956405e_189.wav", "text": "And very importantly, we continued to reap the benefits of our OptionsHouse acquisition, now nearly 2 years post deal closed, driving improved metrics and expending the platform and offerings to our most active trading client base.", "duration": 14.1}, {"path": "130e8e56c1afa2419fd0c08708261824_130.wav", "text": "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.", "duration": 14.1}, {"path": "e42f90eacf0e766ff39973c6aca06c93_95.wav", "text": "But what happened today is they would be giving -- would go ahead and do that insurance coverage check with our partner organization and we determine what their exact coverage level, the bridge program would be an opportunity", "duration": 14.1}, {"path": "e33785a294553de2a12d4463bf786744_91.wav", "text": "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.", "duration": 14.1}, {"path": "c36ef43210d40b0d1ad8f2acc597c76b_68.wav", "text": "certainly employ some other creative tactics that maybe a small, more flexible and nimble biotech company can use, that giant pharmaceutical companies that have strategic portfolio considerations may not be able to", "duration": 14.1}, {"path": "799c15a4a6e9e3c86374761fec31c00a_2.wav", "text": "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.", "duration": 14.1}, {"path": "799c15a4a6e9e3c86374761fec31c00a_13.wav", "text": "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", "duration": 14.1}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_1.wav", "text": "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.", "duration": 14.1}, {"path": "a0d537badd260e2071136602e3b73b26_105.wav", "text": "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.", "duration": 14.1}, {"path": "29f56972971325265e4a53485f49793e_133.wav", "text": "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 shouldn't be", "duration": 14.1}, {"path": "18e82b076319ac52f8a4b391ea345abd_101.wav", "text": "He has been working to identify and leverage the strengths of the tool companies and service companies within Actuant. As part of this process, we've started combining the Enerpac industrial tools and the Hydratight businesses from an operating standpoint.", "duration": 14.1}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_266.wav", "text": "as we went into this particular account, for example, we actually entered with a high-value kind of a project which also from a scale and size point of view can be very, very significant.", "duration": 14.1}, {"path": "e552924838fe493d3cc967dd0c5c4563_152.wav", "text": "We've 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 that's, that's an additional opportunity on that side of it. But so it's really", "duration": 14.1}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_44.wav", "text": "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.", "duration": 14.1}, {"path": "902872913863de98d38e2936b846cf66_180.wav", "text": "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", "duration": 14.1}, {"path": "bf8646ad61e3857d4cf46e592c18f685_33.wav", "text": "Looking at contract manufacturing, we expect continued grow throughout 2019. While some clients have postponed decisions on project awards, we are making progress in other areas by expanding the products we produce.", "duration": 14.1}, {"path": "f268a8174f58c93ad6b45b7f151fe896_238.wav", "text": "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 we're having an outstanding peak. Well, that's because", "duration": 14.1}, {"path": "24c7526f6daca8e16ab91bea6124148a_5.wav", "text": "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.", "duration": 14.1}, {"path": "6f1b092b312410065d308541be46da95_310.wav", "text": "And at the same time, we're world renowned for our safe and reliable networks and we are actually transforming the networks at the moment, with the new energy that's coming on. So to spend tens of billions of pounds of taxpayers' money", "duration": 14.1}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_133.wav", "text": "that Jim mentioned in his opening remarks. This quarter, we announced a deal with Kohl's at our box in London, Kentucky, which we expect to announce other national tenants later this year, and we'll start opening those spaces towards the end of the year.", "duration": 14.1}, {"path": "0e410ca71e50235e520d5af32ce0f54a_106.wav", "text": "is acceptable to both parties, then there's 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", "duration": 14.1}, {"path": "7bac04f03928ee8894ab00007116400b_41.wav", "text": "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.", "duration": 14.1}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_191.wav", "text": "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.", "duration": 14.1}, {"path": "6064088db0200b32f3f3e848047c5ab6_61.wav", "text": "Now turning onto our financial expectations. Based on timing expectations and projected costs of our clinical development plan, we expect that our current cash, cash equivalents and marketable securities", "duration": 14.1}, {"path": "4b5d33b9c200403f2d4633e47f1d4110_72.wav", "text": "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 we're looking for, at a minimum", "duration": 14.1}, {"path": "a20052a04bcb5b7b8d242a21c859550d_44.wav", "text": "As one of the first results, we found we could claim certain additional FICO 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 36.6%. Please", "duration": 14.07}, {"path": "7eebbbc069b4bf8367aa748751df9bc7_17.wav", "text": "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 there's only 1 smaller hotel reopening in South Beach.", "duration": 14.07}, {"path": "0db71632fa65f1d166f14cb8593c4690_45.wav", "text": "the results to the Steel results. We buy steel from the steel mill at a market price, and we want to add value to steel sold by the steel mill.", "duration": 14.07}, {"path": "81430c39b7b202d05644e419e2a01a65_24.wav", "text": "maybe flagging anything in the contract on the other side, right? So I'm -- you lived through a number of years ago where the Obama administration snuck in some language about recompeting contracts", "duration": 14.07}, {"path": "54240e38051f2a3bb6a4e58fe55344cd_10.wav", "text": "This is just a sampling of the valuable additions that allow us to continue to drive growth. Before turning the call over to Steven, I would like to say that our thoughts are with the operators who've experienced loss during the recent hurricane.", "duration": 14.07}, {"path": "833f98dbc79997580b24335033aac5d2_104.wav", "text": "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.", "duration": 14.07}, {"path": "a827180c08c11f2e53c6966fceaabf5b_24.wav", "text": "Thanks, Rob. As we've said, 2015 was a year that presented us with a number of challenges, and I'm pleased with the ability of our team to adapt to current conditions while continuing to drive our long-term strategy.", "duration": 14.07}, {"path": "bc6881d8e985e0b9dc1683b8bbdb066a_128.wav", "text": "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.", "duration": 14.07}, {"path": "ee640f0dcb9928c0bdd795eddbeac7c0_47.wav", "text": "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,", "duration": 14.07}, {"path": "863512efd537ffd31c094dd9bfd5ebd3_148.wav", "text": "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.", "duration": 14.07}, {"path": "911d447bcdcedb4e0cf5230de225921c_74.wav", "text": "We are delighted to be working with Chevron at Sarta. 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.", "duration": 14.07}, {"path": "9ab2e6eb9debfae2de541ba645bfd265_44.wav", "text": "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 floating-rate borrowers because they want the flexibility that floating-rate debt gives them to be able to trade the assets.", "duration": 14.07}, {"path": "c433164f6d189e18b1e4784e376b6ecb_39.wav", "text": "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.", "duration": 14.07}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_115.wav", "text": "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.", "duration": 14.07}, {"path": "30710391b8ab4cb549180602d31d4f4a_66.wav", "text": "There are also factors that we believe could counterbalance these tailwinds to some degree. For several quarters now, we've discussed the tightening labor market with increasing labor costs, which is a headwind to our ability to reduce manufacturing costs.", "duration": 14.07}, {"path": "1ddc944827b99caf8c7867ceeed0ec20_29.wav", "text": "So the terms that we take should be the best for you, the shareholder, and that's what we're looking at. We're looking at can we broaden our -- can we broaden what it is we're doing, so that we become a larger part of the market", "duration": 14.07}, {"path": "40e11288ea7cb86fdf307dbe648142e3_46.wav", "text": "No. I think we should see some profitably in the first half because the actions we've taken were here in the fourth quarter in terms of headcount reductions. So it's likely to ramp up a little bit towards the back, but we should be profitable the first half of the year.", "duration": 14.07}, {"path": "fcabfedf41ab18064a96d393869e4d4e_1.wav", "text": "Thank you, Anuradha. 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. Let's begin with details of some of the key developments of the quarter,", "duration": 14.07}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_37.wav", "text": "a large payment of cash one way or the other into one quarter or another quarter. So I don't think it's something you should look at as seasonal so much as just our ability to achieve these milestones and get the", "duration": 14.07}, {"path": "23417803b1a8115806b8e604b8b2bb83_380.wav", "text": "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. So I think you probably have to wait for", "duration": 14.07}, {"path": "cd1773ea94a046c0a36b679e2efcee9f_39.wav", "text": "very keenly focused on exactly what the design is and how that project will ultimately benefit the community. We -- there are a number of areas that we would like to see benefits come. We want to make sure the project helps with transit,", "duration": 14.07}, {"path": "98f10f0935e5b778e888a1b8130a3d31_196.wav", "text": "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.", "duration": 14.07}, {"path": "b281eff988085e0776dc8a10223f1048_33.wav", "text": "Before I turn the call over to them. We'd like to refer you to Slide 2 on the presentation, and advise that certain remarks we make during this call about the company's future expectations, plans and prospects constitute forward-looking statements", "duration": 14.07}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_64.wav", "text": "organic growth. And so we fund our businesses for both maintenance and productivity and growth. And as we've announced, we've been implementing this growth capital on the specialty side.", "duration": 14.07}, {"path": "f77935c4693e4d33252c9c76993e9c8b_142.wav", "text": "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?", "duration": 14.07}, {"path": "a7228e39e0d5f04dfba28fe3477e034a_1.wav", "text": "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.", "duration": 14.07}, {"path": "571b0d30d88945a981006f24faa72cf7_141.wav", "text": "but if we're able to maintain these effects, we should see greater treatment differences than we're seeing with droxidopa 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.", "duration": 14.07}, {"path": "21f21433851eb7c7f7dbc710309341bb_179.wav", "text": "So, that's why we've made WOODS and other own brands a priority for Chek this season. Over the coming weeks, we'll execute a plan to re-merchandise our athletic and outerwear departments by category instead of by brand as they are today", "duration": 14.07}, {"path": "21f21433851eb7c7f7dbc710309341bb_137.wav", "text": "I think if you look at my little story on Paderno and apply the same thinking we've got sort of season-after-season plans in place for Helly. And when we bought them in July, you could well imagine they didn't have", "duration": 14.07}, {"path": "fb817a6cc685a3fd0f003456dd641c01_97.wav", "text": "give us an idea of historically, how much of that pricing sticks? And given that we're in a pretty weak-demand environment at the moment, if you think that pricing increase will be more or less sticky than it historically has been?", "duration": 14.07}, {"path": "82f5253b62614161333b038f5f9700f8_85.wav", "text": "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.", "duration": 14.07}, {"path": "61a1812ea55a4d676119b4f3d7cd6c10_72.wav", "text": "For full year 2018, we were 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.", "duration": 14.07}, {"path": "433a6e203f9db93835c27ff83e86c801_164.wav", "text": "in converting our product mix into the premium products. And so we have to expand that capacity. There's investments happening in our Lawrenceburg facility. We've got additional investments happening in", "duration": 14.07}, {"path": "7cc11de7f206c637e6293da0d956405e_178.wav", "text": "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,", "duration": 14.07}, {"path": "1689b94530eca82b7758c86b4cf3125f_32.wav", "text": "He has been a key contributor to the development and execution of the company's strategic plan, and has played a strong financial foundation for Cable ONE to continue its focus on driving growth that is profitable and sustainable.", "duration": 14.07}, {"path": "77d2dd6d5e46cc8a8e80809305b60208_244.wav", "text": "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.", "duration": 14.07}, {"path": "be1d9f57faececddb1cdbf5e831bcbf9_26.wav", "text": "So therefore in Q1 we had the somewhat higher price than we would have thought given that we got the 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", "duration": 14.07}, {"path": "fd5d61fef2374d3a3c1d7818eb73b463_103.wav", "text": "Well, to put a little more color on it, I would say it's a few points above average relative to the other parts of our sweet goods portfolio, but the gaps aren't very big. They're a couple of points, maybe.", "duration": 14.07}, {"path": "00dcacc7fe3cab64b14aff04a9cd0284_9.wav", "text": "Construction activity month-over-month 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 to-date has been negligible.", "duration": 14.07}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_86.wav", "text": "as teammates here than any other place in the world. But I'd imagine we'd be pretty darn close. Because this is a competitive mindset and one that just -- does just want to be better. And so we realized is that we want to be clear. We are certainly not declaring victory,", "duration": 14.07}, {"path": "71ea3ed1436c2759a95f8d629963db2e_105.wav", "text": "capacity coming online if it doesn't 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?", "duration": 14.07}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_78.wav", "text": "And I said already, drug channel was definitely an issue where they are impacted by this frequency, and as well department stores, where chocolate is big as well has been affected.", "duration": 14.07}, {"path": "4311782968e936c378fdee8946cd9cca_124.wav", "text": "I don't 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 call-out on the Arizona minimum wage, would be one bucket.", "duration": 14.07}, {"path": "5efe4589d80ac1232c2958182c188903_22.wav", "text": "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 they're carried through all the way. It would be much easier for us to displace", "duration": 14.07}, {"path": "09b5b62d328d3d0719b6825357fdfb48_121.wav", "text": "For our company, I have to say we are disappointed by the Federal Trade Commission's decision to put us through a second request related to the proposed GPP-Delek Logistics joint venture to acquire terminal assets from American Midstream.", "duration": 14.07}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_77.wav", "text": "Second, with a solid mix of leading iconic brands and expanding on-trend brands, we have a strong portfolio that is adaptable to meet consumer needs.", "duration": 14.07}, {"path": "64364105b816dd0b6a029e9cd210e65b_20.wav", "text": "The outstanding performance delivered in the fourth quarter was driven by the team's continued execution of a pricing strategy committed to favoring margin over volume, an engaged workforce focused on continuous improvement and productivity", "duration": 14.07}, {"path": "9dc19bfa451bc1278b7136420493f84d_5.wav", "text": "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.", "duration": 14.07}, {"path": "52ea66e70853eaa0c1183ddfa31b760a_15.wav", "text": "where we expect many, many employees and people whose lives 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", "duration": 14.07}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_151.wav", "text": "This is one of the largest and most comprehensive insurance analytics deals in the BPM history -- our BPM industry, pardon me, and a true testament to our deep domain capabilities.", "duration": 14.07}, {"path": "2cd5b184c2ef6624ce219830182927c9_309.wav", "text": "looking at our 3-year 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.", "duration": 14.07}, {"path": "6cbf592846662213258684c3049e4592_84.wav", "text": "that situation this year. Those businesses are very good right now. So I think we're 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", "duration": 14.07}, {"path": "f268a8174f58c93ad6b45b7f151fe896_253.wav", "text": "There are many opportunities in the future. But right now, we're using a lot of autonomy to make our team safer and to give them a better quality of life on the road. And we're using a lot of different technologies to make sure that our sustainability efforts", "duration": 14.07}, {"path": "81c03e2c15e8fe8213fbd40368b49581_34.wav", "text": "due to the reduced returns we've 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 mortgage sectors.", "duration": 14.07}, {"path": "099475edf8f9944537773b1d0a2aaea6_92.wav", "text": "made a huge amount of sense. And so yes, it seems like that's kind of the same logic that's underpinning this combination announcement that was made earlier this week. So", "duration": 14.07}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_233.wav", "text": "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?", "duration": 14.07}, {"path": "76c04b0646e881995fdd48aa58abee4c_147.wav", "text": "per hour of the traditional Yoga content is much lower than it would be for the Seeking Truth-type content that has the animation and the post-production value in it. And I think the other piece here is as we've launched the Transformation channel and we're trying to", "duration": 14.07}, {"path": "9b7d3cbcfbcf14d70a241700c869bd8d_85.wav", "text": "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 production facility in the Netherlands.", "duration": 14.07}, {"path": "30a142fac5a62ab00227cb6a339a6226_124.wav", "text": "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 we'll be making the redesign available to our entire community in Q1. There is a lot of work ahead as we optimize the updated application,", "duration": 14.07}, {"path": "365c360aff42713cef71a7d026eeeb6d_105.wav", "text": "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 for us and it was really in the third quarter where we really kind of picked up", "duration": 14.07}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_119.wav", "text": "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.", "duration": 14.07}, {"path": "0b7afb66a39a4c81151309bacc830c60_42.wav", "text": "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.", "duration": 14.07}, {"path": "c2a4f7aacf0036edc5b94457c0d8329a_106.wav", "text": "Finally, as we have discussed earlier, we extended our scope of services at Kroger to provide them with self-service capabilities for their large base of suppliers to inquire on claims and view supporting information.", "duration": 14.07}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_101.wav", "text": "small to medium and potentially large, may not be HITRUST certified. And that is the gold standard for the health insurance industry. So that's one of the factors where we see consolidation also potentially", "duration": 14.07}, {"path": "97ddc19ecb28bab2d19fd3b181182062_9.wav", "text": "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.", "duration": 14.07}, {"path": "b7050f62f52a3d2803beea21404f7af6_142.wav", "text": "Further, our data-driven compliance framework initiatives allow us to automate a number of compliance review functions that are more repetitive in nature, while simultaneously expanded the number of relevant transactions we access.", "duration": 14.04}, {"path": "5111fdad778749872c23e78c9b0d653b_184.wav", "text": "was submitted. That's where the support comes for claim. So the more claims is submitted for that specific carrier, the faster it comes through a more consistent", "duration": 14.04}, {"path": "f0dd7e4dad969b480d0d2a70609aedba_172.wav", "text": "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", "duration": 14.04}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_19.wav", "text": "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,", "duration": 14.04}, {"path": "3557b21a45c35e71e82cc43b19977855_69.wav", "text": "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.", "duration": 14.04}, {"path": "2602edddc3363eadcaafe1c33271f3e4_32.wav", "text": "And what we wanted to do was estimate an immediate dose that would have a good enough increase in exposure to expect that we might be able to pick up an increment in efficacy.", "duration": 14.04}, {"path": "264e575b73bc2a485bee416c1ac10cee_162.wav", "text": "That's 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.", "duration": 14.04}, {"path": "c68c15299b67173c7ae163cc5938f3c1_74.wav", "text": "We believe the vast majority, and the only reason I mention it, of these surprises are behind us and feel that the profitable growth should start to kick in now and we'll see the success continue.", "duration": 14.04}, {"path": "65d5a09c659f6809931dc62aa7a9eaad_113.wav", "text": "But now I see already first responses from our landlords in a way that they start realize that they have to create a little bit more flexibility for us in terms of the transformation", "duration": 14.04}, {"path": "e824f4380f8203a1e3ed60e7da1e39e5_53.wav", "text": "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 activity in which the user is engaged.", "duration": 14.04}, {"path": "c96b5ae4ffe20d946daec67e2b0917b2_58.wav", "text": "There are no further questions in the queue at this time. Why don't we -- we're almost an hour, but why don't we go ahead and give everybody one more opportunity to enter. And then we'll clear those if they do. And if they don't, then we'll end it at this.", "duration": 14.04}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_223.wav", "text": "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.", "duration": 14.04}, {"path": "8b71a232d7fe61e6232807b635977c31_7.wav", "text": "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.", "duration": 14.04}, {"path": "8bbc2f54137b794265dfb01f1559868d_10.wav", "text": "We're fortunate to have excellent billing management and many of the outstanding issues are being aggressively resolved. While much work remains in billing, we're seeing tangible progress in many areas.", "duration": 14.04}, {"path": "82b66739c0d2b8a47f19a5acbe3b90ed_60.wav", "text": "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.", "duration": 14.04}, {"path": "46906afb4e1ee1fef09b5908e76beefa_170.wav", "text": "First, you'll see ongoing focus on strong execution both with our in-line and development products. Second, we anticipate an increasing number of clinical data readouts and regulatory updates across our portfolio.", "duration": 14.04}, {"path": "145244b0378e6657d456cffca8bbc982_85.wav", "text": "of? Well, the only thing that's 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.", "duration": 14.04}, {"path": "ca2bc8d693d4751cc88444d2e715f645_64.wav", "text": "The company undertakes no obligation to publicly correct or update the forward-looking statements made during the presentation to reflect future events or circumstance, except as may be required under applicable security law.", "duration": 14.04}, {"path": "dd5492732b46e270047f9b368d4fde11_38.wav", "text": "Jeff will provide 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.", "duration": 14.04}, {"path": "1b1699497be56330b3ed833f22bc63f6_98.wav", "text": "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.", "duration": 14.04}, {"path": "5f38ce681d4413a793d34a0650c59bf2_69.wav", "text": "As we have discussed before, the base business has been impacted by consortium pricing pressures and involving consortium structure and additional competitive generic entrants in certain product categories.", "duration": 14.04}, {"path": "8b2314627d54755a15c55244bb862225_118.wav", "text": "And their model was more outsourced. Ours is more managed in-house. And so I think we can -- have been able to have some -- we'll have some impact there. But they've got very deep ties in that community and with that relationships. So I think", "duration": 14.04}, {"path": "81bfbc1fbd3ce62adc594e6b57c6fb34_104.wav", "text": "and we have a resource that appropriately -- and that is part of the costs we're seeing, but we are excited about the possibility of having a new area or 2 to get some new bank customers.", "duration": 14.04}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_147.wav", "text": "Our growing backlog provides the foundation upon which I expect to deliver revenue growth and increased earnings over the next 3 to 5 years.", "duration": 14.04}, {"path": "9ab2e6eb9debfae2de541ba645bfd265_163.wav", "text": "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.", "duration": 14.04}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_109.wav", "text": "to distribution and consolidated around our most successful ESCOs. Essentially, we've gone from over 100 ESCO partners at the beginning of this year to about a dozen today that represent most of the volume.", "duration": 14.04}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_137.wav", "text": "Roger and his team did an excellent job of balancing promotional activities to maintain strong profitability, while driving sales growth and dramatically lowering our RV inventory levels.", "duration": 14.04}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_131.wav", "text": "And that's 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.", "duration": 14.04}, {"path": "2a7d7f3eb6960e631743ca5a0d86461f_128.wav", "text": "risk premium is essentially unchanged. What we're seeing is that it's going to get some lift off of the index. So I think we feel pretty confident that we're going to be able to achieve that.", "duration": 14.04}, {"path": "2a7d7f3eb6960e631743ca5a0d86461f_40.wav", "text": "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.", "duration": 14.04}, {"path": "265e62fc569e790d8b3e58698aaab701_42.wav", "text": "And when you think about it, these drugs should be given together and you basically guarantee now that they're given together. So not only is it the right thing to do for the efficacy and safety profile of the drug,", "duration": 14.04}, {"path": "505ccbd6e857cad05a179a5ed5419d1b_85.wav", "text": "I think sometime in May or June of this year. I was just curious if that has actually occurred? And if you're hearing anything about possible properties that might", "duration": 14.04}, {"path": "6f6b3823ec396bec0ca694282a6c7452_44.wav", "text": "of the company to be materially different from any future performance, financial condition or results of operation implied by such forward-looking statements. Further information regarding these risks, uncertainties and other factors", "duration": 14.04}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_0.wav", "text": "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.", "duration": 14.04}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_242.wav", "text": "I've 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,", "duration": 14.04}, {"path": "e78997e6a75a2243292b2b54750bb3cb_79.wav", "text": "and if we would have to change some of our analysis, it will be part of the statistical plan. So operationally, it doesn't hold us back to start", "duration": 14.04}, {"path": "1949bd0c9c4c23d495d880c4c552bfe1_46.wav", "text": "and I think close-in bookings did well, particularly in December, and the close-in environment isn't as strong this year. Can you talk about when you were setting that range, how you thought about that situation?", "duration": 14.04}, {"path": "21f21433851eb7c7f7dbc710309341bb_190.wav", "text": "from 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.", "duration": 14.04}, {"path": "5330f07390a3c14fc49f24ac98bf1eab_105.wav", "text": "to continue with at this stage. We're very careful in making sure that we can devote the funds to the key programs that can provide the most value right now.", "duration": 14.04}, {"path": "da879f8ea1c23aa6565cccaacac271fc_303.wav", "text": "it's anchored in a small handful of strategic relationships that could get to a point of saturation. The ability to bring more clients into that sort of strategic dynamic is clearly good for", "duration": 14.04}, {"path": "369789f0d39dbf62298be2aa807ff8ee_17.wav", "text": "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", "duration": 14.04}, {"path": "f15966ae82e18b472ad78dd961f8e5e8_120.wav", "text": "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", "duration": 14.04}, {"path": "757695924b5e43c7d44e29dc141cc035_84.wav", "text": "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.", "duration": 14.04}, {"path": "3b2908426357bb8269c3a01469865cd6_53.wav", "text": "we will continue to build on the momentum that we've 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 market's reporting unit.", "duration": 14.04}, {"path": "7498a6630302a038bd537d192c3a44f4_194.wav", "text": "and didn't reflect the store set that you see in one of our current new store openings, meaning that we didn't offer everything in those stores. I would say probably about", "duration": 14.04}, {"path": "2a7af3c66762ce608379005a3d7bfa96_2.wav", "text": "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.", "duration": 14.04}, {"path": "80a2ca14358172366acab4e80f3fa33b_182.wav", "text": "It's really very analogous to our operations in Poland and Romania, which is where these feed grains are grown. So we have very favorable conditions there. And when price levels in Europe", "duration": 14.04}, {"path": "a9ff9f85f03afdd2d13b76e14060b31d_5.wav", "text": "We've 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 in financial management,", "duration": 14.04}, {"path": "5c601f5318d5dcbe20fdd78f19c2b277_106.wav", "text": "While the potential array of outcomes remains quite broad, we believe a platform like ours with core strengths and structuring, pricing and syndicating mortgage credit risk stands at a benefit in a market that welcomes more competition.", "duration": 14.04}, {"path": "a2ba164f019804628c07b36de47cd464_109.wav", "text": "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.", "duration": 14.04}, {"path": "ecc871b8f89a858d952f554f1ca8f7da_32.wav", "text": "that are not really commercially viable anymore. So I think we're starting to see some customers turn off their older reactors and just not use them. And", "duration": 14.04}, {"path": "f17bd619f65ff0b31c5103503bd56fdb_34.wav", "text": "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.", "duration": 14.04}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_134.wav", "text": "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.", "duration": 14.04}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_65.wav", "text": "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,", "duration": 14.04}, {"path": "6299a010c7bb84feaf14b263750dbd1a_136.wav", "text": "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.", "duration": 14.04}, {"path": "e9970d55b0ac8bddede7f337c0f94d36_98.wav", "text": "These forward-looking 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.", "duration": 14.04}, {"path": "1758a982f596e3033f062a5b9f011361_139.wav", "text": "and can also be replayed 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.", "duration": 14.04}, {"path": "9a33a60ff30e5b8a3e106c2204e3300a_46.wav", "text": "to monetize gains and to reinvest the proceeds into our core assets. Our rotation of the American Capital portfolio is now largely complete and what was a successful acquisition by any measure for our shareholders.", "duration": 14.04}, {"path": "8f92dfb06900be4f209f31f24cb885fb_50.wav", "text": "And so there's no real need to have the added complexity in the pump of titrating to a different dose because that's done in the cartridge that the patient receives in the mail and then throws away afterwards.", "duration": 14.04}, {"path": "3c17ad8c6709cbb1a8f7190f567a445f_100.wav", "text": "But as I sort of run through my model and look at everything, it's hard to believe that the OEMs can keep up with what the demand should be or could be based on the rig counts that we're seeing.", "duration": 14.04}, {"path": "5f4034bd1c0669186fcee6909c5d59e7_40.wav", "text": "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", "duration": 14.04}, {"path": "abd571ccf777ac4b0a43a7487031bc8a_10.wav", "text": "Vending 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.", "duration": 14.04}, {"path": "7e198f4b8da8fc367e2bca0fd1595633_93.wav", "text": "Our discussion today will contain certain forward-looking statements reflecting management's current beliefs about the company's future financial performance and business prospects. And these forward-looking statements are subject to inherent risks and uncertainties and speak only as of today.", "duration": 14.04}, {"path": "bc5018861ccb5380fbe71ad789a6d4b0_7.wav", "text": "We've 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 quarter's results further support that thesis.", "duration": 14.04}, {"path": "9097dcbaf554d635920c6274b1de4997_77.wav", "text": "We look forward to publishing the data from the ALPINE study and presenting full study results, including interesting additional findings on prolactin, sexual side effects, sedation and other safety and tolerability measures at upcoming scientific meetings.", "duration": 14.04}, {"path": "16c235a53fc719ec92ef3b3c3b371150_167.wav", "text": "We also have the commercial prowess and market liquidity to capitalize on volatility and lock in value on a 2- to 3-year forward basis, contributing to certainty, stability and visibility of our EBITDA and free cash flow.", "duration": 14.04}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_6.wav", "text": "Additionally, they are joining the Visa network of clients, 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.", "duration": 14.04}, {"path": "4b5d33b9c200403f2d4633e47f1d4110_168.wav", "text": "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.", "duration": 14.04}, {"path": "a4a85b87c36f3a8c723d6d0e87cba645_14.wav", "text": "for everybody usually is how the acquisition pipeline looks. Can you talk a little bit about what you're seeing, what you think might work, whether you're looking for technology additions", "duration": 14.0399375}, {"path": "d22830e34d4f069487310864ec17789f_46.wav", "text": "So currently that should be favorable for us. So our visibility and our guidance therefore we increase it for the second half because we have quite some visibility into our third and fourth quarter. On the Tata deal, no, no worries about it. Look,", "duration": 14.01}, {"path": "070a939ddb72d87ed87e4b863da14a89_122.wav", "text": "And so second half of next year as far as timing goes is going to be a really important readout for ACE-083. And then as far as we'll wait and see based off of those data if we decide to expand", "duration": 14.01}, {"path": "f0dd7e4dad969b480d0d2a70609aedba_19.wav", "text": "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,", "duration": 14.01}, {"path": "87bce6c4c7d972f51540cb0b27af5905_21.wav", "text": "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 going forward at Santo Domingo. We continue to really like the project.", "duration": 14.01}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_104.wav", "text": "And although the decision to leave after 10 years, the dynamic world of the emerging growth markets has been an emotional one, I'm very excited to have joined the headquarters to take the helm of the company.", "duration": 14.01}, {"path": "2602edddc3363eadcaafe1c33271f3e4_17.wav", "text": "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,", "duration": 14.01}, {"path": "264e575b73bc2a485bee416c1ac10cee_107.wav", "text": "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", "duration": 14.01}, {"path": "264e575b73bc2a485bee416c1ac10cee_30.wav", "text": "you are going to take away all the benefits that you received really quickly from the parts discounts 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", "duration": 14.01}, {"path": "ed97f2737cc8edb9635f0f5d4e21bdac_40.wav", "text": "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.", "duration": 14.01}, {"path": "223f05c0b9b116532e9af84afa76cac7_10.wav", "text": "Now that there's a broader acceptance of the need for lower rates for longer, the paranoia that has surrounded this sector is beginning to dissipate for the larger, more diversified participants.", "duration": 14.01}, {"path": "280baf1d10cd27b78eae4bf2574b9c98_54.wav", "text": "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.", "duration": 14.01}, {"path": "918de179148bbfe18b95415ee0065a3d_186.wav", "text": "I hope this presentation affirms for you the fact that we 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.", "duration": 14.01}, {"path": "8b71a232d7fe61e6232807b635977c31_224.wav", "text": "But with regard to the measurement part of our portfolio, we've been clear at every opportunity over this past year that the way we see the future of measurement is that, yes, it will still involve these high-quality panels that we've historically", "duration": 14.01}, {"path": "75fa1bebed0b858c76cc7058477e40e2_144.wav", "text": "From dialing 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 the right direction, we wanted to continue that momentum,", "duration": 14.01}, {"path": "66c9091ba849cdb6d64987642ced64d2_114.wav", "text": "That's the piece that we started addressing in the middle of 2017. I feel like we have a good handle on it. It's a continuous improvement process. But it's also being addressed in all of our contract negotiations", "duration": 14.01}, {"path": "2fc915b996c687200d995736980aae9a_175.wav", "text": "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.", "duration": 14.01}, {"path": "957e0f876f9a4af9b498c19843675474_52.wav", "text": "As highlighted, we now have a platform that allows us to tailor products to messages, which in turn allows us to segment the large market and target new customer groups. We are ready for diet season and look forward to sharing more on our next call.", "duration": 14.01}, {"path": "5308c910fb34c8291b372e7a94521e9b_88.wav", "text": "And maybe you can give us a sense of how much price you think can be added to new acquisitions? And I'm not too sure if you've already told us this, but could you remind us of the time line that we could expect before those pricing increases to be realized?", "duration": 14.01}, {"path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_18.wav", "text": "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 utilizing the power of T cell therapies to save lives.", "duration": 14.01}, {"path": "f314d55f20e7186f4cd0e41e32ec144b_86.wav", "text": "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 the top line. I mean the business has always been", "duration": 14.01}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_94.wav", "text": "Now added to the demand picture is the retirement of more coal plants due to environmental regulations and of nuclear-fueled instruments due to age and operational issues,", "duration": 14.01}, {"path": "a8034762296368c60571fcde382c3274_147.wav", "text": "This does conclude the program, and you may all disconnect. Everyone, have a great day.", "duration": 14.01}, {"path": "30710391b8ab4cb549180602d31d4f4a_149.wav", "text": "Within material costs, we continued 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.", "duration": 14.01}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_140.wav", "text": "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.", "duration": 14.01}, {"path": "a7e7a1621af9b4e850260f9824ee8746_146.wav", "text": "We mentioned in the fact that some of our expenses we've 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.", "duration": 14.01}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_246.wav", "text": "and just -- I've been critical of things here and I've been supportive of things. I would say we have a very strong analytical framework for how we think about how and where we're investing.", "duration": 14.01}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_86.wav", "text": "And to the extent, if coal does slow down a little bit faster than we thought, we've proven ourselves to be very good at taking out cost and maintaining or driving up margins in those businesses, and we'd expect to do the same thing,", "duration": 14.01}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_252.wav", "text": "And while that may seem bold, it's not as bold as it sounds. Predominantly because of the way our business is structured. It's structured in regions. We have an operating system. We have the controls in place.", "duration": 14.01}, {"path": "8a77ceadd7e4729abc9102d38be3a227_158.wav", "text": "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.", "duration": 14.01}, {"path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_72.wav", "text": "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 planting seasons.", "duration": 14.01}, {"path": "6a372ea97b0b130a4d37f16b54d97909_139.wav", "text": "Before I begin with the quarterly financial review, I'd like to highlight the expected near-term financial impacts of our go-forward plan that Adam just discussed. The plan has 2 impacts. The first is on revenue.", "duration": 14.01}, {"path": "f7df5ecab61eca575f169a8298318eca_47.wav", "text": "we also see new competitors entering this market, and we've talked about this earlier. So competition -- competitive pressure is increasing in the marketplace and also leads to some price pressure.", "duration": 14.01}, {"path": "bbb4adabb4fce8ad4d11962c46f59a1f_110.wav", "text": "in the last few weeks. During industry conferences and the meetings with various pharma, biotech and government agencies, we are encouraged by their response to the data that we're sharing with them.", "duration": 14.01}, {"path": "e78997e6a75a2243292b2b54750bb3cb_41.wav", "text": "we intend to work that out with our potential partner for further developments, and I don't know for certain that things will go in that direction. But I do think I've captured the", "duration": 14.01}, {"path": "9098e5640309f25da0d4dfa04789a36f_102.wav", "text": "We're optimistic about growth in the Americas logistics market following a difficult year last year where we didn't see, as you pointed out, larger orders from some of our previously larger customers that we had expected.", "duration": 14.01}, {"path": "63eaf9677d7577484a1557ae6bfbb585_123.wav", "text": "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.", "duration": 14.01}, {"path": "9abfcc6b57650e0b300aa243cb8336e8_66.wav", "text": "And of course, as you are in the -- as you're bobbing around in the ocean offshore West Africa, it's a bit harder to fix some of this sort of equipment than you are when you're in the yard in Singapore. So perhaps do even more", "duration": 14.01}, {"path": "948f025c16fce2bcb2909e610c9be557_288.wav", "text": "But we believe that's still going to be coming back. They're in their quiet period right now because it's a basically fall down there for them. When you turn around and you look at the", "duration": 14.01}, {"path": "9b697782ea80be97854f35d6fc62c93a_111.wav", "text": "And then anecdotally, now that you've 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 you've made the decision to pull back based on the payback you've observed?", "duration": 14.01}, {"path": "48f4f350c0636fa0c7acf339cfccb869_91.wav", "text": "Thank you, everyone, for the great questions and for, obviously, tuning into our year-end financial call. We really appreciate the interest in the company and look forward to seeing you at future conferences. Thank you so much.", "duration": 14.01}, {"path": "cbdc44c5f09baa21b5979beaf7f1e1e4_112.wav", "text": "shipments of coal? And if Hillsboro were to come up and operate, to what extent could you operate it fully and have confidence that you'd be able to place the incremental tons into the market?", "duration": 14.01}, {"path": "cbdc44c5f09baa21b5979beaf7f1e1e4_77.wav", "text": "Mark, I'm not going to target any specific ratios at this time, and I'm not going to manage the business based on that. We're always going to be evaluating what's in the best interest for the partnership over the long term. This isn't a sprint. It's a marathon.", "duration": 14.01}, {"path": "369789f0d39dbf62298be2aa807ff8ee_3.wav", "text": "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", "duration": 14.01}, {"path": "7551ffae17aa39dd4ea962a43f96bf04_141.wav", "text": "Just as importantly, we are quickly becoming the partner of choice for companies in a 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.", "duration": 14.01}, {"path": "3b2908426357bb8269c3a01469865cd6_126.wav", "text": "So you have this work in the shop. It's -- we call it work in progress, and not able to bill it. And then you're kind of at the hands of the regulation process in terms of when that will come out the other end. So that clouds that", "duration": 14.01}, {"path": "3b2908426357bb8269c3a01469865cd6_149.wav", "text": "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", "duration": 14.01}, {"path": "c20824ea6f927fe380f48a904cf4821b_5.wav", "text": "These carriers are responsible for the majority of all USPS transportation missions. As part of their contract renewals, the Postal Service is starting to require its outside carriers to use natural gas where it is cost-effective.", "duration": 14.01}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_7.wav", "text": "As we 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.", "duration": 14.01}, {"path": "7498a6630302a038bd537d192c3a44f4_60.wav", "text": "truly owning that customer experience with somebody else at the helm in terms of the installation. So we've really focused on installation training, and we'll continue to do that. That will always be a big part of what we do.", "duration": 14.01}, {"path": "a1e1e6f86dead4f43a363d0877cb4979_59.wav", "text": "fair share of headquarter cost, et cetera, et cetera? Or is it excluding these? Because the problem we have as investors is a lot of online businesses tells us they're profitable, but if you -- that's stripping out a lot of costs, which sort of defeats the purpose of", "duration": 14.01}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_49.wav", "text": "can drive better outcomes, can expand or extend our model or otherwise be complementary, we're 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", "duration": 14.01}, {"path": "1353031386f884a821e7e9bab449727d_41.wav", "text": "While trends have been soft in South Korea, Japan, Taiwan and Hong Kong, we believe that the fourth quarter LumiSpa market introduction will positively impact our business and the trends of our business in these markets.", "duration": 14.01}, {"path": "52ea66e70853eaa0c1183ddfa31b760a_42.wav", "text": "We're 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", "duration": 14.01}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_208.wav", "text": "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 that's going to get an area. The second would be talent.", "duration": 14.01}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_216.wav", "text": "January 1. On the disclosure side, we will be disclosing quarterly what's required on the backlog and deferred revenue and then how that backlog is going to roll off into revenue over the next 12 months.", "duration": 14.01}, {"path": "9fb4423a70358ef22be9982299969f7a_242.wav", "text": "That's good color. Just one more. I know you don't want to get in 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", "duration": 14.01}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_173.wav", "text": "With that being said, we still have tremendous opportunities to cross-sell 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", "duration": 14.01}, {"path": "1f142ea668261ba963d47aac6bab69dd_5.wav", "text": "Cost control has now become embedded in our culture, and we're firing on all cylinders, both in supply chain as well as in overheads. These first half results position us well for the full year.", "duration": 14.01}, {"path": "2cd5b184c2ef6624ce219830182927c9_140.wav", "text": "The lower tax rate obviously would be beneficial for our Renewables business whereas, obviously, the Networks that's going to get passed through but also the -- any interest that we're not being able to deduct should get passed through as well.", "duration": 14.01}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_97.wav", "text": "think that you'd see organic growth maybe in the first half of next year based on the trends that you've seen so far and what you anticipate for Q4? As I look out into 2016, I'd still remain bullish in terms of", "duration": 14.01}, {"path": "902872913863de98d38e2936b846cf66_169.wav", "text": "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.", "duration": 14.01}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_7.wav", "text": "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.", "duration": 14.01}, {"path": "099475edf8f9944537773b1d0a2aaea6_65.wav", "text": "we don't do a huge amount of business in either one of those markets. But there's certainly overcapacity in those markets. Latin America faces some of that, not as pronounced as", "duration": 14.01}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_2.wav", "text": "In my first 9 months with TESSCO, we've 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.", "duration": 14.01}, {"path": "bf99037f89cd485f95f097842619a0c7_31.wav", "text": "on our accounts. We've been able to pass it on to some clients, in some cases. I expect that these negative interest rates stay at this level. There will be no new development there. I think now we find the right level.", "duration": 14.01}, {"path": "0e410ca71e50235e520d5af32ce0f54a_19.wav", "text": "You have the summary plan, which sounds like you're going to announce by year-end. 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", "duration": 14.01}, {"path": "726bad4d5d1a6b2f62034eb8dc843450_153.wav", "text": "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.", "duration": 14.01}, {"path": "1bb9219ad31877175e18e8e48ff2f63c_91.wav", "text": "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.", "duration": 14.01}, {"path": "97ddc19ecb28bab2d19fd3b181182062_89.wav", "text": "Turning to energy, that being oil and natural gas. Our third quarter volumes sold and our businesses servicing the energy market actually increased a bit from the prior quarter, mainly due to normal seasonal patterns in", "duration": 14.01}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_63.wav", "text": "that will be reduced in the second quarter and then minimal impact in the third and fourth quarter based on what's being put into the backlog. And just another note on that would just be to say that", "duration": 14.01}, {"path": "139f0a6300f504b3e8673e39b0429161_50.wav", "text": "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.", "duration": 13.98}, {"path": "b7050f62f52a3d2803beea21404f7af6_20.wav", "text": "On the funding side, our total average deposit rate at the end of this quarter was 73 basis points, including the impact of non-interest-bearing.", "duration": 13.98}, {"path": "6388da88b00ebc88af59435bdac74132_60.wav", "text": "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.", "duration": 13.98}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_31.wav", "text": "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.", "duration": 13.98}, {"path": "19eed824fc629ea7d3f8ea7572c7abb7_32.wav", "text": "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,", "duration": 13.98}, {"path": "abd0f750609f1263b566f0c09b981a16_113.wav", "text": "some aspirational requests for valuations and so those yields we view to be somewhat unattractive. Obviously, we're not just looking at the yields that we're buying the assets for. We're looking at the underwritten internal rates of return,", "duration": 13.98}, {"path": "249b7b83531140105343e2a0e89150fa_17.wav", "text": "and increasing duration on the overall investment portfolio during quarter 4. You can see the spot HTM balances at year-end is above the average balance for the quarter, as investments were made", "duration": 13.98}, {"path": "4c0e38d8d88c73a7a01dc542a85b2604_63.wav", "text": "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", "duration": 13.98}, {"path": "123a9a590195f61aa739ee9b2dec4952_149.wav", "text": "During today's call, we'll be making some forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees, and our actual results may differ materially from those expressed or implied in the forward-looking statements.", "duration": 13.98}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_15.wav", "text": "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 the integration of 2 strategic acquisitions.", "duration": 13.98}, {"path": "dd3166f311a5f12a25103a0295e8ac3e_188.wav", "text": "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 plastic can easily clog up a well", "duration": 13.98}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_71.wav", "text": "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 our compliance, that we'll grow that business 8% to 12% a year on the top line. Yes, I think the key there is", "duration": 13.98}, {"path": "01502edf6cda82061f1f45d6b0e8e189_167.wav", "text": "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.", "duration": 13.98}, {"path": "276392c471c063580869aec014a1feda_180.wav", "text": "the biggest impact on your model would be sort of efficiency for a sales leader, right? So the number of, I guess, volume points that go through a particular sales leader over time is where", "duration": 13.98}, {"path": "e649ca4cf7eeb63f0bc30b231a94a014_63.wav", "text": "we are ready to face any competition, which is why the investments that we have done in the Fixed earlier on as well as -- it's not only in the network, but also investment in platforms and", "duration": 13.98}, {"path": "911d447bcdcedb4e0cf5230de225921c_62.wav", "text": "But from portfolio perspective and from financial perspective, Sarta 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,", "duration": 13.98}, {"path": "2b87d263eaf2464f275a48fa005b16c7_36.wav", "text": "the way we intend, you get that into your pricing over time. Some of these deals are under contract for a period of 1 year or 2 years, and you've got to wait sometimes to get the escalation in price. But we do have annual price increases that in the end should cover", "duration": 13.98}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_11.wav", "text": "I'd 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,", "duration": 13.98}, {"path": "30710391b8ab4cb549180602d31d4f4a_6.wav", "text": "While there has been some Brexit-related softness in general -- in the general U.K. economy that has impacted the housing market, we believe there is good growth potential over the longer term given the housing demographics.", "duration": 13.98}, {"path": "b2d6357f46f3a82cff6625277f9a20f6_105.wav", "text": "The combined organization is standardizing on CyberArk's Endpoint Privilege Manager because they believe we have the superior technology for privilege management and hardening at the endpoint. Customers recognize that one of the benefits of Endpoint Privilege Manager", "duration": 13.98}, {"path": "3aba3f0bef57d2f71dcc573a0fb198ed_148.wav", "text": "and we continue to pursue a number of conversion opportunities, examples of which include the personal mobility space, industrial MRO and mobile equipment applications.", "duration": 13.98}, {"path": "40e11288ea7cb86fdf307dbe648142e3_120.wav", "text": "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 higher cash flow.", "duration": 13.98}, {"path": "1c89bbe35013b8f40511ac9ba8824242_29.wav", "text": "Specific forward-looking 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", "duration": 13.98}, {"path": "2b626b620ef42f716c6028c74ee4187b_128.wav", "text": "there is a little bit of issues going on in terms of following what Rodrigo said about some projects that will depend on the decision of the government", "duration": 13.98}, {"path": "16ed973148ce103dc95fdcfaf35bbe7b_107.wav", "text": "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", "duration": 13.98}, {"path": "8a93698d03a48d42fc7d7e50cb67dc2b_50.wav", "text": "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.", "duration": 13.98}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_8.wav", "text": "We have grown content in peripherals and wearables. We have content in most of the advanced smartwatch brands on the market. We have a small but growing product platform in gaming systems.", "duration": 13.98}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_86.wav", "text": "And it sounds like it's 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", "duration": 13.98}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_118.wav", "text": "But overall, we're 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 classic reroof market, with a stable storm-related or weather-related market.", "duration": 13.98}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_120.wav", "text": "cautious, but not being cautious in a way where they wouldn't give us business, a lot of these customers they didn't necessarily have an order to place last week and the guys that don't have an order to place, they have plenty of time to essentially be", "duration": 13.98}, {"path": "5e766700b74bbeb1d21bc7a91100faca_58.wav", "text": "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", "duration": 13.98}, {"path": "63eaf9677d7577484a1557ae6bfbb585_18.wav", "text": "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.", "duration": 13.98}, {"path": "9abfcc6b57650e0b300aa243cb8336e8_122.wav", "text": "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?", "duration": 13.98}, {"path": "9e8690a521142359001a137074905535_255.wav", "text": "Particularly in light of the current trends in energy prices, which 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.", "duration": 13.98}, {"path": "532e653f6aa6c3bf43a5b256bb4c1254_104.wav", "text": "and that's 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, that's obviously really beneficial to banks.", "duration": 13.98}, {"path": "e00fd35e201a8607d264b803a5130c59_26.wav", "text": "average, closing the gap rapidly with the industry average as we speak. And this is an area of strength from Bournemouth Water. They have consistently been top or very nearly top of the SIM leagues for some time, so we're looking forward to bringing best practice across the 2 companies.", "duration": 13.98}, {"path": "48f4f350c0636fa0c7acf339cfccb869_164.wav", "text": "We will, of course, be extremely open and trying to dialogue with the FDA to try to see what is the threshold to go for registration. But whenever we have convincing results", "duration": 13.98}, {"path": "8eaca8d8a419f74540f69ade8defabbd_206.wav", "text": "With that, it's my pleasure to turn the call over to Dick Giromini, 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 company's history.", "duration": 13.98}, {"path": "49e533a8449f6b9b6c806458e73338e1_3.wav", "text": "strengthened existing partnerships and entered into new strategic relationships with some of the biggest, most influential global brands in technology, retail and finance.", "duration": 13.98}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_225.wav", "text": "From a cost perspective, we've 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.", "duration": 13.98}, {"path": "433a6e203f9db93835c27ff83e86c801_199.wav", "text": "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.", "duration": 13.98}, {"path": "2f2c93c1fdfb31ebb02111de502a4e7c_150.wav", "text": "This is the lowest reading of inflation since the end of 2014 and well within the Central Bank's target range of 2% to 4%. The significant decrease in inflation has been driven by lower variations in food and tradable prices.", "duration": 13.98}, {"path": "a009c5f14d4d0bb5ca875164cffbd6ab_106.wav", "text": "So we -- and we said it at Investor Day, too. At this point, we're not breaking down specifically the long-range plans from each of the initiatives. Part of that simply being is that we have many of them still very much in test mode.", "duration": 13.98}, {"path": "3b2908426357bb8269c3a01469865cd6_108.wav", "text": "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.", "duration": 13.98}, {"path": "3877b1983229ec488c6349a188bccf92_51.wav", "text": "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.", "duration": 13.98}, {"path": "a1e1e6f86dead4f43a363d0877cb4979_50.wav", "text": "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 obviously, it looks like it's going to be positive for April, maybe a little bit down in May.", "duration": 13.98}, {"path": "af00f4e7b63ee843a3d203f982fac701_53.wav", "text": "They're 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,", "duration": 13.98}, {"path": "01b376669d5ea40acc7fb5a87503586e_61.wav", "text": "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.", "duration": 13.98}, {"path": "838af8ffae77ce8ff59c77b1985f8fc5_117.wav", "text": "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.", "duration": 13.98}, {"path": "a0fe48ba783b94dc7e5b0201aba7c1cb_9.wav", "text": "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.", "duration": 13.98}, {"path": "dd85c205eb4aedd5ecd5be2c37c4d1b9_38.wav", "text": "our perception of the market under the current situation, discuss the progress on the medium-term business plan being executed for the last 6 months and finish my presentation with future forecast.", "duration": 13.98}, {"path": "e552924838fe493d3cc967dd0c5c4563_125.wav", "text": "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 high-value product segment.", "duration": 13.98}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_125.wav", "text": "The developing softness within our Industrial segment I referred to during last quarter's call continued into the third quarter, increasing its effect on our businesses and tempering our outlook for the remainder of the year.", "duration": 13.98}, {"path": "5fa40a5d21ed133986a4fdce163ca3eb_26.wav", "text": "a lower table game hold percentage, extremely lucky sports betting patrons, lower convention volume and the changed timing of our sister company's NASCAR race weekend and the higher health care cost across the board, as Denis mentioned.", "duration": 13.98}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_231.wav", "text": "Information systems increased, reflecting infrastructure enhancements as well as additional investments to support growth. Transaction processing costs were down as we renegotiated sub-custodian savings for a second quarter in a row.", "duration": 13.98}, {"path": "b478d2808e90233ed994884e644a3d34_6.wav", "text": "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.", "duration": 13.98}, {"path": "83c003be6ac012b814cfecef95459f02_141.wav", "text": "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.", "duration": 13.98}, {"path": "ee824d23bd881a3dc5ee8be881b7d18b_53.wav", "text": "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.", "duration": 13.98}, {"path": "f15a674bdbbc461872000604216ae071_14.wav", "text": "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.", "duration": 13.98}, {"path": "bf99037f89cd485f95f097842619a0c7_65.wav", "text": "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,", "duration": 13.98}, {"path": "48bcc356a89059f921765f872bfe293c_157.wav", "text": "In today's call, we will begin with an update on our view of the copper market. We will then review Southern Copper's key results related to production, sale, operating costs, financial results and expansion projects.", "duration": 13.98}, {"path": "0e410ca71e50235e520d5af32ce0f54a_29.wav", "text": "Got to dilute that. It's 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 it's a Gulf Coast opportunity, does that start to make sense if the price is right?", "duration": 13.98}, {"path": "365c360aff42713cef71a7d026eeeb6d_249.wav", "text": "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.", "duration": 13.98}, {"path": "7e018402f521eec8ce7a9df8cd61e144_127.wav", "text": "okay. And what would you look for this year in terms of -- do you look for pre-need 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?", "duration": 13.98}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_235.wav", "text": "and I'm very thrilled to see a lot of sunrise in your company, but it's mainly outside of South Africa. I'm now searching for some sunrise inside the borders of our country.", "duration": 13.98}, {"path": "1bb9219ad31877175e18e8e48ff2f63c_48.wav", "text": "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 employee benefits side. We see", "duration": 13.98}, {"path": "97ddc19ecb28bab2d19fd3b181182062_173.wav", "text": "Because metal prices decline 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", "duration": 13.98}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_89.wav", "text": "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 we're really pleased", "duration": 13.9799375}, {"path": "1353031386f884a821e7e9bab449727d_124.wav", "text": "all of our ammunition has been placed for this year. It really makes more sense to us and gives that visibility in terms of what's going on and then guide next year. As the quarters roll out next year, we don't have any specific plans with", "duration": 13.9500625}, {"path": "92287986b332deec2c9712d7c89eef08_133.wav", "text": "do you have statistics on what the restaurants 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?", "duration": 13.9500625}, {"path": "6388da88b00ebc88af59435bdac74132_205.wav", "text": "with interest. But I think you should assume that default case for us is that we're going to do this, the old fashion way and build it out, which has a lot of benefits from making sure that our platform culturally", "duration": 13.95}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_232.wav", "text": "we have in -- I admit, I'm personally proud of what we achieved in India as this is one of our key objectives why -- when I joined Beiersdorf. India became one of our most successful countries in the last couple of years.", "duration": 13.95}, {"path": "264e575b73bc2a485bee416c1ac10cee_9.wav", "text": "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,", "duration": 13.95}, {"path": "7909dfb87fb4102d9f9ba8e99f751ee5_52.wav", "text": "As mentioned on our third quarter call, BOSTCO and our Florida terminals were left structurally unharmed by the Hurricanes Harvey and Irma, which impacted the Gulf Coast region over the summer.", "duration": 13.95}, {"path": "8bbc2f54137b794265dfb01f1559868d_5.wav", "text": "This test mix change is the result of the addition of Clarient's larger mix of lower average revenue immunohistochemistry tests. Our operations team is also doing a very good job.", "duration": 13.95}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_1.wav", "text": "We believe these changes provide a more meaningful presentation of our financials and better reflect our go-forward strategy. As we continue to work through our transformation, we expect to make additional enhancements to our reporting format.", "duration": 13.95}, {"path": "1b91eb82f5211000e711424657cc2484_129.wav", "text": "character of that income, what it means for an individual taxpayer's tax position and after-tax in their pocket income relative to this. I think one of the challenges that the industry has had", "duration": 13.95}, {"path": "5f38ce681d4413a793d34a0650c59bf2_174.wav", "text": "This change in estimated fair value ultimately led to significant impairment charges being recorded during the fourth quarter. Blaise will address these charges in greater detail later on this morning's call.", "duration": 13.95}, {"path": "cc82e791c065bdc271addf355bac274f_69.wav", "text": "And we've 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", "duration": 13.95}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_38.wav", "text": "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.", "duration": 13.95}, {"path": "257e4e92036da9582a8a288c88332ff3_118.wav", "text": "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", "duration": 13.95}, {"path": "655d592e9d1b1027f1824b1554d8b131_110.wav", "text": "I'd also like to welcome Joe and his expertise and experience to our team. From his work at Kraft Heinz, he knows how to run effective and efficient business units, in addition to his experience in consumer packaged goods.", "duration": 13.95}, {"path": "f4d0f1362716be33f02690dd1a8df663_113.wav", "text": "such as HI-CHEW, CHOCOBALL and Ramune. To get our products into a wider variety of sales outlets and channels, we are providing our brands our most valuable assets", "duration": 13.95}, {"path": "002d12258ff802d65f79ae2eef99e4ab_89.wav", "text": "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.", "duration": 13.95}, {"path": "38b2f94da12bbf2d32246763aab8265a_84.wav", "text": "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", "duration": 13.95}, {"path": "bab12f620df0f367e74acdcc467686f1_140.wav", "text": "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 work in Management Services and what your margins have been in Management Services, that has pretty", "duration": 13.95}, {"path": "636d6909fbd8656f88f72f66a3a162ff_112.wav", "text": "And finally, the increase in depreciation and amortization expense is due to placing Carty into service and was partially offset by a refund to customers related to the Trojan spent fuel settlement.", "duration": 13.95}, {"path": "b092d2be33ad52beefab208355b18235_123.wav", "text": "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.", "duration": 13.95}, {"path": "cdfa14ed43d00710c35d9d0bf8c31886_7.wav", "text": "We also made progress towards extending our global footprint in our Latin America and Asia-Pacific regions. In Latin America, we signed a training and cooperation agreement with the Brazil Ministry of Health and 7 science and technology institutions.", "duration": 13.95}, {"path": "1c89bbe35013b8f40511ac9ba8824242_73.wav", "text": "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,", "duration": 13.95}, {"path": "e5040d02fba73a359d3f7cb346517ce1_182.wav", "text": "But things are looking really good. Our permeability results are as good or better than we expected on the agglomerates. We're really pleased with the characteristics with the agglomerate. So we now are starting to stack it, but it is a big heap like you say.", "duration": 13.95}, {"path": "2b626b620ef42f716c6028c74ee4187b_76.wav", "text": "what I was commenting before. So what are the main impacts that you can see here? On the electricities, I'd say that this is the rate of return kind of story. So on the electricity side, the major impact is the increase of rate of return,", "duration": 13.95}, {"path": "b9b40b0c1e92fb226067bdceacbdab5c_12.wav", "text": "While such forward-looking statements reflect management's 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.", "duration": 13.95}, {"path": "20097e37747ec7bc3734246e83798fb1_118.wav", "text": "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.", "duration": 13.95}, {"path": "13141efea197b407280701081390f0ce_74.wav", "text": "and organic growth without, it's going to be a very similar spread than what it was here in the second quarter, which is about 3 points of drag overall, really for the company, and pretty close or the same for Staffing Services.", "duration": 13.95}, {"path": "9b697782ea80be97854f35d6fc62c93a_231.wav", "text": "maybe Slide 12 today. Is this something you might be willing to do again at some point regarding 2018's margin? I'm just trying to get a better idea of specifically which line items grow when, sense of timing and so forth.", "duration": 13.95}, {"path": "9b697782ea80be97854f35d6fc62c93a_194.wav", "text": "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 10-Q -- 10-K and 10-Q filings", "duration": 13.95}, {"path": "cbdc44c5f09baa21b5979beaf7f1e1e4_122.wav", "text": "The requirement to the arrearages is that before we can pay a dime to the subordinated units, we must pay the entirety of the arrearages to the common unitholders, and there's no expiration on that provision.", "duration": 13.95}, {"path": "aed770c98113f594e36325a5822547e4_81.wav", "text": "I wonder if it's possible for you to give us some -- a little bit more details on the improvement in the manufacturing process, particularly regarding the particulate matter previously found in the finished product?", "duration": 13.95}, {"path": "bc4b465c8862422ce02ffe9b79e6e1c7_87.wav", "text": "So there is a plan that we will invest in to get to where we need to be. 35% is our baseline. We won't go below that, but there will be some level of fluctuation as we move forward.", "duration": 13.95}, {"path": "da879f8ea1c23aa6565cccaacac271fc_90.wav", "text": "We have selectively acquired assets and combined them with in-house capabilities to create a Discovery business which can assist our clients in solving complex challenges of early-stage research.", "duration": 13.95}, {"path": "059024560d9d1039cf08746ee7393114_141.wav", "text": "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.", "duration": 13.95}, {"path": "1e850c2f72078279ebafea4edcbb3aa4_8.wav", "text": "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.", "duration": 13.95}, {"path": "757695924b5e43c7d44e29dc141cc035_172.wav", "text": "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", "duration": 13.95}, {"path": "be1d9f57faececddb1cdbf5e831bcbf9_120.wav", "text": "fairly stable. If we look at Americas, we continue to see strong demand from all end-segments. We saw some hesitation during the quarter from Steel Service Centers and distributors.", "duration": 13.95}, {"path": "97b9c8b95449565c1f280a2b61a65b31_104.wav", "text": "these buildings that we've done on more of a speculative basis. I don't know that we've missed dollars of opportunity. I think that we've been very deliberate about how we've gone about this, and I think that there's no reason to believe that we wouldn't", "duration": 13.95}, {"path": "a616ba8be6ee1b5fba020f8e4ccd9691_58.wav", "text": "due to the current administration. However, we still believe that the long-term growth for this type of products and services internationally will remain strong as other countries continue to expand their efforts in that regard.", "duration": 13.95}, {"path": "919fd6c04cca92ecdf503e32f884435d_38.wav", "text": "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.", "duration": 13.95}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_9.wav", "text": "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", "duration": 13.95}, {"path": "bfb0fac9575cd0820a660f2577199468_118.wav", "text": "In Venezuela, where activity was also flat sequentially, the situation degraded further with production continuing to decline in an environment where inflation is accelerating and international banks are increasing restrictions.", "duration": 13.95}, {"path": "64364105b816dd0b6a029e9cd210e65b_201.wav", "text": "These results clearly validate our long-term 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.", "duration": 13.95}, {"path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_155.wav", "text": "So we're in great shape. No need to expand capacity beyond what we have today in the very near term. That being said, we do have that ability. You may recall that we have in our facility at least enough space", "duration": 13.95}, {"path": "902872913863de98d38e2936b846cf66_263.wav", "text": "You have a positive outlook on both price and volume. And John, just to be specific on the record, you're expecting continued improvement in unit profitability in the second half of the year. Correct?", "duration": 13.95}, {"path": "49dfadfb9a3d4d27ac250602928cf9ea_79.wav", "text": "there is not one thing that we could point you to. As you look at the news flow coming from our company, there's hardly a week going by where you don't see significant restructuring steps in various European country markets,", "duration": 13.95}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_124.wav", "text": "Maintaining a strong balance sheet is a priority for us, and we are pleased with the recent recognition from Moody's with their upgrade of our corporate family rating from Ba2 to Ba1, and the affirmation of a stable outlook.", "duration": 13.95}, {"path": "19714a7d42d471e3bb7f7e1f18c8fe9b_198.wav", "text": "and I think that exits that don't meet expectations is going to have a significant chilling effect on ongoing investment by private equity. When that starts to really", "duration": 13.95}, {"path": "712bbcab5338e07dd63dad97bb652018_175.wav", "text": "taking on those higher-value waste streams, I would assume there's 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 you've filled and what you have left to go there?", "duration": 13.95}, {"path": "2c4d64ba9a75dff613a83aa6f145f4b7_123.wav", "text": "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", "duration": 13.95}, {"path": "77423f08f0208d476dea73c639f6293a_163.wav", "text": "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", "duration": 13.95}, {"path": "24c7526f6daca8e16ab91bea6124148a_196.wav", "text": "We expect these conversions to take place gradually and consistently over the next few years, with more than near-term conversion activity coming from local and regional manufacturers or private label brands.", "duration": 13.95}, {"path": "6f1b092b312410065d308541be46da95_267.wav", "text": "We've 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.", "duration": 13.95}, {"path": "a83cbbbd8810dc0b05f8746b36ff4c36_17.wav", "text": "We've 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.", "duration": 13.95}, {"path": "7a80c3e91e5a2693cdaef5f716808317_75.wav", "text": "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.", "duration": 13.95}, {"path": "30a142fac5a62ab00227cb6a339a6226_122.wav", "text": "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 30,000 Lenses were created by our community and viewed over 1 billion times.", "duration": 13.95}, {"path": "a85c54c77dd2524eedab1287ea3ceff4_47.wav", "text": "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.", "duration": 13.95}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_45.wav", "text": "Our balance sheet remains robust with strong liquidity, sufficient undrawn facilities and no near-term maturities, giving us the flexibility in what remains a volatile market environment.", "duration": 13.95}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_65.wav", "text": "We believe that we can improve the efficiency and effectiveness of our branches and warehouses. At the same time, we're looking to increase the flexibility and competitiveness of our inbound and outbound logistics,", "duration": 13.95}, {"path": "1bb9219ad31877175e18e8e48ff2f63c_21.wav", "text": "and continue to be active in the market as far as recruiting talent and particularly, laterals. The other thing that we're focused on from an organic revenue growth perspective are particular areas of accelerated growth.", "duration": 13.95}, {"path": "191c819db03c2dfd0207cd1f42e278a4_89.wav", "text": "I want to thank all of our people around the world for their hard work. As a team, we're helping our clients maintain exceptional relationships with their customers. Now Andre will provide more detail on our financial results and guidance.", "duration": 13.9499375}, {"path": "8ad0d5b5df75415c56ba590cad29489a_80.wav", "text": "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.", "duration": 13.92}, {"path": "4fdbfd9eec396928550d0c799e170d34_10.wav", "text": "These acquisitions bring Quench's installed rental unit base to over 96,000 units as of August 2. And we continue to work on our robust pipeline of acquisitions with potential to close later this year", "duration": 13.92}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_43.wav", "text": "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 wouldn't read anything into it other than the deals we've done are the ones that we think can add value, and we'll continue to look", "duration": 13.92}, {"path": "c9ecd6e0347cbf5fe881201a5e803fb3_85.wav", "text": "So that's how it came about. And again, the information was -- utilized was during last year. So it's only a year ago that, that information was used, but now we're going to going forward, use our own", "duration": 13.92}, {"path": "13220986bf30f26076a674e2a9edc89c_105.wav", "text": "if we keep growing like this and we continue to outperform most of our peers and it's really hard to justify that we wanted to get distracted and then go and then buy somebody and take care of somebody else's problem.", "duration": 13.92}, {"path": "55d05334bdde612eb9dd102bb41d216e_78.wav", "text": "are waiting for their vendor to get them the number -- get them the data so they can send it over to us. So there's always this period of time delay from the time somebody says I want to use BEACON until we can get the thing installed.", "duration": 13.92}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_163.wav", "text": "I think if we didn't have the confidence we had in the other -- growing improvement at 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,", "duration": 13.92}, {"path": "3121e8f4a75758834d32a9e4e0555221_99.wav", "text": "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.", "duration": 13.92}, {"path": "1b91eb82f5211000e711424657cc2484_203.wav", "text": "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.", "duration": 13.92}, {"path": "75fa1bebed0b858c76cc7058477e40e2_160.wav", "text": "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,", "duration": 13.92}, {"path": "18b396ddd443d84d12477c42e31cdf0e_47.wav", "text": "Given this historical information, along with the established safety profiles of phentermine and topiramate, we continue to believe that Qsymia poses no true cardiovascular safety risk.", "duration": 13.92}, {"path": "957e0f876f9a4af9b498c19843675474_118.wav", "text": "Four, investing in the business to support future growth. We have a total of seven warehouses across the continental United States. Over the last two years, we've doubled our frozen warehouses from 2 to 4 as demand for our frozen products has increased.", "duration": 13.92}, {"path": "5308c910fb34c8291b372e7a94521e9b_206.wav", "text": "We made quite a bit of progress in a fairly short period of time. More importantly, we have positioned the organization to generate long-term stockholder value by focusing our teams on winning profitable business at the local level,", "duration": 13.92}, {"path": "8475d4f528174aebabcb109487bee3f3_84.wav", "text": "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.", "duration": 13.92}, {"path": "d5c338a956681dbb2170472253a29b85_15.wav", "text": "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 that's also what we see in our operations.", "duration": 13.92}, {"path": "8957425799e5ce0200bfacf204d0acde_194.wav", "text": "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", "duration": 13.92}, {"path": "0f4370b614f29bd596e4f6871cc77864_220.wav", "text": "Second, whereas foreign currency translation represented a tailwind to year-over-year 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.", "duration": 13.92}, {"path": "c3ac3b05413d9a9caee0626d57fee77f_19.wav", "text": "We are growing the portfolio just as we have consistently said we would do, and we have expanded our play diversity and we're high-grading our portfolio to pursue the very best opportunities.", "duration": 13.92}, {"path": "616e9ba16db091317ae4d96e877a9bbe_130.wav", "text": "The key drivers behind margin relate to shifts in revenue to lower transactional volume, together with a typically slower first quarter seasonality, as well as continued investments into the platform.", "duration": 13.92}, {"path": "16e51362df94379ea33a24334015f385_5.wav", "text": "During Q2, we signed a number of new customer contracts and continued to see a growing pipeline of new opportunities, driven by both our direct and indirect sales channels. By way of example,", "duration": 13.92}, {"path": "8fd0d858dd99b5b6291eafc83e9a604d_19.wav", "text": "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.", "duration": 13.92}, {"path": "e5040d02fba73a359d3f7cb346517ce1_67.wav", "text": "But most all of the waste we mine does stay underground. We don't 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.", "duration": 13.92}, {"path": "003356e698453d6b74f19a8e02587605_11.wav", "text": "Regardless of the channel, we will ensure our customers have the widest selections of high-quality auto parts available to them, while providing them with the confidence that they are selecting the right products for the job.", "duration": 13.92}, {"path": "20097e37747ec7bc3734246e83798fb1_6.wav", "text": "both on traditional as well as next-generation programming services. The rapid expansion of our distribution footprint through multiple deals with scaled platforms this quarter is not an anomaly.", "duration": 13.92}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_240.wav", "text": "it's -- I tried to express that we believe that the impact would be a single-digit number and I gave you some orders of magnitude and you rightly say that based on those orders of magnitude, that's probably a number on the high side.", "duration": 13.92}, {"path": "7274a7a5fa848e641ba98fce556e26a1_43.wav", "text": "Thank you, Katherine, and good afternoon, everyone. I'm pleased to welcome you to our first quarter conference call. Before we begin, I'd like to remind listeners that during this conference call, comments that we make regarding Bridgeline Digital that are not historical facts", "duration": 13.92}, {"path": "626da68f2b245869534a0316b8b6139a_9.wav", "text": "As was the case last year and will be for the next several years, the vast majority of our capital investments relate to CPG's extensive inventory of growth in modernization projects.", "duration": 13.92}, {"path": "741526dd2a3db996d2f22f4bcdae4be6_64.wav", "text": "We are on track to launch a fragrance and color cosmetics line later this year and hair and skin care in 2019. Joe's continues to show strength domestically as well as internationally.", "duration": 13.92}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_172.wav", "text": "I will begin by saying that we're 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.", "duration": 13.92}, {"path": "82f5253b62614161333b038f5f9700f8_105.wav", "text": "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", "duration": 13.92}, {"path": "059024560d9d1039cf08746ee7393114_128.wav", "text": "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.", "duration": 13.92}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_205.wav", "text": "We have built into our plan an iPhone launch that would be comparable to last year's launch of the iPhone 7. We believe there is upside to the plan if the iPhone 8 is significantly improved from the existing form factors in the market.", "duration": 13.92}, {"path": "f542ab325f47ed150e28888da2f85871_10.wav", "text": "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.", "duration": 13.92}, {"path": "3b2908426357bb8269c3a01469865cd6_145.wav", "text": "Prior to the spin, certain costs for resources of the business were not recorded directly in our operations, but instead were recorded centrally at R.R. Donnelley and allocated for the company in the carve-out financial statements.", "duration": 13.92}, {"path": "a80e75fbf2fe24eaca12461f2d88d5c6_40.wav", "text": "as we have started taking gas in-kind from several operators and have the potential to take more gas in-kind throughout the remainder of the year. We have previously experienced some success in restructuring our gathering and transportation contracts.", "duration": 13.92}, {"path": "838af8ffae77ce8ff59c77b1985f8fc5_18.wav", "text": "I think it'll be similar to the second quarter. Activity-wise, we're 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 significant-sized pads that are coming online in the second half of this quarter.", "duration": 13.92}, {"path": "cd331fa6dd24e811af3c0529212bfbb8_45.wav", "text": "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", "duration": 13.92}, {"path": "382e3c8eda678694c6368e00f19c8881_3.wav", "text": "by the end of March. Our integrated mobile product offering continues to generate new opportunities for us in the marketplace. In this quarter, mobile revenue was up approximately 40% over the prior year.", "duration": 13.92}, {"path": "b126c31149f1cadf1d891082a187d6fc_208.wav", "text": "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.", "duration": 13.92}, {"path": "0f9d6e24171bc068e7ff7a11e7e44060_40.wav", "text": "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.", "duration": 13.92}, {"path": "1862ee2f84dc77a40dde64b34f3ab94e_98.wav", "text": "to automate not only the process, but also how we communicate with the customers so they can follow everything, as we've been used to in more consumer-based", "duration": 13.92}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_87.wav", "text": "This is what we did in the fourth quarter and are continuing to do so in 2016. For me, back to basics means a focus on our customers and on organic growth, establishing our team and core processes,", "duration": 13.92}, {"path": "64364105b816dd0b6a029e9cd210e65b_128.wav", "text": "and is expected to last throughout the remainder of 2016. This project creates a logistics challenge that will limit our effective build capacity for the year by upwards of 3,000 units.", "duration": 13.92}, {"path": "24a133abc343c813233d416b0cef96cd_38.wav", "text": "So overall, a reasonably challenging first 6 months for the business, but we are seeing some green shoots, and we are seeing the fundamentals of the business really give us confidence in the future growth of the sector.", "duration": 13.92}, {"path": "6299a010c7bb84feaf14b263750dbd1a_58.wav", "text": "The group's long-term 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.", "duration": 13.92}, {"path": "50eb350badadec6e4272b90684741c25_157.wav", "text": "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.", "duration": 13.92}, {"path": "411bdacf05f84134fc80b874a15cf3b7_247.wav", "text": "The digitization of our out-of-home infrastructure is clearly one of the key strategic priorities of our company, and we are constantly evolving our public video network in more stations and public transportation systems.", "duration": 13.92}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_145.wav", "text": "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.", "duration": 13.92}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_44.wav", "text": "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 to the same denial of export that ZTE got.", "duration": 13.89}, {"path": "0db71632fa65f1d166f14cb8593c4690_85.wav", "text": "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.", "duration": 13.89}, {"path": "2f888e63a31b86cc2f4f97710e8eed79_272.wav", "text": "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", "duration": 13.89}, {"path": "6f3e90ad68b9b074ad827efdcaf6630d_48.wav", "text": "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 risk-adjusted returns.", "duration": 13.89}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_24.wav", "text": "if you look at the current portfolio, you'll notice that half of our skincare business is generated in Europe, which was -- only have a limited contribution as a market in the future market growth.", "duration": 13.89}, {"path": "ed1006cd88de67e8fe53ea86ad6862d7_92.wav", "text": "On the IADS front, we'll 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 information.", "duration": 13.89}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_131.wav", "text": "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.", "duration": 13.89}, {"path": "8cb24daf76784487ad63780546dc4ba4_72.wav", "text": "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?", "duration": 13.89}, {"path": "1c60a3d37d43a43d5851722212ddcd71_35.wav", "text": "building sale in we cannot reveal too much details, but what we can say is it's not going to be easy to reflect the sale proceeds in our earnings within the year.", "duration": 13.89}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_169.wav", "text": "This change will not have a material impact on Marriott International's 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.", "duration": 13.89}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_141.wav", "text": "or is it just your expectation that the process will conclude within the next few months? So we're in the middle of a process. And I feel very good about the quality of the candidates that are interested in Assurant and that we're interested in.", "duration": 13.89}, {"path": "1d2f3c74735a986131e7b219d9eff713_158.wav", "text": "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.", "duration": 13.89}, {"path": "088b4c55add5ff0e667bdbdd22187fc3_66.wav", "text": "is that a -- like can you give us some sense, is that a national or international contract? I mean would they have issues with being able to do that work in another location if you moved to a plan b site?", "duration": 13.89}, {"path": "2a5b0a6532fa2b71915a2930be02621a_12.wav", "text": "These investors see our anemia program as an outstanding investment opportunity and have been intrigued with the possibilities of our Caiman subsidiary over the China , where we have admitted minority investors in the past.", "duration": 13.89}, {"path": "dd5492732b46e270047f9b368d4fde11_54.wav", "text": "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 I'll turn it back to", "duration": 13.89}, {"path": "d4ad91ac3b9c1832b95aa346c8c84b46_157.wav", "text": "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.", "duration": 13.89}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_100.wav", "text": "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.", "duration": 13.89}, {"path": "e743ddc0caabaebf5e9a6568eaef8334_85.wav", "text": "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 24-hour engineering model.", "duration": 13.89}, {"path": "fc066133a3e40a7d270f2dff3e44fd58_43.wav", "text": "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.", "duration": 13.89}, {"path": "1244d2b5a259c3bc73742830d60d53fc_107.wav", "text": "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?", "duration": 13.89}, {"path": "bb9c0d60d15efa53cedac31e079e9ae6_14.wav", "text": "other factors like plant turnarounds that are in process. So it's more -- it's better from a reliability standpoint to assess on year-over-year and there was a significant improvement in that time period.", "duration": 13.89}, {"path": "c433164f6d189e18b1e4784e376b6ecb_64.wav", "text": "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 in Dewey County, Oklahoma.", "duration": 13.89}, {"path": "c4138e2179e3fba907f3ea7c12cf2b8a_174.wav", "text": "it -- looks like you've 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 there?", "duration": 13.89}, {"path": "1d2ff648e4a30fa5555a7ab85bf60190_76.wav", "text": "We've 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.", "duration": 13.89}, {"path": "3df0981a2d94ed56170b78330aa72ee9_47.wav", "text": "should we incubate some of those products in a 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 single-serve channels.", "duration": 13.89}, {"path": "2a7d7f3eb6960e631743ca5a0d86461f_96.wav", "text": "I think consistent with what we've 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 we're able to get.", "duration": 13.89}, {"path": "567a41009710fa1568bb8125213bf9eb_108.wav", "text": "which are made possible through PFSI's specialized capabilities as our manager and service provider, in addition to investments in small balance multifamily loans.", "duration": 13.89}, {"path": "02deeb29574f1571812a11f66bb8fda1_184.wav", "text": "And so with the things that we have sold, we have sold them principally to people who have one of 2 things, either a different expectation of long-term performance than we have,", "duration": 13.89}, {"path": "c5c7a9f409241412b160a93cde7ef630_18.wav", "text": "As mentioned earlier, we are currently expanding our in-house 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.", "duration": 13.89}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_251.wav", "text": "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 weren't really Espresso-drinking, and the brand didn't resonate as well when you tried to more densely populate those areas with your stores.", "duration": 13.89}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_114.wav", "text": "Next, I will outline the strategic initiative we have launched to improve our profitability and revenue generation. I will close by reflecting on our GP's vision and the relevance of our business model in today's economy.", "duration": 13.89}, {"path": "f7df5ecab61eca575f169a8298318eca_86.wav", "text": "coming in. And therefore, we are highlighting the fact that it's difficult for us to see when are these orders coming in, in which quarters are they coming in?", "duration": 13.89}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_124.wav", "text": "The expansion of business scope resulted in increased operation-linked and sales-linked expenses. Plus, maintenance expenses also increased due to a comprehensive review of safety and service quality.", "duration": 13.89}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_209.wav", "text": "And had some active discussions with them in the early part of the week and essentially by Wednesday, end of business day U.S. time, OFAC had approved the transaction that allowed us to transfer the shares", "duration": 13.89}, {"path": "aefbce6ef3fec2bcc7535dc0272aac8c_175.wav", "text": "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", "duration": 13.89}, {"path": "0e52a74a184c92ad0c336af764aa0796_107.wav", "text": "Concurrently, we are engaged in separate settlement negotiations with Meda. The amount of any final payment to us remains uncertain, and as such we have not recognized any gains in our financial statements.", "duration": 13.89}, {"path": "cac9bb252b7974b7044423e714c2f054_55.wav", "text": "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,", "duration": 13.89}, {"path": "1949bd0c9c4c23d495d880c4c552bfe1_126.wav", "text": "about 90% of other revenue next year will be the loyalty revenue that goes through other. So is there a plan to either rename or break out that line next year? Why would you continue to call it other when that's not really what it will be?", "duration": 13.89}, {"path": "aed770c98113f594e36325a5822547e4_25.wav", "text": "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 way to be able to inform what we might do with the second trial.", "duration": 13.89}, {"path": "87045996e7446329f1d98c909c6ca7fe_64.wav", "text": "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.", "duration": 13.89}, {"path": "82f5253b62614161333b038f5f9700f8_261.wav", "text": "In summarizing our consolidated 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.", "duration": 13.89}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_64.wav", "text": "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.", "duration": 13.89}, {"path": "ab3354b86be920cde18291112bf8a70a_178.wav", "text": "and how we reserve for it. Doesn't mean that if you executed a deal today there wouldn't be a discount based on other factors that are out there. You would have to think about long-term interest rates as an example. If they continue to rise, that's a benefit.", "duration": 13.89}, {"path": "a46647751ef690279d96126395de42d5_71.wav", "text": "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", "duration": 13.89}, {"path": "94f913b974baab79fb636f6521170dd7_200.wav", "text": "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 don't track the information. They don't think it's meaningful", "duration": 13.89}, {"path": "be1d9f57faececddb1cdbf5e831bcbf9_47.wav", "text": "exactly the same stable level. And then if needed we 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", "duration": 13.89}, {"path": "94f601dc7b34ad38667e3b714aa89d35_73.wav", "text": "We've 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.", "duration": 13.89}, {"path": "94f601dc7b34ad38667e3b714aa89d35_57.wav", "text": "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 customer is happy with and I think that's a problem that we can solve relatively soon.", "duration": 13.89}, {"path": "b126c31149f1cadf1d891082a187d6fc_151.wav", "text": "and the updated considerations related to this guidance are included on Slide 14. I'd 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.", "duration": 13.89}, {"path": "a9ff9f85f03afdd2d13b76e14060b31d_158.wav", "text": "like the customer reference I mentioned in my prepared remarks, just that one customer is going to be able to replace 11 vendors. And so we came after this in a little bit of a different way because of", "duration": 13.89}, {"path": "ed2810b765143f8341dcc8e8c14c27f1_124.wav", "text": "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.", "duration": 13.89}, {"path": "b0d88c0f1efca89ecb928172341dc75d_243.wav", "text": "on the 3 businesses I talked about. As you can imagine, once you're cut, you've got a pathway to get back in, but it's not going to be with the exact same items that have just been discontinued. You've basically got to rebuild", "duration": 13.89}, {"path": "5b331cf4e6f62ec9a9c30a4728e36054_3.wav", "text": "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.", "duration": 13.89}, {"path": "6cbf592846662213258684c3049e4592_112.wav", "text": "where we expressed 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.", "duration": 13.89}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_104.wav", "text": "Okay. I don't expect it to soften from where we are today, but I don't expect it to do what we thought it would do originally. And it is a part of the guidance takedown. We had hoped for", "duration": 13.89}, {"path": "5be70acf701b7a6c9322f8feeaca63cd_85.wav", "text": "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 lower-than-expected membership sales and marketing expenses.", "duration": 13.89}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_73.wav", "text": "today to develop larger relationships and new relationships. So there's an overall program being put together on the enterprise side. And as Dave said, a tremendous effort will go into ventures.", "duration": 13.89}, {"path": "ef7e77f6a5983826d0eefe75f7832ce6_94.wav", "text": "some gets pushed indefinitely. In the construction industry, there's only so many daylight hours in a day. So there's only so much work that can be done in any given day. Certainly, our customers will try to catch up to the extent possible,", "duration": 13.89}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_55.wav", "text": "The second is the stability agreement. The stability agreement effectively gives the fiscal and legal stability, which is required for certainly the initial 10-year period, and there is an option for both parties to extend it by another 5 years.", "duration": 13.89}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_81.wav", "text": "In the Space Systems Group, we launched and birth the Cygnus spacecraft on our OA-6 cargo mission to the space station in March, just weeks after the previous Cygnus completed the OA-4 flight that began last December.", "duration": 13.89}, {"path": "2fc915b996c687200d995736980aae9a_30.wav", "text": "even with that for Europe -- for England. In Europe, we haven't seen a significant change. It's very -- it's a quiet time for us. While June is the biggest month of the quarter, and we shipped well to our expectations,", "duration": 13.8600625}, {"path": "fe3a8419e2f120643bff5e9e80190ed5_68.wav", "text": "too high, given the fact that the government is restricting how many new candidates we get and to exempt the people paying more and more for the service and don't see newer candidates at the same rate they did before because the government is restricting", "duration": 13.8600625}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_239.wav", "text": "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 18-month lead over any competition.", "duration": 13.86}, {"path": "f0dd7e4dad969b480d0d2a70609aedba_24.wav", "text": "we've come up with our market-leading 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.", "duration": 13.86}, {"path": "8b6c481f7fe797353fefe886e205bbaa_202.wav", "text": "furnaces and the whole cracker in operation before you get to production. So it's really the issue of derivatives 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 for the feed system.", "duration": 13.86}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_58.wav", "text": "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.", "duration": 13.86}, {"path": "c9ecd6e0347cbf5fe881201a5e803fb3_179.wav", "text": "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", "duration": 13.86}, {"path": "264e575b73bc2a485bee416c1ac10cee_12.wav", "text": "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.", "duration": 13.86}, {"path": "6b45877b719000e47adfd1ec118c376a_33.wav", "text": "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, there's -- bringing more people to the downtown is very positive. We've got", "duration": 13.86}, {"path": "55d05334bdde612eb9dd102bb41d216e_121.wav", "text": "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", "duration": 13.86}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_145.wav", "text": "And that's what's behind what's 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.", "duration": 13.86}, {"path": "dd3166f311a5f12a25103a0295e8ac3e_146.wav", "text": "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", "duration": 13.86}, {"path": "e8a2a593282199ea052f788b8fead64b_44.wav", "text": "In the quarter, we introduced a number of new products and technology enhancements during the major fall trade show season at both the Labelexpo Americas and PACK EXPO International trade shows, both held in Chicago this year.", "duration": 13.86}, {"path": "8b71a232d7fe61e6232807b635977c31_248.wav", "text": "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,", "duration": 13.86}, {"path": "8b71a232d7fe61e6232807b635977c31_143.wav", "text": "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.", "duration": 13.86}, {"path": "3d2a6b6fb3bd6590fccc401d58e7942d_77.wav", "text": "implies a 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", "duration": 13.86}, {"path": "3d2a6b6fb3bd6590fccc401d58e7942d_17.wav", "text": "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", "duration": 13.86}, {"path": "c4dc8f962a85aa47af50f82845f550e2_4.wav", "text": "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.", "duration": 13.86}, {"path": "82218f543c9a546c4baa5323f250b39f_151.wav", "text": "We continue to expect stronger earnings in the second half of the year as we realize synergies related to UXC and Xchanging, and we benefit from other cost initiatives.", "duration": 13.86}, {"path": "1f43e30e245ed30be41602d8423db99e_69.wav", "text": "revenues and expenses included in IFRS basis. Next slide. This shows the positive and negative factors on each business impacting our revenue in the first quarter.", "duration": 13.86}, {"path": "46906afb4e1ee1fef09b5908e76beefa_128.wav", "text": "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.", "duration": 13.86}, {"path": "66c9091ba849cdb6d64987642ced64d2_131.wav", "text": "Since this will be my last quarterly call, I also wanted to -- I also want to let the analyst community know how much I've enjoyed our interaction over the years. For sure, I've learned a lot from each one of you. With these comments, I will now turn the call over to Darren.", "duration": 13.86}, {"path": "ada4e338c266148264077e06bac68005_16.wav", "text": "And it was a very small adjustment as you know. So hopefully that gives you a little more color. But it'll give us more certainty going forward, we'll know exactly how much per ton we're going to be see after we adjust for inflation. So.", "duration": 13.86}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_180.wav", "text": "stabilization or decline, then we as vendors, companies, we should seize the opportunity. If you cannot leverage and benefit from it, then difficult times are ahead of you.", "duration": 13.86}, {"path": "8292bdb9af87f10627c044f3842b2c76_196.wav", "text": "This is not something I expect to achieve overnight, but it is something I'm intent on achieving and something that we can reasonably expect to achieve over time.", "duration": 13.86}, {"path": "cc82e791c065bdc271addf355bac274f_117.wav", "text": "we speak about Luizacred net income. We have 2 charts, one we show net income and the other chart shows operating income. When you look at the operating", "duration": 13.86}, {"path": "23181e15a64aff686a4bbef534a46cb3_110.wav", "text": "These numbers reflect strong performance indicators, which are the direct outcome of our strategic investments in top technologies and networks.", "duration": 13.86}, {"path": "e1da48985804bd3d99dffc5e33b6124b_28.wav", "text": "Yes. I mean it really gets down to making sure that as we convert inventory to receivables getting that collected by year end. So it's really a timing issue of", "duration": 13.86}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_64.wav", "text": "She will continue to work with us to ensure an effective hand off 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.", "duration": 13.86}, {"path": "38b2f94da12bbf2d32246763aab8265a_120.wav", "text": "So here would be some opportunities to optimize our footprint in Poland by cooperating in certain locations where", "duration": 13.86}, {"path": "b2d6357f46f3a82cff6625277f9a20f6_58.wav", "text": "We also displaced a large legacy vendor in a U.S. civilian agency. The vast majority of our new business deals are still greenfield, but it's rewarding when prospects determine that our solution is a better strategic fit to secure their infrastructure.", "duration": 13.86}, {"path": "a7e7a1621af9b4e850260f9824ee8746_132.wav", "text": "Steady low growth, combined with increases in a 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.", "duration": 13.86}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_140.wav", "text": "Some of the charges in 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 we'll provide an update at our March 8 Investor Day.", "duration": 13.86}, {"path": "2ba5b22f61cfe7a74dddc9be783aaa84_71.wav", "text": "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.", "duration": 13.86}, {"path": "8fd0d858dd99b5b6291eafc83e9a604d_43.wav", "text": "And we're 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 we're seeing a lot of pressure on the ability of the supply to meet demand.", "duration": 13.86}, {"path": "0360a780927a31fb0bec9e79dac878a2_21.wav", "text": "For many years, Rollins has been considered the acquirer of choice for many family-owned companies. We feel that we're in a great position to continue to deploy capital to get the best return for our shareholders.", "duration": 13.86}, {"path": "e5040d02fba73a359d3f7cb346517ce1_1.wav", "text": "Please review the cautionary statements included in our press release and presentation as well as the risk factors described in our most recent Form 40-F and the Annual Information Form. I will now turn the call over to Michael.", "duration": 13.86}, {"path": "3b0718945e9c427873c1f34fa49b15aa_76.wav", "text": "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", "duration": 13.86}, {"path": "b305bff75f28d238f0bd7da5bd4f13b8_145.wav", "text": "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.", "duration": 13.86}, {"path": "c5c7a9f409241412b160a93cde7ef630_8.wav", "text": "Looking next at new contracts within CoreCivic Safety. In July, we began receiving offenders from the City of Mesa, Arizona at our Central Arizona Florence Correctional Complex under a 3-year contract.", "duration": 13.86}, {"path": "ed93b88b63d3dba4c5ed78d463a77bdd_13.wav", "text": "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.", "duration": 13.86}, {"path": "ea60900258f99d1003ab247c506e42d9_60.wav", "text": "Other markets that benefited us with the growth was Ghana and Zambia in particular, where we're working very closely with our distributor party -- partners in order to build our brands and drive market penetration.", "duration": 13.86}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_93.wav", "text": "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,", "duration": 13.86}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_149.wav", "text": "that gives us any concern about being successful in the permitting process. It's just taking more time. So when you factor that into our capital plans, as Steven said, that has resulted in moving our expenditures,", "duration": 13.86}, {"path": "ea7f210b3c08271afbdb6d434b8394e9_33.wav", "text": "We achieved these strong operational results while preserving the strength of our balance sheet and maintaining our dividend in 2016. Over our 14-year history of paying a dividend, we have increased our dividend 3x and have never reduced it.", "duration": 13.86}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_145.wav", "text": "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.", "duration": 13.86}, {"path": "ba5f13bb75329629d0c070c9014ff4f0_30.wav", "text": "Is there a view of replacing that near term? You've got the Chamouchouane 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 the revenue in Canada this year or perhaps even grow that?", "duration": 13.86}, {"path": "e2225d612a954a24e7e91c08215d7b51_47.wav", "text": "It's 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.", "duration": 13.86}, {"path": "9b1931e93dfb0391fb948924a93be5ff_123.wav", "text": "it's very difficult to say. We expect that the next couple of months, we still have some price rises and unless something different happens.", "duration": 13.86}, {"path": "5485ec124a9d4b08efd2bd4f8398ffc5_112.wav", "text": "and 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", "duration": 13.86}, {"path": "82f5253b62614161333b038f5f9700f8_78.wav", "text": "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,", "duration": 13.86}, {"path": "369789f0d39dbf62298be2aa807ff8ee_30.wav", "text": "I've said consistently that nothing is for sale and everything is for sale. That 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.", "duration": 13.86}, {"path": "189b20e7b975130ca5abd0e419e54908_172.wav", "text": "So historically, that's been a component part. So that's a long way of giving some foundational comments to say if I were throwing the proverbial dart, I would probably", "duration": 13.86}, {"path": "ab3354b86be920cde18291112bf8a70a_35.wav", "text": "give you new capabilities. Is that still your focus, or would you contemplate something that would be more financially motivated that had top savings opportunities, but was less strategic when it came to new capabilities?", "duration": 13.86}, {"path": "28d675c77a4b2269c1c1460ad3e56250_3.wav", "text": "None of this happens on its own, it takes a lot of hard work, dedication and effort, and so I'd like to take a moment to thank our board, our management team and our associates, every one of you for a job well done.", "duration": 13.86}, {"path": "3b2908426357bb8269c3a01469865cd6_52.wav", "text": "While much of this progress is not visible externally, these changes will drive our overall productivity and help create long-term value for the company. We also recognize the importance of aggressively managing our cost structure.", "duration": 13.86}, {"path": "77d2dd6d5e46cc8a8e80809305b60208_253.wav", "text": "I think the most likely leading wave of new types of reactors will be the small modular reactors that are actually new kind of pressurized water reactors like my NuScale. And", "duration": 13.86}, {"path": "a0f5944a79ea5150378d21e6a9ac05d8_17.wav", "text": "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 that we highlighted as our priorities", "duration": 13.86}, {"path": "a1e1e6f86dead4f43a363d0877cb4979_44.wav", "text": "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, it's always about having the best customer offering in each market.", "duration": 13.86}, {"path": "80a2ca14358172366acab4e80f3fa33b_271.wav", "text": "is what it sounds like, which is we're building new lines -- new production lines. We've got some existing footprint that we can fill out, and we can put in new production lines. Including this year, we've done some dry sausage lines,", "duration": 13.86}, {"path": "aa14e40ba684ff629fa9635314cea11e_56.wav", "text": "Ladies and gentlemen, that does conclude today's conference call. We do thank you for attending. You may now disconnect your telephone lines.", "duration": 13.86}, {"path": "812d8f09b72b4d410d138d3b24caebbc_170.wav", "text": "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.", "duration": 13.86}, {"path": "ec6bcc27bd7d6a428dc5b2be7ae7d93b_43.wav", "text": "building companies and maximizing shareholder value. KLRE was looking to invest in a unique opportunity with long-term growth potential and the ability to grow organically and through acquisitions.", "duration": 13.86}, {"path": "64364105b816dd0b6a029e9cd210e65b_374.wav", "text": "with our assembly lines within the tank trailer business they'll shift from product to product based on what the strongest demand is and that's a real benefit to the business.", "duration": 13.86}, {"path": "72b117fb1330bda9f954a219bb5a675e_76.wav", "text": "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.", "duration": 13.86}, {"path": "411bdacf05f84134fc80b874a15cf3b7_284.wav", "text": "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", "duration": 13.86}, {"path": "f268a8174f58c93ad6b45b7f151fe896_110.wav", "text": "So Allison had a follow-on question. Do we collaborate with traditional brick-and-mortar retailers that have successful online strategies? The answer to that question is yes", "duration": 13.86}, {"path": "ef7e77f6a5983826d0eefe75f7832ce6_224.wav", "text": "That all makes sense, Evan. And then maybe just turning to nonres. It sounds like outside of the slip in February, you feel pretty good about the end market, and you cited a number of areas where projects continue to be strong.", "duration": 13.86}, {"path": "af146425f68dd8e32f31878389746637_7.wav", "text": "More recently, we had 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.", "duration": 13.86}, {"path": "bcb3aac2c7cc035961d9ee8cfd330044_108.wav", "text": "Most people enter our business, Sean, 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.", "duration": 13.86}, {"path": "bf99037f89cd485f95f097842619a0c7_102.wav", "text": "but it will come. And I think when it becomes clear, we're 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,", "duration": 13.86}, {"path": "b49c3cda0bcd26bab06abdd492274a3e_85.wav", "text": "Political advertising remains inconsequential for the quarter, although we expect a nice lift from election-related spending beginning in September. And while it is very early, our pacings for the second half of the year are quite strong.", "duration": 13.86}, {"path": "b154f7c33e567e453cb765f4ac03dd2f_53.wav", "text": "pretty jarring result to nearly make no money. I'm just curious, if you look across that portfolio, it seems like there's several businesses that should be reasonably good. So are there some reasonable lossmakers in there at the moment?", "duration": 13.86}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_185.wav", "text": "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 framework, where the benefits will be larger and accrue faster.", "duration": 13.86}, {"path": "7a80c3e91e5a2693cdaef5f716808317_186.wav", "text": "and driving increasing price yield through a deeper understanding of the value our products and services provide our customers. As we migrate from a product-based organization to an organization more closely aligned around targeted market segments,", "duration": 13.86}, {"path": "24a2aec67e247f9c4d4cc89d6dbab525_50.wav", "text": "Although we experienced significant headwinds in the first quarter, particularly in the form of rising contained metal and freight costs and continued aerospace supply chain destocking, we expect that these headwinds will moderate as we proceed through the year.", "duration": 13.86}, {"path": "19bfb8daeb6e43d59415df478017d5c3_74.wav", "text": "Our products are channel-agnostic and sell across a wide variety of retailers and channels around the world. Our business is not hit-driven but a balance of mixed, evergreen back catalog content and newly released content.", "duration": 13.86}, {"path": "97ddc19ecb28bab2d19fd3b181182062_88.wav", "text": "with the prior quarter. Our exposure to heavy equipment also includes sales into the agricultural equipment market, which has weakened recently, but has not impacted us the same -- to the same extent as our OEMs. On", "duration": 13.86}, {"path": "e2b2a746a7a2cd752c92ccfab257cfca_81.wav", "text": "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.", "duration": 13.83}, {"path": "6388da88b00ebc88af59435bdac74132_52.wav", "text": "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,", "duration": 13.83}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_49.wav", "text": "Thank you, and I would like to thank everyone for participating on our second quarter call today. I think when you compare to a year ago, there are a lot of really good positive improvements,", "duration": 13.83}, {"path": "c9ecd6e0347cbf5fe881201a5e803fb3_57.wav", "text": "First, we have added a new billing and collection company to assist our increased volume of claims. Secondly, we have lowered the revenue for all cases going forward, both professional and technical.", "duration": 13.83}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_28.wav", "text": "Our total sales and earnings were in line with our plan. Our teams produced positive sales comps in each of our business segments. We experienced the continued strengthening of our U.S. Automotive business.", "duration": 13.83}, {"path": "8cb24daf76784487ad63780546dc4ba4_86.wav", "text": "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", "duration": 13.83}, {"path": "7e14890193df4b10e1eeab6ab886529f_165.wav", "text": "And this idea of really being authoritative around what connotates a healthy kitchen is an area from a very broad cross-section of product point of view that we think is an opportunity.", "duration": 13.83}, {"path": "e824f4380f8203a1e3ed60e7da1e39e5_110.wav", "text": "as well as upselling to existing. So I think we're getting some traction there. I think we're getting some traction as I try to allude to from our Every Comp, Everywhere initiative has been helped us", "duration": 13.83}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_130.wav", "text": "we haven't yet merged those loyalty programs, and we're 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.", "duration": 13.83}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_101.wav", "text": "when we started on this program, we, I think for good reason, prioritized what I would describe -- what I described at the beginning of the presentation as a renovation both of the portfolio and the product", "duration": 13.83}, {"path": "f2cd7d3ddaf92ab9c64154d74b2d118a_70.wav", "text": "For additional information, including detailed discussion of risk factors, please refer to the company's documents filed with the Securities and Exchange Commission, which can be accessed on a website. I'd now like to turn the call over to Jon.", "duration": 13.83}, {"path": "f2cd7d3ddaf92ab9c64154d74b2d118a_105.wav", "text": "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 APeX-1 shortly.", "duration": 13.83}, {"path": "46906afb4e1ee1fef09b5908e76beefa_80.wav", "text": "The only other thing I'd like to add to Mark's 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.", "duration": 13.83}, {"path": "833f98dbc79997580b24335033aac5d2_168.wav", "text": "The integrated nature of our business provides the platform to achieve what, we believe, will be attractive economic 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,", "duration": 13.83}, {"path": "bc6881d8e985e0b9dc1683b8bbdb066a_90.wav", "text": "It's more little cans rather than big cans. And that's the way to think about it. And the drivers there are, as you know, there's -- we do more protein today than historically we had done. We are more into areas that have been growing like pet food", "duration": 13.83}, {"path": "257e4e92036da9582a8a288c88332ff3_54.wav", "text": "Except as otherwise required by law, CapStar disclaims any obligation to update or revise any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise.", "duration": 13.83}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_4.wav", "text": "Now let me also put in perspective our business and its prospects for the future. I have talked about analogizing our business to a toll road to the extent that you're probably tired of hearing it. I'm kind of sick of using it myself,", "duration": 13.83}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_283.wav", "text": "and then we have the ability to operate and attract third-party business, operate this more efficiently and attract third-party business to these assets. We look forward to expanding our already productive relationship with them and finding other opportunities like this.", "duration": 13.83}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_3.wav", "text": "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.", "duration": 13.83}, {"path": "9c1272d9d120c5bfafd6e6b566f89b62_236.wav", "text": "And they created actually 2 or 3 of those. And they have tested which one is going to be the best. They've looked at other areas on the old site so that when they build the new site, it will actually be incorporated into the new site.", "duration": 13.83}, {"path": "132abea68f255eb89160dde90b6d3b80_22.wav", "text": "Look, we're well on our way to reaching those target margins. I think that when we reach them, you can assure that we'll try to maximize over that. But right at this point, we're working our way to reaching those target margins. So", "duration": 13.83}, {"path": "c4138e2179e3fba907f3ea7c12cf2b8a_115.wav", "text": "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.", "duration": 13.83}, {"path": "30710391b8ab4cb549180602d31d4f4a_5.wav", "text": "With our continued focus on driving operational improvements as well as getting paid fair value for our products and services, we're encouraged by the additional opportunities that still exist to resume margin growth in 2018 and beyond.", "duration": 13.83}, {"path": "7394bde65e000fbb7b528c6c65bd099d_150.wav", "text": "And so the future hedged month higher than -- it's 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.", "duration": 13.83}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_230.wav", "text": "and then relative to the rest of the expense base, as I said in the comments, I think we're going to continue to be very, very prudent about watching everything else that we spend. And", "duration": 13.83}, {"path": "87ba56e8ff82d5e181ee5d6d66543c51_132.wav", "text": "not large volume contributors this year but really important products in the portfolio, and we're getting some very positive learning that I expect us to integrate and improve for what we do next.", "duration": 13.83}, {"path": "8a77ceadd7e4729abc9102d38be3a227_8.wav", "text": "Now let's turn to our second strategic priority, executing with excellence. Aligned with this, we remained committed to delivering results and staying disciplined on expenses, while executing on our key initiatives.", "duration": 13.83}, {"path": "6a372ea97b0b130a4d37f16b54d97909_138.wav", "text": "more than doubling the number of year-to-date 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", "duration": 13.83}, {"path": "b305bff75f28d238f0bd7da5bd4f13b8_134.wav", "text": "the local association for acousticians. But that will help us to be ultimately always having enough talent and potentially even net contributor to the talent pool.", "duration": 13.83}, {"path": "6d97c63e754383663561baada77c7354_2.wav", "text": "We have a strong foundation to build upon and are capable of being even stronger. I'm very excited about our prospects. My objective is to work with our leadership and the board to set a course for long-term growth.", "duration": 13.83}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_203.wav", "text": "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.", "duration": 13.83}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_60.wav", "text": "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.", "duration": 13.83}, {"path": "82131762fc1c2b2358ac3a167666ab87_215.wav", "text": "There might be some small, minor changes going forward, but that's not what we anticipate. So as you're thinking about going forward, I think where we are is kind of what we're going to be from the next few quarters.", "duration": 13.83}, {"path": "809e26eaacb31ffdee78d3f41a6ce90a_36.wav", "text": "Well, we certainly hope and believe it's onetime when you think about this River Rhine issue. But if you want to categorize it as operational, that's fine with me. I don't know what category to put it under when we're dealing with these kind of record low water levels in the Rhine River.", "duration": 13.83}, {"path": "f1da65edd5f2026ffd647d496bb96ce7_144.wav", "text": "Control of Physician RCM workflow will allow us to integrate processes across the front-end and coding and billing functions as well as developing an analytics layer to support MACRA and ACL analytics.", "duration": 13.83}, {"path": "b3d7bc295d09d9927e465213612c0192_118.wav", "text": "We've had good interactions with multiple people within the government. And I think that there's a lot of excitement to move forward. But the next milestone has not been hit yet.", "duration": 13.83}, {"path": "b3d7bc295d09d9927e465213612c0192_53.wav", "text": "lead customers really don't like to give out what they're doing, and somebody that's working on an advanced platform, it's not necessarily that straightforward to do a joint press release.", "duration": 13.83}, {"path": "433a6e203f9db93835c27ff83e86c801_54.wav", "text": "we will push cost improvements every day in every way to maintain and hopefully extend the delight that Alpha brings to their customer base. There's no way we are going to step backwards,", "duration": 13.83}, {"path": "54c8e2e08c60dfe9b4bafc3938ccf332_58.wav", "text": "In our energy-related 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.", "duration": 13.83}, {"path": "254f3c2175c8e11d6da7d44a221e1bff_5.wav", "text": "We will concentrate on investment in businesses where we can proactively demonstrate our strengths and functions, and will thus, rebalance the resources and the non-resources portfolios.", "duration": 13.83}, {"path": "8635f950dc44da3fcad542b2c066bedf_11.wav", "text": "We're 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.", "duration": 13.83}, {"path": "0fa398ef99a7a936fc1e509dacaaadde_213.wav", "text": "And we just announced Ziggo Sport. This is our own basic sports service, built off of our existing premium sports platform and provided exclusively to our customers at no additional costs. So behind the scenes, of course, we continue to make significant progress", "duration": 13.83}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_154.wav", "text": "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, we're seeing health plans move that direction. And so we've had several large health plans in the last 6 months", "duration": 13.83}, {"path": "884400c829f179d8cf68b767f45f03a4_10.wav", "text": "Through these efforts, we have taken major steps to improve our customers' in-store experience and help ensure that we deliver a 5 star experience to them every time at every one of our store locations.", "duration": 13.83}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_57.wav", "text": "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.", "duration": 13.83}, {"path": "b126c31149f1cadf1d891082a187d6fc_43.wav", "text": "hell bent on rolling this out across all 3 states that we're 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", "duration": 13.83}, {"path": "75b064acca5b532722510ac0b9b0822e_283.wav", "text": "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.", "duration": 13.83}, {"path": "64364105b816dd0b6a029e9cd210e65b_164.wav", "text": "acquisitions that make sense. I 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", "duration": 13.83}, {"path": "95303f68781d6fb58e19ec1dc7785a7c_173.wav", "text": "We've improved our outlook for high-margin per share growth and we're doing it for less capital. We're exceeding every expectation that was communicated at last year's November Investor Day.", "duration": 13.83}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_77.wav", "text": "before going exactly on how we invested, I want to use 3 key successes of the year. 3 key successes that demonstrate the value of the AMPLIFY platform and our strategy. The first one, a large bank in Brazil.", "duration": 13.83}, {"path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_48.wav", "text": "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.", "duration": 13.83}, {"path": "902872913863de98d38e2936b846cf66_101.wav", "text": "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", "duration": 13.83}, {"path": "a2245a8522589003f9c235a48c0197f0_125.wav", "text": "It's static and inefficient and inflexible. And we believe that technology is available to us today to really improve this. And that's really what this is all about. It's about improving", "duration": 13.83}, {"path": "10ad32c5e0559c879e032faaf3148ab4_44.wav", "text": "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.", "duration": 13.83}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_147.wav", "text": "a little bit broader than your question, but the point I'm 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", "duration": 13.83}, {"path": "e97326d6a8951550e363f2be6ec489ba_226.wav", "text": "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", "duration": 13.83}, {"path": "f15a674bdbbc461872000604216ae071_162.wav", "text": "from the EBITDA that you generate? That is question number one. Question number two, can you comment on the progress that you're making with pricing, both in domestic coated board", "duration": 13.83}, {"path": "4d7256bec87696f6c5defa8f37db1b48_75.wav", "text": "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.", "duration": 13.83}, {"path": "30a142fac5a62ab00227cb6a339a6226_82.wav", "text": "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.", "duration": 13.83}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_104.wav", "text": "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", "duration": 13.83}, {"path": "1bee232b4d03ce3a6f424bb7891581a2_7.wav", "text": "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.", "duration": 13.83}, {"path": "1bb9219ad31877175e18e8e48ff2f63c_96.wav", "text": "Many of the listeners on today's call participated in the Analyst Day that we held on the -- held at the New York Stock Exchange on September 13. In addition to the high-level overview of the company that we often provide in our Investor Meetings,", "duration": 13.83}, {"path": "ff59c33225941d4025bcecc8fe1a4b32_33.wav", "text": "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,", "duration": 13.83}, {"path": "78cf0d3e40caba622d8914916f0f9146_103.wav", "text": "in terms of weight and hang it off the walls type boxes, very thin. So that almost brings the same pressure that you would have in a phone and a tablet in terms of cramming stuff in a very tight space", "duration": 13.83}, {"path": "d5fb88dba0740bc906c5127e05592f95_81.wav", "text": "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,", "duration": 13.8299375}, {"path": "f5875d033110e66b5aafc3c0003babdf_5.wav", "text": "Second, we're making strides with our continuous improvement initiative, where we're 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.", "duration": 13.8}, {"path": "81430c39b7b202d05644e419e2a01a65_45.wav", "text": "We believe we will be highly competitive in similar bids. Our strength in integrating complex technologies enables us to handle the sophisticated networking software", "duration": 13.8}, {"path": "8cb24daf76784487ad63780546dc4ba4_10.wav", "text": "In the institutional channel, net outflows moderated from the third quarter, but remained negative in the absence of sizable wins. Outflows remained subdued this far -- thus far in January.", "duration": 13.8}, {"path": "7974a5134807f46a1484a8adf81505be_101.wav", "text": "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", "duration": 13.8}, {"path": "1927f9c722093d1d64b610c4227ccf59_54.wav", "text": "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.", "duration": 13.8}, {"path": "a4e84e293bde7191186ae3a7a0b34024_95.wav", "text": "So if you could just explain that. And the other thing is, on your traction motor, I'm just wondering if you could just clarify if this is the -- if you have 1 model and this is going into a particular", "duration": 13.8}, {"path": "78c85dc9a16f82b09d3a2363004e658d_157.wav", "text": "how important is it going to be that Autodesk has both the underlying BIM data as well as the PlanGrid capabilities versus others in the space that maybe don't have that underlying BIM data?", "duration": 13.8}, {"path": "1d2f3c74735a986131e7b219d9eff713_6.wav", "text": "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,", "duration": 13.8}, {"path": "145244b0378e6657d456cffca8bbc982_81.wav", "text": "We believe second half results will be strong despite the aforementioned loss of a large customer contract and that we will grow profits above prior year levels, driven by cost reductions and an improved sales mix,", "duration": 13.8}, {"path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_175.wav", "text": "Sure, sure. And the follow-up is actually a clarification. It took roughly about 3.5 weeks to get the first patient enrolled. Did you say how many patients have been screened in the context of patient enrollment? And what's your understanding of the", "duration": 13.8}, {"path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_159.wav", "text": "So we're actually very encouraged by the launch of SPINRAZA because it's demonstrating that clearly there is a market out there in need. It's demonstrating that payers are willing to pay for", "duration": 13.8}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_185.wav", "text": "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.", "duration": 13.8}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_151.wav", "text": "our cash balance is very strong, even as we sit here today, orders growing. So not concerned, and we've got many good options, and we'll do what's in the best interest of the company to execute on this growth strategy.", "duration": 13.8}, {"path": "d4ad91ac3b9c1832b95aa346c8c84b46_43.wav", "text": "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.", "duration": 13.8}, {"path": "1133b8984db446b9c963a09eaf0785a4_184.wav", "text": "Well, again, I think that there are premiums. It's usually based upon the market price for the product. Most of these contracts do have phrases for extraordinary increases in cost.", "duration": 13.8}, {"path": "47a303604df9f9fc9f2f89a9280c3a79_140.wav", "text": "Most importantly, our customers are noticing, and I'm confident we are focused on the right measures. We have a lot of work ahead of us, but I'm optimistic about the future of Chipotle. We have a strong economic model, a loyal customer base and a powerful purpose.", "duration": 13.8}, {"path": "c6447babe88f061184d64309eebb8629_74.wav", "text": "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.", "duration": 13.8}, {"path": "1244d2b5a259c3bc73742830d60d53fc_71.wav", "text": "that's been why you haven't seen us transact in -- other than to be on the sell side, but you haven't seen us transact. We're disciplined about what we're going to spend for what we are going to get.", "duration": 13.8}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_13.wav", "text": "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", "duration": 13.8}, {"path": "4e04d3229b988f1db5b842ac5b993894_150.wav", "text": "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,", "duration": 13.8}, {"path": "ea97a179f1be386d6cd36637ae70a1fc_48.wav", "text": "A number of our competitors have either seized funding or completely shut down over the past several months. From the intelligence we were able to gather, this is largely due to credit issues in their portfolios. As", "duration": 13.8}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_106.wav", "text": "And so one of the things which is high in our list to talk through in detail on March 8 is exactly how we think we're differentiated versus the other people that you often think of as our competitors.", "duration": 13.8}, {"path": "8aa1aa8317783203344434f855535c25_132.wav", "text": "Exactly. So we always like to go to the markets when it's really a nice time to go, where we have good positive dynamics to effectively and efficiently issue capital.", "duration": 13.8}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_78.wav", "text": "several quarters and has not really been dropping off, except for maybe the year ago comparison. Can you say whether or not there's a particular customer group or particular application where this is strong for you?", "duration": 13.8}, {"path": "e2c02e1788cb10703d7611ef157f8135_102.wav", "text": "And I can't 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 you're 100% right on that. But we do see", "duration": 13.8}, {"path": "567a41009710fa1568bb8125213bf9eb_113.wav", "text": "We remained focused on the timely resolution of our nonperforming loans in order to expedite the transition out of these investments, while maximizing returns. We believe", "duration": 13.8}, {"path": "b94d748876ddf8e881d4191dec45baf3_163.wav", "text": "many things that drive our guidance and that we put into there when we consider that. We're making good strides on a lot of the key elements of the portfolio, particularly the start-ups. But there are all kinds of different headwinds and tailwinds inside that.", "duration": 13.8}, {"path": "e9fb03f263f117a9fe607d74602fa9b0_62.wav", "text": "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", "duration": 13.8}, {"path": "c5c7a9f409241412b160a93cde7ef630_56.wav", "text": "While few facilities experienced periodic power outages that required the use of backup generators and some various minor cosmetic damage to exterior buildings, no meaningful disruptions occurred.", "duration": 13.8}, {"path": "6ad1d7c855ceb3eb830c365e357e4510_125.wav", "text": "But we're not finished. Our culture of identifying ways to simplify and streamline is firmly established around the company, and we plan to deliver continuous improvement in operational", "duration": 13.8}, {"path": "505ccbd6e857cad05a179a5ed5419d1b_39.wav", "text": "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.", "duration": 13.8}, {"path": "246876171ef2f408df10ee0816f9db83_108.wav", "text": "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.", "duration": 13.8}, {"path": "63d825666ef6527fd7e4f26e728a4e61_21.wav", "text": "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?", "duration": 13.8}, {"path": "0ec0a75c1800bac01520dcac5b8992fb_56.wav", "text": "We're 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.", "duration": 13.8}, {"path": "626da68f2b245869534a0316b8b6139a_133.wav", "text": "We're 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.", "duration": 13.8}, {"path": "6318dda27b3e36d76533c048c64a3014_88.wav", "text": "During today's call, management will discuss non-GAAP financial measures, including distributable net investment income. Please refer to yesterday's press release for a reconciliation of these measures to the most directly comparable GAAP financial measures.", "duration": 13.8}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_117.wav", "text": "As you've 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.", "duration": 13.8}, {"path": "bc3fa49aaccfacb1392855627864851e_74.wav", "text": "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", "duration": 13.8}, {"path": "1689b94530eca82b7758c86b4cf3125f_65.wav", "text": "actually amazing. In NewWave, I don't think we can make a judgment call on the new pricing there because we have put so many", "duration": 13.8}, {"path": "6709c061d39d0e433079f84160f11c80_173.wav", "text": "there should be and there will be consolidation in our business, and we want to participate that in at least to the level of looking. And if the fit is right and if we put the highest value on something,", "duration": 13.8}, {"path": "642a235ab4ebc57d132a2e32c83c793c_83.wav", "text": "So now you don't need to take away the merchandise, you just pay and 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.", "duration": 13.8}, {"path": "a80e75fbf2fe24eaca12461f2d88d5c6_41.wav", "text": "We believe these cost reduction initiatives will provide sustainable benefits as prices recover. Our employees have done an outstanding challenge, rising to what's being asked of them in this environment. They're clearly doing more with less.", "duration": 13.8}, {"path": "fe3a8419e2f120643bff5e9e80190ed5_60.wav", "text": "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?", "duration": 13.8}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_249.wav", "text": "helping our folks understand that we're 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", "duration": 13.8}, {"path": "838af8ffae77ce8ff59c77b1985f8fc5_16.wav", "text": "The highest line pressures you'd probably expect kind of for 3Q, you'd probably be witnessing now, so you're fairly comfortable with where you set the guidance for 3Q. Is that... Yes. We forecast any curtailments that we might", "duration": 13.8}, {"path": "078b27aa69b10aa01f2eab2aa681bdd8_43.wav", "text": "This is another groundbreaking innovation for the industry which will utilize the latest crowd-sourcing technology to dramatically improve the guest experience, giving skiers and riders more transparency and choice during their ski day.", "duration": 13.8}, {"path": "cd331fa6dd24e811af3c0529212bfbb8_52.wav", "text": "as well as doing more on the shaver side. I think there's an opportunity for us with the more powerful platform to do more with ultrasonic shavers. So those are really the areas that we'll probably be spending the dollars.", "duration": 13.8}, {"path": "884400c829f179d8cf68b767f45f03a4_140.wav", "text": "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.", "duration": 13.8}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_199.wav", "text": "Now it's 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,", "duration": 13.8}, {"path": "e0d1342ad3d27fd648b708837de08797_157.wav", "text": "making sure that we've 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,", "duration": 13.8}, {"path": "66b25c60d952bd002c7ab20da9248086_99.wav", "text": "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.", "duration": 13.8}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_128.wav", "text": "And I think what we are beginning to see are opportunities that exceed what we've got when we were going into the acquisition of Alent. I'll turn it over to Scot, who runs our Performance Solutions business, to give you some more specifics.", "duration": 13.8}, {"path": "1300495cfa53748f732f54277d5a8cea_3.wav", "text": "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.", "duration": 13.8}, {"path": "a0fe48ba783b94dc7e5b0201aba7c1cb_21.wav", "text": "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.", "duration": 13.8}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_191.wav", "text": "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.", "duration": 13.8}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_165.wav", "text": "When I stepped 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.", "duration": 13.8}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_10.wav", "text": "Secondly, we're 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", "duration": 13.8}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_213.wav", "text": "tax reform impacting that through. I guess there's some concern about the Blues into next year. And on the PBM side, with all the deals being announced, how your competitors might be responding to that and whether there's any opportunity or risk to pricing heading into next year.", "duration": 13.8}, {"path": "c2a4f7aacf0036edc5b94457c0d8329a_115.wav", "text": "What are you doing differently, Ron, that your predecessors weren't? Is it better execution? Is it better technology? Is it more feet on the street? How are you doing so much better relative to the past?", "duration": 13.8}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_124.wav", "text": "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 creating a more secure commerce platform.", "duration": 13.8}, {"path": "ff59c33225941d4025bcecc8fe1a4b32_30.wav", "text": "While some of this was market-driven, 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.", "duration": 13.8}, {"path": "77f146e76d89a5be785a39ab23dfa763_117.wav", "text": "The improvement reflects favorable changes in the mix of income earned in lower rate jurisdictions, the continued execution of the company's tax strategies and the benefit of discrete tax items recorded in the quarter.", "duration": 13.8}, {"path": "5833763223d8d85b6fcb5fe90e821c77_148.wav", "text": "And so -- and then obviously, hire them. So we're 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.", "duration": 13.77}, {"path": "7d2a9151826f1fbcf538ffbf85924ed2_124.wav", "text": "how -- just how successful the wells are. So we need a little bit more time with that. It will be the end of the year before we know more about the horizontal potential, at least, to assume even one portion of our field in the Altamont. So", "duration": 13.77}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_148.wav", "text": "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", "duration": 13.77}, {"path": "14e9ab3b38cd3029b8aff693a105dbfb_4.wav", "text": "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.", "duration": 13.77}, {"path": "10ad172801ac8cd3a21e4355d7349eb5_111.wav", "text": "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 ever-evolving regulatory environment.", "duration": 13.77}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_21.wav", "text": "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.", "duration": 13.77}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_123.wav", "text": "across lines of business and geographies. In fact, we're entering 2018 with one of the best years of net new business performance in the company's history, which gives us confidence in the revenue growth within our multiyear framework.", "duration": 13.77}, {"path": "ff2d1613ef8b55cc55bec6e266f6cfc2_39.wav", "text": "The goal being that those qualifications are as coincident as possible, but we definitely don't control that. And I have no commitments from customers in terms of when they're going to get this thing qualified. But", "duration": 13.77}, {"path": "39e5706898dcaf14a280b3a123877cd6_195.wav", "text": "for them to be more specialized to really, again, correspond to the fundamental trends on the markets. And one of those is for the people suffering from major cognitive troubles,", "duration": 13.77}, {"path": "cc82e791c065bdc271addf355bac274f_19.wav", "text": "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 problems", "duration": 13.77}, {"path": "1244d2b5a259c3bc73742830d60d53fc_74.wav", "text": "Before I move on to our operating priorities, I'd 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,", "duration": 13.77}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_12.wav", "text": "This was slightly better than we had expected as 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.", "duration": 13.77}, {"path": "e3d70ecdb6aaed843dd059c121962e45_13.wav", "text": "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.", "duration": 13.77}, {"path": "4e04d3229b988f1db5b842ac5b993894_31.wav", "text": "So we are 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 APEX-XKs, and we had a customer", "duration": 13.77}, {"path": "65b48a7260ef038ff1bec3cc200331c3_123.wav", "text": "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 HBC's balance sheet.", "duration": 13.77}, {"path": "65b48a7260ef038ff1bec3cc200331c3_6.wav", "text": "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.", "duration": 13.77}, {"path": "2f52e3495f64a67b885c0d35be2e8dce_117.wav", "text": "We should also recognize if 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.", "duration": 13.77}, {"path": "8a77ceadd7e4729abc9102d38be3a227_59.wav", "text": "Our advisers, many of whom have structured their practices as pass-through 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.", "duration": 13.77}, {"path": "c5c7a9f409241412b160a93cde7ef630_69.wav", "text": "The process for nominating and receiving Senate confirmations for new U.S. attorneys continues to move forward. These individuals, of course, are the nation's principal litigators that operate under the direction of the Attorney General.", "duration": 13.77}, {"path": "ea60900258f99d1003ab247c506e42d9_79.wav", "text": "availability of wheat in the long term or the medium term to be sufficient. So we always tried on the import parity mechanism. We've rationalized our wheat milling footprint to 5 mills, which we operate now", "duration": 13.77}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_180.wav", "text": "Our company's advantages in AI aren't just somewhat better than our competitors. It's structurally superior. All systematic incentives for progress in AI, for us, are aligned towards deepening our market lead in users,", "duration": 13.77}, {"path": "ab4dae37361262d727d1d2f8f78765d5_104.wav", "text": "So you will notice that we're not changing the outlook from what we said 6 months ago. Over the past 6 months, we have seen some normalization of mine plans. And we believe that this will continue but it will be gradual.", "duration": 13.77}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_4.wav", "text": "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.", "duration": 13.77}, {"path": "968913c3f9111fc67f1d9956c56dec3b_125.wav", "text": "This may be a variation of what we saw a few years ago with cease and desist activity. We're looking into whether there's a legal activity associated with this issue. And if so, we'll take appropriate action.", "duration": 13.77}, {"path": "915bdcf0edfec49b928ca4010cbb40ca_100.wav", "text": "And we're avoiding a lot of those headwinds. So we're not faced with the same situation that many others CPG companies are today. And again, we've talked about this a number of times in the past about", "duration": 13.77}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_84.wav", "text": "I think it's 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", "duration": 13.77}, {"path": "333d478ab06fd400afafa68f4a952191_77.wav", "text": "And on the merchandise price cuts, is that just part of your ongoing strategy that you've been using for the past couple decades to drive volume? Or was that to clear merchandise?", "duration": 13.77}, {"path": "e2225d612a954a24e7e91c08215d7b51_42.wav", "text": "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 record quarterly results.", "duration": 13.77}, {"path": "aed770c98113f594e36325a5822547e4_8.wav", "text": "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", "duration": 13.77}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_8.wav", "text": "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.", "duration": 13.77}, {"path": "01f88a67f39af3a74d5f23b095615d39_127.wav", "text": "which is not any increase in CapEx, but we found an opportunity -- we were approached with an opportunity where we could bring forward some existing CapEx payments, attract favorable commercial terms", "duration": 13.77}, {"path": "1e32d5e01ff61f70b37850c473b9876a_9.wav", "text": "As disclosed in previous 10-Qs as well as in our 10-Q filed earlier today, we have been in discussions with the California Attorney General and the Consumer Financial Protection Bureau.", "duration": 13.77}, {"path": "3d3b327645f62f252bb876e5bb4a9259_63.wav", "text": "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?", "duration": 13.77}, {"path": "7498a6630302a038bd537d192c3a44f4_230.wav", "text": "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.", "duration": 13.77}, {"path": "7498a6630302a038bd537d192c3a44f4_236.wav", "text": "That deterioration was a function of additional promotional activity, some of the clearance work on bamboo and engineered categories as well as the same obsolescence and mix effects of installation sales we saw in the year-over-year comparison.", "duration": 13.77}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_188.wav", "text": "and bring costs down in that process. And no different than past years, we have some initiatives we're putting in place to improve and reduce those costs that are more oriented to the second half of this year.", "duration": 13.77}, {"path": "94f601dc7b34ad38667e3b714aa89d35_75.wav", "text": "And we will continue to evaluate additional contingency plans to help navigate the situation in the longer term. With that brief introduction and overview, I'll now turn the call over to Jeff to provide more detail on the financial results for the quarter.", "duration": 13.77}, {"path": "82ccbfb62e125b146fba0f8e4347cc62_188.wav", "text": "there could be some inactives in that number and -- but you know when they come on. You just don't know -- there's not like a resignation you get when they decide to stop selling.", "duration": 13.77}, {"path": "b126c31149f1cadf1d891082a187d6fc_129.wav", "text": "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 we've had over the last 3 quarters.", "duration": 13.77}, {"path": "8d71e62af8c57a752b0e04f6546bf622_79.wav", "text": "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 from our side.", "duration": 13.77}, {"path": "a0fe48ba783b94dc7e5b0201aba7c1cb_55.wav", "text": "As you've 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.", "duration": 13.77}, {"path": "95303f68781d6fb58e19ec1dc7785a7c_71.wav", "text": "The project is on track, and first production is expected by the end of 2018. So those were just a few of the operational highlights from the first quarter. Now let's move to Slide 10 to discuss the remainder of the year.", "duration": 13.77}, {"path": "692de133aab90ff6681b2c45b433b32b_11.wav", "text": "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 more prominent impact on the Same Home results, in particular tax assessments in Houston came in lower than we had expected.", "duration": 13.77}, {"path": "0b21f953a7ae9970ef3a4c30b267927c_60.wav", "text": "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.", "duration": 13.77}, {"path": "92287986b332deec2c9712d7c89eef08_87.wav", "text": "Primarily due to bankruptcy activities 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 year-over-year.", "duration": 13.77}, {"path": "b08d602a938cc263402d9d2db56f2490_201.wav", "text": "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 went to market across the geography. So we feel very, very good", "duration": 13.77}, {"path": "2cd5b184c2ef6624ce219830182927c9_50.wav", "text": "focused not only on the electric side of the business where you know there's a lot of investment needed to modernize the grid, upgrade the grid to allow for new forms of generation and demand response like we're seeing in the REV proceeding in New York.", "duration": 13.77}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_133.wav", "text": "and you have lower cost credit facility capacity available to leverage up to your target to generate a higher return for shareholders, why wouldn't you do that first and then discuss", "duration": 13.77}, {"path": "c334e290beb657ee3efcb6b2f734c81e_56.wav", "text": "those rates have not really come down much at all in the last 8 years, probably the only spread product that hasn't come down, to my knowledge. And what happened was when the unsecured corporate bond market opened up,", "duration": 13.77}, {"path": "902872913863de98d38e2936b846cf66_29.wav", "text": "And then we're 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 they're just a smaller size and they're just slower and harder to produce and more expensive to produce. But", "duration": 13.77}, {"path": "0f8a61f667edd9a400d7abe2a7908a9e_94.wav", "text": "As Steve discussed, we expect to launch Rayaldee in the coming weeks. I'd like to provide our thoughts around expected revenue recognition over the next several quarters related to Rayaldee. Accounting guidelines by the SEC", "duration": 13.77}, {"path": "b20564a6da1bcfc7b80552299d9e002a_13.wav", "text": "The patient, doctors, the pharma industry, 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.", "duration": 13.77}, {"path": "5f4034bd1c0669186fcee6909c5d59e7_59.wav", "text": "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, they'll move directly to the Wilson. So", "duration": 13.77}, {"path": "f268a8174f58c93ad6b45b7f151fe896_92.wav", "text": "Bob's experience in strategic finance coupled with the FedEx Ground team's immense knowledge of Ground operations and the industry trend will be instrumental as we chart our course for the future.", "duration": 13.77}, {"path": "2c4d64ba9a75dff613a83aa6f145f4b7_1.wav", "text": "I'm 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.", "duration": 13.77}, {"path": "e3d039c554f5cc556071f83c93609e76_34.wav", "text": "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,", "duration": 13.77}, {"path": "24c7526f6daca8e16ab91bea6124148a_25.wav", "text": "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", "duration": 13.77}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_215.wav", "text": "But we view that, as Jim said earlier, capital recycling is 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.", "duration": 13.77}, {"path": "f15a674bdbbc461872000604216ae071_40.wav", "text": "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", "duration": 13.77}, {"path": "b154f7c33e567e453cb765f4ac03dd2f_210.wav", "text": "you can make a case for consolidation and get it approved when a couple 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", "duration": 13.77}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_55.wav", "text": "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.", "duration": 13.77}, {"path": "b35398859e534e471fb1cd60f5baac20_85.wav", "text": "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.", "duration": 13.77}, {"path": "8dd740d83ff1c7319a82eeba6047633d_178.wav", "text": "streamlining that can be done. The bad news is that we still think there's a lot of price pressure in the market. So I think it would be optimistic to forecast further margin improvement", "duration": 13.77}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_134.wav", "text": "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.", "duration": 13.77}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_17.wav", "text": "In addition, we conducted successful full-duration hypersonic engine tests and completed the consolidation of our aircraft protection product line from Clearwater, Florida to our Northridge, California facility on schedule.", "duration": 13.77}, {"path": "77f146e76d89a5be785a39ab23dfa763_113.wav", "text": "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.", "duration": 13.77}, {"path": "8fde6a4ab2de2ba6bbd0b4196ef82454_180.wav", "text": "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?", "duration": 13.74}, {"path": "f3ea353a6c918bc1fd311a9cad6b9777_2.wav", "text": "We also believe that this can only be accomplished with a 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.", "duration": 13.74}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_43.wav", "text": "to the culture of the company of really recognizing knowledge, skills and ability and the ability to really get into complex design opportunities", "duration": 13.74}, {"path": "223f05c0b9b116532e9af84afa76cac7_57.wav", "text": "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 relatively low leverage, durable cash flow profile", "duration": 13.74}, {"path": "ed1006cd88de67e8fe53ea86ad6862d7_16.wav", "text": "On the docGenix product side, last quarter, I mentioned that we were pursuing opportunities with a couple of high profile prospects and we're also seeing interest from an existing customer in incremental add-on services.", "duration": 13.74}, {"path": "7e14890193df4b10e1eeab6ab886529f_85.wav", "text": "Today, healthy is the new skinny. Increasingly, people who join Weight Watchers are interested in something more than getting into a size 8 jean. They want to feel healthy and happy at every size.", "duration": 13.74}, {"path": "044da592acc01ff7baacb3dbf2a302a9_171.wav", "text": "the latter of which we recently received a warning letter related to last year's recall, we remain on track with the EPS accretion for both deals as their growth will accelerate through the remainder of the year.", "duration": 13.74}, {"path": "de3b766a868da918e499f407dbf5d716_129.wav", "text": "As far as the pace over the course of the year, there's probably going to be a little bit heavier acquisition volume, I would think, in the second half of the year as some of the", "duration": 13.74}, {"path": "de3b766a868da918e499f407dbf5d716_115.wav", "text": "So while the potential impact from the overlap of T-Mobile and Sprint assets in our portfolio could be as high as perhaps a mid-single digits percentage of LMRK's total revenue based on that simplistic analysis,", "duration": 13.74}, {"path": "d085781ecd776da8a9c4d31ad547606b_84.wav", "text": "We are following the situation closely and are conducting estimates of the possible impact on the country's economy. We also keep a very high level of liquidity in the Nicaragua bank to manage any unforeseen circumstances.", "duration": 13.74}, {"path": "f686be4a39a5c75b5f3a03a1aed5d9b6_77.wav", "text": "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?", "duration": 13.74}, {"path": "cc82e791c065bdc271addf355bac274f_198.wav", "text": "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.", "duration": 13.74}, {"path": "d4ad91ac3b9c1832b95aa346c8c84b46_54.wav", "text": "The soft energy Sector negatively impacted operating results of certain of our travel centers, which, in addition to the volume impacts I just mentioned, saw their aggregate site level contribution excluding fuel margin", "duration": 13.74}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_175.wav", "text": "Our extended gifting ranges performed particularly well, and our new fulfillment center in Guernsey enabled us to meet record levels of demand for both gifting and greeting cards over the key events in the period.", "duration": 13.74}, {"path": "23eff4c724ee00f56319fcc47add3441_11.wav", "text": "Adjusted EBIT margin declined by 20 basis points versus the prior year to 5%. The benefits of Asia-Pacific growth, our pricing actions and integration initiatives helped to mitigate the impact of lower volumes in Europe", "duration": 13.74}, {"path": "8957425799e5ce0200bfacf204d0acde_173.wav", "text": "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.", "duration": 13.74}, {"path": "0f06227be4dd36d9329849eda96196aa_45.wav", "text": "There are 2 important examples, this I'd 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.", "duration": 13.74}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_10.wav", "text": "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 follow-up operations.", "duration": 13.74}, {"path": "863512efd537ffd31c094dd9bfd5ebd3_122.wav", "text": "how are they trending across your various product groups right now and if you have seen any further extensions with the course of Q3 or are they coming back? Secondly, with respect to", "duration": 13.74}, {"path": "2905366dcf0eb60a22b63a1b3d9adf95_124.wav", "text": "Before we begin, I would like to remind all participants that our comments made today will include forward-looking statements which are subject to certain risks and uncertainties and could cause actual results or events to materially differ from those", "duration": 13.74}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_114.wav", "text": "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,", "duration": 13.74}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_91.wav", "text": "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 we're doing right now is just keeping up technology revs", "duration": 13.74}, {"path": "a8b43081254547419da7462d9c957d61_204.wav", "text": "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.", "duration": 13.74}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_130.wav", "text": "And that will be to our benefit because we've seen too many changes happening too fast in the marketplace, and we're actually seeing that the local competitors are the ones that are gaining share. Unilever globally is gaining share", "duration": 13.74}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_186.wav", "text": "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 we'll update you on this once a firm decision is made.", "duration": 13.74}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_198.wav", "text": "And third, we have redoubled our efforts to drive discipline, operational excellence within our stores and to mindfully allocate capital with a sharp focus on managing our corporate expenses.", "duration": 13.74}, {"path": "505ccbd6e857cad05a179a5ed5419d1b_32.wav", "text": "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.", "duration": 13.74}, {"path": "ab4dae37361262d727d1d2f8f78765d5_4.wav", "text": "The Major Hazard Initiative has deliberately targeted workstreams. They identify for themselves the hazards that can lead to fatalities in the workplace. Unlike previous safety initiatives, it is not just top-down.", "duration": 13.74}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_123.wav", "text": "Now I will go over the details of our Air Transportation business. Please turn to Page 36. This is a year-on-year comparison of changes in operating income for our Air Transportation business.", "duration": 13.74}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_57.wav", "text": "In addition, we have included non-GAAP 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.", "duration": 13.74}, {"path": "bbb4adabb4fce8ad4d11962c46f59a1f_64.wav", "text": "and those are just examples. And if we can deliver on those examples, there's 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 be in conjunction with partners.", "duration": 13.74}, {"path": "b126e11520fd54843c67f70f15cd30cc_90.wav", "text": "you to be able to integrate life, work and also tourism in your daily life every day. So every day is a holiday. FOLIDAY last year was listed.", "duration": 13.74}, {"path": "75eb5b75bb8587b63c318714ea956b9e_63.wav", "text": "Besides the women's 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.", "duration": 13.74}, {"path": "75eb5b75bb8587b63c318714ea956b9e_104.wav", "text": "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.", "duration": 13.74}, {"path": "52a4e3ebf7e968a783401230c3f69a9d_65.wav", "text": "which is an embedded marketplace for customers to install new applications and enable new features like Business Inbox, which offers social messaging integration.", "duration": 13.74}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_93.wav", "text": "but I will tell you we are seeing early success. And part of the challenge is we've 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 we're actually about doing it. So we have every confidence", "duration": 13.74}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_125.wav", "text": "And we have a very nice technical acumen in that area, and that's where some of our growth is coming from as well. So those are the 3 areas that we like. We've positioned ourselves as the go-to for those type of applications", "duration": 13.74}, {"path": "0e52a74a184c92ad0c336af764aa0796_35.wav", "text": "In essence, what was reflected back to us was that the whole positioning of SciClone as a unique China-focused specialty pharma company was very highly regarded by these third-parties.", "duration": 13.74}, {"path": "c36ef43210d40b0d1ad8f2acc597c76b_101.wav", "text": "So nothing's 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 we're able to describe that, we will do so in the not too distant future.", "duration": 13.74}, {"path": "80a2ca14358172366acab4e80f3fa33b_262.wav", "text": "hog production assets in Europe, they have very low cost. So are we going to acquire more assets?", "duration": 13.74}, {"path": "523a7b1c62d1e2ac2fc0440bca0d020c_3.wav", "text": "Our ability to deliver strong and predictable earnings and cash flow in the current environment is a reflection of the resilience of our low-risk business model. Our business model performs well and in a predictable fashion in high or low commodity price markets.", "duration": 13.74}, {"path": "3e29586725757a72d8c143f3da2658f5_84.wav", "text": "These impacts were partially offset by approved rate recovery. The interim rate true-up affected second quarter only, and the approved rate recovery will generate incremental revenue on a go-forward basis.", "duration": 13.74}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_105.wav", "text": "half a dozen things. We showed that prospect using their own data, but we've 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", "duration": 13.74}, {"path": "d5fb88dba0740bc906c5127e05592f95_54.wav", "text": "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 forward-looking statements.", "duration": 13.74}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_90.wav", "text": "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.", "duration": 13.74}, {"path": "078b27aa69b10aa01f2eab2aa681bdd8_4.wav", "text": "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.", "duration": 13.74}, {"path": "18e82b076319ac52f8a4b391ea345abd_32.wav", "text": "But you're 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?", "duration": 13.74}, {"path": "919fd6c04cca92ecdf503e32f884435d_32.wav", "text": "We're very grateful for her many contributions, and we wish her much happiness in her retirement. We'll now turn the call over to Bob to provide more detail on our financial results and outlook, in addition to our regulatory update. Bob?", "duration": 13.74}, {"path": "b126c31149f1cadf1d891082a187d6fc_25.wav", "text": "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.", "duration": 13.74}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_36.wav", "text": "As Rakesh mentioned, due to all the acquisition activities, 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", "duration": 13.74}, {"path": "ecc871b8f89a858d952f554f1ca8f7da_79.wav", "text": "Enhancing our competitive edge is a key element of our long-term strategy and we remain focused on execution. We're further strengthening our core by maintaining a solid pipeline of new products and applications.", "duration": 13.74}, {"path": "1215cf00a11992ec74743f92026af2e9_18.wav", "text": "that we have really pushed to move forward. And again, those aren't large dollar impacts as far as capital, but they are large dollar impacts by accelerating a debottlenecking of a system. And a good example of that is", "duration": 13.74}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_122.wav", "text": "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?", "duration": 13.74}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_32.wav", "text": "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.", "duration": 13.74}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_87.wav", "text": "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,", "duration": 13.74}, {"path": "d1c4d16bfe8ceadd0ab1356305ca749b_79.wav", "text": "The first thing is that we've hired some -- from Aggreko, some mobile power generation units for Bulyanhulu, just to stabilize the power there so that we don't suffer", "duration": 13.74}, {"path": "2313d1644b53f7bf5e70d2ff4db8e6e6_169.wav", "text": "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.", "duration": 13.74}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_139.wav", "text": "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 we're teeing up,", "duration": 13.74}, {"path": "f15a674bdbbc461872000604216ae071_99.wav", "text": "And we can see that this step of ongoing improvement in governance tends to continue. But we do not have any commitment", "duration": 13.74}, {"path": "4fd138e27f5f375945332eacefa15b62_171.wav", "text": "which is how mid-size, mid- to high-end-size clients are adopting the platform is more of the solution approach to package solutions in a way that can be easily deployed.", "duration": 13.74}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_20.wav", "text": "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.", "duration": 13.74}, {"path": "153ca64e1ddbb5b38a71827429635d48_24.wav", "text": "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.", "duration": 13.74}, {"path": "a98061f951c1b2c7a915e296098bc4de_89.wav", "text": "because of operational variance as well as seasonality associated with both the fact that students graduating in May will be making their first payments in November. And so there's these waves of graduates that come in,", "duration": 13.74}, {"path": "1bee232b4d03ce3a6f424bb7891581a2_57.wav", "text": "But we're 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.", "duration": 13.74}, {"path": "ff59c33225941d4025bcecc8fe1a4b32_75.wav", "text": "The forward-looking statements are made only as of the date of today's conference call, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.", "duration": 13.74}, {"path": "8fde6a4ab2de2ba6bbd0b4196ef82454_88.wav", "text": "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.", "duration": 13.71}, {"path": "62d981deed6d5128615c99d1597178b6_89.wav", "text": "Now in the second half of 2018 and particularly in the fourth quarter, we did see much stronger demand than we've been expecting across the entire portfolio. And that led to the stronger performance you've seen.", "duration": 13.71}, {"path": "b7d4858dcc1d9cf454416082b75a3429_153.wav", "text": "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 it's prudent at this time of the year given the performance we've had in the waste stripping side of the guidance.", "duration": 13.71}, {"path": "92d6249907f14e4011cf1b08d2f298d9_77.wav", "text": "The decline in market share was not unexpected as we closed TMX Select, and Alpha was relaunched as an unprotected marketplace. These changes are made as part of the larger initiative to simplify and improve the trading experience for our clients.", "duration": 13.71}, {"path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_106.wav", "text": "Increasing services margin driven by alignment with our all-platform product strategy will also be on display this coming quarter and beyond. Helping our customers build more valuable businesses", "duration": 13.71}, {"path": "ab861b81968e1b5fcb606ed886919d68_95.wav", "text": "it is also appropriate to combine that style of investing with a certain level of more senior oriented structures, which provides a laddering effect in terms of overall yield and tenure across our investment portfolio.", "duration": 13.71}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_136.wav", "text": "Both Matt and I agree there is no reason Marvell with its existing structure today can't perform at the level of all of our peers or better.", "duration": 13.71}, {"path": "95962e0f754f9e2f786778c85d0913b8_89.wav", "text": "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.", "duration": 13.71}, {"path": "04f29bc02d1e2ef65077ca67bf41f475_38.wav", "text": "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.", "duration": 13.71}, {"path": "8b71a232d7fe61e6232807b635977c31_93.wav", "text": "again, we love our competitive position. And the progress we've been making on Total Audience Measurement as this year has unfolded and where we stand right now -- look, we have more to do, but we're in a great spot and we're going to continue to execute.", "duration": 13.71}, {"path": "6d02f116f1ae8575d9b916f1429454eb_58.wav", "text": "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.", "duration": 13.71}, {"path": "bad55d25c1222682bd893d97dc5cbb27_68.wav", "text": "I mean, these aren't things that are waiting to be built and still have parts out in the supply chain. A lot of these are parts that are in the boxes, and we're just -- we're geared up for the customer delivery dates.", "duration": 13.71}, {"path": "145244b0378e6657d456cffca8bbc982_34.wav", "text": "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.", "duration": 13.71}, {"path": "833f98dbc79997580b24335033aac5d2_227.wav", "text": "not a lot of investments being announced and we wouldn't expect any in the future, frankly 0 on the combined cycle plant side of things, that you see that the market has finally reached", "duration": 13.71}, {"path": "cfbe91105113db7a5784f77e411b7a3f_123.wav", "text": "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", "duration": 13.71}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_130.wav", "text": "Shipments of the DT systems to Ashok Leyland have commenced, and we continue the dialogue at the highest levels of Ashok Leyland on furthering our partnership, as we continue to work on our expansion into the India EV market,", "duration": 13.71}, {"path": "a24a661c2eb55542903c72391ec09f9b_45.wav", "text": "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.", "duration": 13.71}, {"path": "0f4370b614f29bd596e4f6871cc77864_23.wav", "text": "Customers continue to validate the attractiveness of the combination and are already showing us possibilities we've previously did not see, such as integration of data feeds from our Transportation business into the construction ERP systems.", "duration": 13.71}, {"path": "9da45cfd4472699ef05d887adce01223_71.wav", "text": "As I discussed on last quarter's 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", "duration": 13.71}, {"path": "171fd9df333ddd814c764843ed624121_35.wav", "text": "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, you're going to consistently see leases", "duration": 13.71}, {"path": "655d592e9d1b1027f1824b1554d8b131_67.wav", "text": "as well as in the regulatory support behind them. And you'll hear more about the company's innovations pipeline in the coming months. Niconovum's Zonnic nicotine replacement therapy gum also continues to perform well.", "duration": 13.71}, {"path": "c3ac3b05413d9a9caee0626d57fee77f_62.wav", "text": "We have the skills and capacity to move into new areas and into mature plays in a wide variety of geologic settings. We are not constrained by geography or play type.", "duration": 13.71}, {"path": "4e04d3229b988f1db5b842ac5b993894_110.wav", "text": "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.", "duration": 13.71}, {"path": "1ddc944827b99caf8c7867ceeed0ec20_38.wav", "text": "But we're on schedule to sell more displays to them. Go through the second stage and this will be ramping up. And displacing, eventually, what's in there for the other company.", "duration": 13.71}, {"path": "e60f6485243932b9280d864cb17a6ba8_135.wav", "text": "Digital artificial intelligence are part of the answer we might give to them. A first example, we launched recently a new platform, Organix, the first digital marketplace for organic waste.", "duration": 13.71}, {"path": "08ed60a546bd48af9db028c4e3c8af26_79.wav", "text": "We disclaim any obligation to update these forward-looking 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 10-Q.", "duration": 13.71}, {"path": "0360a780927a31fb0bec9e79dac878a2_58.wav", "text": "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.", "duration": 13.71}, {"path": "6a372ea97b0b130a4d37f16b54d97909_79.wav", "text": "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.", "duration": 13.71}, {"path": "10dfe5270a7e4216d68614041d2a9bbe_31.wav", "text": "that are -- have some level of stress or distress, mostly in the exploration side. We're not interested in the exploration side. We're not -- we're going to stay within our existing franchises, which are on the production side, because that's what", "duration": 13.71}, {"path": "c3567809c19ce6a800677544cd84f88b_226.wav", "text": "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 it's still an area of opportunity.", "duration": 13.71}, {"path": "ab4dae37361262d727d1d2f8f78765d5_172.wav", "text": "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,", "duration": 13.71}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_84.wav", "text": "Please see Page 18. Now I'll 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.", "duration": 13.71}, {"path": "f77935c4693e4d33252c9c76993e9c8b_123.wav", "text": "The dilemma I would have, if I was a director at your company, would be I would want to make sure that any of those -- that The Street understands what potential could happen or not", "duration": 13.71}, {"path": "74d0910b4af16f82a812bddbb151d966_146.wav", "text": "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.", "duration": 13.71}, {"path": "03b9bb6c861e205653c9c22f11f9ef1f_110.wav", "text": "And we do intend to file a general natural gas case by the end of September of this year. And as we have discussed before, we do a first look for each", "duration": 13.71}, {"path": "7ebbb41dcefeb482191f8bc22031b5d9_37.wav", "text": "new eyes find problems that were in files that were hidden underneath in the drawer, underneath the desk. Yes. I think what we would tell you at this point is we had a number of new eyes on these already.", "duration": 13.71}, {"path": "8eaca8d8a419f74540f69ade8defabbd_73.wav", "text": "This effort will yield us a cadre 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,", "duration": 13.71}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_45.wav", "text": "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,", "duration": 13.71}, {"path": "da879f8ea1c23aa6565cccaacac271fc_130.wav", "text": "we're not engaging with WIL's clients because they're not our clients at the current time. We have an understanding of who they are. We have kind of some euphemistic understanding of their initial reactions to the deal.", "duration": 13.71}, {"path": "369789f0d39dbf62298be2aa807ff8ee_72.wav", "text": "So it's 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.", "duration": 13.71}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_126.wav", "text": "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.", "duration": 13.71}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_34.wav", "text": "These results were driven primarily by a very successful launch of the Nintendo Switch, the growth of licensed merchandise and collectibles sales and the continued rapid expansion of Roku in Mexico.", "duration": 13.71}, {"path": "9ec35a7809acb51486076e302028ba33_54.wav", "text": "Certainly, we've -- 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", "duration": 13.71}, {"path": "3877b1983229ec488c6349a188bccf92_222.wav", "text": "Basic EPS increased 36% due to the balance sheet remeasurement of our U.S. deferred tax liabilities as a result of the headline rate reduction, resulting in an exceptional tax credit.", "duration": 13.71}, {"path": "f3ef7b587ef19092f28a7c1ece1d46fe_161.wav", "text": "condition precedent like a CP like in a contract, saying that we wanted to do it only provided that we should have found a very robust and sound", "duration": 13.71}, {"path": "c12aea8267b41c1b0347ac04aaa4f789_43.wav", "text": "which was used in need for a secured money market transactions. However, lower volumes were more than offset by higher average commission paid in both business as a result of market conditions.", "duration": 13.71}, {"path": "1862ee2f84dc77a40dde64b34f3ab94e_14.wav", "text": "for actions committed by previous employees. And so when the company is indicted, it's not because the company has done anything wrong. It's because someone that worked there had or hadn't.", "duration": 13.71}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_151.wav", "text": "I assure you that our company take such matters very seriously and is focused on making sure we do not need to take advantage of grace periods without a very good reason to do so. With that, let me walk you through our preliminary results.", "duration": 13.71}, {"path": "52ea66e70853eaa0c1183ddfa31b760a_7.wav", "text": "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 2.5 years in the business, that we have one of the most powerful brands in the business.", "duration": 13.71}, {"path": "b0d88c0f1efca89ecb928172341dc75d_257.wav", "text": "in the data? And do you see the resultant impact -- or the reversal in your velocities such that this is going to prove to be a 1-year divot because your velocities are so strong, there is almost", "duration": 13.71}, {"path": "c334e290beb657ee3efcb6b2f734c81e_11.wav", "text": "We plan to continue to maintain the ability and flexibility to both execute our own securitizations to contribute to partner deals in order to optimize results while executing subject to a variety of prevailing market conditions.", "duration": 13.71}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_122.wav", "text": "The analysts and the market is telling us that's where it's going, but from a business model and from a financial model, if you look back over the last 10 years, we've been relatively flat on average", "duration": 13.71}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_322.wav", "text": "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.", "duration": 13.71}, {"path": "1e82002540bb3371dcda874a3ce114b2_72.wav", "text": "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", "duration": 13.71}, {"path": "f268a8174f58c93ad6b45b7f151fe896_89.wav", "text": "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.", "duration": 13.71}, {"path": "ef7e77f6a5983826d0eefe75f7832ce6_65.wav", "text": "We listened 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,", "duration": 13.71}, {"path": "a766b08317742c952705018a899f3998_78.wav", "text": "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.", "duration": 13.71}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_173.wav", "text": "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.", "duration": 13.71}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_188.wav", "text": "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.", "duration": 13.6800625}, {"path": "da879f8ea1c23aa6565cccaacac271fc_243.wav", "text": "In addition to improving operating efficiency, these initiatives will centralize scientific expertise, enhancing the opportunities for collaboration and for implementation of best practices.", "duration": 13.6800625}, {"path": "d162113e3aface010baec17bd408736b_28.wav", "text": "So there are certain features which have been introduced last year. Some of those processes can be improved. So that's why we had a substantial amount", "duration": 13.68}, {"path": "92b48b365197c65ebf545a4c9dd1200d_114.wav", "text": "The forward-looking 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,", "duration": 13.68}, {"path": "7d2a9151826f1fbcf538ffbf85924ed2_9.wav", "text": "And so what that means is that we don't 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, I'll point to", "duration": 13.68}, {"path": "94fdf7b24748a7706b1097482a0f363a_222.wav", "text": "Now there's 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,", "duration": 13.68}, {"path": "2f888e63a31b86cc2f4f97710e8eed79_52.wav", "text": "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", "duration": 13.68}, {"path": "2f888e63a31b86cc2f4f97710e8eed79_237.wav", "text": "growth and facilitate migrations into 2018. The KPN ONE portfolio is very important to us. It's the basis for up and cross-sell of additional services to SME customers.", "duration": 13.68}, {"path": "10ad172801ac8cd3a21e4355d7349eb5_148.wav", "text": "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.", "duration": 13.68}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_183.wav", "text": "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.", "duration": 13.68}, {"path": "f2cd7d3ddaf92ab9c64154d74b2d118a_126.wav", "text": "So that's 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.", "duration": 13.68}, {"path": "918de179148bbfe18b95415ee0065a3d_105.wav", "text": "throughout the lateral in different stress regimes and pumping that pill mid-stage allows us to get much better perforation efficiency across the lateral. That's really the", "duration": 13.68}, {"path": "8b71a232d7fe61e6232807b635977c31_16.wav", "text": "Our teams are laser-focused 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.", "duration": 13.68}, {"path": "e1f462455d6c826d9c173c35d4844383_102.wav", "text": "Scope of the first phase of the project will likely include the construction and new production facilities and the recompletion of 1 or 2 previously drilled exploration wells and potentially the drilling of 1 new well.", "duration": 13.68}, {"path": "95b678c2b11d1ded2d9e9ba839aaee06_31.wav", "text": "I was hoping you could come back to the overseas consumer business which seems to just be turning much quicker than we would have thought. If you could just give us -- talk about the top line a little bit and where -- I mean was there a lot of", "duration": 13.68}, {"path": "6f2c2a55736c5c47a19eca807ec60e33_60.wav", "text": "it's 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.", "duration": 13.68}, {"path": "2a5b0a6532fa2b71915a2930be02621a_224.wav", "text": "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.", "duration": 13.68}, {"path": "fa45af64ef25007f998c655347bfbecb_109.wav", "text": "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 don't get the required approvals.", "duration": 13.68}, {"path": "cc82e791c065bdc271addf355bac274f_29.wav", "text": "And as Fred said, we do not comment on the mix and the amounts related to PIS and Cofins. We didn't comment on that last year as well.", "duration": 13.68}, {"path": "8957425799e5ce0200bfacf204d0acde_67.wav", "text": "Flexible pipes are highly engineered, complex multilayer structures helically wound and comprised of unbonded layers of steel and composites, which enables them to withstand the demanding pressures and tensile loads required in deepwater production,", "duration": 13.68}, {"path": "47a303604df9f9fc9f2f89a9280c3a79_1.wav", "text": "These statements are based on information available to us today, and we are not assuming any obligation to update them. Forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements.", "duration": 13.68}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_48.wav", "text": "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, I'll turn it back to Adam.", "duration": 13.68}, {"path": "fc066133a3e40a7d270f2dff3e44fd58_47.wav", "text": "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,", "duration": 13.68}, {"path": "276392c471c063580869aec014a1feda_48.wav", "text": "Before we begin, as a reminder, during this conference call, comments may be made that include some forward-looking statements. These statements involve risk and uncertainty, and as you know, actual results may differ materially from those discussed or anticipated.", "duration": 13.68}, {"path": "276392c471c063580869aec014a1feda_52.wav", "text": "It's made from real coffee and contains no artificial flavors or added colors, and best of all, it's only 100 calories, providing nutrition and energy so many consumers are looking for as a snack or on the go.", "duration": 13.68}, {"path": "c433164f6d189e18b1e4784e376b6ecb_79.wav", "text": "As a company, we believe hedges are an important instrument to decreasing volatility in cash flows but should be entered into ratably over time for a percentage of PDP that you were not timing the market.", "duration": 13.68}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_169.wav", "text": "And at the present time, although we're continually looking to do what's right for the customers that we have, we do not see that our future is constrained by not having the global platform. So", "duration": 13.68}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_19.wav", "text": "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 on-ramping of significant new amounts of traffic.", "duration": 13.68}, {"path": "5da5c681e5cfcdedfbfd8b93e2d4d088_131.wav", "text": "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", "duration": 13.68}, {"path": "bab12f620df0f367e74acdcc467686f1_137.wav", "text": "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. I'm not prepared to predict organic growth exactly by quarter.", "duration": 13.68}, {"path": "49a78c1ec143d9ac46e893e77198c0e3_85.wav", "text": "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 that's -- part of our thinking there was to", "duration": 13.68}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_37.wav", "text": "The majority of the 3.9 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.", "duration": 13.68}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_6.wav", "text": "Now let's talk about the specifics of our first quarter 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.", "duration": 13.68}, {"path": "58ff8a727ec4f3859407b64f08246759_220.wav", "text": "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 I'd rather not guess in this setting. So we're feeling good about it, but I don't have a date for you yet.", "duration": 13.68}, {"path": "c3af5ef871fb87eee698a7a6e8e1d41e_58.wav", "text": "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 in-house call center and legal capabilities and we are working off a new collection system.", "duration": 13.68}, {"path": "3df0981a2d94ed56170b78330aa72ee9_102.wav", "text": "I guess it's a somewhat of a disconnect from the improving macro outlook, some of the robust innovation pipeline that you've talked about. So I'm wondering if this is really more related to the retail environment and sort of the pricing pressure", "duration": 13.68}, {"path": "9b93af1e7019959620214c387f283d8e_119.wav", "text": "they can market to their customers quite effortlessly within ARC to convince or to encourage their customers to sign up. We're also talking about doing call center-oriented call-down campaigns to the customers that haven't signed,", "duration": 13.68}, {"path": "10dfe5270a7e4216d68614041d2a9bbe_160.wav", "text": "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.", "duration": 13.68}, {"path": "10dfe5270a7e4216d68614041d2a9bbe_118.wav", "text": "Okay. The previous caller asked about the stock buyback one. 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 last year", "duration": 13.68}, {"path": "c3567809c19ce6a800677544cd84f88b_49.wav", "text": "Distill Ventures is our brand incubator. It has already made 10 investments, of which the most recent is our investment in Seedlip. This is, as the entrepreneur behind the brand says,", "duration": 13.68}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_45.wav", "text": "historic foundation of our GP 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", "duration": 13.68}, {"path": "526e0d5398a516831b49936c31a8ea1c_74.wav", "text": "earnings for that segment sort of being shifted a little bit into 2017 and potentially earlier than that? Well, two things. One is we will continue to update on a quarterly basis where we stand relative to those incentive targets.", "duration": 13.68}, {"path": "f7df5ecab61eca575f169a8298318eca_108.wav", "text": "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.", "duration": 13.68}, {"path": "ab4dae37361262d727d1d2f8f78765d5_159.wav", "text": "I would like to reiterate that at all times, we will ensure that CapEx related to safety, environmental obligations and ensuring that we meet our license to operate conditions is always maintained.", "duration": 13.68}, {"path": "ef44080b170ca6366a6d3132d0baf11a_12.wav", "text": "The 5 basis points of NIM improvement over the third quarter was driven by a combination of benefits from higher short-term interest rates and favorable funding mix, offset by an increase in cost of interest-bearing deposits.", "duration": 13.68}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_186.wav", "text": "and once again it's always been run by us respecting all applicable laws, that will continue. So is the Russian market impacted by the sanctions? Certainly. Will some of our Russian customers be", "duration": 13.68}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_219.wav", "text": "Our business activities were impacted last week and there were some questions as to what's the impact and we put a number out there on the press release, which says that we expect a one-off cost impact", "duration": 13.68}, {"path": "0ec0a75c1800bac01520dcac5b8992fb_44.wav", "text": "new markets or position us to strengthen our position in key geographies. So as an example, building a planarization lab and manufacturing facilities in", "duration": 13.68}, {"path": "74d0910b4af16f82a812bddbb151d966_39.wav", "text": "And so beyond that, what we see is that as additional demand comes on, then we're going to be also looking at working with our customers on increasing mainline capacity on Northwest, which will be a good uptick", "duration": 13.68}, {"path": "cac9bb252b7974b7044423e714c2f054_22.wav", "text": "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, we'd rather", "duration": 13.68}, {"path": "b3d7bc295d09d9927e465213612c0192_237.wav", "text": "something they were doing with our platform there. But I think probably the strongest way to measure us is just on the continuous quarter-over-quarter growth and what we'll be updating on", "duration": 13.68}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_11.wav", "text": "Because our sellers are compensated on gross profit, we maintained strong profitability in line with last year's first quarter, achieving first quarter records for adjusted EBITDA and non-GAAP net income per share.", "duration": 13.68}, {"path": "8eaca8d8a419f74540f69ade8defabbd_196.wav", "text": "As we look at the next several kind of quarters, matched up with the order season, which we said has kind of pushed out into the Q4, Q1 time frame -- we're not looking at material costs that are terribly dissimilar to where we were at this time last year.", "duration": 13.68}, {"path": "b24e0b37987585f3c63f28df67e6a1f6_194.wav", "text": "In terms of the Canadian question and the Q4 drilling. We actually don't expect there to be really any material production impact in the fourth quarter on those wells by the time that they're tied in", "duration": 13.68}, {"path": "068bea67ac01942fafb955a1116b29dd_3.wav", "text": "Once again, keep in mind that combined with a 70% generics penetration rate, introduction of new generic drugs and price decreases reduced pharmacy's retail sales growth.", "duration": 13.68}, {"path": "3d3b327645f62f252bb876e5bb4a9259_34.wav", "text": "that -- those 2 factors would probably give them a significant pick up. The other thing would be the extent they're 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.", "duration": 13.68}, {"path": "6709c061d39d0e433079f84160f11c80_41.wav", "text": "and we do devote a fair bit of attention to at least thinking about this. When I say we, it's not a large team. It's mostly Laurie and myself and other people in the finance group. This is not a significant activity for", "duration": 13.68}, {"path": "e33785a294553de2a12d4463bf786744_113.wav", "text": "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.", "duration": 13.68}, {"path": "3877b1983229ec488c6349a188bccf92_167.wav", "text": "We have embedded productivity in the Mexican business to drive out costs to invest in growth. This has resulted in savings being delivered across the 5 productivity work streams.", "duration": 13.68}, {"path": "af00f4e7b63ee843a3d203f982fac701_39.wav", "text": "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.", "duration": 13.68}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_203.wav", "text": "I think we are better positioned than ever. The marketplace as it continues to evolve, our challenges are mighty and our solutions are great. And I think we've got a great leadership team to take us to that whole next level of performance", "duration": 13.68}, {"path": "e522eff219f3eaa2c9b090dc12cad420_82.wav", "text": "All right. Based on your delivery guidance which, I think, mirrors what you're delivering 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", "duration": 13.68}, {"path": "29f56972971325265e4a53485f49793e_139.wav", "text": "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, a really good number.", "duration": 13.68}, {"path": "09b5b62d328d3d0719b6825357fdfb48_177.wav", "text": "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 morning's press releases and the comments made during this conference call", "duration": 13.68}, {"path": "09b5b62d328d3d0719b6825357fdfb48_39.wav", "text": "Okay, maybe last one from 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", "duration": 13.68}, {"path": "ec6bcc27bd7d6a428dc5b2be7ae7d93b_30.wav", "text": "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.", "duration": 13.68}, {"path": "64364105b816dd0b6a029e9cd210e65b_295.wav", "text": "while facing demand headwinds in several key markets. 2015 also saw our retail segment continue their growth of on-site customer support, mobile service and tank parts and service.", "duration": 13.68}, {"path": "794528c461ef7009b1741ac67c17aba4_144.wav", "text": "We want to realize their full potential. We understand that we're not going to do that alone and are looking for partners on all those products that bring functional capabilities, disease expertise, geographic depth", "duration": 13.68}, {"path": "52446e909611115f34d7b34bf7c09c99_70.wav", "text": "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 today's presentation.", "duration": 13.68}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_8.wav", "text": "To give you a magnitude of customers today, we have a customer that has 22 proprietary stores in addition to a franchise", "duration": 13.68}, {"path": "e0555e30370c43189a1136fb7ef17d20_38.wav", "text": "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", "duration": 13.68}, {"path": "20489859070c48218db6ab0f5b6d2b05_127.wav", "text": "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 discount", "duration": 13.68}, {"path": "2cd5b184c2ef6624ce219830182927c9_179.wav", "text": "is -- has like 14 interconnects into it and we have other storage facilities. But we're going to be looking at strategically what do we want to do with this business over the next few months and we'll get back to you on what we intend to do", "duration": 13.68}, {"path": "323193895e800e72960d98dd5fb64cf5_96.wav", "text": "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?", "duration": 13.68}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_61.wav", "text": "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 my ACV is growing", "duration": 13.68}, {"path": "96488f25af54f91198b444e5eff8e878_58.wav", "text": "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. We'll be pursuing remedies for this but would say that the approach taken here is disappointing.", "duration": 13.68}, {"path": "6cbf592846662213258684c3049e4592_15.wav", "text": "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?", "duration": 13.68}, {"path": "ffa357a084f4deb64797a0a32b8c5e33_185.wav", "text": "there is no wavering. And we are heads down, and we're executing like crazy and to move through it as fast as we can. And we are almost through it, and it's now sort of rebuilding headcount. But from our standpoint,", "duration": 13.68}, {"path": "b20564a6da1bcfc7b80552299d9e002a_78.wav", "text": "the project is now fully on plan. I cannot say too much about the start of 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 I'm very optimistic about this one.", "duration": 13.68}, {"path": "77423f08f0208d476dea73c639f6293a_128.wav", "text": "that I can think of really besides maybe Madonna who hasn't already passed away. And it's sad commentary, I don't mean to be cryptic here, but there just aren't that many celebrities from the '80s who were celebrities throughout the '90s throughout the 2000s still around,", "duration": 13.68}, {"path": "f15a674bdbbc461872000604216ae071_21.wav", "text": "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,", "duration": 13.68}, {"path": "f15a674bdbbc461872000604216ae071_150.wav", "text": "Could you explain this increase and how should we consider this cost from now on? And specifically about the average radius, what about this quarter? And what", "duration": 13.68}, {"path": "bc5018861ccb5380fbe71ad789a6d4b0_148.wav", "text": "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.", "duration": 13.68}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_133.wav", "text": "Frankly, a great year but not an end state 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,", "duration": 13.68}, {"path": "7a80c3e91e5a2693cdaef5f716808317_143.wav", "text": "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.", "duration": 13.68}, {"path": "e43b90b4488b47b5e2cc96b57863bc19_48.wav", "text": "With that said, we've 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", "duration": 13.68}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_42.wav", "text": "on average the payback that we get on that remodel is less than 2 years. It's often better than opening a new store in terms of the return on that investment. So we think it's a good return for sure.", "duration": 13.68}, {"path": "9cd9b67e289e807d677aabc5765fec6a_43.wav", "text": "that the larger companies, it's a longer time talking about it. It's more planning. Their organizations are more complex. I think they're more risk averse about doing it. So you need to build in a longer process for that. But frankly,", "duration": 13.68}, {"path": "9097dcbaf554d635920c6274b1de4997_116.wav", "text": "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.", "duration": 13.68}, {"path": "9097dcbaf554d635920c6274b1de4997_125.wav", "text": "This is not surprising to us given the duration of the study. Data from previous olanzapine studies have shown variable metabolic parameter findings in studies of this duration depending on study design and patient population.", "duration": 13.68}, {"path": "744f5859c7d9a0567b387ae84326d940_158.wav", "text": "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.", "duration": 13.68}, {"path": "97ddc19ecb28bab2d19fd3b181182062_237.wav", "text": "margin dollars from our carbon and steel operations largely offset our pretax income losses from our energy-focused business reflecting the importance of Reliance's diversification strategy.", "duration": 13.68}, {"path": "ff59c33225941d4025bcecc8fe1a4b32_3.wav", "text": "Our long-term strategy of providing unique and valuable marketing programs to dealers, along with the most valued grading services in the industry, has proven to be a winning combination for the coin and card markets.", "duration": 13.68}, {"path": "30a142fac5a62ab00227cb6a339a6226_189.wav", "text": "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.", "duration": 13.6799375}, {"path": "db6c253ba433d9a247219bb3f15da199_27.wav", "text": "you never know when these things are going to come up. We're obviously in the middle of our earnings season right now. So we're spending a ton of time listening to companies report their earnings. So I'd say the opportunity is around, maybe not as plentiful, but they're still there. And like I said, we've found 2 that", "duration": 13.65}, {"path": "62d981deed6d5128615c99d1597178b6_190.wav", "text": "Growth in the quarter was driven by strong new business and retention. The U.S. and Canada division continued its trend of strong growth, delivering 7% underlying revenue growth in the quarter.", "duration": 13.65}, {"path": "214dcdc435ef3259490466447858fa56_47.wav", "text": "Earlier on I focused on the company's performance since IPO and especially on last year. Now let's look ahead. The time is now right to invest in growing our customer base.", "duration": 13.65}, {"path": "6388da88b00ebc88af59435bdac74132_136.wav", "text": "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", "duration": 13.65}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_174.wav", "text": "As we discussed in the past, these 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.", "duration": 13.65}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_115.wav", "text": "As I've previously outlined, we are taking a disciplined approach, both financially and scientifically, to identify and acquire opportunities at the right financial valuations. In addition to acquisitions,", "duration": 13.65}, {"path": "17ee868a7ed8656d69e6888ee4a6d550_19.wav", "text": "But you also say that there are some higher prices and higher costs. If you can quantify that. I don't know whether it's fuel costs or some negotiations with the trade unions, energy costs", "duration": 13.65}, {"path": "7e14890193df4b10e1eeab6ab886529f_153.wav", "text": "The brand of the future have purpose, bringing meaning to people and are integrated through technology into people's lives. That's what I see in Weight Watchers, and it's why I joined this amazing company.", "duration": 13.65}, {"path": "67716cee321d117b0318930dd142f06a_153.wav", "text": "So we're not complaining about the activity in non-res and infrastructure right now as we speak. But we anticipate that it is going to get better, and to Jim's point, it's just a matter of when.", "duration": 13.65}, {"path": "67716cee321d117b0318930dd142f06a_29.wav", "text": "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.", "duration": 13.65}, {"path": "8b71a232d7fe61e6232807b635977c31_247.wav", "text": "the capability, orienting their systems around it. In particular, one thing that they'll 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", "duration": 13.65}, {"path": "01502edf6cda82061f1f45d6b0e8e189_3.wav", "text": "Ken Krause will cover these areas in more detail in his commentary. Today, I'll 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,", "duration": 13.65}, {"path": "145244b0378e6657d456cffca8bbc982_127.wav", "text": "average hours consumed on a type of project and improve the safety and quality and all the metrics that we do, get the reports done. The other product developments we talked about were specific to the pipeline segments.", "duration": 13.65}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_119.wav", "text": "close your eyes and imagine there are 3 pieces of beef in this bowl. When the beef isn't there, it simply isn't there. It's difficult to conduct such large campaigns for our noodle products.", "duration": 13.65}, {"path": "18b396ddd443d84d12477c42e31cdf0e_44.wav", "text": "We're 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 in these territories as well as in Mexico and Central America.", "duration": 13.65}, {"path": "cc82e791c065bdc271addf355bac274f_1.wav", "text": "significant gains of market share considering the current scenario. But certainly, the main highlight in terms of revenue in this quarter was e-commerce. We are the only", "duration": 13.65}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_161.wav", "text": "And in addition to Madrid, we're also pleased to tell you today that we've won another very significant tender which will see us open our first shops in South America, in Rio de Janeiro.", "duration": 13.65}, {"path": "47a303604df9f9fc9f2f89a9280c3a79_3.wav", "text": "and for the last 25 years, leading it to becoming one of the most important restaurant brands of our time. I thank Steve for the invaluable time he's 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,", "duration": 13.65}, {"path": "403903eb119bfc1cec44d86ec907077a_62.wav", "text": "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.", "duration": 13.65}, {"path": "c6447babe88f061184d64309eebb8629_145.wav", "text": "The impact of the variable is an impact that will be especially strong in the first half of the year. But the increases of tariffs we have made,", "duration": 13.65}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_29.wav", "text": "that demand statement. So we feel pretty good that what's in the market today from a capacity standpoint is able to absorb the demand that's coming into the foundry space.", "duration": 13.65}, {"path": "655d592e9d1b1027f1824b1554d8b131_41.wav", "text": "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?", "duration": 13.65}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_27.wav", "text": "by higher-margin new work at an accelerated pace, we feel there is an opportunity for significant increases in both operating income and earnings per share.", "duration": 13.65}, {"path": "6e3037e770ba5e0dfc98e3223986aad2_67.wav", "text": "This proof of concept really gave us great confidence in strategy and a sense of urgency to fully launch the masterplan approach across all the assets and to kick start the re-profiled CapEx program, which is underway.", "duration": 13.65}, {"path": "9c1272d9d120c5bfafd6e6b566f89b62_159.wav", "text": "But the benefit also is we take a photograph in your home, so we can ensure whether the van has taken away all the packaging, that we've delivered the care kit, if you've ordered a care kit as well as the furniture and that it looks great in your room and it's in A1 condition.", "duration": 13.65}, {"path": "f4d0f1362716be33f02690dd1a8df663_129.wav", "text": "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.", "duration": 13.65}, {"path": "f4d0f1362716be33f02690dd1a8df663_43.wav", "text": "Meanwhile, the hot summer spurred such strong demand for our Ice Box Frozen Desserts, but production could not keep pace and we ran out of supply at the height of the demand season.", "duration": 13.65}, {"path": "b2d6357f46f3a82cff6625277f9a20f6_65.wav", "text": "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", "duration": 13.65}, {"path": "7394bde65e000fbb7b528c6c65bd099d_67.wav", "text": "Essentially, we recognize the mark-to-market 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.", "duration": 13.65}, {"path": "08ed60a546bd48af9db028c4e3c8af26_136.wav", "text": "We've 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 controlling costs.", "duration": 13.65}, {"path": "8fd0d858dd99b5b6291eafc83e9a604d_106.wav", "text": "Of course, part of our higher per unit cost had to do with our lower production. As we spread the same fixed costs over a lower volume base, it drives per unit costs up a little bit. And so some of the cost increase was us deliberately holding off", "duration": 13.65}, {"path": "815f65663b3982554e82806de0cbd918_125.wav", "text": "there hasn't really been any change in our strategy. So 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,", "duration": 13.65}, {"path": "b281eff988085e0776dc8a10223f1048_38.wav", "text": "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.", "duration": 13.65}, {"path": "6ad1d7c855ceb3eb830c365e357e4510_205.wav", "text": "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.", "duration": 13.65}, {"path": "b1da16cba24af8e472573c4c9caf17c7_8.wav", "text": "While we will be disciplined on pricing, we believe that there is a potential opportunity to take advantage of the seemingly robust appetite of foreign-based capital for New York City assets", "duration": 13.65}, {"path": "4567936d89925d1a3b983274b11ecae5_0.wav", "text": "Good morning, and welcome to the presentation of Telenor Group's results for the first quarter.", "duration": 13.65}, {"path": "e78997e6a75a2243292b2b54750bb3cb_103.wav", "text": "Thank you, Jack. It's -- I think it's 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 achieved thus far.", "duration": 13.65}, {"path": "b126e11520fd54843c67f70f15cd30cc_78.wav", "text": "So our companies were successfully listed in Hong Kong, so these abilities of Fosun actually complements one another and facilitate one another. Of course,", "duration": 13.65}, {"path": "75eb5b75bb8587b63c318714ea956b9e_78.wav", "text": "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 we're prepared and we have the infrastructure to deal with payers and help payers.", "duration": 13.65}, {"path": "52a4e3ebf7e968a783401230c3f69a9d_8.wav", "text": "we will deliver solutions, all fully programmable, ranging from applications like Unified Communications integrated with contact center and collaboration with team messaging", "duration": 13.65}, {"path": "5ea42ed8ea9a65bd01aaabb678685483_3.wav", "text": "But we're more interested right now in margin and basket size than simplistically pursuing tonnage and inflating same-store sales. We need to earn comps through execution and our strategic initiatives.", "duration": 13.65}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_204.wav", "text": "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.", "duration": 13.65}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_143.wav", "text": "Next, 2 new frit production lines in 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.", "duration": 13.65}, {"path": "9b697782ea80be97854f35d6fc62c93a_110.wav", "text": "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.", "duration": 13.65}, {"path": "e2c17247ae2f5d4fa8dd8814cc801198_50.wav", "text": "So that's how we sequence the plan. Now what I also said to you is once we've broken the back of the Eurohub, which the mission was to land the Eurohub, and from 0 to that is the most intense, the rest of it is easy.", "duration": 13.65}, {"path": "d4b51176b605646e70b37d07a7c19599_7.wav", "text": "Within the other category is our Distribution business. It is currently small but growing, but we will break it out as a separate market once it is -- gets to a more substantial piece of our overall market mix.", "duration": 13.65}, {"path": "1fd097fa0bd05da0e7af03521e23bc68_45.wav", "text": "on the reinvestment in the business. I wish I could say that they have both the same level of fungibility and flexibility. But sometimes, reinvestment in the business happens at one point in time.", "duration": 13.65}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_119.wav", "text": "Canada is executing well in the face of uncertainty as both businesses and governments assess the potential economic impact from any changes in U.S. trade policy as well as potential changes in oil pricing.", "duration": 13.65}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_4.wav", "text": "Let's 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.", "duration": 13.65}, {"path": "416ebb7a4160f7cd2f98361cbd1cb769_39.wav", "text": "increased cost for the rejuvenation program. In the quarter it was meaningfully higher than we've seen in other quarters. So maybe some more color on what those costs are related to, and if that step up is something we should expect in 2018 as well? I", "duration": 13.65}, {"path": "94f913b974baab79fb636f6521170dd7_146.wav", "text": "third-party profitable retail sales that don't exist means this is no longer a place where a distributor can make a living -- a top distributor can make a living, the others are losing money anyway, and they're going to go elsewhere. Now while, the company has maybe bought itself a few days or weeks or months", "duration": 13.65}, {"path": "1e32d5e01ff61f70b37850c473b9876a_49.wav", "text": "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", "duration": 13.65}, {"path": "54c8e2e08c60dfe9b4bafc3938ccf332_3.wav", "text": "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.", "duration": 13.65}, {"path": "e33785a294553de2a12d4463bf786744_136.wav", "text": "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.", "duration": 13.65}, {"path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_145.wav", "text": "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?", "duration": 13.65}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_56.wav", "text": "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 18-month payback", "duration": 13.65}, {"path": "2a7af3c66762ce608379005a3d7bfa96_90.wav", "text": "I think we got off to a good start. But again I think we're in the early stages of it. I think it'll get better as the year goes on as we meld our operations groups together and implement our account management teams. So we are confident in that ability.", "duration": 13.65}, {"path": "0fa398ef99a7a936fc1e509dacaaadde_183.wav", "text": "the customer finds it particularly attractive to have the opportunity to own their handset and have the airtime paid under a separate contract. And that has accelerated our growth", "duration": 13.65}, {"path": "838af8ffae77ce8ff59c77b1985f8fc5_116.wav", "text": "And as far as 2018 goes, a lot of the drilling we're doing right now and a lot of the wells that we're going to be completing towards the end of this year and the beginning of next year are actually in our southern acreage, and they'll be going into the western gas system.", "duration": 13.65}, {"path": "b126c31149f1cadf1d891082a187d6fc_76.wav", "text": "First, in many of our markets, our hospitals are the 90-day low-cost provider for the hip conditions included in these bundling initiatives, and we believe we can exploit this advantage to gain market share.", "duration": 13.65}, {"path": "ae5a41fe3b3d515713608c5ac878eed3_2.wav", "text": "This builds on the acquisition of DearBytes in January and further strength and scale and capability of KPN's security and public cloud services for all of our SME, large enterprise and corporate customers.", "duration": 13.65}, {"path": "ee17f090e669ff9029bd1dc57db6e43e_68.wav", "text": "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.", "duration": 13.65}, {"path": "f17bd619f65ff0b31c5103503bd56fdb_2.wav", "text": "The company cautions that the risk factors discussed in these filings are not exhaustive, and we do not undertake to update any forward-looking statements 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.", "duration": 13.65}, {"path": "5b331cf4e6f62ec9a9c30a4728e36054_13.wav", "text": "As you know, we filed distribution cases in all of PHI's 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.", "duration": 13.65}, {"path": "e9970d55b0ac8bddede7f337c0f94d36_39.wav", "text": "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.", "duration": 13.65}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_239.wav", "text": "We do have a feel for what that process will look like and who the potential buyers are. There are a few handful of operators who are trying to enter the Barnett. They see it as an opportunity for a place to develop", "duration": 13.65}, {"path": "dbf6a9009ea60e2e96772ee3ccea7226_71.wav", "text": "Please note these forward-looking statements reflect the company's 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 forward-looking statements in light of new information or future events.", "duration": 13.65}, {"path": "abd571ccf777ac4b0a43a7487031bc8a_65.wav", "text": "a meeting coming up with us some key suppliers and that's going to be part of an ongoing dialogue. Yes. So we will step up our focus on purchase cost, particularly if things soften. So you will see that from us.", "duration": 13.65}, {"path": "712bbcab5338e07dd63dad97bb652018_48.wav", "text": "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.", "duration": 13.65}, {"path": "3ae068efa03cd088f4d3edea682f199f_235.wav", "text": "not because we have some nifty execution plan that's going to significantly increase our productivity there but it's because we've achieved those historical productivities for multiple quarters before, just basically getting back to where we were. I hope that helps.", "duration": 13.65}, {"path": "24a2aec67e247f9c4d4cc89d6dbab525_83.wav", "text": "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.", "duration": 13.65}, {"path": "0db5ec7ab57d41c0bea4a8ee98a083eb_135.wav", "text": "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.", "duration": 13.65}, {"path": "9097dcbaf554d635920c6274b1de4997_202.wav", "text": "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 we'll continue to update you.", "duration": 13.65}, {"path": "3557b21a45c35e71e82cc43b19977855_208.wav", "text": "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, we're getting all kind of different requests", "duration": 13.6499375}, {"path": "7bc22aba9bc29d69ee10cc60db7903d8_247.wav", "text": "in the full year, which is why we've made the comments we've made this morning about full year free cash flow and profit at the upper half of our guidance range.", "duration": 13.6499375}, {"path": "b7050f62f52a3d2803beea21404f7af6_115.wav", "text": "within the reserves that we set out from what data we have to date. Now that might change. We don't think it will, and we don't think if it did it would be anything of any materiality.", "duration": 13.62}, {"path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_80.wav", "text": "increases, training services, all sorts of things that are tied to cloud deployments and other things. They're just a very different type of service. So the way you're asking me the question from a penetration standpoint, I think the answer is it's already happened.", "duration": 13.62}, {"path": "a93681c92a0b9c04743f541a54b180c7_105.wav", "text": "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", "duration": 13.62}, {"path": "47d77b15189fadcc76113a2f7800ba28_124.wav", "text": "Second, one of the world's 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 all-in on Pivotal because of our industry-leading platform and services.", "duration": 13.62}, {"path": "1f1b29266d2cede9b8f0f06ca57aae17_183.wav", "text": "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.", "duration": 13.62}, {"path": "ed1006cd88de67e8fe53ea86ad6862d7_98.wav", "text": "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 basis", "duration": 13.62}, {"path": "13220986bf30f26076a674e2a9edc89c_132.wav", "text": "We also built out our commercial banking product capabilities and focused our frontline staff on growing commercial and consumer core deposits, particularly operating accounts.", "duration": 13.62}, {"path": "81430c39b7b202d05644e419e2a01a65_93.wav", "text": "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.", "duration": 13.62}, {"path": "280baf1d10cd27b78eae4bf2574b9c98_112.wav", "text": "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.", "duration": 13.62}, {"path": "8544fcd40dacf31ad0ddf2cd1fc3c420_93.wav", "text": "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", "duration": 13.62}, {"path": "123a9a590195f61aa739ee9b2dec4952_37.wav", "text": "We've 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 you're doing in the prepared remarks. But I'm hoping", "duration": 13.62}, {"path": "044da592acc01ff7baacb3dbf2a302a9_86.wav", "text": "So China had a good quarter, double-digit growth in the quarter. But I would say that's 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.", "duration": 13.62}, {"path": "54240e38051f2a3bb6a4e58fe55344cd_90.wav", "text": "probably not going to comment on what we expect the growth to be going forward. Yes. And I think it probably isn't all that relevant just given the fact that we're going to pass it through anyway. And so the outcome of whatever contracts we negotiate will end up going to", "duration": 13.62}, {"path": "82218f543c9a546c4baa5323f250b39f_92.wav", "text": "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", "duration": 13.62}, {"path": "6616e76da46baea11d6032fc063716c1_69.wav", "text": "On Slide 9, we have detailed a 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.", "duration": 13.62}, {"path": "01502edf6cda82061f1f45d6b0e8e189_160.wav", "text": "Looking closer at the insurance-related receivables, we continued to make great strides in collecting these in the quarter. To give you a better sense as to our progress, let's walk through the receivable balance over the past several quarters.", "duration": 13.62}, {"path": "ada4e338c266148264077e06bac68005_72.wav", "text": "One thing you do want to be careful of though is, there is a lag affect from some of the operations and sales to when our royalties were received. So we didn't get the full impact last year at the big price increases, some that will start to flow", "duration": 13.62}, {"path": "833f98dbc79997580b24335033aac5d2_234.wav", "text": "but I think you can't 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", "duration": 13.62}, {"path": "0ee490f8688669984ae17a737590f7b5_126.wav", "text": "far outreached 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?", "duration": 13.62}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_117.wav", "text": "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.", "duration": 13.62}, {"path": "d5c338a956681dbb2170472253a29b85_32.wav", "text": "and then you have to cut back on staff. As we obviously don't need staff to take care of empty beds. And that's the more cumbersome process obviously because we need at the same time", "duration": 13.62}, {"path": "23eff4c724ee00f56319fcc47add3441_91.wav", "text": "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.", "duration": 13.62}, {"path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_42.wav", "text": "I will be providing updates on the program and our progress in the future. There is plenty of opportunity ahead, and we'll be patient and methodical in the execution phase to manage risks and costs to achieve change.", "duration": 13.62}, {"path": "47a303604df9f9fc9f2f89a9280c3a79_135.wav", "text": "We are fortunate to be able to leverage his creativity and expertise as a culinarian, a visionary and our founder. For those of you who don't know me very well, I'd like to share some of my key beliefs and leadership principles so you know what to expect going forward.", "duration": 13.62}, {"path": "b7943f4a2b95d2bc2ce102e3af9b5d22_171.wav", "text": "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.", "duration": 13.62}, {"path": "8ce8f3144deb1adb52f969fb5a653beb_117.wav", "text": "So that means we haven't 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.", "duration": 13.62}, {"path": "bb9c0d60d15efa53cedac31e079e9ae6_1.wav", "text": "that may cause the company's 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 forward-looking statements.", "duration": 13.62}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_105.wav", "text": "between Iowa and Illinois as well as many other projects contributing to their significant backlog and is starting work on the Minneapolis light rail.", "duration": 13.62}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_83.wav", "text": "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 study. That's the first part of the question.", "duration": 13.62}, {"path": "9ab2e6eb9debfae2de541ba645bfd265_151.wav", "text": "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", "duration": 13.62}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_88.wav", "text": "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.", "duration": 13.62}, {"path": "38b2f94da12bbf2d32246763aab8265a_119.wav", "text": "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", "duration": 13.62}, {"path": "da14df2e02d11f6f8599533d9d57faee_149.wav", "text": "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", "duration": 13.62}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_153.wav", "text": "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.", "duration": 13.62}, {"path": "8a77ceadd7e4729abc9102d38be3a227_128.wav", "text": "our investments for organic growth is just looking at the past few years. I think when we've been focused on a bit of a challenging macro environment and really delivering bottom line operating leverage, we've been in that 0% to 2% growth range.", "duration": 13.62}, {"path": "6c43a32379bfc34fc8cfe84ff94d6498_131.wav", "text": "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", "duration": 13.62}, {"path": "98f10f0935e5b778e888a1b8130a3d31_16.wav", "text": "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,", "duration": 13.62}, {"path": "b94d748876ddf8e881d4191dec45baf3_146.wav", "text": "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 strategy.", "duration": 13.62}, {"path": "16ed973148ce103dc95fdcfaf35bbe7b_79.wav", "text": "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.", "duration": 13.62}, {"path": "526e0d5398a516831b49936c31a8ea1c_10.wav", "text": "The company plans to replace its existing meters between 2017 and 2019 to provide expanded benefits to customers and to comply with state-mandated regulations on metering technology.", "duration": 13.62}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_173.wav", "text": "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 we've kind of got those prices in place at this point in time.", "duration": 13.62}, {"path": "07f75a4256867f119bac833eae67cb73_31.wav", "text": "demonstrated that we are able to buy assets on perhaps not performing and in a relatively quick time get them to perform. But we shouldn't -- we need to be very careful to make sure that we are confident that we can", "duration": 13.62}, {"path": "968913c3f9111fc67f1d9956c56dec3b_106.wav", "text": "Now I would like focus on the great progress we've made on a number of strategic growth initiatives throughout our businesses. At the Wyndham Hotel Group, our new and award winning Wyndham Rewards program continues to deliver great results.", "duration": 13.62}, {"path": "5e766700b74bbeb1d21bc7a91100faca_4.wav", "text": "and so for that reason what we're doing here is paying both the dividend and doing acquisitions. And that's still within, well within the limits for what we can do on our net debt-to-EBITDA target levels.", "duration": 13.62}, {"path": "63eaf9677d7577484a1557ae6bfbb585_78.wav", "text": "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.", "duration": 13.62}, {"path": "571b0d30d88945a981006f24faa72cf7_65.wav", "text": "observed in patients on active therapy after 4 weeks of dosing may prove to be one of the key differentiating features for 9855. We will continue to track all patients through the remainder of their 5 month treatment period", "duration": 13.62}, {"path": "ab3354b86be920cde18291112bf8a70a_17.wav", "text": "This is over 90% of our adjusted operating earnings. This demonstrates our ongoing commitment to capital return as well as confidence and our risk analytics and future cash flow capacity.", "duration": 13.62}, {"path": "7f8f04a414dbef2f3adbb2b33bbcda66_3.wav", "text": "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", "duration": 13.62}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_252.wav", "text": "what is represented in this particular account so we can add back that data into the overall market. And I'd say generally speaking, HUMIRA continues to perform just like it has historically. In fact, if you look at", "duration": 13.62}, {"path": "e7d23208b973f7998b2fb21a00d87849_29.wav", "text": "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.", "duration": 13.62}, {"path": "7e2ebcd981f5b5ecb18c04906f87d768_191.wav", "text": "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.", "duration": 13.62}, {"path": "00dcacc7fe3cab64b14aff04a9cd0284_22.wav", "text": "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.", "duration": 13.62}, {"path": "18e82b076319ac52f8a4b391ea345abd_76.wav", "text": "That's fair. Yes, typically, the way it works with the 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", "duration": 13.62}, {"path": "bfb0fac9575cd0820a660f2577199468_44.wav", "text": "in technology deployment 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,", "duration": 13.62}, {"path": "ec6bcc27bd7d6a428dc5b2be7ae7d93b_40.wav", "text": "will review recent key items and operational results from the second quarter of '17. I will then provide a more in-depth financial review, and we will then take your questions before turning back to Alan with some brief closing comments.", "duration": 13.62}, {"path": "24a133abc343c813233d416b0cef96cd_117.wav", "text": "and to make sure that that's clearly communicated to our customers and, of course, to deliver these exciting new villages that Stephen spoke of, in particular Birtinya on the Sunshine Coast, which is right next to the hospital precinct", "duration": 13.62}, {"path": "4ee3c79ebc57c9870b221b9479d52436_251.wav", "text": "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.", "duration": 13.62}, {"path": "dd1b5d8b62882dbf2ce5e06cf5678ced_21.wav", "text": "And again, with respect to the exploration wells, depending on the distance from existing infrastructure, the tie-in can be quite quick or it can be a couple of months while we're actually laying flow-lines to connect with the main", "duration": 13.62}, {"path": "c2bad61ce58687fad602549f6048004b_21.wav", "text": "you'll 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.", "duration": 13.62}, {"path": "125388f1b45117acde70abc39e0f7d04_159.wav", "text": "we participate not only in the exclusive sale of physical discs by our GameStop-branded stores, but we also participate in the profit from digital sales of the game and related collectibles regardless of where they are sold.", "duration": 13.62}, {"path": "125388f1b45117acde70abc39e0f7d04_57.wav", "text": "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.", "duration": 13.62}, {"path": "1378aabd380e63d3f89fe0e445fc8b06_122.wav", "text": "Before we begin this morning, please note that some of the information discussed during today's call will consist of forward-looking statements setting forth our current expectations with respect to the future of our business, the economy and other future events.", "duration": 13.62}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_192.wav", "text": "That's 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.", "duration": 13.62}, {"path": "45c2e7788c29cc5f1c183ec742511c6f_72.wav", "text": "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.", "duration": 13.62}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_189.wav", "text": "with a growing contribution from recently completed repositioning and redevelopment work across the portfolio more than offsetting additional drag in the future redevelopment pipeline that's being incurred as a result of the timing of recent bankruptcy activity.", "duration": 13.62}, {"path": "0807d606b6cf98da19b317b4928c3572_20.wav", "text": "some deals which is very, very unusual for rookies. But most of them do have experience and they bring good leads with them. So we're encouraged by that.", "duration": 13.62}, {"path": "3ae068efa03cd088f4d3edea682f199f_284.wav", "text": "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.", "duration": 13.62}, {"path": "3fb901e6b501ddced60226a13ebef4af_57.wav", "text": "You should not rely on our forward-looking 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.", "duration": 13.62}, {"path": "cd94f09ed5b897feb733def490ba4630_64.wav", "text": "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 base oil business, there is a significant entry barrier.", "duration": 13.62}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_110.wav", "text": "with organizations ranging from government programs to large enterprises, to small businesses, to MNOs and MVNOs, to customer loyalty programs and many others.", "duration": 13.5900625}, {"path": "078b27aa69b10aa01f2eab2aa681bdd8_35.wav", "text": "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 U.S.-based Mountain resorts are not open for winter operations.", "duration": 13.5900625}, {"path": "382e3c8eda678694c6368e00f19c8881_23.wav", "text": "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 we're seeing more opportunities for our hardware products.", "duration": 13.5900625}, {"path": "b478d2808e90233ed994884e644a3d34_15.wav", "text": "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 we've got a better", "duration": 13.5900625}, {"path": "7d2a9151826f1fbcf538ffbf85924ed2_134.wav", "text": "you have to make a choice, right? You have to decide, well do I go complete wells out in space and setup a problem for the 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 I'm going to offset", "duration": 13.59}, {"path": "b7d4858dcc1d9cf454416082b75a3429_108.wav", "text": "I'm going to be referring to the document in which you ought to have in front of you on the webcast. You turn to the agenda, it's the standard", "duration": 13.59}, {"path": "5111fdad778749872c23e78c9b0d653b_49.wav", "text": "For those of you less familiar with Avedro, we are pioneering treatment options for patients with corneal disease and those seeking to improve their eyesight with a noninvasive vision-correction procedure.", "duration": 13.59}, {"path": "f0dd7e4dad969b480d0d2a70609aedba_121.wav", "text": "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, that's pushing forward", "duration": 13.59}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_111.wav", "text": "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.", "duration": 13.59}, {"path": "ec0ecc8e73cce4598def6cfff6f7c598_59.wav", "text": "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 and most profitable seat supplier in the industry.", "duration": 13.59}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_225.wav", "text": "But you need to invest in your authors and the way in which you manage those relationships, so we're investing there. We're investing in international sales capability and editorial capability in other markets because we see that as growth, as humanity, social science", "duration": 13.59}, {"path": "56e05107e391476d11fe1f637733f028_36.wav", "text": "improve sequentially then? So in other words, it would look better. I mean I know and I guess it's 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", "duration": 13.59}, {"path": "570faeed3dcfa26c6246dc42309025ad_191.wav", "text": "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", "duration": 13.59}, {"path": "d4d2bcc69eeb01cb739c3c86ba8816df_202.wav", "text": "the analytics of the old product, we feel pretty good about where we're at or we would not announce this filing date in today's press release if we've held off announcing this until", "duration": 13.59}, {"path": "8292bdb9af87f10627c044f3842b2c76_220.wav", "text": "actually many times. What we found is the best way to stimulate this kind of opportunity is to actually do things. To actually", "duration": 13.59}, {"path": "a212b77ae2b2452093665a4e179ed3a3_37.wav", "text": "specific projects that we already know about and have high confidence that we can execute on. But I'm sure that there will be additional incremental CapEx as we look towards the back end of the plan.", "duration": 13.59}, {"path": "1133b8984db446b9c963a09eaf0785a4_156.wav", "text": "This change is driven by the step-change in receivables associated with our selling prices, which are now expected to remain near these elevated levels for longer than previously forecasted.", "duration": 13.59}, {"path": "0f06227be4dd36d9329849eda96196aa_44.wav", "text": "we have just completed one of our best years for customer retention and have a good sense that much of the success can be attributed to new processes we -- and systems and other programs we have put in place over the past 2 years.", "duration": 13.59}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_46.wav", "text": "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.", "duration": 13.59}, {"path": "6b5a6b4dce64e7db04bee7d7b7d37aba_21.wav", "text": "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", "duration": 13.59}, {"path": "171fd9df333ddd814c764843ed624121_192.wav", "text": "Similarly, we wanted to partner with a Chinese data center operator, who we felt confident will provide the same level of support and dedication we provide our customers as we help our customers grow in China.", "duration": 13.59}, {"path": "171fd9df333ddd814c764843ed624121_237.wav", "text": "I think it's fair to say, Jonathan, we're always looking at are there other baskets of capital. And clearly, there's a ton of money wanting to get into data center space. So I think it's fair to say that", "duration": 13.59}, {"path": "6864081f83959f4b49e25e597f28af66_66.wav", "text": "That said, Commerce Services continues to be impacted by headwinds around a higher dollar and higher transportation in labor costs. And investments made through the quarter are also impacted in the bottom line,", "duration": 13.59}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_156.wav", "text": "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 quarter's earnings call. Until then, you can find us on the road making things happen for our clients.", "duration": 13.59}, {"path": "95d5af9f7ffd8af7b47b56baff4f5b0c_42.wav", "text": "Jimmy, as you know, we're always looking and always interested in talking to people who have a good company to sell, so we're going to continue with that. And of course, we're looking for something that is complementary to what we do,", "duration": 13.59}, {"path": "38b2f94da12bbf2d32246763aab8265a_35.wav", "text": "we're not just passively open with respect to our strategic declarations. We want to go out there and look for opportunities, and that's why we've built this capital", "duration": 13.59}, {"path": "b2d6357f46f3a82cff6625277f9a20f6_15.wav", "text": "The biggest contributor to our license revenue growth was add-on business. Existing customers recognize the exceptional value we provide in protecting their IT infrastructure and are expanding with additional licenses and new products.", "duration": 13.59}, {"path": "3aba3f0bef57d2f71dcc573a0fb198ed_115.wav", "text": "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.", "duration": 13.59}, {"path": "636d6909fbd8656f88f72f66a3a162ff_62.wav", "text": "third item to note is that the increase in spending within operations and maintenance is largely attributable to placing Carty into service and legal expenses related to the Carty litigation.", "duration": 13.59}, {"path": "c1d916407f390d20e9d8f9b453e22435_4.wav", "text": "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.", "duration": 13.59}, {"path": "16ed973148ce103dc95fdcfaf35bbe7b_141.wav", "text": "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", "duration": 13.59}, {"path": "ed93b88b63d3dba4c5ed78d463a77bdd_160.wav", "text": "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", "duration": 13.59}, {"path": "c3567809c19ce6a800677544cd84f88b_7.wav", "text": "The work we have done expanding our distribution reach, strengthening our big brands through better marketing and innovation and up-weighting recruitment efforts, were the key drivers of volume improvement across all of our regions.", "duration": 13.59}, {"path": "10728656364812338b7417b035dae4c4_23.wav", "text": "would you look to reduce it a little bit further? Is there no change in how you're thinking about it from 3 months ago? Or -- it doesn't sound like there's promotions in the market. Just curious how you're thinking about that aspect of the business.", "duration": 13.59}, {"path": "968913c3f9111fc67f1d9956c56dec3b_64.wav", "text": "More importantly, we ensure that owners remain satisfied with the product long after the original sale by continual surveys and feedback loops. We're tracking our owners' satisfaction, whether they're staying at our resorts", "duration": 13.59}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_178.wav", "text": "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.", "duration": 13.59}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_166.wav", "text": "Keep in mind that we run with a very high measure of financial discipline, including economics, GAAP accounting and statutory accounting. And we've often said that we can meet higher standards, that's not a problem for us.", "duration": 13.59}, {"path": "939c2eaaa171907197a14e58cea3514d_123.wav", "text": "We cannot comment any more 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 repayment profile on the loan.", "duration": 13.59}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_80.wav", "text": "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.", "duration": 13.59}, {"path": "c40b5d1a13169c5acf69590932a56f98_112.wav", "text": "Some of the additional strategies and initiatives that we've just recently introduced at that meeting have not yet kicked in", "duration": 13.59}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_120.wav", "text": "Market trends remained similar to what we saw throughout 2016 with ongoing focus on optimization, efficiency, securitization and the integration of software into solutions.", "duration": 13.59}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_12.wav", "text": "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.", "duration": 13.59}, {"path": "49e533a8449f6b9b6c806458e73338e1_73.wav", "text": "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.", "duration": 13.59}, {"path": "f15966ae82e18b472ad78dd961f8e5e8_73.wav", "text": "In the market making segment we will report global equities including America's equities and rest of the world and global FICC, fixed income currencies and commodities. This aligns much better with how we manage the segment,", "duration": 13.59}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_95.wav", "text": "significant increases in collectibles sales, they also see an increase in video games software and hardware sales driven by the increased traffic and expanded demographics that the broader selection of collectibles generates.", "duration": 13.59}, {"path": "189b20e7b975130ca5abd0e419e54908_163.wav", "text": "And then I guess, the other point that I would make is if we look back in time at what I'll call the last cycle, what we can say is that environment did act as a catalyst", "duration": 13.59}, {"path": "7cc11de7f206c637e6293da0d956405e_49.wav", "text": "you've spoken in the past about quantitative and qualitative factors that are going to be considered by the board. I was wondering if you can maybe elaborate on some of those qualitative factors and the influence that those factors will have in the review process.", "duration": 13.59}, {"path": "8c1b4f4af2af2847a240041390e31399_117.wav", "text": "All forward-looking 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.", "duration": 13.59}, {"path": "45ab782035fdb06f5ec710d0845bc18f_4.wav", "text": "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.", "duration": 13.59}, {"path": "45ab782035fdb06f5ec710d0845bc18f_66.wav", "text": "One of the keys to successfully executing the 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.", "duration": 13.59}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_19.wav", "text": "As I said last quarter, our need to invest remains, and we remain focused on driving long-term value. We look forward to continuing to update you on our progress. I'll now hand the call back over to Rich. Thanks, Brian.", "duration": 13.59}, {"path": "8635f950dc44da3fcad542b2c066bedf_209.wav", "text": "integrating very, very well into our culture and our organization and are very happy to be here. And we're happy to have them. So 10 people, a couple million dollars to support", "duration": 13.59}, {"path": "919fd6c04cca92ecdf503e32f884435d_81.wav", "text": "I think it's 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 you've come to expect from us.", "duration": 13.59}, {"path": "09b5b62d328d3d0719b6825357fdfb48_85.wav", "text": "is that we are looking at a potential -- at potential off-balance sheet transactions to see if there's a way to get it off balance sheet and talking with partners on that. And that's our focus there so that it does help a lot of our ratios to take that debt off balance sheet.", "duration": 13.59}, {"path": "64364105b816dd0b6a029e9cd210e65b_67.wav", "text": "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", "duration": 13.59}, {"path": "6e741dde9f96f20227b467204b93b6b2_78.wav", "text": "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 in the company", "duration": 13.59}, {"path": "52ea66e70853eaa0c1183ddfa31b760a_41.wav", "text": "the closure of our operations. But on top of that, we're reviewing the supply chain from every angle possible and basically saying every supplier we've had for the past couple of decades need to reapply for a job.", "duration": 13.59}, {"path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_74.wav", "text": "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.", "duration": 13.59}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_105.wav", "text": "in that business in terms of just mining activity. There's a lot of conversation in that industry about who's going to bet on the future on increased demand because they're going to have to sink some capital", "duration": 13.59}, {"path": "6299a010c7bb84feaf14b263750dbd1a_132.wav", "text": "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 consolidation market.", "duration": 13.59}, {"path": "125388f1b45117acde70abc39e0f7d04_82.wav", "text": "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.", "duration": 13.59}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_71.wav", "text": "And it's not that there were -- people were being spendthrift. It's we had these distributed operations, and we just weren't achieving scale benefits as rapidly as we should have -- as we could have been.", "duration": 13.59}, {"path": "19714a7d42d471e3bb7f7e1f18c8fe9b_193.wav", "text": "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 we're going to be opportunistic,", "duration": 13.59}, {"path": "712bbcab5338e07dd63dad97bb652018_6.wav", "text": "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,", "duration": 13.59}, {"path": "32283c24ad18239efb166db8422560b2_101.wav", "text": "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 don't have that expertise.", "duration": 13.59}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_203.wav", "text": "As Ludwig and Chris mentioned, we continue to pursue efficiencies and improve margins on a sustainable basis, and we'll be working hard to see those reflected in the coming year.", "duration": 13.59}, {"path": "863512efd537ffd31c094dd9bfd5ebd3_156.wav", "text": "a line for low power applications in the area of power modules with a possibility to integrate also microcontroller and include microcontrollers in this", "duration": 13.5899375}, {"path": "1ea5a01d14ee672e3e9cdbff8e56da74_28.wav", "text": "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", "duration": 13.56}, {"path": "8ad0d5b5df75415c56ba590cad29489a_34.wav", "text": "I don't think we want to a give specific number at this point. One thing that's important this year is, is regardless of the actual production volume, is to validate the production capacity of 20,000 stacks per year.", "duration": 13.56}, {"path": "4fdbfd9eec396928550d0c799e170d34_163.wav", "text": "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", "duration": 13.56}, {"path": "5111fdad778749872c23e78c9b0d653b_88.wav", "text": "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 the acceleration", "duration": 13.56}, {"path": "309554ae886fe4911da6e3329b631fe6_90.wav", "text": "And it's 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.", "duration": 13.56}, {"path": "264e575b73bc2a485bee416c1ac10cee_89.wav", "text": "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, I'm pleased with our performance to start the year.", "duration": 13.56}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_154.wav", "text": "We'll make some opening remarks and then open the call to your questions. We don't want to bore you with a pile of numbers this morning, so we're assuming that you've had the opportunity to look at the announcement and the presentation.", "duration": 13.56}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_124.wav", "text": "While our past heritage as Fred's 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 is among the fastest-growing sectors of consumer spending.", "duration": 13.56}, {"path": "81430c39b7b202d05644e419e2a01a65_91.wav", "text": "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, let's look at the sequential change. We ended the quarter in a strong financial position.", "duration": 13.56}, {"path": "280baf1d10cd27b78eae4bf2574b9c98_18.wav", "text": "On behalf of the entire Five Below team, I would like to express our deep gratitude to David for his invaluable contributions since cofounding the company with Tom, 13 years ago.", "duration": 13.56}, {"path": "280baf1d10cd27b78eae4bf2574b9c98_157.wav", "text": "We're coming off November, when we anniversaried last year's peak Frozen weeks, but the critical holiday weeks lie ahead, and we believe we are well-positioned to deliver on our holiday plans.", "duration": 13.56}, {"path": "7e14890193df4b10e1eeab6ab886529f_144.wav", "text": "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.", "duration": 13.56}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_60.wav", "text": "specialist that we talked about at the Investor Day, these are capabilities that we've added since the first half of last year that I think give us better growth prospect going forward, but obviously don't deliver immediately on day 1 in terms of business.", "duration": 13.56}, {"path": "8b71a232d7fe61e6232807b635977c31_107.wav", "text": "then they'll choose that. And everybody will sort of think through it, make that assessment. They'll have to decide what's true for the short term versus what it's likely to look like a few years down the road. I think the longer horizon people take", "duration": 13.56}, {"path": "1d2f3c74735a986131e7b219d9eff713_151.wav", "text": "risks and uncertainties and other important factors that could cause actual financial and operating results to differ materially from those described in the forward-looking statements are detailed in the company's filings made with the SEC,", "duration": 13.56}, {"path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_207.wav", "text": "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.", "duration": 13.56}, {"path": "839852ec8452dbd90e9341d15cbba7c5_212.wav", "text": "I'm hoping that I won't say this but by the next time that we talk that we'll have either found an answer to this or we won't. This is kind of our last idea. And so if we talk again and we don't get this idea to work,", "duration": 13.56}, {"path": "1133b8984db446b9c963a09eaf0785a4_20.wav", "text": "In the second quarter, our industrial businesses had their best results in nearly 3 years, which helped -- I'm sorry, our industrial businesses had their best results in nearly 3 years, which helped offset weaker results in other areas of the company.", "duration": 13.56}, {"path": "6a927d8b7734e7ddd8ffd264fa1020a6_56.wav", "text": "cost reduction efforts, a reduction in quality-related expenses and the impact of pension accounting treatment despite negative ForEx effects due to the appreciation of the yen and other factors.", "duration": 13.56}, {"path": "a24a661c2eb55542903c72391ec09f9b_67.wav", "text": "For Cholbam, the focus for bile acid synthesis disorders 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.", "duration": 13.56}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_158.wav", "text": "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.", "duration": 13.56}, {"path": "ee640f0dcb9928c0bdd795eddbeac7c0_127.wav", "text": "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 1-year bid for all of their business that's going through right now.", "duration": 13.56}, {"path": "6933d49d1af6eb4613a4f75bf37d00e1_32.wav", "text": "We haven't 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.", "duration": 13.56}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_9.wav", "text": "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.", "duration": 13.56}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_158.wav", "text": "Net interest margin is expected to slightly decreased during the fourth quarter as a mix of Equipment Finance originations continues to shift to flow with larger average transaction sizes, higher credit quality and lower yields.", "duration": 13.56}, {"path": "02825b6f22019c60be741d7e45b63f9d_45.wav", "text": "While again, the good news is there's 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.", "duration": 13.56}, {"path": "a7e7a1621af9b4e850260f9824ee8746_101.wav", "text": "And in addition to that, what's happening in the region is going to be a consideration also. So there's just a lot of variables that I'd like to be able to tell you what it looks like today, but we're not in a position to do that. That's why we take 2 years to do this.", "duration": 13.56}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_100.wav", "text": "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 year-end cash position.", "duration": 13.56}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_9.wav", "text": "Clearly, an important part of our business. We're in the process of opening up our second technical school to train service technicians, and we're looking at regional service centers to increase our service capacity into markets.", "duration": 13.56}, {"path": "9b93af1e7019959620214c387f283d8e_107.wav", "text": "Okay. And just in terms of verticals that these suppliers are coming from, now you said you're 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,", "duration": 13.56}, {"path": "6d97c63e754383663561baada77c7354_57.wav", "text": "and Europe and Asia-Pacific operations as well as our corporate activity. As a reminder, corporate activity includes investment income and other gains as well as costs not associated with operating ITG's regional and product group business lines, including among others,", "duration": 13.56}, {"path": "17f54a9938f35a4bde713fb3eb33a80e_14.wav", "text": "which could position us to do exactly the kind of deal that you are speaking to. The notion that finding the right antigens to make the best possible vaccines is not something that we can fully exploit.", "duration": 13.56}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_29.wav", "text": "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?", "duration": 13.56}, {"path": "4479886907c2a9ec843d6ea1e5e0cacc_57.wav", "text": "In closing, I'd 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.", "duration": 13.56}, {"path": "424fdc81768acd6ef533530db383f5a5_22.wav", "text": "Such statements are based on certain estimates and expectation and are subject to a number of risks and uncertainties. Actual future results may vary materially from those expressed or implied by the forward-looking statements.", "duration": 13.56}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_40.wav", "text": "an operating sponsor have demand to maybe integrate more marketing and retail assets into their businesses and there's an opportunity for Tesoro to sort of gain share", "duration": 13.56}, {"path": "e2225d612a954a24e7e91c08215d7b51_51.wav", "text": "At the present time, we believe we can achieve better results from taking advantage of opportunities in our own circuit and in newbuild opportunities rather than paying the multiples that are currently being offered for existing circuits.", "duration": 13.56}, {"path": "aed770c98113f594e36325a5822547e4_68.wav", "text": "And while DEXTENZA is the most near term and immediate imperative, it's no more important or urgent than 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.", "duration": 13.56}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_214.wav", "text": "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.", "duration": 13.56}, {"path": "d8db289a641593a1934fbb6407eede02_90.wav", "text": "we're not going to decrease the coverage because we have new NPL. And I think your last question was about capital consolidated.", "duration": 13.56}, {"path": "c40b5d1a13169c5acf69590932a56f98_3.wav", "text": "Let me first discuss our progress toward reestablishing high quality uninterrupted manufacturing supply, the most critical corporate objective for Sientra for the past 18 months.", "duration": 13.56}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_211.wav", "text": "create a little more focus by having a group and a sector, if you were, a segment that reported to me that woke up every day and all they thought about", "duration": 13.56}, {"path": "87045996e7446329f1d98c909c6ca7fe_28.wav", "text": "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.", "duration": 13.56}, {"path": "82f5253b62614161333b038f5f9700f8_139.wav", "text": "So in other words, the products engineered to what I would say probably a more heavy duty spec, which is needed in those countries, and that's something that we think for our efforts to expand distribution outside of", "duration": 13.56}, {"path": "433a6e203f9db93835c27ff83e86c801_139.wav", "text": "This transformational acquisition is an integration of 2 leading businesses with complementary strengths. Alpha's mission is to keep the world working by delivering solutions that meet today's and future power challenges.", "duration": 13.56}, {"path": "068bea67ac01942fafb955a1116b29dd_158.wav", "text": "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.", "duration": 13.56}, {"path": "bc3fa49aaccfacb1392855627864851e_70.wav", "text": "and therefore, the convertible notes were determined to be dilutive. This resulted in an approximate 1.3 million share increase to the weighted average shares outstanding for the diluted EPS calculation for the quarter.", "duration": 13.56}, {"path": "130e8e56c1afa2419fd0c08708261824_120.wav", "text": "Okay, Paul, it's Phil. 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", "duration": 13.56}, {"path": "254f3c2175c8e11d6da7d44a221e1bff_37.wav", "text": "in order to achieve further growth. At the same time, we will accelerate portfolio re-profiling based on business life cycles. This will be a task for a little longer than 3 years.", "duration": 13.56}, {"path": "fe3a8419e2f120643bff5e9e80190ed5_59.wav", "text": "Sure. So I think the data services business -- we've 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, there was a fair amount of interest", "duration": 13.56}, {"path": "f706bdb8b0a3f86e52419138fd2da20a_7.wav", "text": "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.", "duration": 13.56}, {"path": "d62cc3a0dfe3492ed16dfc17c028071e_121.wav", "text": "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.", "duration": 13.56}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_3.wav", "text": "because at the end, I'm sure you will have questions and that's probably the most important part because you could study already the deck that is as well sent to you or is on Internet.", "duration": 13.56}, {"path": "1300495cfa53748f732f54277d5a8cea_5.wav", "text": "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.", "duration": 13.56}, {"path": "a0fe48ba783b94dc7e5b0201aba7c1cb_29.wav", "text": "is to delever and then to use our stock buyback program. We'll have to wait and see in terms of timing if there should be any proceeds from the auction or none whatsoever.", "duration": 13.56}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_228.wav", "text": "creating intelligent engagements focused on business outcomes and investing in digital solutions. WNS also received further validation of our capabilities in this sub-vertical,", "duration": 13.56}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_16.wav", "text": "I will now turn the call back to Barry for concluding remarks. Barry? Thank you, Mike. As you've heard, we continue to focus on delivering results with operational excellence, which is at the center of everything we do.", "duration": 13.56}, {"path": "b20564a6da1bcfc7b80552299d9e002a_8.wav", "text": "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 will address these needs.", "duration": 13.56}, {"path": "2c4d64ba9a75dff613a83aa6f145f4b7_55.wav", "text": "General and administrative costs are higher because of an increase in IT costs, including costs for our transportation management system and human resource system as well as an increase in professional fees.", "duration": 13.56}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_163.wav", "text": "And to do that, we need to make sure that we're operating them to a certain standard. So some of the pickup in the recurring capital you're seeing there, but again, I think it's being more than paid for by the rents.", "duration": 13.56}, {"path": "ee824d23bd881a3dc5ee8be881b7d18b_28.wav", "text": "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.", "duration": 13.56}, {"path": "ec9a5ef8abdaa14007f86d64e2cf49c1_84.wav", "text": "We have demonstrated our ability to execute a complex set of financing transactions quickly and with great results. We have built a strong intel integration team that is skilled at complex business separation and integration.", "duration": 13.56}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_193.wav", "text": "and they're not mutually exclusive. First would be our focus on digital engagement. We're generating more traffic to our website and mobile and improving our key organic search performance with better content merchandising.", "duration": 13.56}, {"path": "eb93e70cdf7a839a69546250fb3646fb_193.wav", "text": "We now expect market prices to be flat sequentially from the third quarter. However, our price is forecast to be up mid-single digits as the units to be sold in the fourth quarter will be newer.", "duration": 13.56}, {"path": "eb93e70cdf7a839a69546250fb3646fb_213.wav", "text": "used truck recovery is tough to call. But if you had to guess today, at what point do you think you'll be able to get back to seeing a level of gains on sale that's in line with the historical average? And", "duration": 13.56}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_210.wav", "text": "And those expansions covering either a new -- entire new line of business or a significantly larger field of play from an audit perspective. So that's part of it.", "duration": 13.56}, {"path": "1bb9219ad31877175e18e8e48ff2f63c_94.wav", "text": "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.", "duration": 13.56}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_69.wav", "text": "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.", "duration": 13.56}, {"path": "a20052a04bcb5b7b8d242a21c859550d_107.wav", "text": "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.", "duration": 13.53}, {"path": "f3ea353a6c918bc1fd311a9cad6b9777_46.wav", "text": "But turning to the next slide. The part that we're most excited about actually begins once you have a mortgage. In terms of financial health, owning a home and getting mortgage-free is one of the biggest opportunities for Canadians to build wealth, and helping them get there is what this product is all about.", "duration": 13.53}, {"path": "0db71632fa65f1d166f14cb8593c4690_79.wav", "text": "as other companies, we carry out our adjustments at the end of the year. We carry out many impairment adjustments, inventory adjustments, and all of them are", "duration": 13.53}, {"path": "e274d02ea943c0a74779950fe28e839d_148.wav", "text": "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.", "duration": 13.53}, {"path": "e274d02ea943c0a74779950fe28e839d_18.wav", "text": "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.", "duration": 13.53}, {"path": "264e575b73bc2a485bee416c1ac10cee_161.wav", "text": "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 sense in this cycle, right? You go from a period where you're trying to survive,", "duration": 13.53}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_62.wav", "text": "In addition to this, we've 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.", "duration": 13.53}, {"path": "7e14890193df4b10e1eeab6ab886529f_147.wav", "text": "But if we're truly to become a health and wellness brand, we have to inspire people to be healthier all year long. So in 2018, we're introducing a new campaign globally, summer of impact.", "duration": 13.53}, {"path": "a4e84e293bde7191186ae3a7a0b34024_163.wav", "text": "size of car? So will this be used -- with the targets that you've given, will it be used in a particular range of cars? Could you maybe provide more clarity in terms of where you think it's going into the market?", "duration": 13.53}, {"path": "04f29bc02d1e2ef65077ca67bf41f475_164.wav", "text": "and then also being able to see their logo on an e-mail 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 there's a lot there but", "duration": 13.53}, {"path": "9589f919b51ea96f732c4fe7fd180d7e_5.wav", "text": "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.", "duration": 13.53}, {"path": "66c9091ba849cdb6d64987642ced64d2_4.wav", "text": "including our customers, our employees and the investment community. James's vision has been instrumental to the evolution of YRC Worldwide, and I am grateful for his contributions and personal support.", "duration": 13.53}, {"path": "e26b501c6e000fdaa11edde97cc71436_38.wav", "text": "Yes, I think the best way to imagine what we are -- and a lot of fast businesses don't perform this way. I don't know why. We're really a high fixed low-variable cost business.", "duration": 13.53}, {"path": "f686be4a39a5c75b5f3a03a1aed5d9b6_21.wav", "text": "And when we put that model together, we take into account the investments that we're making in initiatives, such as loyalty or omni-channel. And so we continue to manage our business that way. And therefore, we feel confident that we should be able to deliver", "duration": 13.53}, {"path": "5f38ce681d4413a793d34a0650c59bf2_207.wav", "text": "How many of those do you actually have a relatively high degree of visibility on in terms of either specific date, certain packet expiration or a settlement? Obviously, the FDA hasn't been doing", "duration": 13.53}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_103.wav", "text": "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.", "duration": 13.53}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_125.wav", "text": "While there was nothing of similar scale this year, despite both the publisher's and our best efforts at an expanded range of humor books. And so it was a difficult Christmas for us in Books.", "duration": 13.53}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_205.wav", "text": "Excluding these charges, the adjusted cost base remains stable despite higher software amortization and investment expenses related to our strategic initiatives, including the expansion of our digital solutions.", "duration": 13.53}, {"path": "655d592e9d1b1027f1824b1554d8b131_55.wav", "text": "And I'd remind you here of our significant debt reduction, 2 dividend increases and RAI's new share repurchase program. So I'm very pleased with the way this year has progressed.", "duration": 13.53}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_91.wav", "text": "that generates value. And so we really feel like it's not the individual components, it's the totality that is emerging, the one-stop shop for an entire solution that's emerging that is truly going to drive the bookings growth.", "duration": 13.53}, {"path": "a8034762296368c60571fcde382c3274_51.wav", "text": "We believe that the bottom has finally entered precious metals, and both our actively managed precious metal strategies and our exchange-listed products are well positioned to benefit from a recovery and performance and investor interest.", "duration": 13.53}, {"path": "8fbfa6ca2fe8141fd75ae42fd998149f_118.wav", "text": "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.", "duration": 13.53}, {"path": "b94d748876ddf8e881d4191dec45baf3_12.wav", "text": "in our capital deployment plans. The management team remains focused on the most prudent and sensible uses of cash in support of our longer-term strategic growth plans.", "duration": 13.53}, {"path": "815f65663b3982554e82806de0cbd918_75.wav", "text": "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, we're comfortable where we are, but we frequently look at them, and if we need to make an adjustment, we will.", "duration": 13.53}, {"path": "02deeb29574f1571812a11f66bb8fda1_223.wav", "text": "are actually -- are very much what we've looked at. There's not a lot of change in there. But when you think of things that have a bigger CapEx component to it, you're seeing those things get pushed out. And those aren't a big piece of overall business.", "duration": 13.53}, {"path": "ed93b88b63d3dba4c5ed78d463a77bdd_22.wav", "text": "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 it's essentially catch-up adjustment at the end of each quarter.", "duration": 13.53}, {"path": "c3567809c19ce6a800677544cd84f88b_71.wav", "text": "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.", "duration": 13.53}, {"path": "974a2d744cd3d9acf42d74816de91f7f_11.wav", "text": "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.", "duration": 13.53}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_231.wav", "text": "I think it's hard to quantify that, given the amount of volatility we've 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 come through our economics. But we're pretty optimistic", "duration": 13.53}, {"path": "5ea42ed8ea9a65bd01aaabb678685483_118.wav", "text": "Right now, you're just saying that there've been previous promotion practices, I guess, that were not less than ideal in terms of their payback and so you're not chasing that business any longer.", "duration": 13.53}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_140.wav", "text": "We are being strategic about what we add. Acquisitions don't have to be large, but they must meet our criteria for high-margin businesses that strengthen our product and technology portfolios,", "duration": 13.53}, {"path": "f1da65edd5f2026ffd647d496bb96ce7_120.wav", "text": "across that 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 Gary's comments,", "duration": 13.53}, {"path": "6318dda27b3e36d76533c048c64a3014_130.wav", "text": "Please note that information reported on this call speaks only as of today, November 2, 2018, and therefore, you are advised that time-sensitive information may no longer be accurate at the time of any replay listening or transcript reading.", "duration": 13.53}, {"path": "21f21433851eb7c7f7dbc710309341bb_58.wav", "text": "We could easily turn in better financial results this year by not spending on product design and development expertise in consumer brands, we're not launching Well Worn or investing in our digital assets and capabilities for the future.", "duration": 13.53}, {"path": "da879f8ea1c23aa6565cccaacac271fc_253.wav", "text": "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.", "duration": 13.53}, {"path": "7498a6630302a038bd537d192c3a44f4_62.wav", "text": "there's been a lot of noise in it over the last, say, 1 year, 1.5 years, if you think about the interruption we've had in several of our assortments. So we're kind of seeing that return to normal, if you will.", "duration": 13.53}, {"path": "3c80de013154b028ecdc6354d16c6fbc_76.wav", "text": "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.", "duration": 13.53}, {"path": "299bad77345d2e44fa5768f4416f7b97_216.wav", "text": "better trends with respect to 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 we're seeing", "duration": 13.53}, {"path": "299bad77345d2e44fa5768f4416f7b97_65.wav", "text": "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 higher-than-expected early adoption in select community hospitals.", "duration": 13.53}, {"path": "838af8ffae77ce8ff59c77b1985f8fc5_125.wav", "text": "And as a result, we raised our oil guidance. But what we haven't seen is the corresponding increase in GOR, which is why we did not raise our BOE forecasts until we see where that shakes out.", "duration": 13.53}, {"path": "d62cc3a0dfe3492ed16dfc17c028071e_132.wav", "text": "Through our established land and expand account management approach, we continue to grow our relationships and revenues with our existing customers. As Tim mentioned, we've seen a change in the landscape in the type of customers we have.", "duration": 13.53}, {"path": "0f9d6e24171bc068e7ff7a11e7e44060_1.wav", "text": "The improved company performance is explained mainly by significant improvements in the operation of the -- most businesses, but mainly bank businesses in Chile and in retail in Peru.", "duration": 13.53}, {"path": "ec6bcc27bd7d6a428dc5b2be7ae7d93b_8.wav", "text": "The well has only been flowing for about 2 weeks and it's still in the cleanup process. We're excited with the results and believe it demonstrates favorable economics for the 2nd Bone Spring Sand on our acreage.", "duration": 13.53}, {"path": "1300495cfa53748f732f54277d5a8cea_55.wav", "text": "promote within our own stores, that directly impacts our wholesale business. And in many cases, they'll price match us, which just exasperates all the promotions that are going on out there.", "duration": 13.53}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_189.wav", "text": "net new business. I would say one of the things -- we've 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", "duration": 13.53}, {"path": "c334e290beb657ee3efcb6b2f734c81e_128.wav", "text": "And they don't 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 it's a very bond-like instrument that ultimately is falling in value as interest rates rise.", "duration": 13.53}, {"path": "6299a010c7bb84feaf14b263750dbd1a_161.wav", "text": "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.", "duration": 13.53}, {"path": "21abf3409d34eea6f33336ad93662cfd_60.wav", "text": "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.", "duration": 13.53}, {"path": "ffa357a084f4deb64797a0a32b8c5e33_97.wav", "text": "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, that's going to move us further up", "duration": 13.53}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_118.wav", "text": "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.", "duration": 13.53}, {"path": "af146425f68dd8e32f31878389746637_84.wav", "text": "with existing products. And as you know, we also have new products, which are likely going to help us kick start growth later in 2019 and '20. So both the short term and long term are turning more positive there.", "duration": 13.53}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_219.wav", "text": "of Canadian Tire, what does One Company, One Customer look like from a customer perspective, ex-years down the road when you get where you want to be? Because you have to start thinking like the customer. I'm sure you're already doing that.", "duration": 13.53}, {"path": "7a80c3e91e5a2693cdaef5f716808317_189.wav", "text": "All of these activities are now supported by a robust set of KPIs to monitor and drive improvements at our ongoing new product development effectiveness. We've taken a significant step forward in appointing our Group Head of Engineering to lead these efforts.", "duration": 13.53}, {"path": "24a2aec67e247f9c4d4cc89d6dbab525_117.wav", "text": "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.", "duration": 13.53}, {"path": "3043e7527da9e59e29b7412cafeb9d80_93.wav", "text": "We continued 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.", "duration": 13.53}, {"path": "a4d3f12bcd4bd2b79c885714ce84ab4f_40.wav", "text": "as well as exercising either its buyout or its termination options that are provided for under the lease, and we've not received notification from Arc or Zenith regarding exercising either the buyout or termination option.", "duration": 13.53}, {"path": "ff59c33225941d4025bcecc8fe1a4b32_92.wav", "text": "incentive plan for the company. I know it weighed a little bit and 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?", "duration": 13.53}, {"path": "a95a220f118ae793c89d6d708e62cf8a_228.wav", "text": "We also saw another visible pickup in momentum compared to an already strong Q2. Sales of Mavenclad and Bavencio continued to rise, and our opportunity in General Medicine franchises grew yet again strongly.", "duration": 13.5}, {"path": "a93681c92a0b9c04743f541a54b180c7_128.wav", "text": "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,", "duration": 13.5}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_117.wav", "text": "followed shortly thereafter by our 10-Q for Q1 fiscal '17. We will then be current with our required SEC filings and compliant with listing requirements of NASDAQ.", "duration": 13.5}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_288.wav", "text": "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", "duration": 13.5}, {"path": "2d7efae3f89647d6468deed3b73bf98a_67.wav", "text": "three, the net interest margin to expand modestly as we benefit from rising short-term rates and our asset sensitivity position, especially now that The Wall Street Journal prime rate and the WSFS prime rate are aligned.", "duration": 13.5}, {"path": "55d548325797d638567669cd75444301_100.wav", "text": "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.", "duration": 13.5}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_101.wav", "text": "I am happy to report continued expansion which will ultimately help our customers gain access to discounted prescriptions through our local hospital relationships. Finally,", "duration": 13.5}, {"path": "8cb24daf76784487ad63780546dc4ba4_158.wav", "text": "And the adoption of product there has consistently -- even in light of that favored the home team product or the proprietary product.", "duration": 13.5}, {"path": "7e14890193df4b10e1eeab6ab886529f_150.wav", "text": "We're 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.", "duration": 13.5}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_182.wav", "text": "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", "duration": 13.5}, {"path": "f2cd7d3ddaf92ab9c64154d74b2d118a_71.wav", "text": "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.", "duration": 13.5}, {"path": "56e05107e391476d11fe1f637733f028_10.wav", "text": "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 organizations.", "duration": 13.5}, {"path": "8b71a232d7fe61e6232807b635977c31_118.wav", "text": "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,", "duration": 13.5}, {"path": "75fa1bebed0b858c76cc7058477e40e2_119.wav", "text": "I also believe that our infill unit development strategy will allow us to continue to build a solid bench and better support efficient brand-building locations in our maturing markets.", "duration": 13.5}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_251.wav", "text": "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.", "duration": 13.5}, {"path": "8292bdb9af87f10627c044f3842b2c76_18.wav", "text": "Finally I articulated a preliminary plan for increasing our exposure to network-dense UDCs in a way that wouldn't alter the risk profile of our business.", "duration": 13.5}, {"path": "5f38ce681d4413a793d34a0650c59bf2_195.wav", "text": "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.", "duration": 13.5}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_7.wav", "text": "No severe or serious adverse events have occurred in the PHYOX trial and there have been no clinically significant changes in electrocardiography, vital signs, and lab or hematology values.", "duration": 13.5}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_113.wav", "text": "And that's really job 1. 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", "duration": 13.5}, {"path": "f4d0f1362716be33f02690dd1a8df663_44.wav", "text": "As the 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 Jumbo.", "duration": 13.5}, {"path": "b96165244f010b3f1e61cbbc5e504d96_110.wav", "text": "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 it's also getting some of the folks on the sideline into the Persona game.", "duration": 13.5}, {"path": "3aba3f0bef57d2f71dcc573a0fb198ed_30.wav", "text": "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 up?", "duration": 13.5}, {"path": "8aa1aa8317783203344434f855535c25_198.wav", "text": "a little bit. There's actually a name in there called Gehl Foods that we actually underwrote the junior piece of and actually have since exited. So I think there's a little more noise in the number rather than there is sort of any", "duration": 13.5}, {"path": "8fbfa6ca2fe8141fd75ae42fd998149f_56.wav", "text": "So admittedly, it's not easy to see because of a number of moving parts. The fourth quarter, as I'll explain to you and Randy will explain to you, we think was a good one for MB. I was quite pleased with it.", "duration": 13.5}, {"path": "3b0718945e9c427873c1f34fa49b15aa_23.wav", "text": "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.", "duration": 13.5}, {"path": "567a41009710fa1568bb8125213bf9eb_120.wav", "text": "Furthermore, the performance of the distressed loan portfolio was also impacted by lower-than-expected home prices for certain loans in the portfolio, as well as a reduction", "duration": 13.5}, {"path": "b94d748876ddf8e881d4191dec45baf3_223.wav", "text": "The start-ups 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 start-ups.", "duration": 13.5}, {"path": "16ed973148ce103dc95fdcfaf35bbe7b_150.wav", "text": "and we've now allowed all of our applications to flow through that. So whether it's our Commerce Cloud, our Sales Cloud or our Service Cloud, they're all augmented now through Einstein. And I guess, one of the major", "duration": 13.5}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_72.wav", "text": "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", "duration": 13.5}, {"path": "c3567809c19ce6a800677544cd84f88b_120.wav", "text": "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.", "duration": 13.5}, {"path": "ab4dae37361262d727d1d2f8f78765d5_231.wav", "text": "with more investors. While we have done well over the last 12 months to reduce our debt level and manage working capital downwards, I would like to mention that the working capital increase over the year due to the scheduled turnarounds that I've mentioned.", "duration": 13.5}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_3.wav", "text": "and strong sales margins from price increases implemented late last year as well as benefits from low contained metal costs. We also continued to achieve improved underlying manufacturing cost efficiency.", "duration": 13.5}, {"path": "9e8690a521142359001a137074905535_12.wav", "text": "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.", "duration": 13.5}, {"path": "9e8690a521142359001a137074905535_23.wav", "text": "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", "duration": 13.5}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_141.wav", "text": "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 ramp-up phase.", "duration": 13.5}, {"path": "cac9bb252b7974b7044423e714c2f054_7.wav", "text": "A prominent feature in the growth of retail deposits is our Win Flushing program, which focuses on increasing our deposit market share in the Asian community in Flushing, Queens.", "duration": 13.5}, {"path": "1949bd0c9c4c23d495d880c4c552bfe1_217.wav", "text": "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.", "duration": 13.5}, {"path": "82f5253b62614161333b038f5f9700f8_7.wav", "text": "We also maintained our intense focus on new product introductions and efforts to develop distribution throughout the year. As a result, the year-over-year decline in activations in shipments of standby generators were much better relative to the overall decline in power outage severity.", "duration": 13.5}, {"path": "dffe8257f781608bb17bb637249e4d2a_293.wav", "text": "our overall insurance earnings were affected by the catastrophic event related to the Kynsna fires in June, as well as other significant weather-related claims, including the Western Cape storms.", "duration": 13.5}, {"path": "49e533a8449f6b9b6c806458e73338e1_145.wav", "text": "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.", "duration": 13.5}, {"path": "ab3354b86be920cde18291112bf8a70a_58.wav", "text": "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.", "duration": 13.5}, {"path": "757695924b5e43c7d44e29dc141cc035_147.wav", "text": "and drive further efficiencies. In our Power segment, our transformers improvement plan remains on track and we continue to take costs out of our power generation business to align with market demand.", "duration": 13.5}, {"path": "e42f90eacf0e766ff39973c6aca06c93_32.wav", "text": "patients on the system and really push the payers to recognize the product out there. So we don't anticipate it as a long-term program, but that's not to say, like many in this space, you wouldn't bring it back once in a while.", "duration": 13.5}, {"path": "6709c061d39d0e433079f84160f11c80_34.wav", "text": "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 we've got operating leverage opportunity,", "duration": 13.5}, {"path": "c20824ea6f927fe380f48a904cf4821b_56.wav", "text": "passenger car and also those in goods movement, I think this being sustainable fuels and sustainable technologies, I think we're just at the beginning of what's going to be a very long", "duration": 13.5}, {"path": "3e29586725757a72d8c143f3da2658f5_24.wav", "text": "gaming and hospitality, healthcare, higher ed, this is just an example of our diversified company. So we're seeing an overall increase and strength in the market throughout the country.", "duration": 13.5}, {"path": "2b1611c25a098f87dd7623d00d53eeea_16.wav", "text": "that combated our efforts to manage margins, we believe our managers were able to produce very respectable results. We're also happy to see a positive quarter in terms of net attrition, where results were the best in several years.", "duration": 13.5}, {"path": "243e9a046160bfbf82be702927a4df22_105.wav", "text": "Our comments today will contain forward-looking 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 forward-looking statements,", "duration": 13.5}, {"path": "52ea66e70853eaa0c1183ddfa31b760a_27.wav", "text": "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 we've already identified", "duration": 13.5}, {"path": "d1c4d16bfe8ceadd0ab1356305ca749b_17.wav", "text": "that seasonality will improve things. But with that additional capacity that we've installed ourselves at Bulyanhulu and with the new infrastructure that the government is hoping to deliver", "duration": 13.5}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_203.wav", "text": "We see this charge as a discrete item arising from a contract dispute and not indicative of ongoing operations. Accordingly, this adjustment or this charge, if you will, was excluded from our adjusted results.", "duration": 13.5}, {"path": "411bdacf05f84134fc80b874a15cf3b7_194.wav", "text": "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 as well as acquisition.", "duration": 13.5}, {"path": "45c2e7788c29cc5f1c183ec742511c6f_19.wav", "text": "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 it's certainly on our radar. And I hope to be able to", "duration": 13.5}, {"path": "a98061f951c1b2c7a915e296098bc4de_85.wav", "text": "If you have any further questions, feel free to contact me directly. This concludes today's call. Thank you.", "duration": 13.5}, {"path": "c2a4f7aacf0036edc5b94457c0d8329a_45.wav", "text": "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 C-level executives who were hearing our story for the first time.", "duration": 13.5}, {"path": "47d77b15189fadcc76113a2f7800ba28_93.wav", "text": "We expect services revenue for the year to be relatively flat to last year as we enable existing customers to be self-sufficient, leverage our SI partners and as maintenance revenue associated with legacy products continues to decline.", "duration": 13.47}, {"path": "65d5a09c659f6809931dc62aa7a9eaad_91.wav", "text": "quite impressively, in this very short period of time was leading the development around the new avec concept that I will talk about in a minute.", "duration": 13.47}, {"path": "044da592acc01ff7baacb3dbf2a302a9_72.wav", "text": "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", "duration": 13.47}, {"path": "de3b766a868da918e499f407dbf5d716_8.wav", "text": "In terms of our sponsor, Landmark Dividend, it continues to make significant improvements in its back-office resource allocation and process enhancements, all of which have contributed to higher acquisition activity.", "duration": 13.47}, {"path": "d085781ecd776da8a9c4d31ad547606b_203.wav", "text": "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 will also be a consequence of an improvement in the quality of the", "duration": 13.47}, {"path": "e26b501c6e000fdaa11edde97cc71436_34.wav", "text": "Today -- literally today, we signed a contract with one of the most successful grocery retailers in the world who does everything internally. Everything.", "duration": 13.47}, {"path": "4032bfdd59881fc6506c082737cb5a99_154.wav", "text": "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", "duration": 13.47}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_79.wav", "text": "and the ongoing propelled pivotal study support our strategy to advance AT-GAA as quickly as possible with the potential to become the new standard of care for people living with Pompe disease.", "duration": 13.47}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_185.wav", "text": "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", "duration": 13.47}, {"path": "dbafd430cf189ffeffd96a06da8ba37d_84.wav", "text": "As I think about the rest of the year, I'm excited about the opportunity that lies ahead. We are experiencing significant momentum. Our teams are exceptionally busy, and I'm optimistic about the power of our global network coming together", "duration": 13.47}, {"path": "0f06227be4dd36d9329849eda96196aa_29.wav", "text": "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,", "duration": 13.47}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_74.wav", "text": "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.", "duration": 13.47}, {"path": "0f4370b614f29bd596e4f6871cc77864_132.wav", "text": "in May. I will loosely follow the content starting on Slide 4. This quarter's narrative remains more or less the same as those of the last year, emphasizing strength across both businesses and regions.", "duration": 13.47}, {"path": "e56726c7aedd69029957c84128050700_76.wav", "text": "Just a couple of final thoughts on numbers. While quarterly results are important, I consciously look at our last 12 months results as a signal of the company's strength and it helps guide my thoughts in the direction we are heading.", "duration": 13.47}, {"path": "e56726c7aedd69029957c84128050700_33.wav", "text": "This quarter represented another substantial step in the journey of improving our operations and margins at Perceptron. Our customer metrics of bookings, revenue and backlog were all very strong.", "duration": 13.47}, {"path": "c4138e2179e3fba907f3ea7c12cf2b8a_240.wav", "text": "And then, finally, in terms of Trump's policies, is it still your view that the rhetoric or the -- or what he's talking about won't prove any disruptive threat to your business?", "duration": 13.47}, {"path": "a8034762296368c60571fcde382c3274_91.wav", "text": "but money is difficult to move. And these days, investors are careful enough that even if they know the portfolio manager, they don't always subscribe at the first meeting. It takes a while to move money.", "duration": 13.47}, {"path": "ea97a179f1be386d6cd36637ae70a1fc_83.wav", "text": "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.", "duration": 13.47}, {"path": "a7e7a1621af9b4e850260f9824ee8746_114.wav", "text": "services to provide and there are other industries there that people feel comfortable and that generates more interest. And we're kind of in the sweet spot right now where people are seeing and liking what they see in Idaho. I think", "duration": 13.47}, {"path": "49a78c1ec143d9ac46e893e77198c0e3_2.wav", "text": "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.", "duration": 13.47}, {"path": "636d6909fbd8656f88f72f66a3a162ff_6.wav", "text": "Absent reversal by the Ninth Circuit, PGE's claim against the surety will be tried in 2 phases. The first phase will be -- will determine whether PGE's termination of the contractor was appropriate", "duration": 13.47}, {"path": "30e94343ee663488872ae176b419a163_68.wav", "text": "We also have a slide presentation that accompanies today's call, which is available to participants on the webcast. If you are not accessing the webcast or if you'd just like to get a separate copy of the presentation,", "duration": 13.47}, {"path": "4510e2aa4676c7a10c96df3f4ebf2beb_51.wav", "text": "Because of our disclosure of certain risk factors inherent to the situation, we've seen negative impacts to our business. We cannot yet quantify this impact, but it has created issues with certain vendors and customers.", "duration": 13.47}, {"path": "2f52e3495f64a67b885c0d35be2e8dce_5.wav", "text": "Now we don't expect to sustain the NIM at this level going forward, and in fact, largely due to purchase accounting, we'll continue to experience some ongoing NIM pressure, although at a declining rate compared to last year.", "duration": 13.47}, {"path": "b2c4be32355b99e1a66809bd36e83dd2_243.wav", "text": "the point program actually we are still working on the detailed design of the rate plan so we cannot comment whether the points are included or not, at this point of time, sorry. My second question is about", "duration": 13.47}, {"path": "b94d748876ddf8e881d4191dec45baf3_23.wav", "text": "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.", "duration": 13.47}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_108.wav", "text": "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,", "duration": 13.47}, {"path": "ca67cef56548d21bf5c1669beebf3cb0_38.wav", "text": "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 haven't been doing for quite a few years", "duration": 13.47}, {"path": "ceeedf178333db4c586311e4f43bdfd1_80.wav", "text": "This was primarily due to our increase in operating margin this quarter, along with benefiting from a gain on translation of our U.S. dollar denominated debt, offsetting an increase in our amortization expense compared to the same quarter last year.", "duration": 13.47}, {"path": "1949bd0c9c4c23d495d880c4c552bfe1_149.wav", "text": "In particular, I'd 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.", "duration": 13.47}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_118.wav", "text": "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,", "duration": 13.47}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_26.wav", "text": "that there was caution on the part of a lot of U.S. companies, particularly in pharma, and some of the industrial businesses really weighting some of the regulation and policy and tax changes that came later in the year.", "duration": 13.47}, {"path": "da879f8ea1c23aa6565cccaacac271fc_42.wav", "text": "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.", "duration": 13.47}, {"path": "dffe8257f781608bb17bb637249e4d2a_320.wav", "text": "equity in financial services institutions or other banks does come with higher capital reserving charge. And so you would have to leverage that business", "duration": 13.47}, {"path": "01f88a67f39af3a74d5f23b095615d39_254.wav", "text": "And with our seasonally stronger second half, operating cash flows and the lower capital expenditure, the group expects to generate significant net free cash flow during the half.", "duration": 13.47}, {"path": "6709c061d39d0e433079f84160f11c80_163.wav", "text": "but then the other line sort of popped a little bit sequentially. So 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 on the incremental margin, just trying to get a sense of", "duration": 13.47}, {"path": "9b64cf7bd80b5f16bf1c68440d023e8a_19.wav", "text": "I'd 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, we're generating a lot of cash. So", "duration": 13.47}, {"path": "5633fe3600ee04237bbb918c56341864_115.wav", "text": "some more meaningful contribution in the third quarter, and we just don't see that, and we think that, that's been pushed out to the fourth quarter. But as you can see, rigs are certainly being put under contract", "duration": 13.47}, {"path": "e29584f9f829602cacebcce71c2a4fb9_41.wav", "text": "We've 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,", "duration": 13.47}, {"path": "299bad77345d2e44fa5768f4416f7b97_59.wav", "text": "limited in our willingness to invest resources behind trying to grow it right now, because we don't want to create demand we can't fill, right? That's not fair to our customers and patients.", "duration": 13.47}, {"path": "e35fae1d3df1f7aeda409f90f200ec7b_85.wav", "text": "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.", "duration": 13.47}, {"path": "dd1b5d8b62882dbf2ce5e06cf5678ced_2.wav", "text": "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", "duration": 13.47}, {"path": "9fb4423a70358ef22be9982299969f7a_118.wav", "text": "can get through some of these initiatives that they've been advocating for. But as you've seen, like we, it's very uncertain in terms of whether or not you're going to get kind of the type of bipartisan support that you need and", "duration": 13.47}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_29.wav", "text": "Keep in mind, we have a network of engineered team that starts every day proactively engineering our network, tailoring solutions designed to minimize the number of empty miles we occur.", "duration": 13.47}, {"path": "323193895e800e72960d98dd5fb64cf5_149.wav", "text": "And why did we need to focus on stability first? Well, at the end of the day, it's our customers. This is critical piece of their infrastructure. So if we don't deliver and don't perform, their network is going to suffer.", "duration": 13.47}, {"path": "1758a982f596e3033f062a5b9f011361_57.wav", "text": "and addressing the 2 main factors of growth for the future market that are the management of new-generation content and cloud services. These are the drivers that support the business anchors mentioned before.", "duration": 13.47}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_210.wav", "text": "And it's a very small part of the number at the moment, but it's doing better than we thought it would. And there's a possibility that it can be really additive in the future. So I think the key is for us is just to stay the course.", "duration": 13.47}, {"path": "099475edf8f9944537773b1d0a2aaea6_33.wav", "text": "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.", "duration": 13.47}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_53.wav", "text": "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. I've heard", "duration": 13.47}, {"path": "7e198f4b8da8fc367e2bca0fd1595633_74.wav", "text": "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.", "duration": 13.47}, {"path": "b154f7c33e567e453cb765f4ac03dd2f_188.wav", "text": "We're also seeing excess supply pressure as slow economic growth is not sufficient to absorb the large amount of capacity that's been built in a number of products, especially in China for Chemical Intermediates.", "duration": 13.47}, {"path": "365c360aff42713cef71a7d026eeeb6d_152.wav", "text": "momentum. So whether it's the next-generation platforms that we just talked about or the mid-market migrations or the acquisitions that we just talked about or progress on the Service Alignment Initiative or the voluntary early retirement program,", "duration": 13.47}, {"path": "1dc9a88d7f1aa3877f317b59e2724c8e_143.wav", "text": "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,", "duration": 13.47}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_165.wav", "text": "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.", "duration": 13.47}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_29.wav", "text": "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", "duration": 13.47}, {"path": "92b48b365197c65ebf545a4c9dd1200d_143.wav", "text": "We are aggressively adopting hyper-convergent solutions to our customers that give us the ability to take multiple business applications, run them in our cloud,", "duration": 13.44}, {"path": "0d631e444d1c22f0be99a69f5deaff94_139.wav", "text": "their strategy and a whole bunch of other things that companies do, and I think the human capital equation is what's really, over the last couple of quarters, beginning to come through in that growth agenda for these companies.", "duration": 13.44}, {"path": "f3ea353a6c918bc1fd311a9cad6b9777_84.wav", "text": "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.", "duration": 13.44}, {"path": "07d2c762b6e3c4a59486baba2c8f0639_29.wav", "text": "with our solutions, making progress towards a purchasing decision consistently requires more education and time than we anticipated when we began this new initiative.", "duration": 13.44}, {"path": "e274d02ea943c0a74779950fe28e839d_162.wav", "text": "But again, it's 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.", "duration": 13.44}, {"path": "f0dd7e4dad969b480d0d2a70609aedba_38.wav", "text": "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.", "duration": 13.44}, {"path": "8b6c481f7fe797353fefe886e205bbaa_26.wav", "text": "That's encouraging, but it's 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.", "duration": 13.44}, {"path": "10ad172801ac8cd3a21e4355d7349eb5_21.wav", "text": "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 by our process reengineering efforts in the third quarter.", "duration": 13.44}, {"path": "2602edddc3363eadcaafe1c33271f3e4_59.wav", "text": "What they say they want consistently in our market research and public forums and surveys presented at medical conferences like the one at Allergy College Meeting a couple of weeks ago, is they want a normal life.", "duration": 13.44}, {"path": "e824f4380f8203a1e3ed60e7da1e39e5_70.wav", "text": "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", "duration": 13.44}, {"path": "044da592acc01ff7baacb3dbf2a302a9_174.wav", "text": "range of motion, stability, discharge to rehab and patient satisfaction. We expect to begin to see some of the data at key orthopaedic conferences starting in 2018 and beyond as we track these patients over time.", "duration": 13.44}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_174.wav", "text": "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.", "duration": 13.44}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_119.wav", "text": "qualification runs. And as we've said before, those will be part of any submission and will be part of the discussions that we have with regulators over time. We haven't given specifics about when exactly we'll start and complete those runs.", "duration": 13.44}, {"path": "224a41b247c04842c2998802d67c8123_106.wav", "text": "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, I'm going to keep it open ended. Does this kind of -- does the performance you've seen in that business change at all", "duration": 13.44}, {"path": "15ac383479a7c990aab7b155e4d42053_4.wav", "text": "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.", "duration": 13.44}, {"path": "276392c471c063580869aec014a1feda_167.wav", "text": "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,", "duration": 13.44}, {"path": "fb4897e3d1bfc0d92ab28688ecb5abd5_47.wav", "text": "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?", "duration": 13.44}, {"path": "3416f142ad06359966636184f66e87c5_53.wav", "text": "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,", "duration": 13.44}, {"path": "e3d70ecdb6aaed843dd059c121962e45_70.wav", "text": "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.", "duration": 13.44}, {"path": "1bba27cac9495fe57f623973383d6948_85.wav", "text": "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", "duration": 13.44}, {"path": "3cc0a4a6f1b08b522c732ad8944e8624_20.wav", "text": "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", "duration": 13.44}, {"path": "3b0718945e9c427873c1f34fa49b15aa_32.wav", "text": "would allow us to improve operational efficiencies for our customer, 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.", "duration": 13.44}, {"path": "6a372ea97b0b130a4d37f16b54d97909_160.wav", "text": "And it means we need the right partners to help us get there and do it in the profitable way. And so that's where Silver Lake comes in. That's where LinkedIn comes in. As you know, LinkedIn is part of Microsoft,", "duration": 13.44}, {"path": "2b626b620ef42f716c6028c74ee4187b_56.wav", "text": "press comments on the declining of the projects, we see that because they are comparing the full plan of previous years to a smaller plan that is", "duration": 13.44}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_75.wav", "text": "We will deploy narrow-body aircraft with a capability of middle-distance operation to increase our options for route destinations, which will enable us to capture a wider range of inbound and leisure demand.", "duration": 13.44}, {"path": "4567936d89925d1a3b983274b11ecae5_18.wav", "text": "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.", "duration": 13.44}, {"path": "63eaf9677d7577484a1557ae6bfbb585_44.wav", "text": "I'll talk about the Bluestem Brands performance in a moment. The lower Capmark 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.", "duration": 13.44}, {"path": "c4c82b9f0d0167137949864b86e2a812_121.wav", "text": "defend its market position because they are maybe seeing that you're 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?", "duration": 13.44}, {"path": "f1da65edd5f2026ffd647d496bb96ce7_105.wav", "text": "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 Healthcare selected Revenue Capture Solutions for their revenue integrity needs.", "duration": 13.44}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_5.wav", "text": "In the meantime, we are focused on a number of product and distribution initiatives. And while we continue to face near-term sales challenges, we remain optimistic on the longer-term prospects for Annuities as the need for retirement income products", "duration": 13.44}, {"path": "21f21433851eb7c7f7dbc710309341bb_154.wav", "text": "the next chapter in this I think is seeing some of the upfront pieces, how do we then 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", "duration": 13.44}, {"path": "c40b5d1a13169c5acf69590932a56f98_50.wav", "text": "Our management team, sales force, and the entire Sientra organization are laser focused to ensure our transition from this precision control launch to full supply", "duration": 13.44}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_66.wav", "text": "MUSCLE MILK ready-to-drink 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.", "duration": 13.44}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_57.wav", "text": "an interesting format with -- as loyalty programs go, it's 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,", "duration": 13.44}, {"path": "ab3354b86be920cde18291112bf8a70a_46.wav", "text": "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, I'll turn it over to Jim.", "duration": 13.44}, {"path": "94f913b974baab79fb636f6521170dd7_93.wav", "text": "showed that the logic for the net worth sweep was at least, in large part, due to wanting to prevent the companies from recapitalizing themselves when they become profitable and ultimately,", "duration": 13.44}, {"path": "89a894c2c6440d41510f0b009c0cd03b_4.wav", "text": "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.", "duration": 13.44}, {"path": "1689b94530eca82b7758c86b4cf3125f_11.wav", "text": "We are very pleased with our second quarter financial results. Overall, we continued to drive top line growth in our primary-focused product lines of residential data and business services.", "duration": 13.44}, {"path": "e42f90eacf0e766ff39973c6aca06c93_136.wav", "text": "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.", "duration": 13.44}, {"path": "0dec9a606303da3039d11eec4ec9bd86_70.wav", "text": "Our Paychex Insurance Agency was named to the Business Insurance magazine's list of best places to work in insurance for the very first time. This is a notable recognition and I'm very proud of the agency employees and the growth we've seen in the insurance business.", "duration": 13.44}, {"path": "0dec9a606303da3039d11eec4ec9bd86_158.wav", "text": "as much, I think, to this scale, and have done it very thoughtfully over the years. I think as we look at the business, we've got clients with staffing companies that I think are great opportunities for the funding side of the business for them.", "duration": 13.44}, {"path": "3c80de013154b028ecdc6354d16c6fbc_78.wav", "text": "I'll start my comments today with a deeper dive into our operating results and then expand on Neil's comments on our second quarter's transactional activity and how it affects our financial position as well as our full year outlook and guidance.", "duration": 13.44}, {"path": "01b376669d5ea40acc7fb5a87503586e_143.wav", "text": "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.", "duration": 13.44}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_93.wav", "text": "Would your view be then when gross to net is expanding or high that it enables your economics? Or do you think it's -- or do you think you hold those economics no matter the environment?", "duration": 13.44}, {"path": "e522eff219f3eaa2c9b090dc12cad420_12.wav", "text": "at Shoals in the quarter. Could you maybe talk to if a specific car type, if there is a line change over that maybe was part of the problem here? Or is it just a function of", "duration": 13.44}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_130.wav", "text": "And this has been an ongoing issue. We've tried sending letters, we've made phone calls, but for whatever reason, people get into the process of doing these and just don't continue. So", "duration": 13.44}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_182.wav", "text": "Going forward, we'd 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.", "duration": 13.44}, {"path": "382e3c8eda678694c6368e00f19c8881_73.wav", "text": "You sort of alluded to that, but do you want to give me some more detail on that? I know we've been looking at it for ages. Do you feel that there is -- one of the more recent problems was the cost", "duration": 13.44}, {"path": "ecc871b8f89a858d952f554f1ca8f7da_184.wav", "text": "With WaferEtch, our flexible process offers cost advantages versus incumbent technologies. WaferEtch also promises substantial cost savings for the TSV Reveal process", "duration": 13.44}, {"path": "64364105b816dd0b6a029e9cd210e65b_259.wav", "text": "a good portion of our CapEx investment has been made over the last couple of years and again, plan for this year to continue that momentum and continue to optimize productivity", "duration": 13.44}, {"path": "24a133abc343c813233d416b0cef96cd_87.wav", "text": "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.", "duration": 13.44}, {"path": "fb03ff65af8e5f80abd090abeaf767cf_49.wav", "text": "Well, we don't 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.", "duration": 13.44}, {"path": "387e37f77b5e6be4e5ab2b00e95e38f1_175.wav", "text": "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", "duration": 13.44}, {"path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_124.wav", "text": "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 don't see any substantial charges related to", "duration": 13.44}, {"path": "7d74e5d733ec60a1be27a556e7689961_2.wav", "text": "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.", "duration": 13.44}, {"path": "902872913863de98d38e2936b846cf66_271.wav", "text": "could you give us a sense in terms of breaking out the state growth just as you did for Texas, but focusing on the L.A. market versus Northern and the San Diego market in terms of what is driving real demand in the market,", "duration": 13.44}, {"path": "0f8a61f667edd9a400d7abe2a7908a9e_2.wav", "text": "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,", "duration": 13.44}, {"path": "0f8a61f667edd9a400d7abe2a7908a9e_98.wav", "text": "of -- it's so easy to make a mistake in your billing practices. And so it's 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.", "duration": 13.44}, {"path": "50eb350badadec6e4272b90684741c25_84.wav", "text": "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", "duration": 13.44}, {"path": "a766b08317742c952705018a899f3998_86.wav", "text": "now as we do bigger-scale studies, they continue to show dramatic improvement in retention and engagement. That's caught the attention of the marketing community. Teads is one of the larger", "duration": 13.44}, {"path": "f15a674bdbbc461872000604216ae071_152.wav", "text": "increases, they were related to increase in chemicals and fuels, and there is an important variation regarding exchange rate in chemicals and fiber", "duration": 13.44}, {"path": "b49c3cda0bcd26bab06abdd492274a3e_63.wav", "text": "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.", "duration": 13.44}, {"path": "b35398859e534e471fb1cd60f5baac20_123.wav", "text": "in the call, but I think we may fall short. It's a very interesting thing for us to listen to all of the market and prognostication that is going on", "duration": 13.44}, {"path": "9cd9b67e289e807d677aabc5765fec6a_172.wav", "text": "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.", "duration": 13.44}, {"path": "744f5859c7d9a0567b387ae84326d940_38.wav", "text": "But if you just look at all the other acquisitions that we're doing, they're coming in at lower margins than our existing business. That's fine. I mean, there isn't anything wrong with that. I still think they have a great specialty margin starting point", "duration": 13.44}, {"path": "884400c829f179d8cf68b767f45f03a4_4.wav", "text": "while we saw early snowfall above last year's 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", "duration": 13.4399375}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_172.wav", "text": "Please be reminded that today's discussion may contain forward-looking 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 are subject to risks", "duration": 13.4100625}, {"path": "4ee3c79ebc57c9870b221b9479d52436_176.wav", "text": "We believe the scheme has been rushed into place with limited consultation, so it will invariably raise issues in its application. Most immediately, the issue is whether the range of flexible services", "duration": 13.4100625}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_139.wav", "text": "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 high-margin analog and photonic semiconductor components,", "duration": 13.41}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_237.wav", "text": "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.", "duration": 13.41}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_109.wav", "text": "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 quote is often the one to buy. In", "duration": 13.41}, {"path": "47d77b15189fadcc76113a2f7800ba28_71.wav", "text": "that's 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", "duration": 13.41}, {"path": "6f3e90ad68b9b074ad827efdcaf6630d_52.wav", "text": "Additionally, we think any rise in interest rates points to the expectations of higher economic growth and the rising incomes, both of which will be supportive of the home prices and fundamental collateral performance.", "duration": 13.41}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_41.wav", "text": "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.", "duration": 13.41}, {"path": "a45d8b57fe6b8199bca7aec4d022bbb3_132.wav", "text": "As I said before, it will be in our multi-metal range. The main target is to create additional value. So for us to find in our flow sheet extensions that", "duration": 13.41}, {"path": "c9ecd6e0347cbf5fe881201a5e803fb3_15.wav", "text": "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.", "duration": 13.41}, {"path": "223f05c0b9b116532e9af84afa76cac7_124.wav", "text": "I'm 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 would've thought that in a", "duration": 13.41}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_160.wav", "text": "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 business units.", "duration": 13.41}, {"path": "56e05107e391476d11fe1f637733f028_111.wav", "text": "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.", "duration": 13.41}, {"path": "1b91eb82f5211000e711424657cc2484_219.wav", "text": "I'd re-ask you the question that with volatile tax rates, we don't see C-Corps going through an exercise of wondering if they should convert back to partnerships. And I think that", "duration": 13.41}, {"path": "a45510e526a5935c1f8d4f039149ff3b_3.wav", "text": "in the first quarter 2018. While this consolidation impacted and will continue to impact our results in the near term, we're extremely proud of the year overall.", "duration": 13.41}, {"path": "088b4c55add5ff0e667bdbdd22187fc3_77.wav", "text": "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.", "duration": 13.41}, {"path": "1f686a09cf3566a34f04f39fde02460e_48.wav", "text": "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", "duration": 13.41}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_156.wav", "text": "of the conference call with questions and answers, chaired by Chairman Lo. You can ask questions by raising your hand or by writing them down.", "duration": 13.41}, {"path": "276392c471c063580869aec014a1feda_144.wav", "text": "We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any future events or circumstances or to reflect the occurrence of unanticipated events, except as required by law.", "duration": 13.41}, {"path": "276392c471c063580869aec014a1feda_182.wav", "text": "changing the way you think about pricing? Is that something that you might change going forward where you'll be pricing more in line with FX moves as opposed to waiting for sort of the inflation to catch up?", "duration": 13.41}, {"path": "a44c74bdc01aa7e317addc11f2274e11_104.wav", "text": "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.", "duration": 13.41}, {"path": "1244d2b5a259c3bc73742830d60d53fc_58.wav", "text": "With that, I'll 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.", "duration": 13.41}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_44.wav", "text": "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 they've asked us to go places where we've looked at them and said we have no real", "duration": 13.41}, {"path": "8fd0d858dd99b5b6291eafc83e9a604d_102.wav", "text": "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.", "duration": 13.41}, {"path": "c3af5ef871fb87eee698a7a6e8e1d41e_30.wav", "text": "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.", "duration": 13.41}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_64.wav", "text": "is actually very good for us. In America, we've 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,", "duration": 13.41}, {"path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_7.wav", "text": "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.", "duration": 13.41}, {"path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_206.wav", "text": "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 profile as well as Intacta acres in Latin America. And", "duration": 13.41}, {"path": "16ed973148ce103dc95fdcfaf35bbe7b_70.wav", "text": "Anybody who sees the numbers in these financial results can see it's going to happen, and we could not be more excited. So we're incredibly proud of another quarter of remarkable growth. Of course, none of this will be possible without the partnership and dedication", "duration": 13.41}, {"path": "c3567809c19ce6a800677544cd84f88b_184.wav", "text": "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.", "duration": 13.41}, {"path": "6ad1d7c855ceb3eb830c365e357e4510_84.wav", "text": "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 or other benchmark interest rates.", "duration": 13.41}, {"path": "20097e37747ec7bc3734246e83798fb1_22.wav", "text": "This new system will allow for better controlled data basing 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.", "duration": 13.41}, {"path": "526e0d5398a516831b49936c31a8ea1c_105.wav", "text": "It's the second such settlement we've announced this year. Last quarter, we highlighted the Kentucky Public Service Commission's approval of rate increases for our Kentucky utilities following a successful settlement in those proceedings.", "duration": 13.41}, {"path": "6f6b3823ec396bec0ca694282a6c7452_22.wav", "text": "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 company's ongoing efforts to broaden investor and analyst following in the domestic Asia market, given the full Taiwan listing.", "duration": 13.41}, {"path": "17f54a9938f35a4bde713fb3eb33a80e_7.wav", "text": "ATLAS found many other neoantigens that were not predicted and, importantly, also showed that some antigens were inhibitory, potentially shutting off a patient's immune response.", "duration": 13.41}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_130.wav", "text": "which would point to margin expansion. So can you just generally comment on whether that directionally is what you're seeing in the market as well?", "duration": 13.41}, {"path": "e78997e6a75a2243292b2b54750bb3cb_70.wav", "text": "the highest level of knockdown that the GalXC system is capable of and then certainly in the animal models, it's capable of essentially complete silencing. So we're very hopeful to have a very strong response here.", "duration": 13.41}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_148.wav", "text": "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.", "duration": 13.41}, {"path": "9e8690a521142359001a137074905535_193.wav", "text": "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", "duration": 13.41}, {"path": "9e8690a521142359001a137074905535_124.wav", "text": "The fact that we've got as many people focused on improving their business and taking costs out and getting up to the type of green performance ratings that I would consider world-class is very encouraging to me.", "duration": 13.41}, {"path": "c4c82b9f0d0167137949864b86e2a812_45.wav", "text": "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.", "duration": 13.41}, {"path": "9b697782ea80be97854f35d6fc62c93a_45.wav", "text": "between our competitive position and our customer response, making sure that it's 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", "duration": 13.41}, {"path": "532e653f6aa6c3bf43a5b256bb4c1254_3.wav", "text": "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, I'm going to turn the call over to Mark to go deeper into the financials.", "duration": 13.41}, {"path": "8b2f9d78b826db37ca84dae4d193d8a3_22.wav", "text": "While the consumer tissue market continues to be highly competitive, we expect already announced price increases on our brands and our away-from-home products to alleviate some of the impact of these rising costs in the second half of the year.", "duration": 13.41}, {"path": "3898a5c021167b8169287fc8bb59f753_164.wav", "text": "outlook as you look to the back half of '18. Maybe if you can frame it as to how much pricing you would think you'd 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?", "duration": 13.41}, {"path": "262bc21196721c5ff9114acbd2ff03c3_263.wav", "text": "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", "duration": 13.41}, {"path": "da34a7b460e520db0401de3ce860187c_42.wav", "text": "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,", "duration": 13.41}, {"path": "b3d7bc295d09d9927e465213612c0192_38.wav", "text": "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", "duration": 13.41}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_76.wav", "text": "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.", "duration": 13.41}, {"path": "059024560d9d1039cf08746ee7393114_96.wav", "text": "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.", "duration": 13.41}, {"path": "ec298d3b4d5979aa8c64bf222562e259_99.wav", "text": "Even before the news of the pipeline, we were 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", "duration": 13.41}, {"path": "d223c88e8d5b658f28749ce0db145daf_11.wav", "text": "regulatory information, but there's no conditions to complete this transaction that are regulatory-based other than the court approval of the arrangement agreement after the shareholders vote.", "duration": 13.41}, {"path": "7cc11de7f206c637e6293da0d956405e_67.wav", "text": "And so on parallel tracks, we've 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.", "duration": 13.41}, {"path": "8c1b4f4af2af2847a240041390e31399_151.wav", "text": "that would save us so much time in the AML trial because we're not getting all the negative data from these very ill patients and the risk of having to expand out those dose levels there.", "duration": 13.41}, {"path": "89a894c2c6440d41510f0b009c0cd03b_86.wav", "text": "we will repeat there is not a transformational acquisition around the corner in '17. It is more the bolt-on smaller type thing we have in the pipeline.", "duration": 13.41}, {"path": "6709c061d39d0e433079f84160f11c80_252.wav", "text": "to help us model does it, in some way, relate to what's going on in the market, either in terms of market strength or weakness or high volatility or low volatility and turns out there aren't great", "duration": 13.41}, {"path": "561ad2552e8f7fab8126e9ca75cf8c89_33.wav", "text": "These attributes, combined with efforts to expand strategic partnerships and address growing demand for healthcare education should help us to reach our institutional goals and support of our collective interest in advancing America's workforce.", "duration": 13.41}, {"path": "2a7af3c66762ce608379005a3d7bfa96_22.wav", "text": "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.", "duration": 13.41}, {"path": "a76bedec950d8af557e451e58416d028_120.wav", "text": "Because of that, there's 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.", "duration": 13.41}, {"path": "71ea3ed1436c2759a95f8d629963db2e_35.wav", "text": "I do think the maturity of the crop, if you look to year-over-year, is further advanced. So there may be some opportunity in terms of when these guys get in the field", "duration": 13.41}, {"path": "ea80970d6b8e6fab10c4500aa7298914_165.wav", "text": "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,", "duration": 13.41}, {"path": "a9ff9f85f03afdd2d13b76e14060b31d_252.wav", "text": "win rate or continued penetration looks good. So I feel pretty good about -- on that front, the number of net new customers we're adding. We're continuing to look for areas in the future where we can add payments capability to more of the portfolio.", "duration": 13.41}, {"path": "a9ff9f85f03afdd2d13b76e14060b31d_123.wav", "text": "I see this as a really big opportunity for Blackbaud and a really big opportunity for the customer to improve their operations and a lot of operating problems and challenges in the space.", "duration": 13.41}, {"path": "1300495cfa53748f732f54277d5a8cea_41.wav", "text": "We are also focused on making the necessary investments in the business to support our long-term growth objectives and taking steps to put us in the financial position to do so with our recently announced rights offering, which we commenced today.", "duration": 13.41}, {"path": "fb03ff65af8e5f80abd090abeaf767cf_63.wav", "text": "which flow 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,", "duration": 13.41}, {"path": "4ee3c79ebc57c9870b221b9479d52436_187.wav", "text": "there's 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", "duration": 13.41}, {"path": "5b331cf4e6f62ec9a9c30a4728e36054_151.wav", "text": "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 not pass.", "duration": 13.41}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_196.wav", "text": "There's -- they may not be eligible for syndication for size, structural or other reasons. They may want more flexible lender. And so I think they tend to probably run a little less quickly to refinance.", "duration": 13.41}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_37.wav", "text": "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 we're working on currently and see additional opportunities.", "duration": 13.41}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_3.wav", "text": "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.", "duration": 13.41}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_30.wav", "text": "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 we're taking, when we look at our dialysis view and our port view for the second half of the year,", "duration": 13.41}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_212.wav", "text": "new international concourse at Fort Lauderdale and then the launch of new international flights from Fort Lauderdale, and that included the new destinations on our route network, which was Grand Cayman.", "duration": 13.41}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_263.wav", "text": "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 they're forced to use is very, very cumbersome.", "duration": 13.41}, {"path": "b478d2808e90233ed994884e644a3d34_59.wav", "text": "Second, we're strengthening our consumer communication to be more clear about the value of the Valvoline brand compared to other offerings. Some of this new messaging has begun to roll out and will continue to build through the year.", "duration": 13.41}, {"path": "6f1b092b312410065d308541be46da95_21.wav", "text": "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.", "duration": 13.41}, {"path": "f15a674bdbbc461872000604216ae071_132.wav", "text": "These expectations are highly dependent on market conditions, on the general economic performance of the country, of the industry, and of international market, therefore, they are subject to change.", "duration": 13.41}, {"path": "0b2059114216fe9195b6a4256ed84843_17.wav", "text": "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,", "duration": 13.41}, {"path": "9b7d3cbcfbcf14d70a241700c869bd8d_70.wav", "text": "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 they'd start and come back", "duration": 13.41}, {"path": "b154f7c33e567e453cb765f4ac03dd2f_20.wav", "text": "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 short-term challenges recede and our strong growth drivers continue.", "duration": 13.41}, {"path": "7bac04f03928ee8894ab00007116400b_72.wav", "text": "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", "duration": 13.41}, {"path": "3ae068efa03cd088f4d3edea682f199f_276.wav", "text": "which is optimally located close to the Permian Basin and Eagle Ford Shale. NextDecade is led by an experienced team with a proven track record of successful LNG project development and marketing,", "duration": 13.41}, {"path": "b1a98885c1d81414cdc122e807760faf_145.wav", "text": "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.", "duration": 13.41}, {"path": "ec81096e007f2e89de94b49db12d11bb_65.wav", "text": "Net income in 2018 is expected to increase modestly compared with this year, as the benefit of the increase in revenues are expected to be mostly offset by the cost to implement these initiatives and the incremental public company costs", "duration": 13.41}, {"path": "5478e14c30a7a53219de2176fdba0d4a_103.wav", "text": "taking a broader picture and longer term 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", "duration": 13.41}, {"path": "a98061f951c1b2c7a915e296098bc4de_128.wav", "text": "Before we begin, keep in mind our discussions will contain predictions, expectations and forward-looking statements. Actual results in the future may be materially different than those discussed here.", "duration": 13.41}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_17.wav", "text": "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,", "duration": 13.41}, {"path": "726bad4d5d1a6b2f62034eb8dc843450_139.wav", "text": "As discussed on our last quarter call, the decline in professional service revenue in the first quarter was due to the lower in-home services related to commercial launch of a product -- a project for one of our larger customers.", "duration": 13.41}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_10.wav", "text": "In a couple of weeks, I'll be in India for the first time since joining Visa, and I look forward to seeing firsthand the opportunity that we have in meeting with local partners, officials and our teammates in India.", "duration": 13.41}, {"path": "01502edf6cda82061f1f45d6b0e8e189_33.wav", "text": "Well, I think it's 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", "duration": 13.4099375}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_92.wav", "text": "And in fact, inside the tent here, I don't 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", "duration": 13.4099375}, {"path": "118b6e5a6077bedf5081ed70425b6866_40.wav", "text": "Subscription continues to represent the most significant revenue source for Xunlei and provide us with an opportunity to invest in our growth initiatives.", "duration": 13.38}, {"path": "8fde6a4ab2de2ba6bbd0b4196ef82454_7.wav", "text": "This deal came to us as a result of an agreement to divest the business to satisfy regulatory hurdles to Valspar's merger with Sherwin-Williams. We will operate the business as a separate business unit within our Industrial end market.", "duration": 13.38}, {"path": "569834a5cb8a33dfeac20dfa8e03afb3_5.wav", "text": "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.", "duration": 13.38}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_159.wav", "text": "With the recent award of 5G metro and provincial deployments in Nokia Shanghai Bell and others, the last remaining pocket of the downturn caused by the China government transition looks to soon be behind us.", "duration": 13.38}, {"path": "f3ea353a6c918bc1fd311a9cad6b9777_105.wav", "text": "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 they're progressing and inform what drives their score all through an engaging digital experience.", "duration": 13.38}, {"path": "3557b21a45c35e71e82cc43b19977855_85.wav", "text": "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", "duration": 13.38}, {"path": "264e575b73bc2a485bee416c1ac10cee_173.wav", "text": "That's how I described it externally but your point on the internal benefits is the important point. And as we point this team towards some of our challenges, the results,", "duration": 13.38}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_25.wav", "text": "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", "duration": 13.38}, {"path": "54558afacef9ab3010d5a57ac4feb664_120.wav", "text": "with a response. At this point, we'd 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.", "duration": 13.38}, {"path": "8544fcd40dacf31ad0ddf2cd1fc3c420_89.wav", "text": "We admiringly and respectfully refer to this project as Cubist 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.", "duration": 13.38}, {"path": "f2cd7d3ddaf92ab9c64154d74b2d118a_106.wav", "text": "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.", "duration": 13.38}, {"path": "25411ff16eb3ca72b6e736eb0fe0cafb_42.wav", "text": "For most of the other companies that we follow, it seems like reserve development is trending downward or being less favorable going forward, and I'm wondering if that's an expectation that you guys are thinking about as well?", "duration": 13.38}, {"path": "82b66739c0d2b8a47f19a5acbe3b90ed_70.wav", "text": "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.", "duration": 13.38}, {"path": "cc82e791c065bdc271addf355bac274f_148.wav", "text": "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.", "duration": 13.38}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_36.wav", "text": "Advisory suffered in the second quarter from postponed deals. As you know, a very episodic business, performance would smooth out across the year as a number of fee events were pushed from the second into the third quarter.", "duration": 13.38}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_52.wav", "text": "in logic foundry. As a result, we are now very well balanced across market segments. We've built a strong portfolio of products that address major technology inflections.", "duration": 13.38}, {"path": "15ac383479a7c990aab7b155e4d42053_37.wav", "text": "and his leadership has been a great stabilizing force for us, and we're encouraged by the level of recruiting opportunities as we continue to invest in Atlanta. We've scheduled the systems conversion for Charter in February,", "duration": 13.38}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_89.wav", "text": "We have been working to use our CapEx spend more efficiently. And with a modestly delayed ramping of traffic, there are additional opportunities to push some of that spend out of it until we get visibility of additional traffic demand.", "duration": 13.38}, {"path": "30710391b8ab4cb549180602d31d4f4a_155.wav", "text": "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.", "duration": 13.38}, {"path": "38b2f94da12bbf2d32246763aab8265a_85.wav", "text": "So you can see that in terms of the specific amount that would be retained, we're not talking about large transactions. This is nothing that would be comparable", "duration": 13.38}, {"path": "7394bde65e000fbb7b528c6c65bd099d_84.wav", "text": "So we're seeing less coming from the Gulf -- we believe going from the Gulf up to the harbor and with the draws, we're saying that we should get tighter. I think there was -- I think our bob got pretty tight, we heard,", "duration": 13.38}, {"path": "636d6909fbd8656f88f72f66a3a162ff_30.wav", "text": "combined cycle units with lots of flexibility to batteries that would help us at the top of the stack around regulation and reserves. So we're trying to look at the whole gamut, but that will not play out until we issue the RFPs and", "duration": 13.38}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_243.wav", "text": "quite a bit of time. And so what we've said is let's 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 brand as opposed to just pick something which feels good in the moment.", "duration": 13.38}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_250.wav", "text": "I was -- I'm 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?", "duration": 13.38}, {"path": "2f52e3495f64a67b885c0d35be2e8dce_8.wav", "text": "as we refined the calculation of the value of the DTA. While the transaction took longer to close than we initially estimated, we're very pleased with the economics which are slightly more favorable than what we originally announced.", "duration": 13.38}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_93.wav", "text": "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.", "duration": 13.38}, {"path": "b94d748876ddf8e881d4191dec45baf3_5.wav", "text": "and, in this case, contract year 1, which ended on February 29. These modifications included changes to certain performance benchmarks specified in the contract.", "duration": 13.38}, {"path": "e6c0fa1068c28557c3e17e0d02b831b1_131.wav", "text": "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.", "duration": 13.38}, {"path": "58d5f604300a30c0c5bd9aa57d207478_69.wav", "text": "Another reason is that reimbursement rate has changed. For these reasons, we estimated the sales growth is almost modest in China,", "duration": 13.38}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_187.wav", "text": "So as I said in the prepared remarks and as you noted, it was really a change in the specifications, which kind of didn't fit exactly what our product was doing.", "duration": 13.38}, {"path": "8b2f9d78b826db37ca84dae4d193d8a3_23.wav", "text": "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,", "duration": 13.38}, {"path": "e00fd35e201a8607d264b803a5130c59_248.wav", "text": "In terms of the offsetting amounts, I would point out the resets 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 Water side,", "duration": 13.38}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_121.wav", "text": "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.", "duration": 13.38}, {"path": "5330f07390a3c14fc49f24ac98bf1eab_5.wav", "text": "led Molteni's 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.", "duration": 13.38}, {"path": "369789f0d39dbf62298be2aa807ff8ee_126.wav", "text": "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,", "duration": 13.38}, {"path": "92bf6fe090b6bc565cb500b688fd9173_67.wav", "text": "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.", "duration": 13.38}, {"path": "94f913b974baab79fb636f6521170dd7_153.wav", "text": "Air Products contributed total return of minus 80 basis points for the quarter, represents -- again, the numbers I'm giving as a percentage of capital are consolidated for the whole firm. The actual numbers for the private funds are lower", "duration": 13.38}, {"path": "3877b1983229ec488c6349a188bccf92_80.wav", "text": "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.", "duration": 13.38}, {"path": "e7d23208b973f7998b2fb21a00d87849_80.wav", "text": "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 a small floating piece of roughly 4.4%. In", "duration": 13.38}, {"path": "80a2ca14358172366acab4e80f3fa33b_225.wav", "text": "so that we can operate in such a way to promote further growth of the company. In terms of our developmental strategies,", "duration": 13.38}, {"path": "97b9c8b95449565c1f280a2b61a65b31_9.wav", "text": "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.", "duration": 13.38}, {"path": "b126c31149f1cadf1d891082a187d6fc_229.wav", "text": "addressing the problematic areas. So we feel very good about the progress that we've made in terms of the completeness and accuracy of the documentation component of our records.", "duration": 13.38}, {"path": "812d8f09b72b4d410d138d3b24caebbc_9.wav", "text": "We're serving 8 different markets with a broad portfolio of dispensing and sealing solutions across many different geographies. Our level of project dialogue with our customers across each segment", "duration": 13.38}, {"path": "ecc871b8f89a858d952f554f1ca8f7da_136.wav", "text": "to some more normal levels. I think what's hard for us to read is exactly how quickly that happens. We've had a couple of weak quarters and how many more it will be is uncertain.", "duration": 13.38}, {"path": "b0d88c0f1efca89ecb928172341dc75d_322.wav", "text": "why weren't the conversations being held 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, but maybe not. I just wanted to get your thought on that.", "duration": 13.38}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_166.wav", "text": "We're now starting to enter a period where we're going to start lapping, and it's going to quickly move from a headwind to a tailwind almost under any normal scenario if you don't believe oil is going to", "duration": 13.38}, {"path": "1f142ea668261ba963d47aac6bab69dd_80.wav", "text": "Can you just talk to kind of how you get to that point? Is it because the company's at a point now where you feel like you're ready to make -- can take on a transaction like that? Does it make a statement about what you think", "duration": 13.38}, {"path": "323193895e800e72960d98dd5fb64cf5_169.wav", "text": "And here, it's clearly an area where we need to intensify our cost-out activities as well as migrating work from high-cost countries into low-cost countries.", "duration": 13.38}, {"path": "49dfadfb9a3d4d27ac250602928cf9ea_105.wav", "text": "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.", "duration": 13.38}, {"path": "e69e64683a56cdadf1c95192e753f27e_65.wav", "text": "That's 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,", "duration": 13.38}, {"path": "411bdacf05f84134fc80b874a15cf3b7_67.wav", "text": "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 let's say 2 to 3 years. That's why the order book", "duration": 13.38}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_240.wav", "text": "You probably can tell also that Optum is in pretty strong position right now and is performing exceptionally well. That was always the time period that we look to, to make these kinds of transitions.", "duration": 13.38}, {"path": "32283c24ad18239efb166db8422560b2_15.wav", "text": "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,", "duration": 13.38}, {"path": "0db5ec7ab57d41c0bea4a8ee98a083eb_129.wav", "text": "On the TRx demand front, the seasonal effect on new and existing patient demand from insurance plan changes and copayment resets did not have a significant an impact as we had anticipated.", "duration": 13.38}, {"path": "365c360aff42713cef71a7d026eeeb6d_119.wav", "text": "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 we're trying to get to is", "duration": 13.38}, {"path": "8dd740d83ff1c7319a82eeba6047633d_19.wav", "text": "We're 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.", "duration": 13.38}, {"path": "97ddc19ecb28bab2d19fd3b181182062_150.wav", "text": "This is Reliance's 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,", "duration": 13.38}, {"path": "7bc22aba9bc29d69ee10cc60db7903d8_313.wav", "text": "frankly, weren't really well understood until we got to around about the first quarter of this year and realized that we had to basically redesign these blades.", "duration": 13.3500625}, {"path": "8fde6a4ab2de2ba6bbd0b4196ef82454_40.wav", "text": "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.", "duration": 13.35}, {"path": "070a939ddb72d87ed87e4b863da14a89_64.wav", "text": "As a reminder, we will be making forward-looking 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", "duration": 13.35}, {"path": "c459f473b2c99662c3e29eeb2df74043_44.wav", "text": "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 today's call.", "duration": 13.35}, {"path": "7eebbbc069b4bf8367aa748751df9bc7_186.wav", "text": "the trends continue from a sales and revenue management perspective, we should get there in the second half of the year. But I wouldn't say that all the risk is behind us at this point. I'm still disappointed", "duration": 13.35}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_225.wav", "text": "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.", "duration": 13.35}, {"path": "3cb802f8fba7d33603c29387ccdaf817_169.wav", "text": "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.", "duration": 13.35}, {"path": "3cb802f8fba7d33603c29387ccdaf817_89.wav", "text": "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.", "duration": 13.35}, {"path": "54cde38ae040b5e2c4e1f3c85691f907_13.wav", "text": "I'm 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.", "duration": 13.35}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_369.wav", "text": "is there, and we're 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", "duration": 13.35}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_69.wav", "text": "So what's different? A rigorous, disciplined commitment to investing in our business and our people through foundational new initiatives in merchandising and marketing. So let's begin with our efforts in merchandising.", "duration": 13.35}, {"path": "56e05107e391476d11fe1f637733f028_162.wav", "text": "Now 2017 finds us with the largest market share the company has ever had, no longer subject to Medicare pricing risk", "duration": 13.35}, {"path": "e26b501c6e000fdaa11edde97cc71436_142.wav", "text": "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.", "duration": 13.35}, {"path": "8957425799e5ce0200bfacf204d0acde_132.wav", "text": "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.", "duration": 13.35}, {"path": "47a303604df9f9fc9f2f89a9280c3a79_208.wav", "text": "The majority of second make-line orders are app and web orders but also include third party 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.", "duration": 13.35}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_53.wav", "text": "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", "duration": 13.35}, {"path": "dbafd430cf189ffeffd96a06da8ba37d_32.wav", "text": "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 be almost impossible", "duration": 13.35}, {"path": "f4d0f1362716be33f02690dd1a8df663_122.wav", "text": "I will come back to this topic later. Elsewhere, however, as this table shows, the China, Taiwan and export businesses are doing well.", "duration": 13.35}, {"path": "30710391b8ab4cb549180602d31d4f4a_135.wav", "text": "And it took a pretty concentrated effort on the part of the team over several months to really get down to one set of harmonized product specifications. But we're really pleased with how that ultimately came together late last year.", "duration": 13.35}, {"path": "b96165244f010b3f1e61cbbc5e504d96_196.wav", "text": "and he was commenting how excited he is about the launch. He's using the product already, and he's had very good results. So I would just tell you that we remain confident and comfortable with our expectations around", "duration": 13.35}, {"path": "7394bde65e000fbb7b528c6c65bd099d_20.wav", "text": "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.", "duration": 13.35}, {"path": "4510e2aa4676c7a10c96df3f4ebf2beb_20.wav", "text": "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.", "duration": 13.35}, {"path": "2f52e3495f64a67b885c0d35be2e8dce_49.wav", "text": "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 double-digit growth rate during the second half of the year if not sooner.", "duration": 13.35}, {"path": "a001f4c808bdc9a395ee7d3f9288fc50_114.wav", "text": "as you look out, do you think there has to be something more dramatic for the group to get down to try and restore to what you think are the right profitability levels given that we've seen just a few years now of wages and freight?", "duration": 13.35}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_233.wav", "text": "So that's 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.", "duration": 13.35}, {"path": "b94d748876ddf8e881d4191dec45baf3_234.wav", "text": "none of the participants or vendors in The Work Programme really ever achieved the funding levels that had been previously envisioned due to those decreased caseloads. So the government's now shifted, and they've created a new smaller program called Work and Health", "duration": 13.35}, {"path": "16ed973148ce103dc95fdcfaf35bbe7b_11.wav", "text": "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.", "duration": 13.35}, {"path": "c3567809c19ce6a800677544cd84f88b_8.wav", "text": "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.", "duration": 13.35}, {"path": "6ad1d7c855ceb3eb830c365e357e4510_55.wav", "text": "is likely to creep 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.", "duration": 13.35}, {"path": "58d5f604300a30c0c5bd9aa57d207478_26.wav", "text": "The targets for apomorphine are overlapping with APTIOM customers, so we don't anticipate significant increases in spending.", "duration": 13.35}, {"path": "ef44080b170ca6366a6d3132d0baf11a_48.wav", "text": "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.", "duration": 13.35}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_210.wav", "text": "and the public comment, if they stick to the schedule, will conclude actually shortly here within the next 2 or 3 weeks. And then they'll go into the final phase before they issue the permit.", "duration": 13.35}, {"path": "9e8690a521142359001a137074905535_290.wav", "text": "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.", "duration": 13.35}, {"path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_91.wav", "text": "We're working hard to build something great for first responders. With the introduction of the FirstNet core, first responders finally have the network that they have been asking for and that they deserve.", "duration": 13.35}, {"path": "1ad54837f74515ad7caa2a50d70459c9_100.wav", "text": "with thousands of symptomatic patients at high risk for sepsis. 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", "duration": 13.35}, {"path": "b3d7bc295d09d9927e465213612c0192_41.wav", "text": "is not necessarily overly expensive, but it's not cheap to build that out. So during this period of time, we are aggressively pursuing opportunities", "duration": 13.35}, {"path": "da879f8ea1c23aa6565cccaacac271fc_228.wav", "text": "as a result of various important factors including, but not limited to, those discussed in our Annual Report on Form 10-K which was filed on February 17, 2015, as well as other filings we make with the Securities and Exchange Commission.", "duration": 13.35}, {"path": "7551ffae17aa39dd4ea962a43f96bf04_142.wav", "text": "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,", "duration": 13.35}, {"path": "f15966ae82e18b472ad78dd961f8e5e8_102.wav", "text": "assumptions and uncertainties which may be outside the company's control and our actual results and financial condition may differ materially from what is indicated in these forward-looking statements. It is important to note that any forward-looking statements made on this call", "duration": 13.35}, {"path": "a009c5f14d4d0bb5ca875164cffbd6ab_214.wav", "text": "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 year's fourth quarter.", "duration": 13.35}, {"path": "130e8e56c1afa2419fd0c08708261824_148.wav", "text": "Finally, I would 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.", "duration": 13.35}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_14.wav", "text": "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.", "duration": 13.35}, {"path": "41e5f97c6d94e8f87bb5fb602fe25500_30.wav", "text": "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.", "duration": 13.35}, {"path": "80a2ca14358172366acab4e80f3fa33b_184.wav", "text": "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.", "duration": 13.35}, {"path": "aa14e40ba684ff629fa9635314cea11e_62.wav", "text": "Of critical importance within the acquisition playbook is the attention to detail relating to operational and cultural aspects of activities that are essential in the integration planning and execution phases.", "duration": 13.35}, {"path": "f7c059b1312a5f1fc017ece069fddee2_15.wav", "text": "expansions of some in-situ projects. Just want to get a sense if your conversations with those producers have picked up and become more favorable over the last couple of months in terms of new volumes for your system?", "duration": 13.35}, {"path": "e29584f9f829602cacebcce71c2a4fb9_114.wav", "text": "We believe that the allegations in the class-action complaints are without merit and we intend to defend the lawsuit vigorously. However, there can be no assurance regarding the ultimate outcome of these lawsuits.", "duration": 13.35}, {"path": "838af8ffae77ce8ff59c77b1985f8fc5_112.wav", "text": "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.", "duration": 13.35}, {"path": "ee00ebd8d782e8f124b3e142cbb74f37_47.wav", "text": "Is this something -- is this the dynamic as we try and model out through '19 and pass them in, 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?", "duration": 13.35}, {"path": "9908957f60adff5efc1c8692a0f5ab38_120.wav", "text": "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.", "duration": 13.35}, {"path": "4311782968e936c378fdee8946cd9cca_18.wav", "text": "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, your peers have had", "duration": 13.35}, {"path": "383cf39e54475c8a25af2af7b35c6f2e_76.wav", "text": "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.", "duration": 13.35}, {"path": "95303f68781d6fb58e19ec1dc7785a7c_26.wav", "text": "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 kind of your efficiencies and costs are coming down?", "duration": 13.35}, {"path": "95303f68781d6fb58e19ec1dc7785a7c_57.wav", "text": "Thank you, Ellen, and good morning. I'll start on Slide 4, which summarizes the progress we've made during the second quarter on our key strategic, financial and operational objectives.", "duration": 13.35}, {"path": "9fb4423a70358ef22be9982299969f7a_20.wav", "text": "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 stabilizing at current levels.", "duration": 13.35}, {"path": "1f142ea668261ba963d47aac6bab69dd_57.wav", "text": "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.", "duration": 13.35}, {"path": "49dfadfb9a3d4d27ac250602928cf9ea_13.wav", "text": "areas. AOA's 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.", "duration": 13.35}, {"path": "1530acc3242f0ee1713e757ee06f6aa1_62.wav", "text": "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 customers going forward.", "duration": 13.35}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_149.wav", "text": "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.", "duration": 13.35}, {"path": "bf99037f89cd485f95f097842619a0c7_159.wav", "text": "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 we've been able to recruit and we'll continue to recruit this year,", "duration": 13.35}, {"path": "9cd9b67e289e807d677aabc5765fec6a_13.wav", "text": "Most importantly, 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 go-to-market strategies.", "duration": 13.35}, {"path": "a98061f951c1b2c7a915e296098bc4de_64.wav", "text": "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", "duration": 13.35}, {"path": "744f5859c7d9a0567b387ae84326d940_1.wav", "text": "They're based on management's 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 forward-looking statement.", "duration": 13.35}, {"path": "48954c357d5ad754c29ea1c28dbdad2a_29.wav", "text": "Excellent. And can you talk about the Europe opportunity a little? I understand there are some regulations over there and that you guys might be able to take advantage of that. Can you maybe elaborate a little bit about what this new machine is?", "duration": 13.32}, {"path": "6388da88b00ebc88af59435bdac74132_90.wav", "text": "While the actual level and mix of our deployment is difficult to predict in any given quarter, Carlyle's diverse platform has the ability to source interesting opportunities across sector, strategy and region,", "duration": 13.32}, {"path": "a93681c92a0b9c04743f541a54b180c7_72.wav", "text": "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,", "duration": 13.32}, {"path": "718a89dc503706eae0091bcd9410d567_191.wav", "text": "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 we're reporting it,", "duration": 13.32}, {"path": "6b45877b719000e47adfd1ec118c376a_17.wav", "text": "we're very pleased with the sales performance. We've been transitioning a number of tenants, as I said, we bought a neighboring property and then, we're really trying to maximize the use in the center, the nature of the uses, and have been elevating the overall", "duration": 13.32}, {"path": "280baf1d10cd27b78eae4bf2574b9c98_163.wav", "text": "To your specific question about epic deals, I think what you highlighted is exactly what we're testing and trying. So you got a combination of percent-off deals, you got a combination of highlighting", "duration": 13.32}, {"path": "7e14890193df4b10e1eeab6ab886529f_204.wav", "text": "And launching in May, it will be focused on the power of our program and will celebrate food, family, health and fun, inspiring families and their friends around the world to be healthier.", "duration": 13.32}, {"path": "ec0ecc8e73cce4598def6cfff6f7c598_177.wav", "text": "we believe it's acquisitions like this that will allow us to continue to maintain the margin profile that we're talking about while continuing to grow the business. So it's added capabilities that are going to give us opportunities to quote larger pools of business.", "duration": 13.32}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_243.wav", "text": "Or as you said earlier, it will be more and more difficult to launch new products, and so it's more about rejuvenating existing products. Second question, you haven't talked about noodles.", "duration": 13.32}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_58.wav", "text": "that the company should retain its vitality. So it's very important to vitalize our workforce, our organization. That is why this is my second core mission.", "duration": 13.32}, {"path": "18b396ddd443d84d12477c42e31cdf0e_27.wav", "text": "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.", "duration": 13.32}, {"path": "957e0f876f9a4af9b498c19843675474_128.wav", "text": "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.", "duration": 13.32}, {"path": "f5ebbbfd39f9227dd73a6d31db4f6201_183.wav", "text": "some of our competitors that aren't 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,", "duration": 13.32}, {"path": "e26b501c6e000fdaa11edde97cc71436_58.wav", "text": "I think it's important to appreciate, and we talked about infrastructure 2 years ago, and it was very important to us that we have a level of infrastructure that would support a faster growth rate.", "duration": 13.32}, {"path": "dd5492732b46e270047f9b368d4fde11_146.wav", "text": "now as we seek to enroll 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 it's a really exciting time for us to actually be able to consider", "duration": 13.32}, {"path": "a827180c08c11f2e53c6966fceaabf5b_106.wav", "text": "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 employee-related expense accruals that largely reverse later in the year.", "duration": 13.32}, {"path": "1b1699497be56330b3ed833f22bc63f6_53.wav", "text": "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", "duration": 13.32}, {"path": "4032bfdd59881fc6506c082737cb5a99_134.wav", "text": "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 they're ready for a freshened experience. So", "duration": 13.32}, {"path": "0f4370b614f29bd596e4f6871cc77864_51.wav", "text": "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", "duration": 13.32}, {"path": "171fd9df333ddd814c764843ed624121_133.wav", "text": "The underlying relationships that have developed 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.", "duration": 13.32}, {"path": "43942582edfb20599f3e7456137f8deb_90.wav", "text": "The growth trends in distance learning since our soft launch in March 2018 are very positive, and we're certain that this trend will continue based on our ability to deliver high-quality academic programs and experience to our students.", "duration": 13.32}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_51.wav", "text": "Given this overarching goal, the company adopted new mission and vision statements during the third quarter. 2.0's mission, which is a statement of our purpose, is to help small businesses achieve their American dream.", "duration": 13.32}, {"path": "3cc0a4a6f1b08b522c732ad8944e8624_69.wav", "text": "and second, the current year treatment of the favorable tax impacts relating to stock option exercises with our tax provision, as further discussed in the footnotes to our previously filed financial statements.", "duration": 13.32}, {"path": "3df0981a2d94ed56170b78330aa72ee9_233.wav", "text": "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 haven't come to that conclusion at all,", "duration": 13.32}, {"path": "6a372ea97b0b130a4d37f16b54d97909_196.wav", "text": "Once we better understand the impacts of our go-forward services strategy, we'll have clearer insight into 2018 revenue trends and will communicate that detail with you as soon as possible in the coming months.", "duration": 13.32}, {"path": "2a7d7f3eb6960e631743ca5a0d86461f_12.wav", "text": "While the market is very competitive, we are seeing opportunities in both small and middle-market credits due to our knowledge of the market, our nimbleness and our reputation providing certainty of execution.", "duration": 13.32}, {"path": "2a7d7f3eb6960e631743ca5a0d86461f_7.wav", "text": "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 noninterest-bearing accounts.", "duration": 13.32}, {"path": "02deeb29574f1571812a11f66bb8fda1_79.wav", "text": "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 it's important to be able to link back to our guidance. So we had guided", "duration": 13.32}, {"path": "ed93b88b63d3dba4c5ed78d463a77bdd_157.wav", "text": "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.", "duration": 13.32}, {"path": "aefbce6ef3fec2bcc7535dc0272aac8c_123.wav", "text": "we may offer to our clients. So the pricing environment is very challenging, but I think it's up to us as a company to come forward with the", "duration": 13.32}, {"path": "262bc21196721c5ff9114acbd2ff03c3_18.wav", "text": "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.", "duration": 13.32}, {"path": "6318dda27b3e36d76533c048c64a3014_25.wav", "text": "And then obviously, it's a good marketing tool and hopefully will help with devaluation of the stock. But would you say that at the margin this move reflects an increased confidence you have in your ability to realize gains from your portfolio companies?", "duration": 13.32}, {"path": "aed770c98113f594e36325a5822547e4_93.wav", "text": "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.", "duration": 13.32}, {"path": "52976c4bc9a150b3c85d5d6f1b3febb1_99.wav", "text": "We believe that we are in front of much more attentive market, and that we are the only company that can serve the massive challenges companies face in managing and protecting the unstructured data and file systems.", "duration": 13.32}, {"path": "e97d1655ebabb8403ac0449eadb48f9b_58.wav", "text": "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.", "duration": 13.32}, {"path": "da879f8ea1c23aa6565cccaacac271fc_172.wav", "text": "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,", "duration": 13.32}, {"path": "61a1812ea55a4d676119b4f3d7cd6c10_31.wav", "text": "I'd say we're probably looking in 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 the mix that are coming", "duration": 13.32}, {"path": "77d2dd6d5e46cc8a8e80809305b60208_6.wav", "text": "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.", "duration": 13.32}, {"path": "3877b1983229ec488c6349a188bccf92_69.wav", "text": "Thank you, Ivan, and good morning, everyone. We have delivered another strong set of results, demonstrating continuing progress against the measures we track to deliver efficient growth and value creation.", "duration": 13.32}, {"path": "c36ef43210d40b0d1ad8f2acc597c76b_78.wav", "text": "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 lead-in, and recruitment is well underway.", "duration": 13.32}, {"path": "a80e75fbf2fe24eaca12461f2d88d5c6_39.wav", "text": "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.", "duration": 13.32}, {"path": "4721d5a2e7061d90a4e4e4768adc2486_118.wav", "text": "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 cycle as well as competitive pricing.", "duration": 13.32}, {"path": "f7c059b1312a5f1fc017ece069fddee2_14.wav", "text": "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?", "duration": 13.32}, {"path": "5633fe3600ee04237bbb918c56341864_166.wav", "text": "in the third quarter of 2018, and we know significant challenges await. However, we have never been better operationally or technology positioned to help our clients to maintain and expand their existing production base.", "duration": 13.32}, {"path": "99f2d58a7b9ce1e9fec57ce20494a0c6_34.wav", "text": "Finally, our strong balance sheet gives us tremendous flexibility. Taken together, Riviera 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.", "duration": 13.32}, {"path": "ee00ebd8d782e8f124b3e142cbb74f37_189.wav", "text": "Yes. Phil, thanks. So we are not going to comment on pricing of our customers product in the market and whether that's stabilizing or not. We think it's their place to answer that part of the question.", "duration": 13.32}, {"path": "94f601dc7b34ad38667e3b714aa89d35_80.wav", "text": "These projects are progressing on schedule, and we expect to begin realizing benefits from improved efficiency and lower costs as we move through the back half of fiscal year 2019 and into the first half of next year.", "duration": 13.32}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_118.wav", "text": "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 what's coming, and that our consumer then knows what's coming, and all that timing begins to align. And I think that's what'll make us a better organization.", "duration": 13.32}, {"path": "884400c829f179d8cf68b767f45f03a4_11.wav", "text": "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 in-store conversion.", "duration": 13.32}, {"path": "e35fae1d3df1f7aeda409f90f200ec7b_157.wav", "text": "The changes we are making will help us adapt to meet the challenges and opportunities of a changing world, and we're confident that we will deliver on the targets we have set out in our 2020 plan.", "duration": 13.32}, {"path": "a0fe48ba783b94dc7e5b0201aba7c1cb_20.wav", "text": "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.", "duration": 13.32}, {"path": "7d74e5d733ec60a1be27a556e7689961_21.wav", "text": "to be based around the customer. So we'll 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", "duration": 13.32}, {"path": "3412b2f7aef0615537779e312cf984c3_28.wav", "text": "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 and you can have pure hybrid.", "duration": 13.32}, {"path": "125388f1b45117acde70abc39e0f7d04_112.wav", "text": "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,", "duration": 13.32}, {"path": "1378aabd380e63d3f89fe0e445fc8b06_17.wav", "text": "We have a great team in place, and I have confidence in our strategy to drive long-term shareholder value. With that, I'll turn it back over to Eric for questions. Eric? Thanks, Neal. Chelsea, may we have the first question, please?", "duration": 13.32}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_4.wav", "text": "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.", "duration": 13.32}, {"path": "6f1b092b312410065d308541be46da95_215.wav", "text": "adjusted earnings that you have in your headline results. Are you moving towards a new adjusted presentational number of a ex timing number that us analysts should now start thinking about or will you still be reporting", "duration": 13.32}, {"path": "f15a674bdbbc461872000604216ae071_112.wav", "text": "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?", "duration": 13.32}, {"path": "4d7256bec87696f6c5defa8f37db1b48_58.wav", "text": "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.", "duration": 13.32}, {"path": "ec9a5ef8abdaa14007f86d64e2cf49c1_94.wav", "text": "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", "duration": 13.32}, {"path": "1096d26129c469524041c969a684f8ae_175.wav", "text": "Additionally, a special committee of the board and its 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.", "duration": 13.32}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_198.wav", "text": "As we've heard from Venkat and my colleagues, we continue to make progress on our strategic objectives and have delivered a strong performance that is reflected both in our financial and operating metrics.", "duration": 13.32}, {"path": "21abf3409d34eea6f33336ad93662cfd_35.wav", "text": "we continue to make changes to the experience of our users pretty much on a weekly basis. They're sometimes not easily noticeable, but they're always happening. So there isn't sort of going to be one period where we revamp", "duration": 13.3199375}, {"path": "db6c253ba433d9a247219bb3f15da199_85.wav", "text": "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.", "duration": 13.29}, {"path": "62d981deed6d5128615c99d1597178b6_8.wav", "text": "In Marsh, we launched Bluestream, a digital brokering platform initially focused on affinity and sharing economy businesses. Bluestream has the potential to be leveraged more broadly", "duration": 13.29}, {"path": "569834a5cb8a33dfeac20dfa8e03afb3_39.wav", "text": "As always, the full financial statements and long form 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.", "duration": 13.29}, {"path": "b7050f62f52a3d2803beea21404f7af6_60.wav", "text": "Although, we have good relationships with the vast majority of our ex-employees, it is possible and perhaps even anticipated, that other baseless lawsuits might be filed by the same or different attorney in what will be of futile attempt to pressure us.", "duration": 13.29}, {"path": "10ad172801ac8cd3a21e4355d7349eb5_35.wav", "text": "that we can enhance their ability to provide a quality education. And obviously, with the anticipation, we hope to be able to provide growth opportunities for them as well, especially on the online delivery format.", "duration": 13.29}, {"path": "223f05c0b9b116532e9af84afa76cac7_31.wav", "text": "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", "duration": 13.29}, {"path": "55d548325797d638567669cd75444301_53.wav", "text": "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.", "duration": 13.29}, {"path": "75b0b010cea5a159f55403f51894b1ae_43.wav", "text": "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.", "duration": 13.29}, {"path": "f2cd7d3ddaf92ab9c64154d74b2d118a_111.wav", "text": "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.", "duration": 13.29}, {"path": "570faeed3dcfa26c6246dc42309025ad_16.wav", "text": "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.", "duration": 13.29}, {"path": "3d2a6b6fb3bd6590fccc401d58e7942d_65.wav", "text": "So we're not going into the typical early birds, that we need at least -- when it comes to medtech devices, we need at least prototypes that we can test in our clinics.", "duration": 13.29}, {"path": "1d2f3c74735a986131e7b219d9eff713_193.wav", "text": "Banning as well. And as I said earlier, the big news is down at Pacific Highlands Ranch we're moving into our more Westerly planning areas, and we're going to have 5 new product offerings coming later this year.", "duration": 13.29}, {"path": "1f43e30e245ed30be41602d8423db99e_52.wav", "text": "There are no red flags, but we wish to make sure that we are in complete alignment with the agency on this pivotal study.", "duration": 13.29}, {"path": "91422f85dbf838639b3cb9dd9da364eb_125.wav", "text": "which has resulted in what could potentially -- which was previously a 10- to 15-hour tuning project to get these things back in the field has reduced that time down to less than an hour.", "duration": 13.29}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_128.wav", "text": "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.", "duration": 13.29}, {"path": "a827180c08c11f2e53c6966fceaabf5b_79.wav", "text": "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", "duration": 13.29}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_67.wav", "text": "impact on overall demand for Cornerstone. The third is we did miss a product cycle as related to learning, particularly what people are calling learning experience.", "duration": 13.29}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_177.wav", "text": "With that, I'd 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.", "duration": 13.29}, {"path": "257e4e92036da9582a8a288c88332ff3_59.wav", "text": "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.", "duration": 13.29}, {"path": "ddf51a035f75b2e145a283edfd51fffc_188.wav", "text": "That's actually very helpful. And Ken, 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.", "duration": 13.29}, {"path": "a44c74bdc01aa7e317addc11f2274e11_158.wav", "text": "As in the first quarter, Lakeland's strategic imperatives, directed at improving our global presence and competitiveness while executing with operational effectiveness, are being executed upon with continued success.", "duration": 13.29}, {"path": "655d592e9d1b1027f1824b1554d8b131_58.wav", "text": "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.", "duration": 13.29}, {"path": "eb4fd38da7ae1a347630ef447dfe9abe_149.wav", "text": "The following presentation and the earnings release issued last week are also available for download on the company website. After management's remarks, there will be a question-and-answer session for analysts and investors.", "duration": 13.29}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_32.wav", "text": "how do you think about the mile posts that you're measuring yourself against in terms of making sure that the investments you're making are driving the revenue growth that you want, that the acquisitions are hitting the return hurdles. Just think through the process as you evaluate", "duration": 13.29}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_41.wav", "text": "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", "duration": 13.29}, {"path": "002d12258ff802d65f79ae2eef99e4ab_39.wav", "text": "for health information system is very strong. So just slowed down a little bit in terms of execution and deployment of those softwares into the hospitals, but the pipeline is very, very strong.", "duration": 13.29}, {"path": "38b2f94da12bbf2d32246763aab8265a_32.wav", "text": "test to what extent customers who are more price-sensitive and more susceptible to switch carriers based on price to fight for those customers", "duration": 13.29}, {"path": "bab12f620df0f367e74acdcc467686f1_201.wav", "text": "that we don't have in the second half of the year. So that's 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 earnings in our business.", "duration": 13.29}, {"path": "636d6909fbd8656f88f72f66a3a162ff_100.wav", "text": "Referring to Slide 2, I'd like to make our customary statements regarding Portland General Electric's written and oral disclosures. There will be statements in this call that are not based on historical fact, and as such, constitute forward-looking statements under current law.", "duration": 13.29}, {"path": "fcabfedf41ab18064a96d393869e4d4e_101.wav", "text": "better numbers. Whenever we seem to have higher activity on the cricket, the situation will not last. Also, we haven't seen really much action from you as compared to the other broadcasters in terms of", "duration": 13.29}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_112.wav", "text": "And then my last question, back on the Industrial Environmental business, I was curious if you can talk about any trends that you're seeing in April and May, because some companies are talking about markets", "duration": 13.29}, {"path": "b94d748876ddf8e881d4191dec45baf3_93.wav", "text": "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", "duration": 13.29}, {"path": "0794a2f02bbe89feb49651735bba77c5_31.wav", "text": "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 of numbers you're talking about and any particular brand focus there mid-year?", "duration": 13.29}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_201.wav", "text": "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.", "duration": 13.29}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_29.wav", "text": "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.", "duration": 13.29}, {"path": "3f4e6cda7d58dbd80e1b05a73c3c6fc6_28.wav", "text": "compared to normal renegotiation, it's 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", "duration": 13.29}, {"path": "10728656364812338b7417b035dae4c4_121.wav", "text": "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 people's lives by connecting them with their family and friends,", "duration": 13.29}, {"path": "f7df5ecab61eca575f169a8298318eca_37.wav", "text": "we have 2 points. Several large orders have been received relating to the Swine segment in our business area AgHort and Swine production", "duration": 13.29}, {"path": "ab4dae37361262d727d1d2f8f78765d5_27.wav", "text": "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.", "duration": 13.29}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_111.wav", "text": "we're carrying a bit less price into 2016. We do have a price action in the market today that we've 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.", "duration": 13.29}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_122.wav", "text": "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.", "duration": 13.29}, {"path": "9e8690a521142359001a137074905535_17.wav", "text": "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.", "duration": 13.29}, {"path": "9e8690a521142359001a137074905535_53.wav", "text": "it's 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, I'll go do that. So", "duration": 13.29}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_99.wav", "text": "Yes, Tom. It's Mark. I've 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.", "duration": 13.29}, {"path": "c40b5d1a13169c5acf69590932a56f98_51.wav", "text": "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.", "duration": 13.29}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_60.wav", "text": "Please note that during our call today, we will refer to these non-GAAP results as adjusted sales and volume. I will now turn the call over to Jim Snee. Thank you, Nathan. Good morning, everyone.", "duration": 13.29}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_110.wav", "text": "long-term debt capacity of the commercial real estate portfolio, because that's what we are focused on and that's what we're growing right now. So I think that the metrics may be more conventionally oriented than what you are inferring.", "duration": 13.29}, {"path": "8cfc2a9aace5078f22a83c782b9d41f7_32.wav", "text": "it shows the second half as having the price larger than the material costs. With Power, that's really going to take until the fourth quarter for that traction to catch up, Rich. So", "duration": 13.29}, {"path": "94f913b974baab79fb636f6521170dd7_186.wav", "text": "Promised retail sales to consumers simply are not there. Self-consumption is not driven by genuine demand for the product, but it's the easiest and most convenient way for a distributor to get some benefit from the product. So basically, people are eating the product because they can't sell it.", "duration": 13.29}, {"path": "f542ab325f47ed150e28888da2f85871_57.wav", "text": "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 ASH.", "duration": 13.29}, {"path": "a80e75fbf2fe24eaca12461f2d88d5c6_89.wav", "text": "We're looking at some alternatives of 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.", "duration": 13.29}, {"path": "f706bdb8b0a3f86e52419138fd2da20a_28.wav", "text": "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.", "duration": 13.29}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_4.wav", "text": "the expected transition of the Catamaran business at the end of 2015 and into 2016, of which the primary services provided were formulary management", "duration": 13.29}, {"path": "ee00ebd8d782e8f124b3e142cbb74f37_66.wav", "text": "In a recent IRENA report, they stated that turning to renewables for new power generation is not simply an environmentally-conscious decision, it is now overwhelmingly, a smart economic one.", "duration": 13.29}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_98.wav", "text": "The Trex brand is closely associated with the exact attributes it represents, namely highly designed outdoor-living products that retain their luster with minimal maintenance,", "duration": 13.29}, {"path": "94f601dc7b34ad38667e3b714aa89d35_68.wav", "text": "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. I've had the opportunity to engage with our customers,", "duration": 13.29}, {"path": "a616ba8be6ee1b5fba020f8e4ccd9691_17.wav", "text": "in EMS, and now, you're at 41% this quarter. So I'm 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?", "duration": 13.29}, {"path": "a0fe48ba783b94dc7e5b0201aba7c1cb_164.wav", "text": "My personal feeling is the expansion has not -- has nowhere near been as robust as previous expansions. And so the length of the anemic nature of our growth,", "duration": 13.29}, {"path": "243e9a046160bfbf82be702927a4df22_1.wav", "text": "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 haven't already.", "duration": 13.29}, {"path": "2cd5b184c2ef6624ce219830182927c9_57.wav", "text": "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 that's going to be done within, if you would, a microcosm of the Ithaca area.", "duration": 13.29}, {"path": "2cd5b184c2ef6624ce219830182927c9_200.wav", "text": "lower tax rate, and you lose the interest deduction and then the capital expenditures fully deducted, we'd still be at 8% to 10% growth. Now do we have a backlog? Yes, we probably have. I think we saw in the presentation", "duration": 13.29}, {"path": "5b331cf4e6f62ec9a9c30a4728e36054_174.wav", "text": "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?", "duration": 13.29}, {"path": "902872913863de98d38e2936b846cf66_274.wav", "text": "are really fantastic and unique. So it's just a very attractive position now and longer term. Finally, we'd underscore that the recent improvement is really driven by private demand.", "duration": 13.29}, {"path": "6cbf592846662213258684c3049e4592_99.wav", "text": "important ones. And then the last piece of what we've been working on -- I don't know if we chatted too much about it. But we're also looking at really, what I would call, I guess, integrated planning across the company.", "duration": 13.29}, {"path": "50eb350badadec6e4272b90684741c25_77.wav", "text": "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.", "duration": 13.29}, {"path": "50eb350badadec6e4272b90684741c25_20.wav", "text": "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.", "duration": 13.29}, {"path": "f268a8174f58c93ad6b45b7f151fe896_170.wav", "text": "we put a lot of bow wave 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 long-term", "duration": 13.29}, {"path": "6f1b092b312410065d308541be46da95_193.wav", "text": "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, creating opportunity for further investments.", "duration": 13.29}, {"path": "6f1b092b312410065d308541be46da95_63.wav", "text": "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.", "duration": 13.29}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_168.wav", "text": "customer group or people that don't currently shop there. Just wonder if you can expand upon that and whether your One Company strategy is, in some way, hopeful in that -- finding that group of customers.", "duration": 13.29}, {"path": "7a80c3e91e5a2693cdaef5f716808317_78.wav", "text": "Moving on to operational excellence. We began 2018 utilizing third-party consultants to assist in the assessment of our operations and the identification of targeted improvement activities.", "duration": 13.29}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_138.wav", "text": "We continue to believe we're well positioned to make any necessary investments to support our long-term organic growth strategy and return any excess cash to shareholders via our quarterly dividend.", "duration": 13.29}, {"path": "9dcce10786aa9db4cdc6cc4649adacdd_52.wav", "text": "expected future events and financial results that are forward-looking 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 company's control,", "duration": 13.29}, {"path": "9097dcbaf554d635920c6274b1de4997_28.wav", "text": "So on the external front we're 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.", "duration": 13.29}, {"path": "6e6da7f810609ce64857373f11984455_76.wav", "text": "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,", "duration": 13.26}, {"path": "7d2a9151826f1fbcf538ffbf85924ed2_62.wav", "text": "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 that group of wells, we actually had more pounds per foot and more pounds per cluster", "duration": 13.26}, {"path": "b7050f62f52a3d2803beea21404f7af6_59.wav", "text": "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.", "duration": 13.26}, {"path": "3557b21a45c35e71e82cc43b19977855_213.wav", "text": "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", "duration": 13.26}, {"path": "1f1b29266d2cede9b8f0f06ca57aae17_39.wav", "text": "maybe I'm having a hard time imagining it. But is it the kind of thing where you'd 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 that's not really part of the plan for the first phase of digital?", "duration": 13.26}, {"path": "718a89dc503706eae0091bcd9410d567_30.wav", "text": "Yes, this is Mackie again. You bet. One thing we'll say is that what we're not going to do is just to add volume or to do deals, or to announce deals, is do something that doesn't make sense.", "duration": 13.26}, {"path": "abd0f750609f1263b566f0c09b981a16_168.wav", "text": "Broad industry views, I think that there is a fair amount of economic data that is of interest as of late. We've seen for the first time in this economic recovery", "duration": 13.26}, {"path": "3c211ab9236e508ad4a5ee63e29324e3_30.wav", "text": "We continue to buy back our shares on dips. We're not a company -- I've watched a lot of companies buy back their stock at the highs. And then when it gets to the lows, they have no money left to buy back their shares. We're the exact opposite.", "duration": 13.26}, {"path": "b34f680a9162805e0188170d6272a356_62.wav", "text": "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.", "duration": 13.26}, {"path": "1d2f3c74735a986131e7b219d9eff713_48.wav", "text": "it's 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.", "duration": 13.26}, {"path": "ecd8e1f1c0fa27dfdd24b358cb65012f_52.wav", "text": "Nevertheless, the economic institutes are starting to incorporate several burdening factors into their models. Growing tensions in global trade don't need any further explanations.", "duration": 13.26}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_19.wav", "text": "There may be some short-term fluctuations, especially this year in the beverage market in China. There has been no summer to speak of.", "duration": 13.26}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_247.wav", "text": "it's not easy for us to engage in close-range combat because we have our very separate different paths. As for cost concerns,", "duration": 13.26}, {"path": "e26b501c6e000fdaa11edde97cc71436_12.wav", "text": "I think it important to understand, because we've 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.", "duration": 13.26}, {"path": "257e4e92036da9582a8a288c88332ff3_185.wav", "text": "Okay. And what kind of gives you guys the confidence, I guess, that those pay down levels will subside somewhat and that kind of front door, as you said Rob, production level would be able to increase in the coming quarters?", "duration": 13.26}, {"path": "99dcd9ce8ec3aa7509b9395d3da2ff0c_35.wav", "text": "However, in order to preserve France's overall budget balance, the French government announced its intention to implement an exceptional tax for large companies.", "duration": 13.26}, {"path": "fb4897e3d1bfc0d92ab28688ecb5abd5_16.wav", "text": "because I don't have all that data and I'm 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,", "duration": 13.26}, {"path": "6e3037e770ba5e0dfc98e3223986aad2_68.wav", "text": "Our initial catchment and focus group research identified 3 key demographic groups that were heavily represented in the catchment and whom our masterplan approach needed to actively and effectively target.", "duration": 13.26}, {"path": "132abea68f255eb89160dde90b6d3b80_135.wav", "text": "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", "duration": 13.26}, {"path": "da14df2e02d11f6f8599533d9d57faee_70.wav", "text": "students, faculty and administration, the combination provides access to the widest selection of affordable course materials in all formats.", "duration": 13.26}, {"path": "ade68f8add7249890d086ecf4b5b8cab_1.wav", "text": "I will refer you to the company's 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 forward-looking statements made today.", "duration": 13.26}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_121.wav", "text": "I don't 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 I'm sure there were certain markets,", "duration": 13.26}, {"path": "3df0981a2d94ed56170b78330aa72ee9_193.wav", "text": "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.", "duration": 13.26}, {"path": "cd1773ea94a046c0a36b679e2efcee9f_122.wav", "text": "who increasingly appreciate our network of resorts and a 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.", "duration": 13.26}, {"path": "98f10f0935e5b778e888a1b8130a3d31_15.wav", "text": "And these are the first steps among many others that I can't talk about now, because we have no time, that we are making from really moving from a payer to a partner.", "duration": 13.26}, {"path": "b305bff75f28d238f0bd7da5bd4f13b8_144.wav", "text": "on the top line, in line with the indicative top line guidance we gave. We don't normally give a guidance for the half year, but we gave you some heads-up that the first half will be somewhat slower,", "duration": 13.26}, {"path": "c3567809c19ce6a800677544cd84f88b_4.wav", "text": "Thank you, Ivan. I'm 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.", "duration": 13.26}, {"path": "c3567809c19ce6a800677544cd84f88b_209.wav", "text": "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.", "duration": 13.26}, {"path": "e6c0fa1068c28557c3e17e0d02b831b1_141.wav", "text": "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 10-K, on a carrying value basis.", "duration": 13.26}, {"path": "7cf9ea093ccaf8fe8af51c4e00832372_8.wav", "text": "Utilizing the same capabilities I mentioned related to worker's compensation, we can leverage both our underwriting and customer experience initiatives to expand our product offerings.", "duration": 13.26}, {"path": "ab4dae37361262d727d1d2f8f78765d5_268.wav", "text": "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.", "duration": 13.26}, {"path": "8cd753ed00aeee0ed32d03823eef3f7e_5.wav", "text": "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", "duration": 13.26}, {"path": "aefbce6ef3fec2bcc7535dc0272aac8c_161.wav", "text": "However, it should be noted that certain initial engineering and procurement activities have already started on both projects on the back of a limited authorization to proceed by the client.", "duration": 13.26}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_59.wav", "text": "not any different than it's 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", "duration": 13.26}, {"path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_14.wav", "text": "In areas where they have a market in fiber for the last 2 years, our penetration rate is nearly 50%. That's quite a bit higher than in our nonfiber markets and leaves us a lot of room to run over the next couple of years.", "duration": 13.26}, {"path": "0e52a74a184c92ad0c336af764aa0796_3.wav", "text": "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.", "duration": 13.26}, {"path": "8eaca8d8a419f74540f69ade8defabbd_243.wav", "text": "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,", "duration": 13.26}, {"path": "5485ec124a9d4b08efd2bd4f8398ffc5_1.wav", "text": "As you are aware, we don't 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 forward-looking statement, must be reviewed in conjunction with the risks that the company faces.", "duration": 13.26}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_67.wav", "text": "Log availability was adequate 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.", "duration": 13.26}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_33.wav", "text": "In terms of overall wood demand, my view is it's much better for us to the extent that the builders can make more houses, even if they're a little bit smaller. On aggregate, that's better for wood demand.", "duration": 13.26}, {"path": "7551ffae17aa39dd4ea962a43f96bf04_140.wav", "text": "Full disclosure, this is not Invitae intellectual property. There are other technology-centered 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.", "duration": 13.26}, {"path": "7551ffae17aa39dd4ea962a43f96bf04_4.wav", "text": "is the relentless pursuit of doing what is best for our customers. We are not growing for growth sake. But because our business model, the curation -- the creation of a new network information management industry relies fundamentally on scale.", "duration": 13.26}, {"path": "7551ffae17aa39dd4ea962a43f96bf04_1.wav", "text": "demand for and reimbursement of our services and our investment in our infrastructure and operations, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act.", "duration": 13.26}, {"path": "8cfc2a9aace5078f22a83c782b9d41f7_1.wav", "text": "and the guidance raise for the full year, which we'll 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.", "duration": 13.26}, {"path": "2f2c93c1fdfb31ebb02111de502a4e7c_58.wav", "text": "Interest rates in the economy have already started adjusting to the Central Bank's actions, which in turn should support economic activity. The transmission of monetary policy to commercial credit rates has occurred almost entirely.", "duration": 13.26}, {"path": "068bea67ac01942fafb955a1116b29dd_145.wav", "text": "During the second quarter -- that's on Slide 6, we have put forward many different marketing initiatives, such as special weekly flyers, where many door-crasher prices were announced.", "duration": 13.26}, {"path": "a009c5f14d4d0bb5ca875164cffbd6ab_127.wav", "text": "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 forward-looking statements.", "duration": 13.26}, {"path": "94f913b974baab79fb636f6521170dd7_248.wav", "text": "confirm in every respect our long-held 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.", "duration": 13.26}, {"path": "130e8e56c1afa2419fd0c08708261824_2.wav", "text": "As well, some of the financial metrics presented on this call today are non-IFRS measures, and as such, do not have a standardized meaning and are unlikely to be comparable to similar measures by other companies.", "duration": 13.26}, {"path": "3877b1983229ec488c6349a188bccf92_132.wav", "text": "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.", "duration": 13.26}, {"path": "f706bdb8b0a3f86e52419138fd2da20a_36.wav", "text": "that. They're -- But doing very well because they're tied into our transmission and distribution work that we're doing here in the states. And they're doing quite a bit of work in Europe on their own.", "duration": 13.26}, {"path": "e522eff219f3eaa2c9b090dc12cad420_10.wav", "text": "some level of comfort that you're going to get some of these issues resolved, but I know you said you're looking forward, but help us with the framework on having implemented these processes and procedures at other companies.", "duration": 13.26}, {"path": "ee00ebd8d782e8f124b3e142cbb74f37_120.wav", "text": "owns more wind capacity than any other U.S. regulated utility and by the time its Wind 11 project is build out in 2020, it will generate enough wind power to cover 90% of its load.", "duration": 13.26}, {"path": "078b27aa69b10aa01f2eab2aa681bdd8_53.wav", "text": "the Northern California market who might be interested in skiing. And so we took -- we've given people the opportunity, that's one of the reasons why we were able to drive the business at the end the way we did. And then ultimately, obviously, we'll still create", "duration": 13.26}, {"path": "18e82b076319ac52f8a4b391ea345abd_35.wav", "text": "Rick, if you want to give some commentary on what we think going forward. But that's what we've done to that business to improve it, to bring it off the bottom and to get it in the operating range that we've talked about publicly.", "duration": 13.26}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_58.wav", "text": "and that we pushed so hard in order to build this engine. Now we're at a moment in time where we're 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,", "duration": 13.26}, {"path": "3f6641f7d8f1ab845ad4f637cfb35109_147.wav", "text": "The chart on the top right shows our generation volumes for the third quarter. As expected, volumes in the West continue to track below 2015, primarily due to the suspended operations of our Sutter and South Point plants.", "duration": 13.26}, {"path": "3f6641f7d8f1ab845ad4f637cfb35109_254.wav", "text": "I think they've 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,", "duration": 13.26}, {"path": "3f6641f7d8f1ab845ad4f637cfb35109_39.wav", "text": "It was a large purchase, shall we say. And I think now we've 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", "duration": 13.26}, {"path": "b0d88c0f1efca89ecb928172341dc75d_324.wav", "text": "and they're ones that we will be on top of as we go forward. And we're 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.", "duration": 13.26}, {"path": "e552924838fe493d3cc967dd0c5c4563_213.wav", "text": "I'll add one thing, if I may. We do have enough flexibility in our capacity, Mike, to supply Takreer when it comes up and to supply the business that we're acquiring now.", "duration": 13.26}, {"path": "2cd5b184c2ef6624ce219830182927c9_206.wav", "text": "Today's presentations also include references to non-GAAP financial measures. You should refer to the information contained in the slides accompanying today's presentations for definitional information and reconciliations of non-GAAP financial measures", "duration": 13.26}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_54.wav", "text": "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.", "duration": 13.26}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_100.wav", "text": "of the 5 we signed -- one of them is with the public company but 4 of them were private equity backed company. 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.", "duration": 13.26}, {"path": "f88c5f000050c9f72aa383f71d97ffe7_75.wav", "text": "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.", "duration": 13.26}, {"path": "712bbcab5338e07dd63dad97bb652018_99.wav", "text": "we will continue to look at every contract and every sale on a short-term basis until we have better visibility on the impacts to our collection markets and the basin blended oil markets.", "duration": 13.26}, {"path": "ef7e77f6a5983826d0eefe75f7832ce6_218.wav", "text": "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", "duration": 13.26}, {"path": "a766b08317742c952705018a899f3998_47.wav", "text": "the replacement of the mechanical home button, the use of haptics within their phone's applications and the opening of their API to allow the development of new applications utilizing haptic effects.", "duration": 13.26}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_17.wav", "text": "describe this as an ecosystem with the public carriers. I think in the past, it's often been determined that when the public carriers start spending that there is going to be a overall lift, which is true.", "duration": 13.26}, {"path": "b49c3cda0bcd26bab06abdd492274a3e_60.wav", "text": "We see nice expansion opportunities in the events business. And perhaps most meaningfully, as other competitive ad-supported media continue to experience meaningful erosion of their audiences and disruption to their business models,", "duration": 13.26}, {"path": "b154f7c33e567e453cb765f4ac03dd2f_85.wav", "text": "we have obviously taking a bit more of a hit in volume than our competitors. And we've been clear about that because for 10 years, we've been a huge beneficiary of having the largest share of imports in China while China was growing,", "duration": 13.26}, {"path": "e5eb29123d69fdbc74dbc529dfe6c6cc_87.wav", "text": "I think, Brian, we've talked about this multiple times and hopefully the Orlaco acquisition is an example of the sort of acquisitions that we would do, ones that", "duration": 13.26}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_135.wav", "text": "and financial briefing charts on our website, or to the extent not addressed there, but discussed in this call, will be available as an appendix to the transcript and will be posted under the Investors heading on our website.", "duration": 13.26}, {"path": "884400c829f179d8cf68b767f45f03a4_66.wav", "text": "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", "duration": 13.2300625}, {"path": "118b6e5a6077bedf5081ed70425b6866_15.wav", "text": "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.", "duration": 13.23}, {"path": "8ad0d5b5df75415c56ba590cad29489a_190.wav", "text": "We want to be very clear, we do not agree with many of the short-seller report's assertions, some of which are demonstrably false, nor do we agree with many opinions expressed in the short-seller report.", "duration": 13.23}, {"path": "db6c253ba433d9a247219bb3f15da199_110.wav", "text": "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 you're dosing patients with a drug,", "duration": 13.23}, {"path": "4fdbfd9eec396928550d0c799e170d34_48.wav", "text": "I would like to start today's call by providing highlights from AquaVenture's 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.", "duration": 13.23}, {"path": "92b48b365197c65ebf545a4c9dd1200d_126.wav", "text": "So our ability to generate real attractive returns on equity and 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.", "duration": 13.23}, {"path": "7ad622c38e1f0e472ca166e2ad70844d_24.wav", "text": "Certain non-GAAP 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 8-K furnished to the SEC this morning.", "duration": 13.23}, {"path": "0d631e444d1c22f0be99a69f5deaff94_48.wav", "text": "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.", "duration": 13.23}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_21.wav", "text": "In our international segment, the second quarter revenue numbers are somewhat distorted by the decision we made at the end of 2017 to increase the amount of third-party capital participation, primarily related to the reinsurance lines of business.", "duration": 13.23}, {"path": "10ad172801ac8cd3a21e4355d7349eb5_11.wav", "text": "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.", "duration": 13.23}, {"path": "2602edddc3363eadcaafe1c33271f3e4_164.wav", "text": "home stretch. And we're 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.", "duration": 13.23}, {"path": "0755f4b74dda585f3975c7d8208b1598_128.wav", "text": "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", "duration": 13.23}, {"path": "7974a5134807f46a1484a8adf81505be_66.wav", "text": "So as we've discussed in the past, delivering all of this organization holistically to clients who and need advice and solutions is clearly a driver of earnings currently and going forward.", "duration": 13.23}, {"path": "dd3166f311a5f12a25103a0295e8ac3e_156.wav", "text": "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.", "duration": 13.23}, {"path": "b34f680a9162805e0188170d6272a356_293.wav", "text": "Now in most of these larger projects, we've 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.", "duration": 13.23}, {"path": "6616e76da46baea11d6032fc063716c1_13.wav", "text": "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.", "duration": 13.23}, {"path": "d4d2bcc69eeb01cb739c3c86ba8816df_167.wav", "text": "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 LA average selling price.", "duration": 13.23}, {"path": "833f98dbc79997580b24335033aac5d2_235.wav", "text": "And so -- but I don't think that's a product of private equity or public. I think that is a product of the fact that we had we've been over-levered and that has created an environment where", "duration": 13.23}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_64.wav", "text": "But I think -- we think that was a short-term 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", "duration": 13.23}, {"path": "9c5bc3e66dc0c7ac4a559a1d71e70c85_62.wav", "text": "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.", "duration": 13.23}, {"path": "9c5bc3e66dc0c7ac4a559a1d71e70c85_69.wav", "text": "These investments achieve more attractive after-tax 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.", "duration": 13.23}, {"path": "6933d49d1af6eb4613a4f75bf37d00e1_135.wav", "text": "that helps us secure pricing arrangements in whatever -- with whatever partner we're talking to that continue to deliver value for members and ultimately, for our shareholders. Tor, on breakage?", "duration": 13.23}, {"path": "38b2f94da12bbf2d32246763aab8265a_27.wav", "text": "And as a result of the rest of the portfolio, the debt portion and corporate debt, performing, the equity will be less important, and we've remodeled that", "duration": 13.23}, {"path": "1bba27cac9495fe57f623973383d6948_45.wav", "text": "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.", "duration": 13.23}, {"path": "30e94343ee663488872ae176b419a163_118.wav", "text": "Unfortunately, for financial reporting purposes, we must translate the total principal amount of the debt outstanding, whereas on the other side only 1 quarter's rent is translated at the current exchange rates.", "duration": 13.23}, {"path": "30e94343ee663488872ae176b419a163_34.wav", "text": "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 company's website at flyleasing.com.", "duration": 13.23}, {"path": "8aa1aa8317783203344434f855535c25_57.wav", "text": "You'll hear from Penni and Michael later in the call. Let me start by reviewing our first quarter results. And afterwards, I'll provide some thoughts on the current investing environment and a brief update on the American Capital transaction.", "duration": 13.23}, {"path": "5664a96b7f1182d037b901d84eeb4fd6_31.wav", "text": "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", "duration": 13.23}, {"path": "8fd0d858dd99b5b6291eafc83e9a604d_103.wav", "text": "I know at Peyto, we don't really like to be on the bleeding edge of technology, but certainly as soon as some of these technologies are proven, we're generally one of the best at putting it into practice and then perfecting it.", "duration": 13.23}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_251.wav", "text": "As usual, we're focused here on the full year, but it's 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.", "duration": 13.23}, {"path": "d8eb5522db0e51d75ea6518462954c52_240.wav", "text": "Our strategy based on differentiation for quality and premium services is bearing fruits as the premium mix is improving by 3 points year-on-year.", "duration": 13.23}, {"path": "e2c02e1788cb10703d7611ef157f8135_74.wav", "text": "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.", "duration": 13.23}, {"path": "9952903822d3aabb9a8a8fdd41f23bc2_86.wav", "text": "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", "duration": 13.23}, {"path": "62246783cdfc5083ebb32cff71ccd38b_97.wav", "text": "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.", "duration": 13.23}, {"path": "191c819db03c2dfd0207cd1f42e278a4_110.wav", "text": "to do that. So normally, pricing is reasonable and adjust around it. And that's what we're seeing. We're still seeing that all be pretty reasonable out there. We've had a couple of requests to do some things that were off market,", "duration": 13.23}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_124.wav", "text": "So we won't decelerate our value proposition as doers, but we will add a solution strategy as a market differentiator and revenue driver for certain offerings.", "duration": 13.23}, {"path": "b1da16cba24af8e472573c4c9caf17c7_168.wav", "text": "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.", "duration": 13.23}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_98.wav", "text": "in the industry and the impact that it had on the way that the crack spreads behaved, if you exclude that, you saw actually a very strong West Coast market, where", "duration": 13.23}, {"path": "e97d1655ebabb8403ac0449eadb48f9b_26.wav", "text": "they have the maximum benefit for their customers here. So it is, I'll be quite honest, frustratingly slow. But the good news is that a number of the sales leads we're getting", "duration": 13.23}, {"path": "c40b5d1a13169c5acf69590932a56f98_52.wav", "text": "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.", "duration": 13.23}, {"path": "8eaca8d8a419f74540f69ade8defabbd_268.wav", "text": "as we've expanded and grown the business, it gets that much more difficult to spend appropriate amount of time overseeing the myriad", "duration": 13.23}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_54.wav", "text": "difficulties on the railroads contributed to the strength of lumber, at least the sense of scarcity. And I'm wondering this year, with lumber being weak, is that partly a function of improved efficiency on the rail network?", "duration": 13.23}, {"path": "059024560d9d1039cf08746ee7393114_149.wav", "text": "hitting the ground much faster than we had anticipated. But I'll let John give you some more color on it. Yes. Some of the production cost reductions come from closing some of our offset presses.", "duration": 13.23}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_56.wav", "text": "so that we can be ready to go on January 1. And the biggest single thing is that we don't want to tell people that something is possible and then have them billed for it and have all those bills rejected. That's what we're trying to avoid.", "duration": 13.23}, {"path": "433a6e203f9db93835c27ff83e86c801_39.wav", "text": "is the same between our NexSys Pure and our NexSys iON, so let's just start after the batteries. And that would be light assembly type business that's very similar to what Alpha does. It's taking", "duration": 13.23}, {"path": "5b0a12e70a31041016a008c29a6d2bb1_8.wav", "text": "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.", "duration": 13.23}, {"path": "3877b1983229ec488c6349a188bccf92_229.wav", "text": "We have a strong innovation agenda aimed at recruiting consumers into spirits aligned with the 3 global pillars of recruit, re-recruit and disrupt.", "duration": 13.23}, {"path": "254f3c2175c8e11d6da7d44a221e1bff_35.wav", "text": "This demonstrates that our composition, strength and culture provide the said responsiveness to changes, and that this ability is actually the most prominent characteristic of Mitsubishi Corporation.", "duration": 13.23}, {"path": "4721d5a2e7061d90a4e4e4768adc2486_208.wav", "text": "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.", "duration": 13.23}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_32.wav", "text": "But what we've 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.", "duration": 13.23}, {"path": "b126c31149f1cadf1d891082a187d6fc_195.wav", "text": "And we're 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.", "duration": 13.23}, {"path": "09b5b62d328d3d0719b6825357fdfb48_129.wav", "text": "Now I'd 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.", "duration": 13.23}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_94.wav", "text": "While Alent's 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.", "duration": 13.23}, {"path": "ec6bcc27bd7d6a428dc5b2be7ae7d93b_28.wav", "text": "With our operations team unlocking the significant value on our acreage, we're looking to add to our asset base through organic drilling and leasing as well as through strategic acquisitions.", "duration": 13.23}, {"path": "fb03ff65af8e5f80abd090abeaf767cf_58.wav", "text": "an audit system that takes a holistic and active approach in training security dealers and end-user school officials on how to significantly reduce or prevent a mass incident.", "duration": 13.23}, {"path": "243e9a046160bfbf82be702927a4df22_102.wav", "text": "the offset wells with the 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.", "duration": 13.23}, {"path": "f5e9c69a92eb9179062673e044f8a53b_45.wav", "text": "I think we identified that very effectively many years ago, as we started moving into Sketch-to-Scale and started redefining the industry and the era that we're in at the Age of Intelligence.", "duration": 13.23}, {"path": "8611e088fa81dc9b999c382b62641dfc_34.wav", "text": "desktop security and IoT. We believe the EMM market remained solid. We continue to deliver features that differentiate us from our competitor, and we have plenty of room to grow in the category.", "duration": 13.23}, {"path": "902872913863de98d38e2936b846cf66_290.wav", "text": "And so it's returned to growth and it's continuing to strengthen across all markets. I would also add to that, that in a lot of places, that's before the big funding flows through. If you look at South Carolina or Tennessee or California,", "duration": 13.23}, {"path": "4fafe8c628e676ca508b37756da75419_124.wav", "text": "and it's 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", "duration": 13.23}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_56.wav", "text": "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.", "duration": 13.23}, {"path": "bf99037f89cd485f95f097842619a0c7_168.wav", "text": "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.", "duration": 13.23}, {"path": "0e410ca71e50235e520d5af32ce0f54a_44.wav", "text": "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.", "duration": 13.23}, {"path": "32283c24ad18239efb166db8422560b2_87.wav", "text": "with 14 of those quarters being positive. Silvercrest's growth has been achieved, while we have maintained or increased our adjusted EBITDA margins, even as we've invested in the business on behalf of our clients and for future growth.", "duration": 13.23}, {"path": "bc5018861ccb5380fbe71ad789a6d4b0_133.wav", "text": "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.", "duration": 13.23}, {"path": "16c235a53fc719ec92ef3b3c3b371150_151.wav", "text": "we can keep those customers for a number of years. And that's really powerful for us to be able to get the customer, number one, and then retain the customer, and we've been able to do that. We saw this before", "duration": 13.23}, {"path": "523cf294ec146d5411972168b1c10f09_36.wav", "text": "Going to Slide 3. During this call, we will be referring to a slide presentation, which can be found on our website's Investor Center main page. Relevant slides will be identified by number throughout our presentation.", "duration": 13.23}, {"path": "a7e7a1621af9b4e850260f9824ee8746_133.wav", "text": "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 third-party solar and wind energy on our system.", "duration": 13.2299375}, {"path": "8ad0d5b5df75415c56ba590cad29489a_78.wav", "text": "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.", "duration": 13.2}, {"path": "485e97686e9a27d2df5b3fc02106e3d4_152.wav", "text": "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", "duration": 13.2}, {"path": "7eebbbc069b4bf8367aa748751df9bc7_1.wav", "text": "As a reminder, any statement we make this afternoon about future results and performance or plans and objectives are forward looking. Actual results may vary as a result of factors, risks and uncertainties over which we have no control.", "duration": 13.2}, {"path": "3cb802f8fba7d33603c29387ccdaf817_196.wav", "text": "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.", "duration": 13.2}, {"path": "2f888e63a31b86cc2f4f97710e8eed79_181.wav", "text": "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", "duration": 13.2}, {"path": "309554ae886fe4911da6e3329b631fe6_138.wav", "text": "Bit of extra capital. Our success rate is actually higher than we thought. So we're spending more money hooking up wells, but those are easy decisions to make. And then, we have some production optimization of facilities projects that we needed a bit of extra capital for.", "duration": 13.2}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_219.wav", "text": "in most of those markets is very strong. I'd say the biggest issue we're facing is the fact that our market share is so high in countries like Germany that it's hard to grow market share so we have to continue to find ways to grow", "duration": 13.2}, {"path": "17ee868a7ed8656d69e6888ee4a6d550_18.wav", "text": "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.", "duration": 13.2}, {"path": "ed1006cd88de67e8fe53ea86ad6862d7_12.wav", "text": "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.", "duration": 13.2}, {"path": "ed1006cd88de67e8fe53ea86ad6862d7_52.wav", "text": "This will include SaaS-based platforms that we'll 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,", "duration": 13.2}, {"path": "2a59b9df2de5248e64727f10185a8423_85.wav", "text": "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.", "duration": 13.2}, {"path": "13220986bf30f26076a674e2a9edc89c_94.wav", "text": "And 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", "duration": 13.2}, {"path": "ec0ecc8e73cce4598def6cfff6f7c598_194.wav", "text": "the best management team in the business, an investment grade balance sheet and a product portfolio that's extremely well positioned to take advantage of the unprecedented change in these industry opportunities that are just amazing", "duration": 13.2}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_144.wav", "text": "in addition to weather, is there anything that drove that in the first quarter? I think I heard something about vandalism. Are people not trashing their homes when they default on their mortgages as much? Or -- I'm just wondering if there's some sort of secular shift", "duration": 13.2}, {"path": "75fa1bebed0b858c76cc7058477e40e2_102.wav", "text": "When you have a full buffet though, like when we are doing a very large group, when you're doing a graduation party, something along those lines, we do think that human touch of being able to be there, set it up, talk to the", "duration": 13.2}, {"path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_192.wav", "text": "In Europe, we've 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", "duration": 13.2}, {"path": "5f38ce681d4413a793d34a0650c59bf2_177.wav", "text": "In this context, we have also identified Somar as non-core, and will be conducting due diligence on divesting Somar in order to focus on regulated markets in developed countries.", "duration": 13.2}, {"path": "a0006b7891ead9bdb76273f555b6f1c8_131.wav", "text": "so we feel good about where we are. There's been -- it's been relatively slow for the last few years but it does feel like it's getting a little bit better out there from an activity level.", "duration": 13.2}, {"path": "a0006b7891ead9bdb76273f555b6f1c8_81.wav", "text": "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.", "duration": 13.2}, {"path": "4032bfdd59881fc6506c082737cb5a99_170.wav", "text": "the summer show is 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", "duration": 13.2}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_32.wav", "text": "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.", "duration": 13.2}, {"path": "dbafd430cf189ffeffd96a06da8ba37d_21.wav", "text": "your concerns about doing something, but it does not change the fact that you're having that conversation and trying to figure out what you can and should do given all the -- given everything that's going on.", "duration": 13.2}, {"path": "a44c74bdc01aa7e317addc11f2274e11_95.wav", "text": "your clean room push in regards to, I don't know if you can talk about who you're talking to or what the plan is there. I'm assuming clean room", "duration": 13.2}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_100.wav", "text": "Through the combination of these activities, we expect to improve Marlin's operating efficiency ratio in the coming years to approximately 45%. And finally, our third objective is to use capital more productively.", "duration": 13.2}, {"path": "87753115961242d7035b7938c7e4dea1_61.wav", "text": "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 long-running development of the property.", "duration": 13.2}, {"path": "bf07ba925d6e5f568f66bb89b00a9463_56.wav", "text": "In response to our clients' requests for us to do more with their data, we invested in Contract Compliance, Spend Analytics and supplier compliance and performance management service offerings,", "duration": 13.2}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_84.wav", "text": "I wouldn't 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", "duration": 13.2}, {"path": "b281eff988085e0776dc8a10223f1048_70.wav", "text": "We initiated our Phase II trial in the fourth quarter. While we remain in the early stages of this trial, we have been emboldened by its progress and by the patient data that has been generated thus far.", "duration": 13.2}, {"path": "2b0b79fa03313a4e9261734dd728b622_56.wav", "text": "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", "duration": 13.2}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_218.wav", "text": "Finally, in Q3, we did experience higher-than-expected 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.", "duration": 13.2}, {"path": "3f4e6cda7d58dbd80e1b05a73c3c6fc6_49.wav", "text": "they are the types of companies we like, they are actually for sale and that is in a part of Coor where we have the integration capacity, then we're quite happy to continue to do acquisitions.", "duration": 13.2}, {"path": "191c819db03c2dfd0207cd1f42e278a4_42.wav", "text": "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.", "duration": 13.2}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_34.wav", "text": "And so that allows to fill out some of our portfolio to meet some of that unmet demand as well. So I think we're feeling pretty good about our whole network around the world. The only thing I would add is when Jack mentioned", "duration": 13.2}, {"path": "b43c001c5af465d220ab0b69a95202ae_111.wav", "text": "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 long-term structural pricing in hospitals look at this mix", "duration": 13.2}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_121.wav", "text": "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 times price, is there anything you think we should be avail -- cognizant of when we do that calculation?", "duration": 13.2}, {"path": "ea7f210b3c08271afbdb6d434b8394e9_7.wav", "text": "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.", "duration": 13.2}, {"path": "87045996e7446329f1d98c909c6ca7fe_139.wav", "text": "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.", "duration": 13.2}, {"path": "87045996e7446329f1d98c909c6ca7fe_221.wav", "text": "We've 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.", "duration": 13.2}, {"path": "9ec35a7809acb51486076e302028ba33_8.wav", "text": "Our third quarter is historically a lighter quarter for sales and profits due to the seasonality of our business in sports and due to the decline of outdoor construction work in the winter months in the Northern Hemisphere.", "duration": 13.2}, {"path": "3b2908426357bb8269c3a01469865cd6_51.wav", "text": "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, we will target investments that can drive a shift", "duration": 13.2}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_92.wav", "text": "There's much more to do here, but the team is hard at work, and the progress we've 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,", "duration": 13.2}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_223.wav", "text": "So last year was a bigger year than you would expect. This year I would call a more normal year, maybe 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 that's out there.", "duration": 13.2}, {"path": "e522eff219f3eaa2c9b090dc12cad420_19.wav", "text": "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.", "duration": 13.2}, {"path": "299bad77345d2e44fa5768f4416f7b97_134.wav", "text": "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.", "duration": 13.2}, {"path": "1353031386f884a821e7e9bab449727d_57.wav", "text": "momentum that we have coming into the fourth quarter seems to be really solid. So overall, I don't think the guidance is really off that far where we have been all year long. We've been right on the top end of the range. So", "duration": 13.2}, {"path": "3f6641f7d8f1ab845ad4f637cfb35109_214.wav", "text": "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.", "duration": 13.2}, {"path": "64364105b816dd0b6a029e9cd210e65b_152.wav", "text": "capacity addition to the industry of anywhere between 30,000 units to as high, some estimates, claiming 50,000. I think that the number will be", "duration": 13.2}, {"path": "383cf39e54475c8a25af2af7b35c6f2e_70.wav", "text": "The reported results include a number of significant items, which we don't consider indicative of operational and financial trends. I will be excluding these items when discussing our performance.", "duration": 13.2}, {"path": "a0fe48ba783b94dc7e5b0201aba7c1cb_144.wav", "text": "Now that the election's almost behind us, we see local and national advertisers seemingly sitting on the sidelines a bit more and a bit longer-than-usual this late into an election quarter.", "duration": 13.2}, {"path": "243e9a046160bfbf82be702927a4df22_11.wav", "text": "On the next slide, Slide 4. Like to highlight once again some details of our recent well results. I already mentioned the Kudu pad is coming online pretty much as expected and in line with the type curve.", "duration": 13.2}, {"path": "1215cf00a11992ec74743f92026af2e9_68.wav", "text": "on our rates at our major locations. I think Harry's point is a lot of our storage, we would call it operational storage and our customers are refineries. So they're not using it to store", "duration": 13.2}, {"path": "4ee3c79ebc57c9870b221b9479d52436_150.wav", "text": "This occurred against the backdrop of production forecasts 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.", "duration": 13.2}, {"path": "dd1b5d8b62882dbf2ce5e06cf5678ced_94.wav", "text": "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.", "duration": 13.2}, {"path": "20489859070c48218db6ab0f5b6d2b05_138.wav", "text": "We all know that you guys and everybody else has said that international drilling activity had kind of bottomed mid-last year, but we were warned that pricing pressure continued. Has the pricing pressure abated any?", "duration": 13.2}, {"path": "96488f25af54f91198b444e5eff8e878_104.wav", "text": "As far as age, we don't manage to an age. This is one of the things that distinguishes us. I don't think age is an investment criterion, per se. It doesn't tell you anything about how much money you can make on the aircraft.", "duration": 13.2}, {"path": "0411a1a45741648616bbfd7ca8dd3fd4_50.wav", "text": "as well as the T4 technology and perhaps any cost associated with the development of SARM or any new license technology that we have this year. So looking ahead,", "duration": 13.2}, {"path": "e69e64683a56cdadf1c95192e753f27e_35.wav", "text": "entering or exiting certain channels? Just to understand this dynamic because it sounds like it will be negative in Q4, but it will be positive next year and how that actually ends up tying into gross to net. Just wanted to clarify this whole thing.", "duration": 13.2}, {"path": "af146425f68dd8e32f31878389746637_108.wav", "text": "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.", "duration": 13.2}, {"path": "e5eb29123d69fdbc74dbc529dfe6c6cc_39.wav", "text": "We have discussed the benefits of our MirrorEye product on fuel efficiency previously with initial trial showing up to 2% fuel savings by replacing the existing mirror on commercial vehicles with our MirrorEye system.", "duration": 13.2}, {"path": "3ae068efa03cd088f4d3edea682f199f_256.wav", "text": "by assuring you that we have made a great deal of progress on the key initiatives and decisive actions that I discussed on last quarter's call. Our intensive efforts remain squarely focused on 5 key priorities.", "duration": 13.2}, {"path": "3ae068efa03cd088f4d3edea682f199f_5.wav", "text": "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.", "duration": 13.2}, {"path": "9097dcbaf554d635920c6274b1de4997_141.wav", "text": "is so high in order to drive reimbursement and utilization in the clinic that I think that we and anybody who's playing and paying attention to this game has to move to highly differentiated new approaches.", "duration": 13.2}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_181.wav", "text": "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.", "duration": 13.2}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_188.wav", "text": "Moving now from revenue to expenses. We identified cost savings opportunities and deployed cost reduction strategies throughout the organization last year, in order to make our entire company more efficient.", "duration": 13.2}, {"path": "8fde6a4ab2de2ba6bbd0b4196ef82454_197.wav", "text": "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.", "duration": 13.17}, {"path": "8ad0d5b5df75415c56ba590cad29489a_182.wav", "text": "Yes. I mean, I would say we're actively working with all the key players in the China market right now. So it's a very interesting market. You might be competing in one province and collaborating in another province. So", "duration": 13.17}, {"path": "62d981deed6d5128615c99d1597178b6_56.wav", "text": "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 long-term growth", "duration": 13.17}, {"path": "139f0a6300f504b3e8673e39b0429161_52.wav", "text": "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.", "duration": 13.17}, {"path": "b7d4858dcc1d9cf454416082b75a3429_151.wav", "text": "And we're starting to get a footprint at Ghaghoo, which we are pretty comfortable with. Size frequency distribution curve is starting to settle. We have made quite a few changes", "duration": 13.17}, {"path": "b7050f62f52a3d2803beea21404f7af6_156.wav", "text": "that we guided to previously when we first announced the transaction. We don't feel that there's a need to update that number based on any information that we have seen to date.", "duration": 13.17}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_95.wav", "text": "and many, many more tomorrow, who combined will save literally billions of dollars by more efficiently managing the costs associated with delivering content to their subscribers", "duration": 13.17}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_107.wav", "text": "The company's actual results could differ materially from any forward-looking statements due to several important factors described in the company's latest SEC filings, including this morning's press release.", "duration": 13.17}, {"path": "8cb24daf76784487ad63780546dc4ba4_218.wav", "text": "more conviction and more evidence and everything we're kind of inclined, we're under no financial stress at this point, doesn't place any financial stress on the company to continue to pay the dividend. It's an important", "duration": 13.17}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_242.wav", "text": "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", "duration": 13.17}, {"path": "dd3166f311a5f12a25103a0295e8ac3e_204.wav", "text": "Also supporting our outsized growth in our downholes business are our new products and technologies that directly contribute to our customers' ability to increase their rate of penetration and lateral lengths.", "duration": 13.17}, {"path": "e1f462455d6c826d9c173c35d4844383_83.wav", "text": "We expect to continue reductions of working capital in the coming quarters as our trade payable balance is reduced in line with reduced capital investment and operating activities.", "duration": 13.17}, {"path": "d085781ecd776da8a9c4d31ad547606b_217.wav", "text": "Needless to say, we are 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.", "duration": 13.17}, {"path": "6d02f116f1ae8575d9b916f1429454eb_42.wav", "text": "pending approval from state insurance departments. YourTurn will strengthen our ability to compete in the youthful driver market in a way that is profitable and sustainable long-term, while helping to encourage safer driving.", "duration": 13.17}, {"path": "18b396ddd443d84d12477c42e31cdf0e_64.wav", "text": "the courts adopted VIVUS' proposed constructions for all but one of the disputed claim terms and adopted a compromised construction that was acceptable to VIVUS for the final claim term.", "duration": 13.17}, {"path": "f5ebbbfd39f9227dd73a6d31db4f6201_190.wav", "text": "These things don't come overnight. It's 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,", "duration": 13.17}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_209.wav", "text": "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", "duration": 13.17}, {"path": "a24a661c2eb55542903c72391ec09f9b_82.wav", "text": "We made substantial progress on both the development and commercial fronts in 2016. I'm very proud of our many accomplishments during the year. Most recently, in the fourth quarter, we presented additional positive data", "duration": 13.17}, {"path": "9c5bc3e66dc0c7ac4a559a1d71e70c85_85.wav", "text": "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.", "duration": 13.17}, {"path": "276392c471c063580869aec014a1feda_98.wav", "text": "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.", "duration": 13.17}, {"path": "1244d2b5a259c3bc73742830d60d53fc_57.wav", "text": "The impact of these onetime payments, in addition to the impact of excluding the year-to-go operating results of Language Solutions, as I noted earlier, drives the entire change from previous guidance.", "duration": 13.17}, {"path": "ebecd7e874a9b3998b70ec3200f71e89_199.wav", "text": "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 it's on these multiyear payment plans.", "duration": 13.17}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_97.wav", "text": "In our pursuit towards establishing our platform as a service strategy, we've now built a strong framework of solution sales programs combining both software and services to deliver comprehensive value to our clients.", "duration": 13.17}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_81.wav", "text": "As we sit here today, we've got a single consolidated organization. We've got an increasingly connected solution bundle. And we are now taking that to market. And so when I think about", "duration": 13.17}, {"path": "f4d0f1362716be33f02690dd1a8df663_41.wav", "text": "plus 3%. On the other hand, sales of chocolates with high cacao content weakened slightly after a very strong performance in the previous fiscal year.", "duration": 13.17}, {"path": "30710391b8ab4cb549180602d31d4f4a_85.wav", "text": "Are you guys seeing any pushback from the larger customers in terms of either the stocking levels that they're willing to accept or in terms of pushing back on price more above normal levels?", "duration": 13.17}, {"path": "87753115961242d7035b7938c7e4dea1_26.wav", "text": "improving well results and performing our jobs safely and as good stewards to our neighbors and the environment. We believe that we have a very compelling growth and value-creation story with significant upside potential.", "duration": 13.17}, {"path": "636d6909fbd8656f88f72f66a3a162ff_42.wav", "text": "Got it. And you're still not expecting to be... I think, Michael, on that point, I think what you could do is you can look at the capital. We do not use bonus depreciation, haven't used bonus depreciation, just because of all the production tax credits we generate.", "duration": 13.17}, {"path": "5664a96b7f1182d037b901d84eeb4fd6_57.wav", "text": "I think we can get to and beyond what Rightmove charges on absolute basis per branch by offering a variety of services. And I think that you don't hit a", "duration": 13.17}, {"path": "23417803b1a8115806b8e604b8b2bb83_104.wav", "text": "to consider rather than oil prices elsewhere. So you will see a shift in that direction in the next months, in the next years because it will take some time before for all the contracts expire. But that's the direction in", "duration": 13.17}, {"path": "3b0718945e9c427873c1f34fa49b15aa_74.wav", "text": "We expect the implementation of new rates following our 2017 Texas Rate Case will help reduce the impact of regulatory lag. So now I'd like to take a moment to review our 2017 Texas Rate Case filing on the next slide.", "duration": 13.17}, {"path": "9b93af1e7019959620214c387f283d8e_146.wav", "text": "but they're also -- when they see what we do and see that we can both provide what they're calling integrated receivables or next-generation lockbox, we can do that plus we can provide an online presence that would actually take away paper", "duration": 13.17}, {"path": "b281eff988085e0776dc8a10223f1048_53.wav", "text": "As you may recall, we previously said that we expected our existing cash to be sufficient to take us into the first quarter of 2018. Based upon the payments we received from Spark in December", "duration": 13.17}, {"path": "6ad1d7c855ceb3eb830c365e357e4510_204.wav", "text": "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", "duration": 13.17}, {"path": "265e62fc569e790d8b3e58698aaab701_116.wav", "text": "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.", "duration": 13.17}, {"path": "191c819db03c2dfd0207cd1f42e278a4_33.wav", "text": "put in place the strategy that we put in place back when we did the Stream transaction, we do not have a tax-efficient way at this point in time to bring that cash back. Our need for offshore cash", "duration": 13.17}, {"path": "28404e399cb043d390aa70bceb339dd4_113.wav", "text": "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.", "duration": 13.17}, {"path": "e78997e6a75a2243292b2b54750bb3cb_71.wav", "text": "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, let's say,", "duration": 13.17}, {"path": "e78997e6a75a2243292b2b54750bb3cb_96.wav", "text": "we're working with Alexion's team on the joint discovery and development of GalXC RNAi molecules directed to 2 complement pathway targets for the treatment of complement mediated diseases.", "duration": 13.17}, {"path": "8cd753ed00aeee0ed32d03823eef3f7e_181.wav", "text": "we have to see that we have done a very detailed analysis, and we are not far away from our peers, therefore there's little we can do there. Looking into traffic, as you mentioned there has been an", "duration": 13.17}, {"path": "75eb5b75bb8587b63c318714ea956b9e_58.wav", "text": "we not only can assist these labs to overcome the inherent efficiencies and their delivery of their services but also assure growing margins at Enzo. We believe we are in a very advantageous position now.", "duration": 13.17}, {"path": "626da68f2b245869534a0316b8b6139a_10.wav", "text": "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.", "duration": 13.17}, {"path": "e2225d612a954a24e7e91c08215d7b51_136.wav", "text": "We continue to work with our neighbors in the Southern Gateway Consortium on the infrastructure works required by the Auckland City Council to be completed before any development proceed on any unimproved property.", "duration": 13.17}, {"path": "f875d701e5a9dd5ab745c8380c02cc3a_41.wav", "text": "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.", "duration": 13.17}, {"path": "b3d7bc295d09d9927e465213612c0192_199.wav", "text": "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.", "duration": 13.17}, {"path": "82f5253b62614161333b038f5f9700f8_44.wav", "text": "but also on the installation side of the equation where we think there is still a pretty good opportunity to make these products more affordable. With close rates, specifically to your question, close rates remain fairly", "duration": 13.17}, {"path": "82f5253b62614161333b038f5f9700f8_95.wav", "text": "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 sales resulting from a growing base of stationary and mobile products in the market.", "duration": 13.17}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_56.wav", "text": "it's a good question because I get asked about this from time to time. But over the long run, that's 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,", "duration": 13.17}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_185.wav", "text": "In terms of sort of your position about any scenarios that might play out, your guess is as good as mine. And so I won't speculate on any of that because it would be nothing more than pure speculation.", "duration": 13.17}, {"path": "433a6e203f9db93835c27ff83e86c801_36.wav", "text": "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", "duration": 13.17}, {"path": "e42f90eacf0e766ff39973c6aca06c93_28.wav", "text": "that we're 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", "duration": 13.17}, {"path": "e42f90eacf0e766ff39973c6aca06c93_121.wav", "text": "Other permutations, we actually have a few centers up in upstate New York where they are referring over to a general surgeon to insert because they chose to set up a kind of a hub-and-spoke.", "duration": 13.17}, {"path": "22a55e362dd67dc8f7cd40f7ec8d62c1_5.wav", "text": "Our Banno Conversations module is receiving particularly high marks. So we're 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.", "duration": 13.17}, {"path": "77d2dd6d5e46cc8a8e80809305b60208_162.wav", "text": "investors would benefit from natural time line and actual costs. What are the estimated costs to get this into Halden, for example?", "duration": 13.17}, {"path": "9b64cf7bd80b5f16bf1c68440d023e8a_51.wav", "text": "last fall and start up and utilization challenges on a couple of contracts. Offsetting this for lower payroll cost is a percent of revenue and the rate adjustments associated with extraordinary utilization in one of our larger programs", "duration": 13.17}, {"path": "8635f950dc44da3fcad542b2c066bedf_86.wav", "text": "it continues to put pressure on the industry in the sense that there's very little revenue growth opportunities. There's still a tremendous amount of competition for", "duration": 13.17}, {"path": "29f56972971325265e4a53485f49793e_131.wav", "text": "But the new legislation made it possible for us to use those tax losses, and that's why we have this positive effect in the last quarter. So that was really good news for us.", "duration": 13.17}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_26.wav", "text": "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 an annualized basis due to the growth.", "duration": 13.17}, {"path": "18e82b076319ac52f8a4b391ea345abd_158.wav", "text": "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", "duration": 13.17}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_177.wav", "text": "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.", "duration": 13.17}, {"path": "75b064acca5b532722510ac0b9b0822e_154.wav", "text": "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", "duration": 13.17}, {"path": "a9ff9f85f03afdd2d13b76e14060b31d_195.wav", "text": "So from our view to the market, it really is a biggest challenge and a biggest opportunity, which is to help them go through a digital transformation, like every industry is going through.", "duration": 13.17}, {"path": "243e9a046160bfbf82be702927a4df22_118.wav", "text": "We also have the option of accelerating the development program by adding a third grade, 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.", "duration": 13.17}, {"path": "692de133aab90ff6681b2c45b433b32b_66.wav", "text": "We expect THP's 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 slide.", "duration": 13.17}, {"path": "89499eed4dff3bd184e91cd496111f22_54.wav", "text": "These non-GAAP 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.", "duration": 13.17}, {"path": "dd1b5d8b62882dbf2ce5e06cf5678ced_103.wav", "text": "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", "duration": 13.17}, {"path": "21abf3409d34eea6f33336ad93662cfd_18.wav", "text": "We were able to increase site capacity during the day on Black Friday. And once we saw the strengths, we were able to add even more capacity in a few hours over the weekend to support the heavy loads on Cyber Monday.", "duration": 13.17}, {"path": "6cbf592846662213258684c3049e4592_7.wav", "text": "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.", "duration": 13.17}, {"path": "3d0f5785f81125b6efa2339a4aef56aa_46.wav", "text": "The cautionary statements contained in yesterday's news release and in our annual filings, again, both available on our website and on SEDAR, outline various risk factors, assumptions and cautions regarding forward-looking statements or information,", "duration": 13.17}, {"path": "e69e64683a56cdadf1c95192e753f27e_209.wav", "text": "If you think about the magnitude of the impact of the changes that we've been making to these programs, where you see it most in terms of improvement in gross to net is in derm. That's why you see the impact that you see on our Q3 quarter results,", "duration": 13.17}, {"path": "411bdacf05f84134fc80b874a15cf3b7_66.wav", "text": "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,", "duration": 13.17}, {"path": "f268a8174f58c93ad6b45b7f151fe896_187.wav", "text": "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 won't stop there.", "duration": 13.17}, {"path": "f268a8174f58c93ad6b45b7f151fe896_239.wav", "text": "And third, you have got to have a close collaboration with your major customers who have a lot of residential e-commerce so you know where that traffic is coming from, you can prepare for it and handle it. So", "duration": 13.17}, {"path": "ee824d23bd881a3dc5ee8be881b7d18b_86.wav", "text": "We are doing an end-to-end 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.", "duration": 13.17}, {"path": "b35398859e534e471fb1cd60f5baac20_189.wav", "text": "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.", "duration": 13.17}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_274.wav", "text": "pending ratification. I would also mention that we have agreed on security measures and the mine's reclamation plan, removing prior material risks to the project.", "duration": 13.17}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_298.wav", "text": "And finally, we'll ensure that we do justice to the spectacular high-grade ore body 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,", "duration": 13.17}, {"path": "a98061f951c1b2c7a915e296098bc4de_126.wav", "text": "And it is the case that we've maintained all of the virtues that got us here, including a very good market share, a terrific group of people who are our national sales force, a great brand that is", "duration": 13.17}, {"path": "bece1ee458b65656b484de51021c5219_44.wav", "text": "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", "duration": 13.17}, {"path": "1bb9219ad31877175e18e8e48ff2f63c_13.wav", "text": "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,", "duration": 13.17}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_234.wav", "text": "I wanted to ask about the defense weakness in the quarter. Is that a timing slip on the international sales and armament systems that you called out? Or are you seeing any kind of deterioration in the international defense market?", "duration": 13.17}, {"path": "0c1ba087943ffa875ee4e4c1c42a458f_11.wav", "text": "On the product questions, I wonder if you could tell us -- you've given us the initial sales of Reagila. Could you tell us what sort of pricing you have been able to achieve", "duration": 13.1400625}, {"path": "9d8c8f4a41008455665fd243ed99b642_57.wav", "text": "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.", "duration": 13.14}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_201.wav", "text": "they don't 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", "duration": 13.14}, {"path": "e274d02ea943c0a74779950fe28e839d_21.wav", "text": "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.", "duration": 13.14}, {"path": "b40ab385cca0095fc17f5310045ca5d2_3.wav", "text": "we focused on growing our newer revenue streams, including route-based pick-up and unused medication solutions, both of which typically contribute a more predictable recurring revenue stream.", "duration": 13.14}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_133.wav", "text": "We see great growth potential for our retail pharmacy through a variety of initiatives. Improvement in payer relationships, expansion of revenue-generating healthcare services offered through the pharmacy,", "duration": 13.14}, {"path": "ec0ecc8e73cce4598def6cfff6f7c598_100.wav", "text": "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.", "duration": 13.14}, {"path": "3121e8f4a75758834d32a9e4e0555221_12.wav", "text": "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.", "duration": 13.14}, {"path": "c4dc8f962a85aa47af50f82845f550e2_142.wav", "text": "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.", "duration": 13.14}, {"path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_88.wav", "text": "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 won't be material, other than the 2 very important reasons I gave at the onset of my answer.", "duration": 13.14}, {"path": "a0006b7891ead9bdb76273f555b6f1c8_5.wav", "text": "Turf and Garden sales were up slightly year-over-year and we're now about flat for the year-to-date period. We're operating in a relatively stable market right now and we continue to expect this market to be similar to last year.", "duration": 13.14}, {"path": "47a303604df9f9fc9f2f89a9280c3a79_7.wav", "text": "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 realigning the organization to support the go-forward strategy.", "duration": 13.14}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_158.wav", "text": "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.", "duration": 13.14}, {"path": "0f4370b614f29bd596e4f6871cc77864_78.wav", "text": "and ahead of expectations. Looking at the results for the first and second quarters, we remain favorably positioned in the market and we are raising guidance for the year. Let's start on Slide 7 with the review of the second quarter results.", "duration": 13.14}, {"path": "276392c471c063580869aec014a1feda_26.wav", "text": "you mentioned something like 70 basis points of volume growth coming from test markets, and you kind of went through that quickly. I wasn't sure that I really understood what that related to.", "duration": 13.14}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_72.wav", "text": "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 that's very important as you think about", "duration": 13.14}, {"path": "9ab2e6eb9debfae2de541ba645bfd265_52.wav", "text": "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.", "duration": 13.14}, {"path": "132abea68f255eb89160dde90b6d3b80_17.wav", "text": "European truck platooning challenge. I would ask you that you can click on the link if you like to see. We have a short video on it and I think that you're well aware of it. I think it was relatively successful for the group.", "duration": 13.14}, {"path": "132abea68f255eb89160dde90b6d3b80_65.wav", "text": "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 we're running at right now.", "duration": 13.14}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_12.wav", "text": "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 through the process renewal activities that I discussed earlier.", "duration": 13.14}, {"path": "1bba27cac9495fe57f623973383d6948_97.wav", "text": "Many of you may also have questions regarding the accumulation of shares by Melodious Investments Company Limited, a firm wholly owned by Jilun He, a resident of Hong Kong.", "duration": 13.14}, {"path": "1c89bbe35013b8f40511ac9ba8824242_98.wav", "text": "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.", "duration": 13.14}, {"path": "a8b43081254547419da7462d9c957d61_231.wav", "text": "we've 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.", "duration": 13.14}, {"path": "6b3df032b804a1a371d25e1eef019c4a_126.wav", "text": "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 number one is to make sure that we are compliant.", "duration": 13.14}, {"path": "dd28a387ccc9575df47840b850647c7f_126.wav", "text": "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,", "duration": 13.14}, {"path": "f28832481653818f8062a497655fb09e_32.wav", "text": "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", "duration": 13.14}, {"path": "1968062b387ef01efed18108be2dc264_4.wav", "text": "Our sales executive team has also 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.", "duration": 13.14}, {"path": "664ce6f8ad7864e2844f637e7a1b48d7_46.wav", "text": "The order intake went down by 30%. Business group After Sales also had a little decline. And the reason here is that in the After Sales business, we also report the installation", "duration": 13.14}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_36.wav", "text": "Tri-State, for example, in financial services, I don't think we moved quickly enough into the compliance space. Now we're moving very quickly into the data space where we're seeing a lot of those", "duration": 13.14}, {"path": "ef44080b170ca6366a6d3132d0baf11a_77.wav", "text": "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.", "duration": 13.14}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_264.wav", "text": "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", "duration": 13.14}, {"path": "0ec0a75c1800bac01520dcac5b8992fb_106.wav", "text": "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", "duration": 13.14}, {"path": "7274a7a5fa848e641ba98fce556e26a1_74.wav", "text": "The other first quarter item I want to cover was our restructuring charge. We've talked about headcount reduction and other expense reductions. In the first quarter, we initiated further reductions that included both headcount and facility costs.", "duration": 13.14}, {"path": "74d0910b4af16f82a812bddbb151d966_113.wav", "text": "that effort in the OVM area and really excited to see the kind of development that is going on. We're getting a tremendous amount of well connect requests", "duration": 13.14}, {"path": "cbdc44c5f09baa21b5979beaf7f1e1e4_35.wav", "text": "coal sales were impacted by the weak market demand that resulted from a continued decline of natural gas prices and soft domestic utility demand driven by reduced electricity generation.", "duration": 13.14}, {"path": "1ad54837f74515ad7caa2a50d70459c9_123.wav", "text": "are going to be the same adopters for the bacterial products and for the hemostatic products. So are you looking at building that kind of a edifice where each of these people that are the adopters would be the", "duration": 13.14}, {"path": "da879f8ea1c23aa6565cccaacac271fc_156.wav", "text": "the successful execution of our strategy to position Charles River as the early-stage research partner of choice, a position that we believe will be enhanced by the pending acquisition of WIL Research.", "duration": 13.14}, {"path": "61a1812ea55a4d676119b4f3d7cd6c10_8.wav", "text": "Thanks, Jeff. Before I provide commentary on our financial results for the fourth quarter of 2018, it's important to note the fourth quarter of 2017 included a royalty settlement related to a license agreement", "duration": 13.14}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_117.wav", "text": "Adobe, whose software runs under many retail websites, analyzes data on billions of website visits to create its digital price index, a real-time snapshot of online consumer spending.", "duration": 13.14}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_69.wav", "text": "should point out that most of the projects around the home that our products are with are not part of a large council-approved renovation, so they are not generally captured under alterations and additions statistics.", "duration": 13.14}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_82.wav", "text": "The factory will generate a financial return through lower costs and through capital expenditure savings at Rocklea. As the largest paint manufacturer with the greatest scale,", "duration": 13.14}, {"path": "f542ab325f47ed150e28888da2f85871_105.wav", "text": "Anthony outlines the current status of RINTEGA program. We are working hard to understand the details within this data set and will be fully transparent in sharing our findings at the public presentation at SNO in November.", "duration": 13.14}, {"path": "22a55e362dd67dc8f7cd40f7ec8d62c1_129.wav", "text": "We also saw very strong bookings in our payments and complementary solutions segments. Several of our newer solutions, including our Banno Digital Suite, our commercial lending automation solution and treasury management saw strong demand.", "duration": 13.14}, {"path": "3877b1983229ec488c6349a188bccf92_64.wav", "text": "I'm pleased to share another strong set of results, which demonstrate the progress we are making towards our ambition to be one of the best performing, most trusted and respected consumer product companies in the world.", "duration": 13.14}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_160.wav", "text": "for the -- as far out as we look, and this has been true even without the super high inflation we've 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 it's twofold.", "duration": 13.14}, {"path": "299bad77345d2e44fa5768f4416f7b97_103.wav", "text": "Yes, Dana, I would say probably too early to address that question. Remember, that we're talking about submitting for Solri in Europe late this year, which would put it a full year behind", "duration": 13.14}, {"path": "884400c829f179d8cf68b767f45f03a4_185.wav", "text": "The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.", "duration": 13.14}, {"path": "11f02fb2db5d9fb5ff82f0374376f759_97.wav", "text": "a capital recycling position, right? So as ever, and I think you'll see that our overall strategy over time is going to be to constantly look at the assets that are the lower-growth-rate side of the spectrum that have attracted pricing", "duration": 13.14}, {"path": "b126c31149f1cadf1d891082a187d6fc_41.wav", "text": "So it will be inefficient. We are going to have to add some incremental staff. That incremental staff in the home health segment", "duration": 13.14}, {"path": "b126c31149f1cadf1d891082a187d6fc_15.wav", "text": "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", "duration": 13.14}, {"path": "1862ee2f84dc77a40dde64b34f3ab94e_71.wav", "text": "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", "duration": 13.14}, {"path": "812d8f09b72b4d410d138d3b24caebbc_16.wav", "text": "In addition, we are updating our previously disclosed projections regarding depreciation and amortization and capital expenditures, including the recently acquired Mega Airless business.", "duration": 13.14}, {"path": "b3e9a3bbebcc4111afca87b4cadf58bf_46.wav", "text": "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,", "duration": 13.14}, {"path": "1300495cfa53748f732f54277d5a8cea_6.wav", "text": "We eliminated the nearly 4-week 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.", "duration": 13.14}, {"path": "387e37f77b5e6be4e5ab2b00e95e38f1_72.wav", "text": "So let me close my remarks by verifying 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", "duration": 13.14}, {"path": "e5e8ebcd06ca1f1d5b43b50e5d31123b_49.wav", "text": "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.", "duration": 13.14}, {"path": "ebd59e21db89edb92205e012427cd9db_49.wav", "text": "And although there is substantial exploration opportunity, but it's very much going to be prioritized by how you commercialize this in a sensible way, getting the oil into infrastructure and building", "duration": 13.14}, {"path": "b0d88c0f1efca89ecb928172341dc75d_170.wav", "text": "several repeat cycles. And frankly, in the case of Duncan Hines, that's exactly the thing that started manifesting itself this year along with the convergence of new competitive products coming into the marketplace", "duration": 13.14}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_124.wav", "text": "We're focusing on the job that we've been doing here for very long time, which is making middle market loans. And there is no question that if you look across the capital markets,", "duration": 13.14}, {"path": "c334e290beb657ee3efcb6b2f734c81e_92.wav", "text": "How do those -- that type of market condition impact your returns on your net lease portfolio with respect to -- I'm really not clear as to what type of escalators or something might be in those loans.", "duration": 13.14}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_166.wav", "text": "I'm 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 monetize it. I'm not sure we could have. And so what we've done,", "duration": 13.14}, {"path": "902872913863de98d38e2936b846cf66_79.wav", "text": "which are subject to risks and uncertainties. These risks are described in detail in the company's SEC reports, including our earnings release and our most recent annual report on Form 10-K.", "duration": 13.14}, {"path": "933faa5ac159ab158506e2bc0f714977_167.wav", "text": "We remain focused on growing both our revenue and pretax profits at a double-digit annual pace while continuing to generate annual positive operating cash flows and improved returns.", "duration": 13.14}, {"path": "50eb350badadec6e4272b90684741c25_278.wav", "text": "tax savings would be focused? I mean, maybe you could just share a little bit, are those areas that you're currently investing in? Or they're new areas that you plan on investing in? Just trying to get a sense of where the reinvestment would be directed.", "duration": 13.14}, {"path": "50eb350badadec6e4272b90684741c25_136.wav", "text": "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", "duration": 13.14}, {"path": "50eb350badadec6e4272b90684741c25_153.wav", "text": "Clients come to us because we have the expertise to help them derive and maintain their proprietary model colonies. Insourcing Solutions revenue continues to increase", "duration": 13.14}, {"path": "3c17ad8c6709cbb1a8f7190f567a445f_23.wav", "text": "And so I can't help but think that the demand is building and that all of this is going to whipsaw at some point. I don't know if it's Q2, Q3 or when, and I don't know if", "duration": 13.14}, {"path": "dbf6a9009ea60e2e96772ee3ccea7226_6.wav", "text": "as several of our international customers are having difficulty converting their local currency to U.S. dollars, leading to cash collections being delayed. Ralph will provide more color in his remarks.", "duration": 13.14}, {"path": "19714a7d42d471e3bb7f7e1f18c8fe9b_31.wav", "text": "assets trade in Texas, and we still feel like the offers that we're looking at are also very positive. I think part of the challenge that we've had and we're continuing to work through is identifying where those operations should ultimately", "duration": 13.14}, {"path": "bf8646ad61e3857d4cf46e592c18f685_55.wav", "text": "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 longer-term outlook.", "duration": 13.14}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_173.wav", "text": "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.", "duration": 13.14}, {"path": "ef7e77f6a5983826d0eefe75f7832ce6_12.wav", "text": "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 strong.", "duration": 13.14}, {"path": "0807d606b6cf98da19b317b4928c3572_95.wav", "text": "I'm 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 coming years.", "duration": 13.14}, {"path": "bc5018861ccb5380fbe71ad789a6d4b0_165.wav", "text": "Yes. I'd 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,", "duration": 13.14}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_51.wav", "text": "that it wasn't necessarily that there's a ton of opportunities out there, and you're just not going after them fast enough. I'm just really trying to weigh up what you really meant by you want to be more aggressive.", "duration": 13.14}, {"path": "ec81096e007f2e89de94b49db12d11bb_5.wav", "text": "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 in-store channels to Internet sales channels.", "duration": 13.14}, {"path": "eb93e70cdf7a839a69546250fb3646fb_83.wav", "text": "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 we're estimating right now based on", "duration": 13.14}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_186.wav", "text": "on the first one... So let me take that one. In terms of the orders, one of the things that we decided to do, just to make sure that everybody is clear, is when you're looking at forecasting our revenue going forward, the orders are now focused on the field side of the business", "duration": 13.14}, {"path": "ab3354b86be920cde18291112bf8a70a_20.wav", "text": "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", "duration": 13.1100625}, {"path": "5833763223d8d85b6fcb5fe90e821c77_50.wav", "text": "So I covered just a few thoughts and our numbers for the quarter ending September 30, 2016, spent a few minutes on our recent transaction with Invekra and how this transaction fits into our overall corporate strategy.", "duration": 13.11}, {"path": "070a939ddb72d87ed87e4b863da14a89_35.wav", "text": "As a reminder, ACE-083 is designed to increase strength and function in specific target muscles. The data presented were consistent with the findings we reported at neurology congresses throughout this year", "duration": 13.11}, {"path": "db6c253ba433d9a247219bb3f15da199_70.wav", "text": "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 we're extremely excited about the stock at its current price.", "duration": 13.11}, {"path": "9d8c8f4a41008455665fd243ed99b642_179.wav", "text": "For us, it's about ingraining it within the business. So we have -- now we have a trading meeting every month with all of our divisions. It's high on the agenda.", "duration": 13.11}, {"path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_79.wav", "text": "I think you're going to see the mix of our services continue to shift northbound on value while the mass of services decreases", "duration": 13.11}, {"path": "3cb802f8fba7d33603c29387ccdaf817_159.wav", "text": "sales expansion is expected and you plan to ship more? Is it also a factor? Alecensa has been remarkably growing.", "duration": 13.11}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_149.wav", "text": "once you get current on the filings, which it sounds like it's 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?", "duration": 13.11}, {"path": "17ee868a7ed8656d69e6888ee4a6d550_51.wav", "text": "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", "duration": 13.11}, {"path": "ac2317620b37fe65aac46aea3c31e67e_33.wav", "text": "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.", "duration": 13.11}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_149.wav", "text": "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.", "duration": 13.11}, {"path": "de3b766a868da918e499f407dbf5d716_83.wav", "text": "to deliver long-term profitable growth and create value for all of our unitholders. And with that, I'll hand the call over to George for a more detailed financial review of the quarter. George?", "duration": 13.11}, {"path": "91422f85dbf838639b3cb9dd9da364eb_54.wav", "text": "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", "duration": 13.11}, {"path": "46906afb4e1ee1fef09b5908e76beefa_117.wav", "text": "In addition to substantial health economics now comes research and preclinical research activities. We're actively communicating our data generation efforts at key research meetings and for scientific publications, and several programs are reaching important milestones.", "duration": 13.11}, {"path": "01502edf6cda82061f1f45d6b0e8e189_141.wav", "text": "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", "duration": 13.11}, {"path": "d4d2bcc69eeb01cb739c3c86ba8816df_123.wav", "text": "is to allow us to take products from Baudette and move them into a tech transfer opportunity here at the WellSpring site.", "duration": 13.11}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_56.wav", "text": "We often wonder whether we're spending on the right things or maybe sometimes we're just skipping stones, leaving no marks. I think more often than not, we're just skipping stones.", "duration": 13.11}, {"path": "39e5706898dcaf14a280b3a123877cd6_202.wav", "text": "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 far-reaching", "duration": 13.11}, {"path": "833f98dbc79997580b24335033aac5d2_308.wav", "text": "a point where there's a capitulation. And that's usually a good sign that we're going to go into a phase where there is disciplined investment in the market because people have seen what happens when you're undisciplined", "duration": 13.11}, {"path": "f5ebbbfd39f9227dd73a6d31db4f6201_64.wav", "text": "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.", "duration": 13.11}, {"path": "8957425799e5ce0200bfacf204d0acde_33.wav", "text": "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 head-fakes we've all witnessed through this downturn.", "duration": 13.11}, {"path": "1133b8984db446b9c963a09eaf0785a4_19.wav", "text": "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 we're taking to address opportunities and challenges.", "duration": 13.11}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_144.wav", "text": "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", "duration": 13.11}, {"path": "2f8bdc3cf1d9a9bef5b62b15afde93b1_78.wav", "text": "where we have combined the group operation support, the technology office, group information systems in order to be able to better respond to the digital changes which are quite profound", "duration": 13.11}, {"path": "6864081f83959f4b49e25e597f28af66_47.wav", "text": "And we have to set up all the transport, all the labor, and all the volume is not there yet, and we think we're well positioned for peak. But we're going to continue to invest and I mentioned before that when you look at", "duration": 13.11}, {"path": "7ec19aea307c76d4a57fa87368305630_159.wav", "text": "These statements are subject to the risk and uncertainties as described in the company's earnings release and other filings with the SEC, including our Form 10-Q to be filed later today.", "duration": 13.11}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_46.wav", "text": "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 there's a mix of a lot of", "duration": 13.11}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_4.wav", "text": "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,", "duration": 13.11}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_8.wav", "text": "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.", "duration": 13.11}, {"path": "b96165244f010b3f1e61cbbc5e504d96_17.wav", "text": "at least based on the math, we're not actually seeing an impact in our ability to drive the goals that we had for the year. So again, I don't want to read too much into the market growth over the last 2 quarters.", "duration": 13.11}, {"path": "40e11288ea7cb86fdf307dbe648142e3_59.wav", "text": "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.", "duration": 13.11}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_129.wav", "text": "on a normalized basis, we would tend to lose a little bit of money in the Indian JV. There's just not enough work going through that. We will lose less in the Indian JV, post the decision to pay down the high interest loan,", "duration": 13.11}, {"path": "e5040d02fba73a359d3f7cb346517ce1_192.wav", "text": "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 we're seeing along the development. But the developments haven't been that bad a grade. I mean, overall this is", "duration": 13.11}, {"path": "6a372ea97b0b130a4d37f16b54d97909_42.wav", "text": "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.", "duration": 13.11}, {"path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_236.wav", "text": "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.", "duration": 13.11}, {"path": "10dfe5270a7e4216d68614041d2a9bbe_96.wav", "text": "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", "duration": 13.11}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_7.wav", "text": "We will introduce delivery in a way that combines the best coffees and the most innovative coffee and tea beverages in the world with the rapidly evolving consumer trend in China for at-home and at-work convenience.", "duration": 13.11}, {"path": "ed93b88b63d3dba4c5ed78d463a77bdd_118.wav", "text": "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.", "duration": 13.11}, {"path": "ea60900258f99d1003ab247c506e42d9_39.wav", "text": "And an additional point is on the import parity line. So it's the more milling capacity on the wheat side that you can have near a coastal area the more beneficial it should be to your business because we don't expect the local", "duration": 13.11}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_67.wav", "text": "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 and capabilities.", "duration": 13.11}, {"path": "9098e5640309f25da0d4dfa04789a36f_70.wav", "text": "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.", "duration": 13.11}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_215.wav", "text": "The commodity outlook -- I mean, dairy's 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?", "duration": 13.11}, {"path": "948f025c16fce2bcb2909e610c9be557_344.wav", "text": "we have a plateful of how to go about it, but that's pretty much how. So on the other side, your older tires, you go through the tire dealers, and that's price driven.", "duration": 13.11}, {"path": "9e8690a521142359001a137074905535_86.wav", "text": "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.", "duration": 13.11}, {"path": "cac9bb252b7974b7044423e714c2f054_46.wav", "text": "Overall, we remain very well positioned to deliver profitable growth and long-term value to our shareholders as we continue to execute on our strategic objectives, which is summarized on", "duration": 13.11}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_53.wav", "text": "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", "duration": 13.11}, {"path": "da879f8ea1c23aa6565cccaacac271fc_135.wav", "text": "studies without having to build new space there. We're really pleased with our ability to attract senior scientists, and the management team for that facility is really quite exceptional,", "duration": 13.11}, {"path": "059024560d9d1039cf08746ee7393114_3.wav", "text": "include adjustments for businesses retained by the parent, such as Clipper Magazine and Gannett Government Media, and adjustments for corporate allocations related to equity-based compensation, pensions and other various items.", "duration": 13.11}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_220.wav", "text": "We have seen over the years and under our ownership businesses like Yates, Dulux New Zealand, Trade Paint in Australia and Protective Coatings in Australia improve from loss-making positions to strong profits.", "duration": 13.11}, {"path": "1e32d5e01ff61f70b37850c473b9876a_32.wav", "text": "in 2015. The usage of cash and operating activities was primarily due to the increase in accounts receivable and the decline in deferred revenue and accrued liabilities during the first quarter", "duration": 13.11}, {"path": "3877b1983229ec488c6349a188bccf92_151.wav", "text": "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.", "duration": 13.11}, {"path": "be1d9f57faececddb1cdbf5e831bcbf9_83.wav", "text": "I think it's 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 in Montpelier, where we have one of our", "duration": 13.11}, {"path": "be1d9f57faececddb1cdbf5e831bcbf9_152.wav", "text": "But as said we are trying to put ourselves in a position where we can at least take an educated look in an educated -- have an educated view on whatever presents itself or what we can find. And without being", "duration": 13.11}, {"path": "4721d5a2e7061d90a4e4e4768adc2486_209.wav", "text": "I see. So I mean, is that to imply that you actually ceded some share in that? So then you could -- one could argue that this volume growth -- or organic growth that you're posting is even that much more impressive?", "duration": 13.11}, {"path": "ee00ebd8d782e8f124b3e142cbb74f37_129.wav", "text": "Although 606 does not have a cash impact, nor an effect on the underlying economics of the company's customer contracts, applying the new revenue recognition accounting to contracts in startup and transition", "duration": 13.11}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_16.wav", "text": "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.", "duration": 13.11}, {"path": "b126c31149f1cadf1d891082a187d6fc_131.wav", "text": "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,", "duration": 13.11}, {"path": "b126c31149f1cadf1d891082a187d6fc_117.wav", "text": "but we don't want to add them too far in advance. I also want to comment, and this is an elaboration on Jay's explanation of these provisions earlier on, that although we believe that there may be some friction cost", "duration": 13.11}, {"path": "5efe4589d80ac1232c2958182c188903_51.wav", "text": "So what does that mean for BioLife? That means that these companies are really sensitive and aware that dead cells don't cure cancer, for example. So they need to make sure they're using the right tools, whether it's media or containers, or otherwise,", "duration": 13.11}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_3.wav", "text": "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.", "duration": 13.11}, {"path": "a0fe48ba783b94dc7e5b0201aba7c1cb_73.wav", "text": "automobile stores, they're still selling automobiles left and right. And so I have yet -- there's no factor that I have that I can sit here and tell you, Marci,", "duration": 13.11}, {"path": "407fee9910ab57874978cf85a89b1d9d_198.wav", "text": "and I guess that means you probably won't 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", "duration": 13.11}, {"path": "ebd59e21db89edb92205e012427cd9db_160.wav", "text": "No, I guess, I'll 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", "duration": 13.11}, {"path": "ebd59e21db89edb92205e012427cd9db_156.wav", "text": "where we might go with that. It's not done -- it's never done until it's done. And coordination around the partnership is an important part of that and we're working our way through that, but I think we're sitting reasonably comfortably", "duration": 13.11}, {"path": "1215cf00a11992ec74743f92026af2e9_158.wav", "text": "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 won't disclose what it was, but", "duration": 13.11}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_144.wav", "text": "Our focus has been on making sure that people are comfortable with our dividends. If you look at the presentation we posted, we're very pleased that we have been able to", "duration": 13.11}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_244.wav", "text": "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 that's incorporated in our forecast.", "duration": 13.11}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_87.wav", "text": "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.", "duration": 13.11}, {"path": "abd571ccf777ac4b0a43a7487031bc8a_252.wav", "text": "I don't know if that's taking longer or if I'm not remembering it correctly, but now it sounds like you're only talking about all the efforts adding 1 point to growth versus where we are now. So could you just clarify that, please?", "duration": 13.11}, {"path": "712bbcab5338e07dd63dad97bb652018_173.wav", "text": "that's all predicated on the market. It's hard for me to predict that right now. As we look at Q4, we're not anticipating it going up or down in our current guidance, but obviously, oil prices will have a say in that.", "duration": 13.11}, {"path": "bf99037f89cd485f95f097842619a0c7_145.wav", "text": "And with the agenda that is currently being pursued, we understand that it's more of a refocus on U.S. interest that will leave a big space out there that will have to be filled by someone.", "duration": 13.11}, {"path": "a85c54c77dd2524eedab1287ea3ceff4_3.wav", "text": "Before turning the call over to our CFO, David Grande, 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.", "duration": 13.11}, {"path": "b35398859e534e471fb1cd60f5baac20_148.wav", "text": "we maintain a low-levered balance sheet, and we focus on maintaining ample capacity and flexibility to fund our redevelopment program and to put us in a position to outperform over the long term.", "duration": 13.11}, {"path": "525a3d59e4a319ddd41c161ec0e67f93_137.wav", "text": "And I think that this is inoperative. So for this type of insurance specifically, we will -- I think that we will launch", "duration": 13.11}, {"path": "19bfb8daeb6e43d59415df478017d5c3_111.wav", "text": "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.", "duration": 13.11}, {"path": "744f5859c7d9a0567b387ae84326d940_62.wav", "text": "or bring us new presences in geographies like IQAP. I'll 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.", "duration": 13.11}, {"path": "744f5859c7d9a0567b387ae84326d940_135.wav", "text": "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.", "duration": 13.11}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_12.wav", "text": "The third leg of the stool supporting our double-digit commercial health plan revenue growth is the heightened interest by our largest customers in purchasing more of our products and services.", "duration": 13.11}, {"path": "4b5d33b9c200403f2d4633e47f1d4110_57.wav", "text": "Working closely with these customers, we have built upon the significant amount of ground work made over the last several years, to identify and penetrate the right power plants that we believe will be able to stay compliant,", "duration": 13.11}, {"path": "77f146e76d89a5be785a39ab23dfa763_105.wav", "text": "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 the financial tables of our press release for further details.", "duration": 13.11}, {"path": "8611e088fa81dc9b999c382b62641dfc_9.wav", "text": "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.", "duration": 13.1099375}, {"path": "a0e8f9500edc41a227b8d67235bf7753_88.wav", "text": "So it's not just the name of the company, but it's people to put a face to and a name to and realize that we're same as they are and part of their community.", "duration": 13.08}, {"path": "139f0a6300f504b3e8673e39b0429161_14.wav", "text": "We believe these customers are recognizing the value of our high-quality 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.", "duration": 13.08}, {"path": "94fdf7b24748a7706b1097482a0f363a_165.wav", "text": "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 you've seen was also from us just being tendered loads at the agreed-upon rate, but just", "duration": 13.08}, {"path": "e274d02ea943c0a74779950fe28e839d_116.wav", "text": "The projection that we put out there for sailing days is reflective of the discussions that we've had and the nominations that we've had from the customer,", "duration": 13.08}, {"path": "47d77b15189fadcc76113a2f7800ba28_155.wav", "text": "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.", "duration": 13.08}, {"path": "22ad97a95501a08f15c06605cd277fec_170.wav", "text": "thinking back to your -- through the cycle 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?", "duration": 13.08}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_0.wav", "text": "So good morning to all of you. I would like to welcome you to Beiersdorf's analyst meeting here in Hamburg. This is a special meeting today because it's with new management.", "duration": 13.08}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_357.wav", "text": "In order to sustainably support our growth, we need to strengthen our manufacturing footprint through capital investments in growth-relevant geographies as well as in technologies.", "duration": 13.08}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_3.wav", "text": "I have been working diligently with the new leadership team to develop a strategic roadmap that we previewed on the last earnings call to optimize, focus, and grow with discipline.", "duration": 13.08}, {"path": "280baf1d10cd27b78eae4bf2574b9c98_140.wav", "text": "That does conclude today's conference. We do thank you for your participation. And you may now disconnect. Have a great rest of your day.", "duration": 13.08}, {"path": "f3f1b7c8f174b4be50981a0f85d6a30b_37.wav", "text": "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 forward-looking statements.", "duration": 13.08}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_212.wav", "text": "We mentioned in the prepared comments that our luxury and upper-upscale share there is substantial particularly when compared to the rest of the industry. But I think we are seeing globally", "duration": 13.08}, {"path": "044da592acc01ff7baacb3dbf2a302a9_190.wav", "text": "We'll always look to do some level of reinvestment. We have committed to improving our operating margin as well. So there isn't a one for one, like -- that you used to see maybe in the past, where we've delivered more top line and spent at an even more aggressive rate.", "duration": 13.08}, {"path": "2a5b0a6532fa2b71915a2930be02621a_167.wav", "text": "said at the beginning of the meeting that all that they talked about that day would apply to everything except for MDS therapy. And so everybody has recognized it's a very difficult situation that exists.", "duration": 13.08}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_161.wav", "text": "Is there any sense when working with them that you've developed about how their customers would react in terms of volumes over time, given the broad customer base that they have?", "duration": 13.08}, {"path": "e26b501c6e000fdaa11edde97cc71436_163.wav", "text": "And there's lots of new products in it. And indeed, there's some changes to how we're doing that, that make it easier to adopt and easier to implement, Walter.", "duration": 13.08}, {"path": "f686be4a39a5c75b5f3a03a1aed5d9b6_58.wav", "text": "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.", "duration": 13.08}, {"path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_59.wav", "text": "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 semi-annual interest payment on convertible debt.", "duration": 13.08}, {"path": "8011d82cf2151421d3dfacce65adde30_37.wav", "text": "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.", "duration": 13.08}, {"path": "11ca275b0bd65060f43ae2d28e1c489f_121.wav", "text": "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", "duration": 13.08}, {"path": "6a927d8b7734e7ddd8ffd264fa1020a6_64.wav", "text": "the operating income level, the negative effect of the yen versus U.S. dollar exchange rate was further exacerbated by the negative impact of currency effects of the yen versus a number of Asian country currencies,", "duration": 13.08}, {"path": "ddf51a035f75b2e145a283edfd51fffc_109.wav", "text": "As our strong revenue growth illustrates, the partial U.S. Federal government shutdown as well as concerns raised by Brexit and the slowing Chinese economy had no noticeable impact on our fourth quarter performance.", "duration": 13.08}, {"path": "655d592e9d1b1027f1824b1554d8b131_16.wav", "text": "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.", "duration": 13.08}, {"path": "f4d0f1362716be33f02690dd1a8df663_42.wav", "text": "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.", "duration": 13.08}, {"path": "38b2f94da12bbf2d32246763aab8265a_51.wav", "text": "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,", "duration": 13.08}, {"path": "49a78c1ec143d9ac46e893e77198c0e3_106.wav", "text": "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.", "duration": 13.08}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_239.wav", "text": "And in some cases, we have a very healthy front end because there's 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.", "duration": 13.08}, {"path": "a8b43081254547419da7462d9c957d61_229.wav", "text": "it requires that we build the inventory for our completion crews more so than we've seen in the past. And so that delay is really what's affected our first quarter's production.", "duration": 13.08}, {"path": "3df0981a2d94ed56170b78330aa72ee9_160.wav", "text": "And right now, our belief is that we can run it better than going to the whole pain of refranchising and then living with all the friction. We don't believe that going back and forth from owning it, refranchising it, owning it again", "duration": 13.08}, {"path": "e9fb03f263f117a9fe607d74602fa9b0_91.wav", "text": "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.", "duration": 13.08}, {"path": "664ce6f8ad7864e2844f637e7a1b48d7_59.wav", "text": "What comes on top for everybody is that it's 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", "duration": 13.08}, {"path": "b9b40b0c1e92fb226067bdceacbdab5c_41.wav", "text": "secure and then there's another one in Houston that we're hopefully going to at least make it to the shortlist. So I think that if I'm picking up 2 out of 20, it's certainly not as good as it was 12 months ago.", "duration": 13.08}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_152.wav", "text": "These will prove to be short-lived. 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.", "duration": 13.08}, {"path": "c3567809c19ce6a800677544cd84f88b_68.wav", "text": "We also launched Cornerstone Blend, the first whiskey from the Noble Collection, a series of allocated annual releases highlighting the craftsmanship of Crown Royal's distillers and blenders.", "duration": 13.08}, {"path": "265e62fc569e790d8b3e58698aaab701_97.wav", "text": "I think the first thing that we're focusing on is absolute access to the drug, which is our primary objective and we can't compromise that. So we're going to be very thoughtful about how we take price increases moving forward.", "duration": 13.08}, {"path": "ea60900258f99d1003ab247c506e42d9_70.wav", "text": "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 it's further supportive of that notion.", "duration": 13.08}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_5.wav", "text": "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 brings excellent insight and judgment to the CFO role, having led one of our fastest-growing offices", "duration": 13.08}, {"path": "b1da16cba24af8e472573c4c9caf17c7_201.wav", "text": "really focused on is if they merge or change the points system and change the way they're redeemed, there's going to be winners and losers among the hotels when that point system changes. And I think that's", "duration": 13.08}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_184.wav", "text": "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 they just had very weak backlog at year-end. So even if the weather had been favorable, they didn't have a lot of work to go get done.", "duration": 13.08}, {"path": "13141efea197b407280701081390f0ce_96.wav", "text": "at the end of last year as far as the goodwill value on PlaneTechs. I'm just wondering what happened in the first half of this year that led to an impairment.", "duration": 13.08}, {"path": "f77935c4693e4d33252c9c76993e9c8b_75.wav", "text": "gives our competitors a road map of exactly what we're doing and so it just invites greater competition in the areas where we think we're strong and where we have a lead. So that's the reason for it. And", "duration": 13.08}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_159.wav", "text": "there ever was the sanctioned risk linked to voting rights, Renova would adjust its voting rights correspondingly. It's difficult to transfer shares, because you need to get banks to", "duration": 13.08}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_65.wav", "text": "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", "duration": 13.08}, {"path": "915bdcf0edfec49b928ca4010cbb40ca_5.wav", "text": "I am pleased to report that the launch activity to date is proceeding on plan. During the quarter, we began building inventories of new product and made initial shipments to a number of customers.", "duration": 13.08}, {"path": "5ea42ed8ea9a65bd01aaabb678685483_125.wav", "text": "even further with Ocado, and we've been meeting with them constantly since we announced the deal, and as we look at the market, we're more and more confident this is a good strategy. But", "duration": 13.08}, {"path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_28.wav", "text": "we'll see a replacement of the margins and a growth in those margins on an extremely low capital expenditure basis. So we'll transition through that. That's what our expectation's on that.", "duration": 13.08}, {"path": "571b0d30d88945a981006f24faa72cf7_2.wav", "text": "In a few minutes, Brett will provide additional perspective on the Phase II data, but we're pleased with these results and especially gratified by the responses from key opinion leaders in neurology with whom we've discussed the data set.", "duration": 13.08}, {"path": "571b0d30d88945a981006f24faa72cf7_68.wav", "text": "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.", "duration": 13.08}, {"path": "6318dda27b3e36d76533c048c64a3014_49.wav", "text": "In mid-2013, 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.", "duration": 13.08}, {"path": "8eaca8d8a419f74540f69ade8defabbd_146.wav", "text": "The tank trailer business continues to experience softness in certain markets, which is creating top line pressure in the segment's largest business. This prolonged softness is creating weaker top and bottom line results than previously expected.", "duration": 13.08}, {"path": "82f5253b62614161333b038f5f9700f8_184.wav", "text": "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.", "duration": 13.08}, {"path": "7551ffae17aa39dd4ea962a43f96bf04_23.wav", "text": "over time, as we begin to be able to increase those collections as we said before, we'll let you know when that happens, but we're not going to preview that ahead of time. So I think that's one very important place.", "duration": 13.08}, {"path": "f15966ae82e18b472ad78dd961f8e5e8_12.wav", "text": "Most importantly, these strategies had very little to do with legacy KCG's primary mission of serving customers and has significantly deteriorated more recently in less volatile markets.", "duration": 13.08}, {"path": "f15966ae82e18b472ad78dd961f8e5e8_67.wav", "text": "We have been able to manage the capital base sufficiently through capital synergies by combining the businesses. However historical capital usage in the legacy KCG business was higher", "duration": 13.08}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_264.wav", "text": "So it's 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 opportunities offshore. We've focused what we can do", "duration": 13.08}, {"path": "94f913b974baab79fb636f6521170dd7_56.wav", "text": "And we talked some about the misleading income claims. Pictures like these lavish lifestyle claims are not going to be permitted anymore. And it's going to be a sea change for the way that distributors try to sell the products.", "duration": 13.08}, {"path": "3d3b327645f62f252bb876e5bb4a9259_102.wav", "text": "where would the average age of the portfolio be 12 months from now, relative to sort of the 19 months it currently is? I'm just trying to get a sense for the impact of", "duration": 13.08}, {"path": "54c8e2e08c60dfe9b4bafc3938ccf332_81.wav", "text": "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.", "duration": 13.08}, {"path": "54c8e2e08c60dfe9b4bafc3938ccf332_50.wav", "text": "Through the years, we have stated that our goal was to drive risk-adjusted returns and we have spoken at length about the pillars of our capital allocation strategy through our communication with the investment community.", "duration": 13.08}, {"path": "7f8f04a414dbef2f3adbb2b33bbcda66_23.wav", "text": "Clearly, we're filling a 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.", "duration": 13.08}, {"path": "3b2908426357bb8269c3a01469865cd6_83.wav", "text": "I'm 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", "duration": 13.08}, {"path": "fe3a8419e2f120643bff5e9e80190ed5_102.wav", "text": "who they give security clearance to, we have to find that balance. And so some would say it's a good problem to have, I think we believe it's a pretty good problem to have. But it is", "duration": 13.08}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_145.wav", "text": "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.", "duration": 13.08}, {"path": "e522eff219f3eaa2c9b090dc12cad420_59.wav", "text": "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.", "duration": 13.08}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_5.wav", "text": "We never stopped innovating better products. We never stopped cultivating powerful consumer connections. We never stop identifying ways to be a better retail partner, and we've never stopped evolving our culture as a team.", "duration": 13.08}, {"path": "11f02fb2db5d9fb5ff82f0374376f759_123.wav", "text": "But one thing will remain constant is our commitment to act decisively in order to create value for all stakeholders. And with that, I'll turn it over to Mike to review some key operating conclusions.", "duration": 13.08}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_192.wav", "text": "Now if we include the growth of duty free and as well distributor markets that are handled mainly out of Switzerland", "duration": 13.08}, {"path": "b126c31149f1cadf1d891082a187d6fc_66.wav", "text": "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.", "duration": 13.08}, {"path": "1862ee2f84dc77a40dde64b34f3ab94e_40.wav", "text": "comment on the legal process and the case that we have going and have been working with for almost 3 years in Denmark. The court case has finally started. It started on the 10th of October.", "duration": 13.08}, {"path": "66b25c60d952bd002c7ab20da9248086_128.wav", "text": "So there's a bunch of related features to the cash-back experience that we are working on. That cash-back actually is going to be live with some of our internal beta users beginning this quarter.", "duration": 13.08}, {"path": "ae5a41fe3b3d515713608c5ac878eed3_106.wav", "text": "Furthermore, these customers also receive fixed mobile benefits offered within KPN Compleet. In SME, we see strong interest in our converted fixed mobile and IT services.", "duration": 13.08}, {"path": "e35fae1d3df1f7aeda409f90f200ec7b_46.wav", "text": "that we have to deal with, I still think it's 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", "duration": 13.08}, {"path": "64364105b816dd0b6a029e9cd210e65b_130.wav", "text": "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,", "duration": 13.08}, {"path": "b0d88c0f1efca89ecb928172341dc75d_285.wav", "text": "but they are fixable and we are the right team to fix them. Conagra has the capabilities to put Pinnacle's brands back on track and deliver for its customers and consumers and shareholders.", "duration": 13.08}, {"path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_110.wav", "text": "And the growth in imaging kit recurring revenue is a little bit less than that 9%. It's -- the recurring revenue is driven a little bit more by DermACELL, and we talked about that a little bit at the Investor Day.", "duration": 13.08}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_140.wav", "text": "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.", "duration": 13.08}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_227.wav", "text": "Seriously though, I will say that for every investor who may share yours and my opinion on leverage, there's also one who's very concerned about increasing debt going into an uncertain economic environment.", "duration": 13.08}, {"path": "20489859070c48218db6ab0f5b6d2b05_8.wav", "text": "The Production Group OneStim 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.", "duration": 13.08}, {"path": "c334e290beb657ee3efcb6b2f734c81e_23.wav", "text": "That, and there've 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 to protect market share, we actually decided to make our left and right goalposts wider.", "duration": 13.08}, {"path": "1378aabd380e63d3f89fe0e445fc8b06_18.wav", "text": "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.", "duration": 13.08}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_326.wav", "text": "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.", "duration": 13.08}, {"path": "c71a6ab1a0697010811c89200ab21613_67.wav", "text": "The Sycamore is quite a bit more immature for us. I think we're only going to do one well this year and some nonop penetrations. We're still learning about that, but I'm encouraged by what we see.", "duration": 13.08}, {"path": "19714a7d42d471e3bb7f7e1f18c8fe9b_40.wav", "text": "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?", "duration": 13.08}, {"path": "77423f08f0208d476dea73c639f6293a_154.wav", "text": "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.", "duration": 13.08}, {"path": "af146425f68dd8e32f31878389746637_64.wav", "text": "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.", "duration": 13.08}, {"path": "538323cb37246bc97d1253b369a7414a_119.wav", "text": "And the integration teams are making good progress in detailing the previously announced synergies, operational synergy opportunities", "duration": 13.08}, {"path": "6fe1a71311b4937268b4c0332dc7c11f_25.wav", "text": "see that as a benefit to total cost of care for the populations. Actual purchase price may not be the lowest that's available, but due to the durability and reusability of products in that category we have very good business there.", "duration": 13.08}, {"path": "0702a77635d50ec3b154df61456c1b63_85.wav", "text": "We had no new wells or recompletions during the quarter, and we continue to evaluate opportunities to divest our Mid-Continent assets and currently anticipate very little in the way of drilling activity and capital expenditures in our asset base.", "duration": 13.08}, {"path": "32283c24ad18239efb166db8422560b2_142.wav", "text": "So those additional hires have been made and they haven't as you've noticed affected our comp ratio or hit EBITDA because it was done within our current growth scenario.", "duration": 13.08}, {"path": "a968612b5d51d3df12aad60dde8e1e41_26.wav", "text": "which we -- it's 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 below-the-knee drug-coated balloon in", "duration": 13.08}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_109.wav", "text": "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.", "duration": 13.08}, {"path": "525a3d59e4a319ddd41c161ec0e67f93_20.wav", "text": "we're not likely to have any major constructions. We are not planning any construction in terms of CapEx. So we're moving some of our branches", "duration": 13.08}, {"path": "eb93e70cdf7a839a69546250fb3646fb_137.wav", "text": "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.", "duration": 13.08}, {"path": "976a5489fe4d30c2e1ebb237ec62398a_83.wav", "text": "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 5.2 million shares over the next 12 months.", "duration": 13.08}, {"path": "b305bff75f28d238f0bd7da5bd4f13b8_33.wav", "text": "I think an important one to keep a little bit in the back of your mind is, if you think about our growth rates last year first half versus second, our first half was stronger. The second one has somewhat of an easing comp base.", "duration": 13.0799375}, {"path": "0e52a74a184c92ad0c336af764aa0796_96.wav", "text": "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.", "duration": 13.0799375}, {"path": "214dcdc435ef3259490466447858fa56_214.wav", "text": "Now let's 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. It's one that we can differentiate more clearly.", "duration": 13.05}, {"path": "569834a5cb8a33dfeac20dfa8e03afb3_136.wav", "text": "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.", "duration": 13.05}, {"path": "f3ea353a6c918bc1fd311a9cad6b9777_112.wav", "text": "Similar to what we've done with personal loans, it's all about keeping people engaged to getting mortgage-free. This is also what we believe will drive long-term loyalty to Mogo as you'll be more likely to stay with a provider that is truly helping you achieve one of your biggest financial goals.", "duration": 13.05}, {"path": "ab861b81968e1b5fcb606ed886919d68_20.wav", "text": "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.", "duration": 13.05}, {"path": "07d2c762b6e3c4a59486baba2c8f0639_58.wav", "text": "They put us in the position to be able to position and prove our services as being formal, comprehensive and practical in the hands-on environment of construction management.", "duration": 13.05}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_40.wav", "text": "not simply from losing accounts. We don't 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", "duration": 13.05}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_203.wav", "text": "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", "duration": 13.05}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_305.wav", "text": "from my natural habitat in which I lived and worked for the last 28 years. Apart from a very short period, I've always worked in the market in many countries very close to the consumer.", "duration": 13.05}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_161.wav", "text": "In addition, as discussed in our year-end call, our plans accounted for the sale of the Auto Todo business. We can report we successfully closed on the sale of this business in the month of March.", "duration": 13.05}, {"path": "4c0e38d8d88c73a7a01dc542a85b2604_106.wav", "text": "we would be competing, we were competing heavily of course with surplus liquidity banks but also with wholesale funded institutions who are able to compete and bring down the rates for the last 1 year.", "duration": 13.05}, {"path": "f3f1b7c8f174b4be50981a0f85d6a30b_6.wav", "text": "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.", "duration": 13.05}, {"path": "3180572bc2da758668c19200930e1bc4_189.wav", "text": "because I think we got 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. You'll notice our energy reserve portfolio went up,", "duration": 13.05}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_150.wav", "text": "And with the miracle of compounding, these are still pretty attractive deals. And I think as a consequence, that's why we're continuing to see the development pace be as strong as it is.", "duration": 13.05}, {"path": "25411ff16eb3ca72b6e736eb0fe0cafb_24.wav", "text": "right? And so that you would be getting the feeding commissions back on that business, which would offset the acquisition costs. And I just want to think about how that would feed into your run rate expense ratio?", "duration": 13.05}, {"path": "570faeed3dcfa26c6246dc42309025ad_90.wav", "text": "on a charging network throughout most of our core markets in Europe. So for those customers, particularly those on the interstates and highways, we'll be there to provide that service for them. And then certainly, we're exploring other ways to", "duration": 13.05}, {"path": "044da592acc01ff7baacb3dbf2a302a9_156.wav", "text": "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?", "duration": 13.05}, {"path": "4b7945dd823dcbc0b2724efa66393673_65.wav", "text": "it is a misleading indicator if you look upon a volume growth or decline within a given quarter. It is truly related to how and where we release a product and to which volume and to which way we will release the", "duration": 13.05}, {"path": "6d02f116f1ae8575d9b916f1429454eb_39.wav", "text": "exploring new sources of revenue and preparing the workforce for the future. We're making good progress on all 4 areas of focus, and I'd like to share a few highlights from the latest quarter.", "duration": 13.05}, {"path": "bad55d25c1222682bd893d97dc5cbb27_140.wav", "text": "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 burn-off", "duration": 13.05}, {"path": "1133b8984db446b9c963a09eaf0785a4_259.wav", "text": "we call, I guess, the industry calls ready pack and a move to ready pack, where it's in some sort of case display, and it's easily put on to the shelf, so a lot of the businesses may be moving in that direction.", "duration": 13.05}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_157.wav", "text": "I can't guarantee what happens in the economy, in policy circles or in our markets, but I'm happy to be transparent with you and let you make your own judgments about the external factors.", "duration": 13.05}, {"path": "2905366dcf0eb60a22b63a1b3d9adf95_26.wav", "text": "Yeah, 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, which allows for", "duration": 13.05}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_40.wav", "text": "Now naturally, there are always areas that we may look at both from a partnership, organic and inorganic standpoint but it's not something I'm really comfortable talking about on the open mic because that's really indicating future direction", "duration": 13.05}, {"path": "30710391b8ab4cb549180602d31d4f4a_158.wav", "text": "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.", "duration": 13.05}, {"path": "95d5af9f7ffd8af7b47b56baff4f5b0c_22.wav", "text": "Thank you, and good morning. Before we get started today, I'd like to remind everyone that some of the statements that we will make on this call may be forward-looking in nature and reflect a number of known and unknown risks.", "duration": 13.05}, {"path": "e60f6485243932b9280d864cb17a6ba8_196.wav", "text": "Another one, the PRAIRIE program, where we are the only utility participating to this new ecosystem, gathering the best players around IA issues and solutions.", "duration": 13.05}, {"path": "40e11288ea7cb86fdf307dbe648142e3_152.wav", "text": "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.", "duration": 13.05}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_132.wav", "text": "we're seeing our rate actions exceed loss trends. But unfortunately, there's been some adverse weather that's been holding us back at bit. But we will continue to take rate as needed. We continue to focus on our underwriting", "duration": 13.05}, {"path": "c1d916407f390d20e9d8f9b453e22435_92.wav", "text": "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?", "duration": 13.05}, {"path": "f23036451aab1cb9d659c3ac9a23825c_50.wav", "text": "These factors continued 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.", "duration": 13.05}, {"path": "10dfe5270a7e4216d68614041d2a9bbe_34.wav", "text": "calls, 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 isn't what we prefer. I think our shareholders", "duration": 13.05}, {"path": "9952903822d3aabb9a8a8fdd41f23bc2_46.wav", "text": "So we did identify some potential partners, and one partner in particular brought in several things that they saw, and we've applied just a few of those in these first wells, and you can see the performance is great.", "duration": 13.05}, {"path": "c3567809c19ce6a800677544cd84f88b_140.wav", "text": "I would expect other finance charges to increase next year with higher pension costs and the recognition of the increase in value of Zacapa. Our adjusted net debt-to-EBITDA ratio", "duration": 13.05}, {"path": "ea60900258f99d1003ab247c506e42d9_143.wav", "text": "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.", "duration": 13.05}, {"path": "191c819db03c2dfd0207cd1f42e278a4_48.wav", "text": "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.", "duration": 13.05}, {"path": "8a93698d03a48d42fc7d7e50cb67dc2b_67.wav", "text": "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 it's going to", "duration": 13.05}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_60.wav", "text": "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.", "duration": 13.05}, {"path": "7cf9ea093ccaf8fe8af51c4e00832372_60.wav", "text": "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.", "duration": 13.05}, {"path": "28404e399cb043d390aa70bceb339dd4_129.wav", "text": "and systems and I realize it's 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?", "duration": 13.05}, {"path": "b43c001c5af465d220ab0b69a95202ae_4.wav", "text": "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.", "duration": 13.05}, {"path": "948f025c16fce2bcb2909e610c9be557_136.wav", "text": "that can produce 50,000 different SKUs in the wheel business and there's no one out in the world that has the range", "duration": 13.05}, {"path": "626da68f2b245869534a0316b8b6139a_86.wav", "text": "the quality of their core acreage positions and a relatively attractive economics of developing the reserves. So for the key players that we deal with on a daily basis, the commitment to the basin continues to be very strong.", "duration": 13.05}, {"path": "9e8690a521142359001a137074905535_276.wav", "text": "Besides 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,", "duration": 13.05}, {"path": "cac9bb252b7974b7044423e714c2f054_128.wav", "text": "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.", "duration": 13.05}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_3.wav", "text": "Retirement and Individual Annuities businesses. And while results of the quarter benefited from items that are inherently variable, the earnings power of our businesses continues to trend higher.", "duration": 13.05}, {"path": "9b1931e93dfb0391fb948924a93be5ff_161.wav", "text": "especially in regards to the ramp-up of the APP mill. So what have you been hearing about the ramp-up speed of that mill? If you hear from your agents or clients", "duration": 13.05}, {"path": "49e533a8449f6b9b6c806458e73338e1_110.wav", "text": "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?", "duration": 13.05}, {"path": "0dec9a606303da3039d11eec4ec9bd86_252.wav", "text": "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", "duration": 13.05}, {"path": "0dec9a606303da3039d11eec4ec9bd86_215.wav", "text": "So as I just mentioned, the guidance that I discussed doesn't include any impact from Advance Partners. So when we close, this is what the anticipate.", "duration": 13.05}, {"path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_41.wav", "text": "a -- part of the value chain that's 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.", "duration": 13.05}, {"path": "fe80c1056f21701e41cf3489c450f5ae_254.wav", "text": "we have made significant business progress in the first half of the year with a strong start to the group's latest strategic plan, and we have, again, delivered strong financial performance and capital build.", "duration": 13.05}, {"path": "3e29586725757a72d8c143f3da2658f5_20.wav", "text": "even our Montana markets, where last year, we got out to a good early start in February, and we really didn't even get going in those markets until about", "duration": 13.05}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_20.wav", "text": "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.", "duration": 13.05}, {"path": "ea80970d6b8e6fab10c4500aa7298914_219.wav", "text": "low double digits really is quite good. It's excellent, but I don't 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 you're talking about.", "duration": 13.05}, {"path": "a9ff9f85f03afdd2d13b76e14060b31d_13.wav", "text": "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", "duration": 13.05}, {"path": "09b5b62d328d3d0719b6825357fdfb48_180.wav", "text": "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 FTC's review.", "duration": 13.05}, {"path": "09b5b62d328d3d0719b6825357fdfb48_225.wav", "text": "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 then get cash back that they can do", "duration": 13.05}, {"path": "ecc871b8f89a858d952f554f1ca8f7da_152.wav", "text": "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.", "duration": 13.05}, {"path": "ed2810b765143f8341dcc8e8c14c27f1_112.wav", "text": "for at least couple years to say that, inevitably there will be a step-down at some point in time. That's, 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.", "duration": 13.05}, {"path": "64364105b816dd0b6a029e9cd210e65b_217.wav", "text": "These investments demonstrate Commercial Trailer Products' commitment to continue to grow and diversify the business organically by expanding their focus into adjacent transportation markets from those we presently serve", "duration": 13.05}, {"path": "dd85c205eb4aedd5ecd5be2c37c4d1b9_11.wav", "text": "A number of investments are being made, especially in downstream, including several construction projects, aimed at increased petrochemical supply.", "duration": 13.05}, {"path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_83.wav", "text": "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.", "duration": 13.05}, {"path": "8611e088fa81dc9b999c382b62641dfc_31.wav", "text": "We assume no obligation and do not currently intend to update any such forward-looking statements. If this call is reviewed after today, the information presented during the call may not contain current or accurate information.", "duration": 13.05}, {"path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_15.wav", "text": "coy when I know there's lots of questions. But the simple reality of the competitive dynamic is an important priority 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,", "duration": 13.05}, {"path": "21abf3409d34eea6f33336ad93662cfd_14.wav", "text": "We see positive trends in this area. Redbubble's ever-growing 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.", "duration": 13.05}, {"path": "1e82002540bb3371dcda874a3ce114b2_30.wav", "text": "Secondly, on APAC. I'm 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", "duration": 13.05}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_205.wav", "text": "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.", "duration": 13.05}, {"path": "0e410ca71e50235e520d5af32ce0f54a_49.wav", "text": "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.", "duration": 13.05}, {"path": "7bac04f03928ee8894ab00007116400b_82.wav", "text": "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.", "duration": 13.05}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_69.wav", "text": "Stone products are particularly attractive for The Tile Shop since we carry many of the trend pieces, accessories and maintenance products that they require. They also tend to sell for a higher price point per square foot than man-made products.", "duration": 13.05}, {"path": "8dd740d83ff1c7319a82eeba6047633d_118.wav", "text": "Terminal 4 will be -- moving on to your second question, Terminal 4 will be fully FAST travel enabled for passengers to do self check-in and self bag drop, which will be helpful for us because that helps us to be more productive.", "duration": 13.05}, {"path": "8dd740d83ff1c7319a82eeba6047633d_20.wav", "text": "We've also announced recently that we will be able to set up a cargo operation in Dammam, which is in the Eastern province of Saudi Arabia.", "duration": 13.05}, {"path": "9cd9b67e289e807d677aabc5765fec6a_156.wav", "text": "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 we've taken to build the framework for long-term success", "duration": 13.05}, {"path": "726bad4d5d1a6b2f62034eb8dc843450_25.wav", "text": "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.", "duration": 13.05}, {"path": "726bad4d5d1a6b2f62034eb8dc843450_97.wav", "text": "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.", "duration": 13.05}, {"path": "5f4034bd1c0669186fcee6909c5d59e7_12.wav", "text": "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", "duration": 13.0499375}, {"path": "c92a9ecd2741326fd8625841a07f74f9_104.wav", "text": "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 synergies by skipping up that business?", "duration": 13.0200625}, {"path": "db6c253ba433d9a247219bb3f15da199_71.wav", "text": "As we did with TheStreet, 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", "duration": 13.02}, {"path": "4fdbfd9eec396928550d0c799e170d34_5.wav", "text": "We will walk -- we'll talk further about the terms of this credit agreement in a few moments. Lastly, we're excited to announce that we finally finalized the amendments to the BVI Water Purchase agreement", "duration": 13.02}, {"path": "6e6da7f810609ce64857373f11984455_67.wav", "text": "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", "duration": 13.02}, {"path": "e2b2a746a7a2cd752c92ccfab257cfca_47.wav", "text": "We and 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.", "duration": 13.02}, {"path": "5111fdad778749872c23e78c9b0d653b_10.wav", "text": "I have personally spoken with some of these young patients who have told me they were shocked and in disbelief when they were diagnosed with the disease, and they were told that they may need a corneal transplant.", "duration": 13.02}, {"path": "47d77b15189fadcc76113a2f7800ba28_30.wav", "text": "right? And then where we would bring in a Perficient, as Rob was saying, usually if it's initial sale, a new customer and we're doing kind of that initial implementation or what we call a dojo, Pivotal would provide that service.", "duration": 13.02}, {"path": "22ad97a95501a08f15c06605cd277fec_136.wav", "text": "I 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.", "duration": 13.02}, {"path": "10ad172801ac8cd3a21e4355d7349eb5_149.wav", "text": "As a reminder, due to the decrease in our balance sheet obligations associated with our teach-out campuses, we expect more of our operating income dollars to result in positive operating cash flows.", "duration": 13.02}, {"path": "abd0f750609f1263b566f0c09b981a16_74.wav", "text": "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", "duration": 13.02}, {"path": "55d05334bdde612eb9dd102bb41d216e_1.wav", "text": "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.", "duration": 13.02}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_20.wav", "text": "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.", "duration": 13.02}, {"path": "7e14890193df4b10e1eeab6ab886529f_25.wav", "text": "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, I'd like to turn it back to Mindy. Thanks, Nick.", "duration": 13.02}, {"path": "8544fcd40dacf31ad0ddf2cd1fc3c420_45.wav", "text": "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,", "duration": 13.02}, {"path": "1c60a3d37d43a43d5851722212ddcd71_51.wav", "text": "Regarding other government rate hikes and their impacts, well it could be other factors that we are not able to actually account for now. Next question from NH Investment", "duration": 13.02}, {"path": "e824f4380f8203a1e3ed60e7da1e39e5_79.wav", "text": "prospects and upsell opportunities and cross-sell opportunities in existing clients. So all of these things, as I endeavored, are trying to build upon one another and be multiple struts in the wheel", "duration": 13.02}, {"path": "7909dfb87fb4102d9f9ba8e99f751ee5_77.wav", "text": "and is the only independent terminal capable of receiving from, delivering to and transferring refined petroleum products between the Colonial and Plantation pipeline systems,", "duration": 13.02}, {"path": "82b66739c0d2b8a47f19a5acbe3b90ed_21.wav", "text": "we are having those type of discussions. And I think there's just -- as I described earlier, there's a little bit of a lag. There's typically a lag with respect to net additions and the returns that we've delivered over the past 12 months.", "duration": 13.02}, {"path": "044da592acc01ff7baacb3dbf2a302a9_94.wav", "text": "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", "duration": 13.02}, {"path": "1d2f3c74735a986131e7b219d9eff713_24.wav", "text": "The one thing we do have the ability to do is typically get about a 90-day lock. And so right now, we're again buying smartly and locking for those 90 days when we have the ability to see a", "duration": 13.02}, {"path": "1f43e30e245ed30be41602d8423db99e_87.wav", "text": "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.", "duration": 13.02}, {"path": "2a5b0a6532fa2b71915a2930be02621a_70.wav", "text": "Each group has expressed high interest in becoming long-term investors in FibroGen parent company common stock. Recent discussions focused on this financing round to support the scale of resources supporting our expected growth,", "duration": 13.02}, {"path": "2a5b0a6532fa2b71915a2930be02621a_57.wav", "text": "I'd 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.", "duration": 13.02}, {"path": "f5ebbbfd39f9227dd73a6d31db4f6201_109.wav", "text": "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.", "duration": 13.02}, {"path": "4032bfdd59881fc6506c082737cb5a99_10.wav", "text": "Looking forward, we have an active pipeline of acquisition opportunities in various stages of discussion, including both independently owned and trade association-owned shows that we will continue to pursue aggressively.", "duration": 13.02}, {"path": "d4ad91ac3b9c1832b95aa346c8c84b46_14.wav", "text": "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.", "duration": 13.02}, {"path": "9da45cfd4472699ef05d887adce01223_44.wav", "text": "A full description of the limitations and using non-GAAP financial measures and the adjustments made to derive our non-GAAP operating income and adjusted book value is included in the earnings release.", "duration": 13.02}, {"path": "eb4fd38da7ae1a347630ef447dfe9abe_182.wav", "text": "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, the shares decreased a lot", "duration": 13.02}, {"path": "2905366dcf0eb60a22b63a1b3d9adf95_125.wav", "text": "We substantially ramped up our sales volume through our Van Hook Terminal and we began manufacturing our first well site storage system fleets to be deployed in the field under our service model.", "duration": 13.02}, {"path": "6e3037e770ba5e0dfc98e3223986aad2_125.wav", "text": "Importantly, these initiatives are within our control and largely and by that we mean they are within the existing building envelope or land parcels that we already control or own and many of them because they're within our existing building envelope,", "duration": 13.02}, {"path": "38b2f94da12bbf2d32246763aab8265a_98.wav", "text": "what happened in the life business, we have a lower frequency of deaths of the insureds and co-insureds. On the other hand, we have lower payments for", "duration": 13.02}, {"path": "265a38d0c390f3df900f7a658e257384_28.wav", "text": "matches the recent revenue mix, but would like some confirmation there. And then a greater interest, given the significant size of the installed base is what you've seen", "duration": 13.02}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_48.wav", "text": "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 well-executed projects that are nearing completion.", "duration": 13.02}, {"path": "5664a96b7f1182d037b901d84eeb4fd6_16.wav", "text": "In terms of product, we've 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.", "duration": 13.02}, {"path": "3df0981a2d94ed56170b78330aa72ee9_174.wav", "text": "Now we are largely aligned, and that's 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.", "duration": 13.02}, {"path": "6b3df032b804a1a371d25e1eef019c4a_100.wav", "text": "The model has been very successful not only in producing a good outcome but also in adapting to changing conditions, as we also experience today.", "duration": 13.02}, {"path": "cc5ce88cbccddf8e99408418e7749a7d_60.wav", "text": "between renewable and conventional generation and 4% from other businesses such as commercialization, services and other businesses that are growing in the company.", "duration": 13.02}, {"path": "c3567809c19ce6a800677544cd84f88b_186.wav", "text": "Smirnoff is up 2%. We are continuing to focus on recruiting millennial consumers through the brand's inclusivity message, positioning the brand at the right price and providing standout packaging.", "duration": 13.02}, {"path": "20097e37747ec7bc3734246e83798fb1_169.wav", "text": "I don't think you're 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 you have to manage your content acquisition and creation costs?", "duration": 13.02}, {"path": "ab4dae37361262d727d1d2f8f78765d5_111.wav", "text": "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.", "duration": 13.02}, {"path": "3e7ae56945d17332dc48a3a2b331da25_22.wav", "text": "Such statements are subject to known and unknown risks and uncertainties that could cause the company's actual results to differ materially from those set forward in the forward-looking statements.", "duration": 13.02}, {"path": "17f54a9938f35a4bde713fb3eb33a80e_44.wav", "text": "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", "duration": 13.02}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_204.wav", "text": "sure it's a question that you're -- 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", "duration": 13.02}, {"path": "13141efea197b407280701081390f0ce_85.wav", "text": "They specialize in helping clients streamline warehouse and distribution operations to meet the growing demand for online commerce and supply chain solutions.", "duration": 13.02}, {"path": "c92a9ecd2741326fd8625841a07f74f9_115.wav", "text": "by the consent agreement we entered into the Competition Bureau as part of the Canwest acquisition. Both transactions are subject to approval of the Competition Bureau and other customary closing conditions.", "duration": 13.02}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_4.wav", "text": "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.", "duration": 13.02}, {"path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_88.wav", "text": "Based on the court's determination, we stand ready to close. Funding is in place even after we settle the special mandatory redemption bonds. There's not much more we can add at this point.", "duration": 13.02}, {"path": "8b2f9d78b826db37ca84dae4d193d8a3_31.wav", "text": "Management believes that these non-GAAP 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.", "duration": 13.02}, {"path": "9b1931e93dfb0391fb948924a93be5ff_64.wav", "text": "second part of January and we didn't have anything in the fourth quarter. So forest fires shouldn't have affected by anything in our fourth quarter results.", "duration": 13.02}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_62.wav", "text": "To date, U.K. 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.", "duration": 13.02}, {"path": "87045996e7446329f1d98c909c6ca7fe_54.wav", "text": "We've -- 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 it's always been", "duration": 13.02}, {"path": "416ebb7a4160f7cd2f98361cbd1cb769_26.wav", "text": "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", "duration": 13.02}, {"path": "ab3354b86be920cde18291112bf8a70a_64.wav", "text": "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.", "duration": 13.02}, {"path": "1e850c2f72078279ebafea4edcbb3aa4_13.wav", "text": "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.", "duration": 13.02}, {"path": "3b2908426357bb8269c3a01469865cd6_154.wav", "text": "In addition, certain costs and earnings of employee benefit plans, such as pension and other post-retirement, are included in corporate and not allocated to the operating segments.", "duration": 13.02}, {"path": "77d2dd6d5e46cc8a8e80809305b60208_8.wav", "text": "Most recently, we received a notice of allowance in the People's Republic of China for another key patent relating to our innovative metallic fuel design, which represents the company's fourth patent in China,", "duration": 13.02}, {"path": "3877b1983229ec488c6349a188bccf92_109.wav", "text": "We continued 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.", "duration": 13.02}, {"path": "c36ef43210d40b0d1ad8f2acc597c76b_83.wav", "text": "and the presence of a RAS mutation who have received at least 1 prior line of therapy and no more than 2 prior lines of therapy. And the trial contains a Phase Ib study to determine the maximum tolerated dose", "duration": 13.02}, {"path": "47b5defd6e2c5724f6dc3b80859c281c_84.wav", "text": "the high productivity growth that we see among our consultants is ensuring that the income opportunity that our consultant receives from participating in the Oriflame community is getting stronger.", "duration": 13.02}, {"path": "fe3a8419e2f120643bff5e9e80190ed5_45.wav", "text": "Dice as the go-to 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 customers.", "duration": 13.02}, {"path": "00dcacc7fe3cab64b14aff04a9cd0284_42.wav", "text": "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 to our Orca Quarry in concert with our First Nation partners.", "duration": 13.02}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_204.wav", "text": "in front of us. And so there's work to be done, and the thing that'll tell all of it is when you see the great product that compels you to want to buy. And we're proud to see consumers making those choices a lot more for this brand right now.", "duration": 13.02}, {"path": "ae5a41fe3b3d515713608c5ac878eed3_56.wav", "text": "Although service revenues are lower year-on-year, 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.", "duration": 13.02}, {"path": "a0fe48ba783b94dc7e5b0201aba7c1cb_127.wav", "text": "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 that's a fair statement?", "duration": 13.02}, {"path": "8611e088fa81dc9b999c382b62641dfc_61.wav", "text": "With regard to non-GAAP financial metrics, while we believe them to be helpful in understanding MobileIron's financial performance, they are not meant to be considered in isolation or as a substitute for the comparable GAAP metrics.", "duration": 13.02}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_161.wav", "text": "We haven't publicly disclosed the exact size and impact of this discontinued specialty account, other than disclosing that it was significant in size and that it didn't meet our profitability targets.", "duration": 13.02}, {"path": "323193895e800e72960d98dd5fb64cf5_156.wav", "text": "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.", "duration": 13.02}, {"path": "0f8a61f667edd9a400d7abe2a7908a9e_42.wav", "text": "namely oral formulations of Calcitriol, paracalcitriol and doxercalciferol. These therapies are not recommended for routine use in this patient population according to the newly revised", "duration": 13.02}, {"path": "ffa357a084f4deb64797a0a32b8c5e33_196.wav", "text": "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.", "duration": 13.02}, {"path": "2313d1644b53f7bf5e70d2ff4db8e6e6_23.wav", "text": "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, we've done that through share buybacks the last couple of years.", "duration": 13.02}, {"path": "f88c5f000050c9f72aa383f71d97ffe7_98.wav", "text": "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,", "duration": 13.02}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_118.wav", "text": "As you'll recall, we instituted a quality call to action, bolstered by the acquisition of Navilyst, to aggressively build a culture of quality throughout the organization. I am proud of our company,", "duration": 13.02}, {"path": "2c4d64ba9a75dff613a83aa6f145f4b7_137.wav", "text": "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", "duration": 13.02}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_7.wav", "text": "This will represent the first intelligent, consumer-directed 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.", "duration": 13.02}, {"path": "e5eb29123d69fdbc74dbc529dfe6c6cc_109.wav", "text": "We continue to drive growth across each segment. We are pleased with Orlaco's contribution to the Electronics segment in the first quarter. We expect to continue to recognize synergies that will create value for our shareholders.", "duration": 13.02}, {"path": "b1a98885c1d81414cdc122e807760faf_24.wav", "text": "As we go forward, we'll be closely watching the launch of OCREVUS. Overall, we anticipate a negative impact to our portfolio that'll be partially offset by the royalties that we receive.", "duration": 13.02}, {"path": "0b7afb66a39a4c81151309bacc830c60_44.wav", "text": "we can continue to grow in our targeted verticals. With that, I'd like to turn the call over to Bill for our financial review. Thanks, Burton.", "duration": 13.02}, {"path": "744f5859c7d9a0567b387ae84326d940_204.wav", "text": "building working capital in the first part of the year and sort of bringing that back in, in the last half. But there's really been no structural changes outside of the fact that when we do acquisitions, they almost always have", "duration": 13.02}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_80.wav", "text": "The group also supported 3 successful Trident II 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.", "duration": 13.02}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_93.wav", "text": "Given the significance and complexity of U.S. 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.", "duration": 13.02}, {"path": "47546a57a865bca0f4e677dc3b485053_73.wav", "text": "to deliver on that and it sounds like you're 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", "duration": 13.02}, {"path": "a009c5f14d4d0bb5ca875164cffbd6ab_163.wav", "text": "on what is the lowest base. I was wondering, and I understand it's early in the program, but where are you in terms of growing the services business compared to your early expectations that you laid out?", "duration": 12.9900625}, {"path": "8fde6a4ab2de2ba6bbd0b4196ef82454_153.wav", "text": "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.", "duration": 12.99}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_199.wav", "text": "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 have", "duration": 12.99}, {"path": "3557b21a45c35e71e82cc43b19977855_57.wav", "text": "And if you go to the website, you'll be able to see some of the things that are actually occurring around the can. I think it'll give you an idea, but continue to be very excited about it. Also, since that meeting in New York, we've have had 3 or 4 new", "duration": 12.99}, {"path": "2602edddc3363eadcaafe1c33271f3e4_96.wav", "text": "or modest increase in sample size. Just wanted to confirm whether there might be any triggers for a potential trial stoppage on either efficacy or futility at that point.", "duration": 12.99}, {"path": "223f05c0b9b116532e9af84afa76cac7_155.wav", "text": "Can we assume that you are done with your buyback? Or are you still kind of opportunistically evaluating your stock and kind of market conditions?", "duration": 12.99}, {"path": "65d5a09c659f6809931dc62aa7a9eaad_236.wav", "text": "The way we respond to that is basically that we even more so focus on our efficiency improvements that have not been", "duration": 12.99}, {"path": "81430c39b7b202d05644e419e2a01a65_58.wav", "text": "we're 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.", "duration": 12.99}, {"path": "280baf1d10cd27b78eae4bf2574b9c98_159.wav", "text": "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.", "duration": 12.99}, {"path": "4c0e38d8d88c73a7a01dc542a85b2604_88.wav", "text": "I know all you guys have to run to many other calls and you have got a very busy Friday evening, so I won't take more of your time. Thank you very much for sparing the time and being on this call. And", "duration": 12.99}, {"path": "01502edf6cda82061f1f45d6b0e8e189_52.wav", "text": "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 double-digit revenue increases in the first quarter.", "duration": 12.99}, {"path": "5308c910fb34c8291b372e7a94521e9b_215.wav", "text": "Got it. Very helpful. And then as a follow-up, can you discuss how much input cost inflation you're currently seeing as it relates to labor and materials? And what proportion of that you believe you can pass on to customers?", "duration": 12.99}, {"path": "f686be4a39a5c75b5f3a03a1aed5d9b6_12.wav", "text": "Your Independent Grocer business. And we're seeing a really terrific response in those markets, essentially a fundamental upgrade in the full service conventional proposition that is being made available to those consumers.", "duration": 12.99}, {"path": "cc82e791c065bdc271addf355bac274f_91.wav", "text": "a model whereby they are becoming more verticalized and they are investing in IT platforms", "duration": 12.99}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_158.wav", "text": "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.", "duration": 12.99}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_232.wav", "text": "So we do think we'll see some repricing. We think that some of our competitors will come under more stress than we will because they're more by way of more monoline deposit takers and mortgage banks, particularly in our home market.", "duration": 12.99}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_160.wav", "text": "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.", "duration": 12.99}, {"path": "403903eb119bfc1cec44d86ec907077a_162.wav", "text": "I think we're going to see when there's 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 it's a matter of adoption. But honestly, we don't have a good handle", "duration": 12.99}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_48.wav", "text": "the more we believe we're on the beginning of a powerful new wave. Applied Materials is on the critical path. Those trends depend on what Applied does best.", "duration": 12.99}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_151.wav", "text": "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", "duration": 12.99}, {"path": "eb4fd38da7ae1a347630ef447dfe9abe_130.wav", "text": "of results, not 9 months like in Argentina. So we don't have a comparison with the previous year because we started now. So we are only presenting information for this", "duration": 12.99}, {"path": "909945f04ac355656384777136995c9b_5.wav", "text": "So I wanted to hear from you what you expect in the coming months? If it's a problem on the supply side, on the demand side? And what's your risk appetite right now and even considering everything we know about the economy?", "duration": 12.99}, {"path": "e60f6485243932b9280d864cb17a6ba8_186.wav", "text": "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", "duration": 12.99}, {"path": "39eee2eb09766cf1717c05e39c7db798_97.wav", "text": "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 forward-looking statements.", "duration": 12.99}, {"path": "f23036451aab1cb9d659c3ac9a23825c_29.wav", "text": "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", "duration": 12.99}, {"path": "cd1773ea94a046c0a36b679e2efcee9f_94.wav", "text": "for same-store sales growth in general would be? And then also with Park City now firmly integrated into operations, I was just wondering if you could talk for a moment about the growth opportunity you think there that could benefit you next ski season?", "duration": 12.99}, {"path": "29426a77336443eedde7eaa29e9c2852_134.wav", "text": "specific changes in seasonality. I don't 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", "duration": 12.99}, {"path": "ed93b88b63d3dba4c5ed78d463a77bdd_122.wav", "text": "into using LNG. And that has also enabled infrastructure to be quite nicely built out at this point in time. So we're -- we work with a variety of different fuel", "duration": 12.99}, {"path": "c3567809c19ce6a800677544cd84f88b_36.wav", "text": "Many people, especially millennials, are light category consumers. They enjoy discovery and seek out new experiences. And maybe for some, Johnnie Walker feels like a big brand.", "duration": 12.99}, {"path": "17f54a9938f35a4bde713fb3eb33a80e_31.wav", "text": "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?", "duration": 12.99}, {"path": "bbb4adabb4fce8ad4d11962c46f59a1f_10.wav", "text": "to date, which have led to the previously announced research agreement and a variety of other potential collaboration and research discussions with several of the top global biopharmaceutical and biotech companies.", "duration": 12.99}, {"path": "53889f50eda8b316a01a3df89d226e7f_10.wav", "text": "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.", "duration": 12.99}, {"path": "b43c001c5af465d220ab0b69a95202ae_34.wav", "text": "But our effort is to make sure, first of all, that we're integrating the hospitals that we've bought recently into the company well. And I think, in our results that you see", "duration": 12.99}, {"path": "915bdcf0edfec49b928ca4010cbb40ca_68.wav", "text": "It's important to remember unless you knew exactly the monthly flow of sales, you can't calculate DSO. And I think externally people just take the whole quarter without understanding the flow,", "duration": 12.99}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_22.wav", "text": "driven by the lower trade stock levels associated with DSD. As we've said, this is also the market where we had the majority of our lost consumption due to the July 4 holiday timing.", "duration": 12.99}, {"path": "948f025c16fce2bcb2909e610c9be557_14.wav", "text": "we believe that there will be a pick up in that. And so we're optimistic that we're doing the right things. And when it comes back,", "duration": 12.99}, {"path": "785be95695b063f97a17e4dea4a0529a_39.wav", "text": "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.", "duration": 12.99}, {"path": "e00fd35e201a8607d264b803a5130c59_256.wav", "text": "from where they were at the half year last year, really as a result of the ERFs 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.", "duration": 12.99}, {"path": "1fd097fa0bd05da0e7af03521e23bc68_46.wav", "text": "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?", "duration": 12.99}, {"path": "e97d1655ebabb8403ac0449eadb48f9b_47.wav", "text": "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.", "duration": 12.99}, {"path": "b3d7bc295d09d9927e465213612c0192_244.wav", "text": "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 high-value offerings within our present served markets.", "duration": 12.99}, {"path": "bc4b465c8862422ce02ffe9b79e6e1c7_121.wav", "text": "We're also in the process of really investing in the future, and Aram mentioned some of that, where we're going to look at things that we need to do today to be able to get to 2025. He mentioned some of those", "duration": 12.99}, {"path": "c40b5d1a13169c5acf69590932a56f98_8.wav", "text": "outcomes before moving to a full-scale launch. From a product supply standpoint, we're working with our manufacturing partner to ramp up production in order to meet the strong demand that we're seeing", "duration": 12.99}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_196.wav", "text": "We have no further updates 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.", "duration": 12.99}, {"path": "82f5253b62614161333b038f5f9700f8_77.wav", "text": "We'll begin our call today by commenting on forward-looking statements. Certain statements made during this presentation as well as other information provided from time to time by Generac or its employees may contain forward-looking statements", "duration": 12.99}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_168.wav", "text": "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.", "duration": 12.99}, {"path": "92bf6fe090b6bc565cb500b688fd9173_175.wav", "text": "Such statements are based on assumptions of future events that may not prove to be accurate, and as such, they involve risk and uncertainty. It's therefore possible that actual results may materially differ from any forward-looking statements that we might make today.", "duration": 12.99}, {"path": "49e533a8449f6b9b6c806458e73338e1_199.wav", "text": "We expect to welcome additional partnerships throughout 2019. I'd like to end my remarks by recognizing the extraordinary generosity of our customers.", "duration": 12.99}, {"path": "8c1b4f4af2af2847a240041390e31399_128.wav", "text": "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.", "duration": 12.99}, {"path": "a009c5f14d4d0bb5ca875164cffbd6ab_183.wav", "text": "That being said, we've never come out and said exactly what we believe the ending cash balances that we're seeking, but we're very clear that we're using our new capital allocation strategy to make sure that we continue to work that balance down in a really thoughtful way.", "duration": 12.99}, {"path": "b4fc31ae6403a17b15c30d3ec3b82487_112.wav", "text": "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,", "duration": 12.99}, {"path": "0dec9a606303da3039d11eec4ec9bd86_165.wav", "text": "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 there's certainly an opportunity there, but we're not going to rush it and kind of blitz the base.", "duration": 12.99}, {"path": "e33785a294553de2a12d4463bf786744_30.wav", "text": "Reported pricing was flat but was positive, excluding a negative customer mix as we began recovering the higher power costs from the first half of the year in our merchant business.", "duration": 12.99}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_57.wav", "text": "The increase was largely focused on a few specific objectives. For example, we integrated our ideel operations, moving ideel distribution into our Kentucky facility and integrating ideel into the Groupon site.", "duration": 12.99}, {"path": "01b376669d5ea40acc7fb5a87503586e_103.wav", "text": "In addition, the prior year quarter's 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.", "duration": 12.99}, {"path": "799c15a4a6e9e3c86374761fec31c00a_11.wav", "text": "We are excited about the growth potential for this innovative new area and expect to begin sales early in next fiscal year. Now I'll turn to upholstery fabrics.", "duration": 12.99}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_103.wav", "text": "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 we've thought about the vendor consolidation. So", "duration": 12.99}, {"path": "11f02fb2db5d9fb5ff82f0374376f759_108.wav", "text": "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,", "duration": 12.99}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_217.wav", "text": "notably related to anticipated improved K-Cup economics and upcoming innovation that will support sustained growth for our Coffee and snacking segments.", "duration": 12.99}, {"path": "89499eed4dff3bd184e91cd496111f22_175.wav", "text": "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.", "duration": 12.99}, {"path": "52ea66e70853eaa0c1183ddfa31b760a_48.wav", "text": "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 company's supply chain improvement initiatives.", "duration": 12.99}, {"path": "3412b2f7aef0615537779e312cf984c3_5.wav", "text": "Jeff will have more of an explanation on the restructuring costs and the reversal of the tax valuation allowance, but both of these reflect our efforts to have the most efficient global manufacturing and operational organizations going forward.", "duration": 12.99}, {"path": "902872913863de98d38e2936b846cf66_166.wav", "text": "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 we're going to ship.", "duration": 12.99}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_122.wav", "text": "Forward-looking 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 forward-looking statements.", "duration": 12.99}, {"path": "f268a8174f58c93ad6b45b7f151fe896_257.wav", "text": "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 wouldn't show up on the radar.", "duration": 12.99}, {"path": "6c929ddddb79b887458ae21f1a3aa09d_89.wav", "text": "We're excited about the progress that we've 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.", "duration": 12.99}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_207.wav", "text": "relative to the trends from the second quarter. Our cost forecast for the year is higher than we last reported. I'm not real happy about that. We're certainly not satisfied with that.", "duration": 12.99}, {"path": "77423f08f0208d476dea73c639f6293a_269.wav", "text": "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 the markets that we're so heavily in, in the Midwest and the Great Lakes area, for instance,", "duration": 12.99}, {"path": "24c7526f6daca8e16ab91bea6124148a_218.wav", "text": "in coming years, it's going to be time to up the dividend? Or would you prefer to allocate capital towards growth potentially including acquisitions?", "duration": 12.99}, {"path": "24c7526f6daca8e16ab91bea6124148a_182.wav", "text": "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?", "duration": 12.99}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_205.wav", "text": "adjust their formats, 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,", "duration": 12.99}, {"path": "7bac04f03928ee8894ab00007116400b_98.wav", "text": "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.", "duration": 12.99}, {"path": "85edb0a846d9e1cfa542b893eed4a0f3_6.wav", "text": "and we expect to conclude agreements with others during the balance of 2017. Our current program time lines with these customers would result in initial revenue during Q4 of this year.", "duration": 12.99}, {"path": "7a80c3e91e5a2693cdaef5f716808317_114.wav", "text": "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.", "duration": 12.99}, {"path": "b1a98885c1d81414cdc122e807760faf_52.wav", "text": "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.", "duration": 12.99}, {"path": "1dc9a88d7f1aa3877f317b59e2724c8e_78.wav", "text": "the fold as it relates to our pipeline. We're continuing to explore opportunities across all 3 of our primary market sectors. And so again, we're going to continue to evaluate those and stay disciplined to our approach. But", "duration": 12.99}, {"path": "19e7822c0e829faf25355c16b830cf39_177.wav", "text": "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.", "duration": 12.99}, {"path": "77f146e76d89a5be785a39ab23dfa763_73.wav", "text": "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.", "duration": 12.99}, {"path": "a1329d5014382fed182ec42276821868_155.wav", "text": "this afternoon. We're always happy when we can all be in the same place and have an opportunity to talk to the market. And we're even happier when we can put out some of the results that we've done over the last 24 hours. So", "duration": 12.9899375}, {"path": "f5875d033110e66b5aafc3c0003babdf_20.wav", "text": "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 you're thinking about acquisitions or potentially where some of those targets might be and what you're seeing in terms of seller expectations.", "duration": 12.96}, {"path": "139f0a6300f504b3e8673e39b0429161_164.wav", "text": "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,", "duration": 12.96}, {"path": "b7050f62f52a3d2803beea21404f7af6_139.wav", "text": "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 that we are incubating.", "duration": 12.96}, {"path": "54cde38ae040b5e2c4e1f3c85691f907_85.wav", "text": "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.", "duration": 12.96}, {"path": "d28b2b09c127b5be033738aa3cd380b3_45.wav", "text": "So I think you'll 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", "duration": 12.96}, {"path": "a45d8b57fe6b8199bca7aec4d022bbb3_29.wav", "text": "improving our way of optimizing the existing assets, before we get into new investments and enhancing the bottlenecks at existing compared to the needs of the markets.", "duration": 12.96}, {"path": "abd0f750609f1263b566f0c09b981a16_24.wav", "text": "It's pretty simple, Bryan. We commented during our investor day back in October that we had been looking at a variety of strategic alternatives for our select portfolio.", "duration": 12.96}, {"path": "264e575b73bc2a485bee416c1ac10cee_24.wav", "text": "that -- at a high level that's what we're thinking. That being said, because of the market, and how challenging it is, I wouldn't expect a lot of investment into the rental fleet until we see a more constructive", "duration": 12.96}, {"path": "c68c15299b67173c7ae163cc5938f3c1_13.wav", "text": "relative to other kiosks in similar malls or in the same mall. And we were just at a disadvantage, and I'll talk -- because that lack of new product activity", "duration": 12.96}, {"path": "2a59b9df2de5248e64727f10185a8423_95.wav", "text": "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.", "duration": 12.96}, {"path": "2d7efae3f89647d6468deed3b73bf98a_54.wav", "text": "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 long-term, but most of that", "duration": 12.96}, {"path": "67716cee321d117b0318930dd142f06a_86.wav", "text": "Looking ahead to 2017, we expect to continue executing on our balanced capital allocation strategy that includes growth through both acquisitions and organic investments", "duration": 12.96}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_126.wav", "text": "All 4 operating divisions are on track for their growth targets against the GAP program, so we feel confident not only about the activity but also about the projected return rates.", "duration": 12.96}, {"path": "14f3d2486b21e639a953afb7ad03d90c_89.wav", "text": "We have a lot more cross-border 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.", "duration": 12.96}, {"path": "8b71a232d7fe61e6232807b635977c31_111.wav", "text": "and it's breadth. In other words, every single slice included or just some of the slices included. One of the things that we've discussed with some of the players in the industry is even the prospect of a rolling metric. In other words,", "duration": 12.96}, {"path": "8b71a232d7fe61e6232807b635977c31_119.wav", "text": "and I was just incredibly impressed. And they're 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.", "duration": 12.96}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_123.wav", "text": "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.", "duration": 12.96}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_3.wav", "text": "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.", "duration": 12.96}, {"path": "b34f680a9162805e0188170d6272a356_120.wav", "text": "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", "duration": 12.96}, {"path": "1b91eb82f5211000e711424657cc2484_184.wav", "text": "In addition, we've developed a significant private fund business where we market our U.S. direct lending products directly to institutional investors, a distribution channel that wasn't meaningful to us 5 years ago. If", "duration": 12.96}, {"path": "82218f543c9a546c4baa5323f250b39f_12.wav", "text": "Now this will give clients greater capital investment flexibility as well as the ability to leverage each of our organization's respective strengths in cloud solutions.", "duration": 12.96}, {"path": "1f686a09cf3566a34f04f39fde02460e_144.wav", "text": "If you're doing that in terms of being more price competitive, does that inevitably mean that there's going to be upside pressure to your combined ratio simply because you'll still be reserving conservatively with regards to Ogden? Or is there a compensating factor?", "duration": 12.96}, {"path": "1133b8984db446b9c963a09eaf0785a4_152.wav", "text": "just over half of which will come from the Peninsula acquisition and the balance expected to come from the recently announced Clear Lam acquisition, which we expect to close shortly.", "duration": 12.96}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_104.wav", "text": "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.", "duration": 12.96}, {"path": "403903eb119bfc1cec44d86ec907077a_42.wav", "text": "So that 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.", "duration": 12.96}, {"path": "b7943f4a2b95d2bc2ce102e3af9b5d22_82.wav", "text": "described so correctly, the overall ambition is to keep the margin positively stable. And that's what we think we will be reaching also for this year, as I pointed out before. We now expect", "duration": 12.96}, {"path": "99dcd9ce8ec3aa7509b9395d3da2ff0c_120.wav", "text": "we still have to defend, because obviously some of our competitors are also looking for more attractive accounts. So the market is competitive, it's there but there are some specific accounts", "duration": 12.96}, {"path": "bb9c0d60d15efa53cedac31e079e9ae6_64.wav", "text": "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.", "duration": 12.96}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_104.wav", "text": "On the 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", "duration": 12.96}, {"path": "2905366dcf0eb60a22b63a1b3d9adf95_120.wav", "text": "Relative to where your contracted that's slightly below, I think if I'm doing my math right, can you talk me through the dynamics there, is there something specific to 4Q where your", "duration": 12.96}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_96.wav", "text": "we were not expecting a different time of onset. But it does appear that in the trial so far our nadir is achieved by 6 weeks,", "duration": 12.96}, {"path": "ebecd7e874a9b3998b70ec3200f71e89_132.wav", "text": "Do you think Advanced's decision to join the bidding for the 1800 would imply that their financial -- would imply Advanced's financial strength and nullify the probability of NCPO approving the matter?", "duration": 12.96}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_48.wav", "text": "interesting exercise as we try to do this. And if you look through the announcement we've made recently, there are some places where it's been, depending upon the stage of development,", "duration": 12.96}, {"path": "fcabfedf41ab18064a96d393869e4d4e_93.wav", "text": "I think one thing we're 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.", "duration": 12.96}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_40.wav", "text": "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", "duration": 12.96}, {"path": "e5040d02fba73a359d3f7cb346517ce1_103.wav", "text": "paid 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,", "duration": 12.96}, {"path": "d8eb5522db0e51d75ea6518462954c52_289.wav", "text": "And the kind of, I don't know how to name it, but the nice move of the government in France, which says, okay, I want to have more connectivity, and I'm ready", "duration": 12.96}, {"path": "567a41009710fa1568bb8125213bf9eb_12.wav", "text": "on the credit risk transfer investment benefited from market-driven value changes due to credit spread tightening, in addition to ongoing income related to the investment.", "duration": 12.96}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_19.wav", "text": "With nearly 2 patrol cars for every 3 officers and the increasingly positive feedback from our trials, we see the Axon Fleet in-car camera as a tremendous opportunity to extend our capabilities.", "duration": 12.96}, {"path": "191c819db03c2dfd0207cd1f42e278a4_84.wav", "text": "Factors driving these volume fluctuations include client work shifting offshore or nearshore, marketing campaign and service strategy choices, product design and demand changes,", "duration": 12.96}, {"path": "505ccbd6e857cad05a179a5ed5419d1b_27.wav", "text": "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.", "duration": 12.96}, {"path": "bb2ca5b87982b2388d82cd64a73f08cf_62.wav", "text": "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 they're eliminated.", "duration": 12.96}, {"path": "53889f50eda8b316a01a3df89d226e7f_22.wav", "text": "In terms of the upsize of the term loan, that's not necessarily something we would be considering at this stage. I think, we're looking primarily to the reinsurance to help us there.", "duration": 12.96}, {"path": "b43c001c5af465d220ab0b69a95202ae_123.wav", "text": "our commitment to leadership and 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.", "duration": 12.96}, {"path": "b126e11520fd54843c67f70f15cd30cc_122.wav", "text": "Many friends will ask how we can manage this very huge ecosystem. I think, in terms of management, one important point", "duration": 12.96}, {"path": "75eb5b75bb8587b63c318714ea956b9e_105.wav", "text": "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.", "duration": 12.96}, {"path": "52a4e3ebf7e968a783401230c3f69a9d_124.wav", "text": "that we have productized to help businesses improve digital engagement with their customers and enhance customer experience to create greater satisfaction and brand loyalty.", "duration": 12.96}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_55.wav", "text": "that has great growth opportunities moving forward, and you may see us doing more in an inquisitive way relative to that space. So we're real high on what we've done and what we positioned and what we're targeting.", "duration": 12.96}, {"path": "f1da65edd5f2026ffd647d496bb96ce7_49.wav", "text": "We have a strong viewpoint that a technology-enabled services offering delivers superior outcomes than a software alone or relative to the combination of fragmented solutions in use at hospitals today.", "duration": 12.96}, {"path": "9b1931e93dfb0391fb948924a93be5ff_110.wav", "text": "you can't really tell so much about what's 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", "duration": 12.96}, {"path": "21f21433851eb7c7f7dbc710309341bb_32.wav", "text": "that for the most part has turned out to be pretty much where we had expected and wanted it to turn out. So, it's not a material consideration to us at the moment.", "duration": 12.96}, {"path": "7551ffae17aa39dd4ea962a43f96bf04_58.wav", "text": "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 ever-increasing gross profit to cover the OpEx and other costs of running our business.", "duration": 12.96}, {"path": "a009c5f14d4d0bb5ca875164cffbd6ab_185.wav", "text": "the Q4 has not played like the earlier quarters of the year and so we're trying to take some of that knowledge we've gained into account as we think about where we believe the fourth quarter's going to go. In terms of the revenue profile,", "duration": 12.96}, {"path": "54c8e2e08c60dfe9b4bafc3938ccf332_5.wav", "text": "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.", "duration": 12.96}, {"path": "f74a9d06236a0e937a6e98bfacc85eb7_104.wav", "text": "I was hoping to get a little bit more detail in terms of why you have confidence that, that business will increase. Obviously, it's kind of been a little bit of a wildcard over the last several quarters,", "duration": 12.96}, {"path": "3b2908426357bb8269c3a01469865cd6_129.wav", "text": "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", "duration": 12.96}, {"path": "a0d537badd260e2071136602e3b73b26_21.wav", "text": "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 unforeseen impediments. In connection with such a conversion,", "duration": 12.96}, {"path": "18e82b076319ac52f8a4b391ea345abd_159.wav", "text": "a very narrow line of torque and tension 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.", "duration": 12.96}, {"path": "83e0201c04003b4432d80eaea4a62259_92.wav", "text": "pad pitch where they're having to upgrade and you're 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?", "duration": 12.96}, {"path": "64364105b816dd0b6a029e9cd210e65b_27.wav", "text": "during 2016. Excessive trailer age remains a challenge for fleets and provides further support to forecast and expectations for strong new trailer demand", "duration": 12.96}, {"path": "b0d88c0f1efca89ecb928172341dc75d_287.wav", "text": "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.", "duration": 12.96}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_285.wav", "text": "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.", "duration": 12.96}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_252.wav", "text": "into transaction and outcome-based models. So it does tend to work very well. I think what you're seeing in terms of the growth in FTE for WNS, similar to the growth that we've seen in our customer interaction services", "duration": 12.96}, {"path": "b08d602a938cc263402d9d2db56f2490_73.wav", "text": "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.", "duration": 12.96}, {"path": "f17bd619f65ff0b31c5103503bd56fdb_89.wav", "text": "but it's strange that you're using Texas rates as of January 12, yet you're still experiencing all this lag? I'm just a little confused by that.", "duration": 12.96}, {"path": "2cd5b184c2ef6624ce219830182927c9_232.wav", "text": "We believe we're 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.", "duration": 12.96}, {"path": "eea41cba1f90b280bbd96fdaa9d0f4bf_100.wav", "text": "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.", "duration": 12.96}, {"path": "e97326d6a8951550e363f2be6ec489ba_262.wav", "text": "In the same presentation, what we said was that we split them to the different years to set the goals and to communicate the market the degree of achievement of this efficiency plan.", "duration": 12.96}, {"path": "4fd138e27f5f375945332eacefa15b62_257.wav", "text": "And that's part of the total picture of why it's very critical for us to win those domains, because we know that many others are a given.", "duration": 12.96}, {"path": "bf99037f89cd485f95f097842619a0c7_263.wav", "text": "and I wish you a very nice day. Thank you.", "duration": 12.96}, {"path": "0db5ec7ab57d41c0bea4a8ee98a083eb_106.wav", "text": "What we've uncovered during the first 6 to 9 months of our launch was that our sales team was adding a lot of customers, we've actually added thousands of customers to our call universe", "duration": 12.96}, {"path": "b35398859e534e471fb1cd60f5baac20_60.wav", "text": "from his beginning. We're 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,", "duration": 12.96}, {"path": "726bad4d5d1a6b2f62034eb8dc843450_96.wav", "text": "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.", "duration": 12.96}, {"path": "97ddc19ecb28bab2d19fd3b181182062_268.wav", "text": "quick turnaround, high value-added processing, they really put the pedal to the metal because they realize that their sales dollars were going to go down, not necessarily their tons,", "duration": 12.96}, {"path": "1bba27cac9495fe57f623973383d6948_35.wav", "text": "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", "duration": 12.9300625}, {"path": "d162113e3aface010baec17bd408736b_126.wav", "text": "from an order booking point of view? Do you think that will be maintained? Or are we in such a volatile period that you can't really say that about what's going to happen in Q1? Well,", "duration": 12.93}, {"path": "214dcdc435ef3259490466447858fa56_48.wav", "text": "About half of that investment is going to drive insurance broking policies, which has already begun and the other half will go to drive new travel volume across the year.", "duration": 12.93}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_155.wav", "text": "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.", "duration": 12.93}, {"path": "f3f1b7c8f174b4be50981a0f85d6a30b_85.wav", "text": "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.", "duration": 12.93}, {"path": "dd3166f311a5f12a25103a0295e8ac3e_139.wav", "text": "We expect improvements in our cash conversion cycle, combined with our capital-light 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.", "duration": 12.93}, {"path": "570faeed3dcfa26c6246dc42309025ad_159.wav", "text": "The general perception is that cigarette sales are in decline, but I was wondering if the general tobacco category is in decline given the popularity of electronic cigarettes and derivative products.", "duration": 12.93}, {"path": "c4dc8f962a85aa47af50f82845f550e2_8.wav", "text": "we now have the ability to build these parts, and we will do so if it is necessary. With that as a backdrop, you've now seen the impact on our business that a downturn can have.", "duration": 12.93}, {"path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_17.wav", "text": "it's something that we're 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", "duration": 12.93}, {"path": "e26b501c6e000fdaa11edde97cc71436_42.wav", "text": "so that it can conserve cash. And we've -- as you will see with some announcements here this year, as I mentioned earlier, some big -- some large retailers,", "duration": 12.93}, {"path": "bc6881d8e985e0b9dc1683b8bbdb066a_115.wav", "text": "These benefits are expected to be partially offset by higher depreciation expense, the unfavorable impact from the contractual pass-through of indexed deflation and the unfavorable impact from further reductions in inventories.", "duration": 12.93}, {"path": "1b1699497be56330b3ed833f22bc63f6_61.wav", "text": "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.", "duration": 12.93}, {"path": "23eff4c724ee00f56319fcc47add3441_10.wav", "text": "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.", "duration": 12.93}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_91.wav", "text": "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,", "duration": 12.93}, {"path": "e743ddc0caabaebf5e9a6568eaef8334_120.wav", "text": "there. I know you were -- I think last quarter you were talking about sort of moving certain processes for standard products in-house. Does the margin guidance consider that action? And what other actions are you taking to boost margins this year?", "duration": 12.93}, {"path": "fc066133a3e40a7d270f2dff3e44fd58_39.wav", "text": "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.", "duration": 12.93}, {"path": "9da45cfd4472699ef05d887adce01223_66.wav", "text": "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.", "duration": 12.93}, {"path": "6864081f83959f4b49e25e597f28af66_48.wav", "text": "Now why not go faster? Obviously, we have leases of these facilities in both businesses, we're going to go break leases early just to bring these together, but we'll bring those together over time because we see a lot of benefits.", "duration": 12.93}, {"path": "9c1272d9d120c5bfafd6e6b566f89b62_30.wav", "text": "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", "duration": 12.93}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_56.wav", "text": "We also know that the value proposition for 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.", "duration": 12.93}, {"path": "e60f6485243932b9280d864cb17a6ba8_39.wav", "text": "So we are waiting with interest what is going to happen in September, because it's in September that the government will discuss with municipalities and the", "duration": 12.93}, {"path": "bab12f620df0f367e74acdcc467686f1_6.wav", "text": "In Canada, Prime Minister Trudeau's commitment to increase infrastructure investment is contributing to new momentum, as evidenced by the recently passed budget that included strong support for transportation investment.", "duration": 12.93}, {"path": "16e51362df94379ea33a24334015f385_124.wav", "text": "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", "duration": 12.93}, {"path": "98f10f0935e5b778e888a1b8130a3d31_148.wav", "text": "I would have expected France to be growing a little bit quicker than that. I appreciate it's a competitive market, but it's the 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?", "duration": 12.93}, {"path": "73f474b631c43567329cad1bb76ff4fe_44.wav", "text": "and intensity of medical care 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.", "duration": 12.93}, {"path": "9952903822d3aabb9a8a8fdd41f23bc2_49.wav", "text": "we're going to do that. And that -- and I'll put that -- anything we own in that category. We're activists here. We're going to do something if it looks to us like we can make our business better by selling a piece of it, we're going to do that.", "duration": 12.93}, {"path": "ed93b88b63d3dba4c5ed78d463a77bdd_11.wav", "text": "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.", "duration": 12.93}, {"path": "ed93b88b63d3dba4c5ed78d463a77bdd_34.wav", "text": "I assume that you're talking more around the LNG. I would tell you that -- and Andrea has got some great statistics on where we are built out relative to CNG and LNG in the European markets. But", "duration": 12.93}, {"path": "62246783cdfc5083ebb32cff71ccd38b_98.wav", "text": "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.", "duration": 12.93}, {"path": "959dcc8fe47eb1aa44183740e1a46ad5_1.wav", "text": "Forward-looking 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 forward-looking statements.", "duration": 12.93}, {"path": "b1da16cba24af8e472573c4c9caf17c7_131.wav", "text": "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.", "duration": 12.93}, {"path": "28404e399cb043d390aa70bceb339dd4_49.wav", "text": "We also continue to make strong inroads into the customer bases of our various acquisitions. Noninterest expense actually came in below the second quarter level versus the increase we anticipated.", "duration": 12.93}, {"path": "9e8690a521142359001a137074905535_169.wav", "text": "and some additional impact because we've 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.", "duration": 12.93}, {"path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_3.wav", "text": "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.", "duration": 12.93}, {"path": "262bc21196721c5ff9114acbd2ff03c3_55.wav", "text": "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", "duration": 12.93}, {"path": "cac9bb252b7974b7044423e714c2f054_111.wav", "text": "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.", "duration": 12.93}, {"path": "82f5253b62614161333b038f5f9700f8_199.wav", "text": "where we think -- we know there's some good opportunity there, we just -- we're not going to put a number on it quite yet today. But we'll -- as that develops and becomes, I think, something we have a better line of sight to, we'll be more comfortable talking to that in the quarters ahead.", "duration": 12.93}, {"path": "433a6e203f9db93835c27ff83e86c801_146.wav", "text": "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.", "duration": 12.93}, {"path": "c47a92e006b54d014a79b447528c55a7_55.wav", "text": "But if I get a new win today, a new listing today, I don't ship it for 6 months in that business. So that's really where we see kind of the June and September quarter being much stronger in that particular unit.", "duration": 12.93}, {"path": "e33785a294553de2a12d4463bf786744_234.wav", "text": "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 second question is on", "duration": 12.93}, {"path": "919fd6c04cca92ecdf503e32f884435d_14.wav", "text": "Sure, Ali. It's really the result of conversations our account managers have had with our large commercial and industrial accounts, so we know we're going to be seeing more load come on in the second half of the year.", "duration": 12.93}, {"path": "b126c31149f1cadf1d891082a187d6fc_196.wav", "text": "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.", "duration": 12.93}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_105.wav", "text": "what necessarily happened there, and what your outlook is going forward. Again, I know you addressed some of this. I'm 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.", "duration": 12.93}, {"path": "66b25c60d952bd002c7ab20da9248086_106.wav", "text": "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?", "duration": 12.93}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_268.wav", "text": "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.", "duration": 12.93}, {"path": "fb03ff65af8e5f80abd090abeaf767cf_35.wav", "text": "In addition, NAPCO continue to gain traction on the heels of the successful launch of our comprehensive line of StarLink commercial fire and intrusion alarm communicators,", "duration": 12.93}, {"path": "407fee9910ab57874978cf85a89b1d9d_79.wav", "text": "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.", "duration": 12.93}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_13.wav", "text": "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.", "duration": 12.93}, {"path": "ee17f090e669ff9029bd1dc57db6e43e_150.wav", "text": "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.", "duration": 12.93}, {"path": "9fb4423a70358ef22be9982299969f7a_116.wav", "text": "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 we've been spending most of our time on.", "duration": 12.93}, {"path": "8611e088fa81dc9b999c382b62641dfc_20.wav", "text": "part of the change as you said, what changes you're making. We're 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", "duration": 12.93}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_153.wav", "text": "These were -- results were primarily driven by improved pricing, operational improvements in sub-performing accounts and an improvement in insurance and claims expense as a percentage of our revenue excluding fuel.", "duration": 12.93}, {"path": "f17bd619f65ff0b31c5103503bd56fdb_5.wav", "text": "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.", "duration": 12.93}, {"path": "323193895e800e72960d98dd5fb64cf5_1.wav", "text": "unless you want to feel the same way as I do, and I don't recommend that. But anyhow, I wanted to talk a little bit about the business environment before stepping into more specifically about our performance.", "duration": 12.93}, {"path": "6299a010c7bb84feaf14b263750dbd1a_184.wav", "text": "The table shows that we've 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 relationships.", "duration": 12.93}, {"path": "ddabb30d106a115232a49981d62da464_13.wav", "text": "This will enable us to accelerate our growth ambitions and to tap into the deep networks of experienced global leaders in alternative asset investment management.", "duration": 12.93}, {"path": "b478d2808e90233ed994884e644a3d34_82.wav", "text": "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", "duration": 12.93}, {"path": "0b2059114216fe9195b6a4256ed84843_100.wav", "text": "related to the bond issuance and bad debt write-off. 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.", "duration": 12.93}, {"path": "bf99037f89cd485f95f097842619a0c7_242.wav", "text": "that takes also a few months. And then once the account is open, that's 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 a lengthy process from the moment that the person resign until", "duration": 12.93}, {"path": "1096d26129c469524041c969a684f8ae_178.wav", "text": "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,", "duration": 12.93}, {"path": "30a142fac5a62ab00227cb6a339a6226_12.wav", "text": "We entered 2018 energized by the opportunities in front of us and excited to deliver against our plan for user growth, augmented reality and content. I'll now hand over the call to Imran for a discussion of our business results.", "duration": 12.93}, {"path": "a98061f951c1b2c7a915e296098bc4de_5.wav", "text": "As we have discussed with them, now that we are a fully operating company, now that we have been audited, we've moved the number of employees from the original booking center of 35 employees to roughly 1,300 today.", "duration": 12.93}, {"path": "1bb9219ad31877175e18e8e48ff2f63c_87.wav", "text": "including as a result of retirement. While we have been successfully replacing the headcount, it will take some time for our new producers to reach the level of productivity contributed by our more seasoned producers.", "duration": 12.93}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_242.wav", "text": "represent good businesses for our customers in terms of schedule and reliability and good businesses for us in terms of profit margin", "duration": 12.93}, {"path": "3d4b9cfcb489a54bda65e749b7b79b15_34.wav", "text": "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.", "duration": 12.9299375}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_3.wav", "text": "While the recent announcements involving ZTE and Huawei present new uncertainties, we currently expect limited effect on short-term business in China. I'll explain that in further detail later in the call.", "duration": 12.9000625}, {"path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_148.wav", "text": "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.", "duration": 12.9}, {"path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_137.wav", "text": "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,", "duration": 12.9}, {"path": "47d77b15189fadcc76113a2f7800ba28_59.wav", "text": "And so I would encourage you to think about that number holistically and that's why we look at it as kind of a all-encompassing number on revenue coverage versus just looking at it from a subscription", "duration": 12.9}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_91.wav", "text": "Should we interpret that as a new commitment to tesa? And because, previously, it was described as noncore and as a potential financial asset. So please, can you let us know your", "duration": 12.9}, {"path": "e824f4380f8203a1e3ed60e7da1e39e5_103.wav", "text": "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.", "duration": 12.9}, {"path": "56e05107e391476d11fe1f637733f028_68.wav", "text": "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", "duration": 12.9}, {"path": "de3b766a868da918e499f407dbf5d716_55.wav", "text": "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.", "duration": 12.9}, {"path": "1b91eb82f5211000e711424657cc2484_136.wav", "text": "And so I hope, through good execution, the market will come to appreciate that regardless of the underlying corporate tax rate, that this is value-enhancing and the right way to position this company for the long term.", "duration": 12.9}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_195.wav", "text": "When you are fighting a battle, when your soldiers come to you, say, they are out of ammunition, you won't check before you give them more ammunition.", "duration": 12.9}, {"path": "39e5706898dcaf14a280b3a123877cd6_48.wav", "text": "will be organized. As you can guess, we are working on different assumptions. So at this point, we don't want to make any statements on these figures. Caution", "duration": 12.9}, {"path": "f5ebbbfd39f9227dd73a6d31db4f6201_165.wav", "text": "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 into customer intentions prior to them even speaking to the customer.", "duration": 12.9}, {"path": "a212b77ae2b2452093665a4e179ed3a3_151.wav", "text": "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.", "duration": 12.9}, {"path": "5308c910fb34c8291b372e7a94521e9b_90.wav", "text": "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?", "duration": 12.9}, {"path": "1133b8984db446b9c963a09eaf0785a4_257.wav", "text": "But specifically is that what we have to do is to match demand to our production capability. So that's what we're looking at right now, specifically in tube and cores to make sure that", "duration": 12.9}, {"path": "ee640f0dcb9928c0bdd795eddbeac7c0_151.wav", "text": "Thanks, Jimmie. 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.", "duration": 12.9}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_42.wav", "text": "No, it's not a liquidity problem in any way, shape or form. We have -- we're very liquid security, and the market has a significant appetite for the security. So it's really more the cost of that equity capital to us and", "duration": 12.9}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_89.wav", "text": "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", "duration": 12.9}, {"path": "b022fc1979ef416dd25317a4c062328e_177.wav", "text": "We have not disclosed how large the book is, but I had said when we had 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.", "duration": 12.9}, {"path": "a8034762296368c60571fcde382c3274_12.wav", "text": "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.", "duration": 12.9}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_34.wav", "text": "But the primary focus of Funding Stream is a product for small businesses. They will be focused primarily on our existing customer base where we've already adjudicated them. We already understand what the credit risk is.", "duration": 12.9}, {"path": "38b2f94da12bbf2d32246763aab8265a_154.wav", "text": "that telematics or better claims adjustment or handling, creating a better picture of our customers giving certain services, additional services,", "duration": 12.9}, {"path": "1ddc944827b99caf8c7867ceeed0ec20_97.wav", "text": "We've looked at every microdisplay company, and no company can make that technology, the brightness we had and the enormous contrast we have even at the very bright", "duration": 12.9}, {"path": "ade68f8add7249890d086ecf4b5b8cab_65.wav", "text": "These high standards that we set for our benchmark communities' homebuilding operations are driving our transformation to a leading regional homebuilders, focused on margin enhancement, scalability and strong returns.", "duration": 12.9}, {"path": "5664a96b7f1182d037b901d84eeb4fd6_69.wav", "text": "I joined ZPG just over a year ago. And some of you might remember how nervous I used to make Rachael by counting and sharing the number of days in that I was and I think she is really pleased that I've stopped sharing that with you.", "duration": 12.9}, {"path": "08ed60a546bd48af9db028c4e3c8af26_41.wav", "text": "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 Beach's results.", "duration": 12.9}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_128.wav", "text": "And we feel good about that because we're getting scale, and we're getting economies out of it. And while the investment is all up front, we feel like we'll accelerate this growth and accelerate the volume of the company pretty quickly.", "duration": 12.9}, {"path": "23417803b1a8115806b8e604b8b2bb83_40.wav", "text": "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.", "duration": 12.9}, {"path": "cc5ce88cbccddf8e99408418e7749a7d_59.wav", "text": "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", "duration": 12.9}, {"path": "70c92ab88d38f489d5074f2859e0290e_33.wav", "text": "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.", "duration": 12.9}, {"path": "9c3a67f574514131f1f506b2f9905bed_20.wav", "text": "ceramic versus tantalum. You say you see more tightness in ceramic, and how that's guiding where you're allocating your capacity? And also in the context of where you see your peers allocating the new capacity?", "duration": 12.9}, {"path": "29426a77336443eedde7eaa29e9c2852_155.wav", "text": "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 amortization of the software,", "duration": 12.9}, {"path": "b94d748876ddf8e881d4191dec45baf3_180.wav", "text": "a good portion of it happens to be new work, and it's interestingly spread across all of our businesses. It's not predominantly in any one area or any one segment.", "duration": 12.9}, {"path": "b94d748876ddf8e881d4191dec45baf3_209.wav", "text": "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.", "duration": 12.9}, {"path": "c5c7a9f409241412b160a93cde7ef630_70.wav", "text": "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.", "duration": 12.9}, {"path": "20097e37747ec7bc3734246e83798fb1_137.wav", "text": "It's everything you said. It's a combination of all of that. Remember, we've taken a pivot now. We have a base subscription business. And we've moved over to this AVOD concept. So you're looking at", "duration": 12.9}, {"path": "bd40628b97efec198825ccf910c7e27e_84.wav", "text": "that's it. We have 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", "duration": 12.9}, {"path": "ab4dae37361262d727d1d2f8f78765d5_108.wav", "text": "But once it's in operation, we can run at 50% by campaign and it's quite manageable. So that's the first thing. There are 3 large contracts that will be coming in the next years, but they don't come -- one of them is", "duration": 12.9}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_145.wav", "text": "Well, it depends. I mean it starts with -- and we'll just -- we'll 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,", "duration": 12.9}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_103.wav", "text": "and we're 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.", "duration": 12.9}, {"path": "75eb5b75bb8587b63c318714ea956b9e_17.wav", "text": "What is also important is that our integrated Life Sciences, Clinical Labs model has enabled us to produce assays at a very favorable cost, especially as related to current and projected reimbursement levels.", "duration": 12.9}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_36.wav", "text": "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 it's giving us a good return. So that's the context in which you might have heard us", "duration": 12.9}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_213.wav", "text": "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 I'm most proud of", "duration": 12.9}, {"path": "9b697782ea80be97854f35d6fc62c93a_172.wav", "text": "and -- or how much of it is just spending more behind your existing products to support the price increases or just stay in front of consumers in a weak environment? Just trying to understand at what point do we start to see some lift", "duration": 12.9}, {"path": "40b1895fcd5116b51eb97573544b3afd_19.wav", "text": "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", "duration": 12.9}, {"path": "48f4f350c0636fa0c7acf339cfccb869_172.wav", "text": "I'm not allowed to speak about their programs. And second, I think it would be really a pity to start to disclose the results before like the physicians have the occasion to present the data", "duration": 12.9}, {"path": "1fd097fa0bd05da0e7af03521e23bc68_72.wav", "text": "So clearly it's something we're looking at now, David. But there's just a lot of other variables that we're trying to balance here to maintain our financial strength.", "duration": 12.9}, {"path": "741526dd2a3db996d2f22f4bcdae4be6_66.wav", "text": "We've also renewed our long-time partnership for rugs with Safavieh. We plan on launching this carefully curated mix of home decor categories at market in the spring.", "duration": 12.9}, {"path": "9e07401011239a074ff66741ee557224_104.wav", "text": "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.", "duration": 12.9}, {"path": "82f5253b62614161333b038f5f9700f8_237.wav", "text": "However, as the clear market leader, we believe we had a notable influence on the end-user 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.", "duration": 12.9}, {"path": "369789f0d39dbf62298be2aa807ff8ee_96.wav", "text": "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", "duration": 12.9}, {"path": "dffe8257f781608bb17bb637249e4d2a_154.wav", "text": "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?", "duration": 12.9}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_98.wav", "text": "No. So these re-leasing spreads are just for our space leases. We did coincidently have a ground lease but renewed at a very favorable spread but that was not included in these numbers that I cited. So", "duration": 12.9}, {"path": "49e533a8449f6b9b6c806458e73338e1_210.wav", "text": "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", "duration": 12.9}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_62.wav", "text": "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?", "duration": 12.9}, {"path": "7cc11de7f206c637e6293da0d956405e_218.wav", "text": "additional value. What we like there the most is the relationship that we form with the large corporate and the opportunity to get onto the campus and speak to employees about how we can help them with their financial needs,", "duration": 12.9}, {"path": "7cc11de7f206c637e6293da0d956405e_93.wav", "text": "And so a lot of times, when stock plan participants had vested equity at the old stock plan provider, that's in their brokerage account at that stock plan provider. And those were held on to buy that broker.", "duration": 12.9}, {"path": "01f88a67f39af3a74d5f23b095615d39_152.wav", "text": "Without that increase, earnings would have been significantly up, showing the benefits of those initiatives are coming true in the underlying results on this operation.", "duration": 12.9}, {"path": "1e850c2f72078279ebafea4edcbb3aa4_3.wav", "text": "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.", "duration": 12.9}, {"path": "757695924b5e43c7d44e29dc141cc035_194.wav", "text": "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 and risk in this business.", "duration": 12.9}, {"path": "94f913b974baab79fb636f6521170dd7_5.wav", "text": "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 that's underway at the company.", "duration": 12.9}, {"path": "3877b1983229ec488c6349a188bccf92_120.wav", "text": "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 series", "duration": 12.9}, {"path": "4721d5a2e7061d90a4e4e4768adc2486_165.wav", "text": "We remind you that we'll make certain predictive statements that reflect our current views and estimates about our future performance and financial results. These forward-looking statements are made subject to the safe harbor statement included in today's earnings release.", "duration": 12.9}, {"path": "5633fe3600ee04237bbb918c56341864_97.wav", "text": "which continues to improve and is 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 on higher levels of product sales.", "duration": 12.9}, {"path": "a76bedec950d8af557e451e58416d028_143.wav", "text": "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 and to migrate people", "duration": 12.9}, {"path": "d5fb88dba0740bc906c5127e05592f95_63.wav", "text": "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.", "duration": 12.9}, {"path": "2b1611c25a098f87dd7623d00d53eeea_26.wav", "text": "Okay. So in other words, this is essentially just a more normal price -- or it's a more normal situation versus the benefit that", "duration": 12.9}, {"path": "4311782968e936c378fdee8946cd9cca_109.wav", "text": "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.", "duration": 12.9}, {"path": "b126c31149f1cadf1d891082a187d6fc_69.wav", "text": "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.", "duration": 12.9}, {"path": "ff898f396d49760343d08575ea773b54_55.wav", "text": "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 GM's slides, where", "duration": 12.9}, {"path": "3f6641f7d8f1ab845ad4f637cfb35109_21.wav", "text": "Batteries are generally sized for 2 to 4 hour 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.", "duration": 12.9}, {"path": "64364105b816dd0b6a029e9cd210e65b_161.wav", "text": "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?", "duration": 12.9}, {"path": "ebd59e21db89edb92205e012427cd9db_111.wav", "text": "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.", "duration": 12.9}, {"path": "b0d88c0f1efca89ecb928172341dc75d_82.wav", "text": "one of the first things we did when we closed the deal is we killed a lot of these deep-discount, 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.", "duration": 12.9}, {"path": "2cd5b184c2ef6624ce219830182927c9_239.wav", "text": "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.", "duration": 12.9}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_214.wav", "text": "State Street's 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 written authorization from State Street Corporation.", "duration": 12.9}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_19.wav", "text": "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.", "duration": 12.9}, {"path": "b478d2808e90233ed994884e644a3d34_23.wav", "text": "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 wasn't something that we're going to be able to put in place", "duration": 12.9}, {"path": "6f1b092b312410065d308541be46da95_304.wav", "text": "like fittings and then conductors, and finding a way of replacing the conductors and realizing the towers and the fittings to give that line the same life extension you would've had through an entire replacement", "duration": 12.9}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_177.wav", "text": "Also, we will refer today to differ certain non-GAAP 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", "duration": 12.9}, {"path": "e5eb29123d69fdbc74dbc529dfe6c6cc_7.wav", "text": "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,", "duration": 12.9}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_154.wav", "text": "obviously, exchange coming out as we had productivity initiatives that have allowed us to handle that extraordinarily well. I don't expect that those kind of efforts are going to slow down in any material way,", "duration": 12.9}, {"path": "365c360aff42713cef71a7d026eeeb6d_219.wav", "text": "interactions are dissatisfiers for the client and also increase costs for us. And so I think we've made progress in the last couple of years in reducing what we refer to as our non-value contacts. So that's a source of", "duration": 12.9}, {"path": "1dc9a88d7f1aa3877f317b59e2724c8e_46.wav", "text": "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.", "duration": 12.9}, {"path": "16c235a53fc719ec92ef3b3c3b371150_271.wav", "text": "It's really a delicate situation. It's hard for us because we don't control it. We have been very open about this. We run the economics on newbuild and we just don't see it on the thermal side in the forwards right now.", "duration": 12.9}, {"path": "16c235a53fc719ec92ef3b3c3b371150_28.wav", "text": "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.", "duration": 12.9}, {"path": "1bee232b4d03ce3a6f424bb7891581a2_22.wav", "text": "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 our single largest product in this segment,", "duration": 12.9}, {"path": "bece1ee458b65656b484de51021c5219_103.wav", "text": "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.", "duration": 12.9}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_68.wav", "text": "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.", "duration": 12.9}, {"path": "7ebbb41dcefeb482191f8bc22031b5d9_73.wav", "text": "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 year.", "duration": 12.8999375}, {"path": "66b25c60d952bd002c7ab20da9248086_5.wav", "text": "Our design is focused on not just making things simple, but a more engaging experience. Unlike 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 multiple accounts.", "duration": 12.8700625}, {"path": "139f0a6300f504b3e8673e39b0429161_58.wav", "text": "As referenced in our previous earnings calls, we've 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.", "duration": 12.87}, {"path": "bc605e9d69e921f4f61a508a448ad0dd_66.wav", "text": "Ignite 2 is a huge program of work, and I realize I'm asking a lot of my team to do this on top of their job. But in a funny sort of way, I feel it's energized the business and it's given people a vision and a purpose.", "duration": 12.87}, {"path": "b7050f62f52a3d2803beea21404f7af6_98.wav", "text": "This quarter, some of our increased costs reflected in our investments to build our next generation retail banking platform and become a more product-centric company that is a user experience leader in digital banking.", "duration": 12.87}, {"path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_94.wav", "text": "We have been challenged by balancing our fixed ultra-quality capacity with growth in our existing customer base and the addition of new customers. So we are glad our new ultra capacity in Shelby will come online shortly.", "duration": 12.87}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_20.wav", "text": "Our plans include steps to effectively integrate our acquisitions, to drive facility consolidations, productivity solutions and other initiatives that will drive efficiencies across all our operations.", "duration": 12.87}, {"path": "c96b5ae4ffe20d946daec67e2b0917b2_204.wav", "text": "I know you've still get 2 other JV partners on that. Is there a chance that this ends up as a wholly owned asset? Is that something that's kind of on the radar as low hanging fruit or is money better spent elsewhere right now?", "duration": 12.87}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_23.wav", "text": "and the power brands are doing even better. So our portfolio feels very robust. And for those of you who were with us in Washington last year or followed it, that's really what drives behind our Market Maker strategy, which is to build positions", "duration": 12.87}, {"path": "8bbc2f54137b794265dfb01f1559868d_51.wav", "text": "We have the most experienced and highest quality sales team I've ever had the privilege of working with and we have high confidence in their ability to grow and gain market share going forward.", "duration": 12.87}, {"path": "1b91eb82f5211000e711424657cc2484_106.wav", "text": "In addition, we are seeing significant consolidation opportunities that we believe could be accretive and strategic for our unitholders. It's for these reasons that we're firmly committed to executing on the need for scale", "duration": 12.87}, {"path": "1b91eb82f5211000e711424657cc2484_146.wav", "text": "because the investment business is really rooted in great culture. And I think our culture is one of our greatest assets. And if we're going to make an acquisition, we have to have a lot of conviction that it's a good cultural fit.", "duration": 12.87}, {"path": "145244b0378e6657d456cffca8bbc982_126.wav", "text": "And we feel good about the people operating it. We feel good about where they're 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", "duration": 12.87}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_53.wav", "text": "so they often engage in price wars, which hurt brands very much. Take the noodle story campaign for example.", "duration": 12.87}, {"path": "2fc915b996c687200d995736980aae9a_118.wav", "text": "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,", "duration": 12.87}, {"path": "2a5b0a6532fa2b71915a2930be02621a_103.wav", "text": "We, in developing the pancreatic cancer indication, have had several interactions with expert advisers. And although they are very impressed", "duration": 12.87}, {"path": "cfbe91105113db7a5784f77e411b7a3f_283.wav", "text": "And there, we don't see that they are really getting into the end market of fiber to the home. They end up with the larger operators and try to sell cable, but are not in the overall structures of integrated solutions.", "duration": 12.87}, {"path": "8292bdb9af87f10627c044f3842b2c76_175.wav", "text": "And we made excellent progress on our development portfolio, materially reducing construction, leasing and funding risk going forward.", "duration": 12.87}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_69.wav", "text": "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", "duration": 12.87}, {"path": "cc82e791c065bdc271addf355bac274f_22.wav", "text": "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.", "duration": 12.87}, {"path": "403903eb119bfc1cec44d86ec907077a_114.wav", "text": "as the impact increases, can you give us an update on what you're seeing on a regional basis, and to what extent the subs are cord-nevers or subscribe to linear as well rather than trading down to the larger bundle? And then separately,", "duration": 12.87}, {"path": "bc7dbd6e321b4df22db9270b69b89c11_15.wav", "text": "This was a challenging year in many respects. However, I'm 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.", "duration": 12.87}, {"path": "bb9c0d60d15efa53cedac31e079e9ae6_101.wav", "text": "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", "duration": 12.87}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_103.wav", "text": "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,", "duration": 12.87}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_196.wav", "text": "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.", "duration": 12.87}, {"path": "f4d0f1362716be33f02690dd1a8df663_12.wav", "text": "Our 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.", "duration": 12.87}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_145.wav", "text": "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.", "duration": 12.87}, {"path": "da14df2e02d11f6f8599533d9d57faee_12.wav", "text": "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.", "duration": 12.87}, {"path": "a7e7a1621af9b4e850260f9824ee8746_134.wav", "text": "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 on-site generation.", "duration": 12.87}, {"path": "0360a780927a31fb0bec9e79dac878a2_17.wav", "text": "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 experience.", "duration": 12.87}, {"path": "d8eb5522db0e51d75ea6518462954c52_210.wav", "text": "in mobile banking is also supporting the telco activities in terms of acquisition of new customers, in terms of retention. And so it's a global project. It's not only by chance", "duration": 12.87}, {"path": "dd28a387ccc9575df47840b850647c7f_191.wav", "text": "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.", "duration": 12.87}, {"path": "6c43a32379bfc34fc8cfe84ff94d6498_34.wav", "text": "I think what I'm 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 you're generating much of that target", "duration": 12.87}, {"path": "7aeefd3f7f36ea98354844517c1f012d_80.wav", "text": "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 limited-time premium sandwiches.", "duration": 12.87}, {"path": "9952903822d3aabb9a8a8fdd41f23bc2_101.wav", "text": "the 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", "duration": 12.87}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_238.wav", "text": "Yes. And just some comments about kind of why now. I think your question was probably more from the Ahlstrom perspective on why now than from our perspective. And I think if you look at what Ahlstrom had to say, I think they're refocusing their business", "duration": 12.87}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_143.wav", "text": "You'll note that we're absorbing the dilution from the 2 divestitures, but we're also adjusting our outlook for interest expense for the year, and the 2 items roughly offset one another.", "duration": 12.87}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_203.wav", "text": "which in snacks is a fairly small piece of the business, but it's also natural food stores and other places where the consumer is shopping. And once again, it's one of the reasons we have chosen to focus our efforts so much", "duration": 12.87}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_115.wav", "text": "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,", "duration": 12.87}, {"path": "f1da65edd5f2026ffd647d496bb96ce7_135.wav", "text": "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 forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law.", "duration": 12.87}, {"path": "40b1895fcd5116b51eb97573544b3afd_44.wav", "text": "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.", "duration": 12.87}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_73.wav", "text": "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,", "duration": 12.87}, {"path": "fb817a6cc685a3fd0f003456dd641c01_63.wav", "text": "Our biogas and Beer Membrane Filtration businesses remain strong, offsetting partially -- offset partially by our beverage business seeing a number a large project delays globally and softer component sell-through.", "duration": 12.87}, {"path": "5330f07390a3c14fc49f24ac98bf1eab_76.wav", "text": "spending -- how we should think about the spending rate throughout the year? And then with regards to getting rights back to Probuphine, what's the next event there to focus on? Is", "duration": 12.87}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_219.wav", "text": "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 solution", "duration": 12.87}, {"path": "369789f0d39dbf62298be2aa807ff8ee_28.wav", "text": "So to say it differently, the LTS transaction was funding the purchase of RDM, which just 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 deal.", "duration": 12.87}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_184.wav", "text": "the valuations in the retailer space, and we want to make sure that we've had adequate time to understand what's the right amount to be paying as we have acquisition opportunities.", "duration": 12.87}, {"path": "416ebb7a4160f7cd2f98361cbd1cb769_57.wav", "text": "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 2.5%, and for the fiscal year,", "duration": 12.87}, {"path": "3b2908426357bb8269c3a01469865cd6_64.wav", "text": "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.", "duration": 12.87}, {"path": "e33785a294553de2a12d4463bf786744_3.wav", "text": "This is the result of the hard work and commitment of our people and their continued focus on executing our strategic Five-Point Plan.", "duration": 12.87}, {"path": "a0f5944a79ea5150378d21e6a9ac05d8_68.wav", "text": "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 that allow us to win some very sizable projects.", "duration": 12.87}, {"path": "2a7af3c66762ce608379005a3d7bfa96_204.wav", "text": "But then secondly, as you on-board the customer, it takes time to ramp it up to get to the margin levels you need. Generally, it's 90 days. 90 days after start-up, you should start to see the margin levels that you expected.", "duration": 12.87}, {"path": "f706bdb8b0a3f86e52419138fd2da20a_50.wav", "text": "We are excited about Energy Services' diversification strategy to drive our services deeper into the oil and gas processing, chemical manufacturing and metals market sector.", "duration": 12.87}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_261.wav", "text": "And so the question is, how much worse would that be if you didn't have an independent PBM? And I think what actually -- our mission is not to be constrained by any other", "duration": 12.87}, {"path": "82ccbfb62e125b146fba0f8e4347cc62_118.wav", "text": "report a 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 today about what happened.", "duration": 12.87}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_126.wav", "text": "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.", "duration": 12.87}, {"path": "ed2810b765143f8341dcc8e8c14c27f1_164.wav", "text": "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 don't know, maybe gets capitalized in acquisition accounting or something? No,", "duration": 12.87}, {"path": "ec6bcc27bd7d6a428dc5b2be7ae7d93b_39.wav", "text": "We believe there's a tremendous value on our assets and in the Delaware basin and we're very excited about this opportunity that we have to create value for our shareholders. Thank you, and goodbye.", "duration": 12.87}, {"path": "f5e9c69a92eb9179062673e044f8a53b_159.wav", "text": "a charge or an impairment or something, and I couldn't 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 what that was all about?", "duration": 12.87}, {"path": "89499eed4dff3bd184e91cd496111f22_81.wav", "text": "currently. So what we're saying is that we're 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, we're investing in that growth", "duration": 12.87}, {"path": "1215cf00a11992ec74743f92026af2e9_117.wav", "text": "So we've 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, we're always looking at how we can further debottleneck our system.", "duration": 12.87}, {"path": "648ddbbaa83d8a627c7ab752f63a80bd_61.wav", "text": "We identified the prior period development through a deep analysis of our entire book of reserves. After all the work we've done for year-end, we're confident in the reserves in this segment as well as our reserves on a consolidated basis.", "duration": 12.87}, {"path": "2cd5b184c2ef6624ce219830182927c9_156.wav", "text": "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.", "duration": 12.87}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_209.wav", "text": "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 don't work for us,", "duration": 12.87}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_7.wav", "text": "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", "duration": 12.87}, {"path": "96488f25af54f91198b444e5eff8e878_210.wav", "text": "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. They're reducing capacity and taking prudent steps. So it's a big change versus times past.", "duration": 12.87}, {"path": "1758a982f596e3033f062a5b9f011361_106.wav", "text": "We also intend to gain visibility in the customer premises equipment and transform our current capabilities of maintenance, installation to a home adviser force.", "duration": 12.87}, {"path": "bc1efb704df9c180935803c70a315597_51.wav", "text": "but having done -- we've obviously had to consider Brexit for quite a while, and we've run the book through different scenarios. Most of the scenarios mean that we might earn a little bit less money.", "duration": 12.87}, {"path": "ffa357a084f4deb64797a0a32b8c5e33_117.wav", "text": "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 that's happening, and you're seeing some benefit,", "duration": 12.87}, {"path": "6c929ddddb79b887458ae21f1a3aa09d_74.wav", "text": "I'd 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.", "duration": 12.87}, {"path": "6c929ddddb79b887458ae21f1a3aa09d_96.wav", "text": "Right. That is difficult to measure because you don't get data from patients and not from their caregivers either on this dosage. But when we did talk to caregivers,", "duration": 12.87}, {"path": "abd571ccf777ac4b0a43a7487031bc8a_153.wav", "text": "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.", "duration": 12.87}, {"path": "77423f08f0208d476dea73c639f6293a_11.wav", "text": "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, D.C.", "duration": 12.87}, {"path": "77423f08f0208d476dea73c639f6293a_185.wav", "text": "providers that are coming up that we could see kind of a pattern to what we saw this year or 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?", "duration": 12.87}, {"path": "eed99fefac02f862b3ee31c4748cb9b5_9.wav", "text": "I'm 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.", "duration": 12.87}, {"path": "eed99fefac02f862b3ee31c4748cb9b5_32.wav", "text": "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 -- post-season pricing to be higher than it was", "duration": 12.87}, {"path": "9cd9b67e289e807d677aabc5765fec6a_21.wav", "text": "As we've 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.", "duration": 12.87}, {"path": "3043e7527da9e59e29b7412cafeb9d80_96.wav", "text": "In addition to the strong performance of our same-store portfolio, we continue to see consistent growth trends at the properties that we purchased at Certificate of Occupancy are very early in the lease-up stage.", "duration": 12.87}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_190.wav", "text": "We intend to remain 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,", "duration": 12.87}, {"path": "78cf0d3e40caba622d8914916f0f9146_229.wav", "text": "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", "duration": 12.87}, {"path": "a9ff9f85f03afdd2d13b76e14060b31d_166.wav", "text": "So you can think of it, and you've heard us talk a lot about the K-12 market over the years, where we traditionally had fundraising and financials and digital marketing and payments and analytics, and we added", "duration": 12.8400625}, {"path": "8fde6a4ab2de2ba6bbd0b4196ef82454_44.wav", "text": "But also, I think it's also a function of, when we look at the activity more in the Industrial or the performance segment for us, there's still a lot of consolidation to go around globally.", "duration": 12.84}, {"path": "62d981deed6d5128615c99d1597178b6_211.wav", "text": "our recurring revenue businesses are more resilient and more insulated from immediate economic impacts. And so you'd have to have deep and long recessions", "duration": 12.84}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_94.wav", "text": "Scaling these into high-volume production brings its own set of challenges, very different than most other parts of the semiconductor industry, which is commoditized to packages and processes.", "duration": 12.84}, {"path": "0d631e444d1c22f0be99a69f5deaff94_28.wav", "text": "an economic objective of what we are trying to achieve, and my comment in the 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,", "duration": 12.84}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_189.wav", "text": "In large, large whales, 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.", "duration": 12.84}, {"path": "3cb802f8fba7d33603c29387ccdaf817_166.wav", "text": "As for operating expenses, marketing and distribution expenses, research and development expenses and general and administration expenses, et cetera, have all increased.", "duration": 12.84}, {"path": "87bce6c4c7d972f51540cb0b27af5905_25.wav", "text": "For further information on these risks and uncertainties, please see Capstone's relevant filings on SEDAR. Finally, I'll just note that all amounts we will discuss today will be in U.S. dollars, unless otherwise specified.", "duration": 12.84}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_51.wav", "text": "and we think about how we're building this huge wall of data, it's going to be real hard for followers to match us with the data that we're going to have over time. And we're going to have to find ways to work with payers so that they can", "duration": 12.84}, {"path": "718a89dc503706eae0091bcd9410d567_115.wav", "text": "from the LIFO method to the weighted average cost method in order to be consistent with legacy ETP's treatment of inventories. These changes have been retrospectively applied to all periods presented,", "duration": 12.84}, {"path": "c68c15299b67173c7ae163cc5938f3c1_21.wav", "text": "you immediately see, well, if you don't have the leading products, you're really at a negative as you go forward. That probably led to the execution being poor as well, because you just couldn't -- you didn't have anything to bring. So", "duration": 12.84}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_56.wav", "text": "That process and the consequential accounting adjustments are very deliberate and focused on simplifying AHG's operations so that we are ready and able to capitalize on opportunities.", "duration": 12.84}, {"path": "7e14890193df4b10e1eeab6ab886529f_36.wav", "text": "Consistent with our purpose to inspire healthy habits, it's our intention to bring science and scale not only to weight management but also, increasingly, to fitness and positive mindset.", "duration": 12.84}, {"path": "67716cee321d117b0318930dd142f06a_73.wav", "text": "We're continuing to invest in processing equipment for the businesses that sell into non-residential construction to ensure we're providing the highest possible level of service to our customers and we're", "duration": 12.84}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_199.wav", "text": "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,", "duration": 12.84}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_28.wav", "text": "I think as we think about margin broadly, again, as you know, we've made great progress over the last several years. We continue to have a high degree of confidence and conviction around the whole margin topic.", "duration": 12.84}, {"path": "8b71a232d7fe61e6232807b635977c31_209.wav", "text": "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.", "duration": 12.84}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_50.wav", "text": "Net earned premium and fees for multi-family housing were up more than 20%. We achieved this increase through our affinity channel and expanded relationships with property management companies.", "duration": 12.84}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_104.wav", "text": "The vehicle protection also got very good growth there. How much would you say is industry growth that's helping you there -- or do you feel like you're taking share?", "duration": 12.84}, {"path": "a4a85b87c36f3a8c723d6d0e87cba645_37.wav", "text": "So, Guy, 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", "duration": 12.84}, {"path": "91422f85dbf838639b3cb9dd9da364eb_5.wav", "text": "net of minority interest. We released a PowerPoint presentation and other details about this transaction and a public announcement in November, which can be found on our website.", "duration": 12.84}, {"path": "46906afb4e1ee1fef09b5908e76beefa_90.wav", "text": "So you bring up a very good point. We're 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", "duration": 12.84}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_88.wav", "text": "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 sell-through number, then", "duration": 12.84}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_159.wav", "text": "new products in recent years have been doing well. I'm not nervous or worried about them. I think, what's more important is that we should control our sell-in to distributors.", "duration": 12.84}, {"path": "fa45af64ef25007f998c655347bfbecb_1.wav", "text": "It inevitably, of course, makes sure that we remain to be an accessible, affordable mail company today and in the future. It gives us the opportunity to create", "duration": 12.84}, {"path": "1b1699497be56330b3ed833f22bc63f6_23.wav", "text": "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.", "duration": 12.84}, {"path": "cc82e791c065bdc271addf355bac274f_39.wav", "text": "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.", "duration": 12.84}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_135.wav", "text": "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 that's another milestone for our Travel business.", "duration": 12.84}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_54.wav", "text": "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.", "duration": 12.84}, {"path": "73ba4ff250b62745e03880e75b9a1581_2.wav", "text": "The company has provided in the appendix of the presentation materials, which are available on our website, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures.", "duration": 12.84}, {"path": "e1da48985804bd3d99dffc5e33b6124b_30.wav", "text": "The second is in the consumables business the Melt Delivery is a requite every time we have a new product, and that turns pretty much within the quarter.", "duration": 12.84}, {"path": "99dcd9ce8ec3aa7509b9395d3da2ff0c_118.wav", "text": "And so from this perspective I am actually pretty confident that we will reach with FINMA an agreement on the new models.", "duration": 12.84}, {"path": "0f4370b614f29bd596e4f6871cc77864_113.wav", "text": "spot market rates on freight and the inventory levels. We're going to -- basically, it turns into a number of companies that are too busy to go into bigger implementations at the moment. And so that's played out a little different", "duration": 12.84}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_70.wav", "text": "Shifting gears, let's 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.", "duration": 12.84}, {"path": "911d447bcdcedb4e0cf5230de225921c_18.wav", "text": "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.", "duration": 12.84}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_112.wav", "text": "business models, we have seen more of a shift within those bookings to more and more recurring revenue. And I think we'll continue to see that trend as we move forward. From an overall landscape issue,", "duration": 12.84}, {"path": "baf97ac5f6cc21f1387a53f2755e60d7_23.wav", "text": "that's, for what we are today and the types of income we're 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", "duration": 12.84}, {"path": "f4d0f1362716be33f02690dd1a8df663_89.wav", "text": "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.", "duration": 12.84}, {"path": "a8034762296368c60571fcde382c3274_137.wav", "text": "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", "duration": 12.84}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_143.wav", "text": "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, Transportation-Franchise and office equipment channels substantially over the next several years.", "duration": 12.84}, {"path": "1ddc944827b99caf8c7867ceeed0ec20_44.wav", "text": "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.", "duration": 12.84}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_128.wav", "text": "one of the benefits I think that we have when it comes to technology is we're not dedicated in any one specific part of the country or part of the world. We have technology resources in Pittsburgh, in New York,", "duration": 12.84}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_37.wav", "text": "And for clarity's sake, we feel very good that we are managing promotional activity, managing inventory and managing market share at the same time.", "duration": 12.84}, {"path": "c3af5ef871fb87eee698a7a6e8e1d41e_163.wav", "text": "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 U.S.", "duration": 12.84}, {"path": "f23036451aab1cb9d659c3ac9a23825c_40.wav", "text": "We want our customers to feel welcome and engaged every time they walk into a Vince store or visit vince.com, and believe we can do this by bringing more warmth and a relaxed feel that reflects the modern, effortless style we stand for.", "duration": 12.84}, {"path": "98f10f0935e5b778e888a1b8130a3d31_111.wav", "text": "that 3 large U.S. 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.", "duration": 12.84}, {"path": "b305bff75f28d238f0bd7da5bd4f13b8_196.wav", "text": "And would you consider a material acquisition? And then thirdly, on management changes, are you happy with the appointments that you've made so far? Or do you feel that additional changes are required", "duration": 12.84}, {"path": "02deeb29574f1571812a11f66bb8fda1_225.wav", "text": "If you're 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?", "duration": 12.84}, {"path": "8a93698d03a48d42fc7d7e50cb67dc2b_80.wav", "text": "At the same time, we're going to still look for those opportunities in the old traditional business where they present themselves, the opportunity to take some costs out and we'll scrape those nickels and dimes together. So", "duration": 12.84}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_113.wav", "text": "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 today's press release. If you need a copy and are unable to access the copy on our website,", "duration": 12.84}, {"path": "bb2ca5b87982b2388d82cd64a73f08cf_6.wav", "text": "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.", "duration": 12.84}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_171.wav", "text": "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.", "duration": 12.84}, {"path": "968913c3f9111fc67f1d9956c56dec3b_143.wav", "text": "Well, that's 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", "duration": 12.84}, {"path": "b126e11520fd54843c67f70f15cd30cc_17.wav", "text": "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.", "duration": 12.84}, {"path": "75eb5b75bb8587b63c318714ea956b9e_103.wav", "text": "You might recall that prior approvals took a good deal longer. Candida, nonetheless, was the third approval of an assay for our platforms to have been received in the past year or so.", "duration": 12.84}, {"path": "9e8690a521142359001a137074905535_39.wav", "text": "alternatives out there? I know you've -- in terms of either how you're deploying capital, how you're looking at options, I mean is the board looking at anything else in terms of enhancing shareholder value?", "duration": 12.84}, {"path": "d4b51176b605646e70b37d07a7c19599_13.wav", "text": "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.", "duration": 12.84}, {"path": "b3d7bc295d09d9927e465213612c0192_65.wav", "text": "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, we target sequential quarterly revenue growth,", "duration": 12.84}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_182.wav", "text": "comes the expectation that they will be connected everywhere any time, from dorm room to classroom, from dining hall to the quad. This is where CDW's Connected Campus solution comes in.", "duration": 12.84}, {"path": "a1329d5014382fed182ec42276821868_170.wav", "text": "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", "duration": 12.84}, {"path": "87045996e7446329f1d98c909c6ca7fe_115.wav", "text": "stress test and the co-lending. We haven't 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", "duration": 12.84}, {"path": "87045996e7446329f1d98c909c6ca7fe_84.wav", "text": "Before I move on to complete the outlook for net interest margin, I'll 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.", "duration": 12.84}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_1.wav", "text": "Once again, these results underscore the demand for an opioid-sparing solution like EXPAREL and our team's 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.", "duration": 12.84}, {"path": "dffe8257f781608bb17bb637249e4d2a_28.wav", "text": "We continue to see pressure on margins caused by the increased cost of funding from BASEL III requirements, as well as increased levels of competition in the marketplace in the hunt for scarce quality assets.", "duration": 12.84}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_6.wav", "text": "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,", "duration": 12.84}, {"path": "e33785a294553de2a12d4463bf786744_23.wav", "text": "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 short-term investments.", "duration": 12.84}, {"path": "fe3a8419e2f120643bff5e9e80190ed5_9.wav", "text": "The limited supply of talent is even more acute among security clearance candidates. ClearanceJobs' unique position as a matchmaker of companies to candidates with active security clearances is resulting in continued revenue growth", "duration": 12.84}, {"path": "523a7b1c62d1e2ac2fc0440bca0d020c_121.wav", "text": "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", "duration": 12.84}, {"path": "01b376669d5ea40acc7fb5a87503586e_82.wav", "text": "provincial governments and the national government stepped in and set different standards than we had originally built to.", "duration": 12.84}, {"path": "799c15a4a6e9e3c86374761fec31c00a_129.wav", "text": "Most of those products are produced in China. They're produced and packaged in China, and with our platform there, there's just no reason why we shouldn't be a player in that segment of the market.", "duration": 12.84}, {"path": "799c15a4a6e9e3c86374761fec31c00a_66.wav", "text": "You are cautioned not to place undue reliance on forward-looking statements made this morning, and each such statement speaks only as of today. We undertake no obligation to update or to revise forward-looking statements.", "duration": 12.84}, {"path": "299bad77345d2e44fa5768f4416f7b97_25.wav", "text": "while also improving supply availability for patients in the future. So I don't have a good short-term answer for you, which is why we are predicting some supply disruptions throughout this year.", "duration": 12.84}, {"path": "18e82b076319ac52f8a4b391ea345abd_115.wav", "text": "all those areas, and it creates a more profitable business. And so we focused on regional locations that were primarily energy related that were not making money and we simply shut them down.", "duration": 12.84}, {"path": "b126c31149f1cadf1d891082a187d6fc_171.wav", "text": "our business is driven by the number of patients that we serve, and we don't take anything for granted with respect to volumes and being able to execute on that. So", "duration": 12.84}, {"path": "75b064acca5b532722510ac0b9b0822e_13.wav", "text": "That allows us to capture more and more of the merchant's wallet, and it also allows us to build up more additional services to be able to provide to merchants.", "duration": 12.84}, {"path": "a9ff9f85f03afdd2d13b76e14060b31d_173.wav", "text": "And so we're quite known to be so, which means there's lots of inbound activity. We do a lot of outbound work related to strategic planning by vertical market, including potentially new", "duration": 12.84}, {"path": "812d8f09b72b4d410d138d3b24caebbc_36.wav", "text": "both in consumer health care and injectables, which carry a bit of a 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 long-term targets.", "duration": 12.84}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_247.wav", "text": "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", "duration": 12.84}, {"path": "ed2810b765143f8341dcc8e8c14c27f1_125.wav", "text": "During the call, we will make forward-looking 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.", "duration": 12.84}, {"path": "64364105b816dd0b6a029e9cd210e65b_66.wav", "text": "those opportunities aren't quite as attractive as maybe they were a couple of years ago earlier in the cycle? Or is it more of a function of you've got more cash than you know what to do with and you can serve both buckets?", "duration": 12.84}, {"path": "71c8aba809b2c3334e487f92f9009647_6.wav", "text": "Great Britain's 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.", "duration": 12.84}, {"path": "e5e8ebcd06ca1f1d5b43b50e5d31123b_70.wav", "text": "Second question on contract logistics actually. If I back solve the revenue per square meter you added over the past year basically on the numbers you disclosed, it looks like", "duration": 12.84}, {"path": "5b331cf4e6f62ec9a9c30a4728e36054_4.wav", "text": "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.", "duration": 12.84}, {"path": "bc1efb704df9c180935803c70a315597_31.wav", "text": "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", "duration": 12.84}, {"path": "3d0f5785f81125b6efa2339a4aef56aa_24.wav", "text": "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.", "duration": 12.84}, {"path": "3d0f5785f81125b6efa2339a4aef56aa_4.wav", "text": "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", "duration": 12.84}, {"path": "411bdacf05f84134fc80b874a15cf3b7_22.wav", "text": "And that's 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.", "duration": 12.84}, {"path": "411bdacf05f84134fc80b874a15cf3b7_222.wav", "text": "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 3-year subscription", "duration": 12.84}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_104.wav", "text": "But one statistic, I think, that you all would enjoy that I did jot down for this quarter as an example is for the first time in a while, the majority of our markets are showing", "duration": 12.84}, {"path": "6f1b092b312410065d308541be46da95_241.wav", "text": "This concluded a long and complex process that involves separating Gas Distribution from the rest of our U.K. business, agreeing with pension trustees to split the scheme into 3 sections and then a major financing program.", "duration": 12.84}, {"path": "83c003be6ac012b814cfecef95459f02_48.wav", "text": "I have no doubt the journey we embarked on some 18 months ago would have faltered had it not been for the tireless dedication of our people pushing the business to do better, notwithstanding constrained balance sheet and difficult market conditions.", "duration": 12.84}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_70.wav", "text": "But the other parts of our business, we're really very focused on just improving process and improving productivity to allow us to fund some of the investments that we know", "duration": 12.84}, {"path": "7bac04f03928ee8894ab00007116400b_23.wav", "text": "So your question is very relevant. We will address it in detail on June 7. But we have a clear path to how we're going to evolve the products and how we're going to connect that", "duration": 12.84}, {"path": "7bac04f03928ee8894ab00007116400b_121.wav", "text": "In recent months, while I've been working hard to drive the business here and now, I've also worked closely with our teams to complete a comprehensive review of the business and develop a strategic plan.", "duration": 12.84}, {"path": "365c360aff42713cef71a7d026eeeb6d_263.wav", "text": "positive development in the last several years. And so this is not the first year in '18 where we've had a benefit from what we would call release of reserves, if you will. Now some of that is related to", "duration": 12.84}, {"path": "9097dcbaf554d635920c6274b1de4997_170.wav", "text": "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. I'll", "duration": 12.84}, {"path": "744f5859c7d9a0567b387ae84326d940_122.wav", "text": "To further leverage this momentum, we're simultaneously under way with several CapEx projects that will generate excellent returns and stimulate additional growth in the years to come.", "duration": 12.84}, {"path": "744f5859c7d9a0567b387ae84326d940_68.wav", "text": "As we invest more into our commercial team, they're leveraging resources to work closer with both new and existing customers, and we're gaining market share because of it.", "duration": 12.84}, {"path": "97ddc19ecb28bab2d19fd3b181182062_41.wav", "text": "But as you know, we've always been very selective on our acquisition strategies. They have to be accretive, and we just haven't seen anything thus far", "duration": 12.84}, {"path": "ff59c33225941d4025bcecc8fe1a4b32_17.wav", "text": "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.", "duration": 12.84}, {"path": "e3d70ecdb6aaed843dd059c121962e45_222.wav", "text": "Finally, last year's severe hurricane impacts should make for easier comparison this year. The majority of the impact was in the third quarter, with some carryover in the fourth quarter as well.", "duration": 12.8399375}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_69.wav", "text": "perspective to create value for us will always be long term. It will always be how this company will thrive in the future.", "duration": 12.8100625}, {"path": "139f0a6300f504b3e8673e39b0429161_95.wav", "text": "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.", "duration": 12.81}, {"path": "22ad97a95501a08f15c06605cd277fec_121.wav", "text": "The uncertainty is going to be around just how strong the market. Yes. I think we're confident to say that we're going to outgrow the market a little bit. And so if that market -- if we determine that market's going to be there, then I would expect us to outpace that.", "duration": 12.81}, {"path": "6f3e90ad68b9b074ad827efdcaf6630d_64.wav", "text": "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,", "duration": 12.81}, {"path": "264e575b73bc2a485bee416c1ac10cee_163.wav", "text": "the excess or we're getting through the excess inventory issues we've seen over the last couple of years. And you see it in our inventory, which we've cleaned up. You see it in the Ritchie auctions,", "duration": 12.81}, {"path": "257531d52c72d5d674cd4d8b04cc8e5b_6.wav", "text": "that are designed to demonstrate not only a strong safety profile, but also demonstrate that this next-generation neuromodulator delivers high response rates, long duration of effect and satisfaction.", "duration": 12.81}, {"path": "75fa1bebed0b858c76cc7058477e40e2_169.wav", "text": "and being disciplined in our unit growth is the right strategy to allow our initiatives to gain traction and build the foundation for the next stage of growth.", "duration": 12.81}, {"path": "01502edf6cda82061f1f45d6b0e8e189_113.wav", "text": "Demand in the Americas segment remained 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.", "duration": 12.81}, {"path": "fa45af64ef25007f998c655347bfbecb_273.wav", "text": "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,", "duration": 12.81}, {"path": "1b1699497be56330b3ed833f22bc63f6_106.wav", "text": "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.", "duration": 12.81}, {"path": "a0006b7891ead9bdb76273f555b6f1c8_48.wav", "text": "we continue to be excited by the progress of our Stromag acquisition, where we already experienced strong cross-selling activity in the second quarter. We continue to seek further acquisitions but remain highly disciplined in that pursuit.", "duration": 12.81}, {"path": "4032bfdd59881fc6506c082737cb5a99_61.wav", "text": "as our New York Now team has been working to maximize the salable space, that actual available capacity will be modestly lower than we had originally planned due to the construction activity at the Javits Convention Center.", "duration": 12.81}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_47.wav", "text": "You provided some nice color on the trends you're seeing with the Galafold launch in U.S. and Europe. Maybe you can just make a few comments on what you're seeing in Japan and maybe how that compares to U.S. and Europe? Thanks.", "duration": 12.81}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_187.wav", "text": "Even though we face a slight delay compared to our initial time plan, we're still highly confident to close the deal in the second half of 2016 after maximum 3-month approval period", "duration": 12.81}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_180.wav", "text": "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.", "duration": 12.81}, {"path": "15ac383479a7c990aab7b155e4d42053_128.wav", "text": "Yes. We've got a great team with Charter up there today, and it's 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", "duration": 12.81}, {"path": "1244d2b5a259c3bc73742830d60d53fc_68.wav", "text": "on -- particularly, in the funds 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 content management,", "duration": 12.81}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_20.wav", "text": "Let me spend a minute discussing the dynamics around are working capital, especially in relation to customer cash which we carry, which is contained within the customer liability section of our balance sheet.", "duration": 12.81}, {"path": "c3ac3b05413d9a9caee0626d57fee77f_70.wav", "text": "to pursue those developments to ensure that long-term cash flow generation, but also to continue to invest in a material program of exploration drilling over the next few years.", "duration": 12.81}, {"path": "c8ba00f442f07177594bfec3ac8a8d8d_75.wav", "text": "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 long-haul yield going into next year?", "duration": 12.81}, {"path": "3068d678d3331b8f0a10ea4fa92361f2_49.wav", "text": "The acquisition of Zephyr 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.", "duration": 12.81}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_154.wav", "text": "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.", "duration": 12.81}, {"path": "3cc0a4a6f1b08b522c732ad8944e8624_22.wav", "text": "That remains an opportunity for us to optimize that as well. We've invested in tools. We've invested in capabilities. We have some great folks here and we continue to believe that there's an opportunity there to drive some improvement.", "duration": 12.81}, {"path": "8a77ceadd7e4729abc9102d38be3a227_56.wav", "text": "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.", "duration": 12.81}, {"path": "6a372ea97b0b130a4d37f16b54d97909_132.wav", "text": "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 go-to-market efforts.", "duration": 12.81}, {"path": "e2c02e1788cb10703d7611ef157f8135_21.wav", "text": "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.", "duration": 12.81}, {"path": "e2c02e1788cb10703d7611ef157f8135_198.wav", "text": "and tax deficiencies related to share-based 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.", "duration": 12.81}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_6.wav", "text": "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.", "duration": 12.81}, {"path": "ea60900258f99d1003ab247c506e42d9_110.wav", "text": "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.", "duration": 12.81}, {"path": "ea60900258f99d1003ab247c506e42d9_83.wav", "text": "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 bread and Spekko rice being the exceptions.", "duration": 12.81}, {"path": "ea60900258f99d1003ab247c506e42d9_20.wav", "text": "Finding the right parties to manage our shelf in top-end grocer as well as key accounts was absolutely crucial to move towards moving the business to a more brand building and category focus.", "duration": 12.81}, {"path": "ab4dae37361262d727d1d2f8f78765d5_163.wav", "text": "The work we are doing today on business improvements taps into the enormous potential that exists in Orica and will ultimately deliver a more efficient and effective organization.", "duration": 12.81}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_149.wav", "text": "This represents 14% operating margins and our 18th consecutive quarter of EBIT improvement. Operating leverage exceeded expectations in the quarter on strong manufacturing productivity.", "duration": 12.81}, {"path": "b43c001c5af465d220ab0b69a95202ae_125.wav", "text": "I'll 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.", "duration": 12.81}, {"path": "968913c3f9111fc67f1d9956c56dec3b_127.wav", "text": "We're 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.", "duration": 12.81}, {"path": "0ec0a75c1800bac01520dcac5b8992fb_13.wav", "text": "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.", "duration": 12.81}, {"path": "262bc21196721c5ff9114acbd2ff03c3_33.wav", "text": "rotating equipment and monitoring. And we will be investing quite heavily on the back of that acquisition. The second acquisition we just completed in July", "duration": 12.81}, {"path": "7ebbb41dcefeb482191f8bc22031b5d9_48.wav", "text": "First, this quarter we added an earnings presentation to give you a visual cue of trends and key information as we walk through our results. We're trying to provide meaningful information so you have the context to understand and digest our quarterly performance.", "duration": 12.81}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_170.wav", "text": "I'll begin today's call with a brief overview of our results and key drivers, and we'll run through the financials and then we'll go right to your questions. But before we begin, Sari will provide a few comments regarding what we will share with you today.", "duration": 12.81}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_21.wav", "text": "whether good or bad, we've been here before, and we have emerged stronger as an organization. So we feel really good with our ability to deliver long-term growth in this business,", "duration": 12.81}, {"path": "433a6e203f9db93835c27ff83e86c801_253.wav", "text": "get reflected in billing rates. So that's why it kind of keeps that slightly lower. So those are kind of the headline numbers for gross profit rates. When I look at", "duration": 12.81}, {"path": "757695924b5e43c7d44e29dc141cc035_160.wav", "text": "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", "duration": 12.81}, {"path": "757695924b5e43c7d44e29dc141cc035_213.wav", "text": "getting our businesses healthy, but ultimately we're going to have to evaluate all of our businesses to ensure they're driving value for shareholders. If they're not and we don't see a path to get them there,", "duration": 12.81}, {"path": "130e8e56c1afa2419fd0c08708261824_151.wav", "text": "We've been monitoring 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.", "duration": 12.81}, {"path": "3b2908426357bb8269c3a01469865cd6_94.wav", "text": "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.", "duration": 12.81}, {"path": "e33785a294553de2a12d4463bf786744_226.wav", "text": "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.", "duration": 12.81}, {"path": "af00f4e7b63ee843a3d203f982fac701_19.wav", "text": "as we worked our way through it. But the history of what we had built with the 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.", "duration": 12.81}, {"path": "80a2ca14358172366acab4e80f3fa33b_160.wav", "text": "In the first half of the year, packaged meat performance, well, we have all seen the figures.", "duration": 12.81}, {"path": "799c15a4a6e9e3c86374761fec31c00a_59.wav", "text": "It's -- when you combine the 2, it's a good growth story. And on that point too, we are very pleased with the performance of this business on an operating profitability standpoint", "duration": 12.81}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_4.wav", "text": "The award recognizes Trex's leadership in the environmental stewardship in addition to our circular economic model, where Trex takes plastic waste from Home Depot stores,", "duration": 12.81}, {"path": "97b9c8b95449565c1f280a2b61a65b31_85.wav", "text": "Solid fundamentals underscore that strong market demographics continue to appeal to businesses seeking to relocate to our footprint. Now turning to our quarterly stats.", "duration": 12.81}, {"path": "00dcacc7fe3cab64b14aff04a9cd0284_2.wav", "text": "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.", "duration": 12.81}, {"path": "11f02fb2db5d9fb5ff82f0374376f759_6.wav", "text": "And as we mentioned at the time of the announcement, we have already commenced the asset sale process with the majority of the Continental U.S. assets now formerly listed for sale with brokers.", "duration": 12.81}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_91.wav", "text": "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 price-to-cost gap will continue.", "duration": 12.81}, {"path": "383cf39e54475c8a25af2af7b35c6f2e_113.wav", "text": "And that excess cash, what we do with it will be dependent on share price and when that cash comes in. I mean, I'd like to see, given the environment, the free cash come in the door before we're too aggressive", "duration": 12.81}, {"path": "fb03ff65af8e5f80abd090abeaf767cf_51.wav", "text": "counter. This is something where it's tried, true and lots of dealers are adopting and liking these products. And we're investing in the engineering so that we can keep improving them. We keep tweaking them up.", "duration": 12.81}, {"path": "387e37f77b5e6be4e5ab2b00e95e38f1_6.wav", "text": "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.", "duration": 12.81}, {"path": "692de133aab90ff6681b2c45b433b32b_142.wav", "text": "No, and that's a good question, Himanshu. And yes, there is some variance between markets and there's a number of factors, though. So in some cases, it has to do with certain markets performing stronger and higher demand and for example the West Coast market", "duration": 12.81}, {"path": "9dc19bfa451bc1278b7136420493f84d_10.wav", "text": "for next year in terms of plantings? 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?", "duration": 12.81}, {"path": "648ddbbaa83d8a627c7ab752f63a80bd_141.wav", "text": "So it's something that we want to continue building on and it's something that being contrarian, 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 we've noticed", "duration": 12.81}, {"path": "9fb4423a70358ef22be9982299969f7a_232.wav", "text": "what you would describe as channel disruptions from e-commerce maybe on the electrical side, business shifting away from some of the traditional distributors? Anything that you can comment there?", "duration": 12.81}, {"path": "9fb4423a70358ef22be9982299969f7a_119.wav", "text": "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, we're really not counting on any significant change", "duration": 12.81}, {"path": "f17bd619f65ff0b31c5103503bd56fdb_45.wav", "text": "Is that -- could you break out what portion of that is growth and what proportion is related to weather? Well, it was -- we don't think it was really -- a significant amount of that was weather.", "duration": 12.81}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_75.wav", "text": "We have scrubbed 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.", "duration": 12.81}, {"path": "5fa40a5d21ed133986a4fdce163ca3eb_19.wav", "text": "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,", "duration": 12.81}, {"path": "6cbf592846662213258684c3049e4592_108.wav", "text": "if -- I mean, it sounds like you're lined up pretty well with inventory and so on. So why guide to low singles when you're off to such a good start as you're seeing it right now running mid?", "duration": 12.81}, {"path": "b20564a6da1bcfc7b80552299d9e002a_28.wav", "text": "I think it's 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", "duration": 12.81}, {"path": "e69e64683a56cdadf1c95192e753f27e_160.wav", "text": "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.", "duration": 12.81}, {"path": "e69e64683a56cdadf1c95192e753f27e_200.wav", "text": "Okay. And then maybe just my quick follow-up. Just on the international segment, I know you mentioned last quarter you were taking steps to just improve the consistency of that business. Maybe just an update on where you are on", "duration": 12.81}, {"path": "f268a8174f58c93ad6b45b7f151fe896_166.wav", "text": "However, we're 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.", "duration": 12.81}, {"path": "5be70acf701b7a6c9322f8feeaca63cd_91.wav", "text": "These factors include market conditions post-Brexit, the amount of capacity life companies have as they come close to meeting their annual allocations, and the appetite GSEs have for financing RV assets.", "duration": 12.81}, {"path": "0807d606b6cf98da19b317b4928c3572_96.wav", "text": "substantial amount of money. Customers tell me that Crexendo's award-winning solutions are perfect for a company that wants to increase productivity and save money", "duration": 12.81}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_159.wav", "text": "the departments together and then blend them together and not have 2 people doing the same job and a certain task being done 2 or 3 times. So that certainly has to continue, and I don't think anybody would say that the", "duration": 12.81}, {"path": "5478e14c30a7a53219de2176fdba0d4a_101.wav", "text": "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", "duration": 12.81}, {"path": "4311782968e936c378fdee8946cd9cca_7.wav", "text": "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,", "duration": 12.8099375}, {"path": "8ad0d5b5df75415c56ba590cad29489a_44.wav", "text": "by moving to more shifts, and also getting that second automated line operational. So when we talk about production capacity for 20,000, I personally believe that's a very conservative production capacity number.", "duration": 12.78}, {"path": "485e97686e9a27d2df5b3fc02106e3d4_110.wav", "text": "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.", "duration": 12.78}, {"path": "569834a5cb8a33dfeac20dfa8e03afb3_57.wav", "text": "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.", "duration": 12.78}, {"path": "7eebbbc069b4bf8367aa748751df9bc7_45.wav", "text": "Does that directly impact us? I mean, I don't know if we can make the direct correlation, but yes, it certainly impacts the market. I mean, you've got all those additional rooms by the convention center sucking up", "duration": 12.78}, {"path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_38.wav", "text": "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,", "duration": 12.78}, {"path": "264e575b73bc2a485bee416c1ac10cee_139.wav", "text": "The U.K. 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.", "duration": 12.78}, {"path": "55d548325797d638567669cd75444301_5.wav", "text": "The investment in underlying operating margin is primarily commercial investments and activities to continue to build the customer base.", "duration": 12.78}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_67.wav", "text": "Digital, which is a statement of the obvious for most of us, has not always historically been the case at Informa. And now that is pretty much the watchword through all of our businesses, and I'll bring that to life a little bit later.", "duration": 12.78}, {"path": "044da592acc01ff7baacb3dbf2a302a9_215.wav", "text": "back to business in a very normal way. Obviously, we do need to finish our remediation efforts. But it's not requiring any significant amount of investment, and the businesses is sort of back on track.", "duration": 12.78}, {"path": "de3b766a868da918e499f407dbf5d716_75.wav", "text": "We posted another quarter strong year-over-year growth, driven primarily by the multiple acquisitions we completed within the last 12 months and the organic growth from the assets in the portfolio.", "duration": 12.78}, {"path": "75fa1bebed0b858c76cc7058477e40e2_61.wav", "text": "And as we do, we continue to receive important third-party recognition for the healthfulness of our menu, including some recent accolades from Health Magazine and Men's Health.", "duration": 12.78}, {"path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_131.wav", "text": "The collective and broad impact we have seen in children treated with AVXS-101 on many aspects of the disease, enabling them to develop in the best possible manner is truly remarkable.", "duration": 12.78}, {"path": "833f98dbc79997580b24335033aac5d2_2.wav", "text": "We would like to begin what we expect to be a series of discussions during our earnings calls on topical matters relevant to Vistra and the overall power industry.", "duration": 12.78}, {"path": "f5ebbbfd39f9227dd73a6d31db4f6201_54.wav", "text": "Our channel program continues to grow nicely and is yielding results beyond our expectations. For example, bookings for master agents and resellers represented more than 25% of our enterprise bookings in the second quarter.", "duration": 12.78}, {"path": "fa45af64ef25007f998c655347bfbecb_65.wav", "text": "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 of Parcels. It shows you", "duration": 12.78}, {"path": "b4874109876c9f165eef4be112d9f30d_115.wav", "text": "products that seem to be a little bit more targeted to mainstream versus your legacy portfolio that's more of a niche activity tracker for marathon trainers and things like that.", "duration": 12.78}, {"path": "b4874109876c9f165eef4be112d9f30d_47.wav", "text": "Our investment in innovation has resulted in increased market share and industry-wide recognition. Garmin was recently honored as Manufacturer of the Year by the National Marine Electronics Association.", "duration": 12.78}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_75.wav", "text": "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.", "duration": 12.78}, {"path": "23eff4c724ee00f56319fcc47add3441_67.wav", "text": "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", "duration": 12.78}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_212.wav", "text": "The product keeps getting better with each major release, and we believe this could become a large-scale incremental opportunity for us globally, not just in Europe,", "duration": 12.78}, {"path": "b7943f4a2b95d2bc2ce102e3af9b5d22_128.wav", "text": "to which extent you're still working on older contracts where you're kind of now feeling the input cost inflation the most and to which extent", "duration": 12.78}, {"path": "2f8bdc3cf1d9a9bef5b62b15afde93b1_58.wav", "text": "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,", "duration": 12.78}, {"path": "ee640f0dcb9928c0bdd795eddbeac7c0_67.wav", "text": "over prior first quarters of past years. As I said before, our intent is to measure our performance against the industry and close the performance gap in meaningful ways, like it's never been done at USA Truck before.", "duration": 12.78}, {"path": "1244d2b5a259c3bc73742830d60d53fc_3.wav", "text": "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,", "duration": 12.78}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_128.wav", "text": "and the renewal of our agreement with Intermountain which resulted in a catch-up contribution in Q3. Before I walk you through the details of the results, I would like to remind you that we will be referencing non-GAAP numbers,", "duration": 12.78}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_156.wav", "text": "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.", "duration": 12.78}, {"path": "30710391b8ab4cb549180602d31d4f4a_105.wav", "text": "and we continued 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.", "duration": 12.78}, {"path": "30710391b8ab4cb549180602d31d4f4a_185.wav", "text": "I look at all of these categories as being significant inflationary features this year. It's down to the work that our sourcing and operations teams are doing to find productivity to offset them as much as possible.", "duration": 12.78}, {"path": "40e11288ea7cb86fdf307dbe648142e3_77.wav", "text": "So we've 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.", "duration": 12.78}, {"path": "2f52e3495f64a67b885c0d35be2e8dce_82.wav", "text": "we have a relatively high tax rate compared to peers, largely due to the fact that we don't have much in the way of BOLI or munis. As a result, any reductions in corporate tax rate should flow straight to our bottom line.", "duration": 12.78}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_110.wav", "text": "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.", "duration": 12.78}, {"path": "be8b554309f7632bc9ebbd967764001e_211.wav", "text": "As we reshape our business, we also continue to simplify our balance sheet and make sure that it's appropriate for not just our business model, but also our shareholders.", "duration": 12.78}, {"path": "8a77ceadd7e4729abc9102d38be3a227_60.wav", "text": "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.", "duration": 12.78}, {"path": "6a372ea97b0b130a4d37f16b54d97909_9.wav", "text": "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.", "duration": 12.78}, {"path": "e2c02e1788cb10703d7611ef157f8135_52.wav", "text": "to the way we approach our business overall. And we think what that will do is allow us to also begin to bring down expenses more effectively and more permanently. So", "duration": 12.78}, {"path": "b305bff75f28d238f0bd7da5bd4f13b8_223.wav", "text": "they are not a pain, nor do you need to take any precautionary measures when you go for an MRI. So that late launch will obviously have an impact into how we think about the second half for the cochlear implant business.", "duration": 12.78}, {"path": "e271ed845347e9c930ab0a44eb7785da_96.wav", "text": "and they are developed in different steps and different stages. Innolux is one of the first manufacturers working on this. We have improved the module assembly lines.", "duration": 12.78}, {"path": "ab4dae37361262d727d1d2f8f78765d5_213.wav", "text": "This was particularly on the East Coast of Australia and 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.", "duration": 12.78}, {"path": "b126e11520fd54843c67f70f15cd30cc_189.wav", "text": "for your interest in our Happiness Ecosystem. If you look at FOLIDAY and Yuyuan, they are very important platforms and groups", "duration": 12.78}, {"path": "75eb5b75bb8587b63c318714ea956b9e_86.wav", "text": "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.", "duration": 12.78}, {"path": "948f025c16fce2bcb2909e610c9be557_155.wav", "text": "We're finding out now that, as we start rolling this out, we've got to kick up production, and we'll pick up that going through", "duration": 12.78}, {"path": "571b0d30d88945a981006f24faa72cf7_168.wav", "text": "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.", "duration": 12.78}, {"path": "e00fd35e201a8607d264b803a5130c59_238.wav", "text": "Most importantly, I find talented and committed people throughout the organization, with a very strong executive leadership team in place.", "duration": 12.78}, {"path": "87045996e7446329f1d98c909c6ca7fe_217.wav", "text": "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 fixed-term deposits with terms of maturity between 1 and 5 years.", "duration": 12.78}, {"path": "9e07401011239a074ff66741ee557224_60.wav", "text": "So a lot of the coverage and exposure we're getting helps to reinforce the ability of our modular hardware and software to serve the growing number of smart connected wireless devices.", "duration": 12.78}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_81.wav", "text": "Notwithstanding the tight Hawaii labor market, we've been successful in hiring experienced talent to nearly complete our in-house asset management and leasing teams. We've brought the property management functions", "duration": 12.78}, {"path": "49e533a8449f6b9b6c806458e73338e1_79.wav", "text": "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", "duration": 12.78}, {"path": "8cfc2a9aace5078f22a83c782b9d41f7_40.wav", "text": "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 it's been", "duration": 12.78}, {"path": "130e8e56c1afa2419fd0c08708261824_56.wav", "text": "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", "duration": 12.78}, {"path": "e42f90eacf0e766ff39973c6aca06c93_92.wav", "text": "Sure. Thanks for the question, Matt. I think maybe not quantitatively because it's only been a month, but I can tell you that the local countries are super excited", "duration": 12.78}, {"path": "8b3fb852b7afa89068326fa10e2e7563_64.wav", "text": "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 long-term view of results.", "duration": 12.78}, {"path": "fe3a8419e2f120643bff5e9e80190ed5_53.wav", "text": "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 and our local China presence.", "duration": 12.78}, {"path": "523a7b1c62d1e2ac2fc0440bca0d020c_157.wav", "text": "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 partnership's liquids pipeline systems. Please turn to Slide 6. Now", "duration": 12.78}, {"path": "01b376669d5ea40acc7fb5a87503586e_172.wav", "text": "So I would say, we're there in China, we are committed to being there long term and being a significant competitor in our businesses,", "duration": 12.78}, {"path": "a0d537badd260e2071136602e3b73b26_48.wav", "text": "I'm extremely pleased with this progress and give 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.", "duration": 12.78}, {"path": "9908957f60adff5efc1c8692a0f5ab38_61.wav", "text": "For the third quarter, we continued to benefit from having direct control of our fragrance category which enables us to deliver sought-after brands in incremental values.", "duration": 12.78}, {"path": "c5120d9702331edaf23bb6e639df0a70_125.wav", "text": "and the scalability essentially of CAR-T. We know hospitals and providers have significant concerns about the payment models and the total cost associated with currently approved T-cell therapies.", "duration": 12.78}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_187.wav", "text": "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.", "duration": 12.78}, {"path": "243e9a046160bfbf82be702927a4df22_15.wav", "text": "We are continuously working to optimize our well designs and improve operational execution to control our cost and increase well productivity and keeping with our focus on rate of return, along with production growth.", "duration": 12.78}, {"path": "b0d88c0f1efca89ecb928172341dc75d_193.wav", "text": "Slide 19 shows some of the innovation we introduced, which includes new varieties and on-trend flavors and reflects our focus on optimizing price pack architecture with multiple product configurations.", "duration": 12.78}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_182.wav", "text": "I think you're right, Joe. I mean, clearly we've had some good traction in terms of large deal signings and in terms of new client adds over the past couple of quarters, and you've seen", "duration": 12.78}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_100.wav", "text": "the pest business really takes off when you have some density. And so what we've been able to do in a number of what I would call is the Asia Pacific and Latin America markets", "duration": 12.78}, {"path": "648ddbbaa83d8a627c7ab752f63a80bd_76.wav", "text": "how much of the AmTrust reserves are late 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?", "duration": 12.78}, {"path": "5fa40a5d21ed133986a4fdce163ca3eb_27.wav", "text": "the fact that it encompassed the holiday season makes it a little hard to quantify. But in any case, it's entirely too early to assess what impact they may have on us going forward, though it doesn't appear to be dramatic so far.", "duration": 12.78}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_6.wav", "text": "we continued the effort, or I continued and Roland 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", "duration": 12.78}, {"path": "0f8a61f667edd9a400d7abe2a7908a9e_55.wav", "text": "We believe our revenue cycle management program has the potential of significantly improve the profitability of our diagnostics business and look forward to providing further updates of our progress on future calls.", "duration": 12.78}, {"path": "ffa357a084f4deb64797a0a32b8c5e33_236.wav", "text": "that there's going to come a point where there's 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.", "duration": 12.78}, {"path": "e69e64683a56cdadf1c95192e753f27e_118.wav", "text": "lesser actual levels of product returns and the beneficial impact of truing up the associated gross to net accruals that had the effect of magnifying the improvement in gross to nets when looking at the quarter in isolation.", "duration": 12.78}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_62.wav", "text": "And it's a very stable market. I think I would characterize it as very strong. To your benefit in the community, there's a lot of competition there, and", "duration": 12.78}, {"path": "24c7526f6daca8e16ab91bea6124148a_92.wav", "text": "the vividness of these colors, how well they perform in various storage- and production-type operations. So there's still growth even to be had in Europe, which, on the natural color spectrum, would be viewed as a more mature market.", "duration": 12.78}, {"path": "06dc7804f9beda6e9c0ab3bb47010ab1_9.wav", "text": "given that some of the upstream producers are also owners of the export facilities, they will look to export part of this new production.", "duration": 12.78}, {"path": "bf99037f89cd485f95f097842619a0c7_23.wav", "text": "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", "duration": 12.78}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_75.wav", "text": "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 and analytics, to mention a few.", "duration": 12.78}, {"path": "30a142fac5a62ab00227cb6a339a6226_33.wav", "text": "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 community will really enjoy what we have there. We're also excited to be the biggest mobile partner there.", "duration": 12.78}, {"path": "a98061f951c1b2c7a915e296098bc4de_68.wav", "text": "I guess as it relates -- it doesn't 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 that's noticeable from a consolidation standpoint?", "duration": 12.78}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_27.wav", "text": "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.", "duration": 12.78}, {"path": "97ddc19ecb28bab2d19fd3b181182062_224.wav", "text": "So far in the fourth quarter, domestic metal pricing has continued to decline. At this time, we do not see any meaningful near-term catalyst to change the direction of pricing.", "duration": 12.78}, {"path": "47546a57a865bca0f4e677dc3b485053_106.wav", "text": "The next area of growth we discussed at our convention is our wholesale business. Our wholesale division sells products for the company retail division as well as to all outside customers.", "duration": 12.78}, {"path": "ee640f0dcb9928c0bdd795eddbeac7c0_79.wav", "text": "that, that was the right decision. So I don't mean to put a -- kind of a fly in the ointment, but yes, we're pushing for higher prices. We're trying to do so sustainably and responsibly. And in some cases, we picked network over price.", "duration": 12.7799375}, {"path": "c272c3032aa56f99fd19c220786b0636_66.wav", "text": "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.", "duration": 12.75}, {"path": "b7050f62f52a3d2803beea21404f7af6_56.wav", "text": "We believe that building systems, processes and partnerships that allow BofI to offer seamless user experience and multiple services through an integral software platform will further elevate and differentiate our competitive position.", "duration": 12.75}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_240.wav", "text": "and third, we enjoy a customer and partner base approaching 1,000 organizations, among them some of the world's largest and most respected brands.", "duration": 12.75}, {"path": "232edaebd93a3d8673bce183d269ad6d_8.wav", "text": "We survived the craziness of the year 2000 with the regulators, and we are still trying to survive the craziness of the regulators today. I should get an amen on that one. Right.", "duration": 12.75}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_88.wav", "text": "and where that prevails, it gives us a better chance to make margin in that franchise. So I'm actually encouraged by the fact that one of the key brands has actually taken the step to reduce the level of targeting", "duration": 12.75}, {"path": "8cb24daf76784487ad63780546dc4ba4_138.wav", "text": "The targeted return bond funds, 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 we've talked about in the past,", "duration": 12.75}, {"path": "04f29bc02d1e2ef65077ca67bf41f475_78.wav", "text": "We are also providing a directional annual EBITDA margin profile in total and for each of the 5 MOS categories", "duration": 12.75}, {"path": "14f3d2486b21e639a953afb7ad03d90c_75.wav", "text": "different than what we've seen in other markets where we operate. I am not saying that it's going to be easy. It's a tough job to fight against our competitors and, of course, fight against private label,", "duration": 12.75}, {"path": "14f3d2486b21e639a953afb7ad03d90c_128.wav", "text": "and this is thanks to restructuring in supply chain, closing down factories and also through continuous efficiency in our operations.", "duration": 12.75}, {"path": "1b91eb82f5211000e711424657cc2484_73.wav", "text": "by investing in our balance sheet, we're obviously generating some pretty exciting, we think, investment income. But more importantly, we're largely making those investments in support of the raising of new funds.", "duration": 12.75}, {"path": "1f686a09cf3566a34f04f39fde02460e_55.wav", "text": "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", "duration": 12.75}, {"path": "46906afb4e1ee1fef09b5908e76beefa_3.wav", "text": "we once again executed well this quarter. For Acthar, we're pleased with the performance trajectory of the product where year-over-year sales declines are narrowing. We expect these trends to continue.", "duration": 12.75}, {"path": "39e5706898dcaf14a280b3a123877cd6_64.wav", "text": "property funding conditions. Further important point for this semester, we've reached significant milestones in the integration of our German operations.", "duration": 12.75}, {"path": "cfbe91105113db7a5784f77e411b7a3f_76.wav", "text": "projects that we have in the TKH Group are doing quite well in the execution, and that has now also translated into a very positive result of the organic growth.", "duration": 12.75}, {"path": "8292bdb9af87f10627c044f3842b2c76_139.wav", "text": "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.", "duration": 12.75}, {"path": "bc6881d8e985e0b9dc1683b8bbdb066a_170.wav", "text": "So as you know, in the majority of our steel businesses, we have direct pass-through of that to our customer. So while that'll have some topline impact on us, it should not really have any meaningful bottom line impact", "duration": 12.75}, {"path": "1b1699497be56330b3ed833f22bc63f6_111.wav", "text": "impact of this new accounting standard primarily impacts the company's Payments business, requiring a net versus gross reporting of revenues and cost of revenues for our cash access services.", "duration": 12.75}, {"path": "1133b8984db446b9c963a09eaf0785a4_165.wav", "text": "And quite frankly, we're a little late to the table in rationalizing our cost structure around servicing that industry, but you can bet we're going to be very aggressive doing so in the third and fourth quarter", "duration": 12.75}, {"path": "1244d2b5a259c3bc73742830d60d53fc_93.wav", "text": "Our guidance assumes an improvement in the Investment Markets' revenue trend relative to what we've seen in the first half of the year where the year-over-year comparisons were more difficult.", "duration": 12.75}, {"path": "fb4897e3d1bfc0d92ab28688ecb5abd5_100.wav", "text": "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,", "duration": 12.75}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_78.wav", "text": "Chris will cover the financials in more detail in a few minutes, but I'm 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.", "duration": 12.75}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_39.wav", "text": "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", "duration": 12.75}, {"path": "38b2f94da12bbf2d32246763aab8265a_89.wav", "text": "and then also in the corporate segment. So if we look at our motor business, on one hand, we should say that", "duration": 12.75}, {"path": "b96165244f010b3f1e61cbbc5e504d96_58.wav", "text": "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.", "duration": 12.75}, {"path": "b96165244f010b3f1e61cbbc5e504d96_33.wav", "text": "So again, not a major concern. It's 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", "duration": 12.75}, {"path": "3cc0a4a6f1b08b522c732ad8944e8624_72.wav", "text": "sort of an intentional pull back 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", "duration": 12.75}, {"path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_124.wav", "text": "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.", "duration": 12.75}, {"path": "dd28a387ccc9575df47840b850647c7f_241.wav", "text": "free cash, particularly in the types of markets that we're seeing right now, which would lead to even meeting the various capital goals or capital investments you have.", "duration": 12.75}, {"path": "6a372ea97b0b130a4d37f16b54d97909_19.wav", "text": "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.", "duration": 12.75}, {"path": "6a372ea97b0b130a4d37f16b54d97909_100.wav", "text": "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 technology. And the skills you need to do that new job", "duration": 12.75}, {"path": "e2c02e1788cb10703d7611ef157f8135_25.wav", "text": "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", "duration": 12.75}, {"path": "e2c02e1788cb10703d7611ef157f8135_105.wav", "text": "Well, I think there's no question, Bernie. I think you had a question in there somewhere. But I think what you're asking is, what are we doing to make our value more clear to customers? And so", "duration": 12.75}, {"path": "b94d748876ddf8e881d4191dec45baf3_196.wav", "text": "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 start-up", "duration": 12.75}, {"path": "c3567809c19ce6a800677544cd84f88b_170.wav", "text": "And this focus is set to continue. From fiscal '17, we will increase efficiency as agency costs and point-of-sale spend will be managed through global procurement.", "duration": 12.75}, {"path": "c3567809c19ce6a800677544cd84f88b_150.wav", "text": "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.", "duration": 12.75}, {"path": "20097e37747ec7bc3734246e83798fb1_152.wav", "text": "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.", "duration": 12.75}, {"path": "526e0d5398a516831b49936c31a8ea1c_111.wav", "text": "Turning to Slide 11. The primary schemes that contribute to incentive revenues include the interruption incentive schemes and the broad measure of customer satisfaction.", "duration": 12.75}, {"path": "4567936d89925d1a3b983274b11ecae5_122.wav", "text": "My comments on financial performance and the outlook for 2017 will, therefore, be made on the basis of the current group structure, excluding India.", "duration": 12.75}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_66.wav", "text": "as well as the evolution of Insulation volumes and pricing as they progress through the first half of the year. So I think we'll get better visibility probably as we get into our second quarter earnings call. I think we're appropriately cautious", "duration": 12.75}, {"path": "07f75a4256867f119bac833eae67cb73_126.wav", "text": "rolling of business either as greater synergy or in the enhancing capacities, enhancing what we currently do or adding in an area where we want to add to what we do. So that's", "duration": 12.75}, {"path": "0ec0a75c1800bac01520dcac5b8992fb_112.wav", "text": "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.", "duration": 12.75}, {"path": "948f025c16fce2bcb2909e610c9be557_156.wav", "text": "And so we're 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,", "duration": 12.75}, {"path": "40b1895fcd5116b51eb97573544b3afd_76.wav", "text": "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.", "duration": 12.75}, {"path": "40b1895fcd5116b51eb97573544b3afd_34.wav", "text": "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.", "duration": 12.75}, {"path": "1949bd0c9c4c23d495d880c4c552bfe1_150.wav", "text": "We're 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.", "duration": 12.75}, {"path": "741526dd2a3db996d2f22f4bcdae4be6_7.wav", "text": "It's 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.", "duration": 12.75}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_12.wav", "text": "Sherry will provide details on the short-term 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.", "duration": 12.75}, {"path": "8eaca8d8a419f74540f69ade8defabbd_110.wav", "text": "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.", "duration": 12.75}, {"path": "82f5253b62614161333b038f5f9700f8_57.wav", "text": "And so taking those best practices, using our buying power to make sure that we're allowing dealers to buy all the materials they need for the installation,", "duration": 12.75}, {"path": "369789f0d39dbf62298be2aa807ff8ee_56.wav", "text": "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.", "duration": 12.75}, {"path": "dffe8257f781608bb17bb637249e4d2a_101.wav", "text": "are concentrated in 10 clients. We monitor these clients and the collateral held on an individual basis to ensure that solutions are applicable to each specific environment. We then work closely", "duration": 12.75}, {"path": "2a7af3c66762ce608379005a3d7bfa96_59.wav", "text": "Pricing is very competitive this year in the Truckload market. Given the low price of fuel and the plentiful truck capacity, we see more intermodal volume convert to truck than in previous years.", "duration": 12.75}, {"path": "80a2ca14358172366acab4e80f3fa33b_228.wav", "text": "This industry is going through some basic transformations in China. So concerning this segment's performance in the first half,", "duration": 12.75}, {"path": "299bad77345d2e44fa5768f4416f7b97_24.wav", "text": "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?", "duration": 12.75}, {"path": "838af8ffae77ce8ff59c77b1985f8fc5_101.wav", "text": "Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program, and you may all disconnect. Everyone, have a great day.", "duration": 12.75}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_179.wav", "text": "We've 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.", "duration": 12.75}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_64.wav", "text": "then looking back, don't forget that 2017 was not that an easy year from sentiment as well in Europe. When I come to the whole trading environment and there you have to see", "duration": 12.75}, {"path": "09b5b62d328d3d0719b6825357fdfb48_91.wav", "text": "it could be either through more -- a reallocation down the road, a reset down the road. It's 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.", "duration": 12.75}, {"path": "ed2810b765143f8341dcc8e8c14c27f1_102.wav", "text": "And I think also, there was -- obviously, you had to do a lot of prep work to kind of accept the carve-out into your enterprise. But I think after ownership, you were looking at some pretty heavy", "duration": 12.75}, {"path": "64364105b816dd0b6a029e9cd210e65b_327.wav", "text": "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 we've made to grow and diversify the company.", "duration": 12.75}, {"path": "64364105b816dd0b6a029e9cd210e65b_298.wav", "text": "We have changed the fundamental composition of our business and continue to strive to make additional improvement to grow margins and share a more stable earnings stream and take advantage of macro growth trends.", "duration": 12.75}, {"path": "b08d602a938cc263402d9d2db56f2490_180.wav", "text": "which I'd say isn't 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,", "duration": 12.75}, {"path": "3c17ad8c6709cbb1a8f7190f567a445f_140.wav", "text": "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", "duration": 12.75}, {"path": "eea41cba1f90b280bbd96fdaa9d0f4bf_23.wav", "text": "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.", "duration": 12.75}, {"path": "5be70acf701b7a6c9322f8feeaca63cd_76.wav", "text": "with close to 1,000 pictures being uploaded and posted by customers. And we're really focused on those marketing efforts to remind people to take advantage of the 100 days of camping.", "duration": 12.75}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_1.wav", "text": "Information presented on this call is contained in the earnings release we issued this morning and in our Form 8-K dated April 17, 2018, which may be accessed from the investors page of the company's website.", "duration": 12.75}, {"path": "24c7526f6daca8e16ab91bea6124148a_195.wav", "text": "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.", "duration": 12.75}, {"path": "6f1b092b312410065d308541be46da95_14.wav", "text": "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 returns at these new rates next year.", "duration": 12.75}, {"path": "83c003be6ac012b814cfecef95459f02_105.wav", "text": "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.", "duration": 12.75}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_162.wav", "text": "in deferred maintenance. But importantly, that investment that we're making is driving momentum in small shop and it's also driving some of our rents. So we think it's the right thing to do", "duration": 12.75}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_143.wav", "text": "is that we're capitalizing on what we're doing with these larger boxes and anchors as follow-through throughout the portfolio. And frankly, we're setting new records as it relates to small shop rents.", "duration": 12.75}, {"path": "ee824d23bd881a3dc5ee8be881b7d18b_26.wav", "text": "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.", "duration": 12.75}, {"path": "ee824d23bd881a3dc5ee8be881b7d18b_58.wav", "text": "Because steel is essentially a pass-through to our customers, this doesn't impact our economics, but does change the reported order number. For the 9 months, orders are slightly above last year despite the pricing adjustment.", "duration": 12.75}, {"path": "5a85c98fc5e3d596bc18741b744f9ea5_122.wav", "text": "We strongly believe that such policies, guidances and regulations will help shape the industry into a healthier and a more sustainable form in the long run.", "duration": 12.75}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_6.wav", "text": "Duncan has made a substantial contribution to our company over the last 9 years, and I'd like to thank him for seeing the company through to year-end disclosures, and we wish him every success with his new endeavors.", "duration": 12.75}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_53.wav", "text": "When you look at the Well Worn campaign, I think it's pretty obvious there's a marked statement there that we're going to be seeking a new generation of Canadians not at the expense of the ones that are currently loyal to Mark's, of course,", "duration": 12.75}, {"path": "7a80c3e91e5a2693cdaef5f716808317_168.wav", "text": "I'll then return and discuss the progress we're making on our Growth Acceleration Programme and say a few words about our outlook for 2019. My first year at Rotork has been one of change and significant progress.", "duration": 12.75}, {"path": "6f73dbce90cb2d313480b437f0c51bbc_21.wav", "text": "And then services even in the province of Manitoba that MTS may have purchased from other carriers such as Zayo, we'll obviously make sure we supply those through Bell. So those are some of the", "duration": 12.75}, {"path": "9097dcbaf554d635920c6274b1de4997_200.wav", "text": "there are some fundamental trends that are -- they're going to start to move our way with admonishment I always give that things happen slowly in both addiction and the psychiatry notwithstanding the amount of data that's mounting in support of use of medicines like ours.", "duration": 12.75}, {"path": "49256d3015fbd8542019b3fc989473f4_86.wav", "text": "for you basically that from now on, we 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?", "duration": 12.75}, {"path": "97ddc19ecb28bab2d19fd3b181182062_243.wav", "text": "despite very challenging pricing, primarily related to stainless flat-rolled. We sell a significant amount of stainless steel flat products into the kitchen equipment, appliance and construction end markets.", "duration": 12.75}, {"path": "4b5d33b9c200403f2d4633e47f1d4110_131.wav", "text": "you make those commitments with customers, looking that far out, how much optionality does the customer have that you've needed to build into those contracts, on things like", "duration": 12.75}, {"path": "0dec9a606303da3039d11eec4ec9bd86_256.wav", "text": "so I think we're doing well there. And Brazil has just been slower than we expected. A number of things have changed, the economy's not as strong. There's some political stuff going on and the legislation that we expected,", "duration": 12.7200625}, {"path": "5833763223d8d85b6fcb5fe90e821c77_115.wav", "text": "We feel that Oculus is in the best shape that we've ever been in for 2 reasons. One, Oculus has effectively executed a turnaround strategy in a very attractive dermatology market,", "duration": 12.72}, {"path": "92b48b365197c65ebf545a4c9dd1200d_2.wav", "text": "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 ratios.", "duration": 12.72}, {"path": "139f0a6300f504b3e8673e39b0429161_3.wav", "text": "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.", "duration": 12.72}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_206.wav", "text": "we will now sell chipsets and enable low-cost manufacturing partners for subassemblies. This action is expected to result in better overall cost structures for our TOSA customers,", "duration": 12.72}, {"path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_158.wav", "text": "look, we're 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 services because, for us, we think that's a very important thing", "duration": 12.72}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_26.wav", "text": "One interesting point on that partner, they had annual shortfall revenue in Q2 '16, but are now actively ramping and they have doubled their consumption of hours in October over September,", "duration": 12.72}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_51.wav", "text": "communications with them, along with the thorough investigation we've done, we hope we can end that at some time in the future. But at this time, we have no update on it whatsoever.", "duration": 12.72}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_149.wav", "text": "and what would be the second publication to sort of validate the effect that, obviously, you're going to see an overall survival benefit in that patient population? And the last question is relative to the transcript.", "duration": 12.72}, {"path": "54cde38ae040b5e2c4e1f3c85691f907_7.wav", "text": "We are testing on-site in attorney's offices a new attorney escrow product and working with our business lines to roll out a new overdraft privilege product for small businesses and commercial checking customers.", "duration": 12.72}, {"path": "d28b2b09c127b5be033738aa3cd380b3_238.wav", "text": "Consistent with our 2020 Strategy, we're responding to these challenges by continuing to invest strongly in product and brand differentiation to keep our value propositions sharp.", "duration": 12.72}, {"path": "a45d8b57fe6b8199bca7aec4d022bbb3_13.wav", "text": "The sale of the segment FRP is something that we actually consider as well as the preparation for our further growth ideas that we have. It will focus the management", "duration": 12.72}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_56.wav", "text": "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.", "duration": 12.72}, {"path": "7e14890193df4b10e1eeab6ab886529f_27.wav", "text": "To be clear, we aren't changing who we are. We're changing the conversation about what makes us unique and changing mindsets so we can change how the world sees us.", "duration": 12.72}, {"path": "e824f4380f8203a1e3ed60e7da1e39e5_167.wav", "text": "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", "duration": 12.72}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_97.wav", "text": "relative to expectations, if there was one business that was off, it would've been the Sports business and specifically related to attendance. I think the other thing that", "duration": 12.72}, {"path": "1927f9c722093d1d64b610c4227ccf59_10.wav", "text": "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.", "duration": 12.72}, {"path": "66c9091ba849cdb6d64987642ced64d2_80.wav", "text": "any metrics like what improvement you're seeing with load factor or other sort of metrics? Can you give us some of those to help us sort of gauge the impact that's having on the cost structure?", "duration": 12.72}, {"path": "6fa080ad3d32111b4490d1c7e30874f3_122.wav", "text": "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.", "duration": 12.72}, {"path": "01502edf6cda82061f1f45d6b0e8e189_23.wav", "text": "Please member 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.", "duration": 12.72}, {"path": "c1f9276ae4068aca63163adff502b818_69.wav", "text": "I think, Benny, what we do is we look at the overall situation we're in and what the outlook looks like. I don't think we react on a sort of daily or a weekly basis based on the crude price or the natural gas price.", "duration": 12.72}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_87.wav", "text": "I think it's 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, there's number of drivers behind it.", "duration": 12.72}, {"path": "1b1699497be56330b3ed833f22bc63f6_47.wav", "text": "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", "duration": 12.72}, {"path": "a3c389b6f737603969fd26408544747f_59.wav", "text": "We will continue to look at the additional leases but only in the major U.S. and worldwide cities and use license and management deals to continue to expand beyond the 5 countries that we are currently operating in.", "duration": 12.72}, {"path": "a0006b7891ead9bdb76273f555b6f1c8_36.wav", "text": "We're 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.", "duration": 12.72}, {"path": "4032bfdd59881fc6506c082737cb5a99_184.wav", "text": "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 that be on the come based on when they open?", "duration": 12.72}, {"path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_69.wav", "text": "At the close of the market today, Fluidigm released its financial results for the quarter ended September 30, 2018. I'd also like to let everyone know that our outdated investor presentation", "duration": 12.72}, {"path": "11ca275b0bd65060f43ae2d28e1c489f_3.wav", "text": "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 Security Solutions business line.", "duration": 12.72}, {"path": "bc7dbd6e321b4df22db9270b69b89c11_49.wav", "text": "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", "duration": 12.72}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_72.wav", "text": "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 that's playing out as we thought. So there's no incremental", "duration": 12.72}, {"path": "3e714a49937be1672aa48244ba7254ce_84.wav", "text": "the return of the equity accounts for this year for 15.2%, which are above the target that we had set up, especially good performance in the Non-life business and in the Life Insurance.", "duration": 12.72}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_52.wav", "text": "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. We'll have more color for you on this front on the next earnings call.", "duration": 12.72}, {"path": "f4d0f1362716be33f02690dd1a8df663_118.wav", "text": "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.", "duration": 12.72}, {"path": "f4d0f1362716be33f02690dd1a8df663_15.wav", "text": "As a result, Ramune sales volumes are expanding. Ramune sales are also being supported by the appeal to the health benefits of glucose,", "duration": 12.72}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_115.wav", "text": "through increasing scale and ongoing emphasis on improving efficiencies. In conclusion, Marlin's strong third quarter performance, led by robust origination growth", "duration": 12.72}, {"path": "f2a2ba46b242698577188259de23de31_46.wav", "text": "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.", "duration": 12.72}, {"path": "bab12f620df0f367e74acdcc467686f1_124.wav", "text": "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.", "duration": 12.72}, {"path": "8fbfa6ca2fe8141fd75ae42fd998149f_169.wav", "text": "Again, I think we've done quite well in this area in 2016. We detail our most important fee initiatives for you in our earnings press releases in a table section we label Key Fee Initiatives.", "duration": 12.72}, {"path": "58ff8a727ec4f3859407b64f08246759_133.wav", "text": "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.", "duration": 12.72}, {"path": "2a7d7f3eb6960e631743ca5a0d86461f_11.wav", "text": "and retain our excellent credit quality is based on our rock-solid philosophy and strategy of sticking to lending in our primary market, which we know so well. It", "duration": 12.72}, {"path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_13.wav", "text": "I'm 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?", "duration": 12.72}, {"path": "b94d748876ddf8e881d4191dec45baf3_106.wav", "text": "and we're really focused now on really managing the margins of the contract because they obviously didn't turn out to be as robust as we might have initially expected, but we've got a great team working on it, and we expect it to continue to improve this year.", "duration": 12.72}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_121.wav", "text": "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.", "duration": 12.72}, {"path": "bd40628b97efec198825ccf910c7e27e_15.wav", "text": "of historical U.S. institutional sales teams they number around 60, give or take a little bit more or less. That's likely a number we would work to put in a stepwise fashion.", "duration": 12.72}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_90.wav", "text": "So we're 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", "duration": 12.72}, {"path": "ab4dae37361262d727d1d2f8f78765d5_32.wav", "text": "Customer interest is significant, and we're currently working on the next generation of these game-changing technology across a broad range of blasting applications as a key enabler to automation.", "duration": 12.72}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_55.wav", "text": "in our areas of kind of the products we're 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", "duration": 12.72}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_173.wav", "text": "Several years ago, we had identified that customers needed smaller footprint and lower heat generation as they shift from centralized controlled systems to distributed control on the factory floor.", "duration": 12.72}, {"path": "968913c3f9111fc67f1d9956c56dec3b_6.wav", "text": "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.", "duration": 12.72}, {"path": "f77935c4693e4d33252c9c76993e9c8b_180.wav", "text": "relationships, and we're doing fairly well. They respect what we've accomplished so far. It leads to other product areas. Those products need to be developed. It takes months to develop them, not weeks", "duration": 12.72}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_160.wav", "text": "it's not for me to say these things, because at the end of the day it's for these governing authorities to decide how they look at these things. But what I'm trying to explain to all of you guys is that,", "duration": 12.72}, {"path": "75eb5b75bb8587b63c318714ea956b9e_120.wav", "text": "We're finding that payers are asking for more and more information, too, before reimbursement takes place. For example, they're asking for not only letters of medical necessity, but they're asking for support", "duration": 12.72}, {"path": "75eb5b75bb8587b63c318714ea956b9e_22.wav", "text": "Needless to say, declining reimbursements are the bane of the diagnostics industry and a continuing issue for the medical profession if medical practitioners are to continue diagnosing, treating and monitoring patients.", "duration": 12.72}, {"path": "ea7f210b3c08271afbdb6d434b8394e9_43.wav", "text": "The impact from lower commodity prices was largely offset by higher production, particularly for European Gas, as we benefited from the ramp up of Corrib, which continues to outperform our expectations.", "duration": 12.72}, {"path": "9b697782ea80be97854f35d6fc62c93a_216.wav", "text": "It also means maintaining our commitment to invest in sales and route-to-market capabilities so that we're well positioned to capitalize on the long-term growth potential in emerging markets.", "duration": 12.72}, {"path": "48f4f350c0636fa0c7acf339cfccb869_24.wav", "text": "We look forward to sharing more about our exciting work in this area at the medical meetings throughout 2018 and 2019. With that, I want to thank you very much for your attention,", "duration": 12.72}, {"path": "1949bd0c9c4c23d495d880c4c552bfe1_70.wav", "text": "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.", "duration": 12.72}, {"path": "939c2eaaa171907197a14e58cea3514d_85.wav", "text": "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.", "duration": 12.72}, {"path": "a009c5f14d4d0bb5ca875164cffbd6ab_4.wav", "text": "Our first priority during these disasters was, of course, the safety and well-being of our associates and the affected communities, and we're happy to share that all of our associates are safe even though some of them suffered material losses.", "duration": 12.72}, {"path": "bc3fa49aaccfacb1392855627864851e_82.wav", "text": "given what we talked about in terms of where we expect the first quarter closings to be. So given the first quarter start, we'll see a little bit more leverage in the back end. But overall, for the year, we think we'll be", "duration": 12.72}, {"path": "3d3b327645f62f252bb876e5bb4a9259_108.wav", "text": "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 you're having a sort of a drive off problem.", "duration": 12.72}, {"path": "6760f7edfb883104c8c655c4671646e5_45.wav", "text": "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 of Knoxville after the close.", "duration": 12.72}, {"path": "7498a6630302a038bd537d192c3a44f4_103.wav", "text": "And then there is a set of -- beside the unusual items, there's 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.", "duration": 12.72}, {"path": "0fa398ef99a7a936fc1e509dacaaadde_146.wav", "text": "wherever they are. And then I'll wrap up my remarks on Page 9 with some operational developments that have a direct impact on growth for us. And I'll start with just a bit more color on Liberty 3.0. And I said before,", "duration": 12.72}, {"path": "3e29586725757a72d8c143f3da2658f5_94.wav", "text": "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're at the same time last year.", "duration": 12.72}, {"path": "d5fb88dba0740bc906c5127e05592f95_16.wav", "text": "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", "duration": 12.72}, {"path": "82ccbfb62e125b146fba0f8e4347cc62_94.wav", "text": "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,", "duration": 12.72}, {"path": "1353031386f884a821e7e9bab449727d_121.wav", "text": "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", "duration": 12.72}, {"path": "ea80970d6b8e6fab10c4500aa7298914_124.wav", "text": "Within power generation, we continue to face challenges related to demand with Industrial gas turbine market as well as a drop-off in volume tied to renewables penetration and greater energy efficiency.", "duration": 12.72}, {"path": "e0d1342ad3d27fd648b708837de08797_95.wav", "text": "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,", "duration": 12.72}, {"path": "5c601f5318d5dcbe20fdd78f19c2b277_12.wav", "text": "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 B-Piece investment,", "duration": 12.72}, {"path": "ae5a41fe3b3d515713608c5ac878eed3_149.wav", "text": "Stripping these out, the Dutch revenue trend was in line with last quarter and adjusted EBITDA relatively flat. Jan Kees will elaborate further on this later in the presentation.", "duration": 12.72}, {"path": "64364105b816dd0b6a029e9cd210e65b_28.wav", "text": "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.", "duration": 12.72}, {"path": "4ee3c79ebc57c9870b221b9479d52436_20.wav", "text": "Moving to Page -- to Slide 17. As we have already noted, last year, we noted that we were coming off the back of a significant period of expansion for a number of customers,", "duration": 12.72}, {"path": "3e42c35588dc721e96280bc039e96c8d_100.wav", "text": "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,", "duration": 12.72}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_165.wav", "text": "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.", "duration": 12.72}, {"path": "49dfadfb9a3d4d27ac250602928cf9ea_118.wav", "text": "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 them a certain degree of autonomy", "duration": 12.72}, {"path": "ddabb30d106a115232a49981d62da464_29.wav", "text": "and its ability to provide us with the expertise around managing from a public market -- publicly listed entity, private market investments.", "duration": 12.72}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_241.wav", "text": "We've gone through -- the industry has gone through a very large number of repricings for all the reasons that I've outlined earlier in terms of the pressure that clients are under.", "duration": 12.72}, {"path": "c71a6ab1a0697010811c89200ab21613_141.wav", "text": "Furthermore, as the company's 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,", "duration": 12.72}, {"path": "abd571ccf777ac4b0a43a7487031bc8a_216.wav", "text": "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,", "duration": 12.72}, {"path": "ef7e77f6a5983826d0eefe75f7832ce6_43.wav", "text": "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.", "duration": 12.72}, {"path": "77423f08f0208d476dea73c639f6293a_201.wav", "text": "led that provided so much free media. It's hard to imagine that there's anybody out there who would be as shocking and also has decades of being famous.", "duration": 12.72}, {"path": "538323cb37246bc97d1253b369a7414a_109.wav", "text": "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.", "duration": 12.72}, {"path": "6fe1a71311b4937268b4c0332dc7c11f_110.wav", "text": "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 we're thinking about the cadence right particularly", "duration": 12.72}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_27.wav", "text": "how you choose what brands you want? Well, I mean, you try to get a shortlist that's in categories where brand plays an important role, that it's relevant to not only the business we're in today but where we want to take the business.", "duration": 12.72}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_156.wav", "text": "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?", "duration": 12.72}, {"path": "0db5ec7ab57d41c0bea4a8ee98a083eb_146.wav", "text": "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", "duration": 12.72}, {"path": "76b892bf017891d7028256847747227c_36.wav", "text": "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.", "duration": 12.72}, {"path": "3fb901e6b501ddced60226a13ebef4af_20.wav", "text": "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.", "duration": 12.72}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_143.wav", "text": "He and I are fully aligned on our vision for Univar's future and how we will get there. David is the perfect person to partner with me to accelerate profitable growth around the world.", "duration": 12.72}, {"path": "77f146e76d89a5be785a39ab23dfa763_191.wav", "text": "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?", "duration": 12.72}, {"path": "3fdd473d50d412b8ff0b4fd51b3e97eb_72.wav", "text": "our outlook for the rest of the year. We'll cover some specifics on our 2 platforms, followed by selected highlights from our financial statements, our liquidity and our cash flow. Afterwards, we'll open up the call for your questions.", "duration": 12.7199375}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_173.wav", "text": "our peers. We're exposed to more of those end markets and device types. And the guidance we have reflects our view of the world and the conversations we're having", "duration": 12.6900625}, {"path": "485e97686e9a27d2df5b3fc02106e3d4_147.wav", "text": "I will outline for you how this is lining up for a beautiful choreography of releasing 3 key sets of top line data in quick succession starting in the coming year.", "duration": 12.69}, {"path": "a20052a04bcb5b7b8d242a21c859550d_32.wav", "text": "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, it's an amazing transition when you go from", "duration": 12.69}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_14.wav", "text": "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,", "duration": 12.69}, {"path": "ab861b81968e1b5fcb606ed886919d68_69.wav", "text": "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", "duration": 12.69}, {"path": "a95a220f118ae793c89d6d708e62cf8a_211.wav", "text": "explicit. And you will see that in all 3 business sectors, we have a clearly over-proportionate impact on the bottom line compared to the top line effect, which by nature, drives down the margin.", "duration": 12.69}, {"path": "6388da88b00ebc88af59435bdac74132_106.wav", "text": "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.", "duration": 12.69}, {"path": "3cb802f8fba7d33603c29387ccdaf817_151.wav", "text": "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?", "duration": 12.69}, {"path": "f0dd7e4dad969b480d0d2a70609aedba_116.wav", "text": "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 the", "duration": 12.69}, {"path": "2f888e63a31b86cc2f4f97710e8eed79_236.wav", "text": "In SME, we focused 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.", "duration": 12.69}, {"path": "1f1b29266d2cede9b8f0f06ca57aae17_72.wav", "text": "on both the labor and food cost lines? I'm just curious how quickly we can see those benefits. Jack, if there's anything you can tell us about the cadence in which you'd expect to see some of those initiatives pay some dividends for you guys.", "duration": 12.69}, {"path": "718a89dc503706eae0091bcd9410d567_69.wav", "text": "partially offset by higher EBITDA from the unconsolidated affiliates due to placing TransPecos and Comanche Trail into service and higher natural gas sales from pipeline optimization activities.", "duration": 12.69}, {"path": "a6f6cb3405d8a18e23d133aa8f4f6390_83.wav", "text": "especially the long-term contracts are very often international contracts and there usually the competition is not as strong as we see some of our domestic German business.", "duration": 12.69}, {"path": "7e14890193df4b10e1eeab6ab886529f_91.wav", "text": "We plan to leverage new tools to make our meetings more integrated with our vision for the future, better utilizing technology to simplify the check-in process and finding other ways to support our team", "duration": 12.69}, {"path": "67716cee321d117b0318930dd142f06a_231.wav", "text": "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.", "duration": 12.69}, {"path": "145244b0378e6657d456cffca8bbc982_49.wav", "text": "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,", "duration": 12.69}, {"path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_78.wav", "text": "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.", "duration": 12.69}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_286.wav", "text": "our learning experience platform in the middle of last year. We then rolled out our Content Anytime subscription at the end of last year. We've seen really good demand", "duration": 12.69}, {"path": "a24a661c2eb55542903c72391ec09f9b_95.wav", "text": "and with further clarity on the sparsentan pathway, we are prioritizing potential transactions to build a sustainable portfolio to serve rare disease patients. I'll now turn the call over to Laura to give you the financial update. Laura?", "duration": 12.69}, {"path": "0f4370b614f29bd596e4f6871cc77864_256.wav", "text": "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", "duration": 12.69}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_38.wav", "text": "to Fisk Electric, Becho drilling and Desert Mechanical with their appropriate margins. So these jobs have a profound impact on our operation", "duration": 12.69}, {"path": "95d5af9f7ffd8af7b47b56baff4f5b0c_3.wav", "text": "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.", "duration": 12.69}, {"path": "da14df2e02d11f6f8599533d9d57faee_161.wav", "text": "Our significantly expanded customer base will provide scale and more revenue opportunities for our digital courseware and LoudCloud services, including highly demanded analytics.", "duration": 12.69}, {"path": "636d6909fbd8656f88f72f66a3a162ff_68.wav", "text": "I would tell you as you look out over time, absent any new technologies, those numbers start coming down because we pretty much saturated the market with things like LED lighting and more efficient appliances and things like that. So", "duration": 12.69}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_42.wav", "text": "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 don't need it or don't want it. So", "duration": 12.69}, {"path": "b8cbc11bbdc49ca206588e2a99b0f733_92.wav", "text": "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.", "duration": 12.69}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_188.wav", "text": "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", "duration": 12.69}, {"path": "8fd0d858dd99b5b6291eafc83e9a604d_130.wav", "text": "thought and questions about some of our business from those listening in. So maybe Jord we can open the phone lines up and answer any additional questions that investors", "duration": 12.69}, {"path": "6a372ea97b0b130a4d37f16b54d97909_208.wav", "text": "Once we better understand the impacts of our go-forward services strategy, we'll have a clear insight into 2018 revenue trends and will communicate that detail with you as soon as possible in the coming months.", "duration": 12.69}, {"path": "f23036451aab1cb9d659c3ac9a23825c_54.wav", "text": "Before we begin, let me remind you that certain statements made on this call may constitute forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ from those that the company expects.", "duration": 12.69}, {"path": "ea60900258f99d1003ab247c506e42d9_61.wav", "text": "I'm 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.", "duration": 12.69}, {"path": "53889f50eda8b316a01a3df89d226e7f_19.wav", "text": "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.", "duration": 12.69}, {"path": "9098e5640309f25da0d4dfa04789a36f_109.wav", "text": "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.", "duration": 12.69}, {"path": "f1da65edd5f2026ffd647d496bb96ce7_29.wav", "text": "with a full solution to the problems that they're facing. And in my past experience, both at Premier and in McKesson, many of these issues are the same ones that they've been dealing with for many years.", "duration": 12.69}, {"path": "cbdc44c5f09baa21b5979beaf7f1e1e4_44.wav", "text": "So as we look at the export, obviously, the netbacks are extremely challenging right now, and we're going to be disciplined with respect to how we look at those. We do have", "duration": 12.69}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_112.wav", "text": "So I would kind of label this as periodic business as usual, meaning that periodically, we look at our requirements and we're continually raising the bar as we go forward.", "duration": 12.69}, {"path": "73c60e60043b8775dac929320839a8c6_5.wav", "text": "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.", "duration": 12.69}, {"path": "939c2eaaa171907197a14e58cea3514d_126.wav", "text": "And as you 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.", "duration": 12.69}, {"path": "c40b5d1a13169c5acf69590932a56f98_34.wav", "text": "and building up in inventory prior to final inspection and approval that will give us the ability to expand our service levels", "duration": 12.69}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_218.wav", "text": "that will determine whether the start contains in addition to the constraints that you talked about. And just those number of variables, I don't know that it's prudent for me at this point", "duration": 12.69}, {"path": "059024560d9d1039cf08746ee7393114_53.wav", "text": "The execution of these actions was accelerated into the first quarter, and the financial benefits recognized earlier in the year than were originally contemplated.", "duration": 12.69}, {"path": "7cc11de7f206c637e6293da0d956405e_183.wav", "text": "We see it in a greater number of customers entering our active tradings here, an increase in new customers trading options, and ultimately, in our strong growth in DARTs and our outsized improvement in derivatives trades,", "duration": 12.69}, {"path": "a009c5f14d4d0bb5ca875164cffbd6ab_36.wav", "text": "also higher conversion rates, in fact, 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", "duration": 12.69}, {"path": "22a55e362dd67dc8f7cd40f7ec8d62c1_210.wav", "text": "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", "duration": 12.69}, {"path": "6709c061d39d0e433079f84160f11c80_256.wav", "text": "aren't targeting big allocations to cash because even though cash returns have come up, they're still significantly below longer term, either equity or fixed income assets.", "duration": 12.69}, {"path": "6709c061d39d0e433079f84160f11c80_61.wav", "text": "foundation of this is to put idle cash to work and to eliminate cash drag, even if it's temporary, as rates rise, does that start to just become a", "duration": 12.69}, {"path": "3877b1983229ec488c6349a188bccf92_68.wav", "text": "The broad-based growth across the business and the 3 focus areas demonstrates the consistent and effective execution of our strategy through our 6 execution priorities.", "duration": 12.69}, {"path": "7498a6630302a038bd537d192c3a44f4_154.wav", "text": "These include improving store performance, strengthening our value proposition to our customers, ensuring responsible compliant sourcing and expanding the business.", "duration": 12.69}, {"path": "e7d23208b973f7998b2fb21a00d87849_52.wav", "text": "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.", "duration": 12.69}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_164.wav", "text": "my revenues come down. The beauty of all that is, is that's our model of alignment, and so our patient costs go down, our client costs go down and our shareholder value goes up, and that's what we're all about.", "duration": 12.69}, {"path": "4311782968e936c378fdee8946cd9cca_46.wav", "text": "Our guidance assumes a slight increase in retention and an increase in graduates between 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", "duration": 12.69}, {"path": "75b064acca5b532722510ac0b9b0822e_14.wav", "text": "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.", "duration": 12.69}, {"path": "09b5b62d328d3d0719b6825357fdfb48_116.wav", "text": "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,", "duration": 12.69}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_262.wav", "text": "We have a responsibility to our consumers and our shareholders to make sure that we have the capabilities to perform. And that's exactly what we've been focused on.", "duration": 12.69}, {"path": "812d8f09b72b4d410d138d3b24caebbc_81.wav", "text": "I know it's hard to predict this sort of thing in the past when there's been destocking. Yes, usually that's about a quarter. What makes you comfortable that this Asian beverage situation is", "duration": 12.69}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_54.wav", "text": "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. He's on the phone and talk about the ag business. Okay.", "duration": 12.69}, {"path": "ed2810b765143f8341dcc8e8c14c27f1_119.wav", "text": "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?", "duration": 12.69}, {"path": "e35fae1d3df1f7aeda409f90f200ec7b_12.wav", "text": "It is a good example of how successful local innovations can be picked up and rolled out globally. In fact, these innovations like Cif are now in 15 markets or more.", "duration": 12.69}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_83.wav", "text": "a bit slower because the amount that we already repurchased is enough to fund the company in the long run.", "duration": 12.69}, {"path": "ee17f090e669ff9029bd1dc57db6e43e_131.wav", "text": "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.", "duration": 12.69}, {"path": "d1c4d16bfe8ceadd0ab1356305ca749b_38.wav", "text": "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", "duration": 12.69}, {"path": "2cd5b184c2ef6624ce219830182927c9_123.wav", "text": "how doable it is. So I think you'll find that all of us really feel very good about where we're going, how we're going to get this done and that it's just a very solid opportunity for us.", "duration": 12.69}, {"path": "6a45749d272884d2809fa70f7807250c_60.wav", "text": "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.", "duration": 12.69}, {"path": "0f8a61f667edd9a400d7abe2a7908a9e_62.wav", "text": "As you know, we have a unit in Ireland called EirGen, which is especially equipped to make very potent chemicals that need to be handled in special ways.", "duration": 12.69}, {"path": "3d0f5785f81125b6efa2339a4aef56aa_21.wav", "text": "There'll be always a bit of ramp-up as we go. So the first, call it, the first part of that contract will be in that ramp-up phase. Then it'll run relatively steady state for a good chunk of it and then ramp down at the end.", "duration": 12.69}, {"path": "4fafe8c628e676ca508b37756da75419_12.wav", "text": "The DRIP program enables shareholders to acquire additional subordinated voting shares from Cara by reinvesting all of their cash dividends. The shares purchased will be issued at a discount from the market price of those shares.", "duration": 12.69}, {"path": "77423f08f0208d476dea73c639f6293a_235.wav", "text": "closed them on January 1. There's a couple of main drivers in the guidance. First of all, we've made some comments during the quarter that January got off to a slow start.", "duration": 12.69}, {"path": "bcb3aac2c7cc035961d9ee8cfd330044_75.wav", "text": "The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.", "duration": 12.69}, {"path": "e43b90b4488b47b5e2cc96b57863bc19_9.wav", "text": "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.", "duration": 12.69}, {"path": "e43b90b4488b47b5e2cc96b57863bc19_16.wav", "text": "However, we feel very confident that we have high efficiency and lower costs than some of the current public providers of the same services.", "duration": 12.69}, {"path": "a85c54c77dd2524eedab1287ea3ceff4_10.wav", "text": "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.", "duration": 12.69}, {"path": "16c235a53fc719ec92ef3b3c3b371150_191.wav", "text": "you guys know this. I mean, the ERCOT weather can change on a dime. And so we want to -- I think it's prudent for us not to do anything yet on full year guidance, and we'll have a lot to talk about at the Q3 call around that.", "duration": 12.69}, {"path": "1bee232b4d03ce3a6f424bb7891581a2_49.wav", "text": "Thank you. Fiscal 2016 was a rewarding year in which the hard work, difficult choices and strategic decision-making of the past few years has lead to a significant improvement in our financial performance", "duration": 12.69}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_118.wav", "text": "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.", "duration": 12.69}, {"path": "a9ff9f85f03afdd2d13b76e14060b31d_141.wav", "text": "Customers are signing up for our Early Adopter Program for Blackbaud Cloud Solution for Faith Communities and the Church Management components, which will be available next year for general availability.", "duration": 12.6899375}, {"path": "94fdf7b24748a7706b1097482a0f363a_70.wav", "text": "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.", "duration": 12.66}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_87.wav", "text": "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.", "duration": 12.66}, {"path": "abd0f750609f1263b566f0c09b981a16_119.wav", "text": "we can sell the assets at the right price, redeploy the capital appropriately. We're obviously sitting on a fair amount of cash currently and so the balance and timing of that is something that we're taking into consideration as we look at how to", "duration": 12.66}, {"path": "e824f4380f8203a1e3ed60e7da1e39e5_71.wav", "text": "certain clients that want to just write a check and put the case behind them, and don't necessarily feel at this time a subscription is. So it is a little bit more difficult to know in any 90-day period", "duration": 12.66}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_218.wav", "text": "This kind of momentum in revenue growth was also reflected in the segment income, where the income growth was larger than the revenue", "duration": 12.66}, {"path": "39e5706898dcaf14a280b3a123877cd6_230.wav", "text": "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", "duration": 12.66}, {"path": "0ee490f8688669984ae17a737590f7b5_59.wav", "text": "potential 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 was a big election issue in Ontario, but have you seen any change in utilities cost", "duration": 12.66}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_22.wav", "text": "beyond the major OEM that we're 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 they've targeted is", "duration": 12.66}, {"path": "e26b501c6e000fdaa11edde97cc71436_107.wav", "text": "than they would have before. In fact, there's 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.", "duration": 12.66}, {"path": "7ca9a48938902d0c64c2ab9eb299497e_11.wav", "text": "With this dividend increase the board wants to convey a positive outlook regarding the resolution of some of the last remaining waivers.", "duration": 12.66}, {"path": "e743ddc0caabaebf5e9a6568eaef8334_125.wav", "text": "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,", "duration": 12.66}, {"path": "c6447babe88f061184d64309eebb8629_158.wav", "text": "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,", "duration": 12.66}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_128.wav", "text": "I think there's no question that they're 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.", "duration": 12.66}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_19.wav", "text": "as well as higher employee-related expenses associated with increased headcount necessary to support the company's growth, partially offset by lower platform related expenses.", "duration": 12.66}, {"path": "9ab2e6eb9debfae2de541ba645bfd265_46.wav", "text": "We're in the mix. We're 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,", "duration": 12.66}, {"path": "38b2f94da12bbf2d32246763aab8265a_45.wav", "text": "to retain a 5% buffer in terms of our equity, in terms of our talks or the analysis that we're doing right now, if this were to materialize.", "duration": 12.66}, {"path": "e60f6485243932b9280d864cb17a6ba8_118.wav", "text": "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.", "duration": 12.66}, {"path": "2f52e3495f64a67b885c0d35be2e8dce_45.wav", "text": "So we're 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", "duration": 12.66}, {"path": "58ff8a727ec4f3859407b64f08246759_9.wav", "text": "We are also making good progress on our flexible robotics platform, first targeted to address the acute need in diagnosis of lung cancer, one of the most commonly diagnosed forms of cancer in the world and for which early detection is important.", "duration": 12.66}, {"path": "f23036451aab1cb9d659c3ac9a23825c_38.wav", "text": "We also saw trends in our full-price 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.", "duration": 12.66}, {"path": "b305bff75f28d238f0bd7da5bd4f13b8_12.wav", "text": "which was the litmus test we wanted to use to see if the restructuring was successful, and we're now getting back into a growth phase. So overall, pretty good showing here of our retail business.", "duration": 12.66}, {"path": "1968062b387ef01efed18108be2dc264_18.wav", "text": "much better processes in place than we certainly had 2 years ago as it relates to managing our working capital. It is the key emphasis for the business, and we also operate under a", "duration": 12.66}, {"path": "e6c0fa1068c28557c3e17e0d02b831b1_128.wav", "text": "As we have stated on previous calls, we believe our non-Harvey market performance is the best indicator to use when analyzing our retail business during the quarters impacted by the hurricane.", "duration": 12.66}, {"path": "191c819db03c2dfd0207cd1f42e278a4_32.wav", "text": "right? We're 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. There's still some work to add talent in there by geo.", "duration": 12.66}, {"path": "ab4dae37361262d727d1d2f8f78765d5_35.wav", "text": "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", "duration": 12.66}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_117.wav", "text": "To enhance governance, we'll implement responses to our corporate governance code and enhance our director monitoring functions. This will increase accountability for our group corporate value.", "duration": 12.66}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_63.wav", "text": "On the 48-volt 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.", "duration": 12.66}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_108.wav", "text": "and not really being affected by the fact that somebody has 2 or 3 product lines that they're selling together to a customer. That's been at least my experience. So I don't think that's going to have a", "duration": 12.66}, {"path": "53889f50eda8b316a01a3df89d226e7f_38.wav", "text": "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.", "duration": 12.66}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_70.wav", "text": "Although we've 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.", "duration": 12.66}, {"path": "ea7f210b3c08271afbdb6d434b8394e9_39.wav", "text": "We have the flexibility to direct the resulting surplus cash to further debt reduction, expand the capital program, make value-adding acquisitions or potentially to increase the dividend under the right circumstances.", "duration": 12.66}, {"path": "e16c49bab0eeda53f9fd5b3d0f599149_60.wav", "text": "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.", "duration": 12.66}, {"path": "1949bd0c9c4c23d495d880c4c552bfe1_138.wav", "text": "Before we begin, we must state that today's call does contain forward-looking statements, including statements concerning future revenues and costs, forecast of capacity traffic, load factor, fleet plans and fuel prices.", "duration": 12.66}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_205.wav", "text": "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?", "duration": 12.66}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_135.wav", "text": "and around 70% of which are over 20 years old. With high levels of homeownership and the strong emotional connection to the home, we continue to see that our consumers invest in brands and products they trust,", "duration": 12.66}, {"path": "189b20e7b975130ca5abd0e419e54908_64.wav", "text": "excluding the impact of On Time, the business -- the broader business has really performed well in this kind of crazy economic environment in which we're operating in.", "duration": 12.66}, {"path": "ab3354b86be920cde18291112bf8a70a_82.wav", "text": "Of course, it always looks at what the seller is looking for. And we want to make sure that it's appropriate for us what the seller is requiring versus just the idea that we can do an acquisition.", "duration": 12.66}, {"path": "28d675c77a4b2269c1c1460ad3e56250_80.wav", "text": "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 Rico's economic and fiscal challenges.", "duration": 12.66}, {"path": "130e8e56c1afa2419fd0c08708261824_165.wav", "text": "the outline box demonstrates the amount of capital that would be required for an increase. But it's important to note, any increase in the premium reduces the amount of the increase in the capital. Because", "duration": 12.66}, {"path": "7f8f04a414dbef2f3adbb2b33bbcda66_39.wav", "text": "Definitions and reconciliations of differences between GAAP and non-GAAP financial measures are provided in Appendix A of both the earnings release and the prepared remarks.", "duration": 12.66}, {"path": "3877b1983229ec488c6349a188bccf92_149.wav", "text": "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.", "duration": 12.66}, {"path": "c36ef43210d40b0d1ad8f2acc597c76b_6.wav", "text": "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 30-patient safety lead-in to", "duration": 12.66}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_49.wav", "text": "Additionally, there's more opportunity to optimize our logistics and supply chain to deliver stronger bottom line performance and a better end-to-end shopping experience. We have solid plans and execution paths for both.", "duration": 12.66}, {"path": "2a7af3c66762ce608379005a3d7bfa96_24.wav", "text": "We're in the middle of bid season. And in March, we saw volume decline in more pricing pressure. So we're trying to be realistic about our expectations than we'll have more insight when we report on the second quarter in July.", "duration": 12.66}, {"path": "c9c6437fdff6eb69b8bca5fb3b2f14df_138.wav", "text": "Before we start, I'll remind you that our remarks include forward-looking statements. There are a number of risk factors that could cause Super Micro's future results to differ materially from our expectations.", "duration": 12.66}, {"path": "ee00ebd8d782e8f124b3e142cbb74f37_6.wav", "text": "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.", "duration": 12.66}, {"path": "94f601dc7b34ad38667e3b714aa89d35_70.wav", "text": "This supported demand environment was reflected in our results for the quarter. We were very encouraged by the magnitude and broad-based nature of our sales and order growth this quarter, both of which achieved record levels for our business.", "duration": 12.66}, {"path": "9908957f60adff5efc1c8692a0f5ab38_119.wav", "text": "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.", "duration": 12.66}, {"path": "5c601f5318d5dcbe20fdd78f19c2b277_180.wav", "text": "So what we don't want to do is, we don't want to chase volume. I think what we're mostly focused on is being really, really efficient. So some of the metrics we'll talk about is capital and turnover", "duration": 12.66}, {"path": "ecc871b8f89a858d952f554f1ca8f7da_86.wav", "text": "we believe that when they need more capacity, they will buy newer generation equipments. So some of that's already happening. We think that there will be a replacement cycle created", "duration": 12.66}, {"path": "3f6641f7d8f1ab845ad4f637cfb35109_30.wav", "text": "Regarding the economics of the acquisition, Thad has already discussed how we redeploy capital from wholesale generation into retail, tripling the EBITDA on a similar amount of net capital deployed.", "duration": 12.66}, {"path": "3f6641f7d8f1ab845ad4f637cfb35109_150.wav", "text": "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.", "duration": 12.66}, {"path": "b3e9a3bbebcc4111afca87b4cadf58bf_93.wav", "text": "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, that's the expectation?", "duration": 12.66}, {"path": "b0d88c0f1efca89ecb928172341dc75d_211.wav", "text": "The Foodservice business was further impacted by the sale of the Trenton facility. Excluding the hurricane and Trenton impacts, Foodservice net sales would have been approximately flat versus a year ago.", "duration": 12.66}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_267.wav", "text": "we positioned ourselves as a company that understands the space really well and then understands how to leverage the data that this company was generating is what helped us stand apart.", "duration": 12.66}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_91.wav", "text": "I would rather have you assume that we will not have a very significant margin growth. There may be some variation in the margins because", "duration": 12.66}, {"path": "6299a010c7bb84feaf14b263750dbd1a_43.wav", "text": "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?", "duration": 12.66}, {"path": "e21fc19597d349bcd86de1329167659b_24.wav", "text": "which gives a certain confidence because we have the orders on hand. But of course we have to do a good job now to make sure that customers are happy and that we can deliver on time.", "duration": 12.66}, {"path": "411bdacf05f84134fc80b874a15cf3b7_226.wav", "text": "to specific parts of the market and getting access to that. And actually, saving overheads because we don't need to send physical sales forces there but it's not a standalone business. That's why we would rather say the", "duration": 12.66}, {"path": "411bdacf05f84134fc80b874a15cf3b7_258.wav", "text": "At lower cost, we have already created more than 600 pieces of video content. It's currently an output of 20 piece per day and will get beyond 40 on a daily basis by the end of the year.", "duration": 12.66}, {"path": "f88c5f000050c9f72aa383f71d97ffe7_41.wav", "text": "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.", "duration": 12.66}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_214.wav", "text": "We've 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 for those thought leaders who wish to start programs", "duration": 12.66}, {"path": "180077e2b9e63b7d2a27a3730349530d_52.wav", "text": "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?", "duration": 12.66}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_60.wav", "text": "if our country is to continue to grow air travel. And people want to fly, so I think that's -- we need to keep our eye on the ball and worry less about some of the other politicking that's going on. And", "duration": 12.66}, {"path": "77423f08f0208d476dea73c639f6293a_224.wav", "text": "Like many Gray stations, each of these new stations can also boast that it has been the most-watched television station in its respective market throughout all of its weekday local news time slots.", "duration": 12.66}, {"path": "77423f08f0208d476dea73c639f6293a_78.wav", "text": "and these stations already are integrating nicely with our Anchorage television station, KTUU, which is the dominant television provider for nearly the entire state of Alaska.", "duration": 12.66}, {"path": "24c7526f6daca8e16ab91bea6124148a_3.wav", "text": "of 1995. Our statements may be affected by certain factors, including risks and uncertainties, which are discussed in detail in the company's filings with the Securities and Exchange Commission.", "duration": 12.66}, {"path": "76c04b0646e881995fdd48aa58abee4c_36.wav", "text": "be more of a format of the Seeking Truth-type show. So those are a little bit more in terms of dollars to produce some, but less in terms of the number of titles than we would do with the Yoga practices.", "duration": 12.66}, {"path": "0e410ca71e50235e520d5af32ce0f54a_153.wav", "text": "you start to get into the detailed design and execution, you find natural opportunities to do things. I suspect we will have some capacity creep on the unit.", "duration": 12.66}, {"path": "365c360aff42713cef71a7d026eeeb6d_192.wav", "text": "many of the rules haven't changed around ACA, it has been -- some of it has been defanged, and you're getting, I think, the outcome that you would expect if you are taking away", "duration": 12.66}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_179.wav", "text": "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.", "duration": 12.66}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_182.wav", "text": "With hindsight, we now believe the increase promotional cadence over the last 4 quarters leading up to the Black Friday holiday weekend likely alienated many of our Pro customers.", "duration": 12.66}, {"path": "ec81096e007f2e89de94b49db12d11bb_43.wav", "text": "While revenues were down, gross profit was comparable between years, as benefits from reduced product cost and a favorable shift in sales mix to higher margin and higher priced products offset the impact from lower sales volumes.", "duration": 12.66}, {"path": "1bb9219ad31877175e18e8e48ff2f63c_16.wav", "text": "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 also celebrated our 20th anniversary in August.", "duration": 12.66}, {"path": "a4d3f12bcd4bd2b79c885714ce84ab4f_52.wav", "text": "A portion of that increase was at Omega for some projects that we did for Fort Leonard Wood. But then we also had higher cost at MoGas during the quarter for planned pipeline integrity maintenance work that we did on their system.", "duration": 12.66}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_84.wav", "text": "in key product lines such as launch vehicles and aero structures, tactical munitions and ammunition, and satellite deliveries and launches. We have a tremendous team, and I'm proud of what they are doing for our customers.", "duration": 12.66}, {"path": "da14df2e02d11f6f8599533d9d57faee_179.wav", "text": "accessible textbooks and course materials, including digital content. And through our ability to serve as an academic and social hub on campuses nationwide.", "duration": 12.6599375}, {"path": "b092d2be33ad52beefab208355b18235_134.wav", "text": "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.", "duration": 12.6300625}, {"path": "da879f8ea1c23aa6565cccaacac271fc_158.wav", "text": "As was the case in the third quarter, sales in Japan continue to decline moderately. But when looking at Asia in total, higher revenue in China more than offset the decline in Japan.", "duration": 12.6300625}, {"path": "a0e8f9500edc41a227b8d67235bf7753_48.wav", "text": "weather. The lower 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.", "duration": 12.63}, {"path": "485e97686e9a27d2df5b3fc02106e3d4_115.wav", "text": "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.", "duration": 12.63}, {"path": "485e97686e9a27d2df5b3fc02106e3d4_159.wav", "text": "thus explaining the rapid and durable benefit of reducing proteinuria that we have seen in both animal models and in humans.", "duration": 12.63}, {"path": "5111fdad778749872c23e78c9b0d653b_62.wav", "text": "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.", "duration": 12.63}, {"path": "a683f40be39761f8e66786d7c0b64134_59.wav", "text": "then the increase of interest rates should last at least several half years before we have to register something in terms of accounting.", "duration": 12.63}, {"path": "2f888e63a31b86cc2f4f97710e8eed79_23.wav", "text": "The technology developments allows us to look at fixed and wireless more and more integrated, and are providing us with more options in our rollout decisions.", "duration": 12.63}, {"path": "223f05c0b9b116532e9af84afa76cac7_80.wav", "text": "buying and selling. I think there's a lot of things that 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", "duration": 12.63}, {"path": "232edaebd93a3d8673bce183d269ad6d_106.wav", "text": "We became a publicly traded company in July of 2006. We thrived during the recession. We raised capital in 2 days and bought failed banks over a period of several years. It changed our corporation forever.", "duration": 12.63}, {"path": "570faeed3dcfa26c6246dc42309025ad_222.wav", "text": "When you look at the year, we actually continue to grow volume on a same-store basis. So I think we're growing share, and I think convenience continues to grow share versus other channels in the tobacco category.", "duration": 12.63}, {"path": "1b91eb82f5211000e711424657cc2484_19.wav", "text": "as more of our new funds are in long-dated, closed-end or permanent capital funds in proprietary strategies like direct lending, structured credit and corporate real estate and infrastructure private equity,", "duration": 12.63}, {"path": "2fc915b996c687200d995736980aae9a_140.wav", "text": "we're no different than anybody else. April was a very difficult month at retail. With the shift of Easter and everybody participated, and that's why we had such a good first quarter. We had very difficult comp store gains. But the strongest", "duration": 12.63}, {"path": "957e0f876f9a4af9b498c19843675474_43.wav", "text": "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.", "duration": 12.63}, {"path": "8292bdb9af87f10627c044f3842b2c76_49.wav", "text": "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?", "duration": 12.63}, {"path": "e26b501c6e000fdaa11edde97cc71436_40.wav", "text": "And the idea of the portal is that our customers, for anything that we do, will be able to go in and self-implement and buy, if you will, or try any of our other applications.", "duration": 12.63}, {"path": "839852ec8452dbd90e9341d15cbba7c5_70.wav", "text": "from a gain on sale of the NexTraq business, partially offset by an impairment charge resulting from changes in our investment arrangement in Masternaut that caused a change in our accounting from the equity to cost method.", "duration": 12.63}, {"path": "1b1699497be56330b3ed833f22bc63f6_137.wav", "text": "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 mid-September at our Chicago office.", "duration": 12.63}, {"path": "a3c389b6f737603969fd26408544747f_4.wav", "text": "We continue to remain encouraged by the amount of interest that exists for our brands, both domestically and abroad. And we are excited about the pipeline of growth that we are building for our company.", "duration": 12.63}, {"path": "4032bfdd59881fc6506c082737cb5a99_107.wav", "text": "Although we have enjoyed a good relationship with Salt Lake City and it having been an attractive venue for the show for many years, we're finalizing plans to relocate the shows to another host city in a different state.", "duration": 12.63}, {"path": "d4ad91ac3b9c1832b95aa346c8c84b46_8.wav", "text": "some stand-alone restaurants and some addition of this iconic automotive-themed brand to travel centers, particularly where we think we can attract significantly more local business than we're seeing today.", "duration": 12.63}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_40.wav", "text": "As I've mentioned before, while the post offices are not necessarily helpful to sales within -- for the stores in which they are located, particularly for backlist books, which is most of the space comes from,", "duration": 12.63}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_147.wav", "text": "we don't think that banks will just sit there and absorb the cost themselves. So we do have to see some repricing. And we are relatively well-positioned because of our -- the breadth and diversity of our businesses.", "duration": 12.63}, {"path": "257e4e92036da9582a8a288c88332ff3_203.wav", "text": "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.", "duration": 12.63}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_79.wav", "text": "memory and foundry spend. And so I think that's a pretty strong statement from an end-market standpoint that the industry is evolving in ways that I think will accrue benefits to us going forward.", "duration": 12.63}, {"path": "ee640f0dcb9928c0bdd795eddbeac7c0_2.wav", "text": "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 let's not forget, this assembled management team has only been together for 2 full quarters.", "duration": 12.63}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_56.wav", "text": "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.", "duration": 12.63}, {"path": "6933d49d1af6eb4613a4f75bf37d00e1_109.wav", "text": "we don't believe it's their intention to renew. So I think that's quite clear. And what's also clear is what we've talked about on the actions that we're taking and the alternatives that we've had. I think the specifics of", "duration": 12.63}, {"path": "132abea68f255eb89160dde90b6d3b80_28.wav", "text": "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.", "duration": 12.63}, {"path": "616e9ba16db091317ae4d96e877a9bbe_18.wav", "text": "As these funds mature and generate strong incentive fees near the end of their fund life, we expect that overall incentive fees will moderate and equity earnings will normalize to historical levels.", "duration": 12.63}, {"path": "4e04d3229b988f1db5b842ac5b993894_184.wav", "text": "I don't 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 at this point.", "duration": 12.63}, {"path": "b96165244f010b3f1e61cbbc5e504d96_198.wav", "text": "So that's one thing. The other thing is, we have some tender timing, not lost tenders, but just tender timing that's going to push us towards the back half of the year where we thought we're going to get those earlier in the year.", "duration": 12.63}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_133.wav", "text": "If you look beyond those items, our underlying results benefited from the strong equity markets, and we continued to show modest underlying growth in revenues and reasonable profit growth across the firm.", "duration": 12.63}, {"path": "08ed60a546bd48af9db028c4e3c8af26_62.wav", "text": "reserve assets, but there's no connection between those 2 numbers. The objective over time is to reduce the assets in a wise way that are", "duration": 12.63}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_144.wav", "text": "in addition to our own e-commerce business. We believe the completion of this strategy allows our company to become the most comprehensive retailer of outdoor products anywhere.", "duration": 12.63}, {"path": "9b93af1e7019959620214c387f283d8e_75.wav", "text": "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 we're talking about 4 weeks and maybe even less than 4 weeks to get them live.", "duration": 12.63}, {"path": "98f10f0935e5b778e888a1b8130a3d31_249.wav", "text": "but they will be managed in a different way, which is more in a private equity lifestyle. And then we obviously have some markets in there that will be sold, where we reduce our footprint.", "duration": 12.63}, {"path": "c3567809c19ce6a800677544cd84f88b_58.wav", "text": "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.", "duration": 12.63}, {"path": "e6c0fa1068c28557c3e17e0d02b831b1_45.wav", "text": "We believe we can grow at this rate for many years to come, and we are extremely excited by the long-term opportunities we have in front of us to create sustainable shareholder value.", "duration": 12.63}, {"path": "ab4dae37361262d727d1d2f8f78765d5_236.wav", "text": "because that is not sustainable in the end. It is about finding ways to be more efficient and both our guys we buy from and ourselves to be more efficient and more productive.", "duration": 12.63}, {"path": "17f54a9938f35a4bde713fb3eb33a80e_6.wav", "text": "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", "duration": 12.63}, {"path": "dc61068601388a9e02fd3155c1eab59a_2.wav", "text": "Ultimately, that leads to better experiences for our guests, to better results and to increased value for our shareholders and other stakeholders such as lenders and the communities we operate in.", "duration": 12.63}, {"path": "b43c001c5af465d220ab0b69a95202ae_5.wav", "text": "No matter what shape or form it ultimately takes, we are confident our strategy will continue to drive value for our shareholders, patients, physicians and communities.", "duration": 12.63}, {"path": "0e52a74a184c92ad0c336af764aa0796_25.wav", "text": "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.", "duration": 12.63}, {"path": "333d478ab06fd400afafa68f4a952191_167.wav", "text": "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.", "duration": 12.63}, {"path": "741526dd2a3db996d2f22f4bcdae4be6_13.wav", "text": "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.", "duration": 12.63}, {"path": "939c2eaaa171907197a14e58cea3514d_64.wav", "text": "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.", "duration": 12.63}, {"path": "87045996e7446329f1d98c909c6ca7fe_111.wav", "text": "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.", "duration": 12.63}, {"path": "059024560d9d1039cf08746ee7393114_20.wav", "text": "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.", "duration": 12.63}, {"path": "dffe8257f781608bb17bb637249e4d2a_287.wav", "text": "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.", "duration": 12.63}, {"path": "b4fc31ae6403a17b15c30d3ec3b82487_57.wav", "text": "The combination of increased revenue across multiple sources and the measured control of expenses led to impressive flow-through for the quarter, driving our significant margin improvement.", "duration": 12.63}, {"path": "77d2dd6d5e46cc8a8e80809305b60208_243.wav", "text": "and the NRC license is the single best thing we could get to bring overseas to expedite licensing from other agencies. So we're not", "duration": 12.63}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_145.wav", "text": "Great. One more if I can bolt-on. As you look at sort of the footprint of the countries that you're operating in today, do you think you're sort of operating in the right number? Or do you think that you may continue to wind down some more countries going forward?", "duration": 12.63}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_51.wav", "text": "For example, we enhanced our Deal Builder self-service 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.", "duration": 12.63}, {"path": "472c8876d3d729a35b2d00133efbb029_26.wav", "text": "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,", "duration": 12.63}, {"path": "a80e75fbf2fe24eaca12461f2d88d5c6_33.wav", "text": "Thanks, Hal. Moving to Slide 6. Our operations team continues to demonstrate operational excellence as our drilling efficiencies improve our returns on capital deployed.", "duration": 12.63}, {"path": "7e2ebcd981f5b5ecb18c04906f87d768_99.wav", "text": "assumes it doesn't really change in the back half? So I'm just wondering, if you're 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?", "duration": 12.63}, {"path": "3e29586725757a72d8c143f3da2658f5_105.wav", "text": "The other comment in the release referred to an increase in material costs. Can you just expand on what specific costs you're seeing inflation on there and if you expect that trend to stay longer term?", "duration": 12.63}, {"path": "d62cc3a0dfe3492ed16dfc17c028071e_52.wav", "text": "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.", "duration": 12.63}, {"path": "5efe4589d80ac1232c2958182c188903_24.wav", "text": "negatively impact the progress that we've made from a profitability perspective. So there's definitely a bias towards revenue-generating opportunities versus science projects.", "duration": 12.63}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_39.wav", "text": "when they look at our revenue per employee metric and then how that's tracking over time is the impact of currency. So if you look at our average headcount in fiscal '16, we had a little over 30,000 people.", "duration": 12.63}, {"path": "e552924838fe493d3cc967dd0c5c4563_54.wav", "text": "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 year, it'll be exhausted.", "duration": 12.63}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_100.wav", "text": "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,", "duration": 12.63}, {"path": "2cd5b184c2ef6624ce219830182927c9_215.wav", "text": "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.", "duration": 12.63}, {"path": "6299a010c7bb84feaf14b263750dbd1a_83.wav", "text": "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.", "duration": 12.63}, {"path": "96488f25af54f91198b444e5eff8e878_15.wav", "text": "The increase is driven by higher revenues from acquired aircraft, partially offset by aircraft sold and lease terminations. Over the past year, we've continued to rebalance the fleet mix and upgrade the portfolio's asset and credit quality.", "duration": 12.63}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_178.wav", "text": "With the work that's been done over the last year, not just Beacon but this consolidation of our operations into this global delivery group and the creation", "duration": 12.63}, {"path": "f268a8174f58c93ad6b45b7f151fe896_49.wav", "text": "Sure. Thank you. Our domestic business is growing and an important part of our unique value proposition in China. We're the only foreign company with a wholly owned domestic and international business.", "duration": 12.63}, {"path": "abd571ccf777ac4b0a43a7487031bc8a_224.wav", "text": "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.", "duration": 12.63}, {"path": "45c2e7788c29cc5f1c183ec742511c6f_54.wav", "text": "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 HEB-anchored mixed-use properties.", "duration": 12.63}, {"path": "f15a674bdbbc461872000604216ae071_20.wav", "text": "And let's 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", "duration": 12.63}, {"path": "e5eb29123d69fdbc74dbc529dfe6c6cc_6.wav", "text": "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.", "duration": 12.63}, {"path": "6f73dbce90cb2d313480b437f0c51bbc_111.wav", "text": "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", "duration": 12.63}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_74.wav", "text": "to 8.2%. 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.", "duration": 12.63}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_2.wav", "text": "We appreciate your interest in Univar. I'll 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.", "duration": 12.63}, {"path": "744f5859c7d9a0567b387ae84326d940_218.wav", "text": "We've just found the best fit and best use of our cash for these smaller bolt-ons. So there are bigger things that are out there that we know about, things that we've been thinking about for a long time, and", "duration": 12.63}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_177.wav", "text": "projected to run out of money by the year 2030, we continue to believe CMS should be more aggressively leveraging the capabilities of RACs to address systemic errors.", "duration": 12.63}, {"path": "47546a57a865bca0f4e677dc3b485053_34.wav", "text": "And then we'll still give it space but that space will then be utilized for some other programs that we are intending to introduce next summer.", "duration": 12.63}, {"path": "c5120d9702331edaf23bb6e639df0a70_146.wav", "text": "Perfect. Then talking about the CAR-Ts and I know you take a lot of pride in how you have improved the manufacturing processes", "duration": 12.6000625}, {"path": "5833763223d8d85b6fcb5fe90e821c77_10.wav", "text": "So what are the next key steps in our strategic plan to turn around this company? And let's focus just on 3. Our first step is to hire 5 new sales reps as fast as possible.", "duration": 12.6}, {"path": "6e6da7f810609ce64857373f11984455_42.wav", "text": "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.", "duration": 12.6}, {"path": "e274d02ea943c0a74779950fe28e839d_111.wav", "text": "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.", "duration": 12.6}, {"path": "f0dd7e4dad969b480d0d2a70609aedba_18.wav", "text": "where prices improved following a number of high-profile breaches that occurred at the back end of 2014 and into 2015. And that drove increased demand and stronger pricing.", "duration": 12.6}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_150.wav", "text": "in line as well as making sure we've got a long-term growth strategy in a business that really is attacking markets where there is clearly growth. And there aren't a lot of businesses", "duration": 12.6}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_195.wav", "text": "maybe... And that was really the point of talking about all of our digital initiatives. What's driving a lot of that submission activity is a lot of -- our ability to be more dynamic", "duration": 12.6}, {"path": "95962e0f754f9e2f786778c85d0913b8_85.wav", "text": "And I just want to get other updates 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", "duration": 12.6}, {"path": "55d05334bdde612eb9dd102bb41d216e_9.wav", "text": "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 program that achieved our desired results.", "duration": 12.6}, {"path": "25411ff16eb3ca72b6e736eb0fe0cafb_81.wav", "text": "from the industry into our group. There are a couple of roles that we're still looking to fill that are product line focused and a couple of geographic roles that we're looking to fill.", "duration": 12.6}, {"path": "14f3d2486b21e639a953afb7ad03d90c_59.wav", "text": "Let's not forget that we have increased exposure in ice cream ingredients and are therefore more influenced by seasonal variations.", "duration": 12.6}, {"path": "8bbc2f54137b794265dfb01f1559868d_107.wav", "text": "We continue to compile results in the development of our NeoLAB liquid biopsy prostate cancer test. An early analysis supports the results of the first 2 studies.", "duration": 12.6}, {"path": "b34f680a9162805e0188170d6272a356_126.wav", "text": "They've always figured out a way to do that, and they're already doing that as well. So I don't see the local money as being an issue at all. And then I see there will be maybe a little delay in capital projects, which will be offset", "duration": 12.6}, {"path": "1b91eb82f5211000e711424657cc2484_291.wav", "text": "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.", "duration": 12.6}, {"path": "2fc915b996c687200d995736980aae9a_169.wav", "text": "As in the domestic market, our international businesses focus on marketing our lifestyle, performance and kids product with traditional media, such as airing our many commercials in their local languages.", "duration": 12.6}, {"path": "a212b77ae2b2452093665a4e179ed3a3_56.wav", "text": "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.", "duration": 12.6}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_86.wav", "text": "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.", "duration": 12.6}, {"path": "224a41b247c04842c2998802d67c8123_31.wav", "text": "What makes this year's net sales growth particularly meaningful is that the company was able to turn in this performance despite an extremely tough year in other segments.", "duration": 12.6}, {"path": "b7943f4a2b95d2bc2ce102e3af9b5d22_28.wav", "text": "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.", "duration": 12.6}, {"path": "8b6b51842af008f5f437f53cc2e71835_116.wav", "text": "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", "duration": 12.6}, {"path": "171fd9df333ddd814c764843ed624121_221.wav", "text": "once we get to investment-grade. I think there's other benefits, obviously. The investment-grade market never shuts down in any kind of economic cycle, so you always have access to capital.", "duration": 12.6}, {"path": "4e04d3229b988f1db5b842ac5b993894_84.wav", "text": "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", "duration": 12.6}, {"path": "5a55e28476e46aabc8571a60134e8b4d_83.wav", "text": "Here we see the quarterly result compared to the same quarter one 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 year ago.", "duration": 12.6}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_237.wav", "text": "applaud what you're doing on that. Question on the capital return piece of this. I'm wondering if you're thinking about keeping the dividend payout ratio", "duration": 12.6}, {"path": "08ed60a546bd48af9db028c4e3c8af26_69.wav", "text": "Right. I understand. But as I look for the remaining 3 quarters, is it going to be similar to this or it's really just kind of", "duration": 12.6}, {"path": "c3af5ef871fb87eee698a7a6e8e1d41e_9.wav", "text": "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.", "duration": 12.6}, {"path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_131.wav", "text": "I look forward to updating you on the progress we have made against this and all of our 2017 priorities next quarter. With that, I'll turn the call back over to Greg. Thanks, Jim.", "duration": 12.6}, {"path": "815f65663b3982554e82806de0cbd918_167.wav", "text": "to facilitate the increased travel needs into and out of Kerala. We provided special assistance to all passengers through free-of-charge cost -- cancellations and rerouting for affected customers", "duration": 12.6}, {"path": "16ed973148ce103dc95fdcfaf35bbe7b_185.wav", "text": "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 it's really", "duration": 12.6}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_221.wav", "text": "on the back end because the way we structured our program is really catered to the way our customers -- what they were focused on. So I guess it's a long-winded way of saying we're not going to give any more color on that right now other than I can tell you we will", "duration": 12.6}, {"path": "0ec0a75c1800bac01520dcac5b8992fb_10.wav", "text": "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 we've essentially completed our stand-up activities,", "duration": 12.6}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_101.wav", "text": "I'm very pleased with the choice of Dirk and for all the reasons that we've laid out, and I feel quite confident that he will work hand in glove with our senior leaders", "duration": 12.6}, {"path": "ea7f210b3c08271afbdb6d434b8394e9_38.wav", "text": "As a result of our ongoing cost reductions and capital efficiency improvements, we have been able to significantly reduce our planned capital investment program over the past several years while increasing production.", "duration": 12.6}, {"path": "262bc21196721c5ff9114acbd2ff03c3_113.wav", "text": "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", "duration": 12.6}, {"path": "8d9efef3c305ec549fb15daa27107c83_118.wav", "text": "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,", "duration": 12.6}, {"path": "aed770c98113f594e36325a5822547e4_83.wav", "text": "really leveraging our formulation capabilities and then, obviously, getting up to an environment where we can be a global supplier from a manufacturing side as well. Anything beyond that is opportunistic.", "duration": 12.6}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_130.wav", "text": "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.", "duration": 12.6}, {"path": "21f21433851eb7c7f7dbc710309341bb_160.wav", "text": "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", "duration": 12.6}, {"path": "c40b5d1a13169c5acf69590932a56f98_164.wav", "text": "that 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", "duration": 12.6}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_8.wav", "text": "Once the final CMS rule on 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.", "duration": 12.6}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_145.wav", "text": "During the launch period, we were heavily allocated on Switch product and allocated at a level below our typical next-gen market share. As a result, we lost market share during the quarter.", "duration": 12.6}, {"path": "7cc11de7f206c637e6293da0d956405e_129.wav", "text": "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 net-worth customers who typically have more complex financial needs.", "duration": 12.6}, {"path": "757695924b5e43c7d44e29dc141cc035_63.wav", "text": "Before I turn over the call to Scott to go through the numbers in more detail, I want to revisit our value-creation road map and talk about some of the actions that we're currently undertaking.", "duration": 12.6}, {"path": "94f913b974baab79fb636f6521170dd7_9.wav", "text": "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,", "duration": 12.6}, {"path": "1689b94530eca82b7758c86b4cf3125f_34.wav", "text": "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,", "duration": 12.6}, {"path": "3877b1983229ec488c6349a188bccf92_226.wav", "text": "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.", "duration": 12.6}, {"path": "be1d9f57faececddb1cdbf5e831bcbf9_130.wav", "text": "We have also now paid out dividends, and we have completed acquisition of Sanistal. So we were preparing ourselves for that. But now in the end of April, we will see a totally different cash position.", "duration": 12.6}, {"path": "8635f950dc44da3fcad542b2c066bedf_106.wav", "text": "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.", "duration": 12.6}, {"path": "80a2ca14358172366acab4e80f3fa33b_29.wav", "text": "and I think that's, again, sort of if you look beneath it, it's got to do with the different pieces of the value chain and us extracting the value out of each part of the value chain.", "duration": 12.6}, {"path": "299bad77345d2e44fa5768f4416f7b97_97.wav", "text": "our math wouldn't work to earn a return for our shareholders. That doesn't mean that we aren't seeing lots of opportunities that we think are actionable at prices that would, in fact,", "duration": 12.6}, {"path": "299bad77345d2e44fa5768f4416f7b97_100.wav", "text": "we're excited to see our pipeline growing in the portfolio of investments we're making grow across the spectrum in terms of phase and across our therapeutic area. So I would expect we will continue to", "duration": 12.6}, {"path": "b126c31149f1cadf1d891082a187d6fc_59.wav", "text": "But we're working on that. And the place that we'll 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.", "duration": 12.6}, {"path": "5efe4589d80ac1232c2958182c188903_1.wav", "text": "For a detailed discussion of the risks and uncertainties that affect the company's business and that qualifies as forward-looking statements made on this call, I refer you to our periodic and other public filings filed with the SEC.", "duration": 12.6}, {"path": "5c601f5318d5dcbe20fdd78f19c2b277_178.wav", "text": "And we certainly expect to earn double-digit returns in that capital. But as far as the swings in refinance activity or mortgage rates goes, we actually expect that to have a less meaningful impact", "duration": 12.6}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_222.wav", "text": "while capitalizing on the size and scale of our resources. During the quarter, we began a national advertising campaign, which is driving brand awareness", "duration": 12.6}, {"path": "a2ba164f019804628c07b36de47cd464_112.wav", "text": "We continue to execute on our long-term 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 businesses.", "duration": 12.6}, {"path": "71c8aba809b2c3334e487f92f9009647_131.wav", "text": "I just wanted to explain how we've reported our results for 2018. We have updated our operating segments to reflect the new structure of management reporting following the Lagan acquisition.", "duration": 12.6}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_58.wav", "text": "I first met ServiceNow while I was at eBay as a happy and satisfied customer. And the more I explored this opportunity, the more I fell in love with this company.", "duration": 12.6}, {"path": "2cd5b184c2ef6624ce219830182927c9_72.wav", "text": "is still going to be there, that we're the ones that they're 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 talked about and we'll talk about", "duration": 12.6}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_2.wav", "text": "at 11% for the year, but we're 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", "duration": 12.6}, {"path": "0f8a61f667edd9a400d7abe2a7908a9e_9.wav", "text": "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 long-acting proteins and peptides in development.", "duration": 12.6}, {"path": "6cbf592846662213258684c3049e4592_28.wav", "text": "where we have 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 didn't have", "duration": 12.6}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_97.wav", "text": "There is the global market trading bookshop, which has the counterparty piece to it. And then it's everything else in the test, including assumption for balance sheet growth and so forth. And on those areas,", "duration": 12.6}, {"path": "8f92dfb06900be4f209f31f24cb885fb_35.wav", "text": "for the humanized dinutuximab. 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", "duration": 12.6}, {"path": "f88c5f000050c9f72aa383f71d97ffe7_65.wav", "text": "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.", "duration": 12.6}, {"path": "712bbcab5338e07dd63dad97bb652018_101.wav", "text": "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 evaluate the best ways to deploy that capital.", "duration": 12.6}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_234.wav", "text": "There's 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.", "duration": 12.6}, {"path": "3ae068efa03cd088f4d3edea682f199f_102.wav", "text": "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 year-ago quarter.", "duration": 12.6}, {"path": "223f05c0b9b116532e9af84afa76cac7_35.wav", "text": "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?", "duration": 12.5700625}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_200.wav", "text": "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", "duration": 12.57}, {"path": "95962e0f754f9e2f786778c85d0913b8_144.wav", "text": "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. So that would be helpful.", "duration": 12.57}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_338.wav", "text": "and our track record to ignite growth in emerging markets that 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.", "duration": 12.57}, {"path": "c9ecd6e0347cbf5fe881201a5e803fb3_48.wav", "text": "Forward-looking 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.", "duration": 12.57}, {"path": "a6f6cb3405d8a18e23d133aa8f4f6390_36.wav", "text": "Then a 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.", "duration": 12.57}, {"path": "8544fcd40dacf31ad0ddf2cd1fc3c420_119.wav", "text": "it's 3 weeks way. Presentations and discussions at the meeting are likely to tilt the whole direction of dyslipidemia management worldwide for many years to come.", "duration": 12.57}, {"path": "c96b5ae4ffe20d946daec67e2b0917b2_100.wav", "text": "Particularly, what we have found in the middle of the system is that you're 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,", "duration": 12.57}, {"path": "7909dfb87fb4102d9f9ba8e99f751ee5_68.wav", "text": "the continued strong performance of our other base business assets and the disciplined management of our operating and maintenance cost.", "duration": 12.57}, {"path": "8b71a232d7fe61e6232807b635977c31_77.wav", "text": "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,", "duration": 12.57}, {"path": "b34f680a9162805e0188170d6272a356_74.wav", "text": "but it will expand productivity, which will enhance their margins. And then the second thing we're doing is literally adding to the fleet. And whether it is old drill rigs", "duration": 12.57}, {"path": "1b91eb82f5211000e711424657cc2484_228.wav", "text": "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,", "duration": 12.57}, {"path": "46906afb4e1ee1fef09b5908e76beefa_96.wav", "text": "but we think that the feedback that we're getting from customers is that INOMAX offering is something that offers a lot of value to them in this particularly fragile patient population.", "duration": 12.57}, {"path": "39e5706898dcaf14a280b3a123877cd6_15.wav", "text": "structure, obviously, to do that. We've also chosen to reinforce the specialization of our platforms, and we are also developing our", "duration": 12.57}, {"path": "cfbe91105113db7a5784f77e411b7a3f_2.wav", "text": "where we see today is that there is a lot of appetite from all the innovations we have positioned in the vertical growth markets.", "duration": 12.57}, {"path": "c1f9276ae4068aca63163adff502b818_76.wav", "text": "maybe towards the end of this year and into '18. We don't expect that will have a major impact on differentials. And the reason we believe that is that there is significant real capacity", "duration": 12.57}, {"path": "8b2314627d54755a15c55244bb862225_86.wav", "text": "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.", "duration": 12.57}, {"path": "d4ad91ac3b9c1832b95aa346c8c84b46_82.wav", "text": "I do not disagree with those and that is the one of the principal investment themes here for us. It's a lot of work, don't get me wrong. And", "duration": 12.57}, {"path": "e743ddc0caabaebf5e9a6568eaef8334_3.wav", "text": "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 the way for longer-term growth.", "duration": 12.57}, {"path": "a24a661c2eb55542903c72391ec09f9b_40.wav", "text": "One thing we've 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.", "duration": 12.57}, {"path": "9c5bc3e66dc0c7ac4a559a1d71e70c85_188.wav", "text": "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", "duration": 12.57}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_126.wav", "text": "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,", "duration": 12.57}, {"path": "276392c471c063580869aec014a1feda_166.wav", "text": "Right. But in your prepared remarks, I think you cited retail price increases and the benefit of self-manufacturing that there's actually a slight negative impact from currency. So I'm just wondering that", "duration": 12.57}, {"path": "276392c471c063580869aec014a1feda_2.wav", "text": "We're 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 let's get right into our third quarter results.", "duration": 12.57}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_155.wav", "text": "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.", "duration": 12.57}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_156.wav", "text": "towards the second half of the year, particularly due to the extreme weather we have suffered across the country in the first quarter.", "duration": 12.57}, {"path": "2b87d263eaf2464f275a48fa005b16c7_78.wav", "text": "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 client-based outsourced labs commenced.", "duration": 12.57}, {"path": "f4d0f1362716be33f02690dd1a8df663_116.wav", "text": "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.", "duration": 12.57}, {"path": "30710391b8ab4cb549180602d31d4f4a_112.wav", "text": "depending on the final regulations related to interest deductibility. However, given the loss carry-forwards we have available to us, we anticipate little impact on our cash tax payments in the near term.", "duration": 12.57}, {"path": "c3ac3b05413d9a9caee0626d57fee77f_26.wav", "text": "Of course, some of these opportunities will be matured and drilled, others will not. Look, that's the fluid nature of exploration and managing a prudent portfolio.", "duration": 12.57}, {"path": "b96165244f010b3f1e61cbbc5e504d96_210.wav", "text": "And I think it's fair to say that if we see opportunities to do that, we will put a priority over that relative to driving operating margin expansion.", "duration": 12.57}, {"path": "bab12f620df0f367e74acdcc467686f1_65.wav", "text": "Trends are also improving in the water and environment markets. We have been selected for several large design-build water projects over the past few months, demonstrating our ability to provide integrated services for our clients.", "duration": 12.57}, {"path": "8a77ceadd7e4729abc9102d38be3a227_147.wav", "text": "of which obviously we would have lots of thoughts and point of view and be a big contributor to that overall process. So it's hard to be specific, but we do think this diversity of the models will help us", "duration": 12.57}, {"path": "9b93af1e7019959620214c387f283d8e_145.wav", "text": "Yes, certainly. And so there's 3 different discussions we're having right now, and we're going to be starting up a few more discussions with banks as well because we're seeing a lot of interest.", "duration": 12.57}, {"path": "16ed973148ce103dc95fdcfaf35bbe7b_122.wav", "text": "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 can handle", "duration": 12.57}, {"path": "c3567809c19ce6a800677544cd84f88b_124.wav", "text": "What I'd like to focus on now is the deep dive into the drivers of the 3% improvement in organic net sales growth versus last year, with all of our regions delivering improvement.", "duration": 12.57}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_69.wav", "text": "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.", "duration": 12.57}, {"path": "7a29e2dcd505f944b16d1e3173cb1c01_45.wav", "text": "I've 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.", "duration": 12.57}, {"path": "b126e11520fd54843c67f70f15cd30cc_85.wav", "text": "So we have outstanding people all over the world. We also attach importance to nurturing young people. Many post-80s people have become our global partners. And", "duration": 12.57}, {"path": "75eb5b75bb8587b63c318714ea956b9e_113.wav", "text": "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.", "duration": 12.57}, {"path": "e16c49bab0eeda53f9fd5b3d0f599149_29.wav", "text": "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, we're focused on it and we've already made some progress.", "duration": 12.57}, {"path": "9b697782ea80be97854f35d6fc62c93a_135.wav", "text": "and market share performance as the year progressed. We actively monitor the payback of these investments, and we will continue to proactively adjust our spending based on actual returns.", "duration": 12.57}, {"path": "9b697782ea80be97854f35d6fc62c93a_250.wav", "text": "And I think, Rob, if we saw more momentum in the markets and things were a little less volatile, I think we'd have more confidence in being a little more forward leaning with that, but that's part of what we're thinking here.", "duration": 12.57}, {"path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_121.wav", "text": "But we are seeing continued growth in both for us. I do understand your question, and we'll wait and see about what happens with the total marketplace. I don't have", "duration": 12.57}, {"path": "571b0d30d88945a981006f24faa72cf7_56.wav", "text": "These clinicians support the view that these data are clinically meaningful and highly encouraging and that 9855 has the potential to be a transformational treatment for this debilitating condition", "duration": 12.57}, {"path": "cac9bb252b7974b7044423e714c2f054_38.wav", "text": "except as required under applicable law. During this call, references will be made to non-GAAP financial measures as supplemental measures to review and assess operating performance.", "duration": 12.57}, {"path": "939c2eaaa171907197a14e58cea3514d_67.wav", "text": "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", "duration": 12.57}, {"path": "ab3354b86be920cde18291112bf8a70a_26.wav", "text": "adverse morbidity trends. Is this informing you that your baseline morbidity assumptions are too aggressive? Is that something you're going to have to revisit or you still feel comfortable with those?", "duration": 12.57}, {"path": "54c8e2e08c60dfe9b4bafc3938ccf332_72.wav", "text": "During this call, we will be making forward-looking 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 today's earnings release,", "duration": 12.57}, {"path": "b4fc31ae6403a17b15c30d3ec3b82487_55.wav", "text": "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.", "duration": 12.57}, {"path": "b126c31149f1cadf1d891082a187d6fc_29.wav", "text": "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.", "duration": 12.57}, {"path": "24a133abc343c813233d416b0cef96cd_94.wav", "text": "Green Hills will indeed capture all of that and more. But into the future, it's important that we remain very proactive in taking real estate and actually rejigging it in a very agile way.", "duration": 12.57}, {"path": "52446e909611115f34d7b34bf7c09c99_134.wav", "text": "we will get on this asset? And if you don't want to be quantitative, can you at least be qualitative about your confidence level that there's going to be a return on that investment that will be satisfactory in the end", "duration": 12.57}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_187.wav", "text": "what you would see in fiscal '16 is that our revenue per employee actually grew 1.5%. So I think when you look at this metric and you look at how it's been trending over time, we've been proving revenue per employee", "duration": 12.57}, {"path": "e552924838fe493d3cc967dd0c5c4563_135.wav", "text": "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.", "duration": 12.57}, {"path": "1f142ea668261ba963d47aac6bab69dd_96.wav", "text": "together with the launch of China, will help us to continue the momentum in that market. But near-term, we do remain cautious, given the economy. But there's no question as we look at the long-term", "duration": 12.57}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_15.wav", "text": "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", "duration": 12.57}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_26.wav", "text": "So in summary, we certainly experienced a quarter with mixed results but firmly believe that the transformation that's taken place over the last several years better positions the company to address the impact of shifting business cycles.", "duration": 12.57}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_223.wav", "text": "are now available in my catalog. So when I was talking about the catalog and the power of the catalog, so we're putting our MFT or B2B flows, that's where we meet our customers. That's what they're looking to us, security,", "duration": 12.57}, {"path": "1e82002540bb3371dcda874a3ce114b2_107.wav", "text": "And I'm sure I speak for everybody when I say we have enjoyed working with you, James. And you've played with a straight bat. You've always been very helpful with us over the years, and we've enjoyed your quiet and dry sense of humor.", "duration": 12.57}, {"path": "0411a1a45741648616bbfd7ca8dd3fd4_5.wav", "text": "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.", "duration": 12.57}, {"path": "bf8646ad61e3857d4cf46e592c18f685_2.wav", "text": "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.", "duration": 12.57}, {"path": "2c4d64ba9a75dff613a83aa6f145f4b7_92.wav", "text": "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.", "duration": 12.57}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_92.wav", "text": "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.", "duration": 12.57}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_54.wav", "text": "We're 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", "duration": 12.57}, {"path": "af146425f68dd8e32f31878389746637_96.wav", "text": "At the same time, we are maintaining better discipline over cost and have begun the process of facilities consolidation to improve manufacturing capacity utilization.", "duration": 12.57}, {"path": "3ae068efa03cd088f4d3edea682f199f_184.wav", "text": "We're committed to innovative solutions, and we are currently exploring and implementing technology to generate greater execution efficiencies to enhance benchmarking and risk management processes", "duration": 12.57}, {"path": "365c360aff42713cef71a7d026eeeb6d_170.wav", "text": "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.", "duration": 12.57}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_297.wav", "text": "We will work to ensure that the completion of our South African asset sales and the optimization of the remaining Surface and support businesses to ensure that they match our remaining production days.", "duration": 12.57}, {"path": "1bb9219ad31877175e18e8e48ff2f63c_50.wav", "text": "a couple of larger transactions in that pipeline, although nothing larger than what we've historically done. But relative to some other transactions, there are some larger transactions. What I will tell you is", "duration": 12.57}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_66.wav", "text": "The primary factor in the revenue decline was a tough quarter-to-quarter comparison in our Defense Systems segment together with a modest reduction in sales in rocket propulsion systems.", "duration": 12.57}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_221.wav", "text": "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.", "duration": 12.57}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_85.wav", "text": "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.", "duration": 12.5699375}, {"path": "d62cc3a0dfe3492ed16dfc17c028071e_15.wav", "text": "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 to attract season ticket holders and keep everybody happy sort of in this customer base?", "duration": 12.5699375}, {"path": "8fde6a4ab2de2ba6bbd0b4196ef82454_150.wav", "text": "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 value-creating deals.", "duration": 12.54}, {"path": "a95a220f118ae793c89d6d708e62cf8a_179.wav", "text": "isn't possible? And if it's not, why can't you sign some long-term 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,", "duration": 12.54}, {"path": "a93681c92a0b9c04743f541a54b180c7_137.wav", "text": "so that we could communicate to the users and have them experience that PayPay can be used in various types of outlets. So it's probably going to start at drugstores in June.", "duration": 12.54}, {"path": "1f1b29266d2cede9b8f0f06ca57aae17_30.wav", "text": "I'm not sure. You might get a different answer from each of us. I think it's going to be based on the way we execute in the restaurant, delivering a great customer experience because that includes making sure the restaurant's clean,", "duration": 12.54}, {"path": "2602edddc3363eadcaafe1c33271f3e4_106.wav", "text": "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?", "duration": 12.54}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_31.wav", "text": "developing product around brands, where we have market positions in communities and categories where we can build a long-term point of differentiation and some continuous engagement.", "duration": 12.54}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_66.wav", "text": "We've been laser-focused on improving our quality and expanding variety through unique seasonal offerings, regular restaurant rotations, limited time offers and exciting celebrity chef partnerships.", "duration": 12.54}, {"path": "3121e8f4a75758834d32a9e4e0555221_53.wav", "text": "Comparing our year-over-year 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.", "duration": 12.54}, {"path": "1b91eb82f5211000e711424657cc2484_21.wav", "text": "While the vast majority of our growth is organic, we do have a strong track record of acquisitions. Over the last 5 years, we've added to our real estate platform, primarily through the acquisition of AREA Property Partners,", "duration": 12.54}, {"path": "75fa1bebed0b858c76cc7058477e40e2_128.wav", "text": "to the most important and largest future demographic groups, millennial parents and their families, a very real compelling position for the long term.", "duration": 12.54}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_255.wav", "text": "There are many cities in China with a population of 4 million to 5 million. And for national players, it's a long way to go. It requires time.", "duration": 12.54}, {"path": "39e5706898dcaf14a280b3a123877cd6_56.wav", "text": "Concerning the redundancy plan, we had the in July, some departures have already occurred, but the majority of departures will happen by November and December.", "duration": 12.54}, {"path": "e26b501c6e000fdaa11edde97cc71436_120.wav", "text": "So it's -- this is a case where the initiative is to make sure that the execution stays right on the track that we're on, that the quality of the result is maintained", "duration": 12.54}, {"path": "5f38ce681d4413a793d34a0650c59bf2_170.wav", "text": "and Chief Financial Officer. We have prepared a slide presentation to accompany today's webcast, and that presentation as well as other materials are posted online", "duration": 12.54}, {"path": "5f38ce681d4413a793d34a0650c59bf2_22.wav", "text": "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.", "duration": 12.54}, {"path": "0f4370b614f29bd596e4f6871cc77864_64.wav", "text": "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, it's really access,", "duration": 12.54}, {"path": "c433164f6d189e18b1e4784e376b6ecb_43.wav", "text": "Second, we've increased our focus on high-quality acceleration of our operated development options. Multidiscipline project teams have been established for all material operated development options.", "duration": 12.54}, {"path": "f4d0f1362716be33f02690dd1a8df663_66.wav", "text": "Including improvements of intangible assets, we look forward to building the strong foundation for the future over the 3 years starting from the current fiscal year.", "duration": 12.54}, {"path": "a8034762296368c60571fcde382c3274_36.wav", "text": "And just in general, we think our boat's going to float higher this year. So we're comfortable just maintaining as we are, and there's no stress on the dividend for us", "duration": 12.54}, {"path": "a8034762296368c60571fcde382c3274_29.wav", "text": "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 it's certainly not taken off the way we thought it would.", "duration": 12.54}, {"path": "bab12f620df0f367e74acdcc467686f1_125.wav", "text": "This compares to only 10% in 2013 and is a testament to our ability to expand strong businesses into new markets and geographies. Let's move to our energy and industrial construction business.", "duration": 12.54}, {"path": "49a78c1ec143d9ac46e893e77198c0e3_59.wav", "text": "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.", "duration": 12.54}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_139.wav", "text": "our offer remains competitive and we're 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 mid-single digits.", "duration": 12.54}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_8.wav", "text": "It was also impacted by operations at our Ebensburg coal refuse power plant that normally generates a small profit, but in the first quarter posted a modest loss.", "duration": 12.54}, {"path": "3b0718945e9c427873c1f34fa49b15aa_33.wav", "text": "In addition, plans were unveiled for a 4-acre resort to be located within the Westside development called Montecillo. A Marriott brand hotel and resort would be located near a top golf facility that is already under construction nearby.", "duration": 12.54}, {"path": "3df0981a2d94ed56170b78330aa72ee9_190.wav", "text": "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.", "duration": 12.54}, {"path": "6a372ea97b0b130a4d37f16b54d97909_101.wav", "text": "And so it's 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", "duration": 12.54}, {"path": "e2c02e1788cb10703d7611ef157f8135_188.wav", "text": "Our Ship from Store capability enhancements, along with Buy Online, Pick Up In Store enhancements have improved the customer experience and leveraged the power of our store portfolio.", "duration": 12.54}, {"path": "b281eff988085e0776dc8a10223f1048_44.wav", "text": "correlating with the lower dose of the uricase enzyme. But control is still solidly below 0.6 mgs per deciliter. One patient shown third here reached the trial stopping rules.", "duration": 12.54}, {"path": "003356e698453d6b74f19a8e02587605_53.wav", "text": "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.", "duration": 12.54}, {"path": "974a2d744cd3d9acf42d74816de91f7f_103.wav", "text": "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 higher value added molded products.", "duration": 12.54}, {"path": "7a29e2dcd505f944b16d1e3173cb1c01_25.wav", "text": "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.", "duration": 12.54}, {"path": "ef44080b170ca6366a6d3132d0baf11a_21.wav", "text": "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.", "duration": 12.54}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_137.wav", "text": "Our results were issued this morning in a press release that can be found on our website, ingredion.com. The slides accompanying this presentation can also be found on the website and were posted a few hours ago for your convenience.", "duration": 12.54}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_92.wav", "text": "So don't 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 the transaction that we signed with Renova over last week,", "duration": 12.54}, {"path": "ea7f210b3c08271afbdb6d434b8394e9_47.wav", "text": "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", "duration": 12.54}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_69.wav", "text": "These statements are subject to a variety of uncertainties, risks, and other factors related to the company's operations and business environment, including those listed in our earnings press release", "duration": 12.54}, {"path": "ba5f13bb75329629d0c070c9014ff4f0_117.wav", "text": "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?", "duration": 12.54}, {"path": "7ebbb41dcefeb482191f8bc22031b5d9_51.wav", "text": "While catastrophe losses were also elevated in the first quarter of 2016, we are comfortable with our long-term pricing expectations and do not anticipate fundamentally changing our pricing or underwriting actions due to these storms.", "duration": 12.54}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_9.wav", "text": "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.", "duration": 12.54}, {"path": "dffe8257f781608bb17bb637249e4d2a_306.wav", "text": "that we both manage and balance the impacts that this has on our business in the short-term, while at the same time continuing to build a more agile, competitive, and digital Nedbank for the longer term.", "duration": 12.54}, {"path": "92bf6fe090b6bc565cb500b688fd9173_48.wav", "text": "Is there more on the horizon? I think yes. I think we can see -- we're cautiously optimistic about what our team has in the pipeline in terms of further advancements of", "duration": 12.54}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_65.wav", "text": "Continuing to build our loyalty program helps us improve our per customer profitability and positively impacts key areas of our business such as pre-owned and collectibles.", "duration": 12.54}, {"path": "22a55e362dd67dc8f7cd40f7ec8d62c1_214.wav", "text": "But then we've been pretty open on these calls about the fact that on 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 weren't happy with the platform. And of course, that has", "duration": 12.54}, {"path": "c9c6437fdff6eb69b8bca5fb3b2f14df_167.wav", "text": "Okay. So you don't feel like you need to -- because you came at the low end of the range for September, you don't feel like you need to increase your discount rate, or maybe you already have in this December guide? That's why the range is smaller.", "duration": 12.54}, {"path": "99f2d58a7b9ce1e9fec57ce20494a0c6_6.wav", "text": "In the fourth quarter, we began drilling 2 wells in our prolific Ruston field in North Louisiana. In addition, we began drilling our Northwest STACK position in an attempt to delineate the play.", "duration": 12.54}, {"path": "f3ef7b587ef19092f28a7c1ece1d46fe_20.wav", "text": "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 banking because", "duration": 12.54}, {"path": "ea80970d6b8e6fab10c4500aa7298914_17.wav", "text": "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.", "duration": 12.54}, {"path": "e0d1342ad3d27fd648b708837de08797_257.wav", "text": "As such, ExxonMobil will contribute its expertise in project execution and operations to support the project's success in a globally competitive LNG market.", "duration": 12.54}, {"path": "09b5b62d328d3d0719b6825357fdfb48_171.wav", "text": "our cost structure, while certainly last year at this time when we did get it, we made it all up. What we're starting to see now is that as we ramped our volumes back up, we're really not starting to see a big growth in stocks", "duration": 12.54}, {"path": "ae5a41fe3b3d515713608c5ac878eed3_57.wav", "text": "This new proposition is based on our consumer proposition, and provides business features, such as dedicated customer service and a promise to be back online within 12 hours.", "duration": 12.54}, {"path": "24a133abc343c813233d416b0cef96cd_24.wav", "text": "and also our increased exposure to the strong Sydney and Melbourne markets. We enter the second half with a record number of contracts on hand. Importantly, over 70% of those are unconditional", "duration": 12.54}, {"path": "243e9a046160bfbf82be702927a4df22_60.wav", "text": "I know it's still early days, but any kind of quantification of what type of out-performance you're seeing? And then, can you give us a sense for what kind of cost differences are between kind of the base case and the reduced spacing on those?", "duration": 12.54}, {"path": "72b117fb1330bda9f954a219bb5a675e_184.wav", "text": "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", "duration": 12.54}, {"path": "7d74e5d733ec60a1be27a556e7689961_39.wav", "text": "Okay. Maybe we could just talk a bit about the dividend. And talk a bit about how -- what payout ratio that you're comfortable with.", "duration": 12.54}, {"path": "ee17f090e669ff9029bd1dc57db6e43e_92.wav", "text": "In summary, it's good to see the positive impact of improved margins and reduced expense structure to our bottom line. Crops were off to a good start, but we will need to watch moisture conditions throughout the growing season.", "duration": 12.54}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_174.wav", "text": "In addition, we are retrofitting all of our trucks with cameras and have implemented a coaching program to correct at-risk behaviors based on the events captured with this technology. We're extremely excited with the results.", "duration": 12.54}, {"path": "6daa2d0829057899b014b06c36e1d54b_73.wav", "text": "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 humans,", "duration": 12.54}, {"path": "323193895e800e72960d98dd5fb64cf5_142.wav", "text": "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.", "duration": 12.54}, {"path": "323193895e800e72960d98dd5fb64cf5_16.wav", "text": "But the encouraging part is we're seeing stability in product road maps, and we're delivering products more on time now than before.", "duration": 12.54}, {"path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_92.wav", "text": "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.", "duration": 12.54}, {"path": "ffa357a084f4deb64797a0a32b8c5e33_201.wav", "text": "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.", "duration": 12.54}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_323.wav", "text": "Year-over-year, 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.", "duration": 12.54}, {"path": "d5f5f4efd41927526b14fc2c353cb4e3_36.wav", "text": "So we know that the growth is primarily driven or strongly driven by the industry sector. So we wouldn't have been surprised to see a reduction in our order backlog as a result of that", "duration": 12.54}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_61.wav", "text": "I haven't 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 in-service dates or the operation of those airplanes.", "duration": 12.54}, {"path": "b478d2808e90233ed994884e644a3d34_149.wav", "text": "the transaction growth. And we see that, both in our traffic, but we see it in the research that we're doing and the feedback that our customers are giving us, we've seen a sharp increase", "duration": 12.54}, {"path": "c44bd68e2a8cbf4241b4b30b81fda1d4_149.wav", "text": "Global demand for natural flavors and natural ingredients continued to remain strong. One of the reasons we continue adding to our rich palette of flavors", "duration": 12.54}, {"path": "0db5ec7ab57d41c0bea4a8ee98a083eb_137.wav", "text": "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.", "duration": 12.54}, {"path": "4b5d33b9c200403f2d4633e47f1d4110_106.wav", "text": "As we noted on our first quarter earnings call and press release, we continue to invest additional resources for the development of longwall panels and equipment maintenance, consistent with our plan.", "duration": 12.54}, {"path": "4b5d33b9c200403f2d4633e47f1d4110_189.wav", "text": "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,", "duration": 12.54}, {"path": "190e0d8d92da94060523364716ce6e03_62.wav", "text": "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", "duration": 12.54}, {"path": "8ad0d5b5df75415c56ba590cad29489a_84.wav", "text": "In the passenger car market, last year, we continued strong execution on our deliverables under Audi's HyMotion fuel cell car program with leading automotive fuel cell stack technology.", "duration": 12.51}, {"path": "0d631e444d1c22f0be99a69f5deaff94_118.wav", "text": "We can help these developing organizations succeed in their go-to-market strategies by filling important talent gaps, advising on transformation and change management, and accelerating their growth and development.", "duration": 12.51}, {"path": "0d631e444d1c22f0be99a69f5deaff94_73.wav", "text": "As you've seen from our press release, we reported a strong first quarter, continuing on the positive momentum that we saw at year-end, both momentum in the market and momentum inside the firm.", "duration": 12.51}, {"path": "7eebbbc069b4bf8367aa748751df9bc7_126.wav", "text": "compared to last year in our guidance and where we were aggressive and then had some real concerns the remainder of the year, I don't have those concerns this year. I think our guidance is", "duration": 12.51}, {"path": "a95a220f118ae793c89d6d708e62cf8a_4.wav", "text": "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.", "duration": 12.51}, {"path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_112.wav", "text": "It is important to note that the goodwill write-off is a noncash charge and does not impact our current financial flexibility or the ability of our asset to generate future positive cash flow.", "duration": 12.51}, {"path": "a93681c92a0b9c04743f541a54b180c7_41.wav", "text": "So that's something we're doing aside from our products. We are trying to reinforce our sales capabilities. So for commerce advertisings, we will develop them", "duration": 12.51}, {"path": "3cb802f8fba7d33603c29387ccdaf817_95.wav", "text": "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.", "duration": 12.51}, {"path": "f0dd7e4dad969b480d0d2a70609aedba_25.wav", "text": "and many insurance companies we're seeing are reducing their levels of service. And we think it's a great opportunity to show we can maintain and improve our levels of service. It's amazing how much business you get by just being responsive.", "duration": 12.51}, {"path": "d28b2b09c127b5be033738aa3cd380b3_269.wav", "text": "What I mean by that is that a lot of retailers among them, our biggest retailer, are realizing that having more variety on shelf isn't necessarily something that the consumer rewards them for", "duration": 12.51}, {"path": "a45d8b57fe6b8199bca7aec4d022bbb3_90.wav", "text": "We do very much looking forward to welcome you all in Bulgaria, and you will get the invitation with the possibility to register yourself", "duration": 12.51}, {"path": "6b45877b719000e47adfd1ec118c376a_25.wav", "text": "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 you've actually got quite a bit of financial capacity right now?", "duration": 12.51}, {"path": "4bf5e132b2f3d6aab97932e977a3fa7e_28.wav", "text": "Last time we talked, I emphasized business continuity is a primary focus, and I'm pleased to be able to report once again that our fleet continues to perform well.", "duration": 12.51}, {"path": "55d05334bdde612eb9dd102bb41d216e_74.wav", "text": "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.", "duration": 12.51}, {"path": "7e14890193df4b10e1eeab6ab886529f_16.wav", "text": "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", "duration": 12.51}, {"path": "8544fcd40dacf31ad0ddf2cd1fc3c420_112.wav", "text": "focusing on our highest value assets, reducing unnecessary operating spending and delivering progressive decisive data for a number of potential blockbuster products.", "duration": 12.51}, {"path": "67716cee321d117b0318930dd142f06a_50.wav", "text": "But there definitely has been more stability on pricing. I think that's one reason that the January base price increase happened and we think that increase is in place.", "duration": 12.51}, {"path": "7909dfb87fb4102d9f9ba8e99f751ee5_66.wav", "text": "Please be advised that statements made during this call that include the partnership's expectations or our predictions should be considered forward-looking statements that are covered by the safe harbor provisions of the Securities Litigation Reform Act.", "duration": 12.51}, {"path": "3d4b9cfcb489a54bda65e749b7b79b15_5.wav", "text": "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,", "duration": 12.51}, {"path": "46906afb4e1ee1fef09b5908e76beefa_200.wav", "text": "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?", "duration": 12.51}, {"path": "2a5b0a6532fa2b71915a2930be02621a_211.wav", "text": "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.", "duration": 12.51}, {"path": "2a5b0a6532fa2b71915a2930be02621a_2.wav", "text": "Copies of these filings can be found in the Investors section of our website. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise.", "duration": 12.51}, {"path": "fa45af64ef25007f998c655347bfbecb_82.wav", "text": "And when we presented our Q3 numbers, we had the good news of the fact that we've won the court case with the CBb. And I don't know how to translate in English CBb, but", "duration": 12.51}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_150.wav", "text": "with all the related activities, that's highly, highly unlikely, not going to happen, and we're going to look at other options. We're going to be visiting with their executives in the very near future", "duration": 12.51}, {"path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_74.wav", "text": "with acceleration in Hyperion Imaging Systems and Helios 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.", "duration": 12.51}, {"path": "6864081f83959f4b49e25e597f28af66_6.wav", "text": "It is early as we are launching these apps in a phased rollout, but we're already starting to see a positive response as clients see the new value we're able to deliver to them, especially around shipping.", "duration": 12.51}, {"path": "43942582edfb20599f3e7456137f8deb_92.wav", "text": "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", "duration": 12.51}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_35.wav", "text": "We've checked that off and done it effectively. We then said we're going to restructure the organization and become a consolidated solution provider, both in structure, in approach and in strategy.", "duration": 12.51}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_80.wav", "text": "relatively oblique questioning of some of our large clients, specifically around our analytics solution much like we did with Entrada. And I've got to tell you, the appetite is high within our client base for these types of solutions.", "duration": 12.51}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_174.wav", "text": "and some are a little further than that where the platforms already there and so we have not committed to as much build-out. So as an example, Frankfurt 11, we did not indicate what level of building.", "duration": 12.51}, {"path": "f4d0f1362716be33f02690dd1a8df663_78.wav", "text": "Given their good results to date, we are increasing spending on advertising for in Jelly and in bar as we seek to firmly establish the in brand.", "duration": 12.51}, {"path": "002d12258ff802d65f79ae2eef99e4ab_242.wav", "text": "We don't have a formal metric that we're measuring on a book-to-bill ratio in our electronics business. It is a fairly short cycle. We're working with all of our customers there to be projecting", "duration": 12.51}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_50.wav", "text": "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.", "duration": 12.51}, {"path": "b092d2be33ad52beefab208355b18235_20.wav", "text": "We think we can reach our internal targets and as we get to the end of the game, we want to make sure that we're winning. And so I suspect that our whole team is focused on trying to make sure that we're doing the right thing", "duration": 12.51}, {"path": "8fbfa6ca2fe8141fd75ae42fd998149f_1.wav", "text": "I'll 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 we'll be happy to take your questions.", "duration": 12.51}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_265.wav", "text": "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 we're making the technology and human capital adjustments", "duration": 12.51}, {"path": "3b0718945e9c427873c1f34fa49b15aa_87.wav", "text": "But that said, as we know, we have a number of things that we'd 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.", "duration": 12.51}, {"path": "7aeefd3f7f36ea98354844517c1f012d_133.wav", "text": "yes. All right. 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", "duration": 12.51}, {"path": "10dfe5270a7e4216d68614041d2a9bbe_159.wav", "text": "that the whole energy space has been affected. We saw this in '09. And that's why we're trying to stress the stability of our niche in the energy market", "duration": 12.51}, {"path": "1be44822d16f85bd501a5f19876895b1_99.wav", "text": "can you surmise why that might be the case? Were they a little bit more severe or 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?", "duration": 12.51}, {"path": "8a93698d03a48d42fc7d7e50cb67dc2b_24.wav", "text": "It's sort of another -- it's sort of an embodiment of what Cory 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", "duration": 12.51}, {"path": "c53611de98fe85a76580391906f68d61_21.wav", "text": "since Orange Life Insurance was included as the fourth subsidiary in the nonbanking sector, the insurance segment's income basis was expanded", "duration": 12.51}, {"path": "28404e399cb043d390aa70bceb339dd4_0.wav", "text": "Actual results may be different. Factors that may cause actual results to differ include those identified in our annual report on Form 10-K and our earnings press release.", "duration": 12.51}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_124.wav", "text": "So the integration actually went extremely well. And then on the other side of the business, and I'm going to flip it over a little bit, is the potato starch business has been one of those ones that's added great value to our customers as well because", "duration": 12.51}, {"path": "e78997e6a75a2243292b2b54750bb3cb_40.wav", "text": "And a productive immune response against the virus by the patient or 0 conversion. And the combination of those 2 is generally agreed to be a functional cure and is", "duration": 12.51}, {"path": "b43c001c5af465d220ab0b69a95202ae_36.wav", "text": "mix and declining commercial in the quarter. Just anything in specific that you can spike out there or is that just my sort of demographics related? And what you're expecting around that for the remainder of the year?", "duration": 12.51}, {"path": "809e26eaacb31ffdee78d3f41a6ce90a_8.wav", "text": "our Polymer 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.", "duration": 12.51}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_211.wav", "text": "All the work that we've done, the feedback that we've received and everything looks very encouraging, but it has taken considerably longer than we ever thought. So that's kind of moved that project out a little. And then finally,", "duration": 12.51}, {"path": "cbdc44c5f09baa21b5979beaf7f1e1e4_121.wav", "text": "Just circling back to distributions 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?", "duration": 12.51}, {"path": "73c60e60043b8775dac929320839a8c6_25.wav", "text": "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.", "duration": 12.51}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_15.wav", "text": "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.", "duration": 12.51}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_220.wav", "text": "the package we put together for the Common Core. And then that drove a next level of solution, which became this version of, okay, we've got all of these students digital testing,", "duration": 12.51}, {"path": "87045996e7446329f1d98c909c6ca7fe_128.wav", "text": "the provision for credit losses as well as the level of growth 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.", "duration": 12.51}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_62.wav", "text": "we don't 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.", "duration": 12.51}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_158.wav", "text": "to standardize their ability to bill for EXPAREL across the continuum way more than Medicare. So in terms of a qualitative impact of that change,", "duration": 12.51}, {"path": "92bf6fe090b6bc565cb500b688fd9173_5.wav", "text": "Not surprisingly, I'm just really pleased with our organization's demonstrable agility in delivering both organic growth and operating leverage in such a dynamic operating environment.", "duration": 12.51}, {"path": "5b0a12e70a31041016a008c29a6d2bb1_30.wav", "text": "We attribute the late year 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.", "duration": 12.51}, {"path": "7cc11de7f206c637e6293da0d956405e_184.wav", "text": "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 is extraordinarily easy to use.", "duration": 12.51}, {"path": "c20824ea6f927fe380f48a904cf4821b_72.wav", "text": "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.", "duration": 12.51}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_99.wav", "text": "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.", "duration": 12.51}, {"path": "7e2ebcd981f5b5ecb18c04906f87d768_234.wav", "text": "So I just think that it's a balanced view here, right? We knew the job we had to do, and we have been focused on executing it. And we've also been very responsive and agile in a changing market.", "duration": 12.51}, {"path": "523a7b1c62d1e2ac2fc0440bca0d020c_23.wav", "text": "So our focus is trying to identify a light crude -- or pardon me, a heavy crude that can flow in with some of our lights. We've already got one of them approved", "duration": 12.51}, {"path": "a0d537badd260e2071136602e3b73b26_159.wav", "text": "Given the various steps required for us to convert including changes to our organizational structure and sales of certain non-real estate related assets, we are not prepared at this time to provide a more precise target completion date.", "duration": 12.51}, {"path": "97b9c8b95449565c1f280a2b61a65b31_115.wav", "text": "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.", "duration": 12.51}, {"path": "97b9c8b95449565c1f280a2b61a65b31_25.wav", "text": "call it, in the mid-2s. And I think that relationship with -- in terms of what we do with respect to annual bumps across all our leases and then where we've been signing cash rents, I think with", "duration": 12.51}, {"path": "fd5d61fef2374d3a3c1d7818eb73b463_74.wav", "text": "our waste elimination going forward is going to be focused across the entire supply chain, but it's really about running it more efficiently in every part of the business, and so that's what we're working on.", "duration": 12.51}, {"path": "11f02fb2db5d9fb5ff82f0374376f759_7.wav", "text": "Asset level 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.", "duration": 12.51}, {"path": "ea80970d6b8e6fab10c4500aa7298914_7.wav", "text": "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.", "duration": 12.51}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_143.wav", "text": "This better captures the scope of this business as we look to meet the needs of consumers beyond just traditional foodservice outlets to all Away From Home locations, such as universities and health care facilities.", "duration": 12.51}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_239.wav", "text": "So can you maybe get into a little bit more of what's 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 what's driving that?", "duration": 12.51}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_248.wav", "text": "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.", "duration": 12.51}, {"path": "24a133abc343c813233d416b0cef96cd_88.wav", "text": "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.", "duration": 12.51}, {"path": "b0d88c0f1efca89ecb928172341dc75d_17.wav", "text": "These missed steps ultimately undermined brand strength and pricing power, while gross productivity was insufficient to make up for operational offsets like a major product recall.", "duration": 12.51}, {"path": "e2cf6bb5b288d37102468fe05807e41c_40.wav", "text": "During the peak winter season, stocks of thermal coal of power plants in both India and China reached uncomfortably low levels, prompting both governments to allow additional coal imports to maintain power supply.", "duration": 12.51}, {"path": "8f92dfb06900be4f209f31f24cb885fb_104.wav", "text": "Now if you -- we don't like to go into the minutia of how many patients are on this path and the other version of our drug. And as you could tell from my introductory remarks,", "duration": 12.51}, {"path": "f88c5f000050c9f72aa383f71d97ffe7_45.wav", "text": "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 income across all sources.", "duration": 12.51}, {"path": "93e134910b4a7c587bc461da0c9a2083_64.wav", "text": "in terms of markets being stronger or weaker is in addition to these inventory builds, you've got markets on the strong side that have just a greater diversity of product outlets", "duration": 12.51}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_162.wav", "text": "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.", "duration": 12.51}, {"path": "24c7526f6daca8e16ab91bea6124148a_225.wav", "text": "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 that's culminating in us having a very strong position", "duration": 12.51}, {"path": "f388f8ab8a5751d4efc504090d00ca64_28.wav", "text": "There are other organic projects that recently came online or are underway including the Longview rail facility that recently commenced operations and the Permian off-spec facility that will be online in the second quarter.", "duration": 12.51}, {"path": "bf99037f89cd485f95f097842619a0c7_155.wav", "text": "The third pillar of our strategy is continued large investment in infrastructure and technology. I mean, in 2016, we've invested the most", "duration": 12.51}, {"path": "7bac04f03928ee8894ab00007116400b_143.wav", "text": "across all those countries. As another example of the acceptance by the consumer, within our Asian business, we've seen a significant improvement in our quality of sale metrics.", "duration": 12.51}, {"path": "1dc9a88d7f1aa3877f317b59e2724c8e_35.wav", "text": "initiate and gain traction on to be able to continue to penetrate that space. So we're very optimistic about what we see on the MH side of the business. As it relates to acquisition opportunities, those are still in", "duration": 12.51}, {"path": "16c235a53fc719ec92ef3b3c3b371150_2.wav", "text": "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 Morgan to kick off our discussion.", "duration": 12.51}, {"path": "97ddc19ecb28bab2d19fd3b181182062_178.wav", "text": "In addition, we recorded charges for the write-down of intangibles due to the loss of customers and low future earnings expectations for certain of our operations servicing the energy market.", "duration": 12.51}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_195.wav", "text": "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.", "duration": 12.51}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_133.wav", "text": "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.", "duration": 12.51}, {"path": "4b5d33b9c200403f2d4633e47f1d4110_18.wav", "text": "help us continue to win key marketing battles, as we did this quarter, strengthening our portfolio of top performing, environmentally-compliant power plants. Before we open up for questions,", "duration": 12.51}, {"path": "77f146e76d89a5be785a39ab23dfa763_2.wav", "text": "I'm 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.", "duration": 12.51}, {"path": "e1f462455d6c826d9c173c35d4844383_9.wav", "text": "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 crude should only be sold by the Kurdistan export pipeline.", "duration": 12.5099375}, {"path": "8ad0d5b5df75415c56ba590cad29489a_244.wav", "text": "a number of the systems integrators and potential partners in that market, we've had very good progress with over the last 6 months in particular. The other thing that's really important is we've been working", "duration": 12.48}, {"path": "db6c253ba433d9a247219bb3f15da199_56.wav", "text": "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 -- we've come to the conclusion that we do not want to", "duration": 12.48}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_178.wav", "text": "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.", "duration": 12.48}, {"path": "f0dd7e4dad969b480d0d2a70609aedba_171.wav", "text": "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", "duration": 12.48}, {"path": "d28b2b09c127b5be033738aa3cd380b3_16.wav", "text": "First, we're operating in a more competitive environment. We're experiencing it in key categories such as trash bags and Litter, and the competitive dynamics in retail remain elevated.", "duration": 12.48}, {"path": "0755f4b74dda585f3975c7d8208b1598_153.wav", "text": "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 you'd begin to see some benefits", "duration": 12.48}, {"path": "55d05334bdde612eb9dd102bb41d216e_13.wav", "text": "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.", "duration": 12.48}, {"path": "81430c39b7b202d05644e419e2a01a65_79.wav", "text": "The larger projects we are winning now can support accelerating growth. We are seeing more opportunities in other types of projects beyond our basic energy-focused retrofits of buildings.", "duration": 12.48}, {"path": "7e14890193df4b10e1eeab6ab886529f_20.wav", "text": "and we'll continue to view licenses and partnerships across numerous categories as important long-term opportunities. And Mindy will be talking about some of these more shortly.", "duration": 12.48}, {"path": "c96b5ae4ffe20d946daec67e2b0917b2_135.wav", "text": "I'm not -- that's not necessarily commentary on what's going to happen when we start getting some realistic conversations going on about our shippers. But having a contract,", "duration": 12.48}, {"path": "f3f1b7c8f174b4be50981a0f85d6a30b_4.wav", "text": "We saw excellent balanced growth across our loan production with strong increases in all major categories, except for commercial real estate where we're trying to limit the exposure there.", "duration": 12.48}, {"path": "dd3166f311a5f12a25103a0295e8ac3e_214.wav", "text": "Our WaterWolf 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.", "duration": 12.48}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_129.wav", "text": "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.", "duration": 12.48}, {"path": "1b91eb82f5211000e711424657cc2484_269.wav", "text": "I think this speaks to both the increasing awareness of the performance and breadth of Ares' strategies as well as investors' desire to forge more meaningful partnerships with selected managers of scale.", "duration": 12.48}, {"path": "2fc915b996c687200d995736980aae9a_24.wav", "text": "We have already begun supporting the many new kids styles we have introduced for back-to-school with television and in-store campaigns. And we will also be supporting our men's and women's styles with numerous new commercials and accompanying campaigns.", "duration": 12.48}, {"path": "cfbe91105113db7a5784f77e411b7a3f_178.wav", "text": "There are 2 or 3 elements in there and the important one is the location of where results are being made. There is always a little bit of distribution where results are actually coming to bottom line.", "duration": 12.48}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_168.wav", "text": "jointly discuss what the impact of CFIUS holding up the investment from Sinotruk is going to have and how they would like to approach it as well? And then I can -- we'll know much better after those meetings.", "duration": 12.48}, {"path": "1b1699497be56330b3ed833f22bc63f6_1.wav", "text": "We reference these non-GAAP 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.", "duration": 12.48}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_64.wav", "text": "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.", "duration": 12.48}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_62.wav", "text": "And the combination of the efforts on the business mix as well as on the cost side, we think, will give the company possibility to actually improve its earnings outlook.", "duration": 12.48}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_178.wav", "text": "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.", "duration": 12.48}, {"path": "403903eb119bfc1cec44d86ec907077a_28.wav", "text": "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", "duration": 12.48}, {"path": "6864081f83959f4b49e25e597f28af66_203.wav", "text": "But Presort busy time of the year is actually in January with all the year-end statements. So we're in a process now of taking the labor force and being able to leverage that labor force to help assist during peak.", "duration": 12.48}, {"path": "fb4897e3d1bfc0d92ab28688ecb5abd5_29.wav", "text": "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.", "duration": 12.48}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_72.wav", "text": "my CTO will probably reach out to me and give me an even better number after this, but we're moving very quickly with it and we feel very good about that. Now as we move forward, the question is not", "duration": 12.48}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_26.wav", "text": "As previously discussed, the deployment of cloud platforms appears to happen in waves, with the size and location of deployments driven by actual and anticipated end-user demand.", "duration": 12.48}, {"path": "f4d0f1362716be33f02690dd1a8df663_117.wav", "text": "While the overall market has grown, sales of our core in Jelly products have expanded steadily as indicated by the index-based bar graph.", "duration": 12.48}, {"path": "f4d0f1362716be33f02690dd1a8df663_58.wav", "text": "It, therefore, seems our HI-CHEW has become one of America's more commonly consumed candies or perhaps the candy selected by those looking for a somewhat more sophisticated treat.", "duration": 12.48}, {"path": "da14df2e02d11f6f8599533d9d57faee_175.wav", "text": "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.", "duration": 12.48}, {"path": "da14df2e02d11f6f8599533d9d57faee_94.wav", "text": "highlighted about 10 digital courses at select universities. Is there any update on how that's going, what type of traction you're seeing and kind of what the feedback from some of the universities, such as Penn State, might be?", "duration": 12.48}, {"path": "1bba27cac9495fe57f623973383d6948_18.wav", "text": "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.", "duration": 12.48}, {"path": "b96165244f010b3f1e61cbbc5e504d96_156.wav", "text": "on operating margin expansion in the short term to be able to drive revenue growth. And when we do see those opportunities where we're getting traction in areas where we're making investment, we will double down on those areas and continue to push,", "duration": 12.48}, {"path": "a7e7a1621af9b4e850260f9824ee8746_23.wav", "text": "align around what those growth numbers look like. But today in the near term, those growth numbers are in excess of what's been in our IRP. And so we will just have to look at it. And I would like to be able to give you", "duration": 12.48}, {"path": "bab12f620df0f367e74acdcc467686f1_63.wav", "text": "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.", "duration": 12.48}, {"path": "be8b554309f7632bc9ebbd967764001e_88.wav", "text": "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.", "duration": 12.48}, {"path": "e5040d02fba73a359d3f7cb346517ce1_16.wav", "text": "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 we'll see even in some of the underground.", "duration": 12.48}, {"path": "8a77ceadd7e4729abc9102d38be3a227_102.wav", "text": "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.", "duration": 12.48}, {"path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_108.wav", "text": "We will also refer to non-GAAP measures. We request that you review the reconciliations to GAAP statements provided with our earnings news release and today's slides, which are posted on our website.", "duration": 12.48}, {"path": "dd28a387ccc9575df47840b850647c7f_50.wav", "text": "And so there is some type of delay against expectations for both of those mills. But I don't really have much more information probably, Paul, than you do on what's happening there.", "duration": 12.48}, {"path": "b305bff75f28d238f0bd7da5bd4f13b8_264.wav", "text": "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,", "duration": 12.48}, {"path": "b305bff75f28d238f0bd7da5bd4f13b8_219.wav", "text": "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.", "duration": 12.48}, {"path": "567a41009710fa1568bb8125213bf9eb_32.wav", "text": "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.", "duration": 12.48}, {"path": "b94d748876ddf8e881d4191dec45baf3_85.wav", "text": "Our work can provide a 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.", "duration": 12.48}, {"path": "e9fb03f263f117a9fe607d74602fa9b0_72.wav", "text": "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 one-off costs", "duration": 12.48}, {"path": "10dfe5270a7e4216d68614041d2a9bbe_78.wav", "text": "Well, that's a great question, and since we have so many equity analysts, I think that's what they get paid to do. I get paid to trade value and operate assets.", "duration": 12.48}, {"path": "e6c0fa1068c28557c3e17e0d02b831b1_124.wav", "text": "Thank you, I just want to take a moment, first of all, and always take the time to thank our almost 5,000 associates across the company for the job they do each and every day. Our record", "duration": 12.48}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_15.wav", "text": "We will maintain discipline in our investments and our quest to transform public safety through technology while building a highly defensible and profitable business for our shareholders. I'll now hand over to Luke to take us through an operational update.", "duration": 12.48}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_64.wav", "text": "The sales transformation effort is a multi-step process that we believe will take approximately 12 to 18 months to complete fully. We are building a rigorous sales culture.", "duration": 12.48}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_212.wav", "text": "So we're 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", "duration": 12.48}, {"path": "82131762fc1c2b2358ac3a167666ab87_49.wav", "text": "timing perspective, the bid date due back to us is 19th of November, and then it's just a question of sorting through the things you need to sort through when you receive the bids,", "duration": 12.48}, {"path": "13141efea197b407280701081390f0ce_124.wav", "text": "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.", "duration": 12.48}, {"path": "f77935c4693e4d33252c9c76993e9c8b_135.wav", "text": "and then talk about sales lifts, it would concern me, being on the board from a shareholder lawsuit standpoint, that you guys -- I'd want to make sure I disclose as much as I can about", "duration": 12.48}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_241.wav", "text": "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.", "duration": 12.48}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_59.wav", "text": "Some of those products could be 4x 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.", "duration": 12.48}, {"path": "d4b51176b605646e70b37d07a7c19599_70.wav", "text": "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.", "duration": 12.48}, {"path": "e00fd35e201a8607d264b803a5130c59_243.wav", "text": "and benefiting from the Bournemouth Water acquisition, as well as the ramp-up of Viridor's energy recovery facilities underpinning Viridor's growth prospects.", "duration": 12.48}, {"path": "87045996e7446329f1d98c909c6ca7fe_56.wav", "text": "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 it's not a quick formula.", "duration": 12.48}, {"path": "433a6e203f9db93835c27ff83e86c801_109.wav", "text": "So that would be the lion's share. In addition to that, we do see one of our competitors has coughed up a little bit of blood lately in terms of", "duration": 12.48}, {"path": "b24e0b37987585f3c63f28df67e6a1f6_159.wav", "text": "and some well reactivations. We have undertaken some of that during the second quarter. We've seen results which were beyond our expectation. So again we want to do more of that through the rest of this year.", "duration": 12.48}, {"path": "c47a92e006b54d014a79b447528c55a7_95.wav", "text": "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.", "duration": 12.48}, {"path": "45ab782035fdb06f5ec710d0845bc18f_55.wav", "text": "That's been clear in every discussion I've had with customers. You see it in their strategies and in their announcements where they're reducing their supply chain, often reducing the number of plants they have.", "duration": 12.48}, {"path": "45ab782035fdb06f5ec710d0845bc18f_84.wav", "text": "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.", "duration": 12.48}, {"path": "f542ab325f47ed150e28888da2f85871_4.wav", "text": "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.", "duration": 12.48}, {"path": "3b2908426357bb8269c3a01469865cd6_134.wav", "text": "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 out, and then at the Bank of America conference,", "duration": 12.48}, {"path": "e33785a294553de2a12d4463bf786744_189.wav", "text": "that plant had been operating for over 1,300 days, right? And we were able to push and push with regulatory people the right to continue to operate that plant longer as we've gotten smarter and better in how we operate and", "duration": 12.48}, {"path": "1438feb8661785c9d0182f4adfc439f0_1.wav", "text": "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 for the producers.", "duration": 12.48}, {"path": "d74cec1fb73e1b1134bfa7152762ad80_105.wav", "text": "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.", "duration": 12.48}, {"path": "2a7af3c66762ce608379005a3d7bfa96_183.wav", "text": "the impact of expected share repurchases. We anticipate rail service will continue to improve and that utilization this year will be 1 day better than last year.", "duration": 12.48}, {"path": "2a7af3c66762ce608379005a3d7bfa96_117.wav", "text": "in workflow enhancements. We are in the early stages of this project, but expect to start implementing our streamline process improvements over the next few quarters.", "duration": 12.48}, {"path": "80a2ca14358172366acab4e80f3fa33b_93.wav", "text": "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.", "duration": 12.48}, {"path": "523a7b1c62d1e2ac2fc0440bca0d020c_141.wav", "text": "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", "duration": 12.48}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_68.wav", "text": "and may include financial projections or other statements of the company's plans, objectives, expectations or intentions. These matters involve certain risks and uncertainties. The company's actual results may differ materially from those projected or suggested", "duration": 12.48}, {"path": "d62cc3a0dfe3492ed16dfc17c028071e_67.wav", "text": "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 years because, again, the variable grows based upon", "duration": 12.48}, {"path": "4311782968e936c378fdee8946cd9cca_9.wav", "text": "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 laboratory-intensive STEM buildings", "duration": 12.48}, {"path": "b126c31149f1cadf1d891082a187d6fc_142.wav", "text": "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", "duration": 12.48}, {"path": "bfb0fac9575cd0820a660f2577199468_127.wav", "text": "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.", "duration": 12.48}, {"path": "0f9d6e24171bc068e7ff7a11e7e44060_55.wav", "text": "of 5.4% 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", "duration": 12.48}, {"path": "66b25c60d952bd002c7ab20da9248086_173.wav", "text": "and it isn't easy necessarily to get a hold of that cash-back. So our first version of this cash-back user experience, at the end of the month, that money is automatically credit back to the account.", "duration": 12.48}, {"path": "1300495cfa53748f732f54277d5a8cea_101.wav", "text": "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 previously worked with Rea and Christopher to build Vince.", "duration": 12.48}, {"path": "794528c461ef7009b1741ac67c17aba4_114.wav", "text": "I know data dependent, but if you don't 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.", "duration": 12.48}, {"path": "ebd59e21db89edb92205e012427cd9db_154.wav", "text": "state and I think we're on track to deliver the gas agreement at the end of the first quarter, which is quite rapidly followed by hopefully P'nyang as well", "duration": 12.48}, {"path": "dd1b5d8b62882dbf2ce5e06cf5678ced_87.wav", "text": "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.", "duration": 12.48}, {"path": "7d74e5d733ec60a1be27a556e7689961_33.wav", "text": "I remain a believer in the long-term market opportunities that Tim and his team will pursue. AGI is ready for the next stage of development under the next generation of leadership.", "duration": 12.48}, {"path": "1f142ea668261ba963d47aac6bab69dd_197.wav", "text": "the source of expansion 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,", "duration": 12.48}, {"path": "6a45749d272884d2809fa70f7807250c_63.wav", "text": "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.", "duration": 12.48}, {"path": "a2245a8522589003f9c235a48c0197f0_36.wav", "text": "Next slide, please. I will be making some forward-looking statements and I encourage everyone to peruse our cautionary statement at their leisure on our website.", "duration": 12.48}, {"path": "a2245a8522589003f9c235a48c0197f0_73.wav", "text": "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", "duration": 12.48}, {"path": "6cbf592846662213258684c3049e4592_110.wav", "text": "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", "duration": 12.48}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_191.wav", "text": "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.", "duration": 12.48}, {"path": "ffa357a084f4deb64797a0a32b8c5e33_230.wav", "text": "do you have the initiatives in place that you're going to train the sales force to get price in this environment and exploit price in this environment? Because that's a key part of maintaining organic growth.", "duration": 12.48}, {"path": "01162e33e5dda8aa154d9a8659da4495_68.wav", "text": "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.", "duration": 12.48}, {"path": "dbf6a9009ea60e2e96772ee3ccea7226_87.wav", "text": "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.", "duration": 12.48}, {"path": "411bdacf05f84134fc80b874a15cf3b7_15.wav", "text": "In Q1 and Q2, we've 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.", "duration": 12.48}, {"path": "411bdacf05f84134fc80b874a15cf3b7_28.wav", "text": "and we are working hard and persistently on connecting the various elements to leverage all existing synergies. Bernd will take over now and show in more detail how our financial KPIs have developed.", "duration": 12.48}, {"path": "f88c5f000050c9f72aa383f71d97ffe7_53.wav", "text": "some prepayments and some lower origination activity. Is that -- is this kind of merger related do you think? Is it an aberration to see that kind of number. I guess it's the first part of the question.", "duration": 12.48}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_270.wav", "text": "Mike, I just want 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 that's what you were referring to?", "duration": 12.48}, {"path": "77423f08f0208d476dea73c639f6293a_98.wav", "text": "Davenport 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,", "duration": 12.48}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_201.wav", "text": "please understand that some of those will be growth markets for us. And I'm very pleased that we've exited as many of the cities as we have because it has greatly simplified", "duration": 12.48}, {"path": "f15a674bdbbc461872000604216ae071_87.wav", "text": "in a market that is really avid for sustainable solutions, especially for the global brands, in the continuous improvement of the company's governance,", "duration": 12.48}, {"path": "bf99037f89cd485f95f097842619a0c7_157.wav", "text": "relationship manager deploy the full scale of our products and services range. We're going to continue enhancing and investing into client experience, deploying our product and services range.", "duration": 12.48}, {"path": "b49c3cda0bcd26bab06abdd492274a3e_42.wav", "text": "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.", "duration": 12.48}, {"path": "ec9a5ef8abdaa14007f86d64e2cf49c1_58.wav", "text": "offset in part by an increase in capital expenditures compared to last year as we invest modestly in equipment and infrastructure improvements supporting the continued organic growth of the business.", "duration": 12.48}, {"path": "7bac04f03928ee8894ab00007116400b_151.wav", "text": "David. So when it comes to pricing, I believe that we're in a world where the consumer decides today. So charging a premium pricing comes back to having the best products.", "duration": 12.48}, {"path": "7a80c3e91e5a2693cdaef5f716808317_12.wav", "text": "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.", "duration": 12.48}, {"path": "eb93e70cdf7a839a69546250fb3646fb_143.wav", "text": "business consistent with our contractual growth. So you would expect us to -- assuming the market firms up, you'd expect us to see some growth in our rental business.", "duration": 12.48}, {"path": "eb93e70cdf7a839a69546250fb3646fb_11.wav", "text": "Additionally, overheads increased due to the timing of incentive compensation and higher sales and marketing costs. These impacts were partially offset by improved performance across all product lines.", "duration": 12.48}, {"path": "3043e7527da9e59e29b7412cafeb9d80_109.wav", "text": "And it was just the right time for us to go up there and support their growth. It's a bit of walk before you run. I think there are future opportunities for us down the road.", "duration": 12.48}, {"path": "744f5859c7d9a0567b387ae84326d940_164.wav", "text": "can you provide, I guess, a little more detail on why margins in Asia could remain lower than the other regions? Yes, I'm not sure I would point to anything specifically in the last 6 months.", "duration": 12.48}, {"path": "523cf294ec146d5411972168b1c10f09_17.wav", "text": "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.", "duration": 12.48}, {"path": "97ddc19ecb28bab2d19fd3b181182062_247.wav", "text": "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.", "duration": 12.48}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_31.wav", "text": "Although I feel good about the underlying momentum we're seeing in the top line, if organic growth begins to decelerate, you should expect that we will dial back the pace of investments.", "duration": 12.48}, {"path": "75fa1bebed0b858c76cc7058477e40e2_115.wav", "text": "We're 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.", "duration": 12.4500625}, {"path": "7ad622c38e1f0e472ca166e2ad70844d_44.wav", "text": "All subsequent written and oral forward-looking statements attributable to the partnership or persons acting on its behalf are expressly qualified in their entirety by such cautionary statements.", "duration": 12.45}, {"path": "a95a220f118ae793c89d6d708e62cf8a_28.wav", "text": "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 before they considered", "duration": 12.45}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_3.wav", "text": "We remain committed to our innovation strategy and our mission of delivering important medicines and vaccines that address many of the world's foremost health challenges and global unmet medical need.", "duration": 12.45}, {"path": "14e9ab3b38cd3029b8aff693a105dbfb_26.wav", "text": "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", "duration": 12.45}, {"path": "ed97f2737cc8edb9635f0f5d4e21bdac_36.wav", "text": "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 forward-looking statements.", "duration": 12.45}, {"path": "ed97f2737cc8edb9635f0f5d4e21bdac_77.wav", "text": "the hardest to replace and have unique characteristic. And on the other hand, have opportunities to improve or expand their offerings, such as mixed use and size, so we can do just that.", "duration": 12.45}, {"path": "8cb24daf76784487ad63780546dc4ba4_18.wav", "text": "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.", "duration": 12.45}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_7.wav", "text": "This momentum has continued into 2018, driven by a great back-to-school season where we picked up wins that benefit our Education, Facilities as well as our Sports businesses", "duration": 12.45}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_32.wav", "text": "And so it's probably better as we get closer to those respective playoff runs for us to give you that dynamic relative to who's in the playoffs versus a year ago. But I would say there's nothing of", "duration": 12.45}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_167.wav", "text": "I don't think there's anything different in where the company's results landed outside of the hurricanes versus what we had been expecting over the course of the entire quarter.", "duration": 12.45}, {"path": "dd3166f311a5f12a25103a0295e8ac3e_89.wav", "text": "The faster makeup of the connection is partially accomplished by deeper stabbing, meaning there are more threads engaged at the time 2 joints come together, which minimizes damage by more evenly distributing stresses on the connection.", "duration": 12.45}, {"path": "918de179148bbfe18b95415ee0065a3d_69.wav", "text": "Each production plot clearly depicts that after being placed on jet pump during the quarter, the wells are outperforming the company's prior expectations, which were set by the initial production trends.", "duration": 12.45}, {"path": "4b7945dd823dcbc0b2724efa66393673_156.wav", "text": "That is what is expiring. We'll continue to do business with DICK'S Sporting Goods in our normal way of doing business for the adidas brand and, of course, also for the Reebok brand. But I do want to clarify this, what has expired or is expiring", "duration": 12.45}, {"path": "145244b0378e6657d456cffca8bbc982_84.wav", "text": "Yes, this is Dennis. We believe that the market is coming back. We see a strong fall year. All we're trying to say is that we did have a strong fall of '17 as well. So comparably, it may not look as", "duration": 12.45}, {"path": "6f2c2a55736c5c47a19eca807ec60e33_18.wav", "text": "We've also enhanced our balance sheet and manufacturing capacity to meet their purchasing needs and have begun several certification testing programs, some of which we've already completed or are in the final stages of completing.", "duration": 12.45}, {"path": "c1f9276ae4068aca63163adff502b818_158.wav", "text": "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.", "duration": 12.45}, {"path": "839852ec8452dbd90e9341d15cbba7c5_29.wav", "text": "or that you previewed. Is -- what's driving the upside? I didn't 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?", "duration": 12.45}, {"path": "5f38ce681d4413a793d34a0650c59bf2_148.wav", "text": "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.", "duration": 12.45}, {"path": "23eff4c724ee00f56319fcc47add3441_120.wav", "text": "Look, I think it's one of those things that you can always be better at. It's one of the challenges from a continuous improvement perspective that, as leaders and managers, we need to make sure it's -- that people see that data is important and critical.", "duration": 12.45}, {"path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_73.wav", "text": "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.", "duration": 12.45}, {"path": "1133b8984db446b9c963a09eaf0785a4_149.wav", "text": "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,", "duration": 12.45}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_56.wav", "text": "Our broad portfolio of technology and our ability to understand the interaction between materials creation, materials removal and materials modification is tremendously valuable.", "duration": 12.45}, {"path": "e56726c7aedd69029957c84128050700_58.wav", "text": "And we think we have a lot to do with that, as we change our technology, make it may be simpler, easier to use and maybe lower", "duration": 12.45}, {"path": "3aba3f0bef57d2f71dcc573a0fb198ed_51.wav", "text": "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,", "duration": 12.45}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_208.wav", "text": "deals with that, we have -- is in food. You have a bulk of the market that is very big for us or in tea, black tea, where you have a bulk of the market that is very big for us", "duration": 12.45}, {"path": "70c92ab88d38f489d5074f2859e0290e_45.wav", "text": "Today's press release is available on the company's website, and a recording of this call will be available on the website at investors.naturalgrocers.com. Now I'll turn the call over to Kemper.", "duration": 12.45}, {"path": "1968062b387ef01efed18108be2dc264_56.wav", "text": "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", "duration": 12.45}, {"path": "16ed973148ce103dc95fdcfaf35bbe7b_121.wav", "text": "at Dreamforce. But at the end of the day, where we see the world going is we have -- we're providing to our customers the ability for them to have that unique customer experience.", "duration": 12.45}, {"path": "ea60900258f99d1003ab247c506e42d9_147.wav", "text": "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.", "duration": 12.45}, {"path": "20097e37747ec7bc3734246e83798fb1_81.wav", "text": "And we've 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.", "duration": 12.45}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_131.wav", "text": "was 6x, up from 4.9x 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", "duration": 12.45}, {"path": "8a93698d03a48d42fc7d7e50cb67dc2b_90.wav", "text": "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 pace", "duration": 12.45}, {"path": "526e0d5398a516831b49936c31a8ea1c_155.wav", "text": "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.", "duration": 12.45}, {"path": "ef44080b170ca6366a6d3132d0baf11a_98.wav", "text": "from a vertical perspective within our lending area. However, just because of the scale of the opportunities on the CRE side, it's likely that they continue to have a little bit of an outside", "duration": 12.45}, {"path": "b1da16cba24af8e472573c4c9caf17c7_86.wav", "text": "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 to be more specific about how you're thinking about it.", "duration": 12.45}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_52.wav", "text": "So it's 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 pulling from the fourth quarter,", "duration": 12.45}, {"path": "53889f50eda8b316a01a3df89d226e7f_49.wav", "text": "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,", "duration": 12.45}, {"path": "8d9efef3c305ec549fb15daa27107c83_83.wav", "text": "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 the Gulf of Mexico, we are the only truly diversified heavy helicopter operator", "duration": 12.45}, {"path": "e97d1655ebabb8403ac0449eadb48f9b_30.wav", "text": "And that is an exciting prospect for them as well. So I think the value proposition for forklifts is very high. And I think you're correct. In those other industries,", "duration": 12.45}, {"path": "c40b5d1a13169c5acf69590932a56f98_58.wav", "text": "through our precision controlled launch leading up to resupply. As we have previously stated, we remain on track to have full scale inventory levels in the second half of 2018 following PMA approval of the Vesta facility,", "duration": 12.45}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_165.wav", "text": "I have no idea how they do what they do. It's very difficult to sit here and try to analyze their data on a month-to-month and quarter-to-quarter basis and try to figure out what the gaps might be. So", "duration": 12.45}, {"path": "92bf6fe090b6bc565cb500b688fd9173_195.wav", "text": "Security remains on track with the forecast we provided in the last quarter's guidance. Margins for the full year expected to be generally consistent with the prior year on relatively flat organic revenues.", "duration": 12.45}, {"path": "49e533a8449f6b9b6c806458e73338e1_19.wav", "text": "I'm encouraged by the progress we are demonstrating in monetizing Venmo, and I'm confident it will generate significant revenues and profits in the years ahead.", "duration": 12.45}, {"path": "49e533a8449f6b9b6c806458e73338e1_95.wav", "text": "the diversity of our portfolio given that we've 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.", "duration": 12.45}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_265.wav", "text": "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 long-term consistency and, hopefully, that backs up some of the commentary I'm making.", "duration": 12.45}, {"path": "433a6e203f9db93835c27ff83e86c801_76.wav", "text": "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.", "duration": 12.45}, {"path": "068bea67ac01942fafb955a1116b29dd_101.wav", "text": "such as higher labor expense for annual inflation and higher volume handled in our warehouse, additional support to our new stores in the network and expense in IT to improve the network performance.", "duration": 12.45}, {"path": "757695924b5e43c7d44e29dc141cc035_206.wav", "text": "can you fill out more this clarity point and what really gives you confidence that this significantly derisks future years? And is there enough clarity at this point where you can actually", "duration": 12.45}, {"path": "c20824ea6f927fe380f48a904cf4821b_22.wav", "text": "Before we begin, we'd like to remind you that some of the information contained in the news release and on this conference call contains forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict.", "duration": 12.45}, {"path": "49d1f0821d7f9a848e9b07a239c47074_114.wav", "text": "to some extent, that distributor has been outgrowing you, even though they are still in negative territory. So I would like to understand why it seems you may be lagging there,", "duration": 12.45}, {"path": "80a2ca14358172366acab4e80f3fa33b_175.wav", "text": "is about structural changes leading to such fluctuations. Q3, according to the trend,", "duration": 12.45}, {"path": "f7c059b1312a5f1fc017ece069fddee2_11.wav", "text": "we're really precluded from commenting specifically on any acquisition package, whether it's already been transacted on or potentially could be transacted on for a variety of reasons. But", "duration": 12.45}, {"path": "e29584f9f829602cacebcce71c2a4fb9_82.wav", "text": "in early 2017. We also have other new and interesting investigational products that we are going to be presenting at medical conferences.", "duration": 12.45}, {"path": "c12aea8267b41c1b0347ac04aaa4f789_33.wav", "text": "All right. We have no further questions in the pipeline, so we would like to conclude today's call. Thank you very much for your participation, and have a good day.", "duration": 12.45}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_32.wav", "text": "Then you get the cocoa mass, and this production is done in the industrial area of Olten. So if you pass by, by the train, you smell it and you see it.", "duration": 12.45}, {"path": "ea80970d6b8e6fab10c4500aa7298914_70.wav", "text": "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 10-Q.", "duration": 12.45}, {"path": "ea80970d6b8e6fab10c4500aa7298914_178.wav", "text": "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.", "duration": 12.45}, {"path": "09b5b62d328d3d0719b6825357fdfb48_140.wav", "text": "down from last year. Is -- should we think of it short of in line with the June quarter? Or how should we think about what you're realizing on the gallons you're producing?", "duration": 12.45}, {"path": "812d8f09b72b4d410d138d3b24caebbc_59.wav", "text": "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.", "duration": 12.45}, {"path": "ae5a41fe3b3d515713608c5ac878eed3_69.wav", "text": "specific percentages on a per quarter bases 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 improving", "duration": 12.45}, {"path": "383cf39e54475c8a25af2af7b35c6f2e_47.wav", "text": "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.", "duration": 12.45}, {"path": "71c8aba809b2c3334e487f92f9009647_38.wav", "text": "Just a bit of a feel as to how competitive you think it's going to be? Or how successful, to your point, Pat, you're not going to cost save your way out of this. So it's got to be about putting the top line up. I think", "duration": 12.45}, {"path": "52446e909611115f34d7b34bf7c09c99_121.wav", "text": "Our capital expenditures this year includes strategic investments to improve productivity and yields at our sawmills, increase pulp production and reduce costs", "duration": 12.45}, {"path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_48.wav", "text": "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 year's fourth quarter.", "duration": 12.45}, {"path": "c2bad61ce58687fad602549f6048004b_64.wav", "text": "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", "duration": 12.45}, {"path": "9fb4423a70358ef22be9982299969f7a_55.wav", "text": "those of you who know us over a great many years, know that we have been very disciplined in how we purchased companies, and we intend to remain disciplined. And so", "duration": 12.45}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_117.wav", "text": "we believe the recessionary comments, conversations with all of the experts have been significantly overblown, especially as it relates to the customers -- to our customers,", "duration": 12.45}, {"path": "c334e290beb657ee3efcb6b2f734c81e_57.wav", "text": "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 that's causing that spread compression in the CLO market.", "duration": 12.45}, {"path": "902872913863de98d38e2936b846cf66_258.wav", "text": "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.", "duration": 12.45}, {"path": "ddabb30d106a115232a49981d62da464_2.wav", "text": "that we had previously been. And that had a disproportionate impact on the profitability of those businesses that have a certain fixed costs base that is serviced by the scale of their operations.", "duration": 12.45}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_250.wav", "text": "how are you going to -- how you're 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?", "duration": 12.45}, {"path": "3d0f5785f81125b6efa2339a4aef56aa_42.wav", "text": "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.", "duration": 12.45}, {"path": "3d0f5785f81125b6efa2339a4aef56aa_51.wav", "text": "The Holmes Approved Homes program focused 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.", "duration": 12.45}, {"path": "50eb350badadec6e4272b90684741c25_232.wav", "text": "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.", "duration": 12.45}, {"path": "5be70acf701b7a6c9322f8feeaca63cd_52.wav", "text": "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.", "duration": 12.45}, {"path": "81c03e2c15e8fe8213fbd40368b49581_42.wav", "text": "We believe above-average dividends will drive returns over several years in the future. That's one reason that the management and the board continues to be very comfortable investing in the stock of Dynex Capital.", "duration": 12.45}, {"path": "0536b57caa15ae9f7338c4e58f9f62b6_88.wav", "text": "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.", "duration": 12.45}, {"path": "bf99037f89cd485f95f097842619a0c7_175.wav", "text": "generally, people will commit to join you and sign something around the end of the first quarter when they know they're going to get their bonus, they will resign after that.", "duration": 12.45}, {"path": "0db5ec7ab57d41c0bea4a8ee98a083eb_28.wav", "text": "And then those that are deemed to respond after optimized treatment with valbenazine in the course of that open-label will be eligible to be randomized into the randomized withdrawal part of the study.", "duration": 12.45}, {"path": "b35398859e534e471fb1cd60f5baac20_104.wav", "text": "We believe, going back to the credit quality question, we lease to the right tenants, to the right businesses. We have a high prospect of maintaining those tenants over time", "duration": 12.45}, {"path": "3fb901e6b501ddced60226a13ebef4af_19.wav", "text": "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.", "duration": 12.45}, {"path": "2905366dcf0eb60a22b63a1b3d9adf95_19.wav", "text": "This increase was primarily due to increased in-basin sales activity as one of our contracted customers shifted volumes to our Van Hook Terminal from other destinations and is being charged transportation fee for this service.", "duration": 12.4499375}, {"path": "19e7822c0e829faf25355c16b830cf39_116.wav", "text": "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 forward-looking statements.", "duration": 12.4499375}, {"path": "db6c253ba433d9a247219bb3f15da199_82.wav", "text": "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.", "duration": 12.42}, {"path": "6e6da7f810609ce64857373f11984455_119.wav", "text": "We've 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", "duration": 12.42}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_126.wav", "text": "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,", "duration": 12.42}, {"path": "f0dd7e4dad969b480d0d2a70609aedba_70.wav", "text": "any return or return to more normalized claims environment will put upwards pressure on our combined ratio. And we should anticipate reduced margins.", "duration": 12.42}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_24.wav", "text": "Today, I'd 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", "duration": 12.42}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_37.wav", "text": "So make no mistake, we'll get on to capital allocation, but it isn't going to be in the next month or 2 months, but it'd probably be within -- before the end of the year.", "duration": 12.42}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_151.wav", "text": "Well, unfortunately, I don't have that information right in front of us, but I can give you a generalization. From the standpoint of our decline", "duration": 12.42}, {"path": "14e9ab3b38cd3029b8aff693a105dbfb_95.wav", "text": "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.", "duration": 12.42}, {"path": "ed97f2737cc8edb9635f0f5d4e21bdac_76.wav", "text": "I don't think anyone can call me responsible if I took the position with how the retail business is going to look in 20 or 25 years is almost impossible to predict today.", "duration": 12.42}, {"path": "280baf1d10cd27b78eae4bf2574b9c98_91.wav", "text": "they all appealed to a different set of customers. And I think our job as merchants and marketeers is to bring that to life and our customers know they can get it at Five Below, and we do that through epic deals.", "duration": 12.42}, {"path": "8cb24daf76784487ad63780546dc4ba4_63.wav", "text": "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.", "duration": 12.42}, {"path": "1d2f3c74735a986131e7b219d9eff713_3.wav", "text": "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", "duration": 12.42}, {"path": "91422f85dbf838639b3cb9dd9da364eb_123.wav", "text": "but it's also a model that we think has a lot of -- let's say, has a good track record for the future. And we think that, that's a model that we will continue to employ.", "duration": 12.42}, {"path": "46906afb4e1ee1fef09b5908e76beefa_85.wav", "text": "could you help us put some sort of book ends with regards to the potential exposure you may have and what next steps in terms of timing we should look for?", "duration": 12.42}, {"path": "6f2c2a55736c5c47a19eca807ec60e33_38.wav", "text": "As we've mentioned before, we do not believe that the products mentioned in this litigation violate valid intellectual property of CommScope and we'll continue to defend our innovative solutions in growing market presence.", "duration": 12.42}, {"path": "a827180c08c11f2e53c6966fceaabf5b_149.wav", "text": "This should stabilize as we begin to deliver aircraft in early 2017. In addition, we have essentially completed the New Zealand SH-2 program, ending the conversion of that inventory to cash.", "duration": 12.42}, {"path": "8b2314627d54755a15c55244bb862225_45.wav", "text": "especially when you merge with a company that has as high loan quality as Southeastern does. So a couple things to think about when you think about our provision", "duration": 12.42}, {"path": "e743ddc0caabaebf5e9a6568eaef8334_55.wav", "text": "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.", "duration": 12.42}, {"path": "257e4e92036da9582a8a288c88332ff3_134.wav", "text": "the new loan production yields that we're getting and then the increase in our portfolio that's moving up with the rate increases. And then, certainly we intend to run our loan to deposit ratio", "duration": 12.42}, {"path": "8b6b51842af008f5f437f53cc2e71835_102.wav", "text": "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.", "duration": 12.42}, {"path": "2f8bdc3cf1d9a9bef5b62b15afde93b1_189.wav", "text": "Yes, from what we can see now with the limited visibility we have, we have reason to be optimistic about the markets of 2018. What gives me then the confidence to be", "duration": 12.42}, {"path": "d9a3d28bdd36864c63b02659cc8870a8_96.wav", "text": "And it's been continuing going forward. So our model in systemization is really around defining appropriate stages and steps for each of these areas. So we segregated", "duration": 12.42}, {"path": "911d447bcdcedb4e0cf5230de225921c_12.wav", "text": "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", "duration": 12.42}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_23.wav", "text": "And while we will still do some optimization, I would say mid-next year, it should be with NRCs that are lower than what we are realizing right now.", "duration": 12.42}, {"path": "87753115961242d7035b7938c7e4dea1_1.wav", "text": "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.", "duration": 12.42}, {"path": "8a77ceadd7e4729abc9102d38be3a227_191.wav", "text": "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", "duration": 12.42}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_8.wav", "text": "More importantly than this are the internals. Customer service is at an all-time high. And at the same time, we have our lowest ever level of stock and working capital.", "duration": 12.42}, {"path": "9c3a67f574514131f1f506b2f9905bed_80.wav", "text": "As mentioned, we've 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,", "duration": 12.42}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_121.wav", "text": "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.", "duration": 12.42}, {"path": "20097e37747ec7bc3734246e83798fb1_47.wav", "text": "Yes. Well, thank you all for listening 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 business", "duration": 12.42}, {"path": "526e0d5398a516831b49936c31a8ea1c_162.wav", "text": "While we have only been performing under RIIO for 6 months, as I mentioned earlier, the benefit of being fast-track afforded us the opportunity to begin to plan our approach to delivering outputs.", "duration": 12.42}, {"path": "f7df5ecab61eca575f169a8298318eca_13.wav", "text": "thing we see in terms of a theme. The other theme we see is that we see the emergence of so-called edge data centers. These are data centers that are smaller in nature,", "duration": 12.42}, {"path": "3e7ae56945d17332dc48a3a2b331da25_58.wav", "text": "and at this point, the board and the controlling group is not -- the strategy of the company is not to make", "duration": 12.42}, {"path": "bbb4adabb4fce8ad4d11962c46f59a1f_97.wav", "text": "So there's things... Sure, understood. So there's things in the work that we might have already filed applications on and that we will file applications on that you guys won't see", "duration": 12.42}, {"path": "2c3945f11b4d91727b1ce00d490e11b6_96.wav", "text": "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.", "duration": 12.42}, {"path": "968913c3f9111fc67f1d9956c56dec3b_131.wav", "text": "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.", "duration": 12.42}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_264.wav", "text": "We still think that oil and gas is a great market to be in over time. We think that we've made our footprint more flexible and that we will be better able to flex as the market fluctuates", "duration": 12.42}, {"path": "63eaf9677d7577484a1557ae6bfbb585_9.wav", "text": "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.", "duration": 12.42}, {"path": "948f025c16fce2bcb2909e610c9be557_287.wav", "text": "And that's the bright side and we've been developing new tires and wheels for that, which we should be able to roll out beginning of the", "duration": 12.42}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_156.wav", "text": "One which is probably somewhat remote would be Dodd-Frank reform in Congress. But another choice would be pursuing a variety of administrative channels, reflecting", "duration": 12.42}, {"path": "da34a7b460e520db0401de3ce860187c_48.wav", "text": "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 we're quite familiar with the nature of competition, and", "duration": 12.42}, {"path": "82f5253b62614161333b038f5f9700f8_164.wav", "text": "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.", "duration": 12.42}, {"path": "059024560d9d1039cf08746ee7393114_47.wav", "text": "which we believe will ultimately benefit readers and business partners and result in significant and sustained value creation for Gannett's stockholders.", "duration": 12.42}, {"path": "dffe8257f781608bb17bb637249e4d2a_149.wav", "text": "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 cost-efficient operating model,", "duration": 12.42}, {"path": "416ebb7a4160f7cd2f98361cbd1cb769_92.wav", "text": "there were a handful more completed, but the difference in rejuvenation program cost is very meaningful. So I'm just trying to get a sense of if there's an increased pace of payout to the franchisee? Or has anything changed there?", "duration": 12.42}, {"path": "8cfc2a9aace5078f22a83c782b9d41f7_70.wav", "text": "I can tell you from my recent industry experience in Washington, I think there's still a view that not all of this will ultimately survive,", "duration": 12.42}, {"path": "3d3b327645f62f252bb876e5bb4a9259_136.wav", "text": "don't want to go down the road of giving kind of explicit guidance, but I'm wondering, just based on your comments on the state of the industry, I think, you even mentioned", "duration": 12.42}, {"path": "22a55e362dd67dc8f7cd40f7ec8d62c1_175.wav", "text": "I highlighted it 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,", "duration": 12.42}, {"path": "e33785a294553de2a12d4463bf786744_129.wav", "text": "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.", "duration": 12.42}, {"path": "3877b1983229ec488c6349a188bccf92_174.wav", "text": "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.", "duration": 12.42}, {"path": "3877b1983229ec488c6349a188bccf92_203.wav", "text": "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 route-to-market changes in certain states.", "duration": 12.42}, {"path": "7498a6630302a038bd537d192c3a44f4_11.wav", "text": "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.", "duration": 12.42}, {"path": "2a7af3c66762ce608379005a3d7bfa96_172.wav", "text": "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.", "duration": 12.42}, {"path": "c9c6437fdff6eb69b8bca5fb3b2f14df_25.wav", "text": "the growth for some of the key segments in China could actually come in higher than other regions over the next several quarters.", "duration": 12.42}, {"path": "f7c059b1312a5f1fc017ece069fddee2_16.wav", "text": "And I'm just wondering if you can give us at least an updated sense of timing in which you might realize those benefits, and what the nature of them might be and magnitude, ideally?", "duration": 12.42}, {"path": "3e29586725757a72d8c143f3da2658f5_66.wav", "text": "While we have not included this on 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.", "duration": 12.42}, {"path": "e29584f9f829602cacebcce71c2a4fb9_67.wav", "text": "in my presentation that we have already 3 ADCs. We have an immuno-oncology program. And because of our great desire to capitalize on these other opportunities,", "duration": 12.42}, {"path": "fd5d61fef2374d3a3c1d7818eb73b463_0.wav", "text": "Before we begin, I would like to remind you that this call is being recorded and that information discussed today may include forward-looking statements regarding the company's financial and operating performance.", "duration": 12.42}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_168.wav", "text": "and how do we make sure that where we're doing business, it's really meaningful and impactful and that we can have the A-teams that are working on our product. Because footwear is one of those many things defined by the last 10% or the last 5% and making sure that we finish there.", "duration": 12.42}, {"path": "884400c829f179d8cf68b767f45f03a4_2.wav", "text": "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 Monro.Forward strategy.", "duration": 12.42}, {"path": "b126c31149f1cadf1d891082a187d6fc_228.wav", "text": "these gray areas of interpretation can be narrowed, and the lines of what is and is not allowable can be more clearly drawn.", "duration": 12.42}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_101.wav", "text": "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,", "duration": 12.42}, {"path": "66b25c60d952bd002c7ab20da9248086_112.wav", "text": "for us to continue to grow this metric, including increase the percent of our members that we're monetizing, increasing the share of wallet of our existing members that we are monetizing, and adding new revenue-generating products to our platform.", "duration": 12.42}, {"path": "812d8f09b72b4d410d138d3b24caebbc_41.wav", "text": "potential sales out of that, out of the addition, and that we should be done with the construction of that in Congers towards the end of this year and then qualifying customers to go into next year.", "duration": 12.42}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_156.wav", "text": "We believe our acquisitions of Alent and the OM Group businesses create a complementary and diversified solutions provider with a broad reach across the electronics and automotive markets.", "duration": 12.42}, {"path": "3f6641f7d8f1ab845ad4f637cfb35109_223.wav", "text": "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 year-over-year.", "duration": 12.42}, {"path": "692de133aab90ff6681b2c45b433b32b_19.wav", "text": "We expect the ultimate market value of these projects to be considerably higher than what you see on our balance sheet. And so we continue to push towards stabilization on a number of our early investments to service real-life case studies for the investment community.", "duration": 12.42}, {"path": "ebd59e21db89edb92205e012427cd9db_12.wav", "text": "and workovers on Moran and Usano. As I mentioned earlier on, a pleasing note for our own company performance has been the increase in reserves and resources.", "duration": 12.42}, {"path": "1215cf00a11992ec74743f92026af2e9_3.wav", "text": "The recent widening of Permian differentials is a positive indicator for fee-based activity levels on our Permian systems and provides additional visibility for longer-term demand for incremental capacity.", "duration": 12.42}, {"path": "b0d88c0f1efca89ecb928172341dc75d_277.wav", "text": "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.", "duration": 12.42}, {"path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_147.wav", "text": "But then the new people, I think, will start to become productive in the second half. So I think you're right. It's 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.", "duration": 12.42}, {"path": "9fb4423a70358ef22be9982299969f7a_24.wav", "text": "the prior first quarter. And in the second quarter, we've given some of that back. And the reason we've given it back is really 2 reasons. One, we've had a different pattern of growth this year", "duration": 12.42}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_205.wav", "text": "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.", "duration": 12.42}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_225.wav", "text": "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.", "duration": 12.42}, {"path": "af146425f68dd8e32f31878389746637_11.wav", "text": "We serve customers in end markets with attractive growth rate and our expertise in advanced material delivers high profitability and attractive returns on invested capital.", "duration": 12.42}, {"path": "538323cb37246bc97d1253b369a7414a_157.wav", "text": "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 hasn't suffered as much. So this is at least part", "duration": 12.42}, {"path": "3ae068efa03cd088f4d3edea682f199f_49.wav", "text": "more time with some of our key clients and explaining our plan to sell Technology, to reduce costs, strengthen our balance sheet, basically everything that we've described today in our prepared remarks.", "duration": 12.42}, {"path": "24a2aec67e247f9c4d4cc89d6dbab525_71.wav", "text": "I would now like to turn the call over to Jack Hockema. Jack? Thanks, Melinda. Our first quarter results were driven by margin compression due to escalating metal and freight costs.", "duration": 12.42}, {"path": "365c360aff42713cef71a7d026eeeb6d_2.wav", "text": "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.", "duration": 12.42}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_5.wav", "text": "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.", "duration": 12.42}, {"path": "a4d3f12bcd4bd2b79c885714ce84ab4f_56.wav", "text": "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.", "duration": 12.42}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_74.wav", "text": "While this shift impacted our reported cross-border growth rates, it has a minor effect on revenues since this is an intra-EU move the platform made to optimize the European business.", "duration": 12.42}, {"path": "c96b5ae4ffe20d946daec67e2b0917b2_191.wav", "text": "So most of the water goes into the evap pit and mother nature does what it's going to do. But in order to continue expanding that facility, which the market is crying for,", "duration": 12.3900625}, {"path": "63eaf9677d7577484a1557ae6bfbb585_69.wav", "text": "Got you. That's 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 you've seen in your sort of initial,", "duration": 12.3900625}, {"path": "139f0a6300f504b3e8673e39b0429161_103.wav", "text": "As Dean reported earlier, we did have a full hearing last week, so that represents progress. We're still not able to predict any outcome at this time but anticipate a ruling from the judge in a matter of weeks.", "duration": 12.39}, {"path": "e23e3aabab4b12e359bc92a480c2d294_35.wav", "text": "Our new group purchasing organization contract and membership conversion will result in improved purchasing power, new supply chain business solutions in favorably negotiated agreements.", "duration": 12.39}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_193.wav", "text": "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", "duration": 12.39}, {"path": "d28b2b09c127b5be033738aa3cd380b3_274.wav", "text": "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 I'd like to point everybody's attention to perhaps", "duration": 12.39}, {"path": "718a89dc503706eae0091bcd9410d567_66.wav", "text": "due primarily to the timing of recognition of inventory gains and lower spreads in the butane lending business. NGL transportation volumes on our wholly-owned and joint venture pipelines", "duration": 12.39}, {"path": "232edaebd93a3d8673bce183d269ad6d_173.wav", "text": "But we've had some lumps along the way, it's just that one lump is a little bit bigger than the next and then all of a sudden, it just kind of fell off this quarter. So I didn't really have anything of significance to provide any additional", "duration": 12.39}, {"path": "13220986bf30f26076a674e2a9edc89c_155.wav", "text": "fairly low, and we also have currency hedges on our capital in the China bank running through that line item in the income statement. So", "duration": 12.39}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_78.wav", "text": "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.", "duration": 12.39}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_204.wav", "text": "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,", "duration": 12.39}, {"path": "14f3d2486b21e639a953afb7ad03d90c_111.wav", "text": "There is no dairy products included, it's just fruits and no added sugar at all. So this is the most healthy smoothie on the market.", "duration": 12.39}, {"path": "4b7945dd823dcbc0b2724efa66393673_22.wav", "text": "the consequential amendments to IAS 1, we adjusted the presentation of other operating income and other operating expenses in order to allow for a more granular view of the company's operating expenses", "duration": 12.39}, {"path": "b34f680a9162805e0188170d6272a356_319.wav", "text": "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.", "duration": 12.39}, {"path": "1f686a09cf3566a34f04f39fde02460e_174.wav", "text": "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.", "duration": 12.39}, {"path": "ada4e338c266148264077e06bac68005_17.wav", "text": "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 wasn't a very surprising defense. Basically, there was general", "duration": 12.39}, {"path": "ada4e338c266148264077e06bac68005_96.wav", "text": "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 weren't prepared to talk about", "duration": 12.39}, {"path": "07f580f6f7be50000b90caa25fcd2661_37.wav", "text": "Given that the investing community is increasingly focused on the potential value destruction that is expected to occur in long-duration, fixed-rate assets as interest rates rise,", "duration": 12.39}, {"path": "a212b77ae2b2452093665a4e179ed3a3_177.wav", "text": "As I previously have mentioned, we continuously look for opportunities to create shareowner value as we've really done over the past decade. And if there is a clear and compelling path", "duration": 12.39}, {"path": "a827180c08c11f2e53c6966fceaabf5b_75.wav", "text": "as you know, we've done a number of acquisitions. And some of those, even though they're in different product platforms, are in the same local geographic area. Chicago's a great example, where we have consolidated", "duration": 12.39}, {"path": "d261e09fa176510406c0d05eeedfc8f8_167.wav", "text": "how they have been performing very strongly. in the case of Vueling, in the case of British Airways. There is a piece there having to do with", "duration": 12.39}, {"path": "403903eb119bfc1cec44d86ec907077a_50.wav", "text": "we are largely insulated from this dynamic, which is creating a gap and a growing gap between our sub trends and those of many cable networks. And our net retransmission rates are essentially the same,", "duration": 12.39}, {"path": "ee640f0dcb9928c0bdd795eddbeac7c0_69.wav", "text": "the knee-jerk 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.", "duration": 12.39}, {"path": "171fd9df333ddd814c764843ed624121_130.wav", "text": "While that processes is obviously taking longer than we had hoped, we anticipate that we will receive approval in the next couple of months, and this would give us a presence in London and Frankfurt, the 2 large data center markets in Europe.", "duration": 12.39}, {"path": "f4d0f1362716be33f02690dd1a8df663_111.wav", "text": "The new line established at our Mishima factory to expand production capacity for our line of in-Jelly products has been operating stably since coming online.", "duration": 12.39}, {"path": "f4d0f1362716be33f02690dd1a8df663_92.wav", "text": "Awareness of our products is gradually rebounding, and recognition of HI-CHEW and other products made in Japan is being increased through the e-commerce channel.", "duration": 12.39}, {"path": "1ddc944827b99caf8c7867ceeed0ec20_147.wav", "text": "Well, the one has talked to us for a while, and now is coming to the point. This is not the one that we've been talking to for a while and told you about.", "duration": 12.39}, {"path": "b2d6357f46f3a82cff6625277f9a20f6_123.wav", "text": "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.", "duration": 12.39}, {"path": "b092d2be33ad52beefab208355b18235_130.wav", "text": "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.", "duration": 12.39}, {"path": "7bc22aba9bc29d69ee10cc60db7903d8_134.wav", "text": "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 ramp-up continues to happen.", "duration": 12.39}, {"path": "567a41009710fa1568bb8125213bf9eb_5.wav", "text": "During the second quarter, uncertainty in global financial markets led investors into the relative safety of U.S. Treasuries, sending interest rates lower.", "duration": 12.39}, {"path": "885b465648704d8a5d15bd00078e2160_11.wav", "text": "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 year's pipeline chart.", "duration": 12.39}, {"path": "c3567809c19ce6a800677544cd84f88b_165.wav", "text": "and expected to grow double digit. 3rd Space does present logistical challenges, but we intend to lead here, ensuring our brands take full advantage of this cultural phenomenon.", "duration": 12.39}, {"path": "c3567809c19ce6a800677544cd84f88b_114.wav", "text": "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.", "duration": 12.39}, {"path": "974a2d744cd3d9acf42d74816de91f7f_71.wav", "text": "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,", "duration": 12.39}, {"path": "ab4dae37361262d727d1d2f8f78765d5_39.wav", "text": "in Australia, we expect tonnes to be growing by about the size of Burrup. If you look at the East right now, it's already -- the East is already probably in deficit,", "duration": 12.39}, {"path": "13141efea197b407280701081390f0ce_80.wav", "text": "This includes the impact of the change in scope of services with our largest customer, along with a couple other large accounts that had significant declines due to the changes in their businesses.", "duration": 12.39}, {"path": "968913c3f9111fc67f1d9956c56dec3b_142.wav", "text": "programs that the group is working on to continually kind of freshen the sources of our tour generation. So I think what you're seeing, I do not expect it", "duration": 12.39}, {"path": "0ec0a75c1800bac01520dcac5b8992fb_101.wav", "text": "I'd like to begin with a brief overview of our third quarter, followed by an update on the end-market highlights and then our strategic priorities. I will then turn the call over to George for a closer look at the numbers.", "duration": 12.39}, {"path": "5ea42ed8ea9a65bd01aaabb678685483_112.wav", "text": "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.", "duration": 12.39}, {"path": "c8124cdb821d04f0e585420c128d76c7_201.wav", "text": "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.", "duration": 12.39}, {"path": "0e52a74a184c92ad0c336af764aa0796_52.wav", "text": "enabling us to continue to pursue in-licensing of product acquisition opportunities to augment our marketed and development product portfolios and additional strategies to create shareholder value.", "duration": 12.39}, {"path": "741526dd2a3db996d2f22f4bcdae4be6_37.wav", "text": "We recently announced that we're 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.", "duration": 12.39}, {"path": "828ec1416eb7fa95846b5137752b3ff9_8.wav", "text": "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.", "duration": 12.39}, {"path": "e97d1655ebabb8403ac0449eadb48f9b_45.wav", "text": "Additional information about factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements", "duration": 12.39}, {"path": "b3d7bc295d09d9927e465213612c0192_155.wav", "text": "But I would assume that it would have some small impact in us. How much, I don't think it is huge, but again, all of the customers that are mentioned as shipping", "duration": 12.39}, {"path": "b3d7bc295d09d9927e465213612c0192_231.wav", "text": "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 that's really the", "duration": 12.39}, {"path": "da879f8ea1c23aa6565cccaacac271fc_246.wav", "text": "We are working on a comprehensive management structure for Charles River Safety Assessment business, which will maximize the talents and best-in-class processes of both organizations.", "duration": 12.39}, {"path": "059024560d9d1039cf08746ee7393114_84.wav", "text": "These non-GAAP company-defined measures are being provided because management believes they are useful in analyzing the company's operating performance and cash flow before the impact of various reorganization and other charges.", "duration": 12.39}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_198.wav", "text": "Many of these younger patients are exposed to opioids for the first time following common procedures like wisdom tooth extractions. Improving access to opioid-free solutions like EXPAREL is critical in this vulnerable population.", "duration": 12.39}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_167.wav", "text": "So the J code gives us a very straight-line 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,", "duration": 12.39}, {"path": "dffe8257f781608bb17bb637249e4d2a_61.wav", "text": "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,", "duration": 12.39}, {"path": "dffe8257f781608bb17bb637249e4d2a_157.wav", "text": "we've 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.", "duration": 12.39}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_82.wav", "text": "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", "duration": 12.39}, {"path": "49e533a8449f6b9b6c806458e73338e1_1.wav", "text": "We will discuss some non-GAAP measures in talking about our company's performance. You can find the reconciliation of these non-GAAP measures to the most directly comparable GAAP measures in the presentation accompanying this conference call.", "duration": 12.39}, {"path": "433a6e203f9db93835c27ff83e86c801_15.wav", "text": "on our relationship with several of other Alpha's competitors. I remain optimistic though that the strength of EnerSys' global sales network should help Alpha's international sales.", "duration": 12.39}, {"path": "8cfc2a9aace5078f22a83c782b9d41f7_159.wav", "text": "it had actually increased pretty significantly in Q1 as a result of borrowing 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.", "duration": 12.39}, {"path": "757695924b5e43c7d44e29dc141cc035_205.wav", "text": "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.", "duration": 12.39}, {"path": "c47a92e006b54d014a79b447528c55a7_78.wav", "text": "as we stabilize operations and increase revenue-generating investments in an inflationary environment, including the anticipated impact of tariffs and input cost increases, partially offset by pricing actions.", "duration": 12.39}, {"path": "45ab782035fdb06f5ec710d0845bc18f_98.wav", "text": "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.", "duration": 12.39}, {"path": "e42f90eacf0e766ff39973c6aca06c93_141.wav", "text": "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.", "duration": 12.39}, {"path": "3b2908426357bb8269c3a01469865cd6_138.wav", "text": "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 that 2016 was clearly a difficult year.", "duration": 12.39}, {"path": "be1d9f57faececddb1cdbf5e831bcbf9_138.wav", "text": "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", "duration": 12.39}, {"path": "41e5f97c6d94e8f87bb5fb602fe25500_43.wav", "text": "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 the process to getting the samples into the lab.", "duration": 12.39}, {"path": "5633fe3600ee04237bbb918c56341864_151.wav", "text": "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.", "duration": 12.39}, {"path": "e522eff219f3eaa2c9b090dc12cad420_71.wav", "text": "in the existing business? And then if you could talk to potential investment outside of what you're doing currently. If there is any way to provide a little bit more color there, I think, that would be helpful.", "duration": 12.39}, {"path": "a0d537badd260e2071136602e3b73b26_1.wav", "text": "Management's 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.", "duration": 12.39}, {"path": "838af8ffae77ce8ff59c77b1985f8fc5_74.wav", "text": "It's 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.", "duration": 12.39}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_76.wav", "text": "Reveal line has been re-branded as Signature and we've introduced additional options with that such as curved rail as well as lighting applications.", "duration": 12.39}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_149.wav", "text": "As part of this plan, we are placing added emphasis on the fastest-growing segments within our categories with the goal of transforming our portfolio over time.", "duration": 12.39}, {"path": "812d8f09b72b4d410d138d3b24caebbc_148.wav", "text": "No. I mean, we're just now, Chip, starting to get into that process. It's really going to be very much project dependent. I mean, I'd don't -- at this point, I don't foresee any major bricks and mortar or anything like other than", "duration": 12.39}, {"path": "243e9a046160bfbf82be702927a4df22_3.wav", "text": "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. We've also seen production uplift in some of the existing parent wells.", "duration": 12.39}, {"path": "e0555e30370c43189a1136fb7ef17d20_121.wav", "text": "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 us is not about insurance pricing or market impact, it's really about our ability to continue to invest", "duration": 12.39}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_137.wav", "text": "I'll close with touching on our greatest assets, 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,", "duration": 12.39}, {"path": "2313d1644b53f7bf5e70d2ff4db8e6e6_98.wav", "text": "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.", "duration": 12.39}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_8.wav", "text": "We intend to be the leading asset servicer, asset manager and data inside provider to the owners and managers of the world's capital. This vision will be driven by 5 strategic priorities.", "duration": 12.39}, {"path": "83c003be6ac012b814cfecef95459f02_138.wav", "text": "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.", "duration": 12.39}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_23.wav", "text": "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?", "duration": 12.39}, {"path": "7a80c3e91e5a2693cdaef5f716808317_167.wav", "text": "it's the instruments engineering team working with the RFS team in designing 10 standardized packages that cover 90% of our range, for example. So that's a major ongoing new product development initiative", "duration": 12.39}, {"path": "30a142fac5a62ab00227cb6a339a6226_176.wav", "text": "While it was critical to build our team to keep pace with the growth of our business, it's 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.", "duration": 12.39}, {"path": "0b7afb66a39a4c81151309bacc830c60_36.wav", "text": "I am pleased with the progress that the insurance team, including the new actuarial team, has made to improve our pricing processes and discipline.", "duration": 12.39}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_13.wav", "text": "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.", "duration": 12.39}, {"path": "523cf294ec146d5411972168b1c10f09_127.wav", "text": "that's developed around the large customer program for a number of reasons. I mean, there's been evolving initiatives and priorities and objectives, and that's really where the issue is", "duration": 12.39}, {"path": "6064088db0200b32f3f3e848047c5ab6_37.wav", "text": "later this year. I'm 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?", "duration": 12.39}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_246.wav", "text": "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. We're up", "duration": 12.39}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_158.wav", "text": "no problem at all demonstrating the ability to convince the customers that not only are we stable, but we're back in the growth mode. That's my feeling, Harlan.", "duration": 12.36}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_87.wav", "text": "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 don't want to talk about that one specifically,", "duration": 12.36}, {"path": "95962e0f754f9e2f786778c85d0913b8_141.wav", "text": "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.", "duration": 12.36}, {"path": "d28b2b09c127b5be033738aa3cd380b3_179.wav", "text": "We know about the costs, and we know about the discussions that we have with retailers pretty well. So while we don't take it lightly, we certainly think that taking a hard look at", "duration": 12.36}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_4.wav", "text": "Our sales performance was indicative of the continued improvement in our U.S. Automotive business and the steady growth we continue to generate in our Australasian and Canadian operations.", "duration": 12.36}, {"path": "1927f9c722093d1d64b610c4227ccf59_181.wav", "text": "I -- we launched our brand-new 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, which", "duration": 12.36}, {"path": "8b71a232d7fe61e6232807b635977c31_94.wav", "text": "And I'm not going to comment on any specific deals that might be in progress right now. But safe to say, we're in active discussions with some of the major MVPDs, and don't be surprised if you see us announce something before the end of the year.", "duration": 12.36}, {"path": "8b71a232d7fe61e6232807b635977c31_251.wav", "text": "My question is, as you go-to-market with the Content Ratings 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?", "duration": 12.36}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_118.wav", "text": "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.", "duration": 12.36}, {"path": "6a927d8b7734e7ddd8ffd264fa1020a6_92.wav", "text": "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.", "duration": 12.36}, {"path": "e743ddc0caabaebf5e9a6568eaef8334_62.wav", "text": "We are also beginning the process to share back-of-the-house resources and expertise as we leverage the TriMas model and assist our businesses in achieving their plans and strategies.", "duration": 12.36}, {"path": "8ce8f3144deb1adb52f969fb5a653beb_144.wav", "text": "just at the high level, that's very strong in the quarter in terms of business operating profit. Are there any special drivers behind that? And where would you say", "duration": 12.36}, {"path": "1244d2b5a259c3bc73742830d60d53fc_127.wav", "text": "As highlighted in this morning's press release, we provided updated full year 2018 guidance to reflect the impact of the disposition of the Language Solutions business.", "duration": 12.36}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_91.wav", "text": "The second measure is net cash generated from customer contracting activities, which is our reported net income before interest, taxes, depreciation and amortization,", "duration": 12.36}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_23.wav", "text": "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 Hart-Scott-Rodino Act clearance,", "duration": 12.36}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_33.wav", "text": "We're seeing a significant opportunity to increase Funding Stream volume through the broker community, but we're resisting that. And we had a couple of -- there's been a couple of competitors that have", "duration": 12.36}, {"path": "38b2f94da12bbf2d32246763aab8265a_102.wav", "text": "better for higher quality. And this means that our cost of acquisition are -- have edged up a bit.", "duration": 12.36}, {"path": "3aba3f0bef57d2f71dcc573a0fb198ed_49.wav", "text": "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,", "duration": 12.36}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_20.wav", "text": "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,", "duration": 12.36}, {"path": "ade68f8add7249890d086ecf4b5b8cab_67.wav", "text": "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.", "duration": 12.36}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_46.wav", "text": "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.", "duration": 12.36}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_24.wav", "text": "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.", "duration": 12.36}, {"path": "16e51362df94379ea33a24334015f385_26.wav", "text": "So we're 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 using the service for free.", "duration": 12.36}, {"path": "f23036451aab1cb9d659c3ac9a23825c_2.wav", "text": "We also continue to refine our off-price channel distribution as it remains a strong area for the retail industry overall. We believe we can drive profitable growth from this channel without sacrificing our brand integrity.", "duration": 12.36}, {"path": "29426a77336443eedde7eaa29e9c2852_196.wav", "text": "retaining customers around contract renewal time. The intended consequence of that is it frees up our sales executives to just focus on selling,", "duration": 12.36}, {"path": "02deeb29574f1571812a11f66bb8fda1_234.wav", "text": "and we've 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", "duration": 12.36}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_75.wav", "text": "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.", "duration": 12.36}, {"path": "526e0d5398a516831b49936c31a8ea1c_158.wav", "text": "And we expect that to continue into RIIO-ED1. Our ability to execute on our plans and achieve incentive revenue has been key to our financial performance.", "duration": 12.36}, {"path": "7cf9ea093ccaf8fe8af51c4e00832372_45.wav", "text": "with the goal of generating reasonable top line support for our successful underwriting operations without getting out over our skis stretching for yield.", "duration": 12.36}, {"path": "17f54a9938f35a4bde713fb3eb33a80e_39.wav", "text": "Thank you very much. I will once again reiterate our excitement about the vision, our belief that we'll be in the clinic next year with a compelling and differentiated", "duration": 12.36}, {"path": "4567936d89925d1a3b983274b11ecae5_83.wav", "text": "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.", "duration": 12.36}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_66.wav", "text": "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 Consumer.", "duration": 12.36}, {"path": "82131762fc1c2b2358ac3a167666ab87_14.wav", "text": "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 company's portfolio growth.", "duration": 12.36}, {"path": "8cd753ed00aeee0ed32d03823eef3f7e_3.wav", "text": "But that doesn't break the trend over the rest of the year, which is a trend to deleverage in terms of net debt-to-EBITDA ratios.", "duration": 12.36}, {"path": "75eb5b75bb8587b63c318714ea956b9e_43.wav", "text": "Our continued evolution to a single integrated company that is heavily embedded in technology-driven diagnostic products and services is very evident in all aspects of our operations.", "duration": 12.36}, {"path": "75eb5b75bb8587b63c318714ea956b9e_66.wav", "text": "peer companies be acquired by large multinational entities or national entities. We see the uniqueness of our presence", "duration": 12.36}, {"path": "ceeedf178333db4c586311e4f43bdfd1_2.wav", "text": "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", "duration": 12.36}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_205.wav", "text": "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.", "duration": 12.36}, {"path": "f1da65edd5f2026ffd647d496bb96ce7_51.wav", "text": "In the second quarter, we selected a couple of vendors whose technology we will leverage to enable this front-end transformation. We have 3 pilots underway and expect results from these pilots by the end of the year.", "duration": 12.36}, {"path": "f1da65edd5f2026ffd647d496bb96ce7_80.wav", "text": "Sure. I'm going to comment more on the types of capabilities than on kind of where we're at in the process on some of those potential targets.", "duration": 12.36}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_221.wav", "text": "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,", "duration": 12.36}, {"path": "828ec1416eb7fa95846b5137752b3ff9_23.wav", "text": "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.", "duration": 12.36}, {"path": "5330f07390a3c14fc49f24ac98bf1eab_88.wav", "text": "So Federico's joining the Titan team comes at a very opportune time. Federico is exceptionally well qualified to help us consider and evaluate", "duration": 12.36}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_74.wav", "text": "We saw European strength in small molecule applications and continued performance in biopharm applications, where we are well positioned with our targeted LC-MS and biopharmaceutical separation solutions.", "duration": 12.36}, {"path": "c40b5d1a13169c5acf69590932a56f98_140.wav", "text": "We have also just completed a rebranding effort for BIOCORNEUM to elevate the premium messaging and look at the product to more closely align with the Sientra premium image.", "duration": 12.36}, {"path": "dffe8257f781608bb17bb637249e4d2a_313.wav", "text": "So while in the 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 long-term targets", "duration": 12.36}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_155.wav", "text": "The Switch hardware performance along with the solid attach rate of accessories and software driven by our knowledgeable store associates, resulted in one of the strongest hardware launches of all time.", "duration": 12.36}, {"path": "ab3354b86be920cde18291112bf8a70a_122.wav", "text": "So first of all, thank you for the question because I think it's 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.", "duration": 12.36}, {"path": "ab3354b86be920cde18291112bf8a70a_168.wav", "text": "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", "duration": 12.36}, {"path": "8cfc2a9aace5078f22a83c782b9d41f7_89.wav", "text": "what feels to us very sustainable and predictable cost rates that have benefited now from those restructuring actions. So the margin expansion", "duration": 12.36}, {"path": "0dec9a606303da3039d11eec4ec9bd86_103.wav", "text": "over the intermediate term. It will do that for us and that's 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.", "duration": 12.36}, {"path": "d74cec1fb73e1b1134bfa7152762ad80_69.wav", "text": "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.", "duration": 12.36}, {"path": "2a7af3c66762ce608379005a3d7bfa96_190.wav", "text": "that split covering the rail increases for the balance of the year? Or does the internal initiatives on box turning drayage and I think that kind of thing become more important as the year progresses?", "duration": 12.36}, {"path": "078b27aa69b10aa01f2eab2aa681bdd8_47.wav", "text": "was, I'd 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 continue to being able to drive growth there.", "duration": 12.36}, {"path": "b126c31149f1cadf1d891082a187d6fc_217.wav", "text": "have improved, what we call their conversion rates. So we -- and in many markets, we have always gotten these types of referrals from physicians in the past but weren't able to convert to an admission", "duration": 12.36}, {"path": "5efe4589d80ac1232c2958182c188903_108.wav", "text": "That's correct. We're running 1 shift in 1 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.", "duration": 12.36}, {"path": "ecc871b8f89a858d952f554f1ca8f7da_161.wav", "text": "This call is being recorded by Veeco Instruments and is copyrighted material. It cannot be recorded or rebroadcast without Veeco's expressed permission. Your participation implies consent to our taping.", "duration": 12.36}, {"path": "1300495cfa53748f732f54277d5a8cea_73.wav", "text": "As we look at 2016, we expect that the business will remain challenged throughout much of the year. We're working through our spring product and looking forward to debuting our fall collection from our new team.", "duration": 12.36}, {"path": "1215cf00a11992ec74743f92026af2e9_47.wav", "text": "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.", "duration": 12.36}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_106.wav", "text": "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.", "duration": 12.36}, {"path": "125388f1b45117acde70abc39e0f7d04_17.wav", "text": "As we've shared in 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% range.", "duration": 12.36}, {"path": "ddabb30d106a115232a49981d62da464_30.wav", "text": "in the next few weeks and be able to be in a position to announce that. I cannot comment on the proposed terms of the partnership of about what we've actually put in today's ASX statement.", "duration": 12.36}, {"path": "6cbf592846662213258684c3049e4592_55.wav", "text": "invested capital. So I think the point was that we're certainly open and interested for the right opportunity and not really seeing any major change in the environment.", "duration": 12.36}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_128.wav", "text": "We are uniquely positioned to serve the growing demand given our strategic asset base that stretches along the Louisiana coast and includes storage and ownership and operation of the Henry Hub.", "duration": 12.36}, {"path": "b20564a6da1bcfc7b80552299d9e002a_159.wav", "text": "and we invest and extend our capacities with a new furnace in Essen, line upgrades in various facilities as well as our decoration line capacities.", "duration": 12.36}, {"path": "933faa5ac159ab158506e2bc0f714977_30.wav", "text": "we're also seeing that a growing share at the entry level and the overall level of housing starts are very early cycle. So you've got some aspects to the market that are kind of early cycle-ish, and then you have some aspects that seem like they're more later cycle-ish.", "duration": 12.36}, {"path": "1d6a34325b07bf47ed643b143c941234_90.wav", "text": "Okay. So as you look a couple of years ago, as you looked out, it's actually materialized where you thought some of your customers would start to look and outsource some of these components that your expertise is in. That's happening.", "duration": 12.36}, {"path": "538323cb37246bc97d1253b369a7414a_82.wav", "text": "First about these new actions. I assume that you haven't been able to discuss with Terex anything about this. But your comment -- is there a risk that now you are", "duration": 12.36}, {"path": "eed99fefac02f862b3ee31c4748cb9b5_39.wav", "text": "We have added additional expertise on planning and scheduling of maintenance work, reducing the amount of emergency work on equipment. We expect the implementation phases of all the processes to be complete by mid-year.", "duration": 12.36}, {"path": "e5eb29123d69fdbc74dbc529dfe6c6cc_96.wav", "text": "Our product portfolio comprises the basic elements of every vehicle's electrical architecture and control architecture. I'm excited about the opportunities and solutions that Stoneridge offers in each of these areas.", "duration": 12.36}, {"path": "7a80c3e91e5a2693cdaef5f716808317_170.wav", "text": "Additionally, I'll highlight the significant progress made in our penetration of the industrial process segments driven by our increased focus on these market, coupled with the continuing increase in general automation.", "duration": 12.36}, {"path": "a98061f951c1b2c7a915e296098bc4de_150.wav", "text": "have followed along with that fund phenomenon. So it's been general credit spread widening in all asset classes. And we do think that the market will recover.", "duration": 12.36}, {"path": "a98061f951c1b2c7a915e296098bc4de_8.wav", "text": "We had thought that, that day 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.", "duration": 12.36}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_182.wav", "text": "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", "duration": 12.36}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_233.wav", "text": "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", "duration": 12.36}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_223.wav", "text": "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?", "duration": 12.36}, {"path": "214dcdc435ef3259490466447858fa56_11.wav", "text": "as well as the introduction of Guidewire. We're also looking to expand our market footprint in home, staying firmly in the over-50s camp and using the strong panel to help us to grow.", "duration": 12.33}, {"path": "569834a5cb8a33dfeac20dfa8e03afb3_12.wav", "text": "We have focused the remaining Metals business on our vertically integrated aluminum franchise, including our Jamalco asset, as well as our Asian-based Metals franchise.", "duration": 12.33}, {"path": "b28b60cd77c97aadb361896b0eb570a8_42.wav", "text": "And we intend to continue value strategy going forward. Nevertheless, the Christmas season is going to be full of very attractive offers.", "duration": 12.33}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_110.wav", "text": "Building on these successes, the application now becomes part of our digital centric launch of the Argo Construction business units in the third quarter, which we announced a few weeks ago.", "duration": 12.33}, {"path": "6f3e90ad68b9b074ad827efdcaf6630d_23.wav", "text": "assumptions regarding interest rates and prepayments, changes in the yield curves and changes in government programs or regulations affecting our business are forward-looking statements by their nature. The company's actual results", "duration": 12.33}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_282.wav", "text": "what is your action plan? And maybe you can already talk about some key market beyond China and India. My second question is on Western Europe.", "duration": 12.33}, {"path": "2602edddc3363eadcaafe1c33271f3e4_67.wav", "text": "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.", "duration": 12.33}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_193.wav", "text": "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 sitting", "duration": 12.33}, {"path": "55d05334bdde612eb9dd102bb41d216e_96.wav", "text": "But what we have found in our industry is that the water utilities view their data -- their customer data as very valuable proprietary data.", "duration": 12.33}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_62.wav", "text": "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.", "duration": 12.33}, {"path": "81430c39b7b202d05644e419e2a01a65_129.wav", "text": "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.", "duration": 12.33}, {"path": "7e14890193df4b10e1eeab6ab886529f_3.wav", "text": "into healthy life-changing 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.", "duration": 12.33}, {"path": "4b7945dd823dcbc0b2724efa66393673_153.wav", "text": "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 company.", "duration": 12.33}, {"path": "3121e8f4a75758834d32a9e4e0555221_145.wav", "text": "Now let's quickly review the significant out-of-period 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.", "duration": 12.33}, {"path": "39e5706898dcaf14a280b3a123877cd6_232.wav", "text": "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.", "duration": 12.33}, {"path": "2a5b0a6532fa2b71915a2930be02621a_21.wav", "text": "as well as 2 substudies to test pamrevlumab in combination with either pirfenidone or nintedanib. Our principal focus in the substudies is on safety assessments of combination treatment.", "duration": 12.33}, {"path": "8292bdb9af87f10627c044f3842b2c76_59.wav", "text": "Now for a brief overview. Favorable fundamentals, intense focus on operations, and years of deliberate capital allocation", "duration": 12.33}, {"path": "a212b77ae2b2452093665a4e179ed3a3_59.wav", "text": "to replace aging natural gas lines and to support additional power plant performance and reliability improvements. All these investments are expected to further improve service to our customers.", "duration": 12.33}, {"path": "f686be4a39a5c75b5f3a03a1aed5d9b6_134.wav", "text": "Before we begin today's call, I want to remind you that the discussion will include forward-looking statements, such as the company's beliefs and expectations regarding certain aspects of the financial performance in 2016 and future years.", "duration": 12.33}, {"path": "8957425799e5ce0200bfacf204d0acde_116.wav", "text": "Number two, our customers are struggling to get bank financing. Banks and 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.", "duration": 12.33}, {"path": "73ba4ff250b62745e03880e75b9a1581_172.wav", "text": "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", "duration": 12.33}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_15.wav", "text": "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.", "duration": 12.33}, {"path": "bc7dbd6e321b4df22db9270b69b89c11_46.wav", "text": "And while it's 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.", "duration": 12.33}, {"path": "e56726c7aedd69029957c84128050700_53.wav", "text": "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.", "duration": 12.33}, {"path": "1244d2b5a259c3bc73742830d60d53fc_83.wav", "text": "He has 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?", "duration": 12.33}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_140.wav", "text": "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.", "duration": 12.33}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_112.wav", "text": "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.", "duration": 12.33}, {"path": "4e04d3229b988f1db5b842ac5b993894_62.wav", "text": "In addition to the 2 spreads activated since mid-December, demand has been strong enough that we are preparing to activate another frac spread, which will begin working early in the second quarter.", "duration": 12.33}, {"path": "e60f6485243932b9280d864cb17a6ba8_33.wav", "text": "We keep on being as selective as possible with financial criteria that have been reviewed in the most stringent way, since I took on my additional CFO responsibilities.", "duration": 12.33}, {"path": "7394bde65e000fbb7b528c6c65bd099d_103.wav", "text": "And we have purchased others shippers' line space when those values are negative, which means they pay us to ship on their space. So the bleeding has stopped.", "duration": 12.33}, {"path": "7394bde65e000fbb7b528c6c65bd099d_16.wav", "text": "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.", "duration": 12.33}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_69.wav", "text": "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.", "duration": 12.33}, {"path": "5664a96b7f1182d037b901d84eeb4fd6_158.wav", "text": "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", "duration": 12.33}, {"path": "87ba56e8ff82d5e181ee5d6d66543c51_126.wav", "text": "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.", "duration": 12.33}, {"path": "a8b43081254547419da7462d9c957d61_67.wav", "text": "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.", "duration": 12.33}, {"path": "e2c02e1788cb10703d7611ef157f8135_137.wav", "text": "The result of all of these efforts is that we'll achieve a rationalization of square footage over time, not necessarily fewer stores, but probably less square footage.", "duration": 12.33}, {"path": "265e62fc569e790d8b3e58698aaab701_33.wav", "text": "And we're 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. It's still got to create value for our shareholders.", "duration": 12.33}, {"path": "191c819db03c2dfd0207cd1f42e278a4_70.wav", "text": "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. They're normally sophisticated buyers and understand what it takes", "duration": 12.33}, {"path": "7cf9ea093ccaf8fe8af51c4e00832372_9.wav", "text": "Interest rates are at historic lows. There is hazard in both duration and credit risk. The equity market is often unpredictable and frequently volatile.", "duration": 12.33}, {"path": "7cf9ea093ccaf8fe8af51c4e00832372_5.wav", "text": "are and continue to produce continuously evolving rating algorithms, generating much more granular, highly segmented, proprietary and predictive models,", "duration": 12.33}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_230.wav", "text": "As a result of that, I think we said a number of times last year, we didn't really see much deflation in 2015 until really the middle of the second quarter. So we have one benefit in 2016, which was we'd expect to see", "duration": 12.33}, {"path": "75eb5b75bb8587b63c318714ea956b9e_106.wav", "text": "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 low-cost clinical products and services to the diagnostics industry.", "duration": 12.33}, {"path": "ceeedf178333db4c586311e4f43bdfd1_50.wav", "text": "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 we'll sell through that as we go through the year.", "duration": 12.33}, {"path": "9e8690a521142359001a137074905535_4.wav", "text": "The remainder of this first quarter shortfall was execution related. And while these revenues should shift forward in 2016, we expected to capture them in the first quarter.", "duration": 12.33}, {"path": "6318dda27b3e36d76533c048c64a3014_53.wav", "text": "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.", "duration": 12.33}, {"path": "aed770c98113f594e36325a5822547e4_66.wav", "text": "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.", "duration": 12.33}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_7.wav", "text": "While this report does not produce any explicit change to existing laws or regulations, it contains a number of recommendations that align closely with Prudential's policy positions.", "duration": 12.33}, {"path": "fb817a6cc685a3fd0f003456dd641c01_167.wav", "text": "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.", "duration": 12.33}, {"path": "73c60e60043b8775dac929320839a8c6_95.wav", "text": "Just thank you and enjoy the rest of the summer. Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program and you may all disconnect. Everyone have a great day.", "duration": 12.33}, {"path": "b3d7bc295d09d9927e465213612c0192_222.wav", "text": "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", "duration": 12.33}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_50.wav", "text": "So -- and it's not just in education, Keith. We've kind of seen this play out. And so I would venture to say we have taken meaningful share in those markets.", "duration": 12.33}, {"path": "9e07401011239a074ff66741ee557224_20.wav", "text": "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.", "duration": 12.33}, {"path": "8c1b4f4af2af2847a240041390e31399_127.wav", "text": "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.", "duration": 12.33}, {"path": "e42f90eacf0e766ff39973c6aca06c93_1.wav", "text": "While each insurance company runs their own process and evaluation at their own pace, we respect their process and we'll continually work with them to demonstrate the compelling value of our long-term sensor.", "duration": 12.33}, {"path": "b4fc31ae6403a17b15c30d3ec3b82487_126.wav", "text": "to partnering with Hilton and future operators to meet and exceed our operational goals and create long-term shareholder value. With that, I will turn the call over to Sean.", "duration": 12.33}, {"path": "e33785a294553de2a12d4463bf786744_88.wav", "text": "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.", "duration": 12.33}, {"path": "e33785a294553de2a12d4463bf786744_94.wav", "text": "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.", "duration": 12.33}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_9.wav", "text": "We aren't short in ideas in this area and work is definitely underway, particularly in important areas like redemption and expirations. We simply don't yet have sustained big product wins to share, but we will.", "duration": 12.33}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_65.wav", "text": "really well staffed and has -- and with all the support that it needs to really grow that marketplace. So you'll see us shift a bit in our conversation from countries to making sure that we're in the right cities and our footprint", "duration": 12.33}, {"path": "e7d23208b973f7998b2fb21a00d87849_17.wav", "text": "We are cautiously optimistic that the increase in the volume and demand will absorb the ships delivering next year and the following year.", "duration": 12.33}, {"path": "ee00ebd8d782e8f124b3e142cbb74f37_21.wav", "text": "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.", "duration": 12.33}, {"path": "82ccbfb62e125b146fba0f8e4347cc62_67.wav", "text": "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?", "duration": 12.33}, {"path": "884400c829f179d8cf68b767f45f03a4_162.wav", "text": "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.", "duration": 12.33}, {"path": "e35fae1d3df1f7aeda409f90f200ec7b_169.wav", "text": "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 higher-volume components over the second half", "duration": 12.33}, {"path": "4ee3c79ebc57c9870b221b9479d52436_165.wav", "text": "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 CapEx at higher levels going forward.", "duration": 12.33}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_24.wav", "text": "And so we think for a project to make sense, you've got to have a lot of synergy and a lot of vision as far as what you're going to do with it longer term. And I think that's the nature of the deals that you've seen recently.", "duration": 12.33}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_78.wav", "text": "to have bidirectional capability? And then taking that a step further, maybe an update with regard to how you see the evolution of what's going to be downstream of everything that you're doing in the STACK?", "duration": 12.33}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_68.wav", "text": "While rig count growth supports the spectrum of opportunity in Central Oklahoma and the Permian, the scale of the LNG capacity in industrial consumption provides gas-related opportunities in Louisiana.", "duration": 12.33}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_302.wav", "text": "such as markets, such as client flows and things like that. So therefore, that's why we need to redouble the efforts around there, so in those periods like a 2018, that we don't see that thing kind of fall off.", "duration": 12.33}, {"path": "50eb350badadec6e4272b90684741c25_152.wav", "text": "including inbred models for genetic modification and immunodeficient models for oncology research and innovative technologies like CRISPR as critical tools to more narrowly target", "duration": 12.33}, {"path": "f268a8174f58c93ad6b45b7f151fe896_202.wav", "text": "It's 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.", "duration": 12.33}, {"path": "77423f08f0208d476dea73c639f6293a_172.wav", "text": "folks who are reported to be interested in or have launched their mobile or their virtual MVPD product directly. I know networks that are also talking with those folks.", "duration": 12.33}, {"path": "24c7526f6daca8e16ab91bea6124148a_145.wav", "text": "We will continue to take a balanced, prudent and long-term approach to our capital allocation strategy, which includes evaluating share repurchases and acquisitions on an opportunistic basis.", "duration": 12.33}, {"path": "24c7526f6daca8e16ab91bea6124148a_82.wav", "text": "We plan to keep debt levels in line with an investment-grade profile to maintain the flexibility for capital expenditures, dividend payments, share repurchases and acquisitions.", "duration": 12.33}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_5.wav", "text": "Joe already is making an impact across the business. His track record of success in innovation will be a driving force behind our future e-commerce success and we are excited to have him here.", "duration": 12.33}, {"path": "0b2059114216fe9195b6a4256ed84843_102.wav", "text": "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 peso-denominated debt,", "duration": 12.33}, {"path": "7a80c3e91e5a2693cdaef5f716808317_23.wav", "text": "We've appointed our Global Group Director of Operations. We've identified our regional operations leadership team, and we've hired additional subject matter experts to assist us in key areas targeted for improvement.", "duration": 12.33}, {"path": "30a142fac5a62ab00227cb6a339a6226_91.wav", "text": "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", "duration": 12.33}, {"path": "eb93e70cdf7a839a69546250fb3646fb_168.wav", "text": "how that's evolved recently. Obviously, the market is picking back up, and that helps everyone. But I'm curious if your competitors have been pretty rational as it relates to capacity additions. And", "duration": 12.33}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_7.wav", "text": "Looking at the full year, we saw our investments across the portfolio helped to deliver production growth at 4%. Cash flows were also strong despite the higher capital", "duration": 12.33}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_150.wav", "text": "With regard to Obuasi, I take your point in terms of the checkered 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.", "duration": 12.33}, {"path": "16c235a53fc719ec92ef3b3c3b371150_297.wav", "text": "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 a little bit of cash.", "duration": 12.33}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_107.wav", "text": "So I mean, we are constantly assessing the cost increases or decreases that we have and making sure that we don't get trapped in situations where we have a", "duration": 12.33}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_193.wav", "text": "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.", "duration": 12.33}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_7.wav", "text": "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.", "duration": 12.33}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_146.wav", "text": "appropriately allocate the risk model, especially for the price point we're charging for these services. And we've also been very careful to make sure that our", "duration": 12.3299375}, {"path": "8292bdb9af87f10627c044f3842b2c76_134.wav", "text": "I remain confident in the preliminary plan. You will recall that the first step is to propel NOI growth over the next 5 years.", "duration": 12.3000625}, {"path": "380ae96068b8dd8084d2d283421629c4_9.wav", "text": "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.", "duration": 12.3000625}, {"path": "f5875d033110e66b5aafc3c0003babdf_94.wav", "text": "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.", "duration": 12.3}, {"path": "db6c253ba433d9a247219bb3f15da199_87.wav", "text": "So we've already brought in outside capital with the 2 SPVs that we've done. We obviously got a broker-dealer license, which will enable us to compensate those that help us go out and raise outside funds.", "duration": 12.3}, {"path": "6e6da7f810609ce64857373f11984455_30.wav", "text": "Okay. So this is Mike. Let me just close by saying thank you to all of our 1,300 professionals around the world. I think it's your ability to help our clients achieve operational excellence and", "duration": 12.3}, {"path": "7ad622c38e1f0e472ca166e2ad70844d_70.wav", "text": "Our expense base has benefited from our never-ending focus on operating efficiencies and our conservative approach toward managing our balance sheet continues to be a differentiator for us.", "duration": 12.3}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_28.wav", "text": "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.", "duration": 12.3}, {"path": "ab861b81968e1b5fcb606ed886919d68_97.wav", "text": "As many of you know, nonrecurring dividend and fee income is impossible to predict with accuracy on a quarter-to-quarter basis, which is why we tend to focus on it in an annual context.", "duration": 12.3}, {"path": "3557b21a45c35e71e82cc43b19977855_233.wav", "text": "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.", "duration": 12.3}, {"path": "14e9ab3b38cd3029b8aff693a105dbfb_48.wav", "text": "And as I'll 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.", "duration": 12.3}, {"path": "80bbfd75ab074e9faf2d1b31118f1cfc_125.wav", "text": "your overall year-end is still impacted by this push-out, which suggests we really don't know when that business is coming back. So just trying to get more clarity on this. And I have a follow-up.", "duration": 12.3}, {"path": "223f05c0b9b116532e9af84afa76cac7_15.wav", "text": "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 near-term,", "duration": 12.3}, {"path": "c96b5ae4ffe20d946daec67e2b0917b2_128.wav", "text": "So as we conclude our brief prepared remarks this quarter, I'll mention one additional item. Last quarter, I mentioned that we would be disappointed if we didn't announce a couple of hundred million dollars of acquisitions and growth projects in the", "duration": 12.3}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_33.wav", "text": "which makes it a more comfortable place for us to add. But I think we'll watch this as we go. We'll obviously keep you posted on the way this is developing. But we're off to a great start in the first few weeks that we've been", "duration": 12.3}, {"path": "ec0ecc8e73cce4598def6cfff6f7c598_183.wav", "text": "but there's efficiencies that -- when we're as vertically integrated as we are and being the only seat supplier with both leather and textile to really establish a well-crafted seat that could help them with their brands,", "duration": 12.3}, {"path": "04f29bc02d1e2ef65077ca67bf41f475_19.wav", "text": "and moving the balance that was in other FI services to the fraud, security, risk management and operational services category.", "duration": 12.3}, {"path": "918de179148bbfe18b95415ee0065a3d_207.wav", "text": "with the absence of activity over significant periods of time. South Texas mineral owners are starting to enforce continuous drilling clauses in their leases.", "duration": 12.3}, {"path": "8bbc2f54137b794265dfb01f1559868d_147.wav", "text": "People are getting to know each other better, are working well together in teams. We have common aligned goals and objectives, and incentive plans have now been established for every single person in our company.", "duration": 12.3}, {"path": "3d4b9cfcb489a54bda65e749b7b79b15_25.wav", "text": "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.", "duration": 12.3}, {"path": "75fa1bebed0b858c76cc7058477e40e2_149.wav", "text": "with good brand awareness and excellent economies of scales. It gives me confidence that we've got the right things within a very difficult environment to improve over our peer group.", "duration": 12.3}, {"path": "7503d7356c13f095c26bfad29c5390c6_39.wav", "text": "I imagine that the first one would be at ASCO next year. B-MIND, remember, is intended to be a pivotal study, so that will be blinded, and that we're in a safety run-in at the moment. I think the next", "duration": 12.3}, {"path": "ff2d1613ef8b55cc55bec6e266f6cfc2_85.wav", "text": "In our core business, we are continuing to see a very strong demand for ROADMs on a global basis, with India and China beginning to deploy ROADMs in large volumes.", "duration": 12.3}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_192.wav", "text": "The film has had critical acclaims, but they don't know who made it. It's not easy to sell noodles indeed. Any other questions?", "duration": 12.3}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_203.wav", "text": "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.", "duration": 12.3}, {"path": "2fc915b996c687200d995736980aae9a_6.wav", "text": "Even with the decrease in domestic wholesale, we saw growth in our Kids division as well as Women's Active and sandals and Men's Sport, and men's and women's On The GO and Work.", "duration": 12.3}, {"path": "2fc915b996c687200d995736980aae9a_5.wav", "text": "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.", "duration": 12.3}, {"path": "cfbe91105113db7a5784f77e411b7a3f_69.wav", "text": "We are a little bit more active today in the acquisition area. Again, we are quite well on track with our organic growth execution", "duration": 12.3}, {"path": "e26b501c6e000fdaa11edde97cc71436_74.wav", "text": "what do you think or when do you think we might begin to see some traction in the Foreign Supplier Verification Program? How's today sound?", "duration": 12.3}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_164.wav", "text": "then we're reasonably 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", "duration": 12.3}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_116.wav", "text": "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.", "duration": 12.3}, {"path": "403903eb119bfc1cec44d86ec907077a_130.wav", "text": "So with -- at the outset, I think the quadrennial review can help provide the transparency on the market definition that would open the doors.", "duration": 12.3}, {"path": "dbafd430cf189ffeffd96a06da8ba37d_118.wav", "text": "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.", "duration": 12.3}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_90.wav", "text": "Moreover, the waves of deployment tend to happen quite simultaneously across different locations because they serve graphical areas with similar economic and political environments.", "duration": 12.3}, {"path": "a8034762296368c60571fcde382c3274_127.wav", "text": "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", "duration": 12.3}, {"path": "c3ac3b05413d9a9caee0626d57fee77f_48.wav", "text": "So they fit completely with what we've 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.", "duration": 12.3}, {"path": "e60f6485243932b9280d864cb17a6ba8_125.wav", "text": "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.", "duration": 12.3}, {"path": "a8b43081254547419da7462d9c957d61_88.wav", "text": "In the Bakken, last year's activity was focused on drawing down our inventory of legacy drilled but uncompleted wells, which didn't have the benefit of our latest precision targeting techniques.", "duration": 12.3}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_299.wav", "text": "So we continue to drive these elements on a model that has, as a base, the consistency of performance. I believe that you'll see far more volatility in the global markets.", "duration": 12.3}, {"path": "98f10f0935e5b778e888a1b8130a3d31_172.wav", "text": "We have tried our best to anticipate, with all the changes pre-IPO that we've shown you in our Investor Day in November, to anticipate as much as possible.", "duration": 12.3}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_38.wav", "text": "Over the past years, I've also come to know most of you on today's call. I thank you for your engagement and your support of Starbucks and of me. I can say without equivocation that the best days for Starbucks lie ahead.", "duration": 12.3}, {"path": "1be44822d16f85bd501a5f19876895b1_46.wav", "text": "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", "duration": 12.3}, {"path": "191c819db03c2dfd0207cd1f42e278a4_35.wav", "text": "provide a little bit more depth onto your new orders number especially because we do have the acquisition of buw flowing through the numbers this quarter for the first time.", "duration": 12.3}, {"path": "f7df5ecab61eca575f169a8298318eca_106.wav", "text": "Looking at it from a regional perspective, we can see that both Europe, Middle East and Africa and Asia Pacific have been", "duration": 12.3}, {"path": "4567936d89925d1a3b983274b11ecae5_157.wav", "text": "Going a little bit more into each of the business lines. On mobile, we see a continuous good uptake of the upsell efforts that we have.", "duration": 12.3}, {"path": "e78997e6a75a2243292b2b54750bb3cb_20.wav", "text": "I don't think that we can get any direct read of how not targeting the X gene affects what the data would have been like. The", "duration": 12.3}, {"path": "809e26eaacb31ffdee78d3f41a6ce90a_23.wav", "text": "if you will, movements in the hydrocarbon price models, which we believe, therefore, will have a benefit to our business over time. I'm not suggesting we're going to get back to the historical relationship just yet,", "duration": 12.3}, {"path": "75eb5b75bb8587b63c318714ea956b9e_80.wav", "text": "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", "duration": 12.3}, {"path": "948f025c16fce2bcb2909e610c9be557_152.wav", "text": "Which we make, and almost every place in the world can make, those sets. So what happens on that is price is probably", "duration": 12.3}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_243.wav", "text": "So I think the Nubiola team have a very nice competency around salesmanship and technology and the way they go to market.", "duration": 12.3}, {"path": "c8124cdb821d04f0e585420c128d76c7_93.wav", "text": "Now that being said, I've also said that within probably -- early in the summer, sometimes in the summer, we'll announce on the financial side what the plan is going to be in the future.", "duration": 12.3}, {"path": "48f4f350c0636fa0c7acf339cfccb869_32.wav", "text": "with the performance of cell filtration and the process of gene editing that we have, and I consider this problem as,", "duration": 12.3}, {"path": "cbdc44c5f09baa21b5979beaf7f1e1e4_24.wav", "text": "at dollars that are significantly less than what it's 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", "duration": 12.3}, {"path": "e97d1655ebabb8403ac0449eadb48f9b_87.wav", "text": "As with previous calls, our comments today are subject to normal provisions relating to forward-looking information. We will provide information relating to our current views regarding trends in the markets,", "duration": 12.3}, {"path": "82f5253b62614161333b038f5f9700f8_27.wav", "text": "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.", "duration": 12.3}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_87.wav", "text": "As you think about the production side of the business, there's increased production because you had a lot of people who were uncertain about avian influenza.", "duration": 12.3}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_5.wav", "text": "Third, we incurred higher operating expenses, primarily related to bird performance issues with both our conventional flocks and those raised without antibiotics.", "duration": 12.3}, {"path": "da879f8ea1c23aa6565cccaacac271fc_166.wav", "text": "These capabilities are especially important now when global biopharma companies are making the decision to increase their reliance on CROs, and small and mid-sized biotech companies,", "duration": 12.3}, {"path": "7551ffae17aa39dd4ea962a43f96bf04_49.wav", "text": "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.", "duration": 12.3}, {"path": "1e850c2f72078279ebafea4edcbb3aa4_35.wav", "text": "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 non-GAAP financial measures.", "duration": 12.3}, {"path": "757695924b5e43c7d44e29dc141cc035_65.wav", "text": "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.", "duration": 12.3}, {"path": "94f913b974baab79fb636f6521170dd7_185.wav", "text": "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.", "duration": 12.3}, {"path": "c47a92e006b54d014a79b447528c55a7_5.wav", "text": "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 3.5x at the end of this fiscal year.", "duration": 12.3}, {"path": "130e8e56c1afa2419fd0c08708261824_172.wav", "text": "And therefore, that will change the capital generation pattern somewhat and will largely offset the benefit of writing a lower level of new business.", "duration": 12.3}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_110.wav", "text": "And so that's just an anomaly in the data. It's 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", "duration": 12.3}, {"path": "8635f950dc44da3fcad542b2c066bedf_81.wav", "text": "I think that's why we're 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,", "duration": 12.3}, {"path": "01b376669d5ea40acc7fb5a87503586e_150.wav", "text": "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.", "duration": 12.3}, {"path": "a0d537badd260e2071136602e3b73b26_139.wav", "text": "Finally, I will provide some closing remarks, including more detail on our plans, which we announced last night on our earnings release, to convert to a REIT in the first half of 2019. Then we'll open the floor to questions.", "duration": 12.3}, {"path": "29f56972971325265e4a53485f49793e_120.wav", "text": "I also think it's fair to point out that due to seasonal effect, we hand over a lot of completed projects in Q4. And by that, it's a natural pressure downwards on the sales ratio.", "duration": 12.3}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_241.wav", "text": "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.", "duration": 12.3}, {"path": "b0d88c0f1efca89ecb928172341dc75d_201.wav", "text": "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,", "duration": 12.3}, {"path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_146.wav", "text": "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.", "duration": 12.3}, {"path": "4ee3c79ebc57c9870b221b9479d52436_207.wav", "text": "we're not trying to not answer your question, mate, but the answer is that we've always had in -- within our guidance a risk to some of our revenues that might come and might not come,", "duration": 12.3}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_62.wav", "text": "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", "duration": 12.3}, {"path": "3412b2f7aef0615537779e312cf984c3_76.wav", "text": "We see new construction of rigs and we've also seen our models being purchased and taking out a different transmission. So there's a mix of that", "duration": 12.3}, {"path": "1f142ea668261ba963d47aac6bab69dd_93.wav", "text": "And then, I just want to say, Irene, that I'm really trying to make this not a Hershey question and I totally understand your sensitivity. I'm really trying to focus on the margin potential side of this", "duration": 12.3}, {"path": "5b331cf4e6f62ec9a9c30a4728e36054_82.wav", "text": "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,", "duration": 12.3}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_53.wav", "text": "Thank you. Before we begin, I would like to note that this conference call may contain forward-looking statements based on the estimates and assumptions of management at the time of such statements and are not guarantees of future performance.", "duration": 12.3}, {"path": "5fa40a5d21ed133986a4fdce163ca3eb_4.wav", "text": "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 point compared to last year, leading to the revenue decline.", "duration": 12.3}, {"path": "bc1efb704df9c180935803c70a315597_146.wav", "text": "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.", "duration": 12.3}, {"path": "16614fa848b6601733f9eb4b2ee4da71_131.wav", "text": "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,", "duration": 12.3}, {"path": "2c4d64ba9a75dff613a83aa6f145f4b7_166.wav", "text": "forward to be able to grow and make more money, I think would probably be doing them a disservice. So it would be company-owned. As I said, we've got some pretty basic criteria with cultural fit and management teams and", "duration": 12.3}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_250.wav", "text": "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.", "duration": 12.3}, {"path": "ef7e77f6a5983826d0eefe75f7832ce6_36.wav", "text": "So where we're seeing good returns, those are areas where we'll continue to invest and continue to work with the customer in understanding what they're looking for and improve their customer experience.", "duration": 12.3}, {"path": "a766b08317742c952705018a899f3998_99.wav", "text": "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.", "duration": 12.3}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_227.wav", "text": "value out of those. So as we look at what we've 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,", "duration": 12.3}, {"path": "bf99037f89cd485f95f097842619a0c7_218.wav", "text": "in basic, you're 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.", "duration": 12.3}, {"path": "7e198f4b8da8fc367e2bca0fd1595633_56.wav", "text": "Look, we look a lot at what's in our customers' wallet without referring to anyone else's advertising. And I'd say we've seen a very stable mix of customers use of credit cards, other installment debt, other auto debt.", "duration": 12.3}, {"path": "0db5ec7ab57d41c0bea4a8ee98a083eb_97.wav", "text": "had a Clinical Global Impression of Change and Patient Global Impression of Change goal indicating much improved or very much improved at 48 weeks.", "duration": 12.3}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_23.wav", "text": "included the addition of many new stone and accessory SKUs. Now we are working through the process of introducing an additional 1,000 new SKUs over the next 6 months.", "duration": 12.3}, {"path": "9dcce10786aa9db4cdc6cc4649adacdd_78.wav", "text": "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 company's annual report on Form 10-K", "duration": 12.3}, {"path": "16c235a53fc719ec92ef3b3c3b371150_119.wav", "text": "And so I would hope that investors would be mindful of that, and -- because there's always that balance of wanting the forwards to reflect what reality is and that we can hedge into,", "duration": 12.3}, {"path": "97ddc19ecb28bab2d19fd3b181182062_280.wav", "text": "we've done some closures recently and some combinations, but we're not probably as far off on utilization from the target as you might think. And the utilization normally that's", "duration": 12.3}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_106.wav", "text": "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 isn't over yet, so we'll wait until the end of the year and give you an update in", "duration": 12.3}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_32.wav", "text": "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 higher-margin service and product sales.", "duration": 12.3}, {"path": "47546a57a865bca0f4e677dc3b485053_17.wav", "text": "Combining technology with personal service is the new reality. We discussed our investments in the last few years in appropriate technology for our manufacturing, logistics and retail networks.", "duration": 12.2999375}, {"path": "10a419054cf3cc5d4ca00b7f338cc73b_25.wav", "text": "I think reiterated the 20% target, and now a quarter later, we're talking about 15%, so it seems like something changed there and I'm just trying to get a better handle on what that was?", "duration": 12.27}, {"path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_67.wav", "text": "I think anytime you're 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,", "duration": 12.27}, {"path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_102.wav", "text": "it's always difficult to predict at the beginning of that kind of a project what kind of conditions you're 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,", "duration": 12.27}, {"path": "2f888e63a31b86cc2f4f97710e8eed79_230.wav", "text": "This will be a key driver for KPN's future performance. Alongside quality improvements, we see numerous revenue opportunities and further potential to lower spend.", "duration": 12.27}, {"path": "2f888e63a31b86cc2f4f97710e8eed79_13.wav", "text": "We lose part of the ISDN lines due to rationalization, yet we are migrating the remaining ISDN customers to KPN ONE and we are witnessing 2 clear benefits.", "duration": 12.27}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_158.wav", "text": "substituting therapeutically even existing patients. So I do believe that we're going to continue to see erosion for REMICADE, that the biosimilar impacts are accelerating and they're going to continue", "duration": 12.27}, {"path": "d28b2b09c127b5be033738aa3cd380b3_276.wav", "text": "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?", "duration": 12.27}, {"path": "a45d8b57fe6b8199bca7aec4d022bbb3_107.wav", "text": "in terms of information will be very well prepared there as well. So I would be very grateful if we would be able to welcome you there in Pirdop. It will be an experience not to be missed.", "duration": 12.27}, {"path": "6c7cc87ae188a5ad707fc0e523dea753_203.wav", "text": "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 good brands", "duration": 12.27}, {"path": "249b7b83531140105343e2a0e89150fa_82.wav", "text": "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.", "duration": 12.27}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_141.wav", "text": "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.", "duration": 12.27}, {"path": "1927f9c722093d1d64b610c4227ccf59_75.wav", "text": "look at this business over a long period of time, we'll start to report that for you. So probably at the end of this year, we're going to create a run rate for you so you'll see exactly what happens from birth to the end. So you're looking through", "duration": 12.27}, {"path": "56e05107e391476d11fe1f637733f028_131.wav", "text": "that we didn't have a relationship with before. And so our 1,700 locations I always talk about could be everything from a", "duration": 12.27}, {"path": "8b71a232d7fe61e6232807b635977c31_31.wav", "text": "the cross-industry meeting with the multiple stakeholders, was a very positive, very active, very productive discussion, and everybody's looking forward to the next session to continue the progress on the issue.", "duration": 12.27}, {"path": "de3b766a868da918e499f407dbf5d716_32.wav", "text": "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", "duration": 12.27}, {"path": "145244b0378e6657d456cffca8bbc982_36.wav", "text": "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.", "duration": 12.27}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_185.wav", "text": "What I mean is your product has to be good enough, but you also have to have good packaging and other promotion campaigns.", "duration": 12.27}, {"path": "2e3470778d787bc7db14a62eeaefd902_59.wav", "text": "utilizing its capacity to supply intermediates to both Switzerland and to Bavla. And the next step is to go through the qualification process to enable us to manufacture", "duration": 12.27}, {"path": "a212b77ae2b2452093665a4e179ed3a3_24.wav", "text": "There have not been significant changes to our U.K. capital plans as those have already been accepted by Ofgem through the end of RIIO-ED1. As we think about future spending beyond the current price control period,", "duration": 12.27}, {"path": "47a303604df9f9fc9f2f89a9280c3a79_101.wav", "text": "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", "duration": 12.27}, {"path": "9c5bc3e66dc0c7ac4a559a1d71e70c85_109.wav", "text": "This program facilitates our colleagues' transition to retirement and allows us to provide talent development opportunities and facilitate mobility within the organization.", "duration": 12.27}, {"path": "0f4370b614f29bd596e4f6871cc77864_88.wav", "text": "The office team and field strategy of providing a strong value proposition of an extended construction management solution is taking hold the high attach rate of team and field solutions on top of the core office technology.", "duration": 12.27}, {"path": "655d592e9d1b1027f1824b1554d8b131_47.wav", "text": "Okay. And that actually brings me to my second question with some of your comments, more on Pall Mall because it does seem that, that brand has been facing an increased amount of pressure.", "duration": 12.27}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_79.wav", "text": "and really extraordinary if he gets 3. That's the market we're in. Having said that, we still have our limits, physically and intellectually, about how much more we can take", "duration": 12.27}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_171.wav", "text": "these aren't just acquisitions we're going out and finding. We sat down and did a complete strategic work-up of the marketplace. We brought in a consultant to help us really understand from a data standpoint what was out there,", "duration": 12.27}, {"path": "38b2f94da12bbf2d32246763aab8265a_56.wav", "text": "If we think about our global macro strategy predicated on debt, so the portfolio is being shortened so to", "duration": 12.27}, {"path": "636d6909fbd8656f88f72f66a3a162ff_28.wav", "text": "necessarily know what's 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?", "duration": 12.27}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_112.wav", "text": "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 call,", "duration": 12.27}, {"path": "58ff8a727ec4f3859407b64f08246759_100.wav", "text": "But as you know, we're 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.", "duration": 12.27}, {"path": "08ed60a546bd48af9db028c4e3c8af26_103.wav", "text": "at least for the time being, in the coal side, we don't see major opportunities lying ahead for us, unless we can", "duration": 12.27}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_6.wav", "text": "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", "duration": 12.27}, {"path": "c3567809c19ce6a800677544cd84f88b_82.wav", "text": "Right now, our leverage ratio is squarely within the 2.5x to 3x range we target. As a result, we are not yet in a position of having excess capital to deploy.", "duration": 12.27}, {"path": "191c819db03c2dfd0207cd1f42e278a4_26.wav", "text": "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", "duration": 12.27}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_10.wav", "text": "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.", "duration": 12.27}, {"path": "10728656364812338b7417b035dae4c4_74.wav", "text": "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.", "duration": 12.27}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_76.wav", "text": "But I think that in terms of the technical merits of the 48-volt architecture that we have presented to our customer and to the market now are good.", "duration": 12.27}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_209.wav", "text": "we, frankly, think we'll utilize some of that incremental capacity as well. So we'll get leverage benefits on margin as well as cost benefits as well as some increased shipments.", "duration": 12.27}, {"path": "63eaf9677d7577484a1557ae6bfbb585_93.wav", "text": "We have additional site functionality and navigation refinements to make before we begin our marketing campaigns, but we have no reason to believe we won't be ready for the full marketing launch in the third quarter.", "duration": 12.27}, {"path": "915bdcf0edfec49b928ca4010cbb40ca_18.wav", "text": "Our business continues to grow, and we are generating consistent free cash flow that can be reinvested to enhance shareholder value. With that, I'd like to turn it over to the operator for questions.", "duration": 12.27}, {"path": "7f0b365cacc47c00a8284b0070994e4a_82.wav", "text": "the company may make projections and other forward-looking statements regarding future events or future business outlook, anticipated progress on Compugen's pipeline program and financing related matters.", "duration": 12.27}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_32.wav", "text": "and different package sizes, so that we can be present in whatever channels the consumer is shopping. So net-net, we are seeing continued category declines. And in fact, as Brian said, it got a little bit worse", "duration": 12.27}, {"path": "9b697782ea80be97854f35d6fc62c93a_201.wav", "text": "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.", "duration": 12.27}, {"path": "baf4cec43f02cba3a0e2e83192f98380_125.wav", "text": "is it the cost structure on which we have got a hold off? And now, probably, it's more of a sales which we would be looking at in terms of improving the performance? That's what I was trying to understand.", "duration": 12.27}, {"path": "262bc21196721c5ff9114acbd2ff03c3_52.wav", "text": "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", "duration": 12.27}, {"path": "21f21433851eb7c7f7dbc710309341bb_84.wav", "text": "reported revenue and the proxy for the dealer shipments 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?", "duration": 12.27}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_227.wav", "text": "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", "duration": 12.27}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_66.wav", "text": "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 B-note structure", "duration": 12.27}, {"path": "ab3354b86be920cde18291112bf8a70a_50.wav", "text": "In Asset Management, we have good scale on distribution, broad investment capabilities and the ability to adjust the business and leverage our integrated model while continuing to generate a good return.", "duration": 12.27}, {"path": "2f2c93c1fdfb31ebb02111de502a4e7c_173.wav", "text": "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.", "duration": 12.27}, {"path": "1689b94530eca82b7758c86b4cf3125f_28.wav", "text": "Total company residential HSD ARPU growth has been fueled by a proportional mix of marketing, such as lack of discounts and improved sell-in and upgrades,", "duration": 12.27}, {"path": "7498a6630302a038bd537d192c3a44f4_130.wav", "text": "that we're 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 you'll", "duration": 12.27}, {"path": "7498a6630302a038bd537d192c3a44f4_88.wav", "text": "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.", "duration": 12.27}, {"path": "7498a6630302a038bd537d192c3a44f4_22.wav", "text": "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.", "duration": 12.27}, {"path": "9b64cf7bd80b5f16bf1c68440d023e8a_59.wav", "text": "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.", "duration": 12.27}, {"path": "aa14e40ba684ff629fa9635314cea11e_5.wav", "text": "As the Continuity and Integration of Acquisitions Director, it's my responsibility to proactively prepare our company to effectively execute the integration of acquisitions once the opportunities are presented.", "duration": 12.27}, {"path": "9c67fafcb51925dcbaa570283fe01701_131.wav", "text": "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.", "duration": 12.27}, {"path": "5633fe3600ee04237bbb918c56341864_61.wav", "text": "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", "duration": 12.27}, {"path": "9908957f60adff5efc1c8692a0f5ab38_163.wav", "text": "The baby depot team has been working very hard on the assortment in our in-stock position and we are delighted to see this result for business that remains a differentiator for us.", "duration": 12.27}, {"path": "d62cc3a0dfe3492ed16dfc17c028071e_84.wav", "text": "Unlike our peers, NeuLion owns and operates every piece of our end-to-end platform. Each piece is tightly integrated and seamlessly delivers high-quality interactive content across multiple screens.", "duration": 12.27}, {"path": "5c601f5318d5dcbe20fdd78f19c2b277_98.wav", "text": "Before we begin, I want to remind you that certain statements made during management's presentation with respect to future, financial or business performance may constitute forward-looking statements.", "duration": 12.27}, {"path": "ec6bcc27bd7d6a428dc5b2be7ae7d93b_71.wav", "text": "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,", "duration": 12.27}, {"path": "0b21f953a7ae9970ef3a4c30b267927c_31.wav", "text": "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.", "duration": 12.27}, {"path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_140.wav", "text": "The primary growth in international market is likely to come from Asia, as we are now selling in China, Japan, Korea and India, and the feedback has been very positive.", "duration": 12.27}, {"path": "648ddbbaa83d8a627c7ab752f63a80bd_47.wav", "text": "one of the offsetting things in small business is 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 back in some of the rates,", "duration": 12.27}, {"path": "3e42c35588dc721e96280bc039e96c8d_113.wav", "text": "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", "duration": 12.27}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_235.wav", "text": "the team there's done a magnificent job in terms of the complexity of components that we work on and how they have brought them to final completion.", "duration": 12.27}, {"path": "5fa40a5d21ed133986a4fdce163ca3eb_1.wav", "text": "Well, our results for the fourth quarter and for the year reflect the continuing challenges the company and our fellow Delaware casinos face with the formula for gaming revenue distribution within the state.", "duration": 12.27}, {"path": "902872913863de98d38e2936b846cf66_52.wav", "text": "delaying things or maybe things wouldn't be quite as good as they would have been otherwise as a result of not being able to find the labor? Just any opinion you have on that.", "duration": 12.27}, {"path": "49dfadfb9a3d4d27ac250602928cf9ea_159.wav", "text": "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,", "duration": 12.27}, {"path": "ffa357a084f4deb64797a0a32b8c5e33_239.wav", "text": "and 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 give us on that.", "duration": 12.27}, {"path": "3c17ad8c6709cbb1a8f7190f567a445f_58.wav", "text": "it's been a common theme this earnings season of hearing about some of the new entrants into the market going on a bid-it-to-win-it kind of basis and pricing getting a little soft. But", "duration": 12.27}, {"path": "6c929ddddb79b887458ae21f1a3aa09d_79.wav", "text": "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.", "duration": 12.27}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_71.wav", "text": "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.", "duration": 12.27}, {"path": "76c04b0646e881995fdd48aa58abee4c_97.wav", "text": "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 a gift?", "duration": 12.27}, {"path": "7e198f4b8da8fc367e2bca0fd1595633_34.wav", "text": "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.", "duration": 12.27}, {"path": "eed99fefac02f862b3ee31c4748cb9b5_81.wav", "text": "of outside operational consultants that were 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.", "duration": 12.27}, {"path": "3ae068efa03cd088f4d3edea682f199f_295.wav", "text": "As you'll 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.", "duration": 12.27}, {"path": "a85c54c77dd2524eedab1287ea3ceff4_38.wav", "text": "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.", "duration": 12.27}, {"path": "1dc9a88d7f1aa3877f317b59e2724c8e_87.wav", "text": "I would now like to turn the call over to Todd Cleveland. Thank you, Julie Ann, and thank you all for joining us on the call today. This morning, we'd like to discuss the company's first quarter 2017 results and provide an update on the major markets we serve.", "duration": 12.27}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_82.wav", "text": "I know there's a lot going on with market share and Costco and different things. But I just wondered if you look at that, if there's a way -- if you think there's been some acceleration in secular trends.", "duration": 12.27}, {"path": "77f146e76d89a5be785a39ab23dfa763_124.wav", "text": "Although this recalibrates the baseline somewhat, it doesn't change our commitment to an effective and efficient working capital structure to maintain minimum levels of investment.", "duration": 12.27}, {"path": "d162113e3aface010baec17bd408736b_185.wav", "text": "So many smaller companies are typically for sale in that phase and then mostly the companies with", "duration": 12.24}, {"path": "214dcdc435ef3259490466447858fa56_38.wav", "text": "And one final point, is I am still going to be here for 6 months. So these lot will still have to put up with me for that long and during this period I'm fully committed to driving the business forwards.", "duration": 12.24}, {"path": "a683f40be39761f8e66786d7c0b64134_48.wav", "text": "it may not reflect what investors feel when the impact happens of rising corporate bond spreads. That's why I wanted to ask a question in a more basic way what's the duration of the portfolio, how much have you got", "duration": 12.24}, {"path": "a683f40be39761f8e66786d7c0b64134_92.wav", "text": "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", "duration": 12.24}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_75.wav", "text": "were all pouring over, working tirelessly in order to help the company be able to come to the determination that there were", "duration": 12.24}, {"path": "17ee868a7ed8656d69e6888ee4a6d550_59.wav", "text": "currency prices coming from loans that we granted versus our loans in U.S. dollars that's our normal level of debt. So if", "duration": 12.24}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_170.wav", "text": "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.", "duration": 12.24}, {"path": "123a9a590195f61aa739ee9b2dec4952_183.wav", "text": "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", "duration": 12.24}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_184.wav", "text": "I've looked through every individual hotel that left the system in the first quarter of 2018. It's never a surprise to see that many of those hotels", "duration": 12.24}, {"path": "7974a5134807f46a1484a8adf81505be_212.wav", "text": "particularly in the second half of the year. We have strong performances in our corporate and investment banking businesses and more modest results in our capital markets businesses.", "duration": 12.24}, {"path": "ec0ecc8e73cce4598def6cfff6f7c598_145.wav", "text": "for all your hard work and dedication. It's been an honor and a pleasure to serve as your CEO these past 6 years. I'm leaving in peace because I know we have the right CEO in Ray Scott,", "duration": 12.24}, {"path": "8b71a232d7fe61e6232807b635977c31_149.wav", "text": "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.", "duration": 12.24}, {"path": "75fa1bebed0b858c76cc7058477e40e2_39.wav", "text": "It's so hard to tell because Fast Casual Black Box has a very large presence there but at the same time they don't have 1 or 2 of the largest names. So I think", "duration": 12.24}, {"path": "01502edf6cda82061f1f45d6b0e8e189_142.wav", "text": "Yes, again, Brian, it is 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", "duration": 12.24}, {"path": "145244b0378e6657d456cffca8bbc982_13.wav", "text": "These 2 developments reinforce our belief that there is significant opportunity for growth in providing products and services to operators focused on pipeline integrity.", "duration": 12.24}, {"path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_154.wav", "text": "They understand the potential value of gene therapy and how it may be quite different than what's available on the marketplace. And consistent with what the KOLs told us", "duration": 12.24}, {"path": "c1f9276ae4068aca63163adff502b818_122.wav", "text": "Before we begin, I would like to refer you to the comments regarding forward-looking 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.", "duration": 12.24}, {"path": "e26b501c6e000fdaa11edde97cc71436_124.wav", "text": "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 of the creature", "duration": 12.24}, {"path": "a827180c08c11f2e53c6966fceaabf5b_97.wav", "text": "We've 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.", "duration": 12.24}, {"path": "5f38ce681d4413a793d34a0650c59bf2_91.wav", "text": "And finally, we have and will 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.", "duration": 12.24}, {"path": "cc82e791c065bdc271addf355bac274f_89.wav", "text": "I would like to understand whether your focus will be more in establishing partnerships with large chains. Or whether you're also looking at smaller companies that maybe", "duration": 12.24}, {"path": "73ba4ff250b62745e03880e75b9a1581_204.wav", "text": "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.", "duration": 12.24}, {"path": "dbafd430cf189ffeffd96a06da8ba37d_10.wav", "text": "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,", "duration": 12.24}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_102.wav", "text": "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.", "duration": 12.24}, {"path": "2f8bdc3cf1d9a9bef5b62b15afde93b1_135.wav", "text": "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 2, 3 years it will be quite significant, I dare to say.", "duration": 12.24}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_54.wav", "text": "And we believe it's important for investors to look at our results on this non-GAAP basis as well. The reason we use these non-GAAP measures is GAAP revenue recognition for a customer contract", "duration": 12.24}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_100.wav", "text": "As I've said previously, quite frankly, there are so few companies with the resources and experience to successfully undertake these projects", "duration": 12.24}, {"path": "6e3037e770ba5e0dfc98e3223986aad2_129.wav", "text": "This is an ongoing process and we expect to identify other areas, where we can reduce cost or improve efficiencies across the business, whether it would be centrally or at the centers themselves.", "duration": 12.24}, {"path": "f4d0f1362716be33f02690dd1a8df663_88.wav", "text": "new system development and works our reforms in order to ensure that we have a management system in place that is consistent with the growing strength of the organization.", "duration": 12.24}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_144.wav", "text": "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.", "duration": 12.24}, {"path": "ea97a179f1be386d6cd36637ae70a1fc_62.wav", "text": "For example, we could achieve the high end of our revenue guidance range while following in the low end of the adjusted EBITDA range during a period of high growth with a high proportion of new customers.", "duration": 12.24}, {"path": "4510e2aa4676c7a10c96df3f4ebf2beb_3.wav", "text": "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.", "duration": 12.24}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_19.wav", "text": "That said, if they are facing some broader market headwinds, typically, they have some flexibility in their timing as to these environmental upgrade decisions.", "duration": 12.24}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_165.wav", "text": "To me it seemed like there is some more confidence in the outlook, and it also seemed like there may be a broadening what you're looking at a little bit.", "duration": 12.24}, {"path": "16e51362df94379ea33a24334015f385_48.wav", "text": "as we plan to leverage Telefonica's push notification platform. We continue to anticipate margins for this organic service to be high and in line with our consumer business.", "duration": 12.24}, {"path": "16e51362df94379ea33a24334015f385_109.wav", "text": "a lower price for a number of blocks in Canada. We're 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.", "duration": 12.24}, {"path": "c3af5ef871fb87eee698a7a6e8e1d41e_170.wav", "text": "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.", "duration": 12.24}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_17.wav", "text": "not only to react fast in markets, 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,", "duration": 12.24}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_153.wav", "text": "making us more agile, faster, more connected with our consumers and customer base and ultimately, freeing up the funds to accelerate innovation and growth.", "duration": 12.24}, {"path": "3b0718945e9c427873c1f34fa49b15aa_75.wav", "text": "On March 14, the administrative law judges in our case issued an order adopting a procedural schedule. As the schedule indicates, we're currently immersed in the discovery process, and we've been busy responding to numerous requests for information.", "duration": 12.24}, {"path": "dd28a387ccc9575df47840b850647c7f_162.wav", "text": "That is correct. We've 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,", "duration": 12.24}, {"path": "98f10f0935e5b778e888a1b8130a3d31_178.wav", "text": "And therefore, my aim is to have a sustainable dividend development that is clearly based on operational improvement. It makes no sense", "duration": 12.24}, {"path": "b94d748876ddf8e881d4191dec45baf3_38.wav", "text": "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 they're going to operationalize the rules.", "duration": 12.24}, {"path": "bb2ca5b87982b2388d82cd64a73f08cf_102.wav", "text": "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.", "duration": 12.24}, {"path": "f77935c4693e4d33252c9c76993e9c8b_185.wav", "text": "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", "duration": 12.24}, {"path": "5e766700b74bbeb1d21bc7a91100faca_47.wav", "text": "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", "duration": 12.24}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_134.wav", "text": "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.", "duration": 12.24}, {"path": "948f025c16fce2bcb2909e610c9be557_87.wav", "text": "to go into overtime. And you're going to run overtime up there, until such time that you can't produce the tires you got,", "duration": 12.24}, {"path": "40b1895fcd5116b51eb97573544b3afd_59.wav", "text": "On balance, you're 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", "duration": 12.24}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_43.wav", "text": "thinking about that, and so that will also be part of how we'll consider the steps that we take going forward. But I would say the tone of things with respect to the administrative side", "duration": 12.24}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_127.wav", "text": "As the world's 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.", "duration": 12.24}, {"path": "416ebb7a4160f7cd2f98361cbd1cb769_67.wav", "text": "And finally, subsequent to the quarter, we announced we had completed the sale of substantially all of group Commensal assets related to the manufacturing of Commensal products.", "duration": 12.24}, {"path": "7cc11de7f206c637e6293da0d956405e_170.wav", "text": "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.", "duration": 12.24}, {"path": "8c1b4f4af2af2847a240041390e31399_34.wav", "text": "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.", "duration": 12.24}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_37.wav", "text": "whoever -- whatever biosimilars want to enter this market, they're 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", "duration": 12.24}, {"path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_167.wav", "text": "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 the shift that we've seen in terms of", "duration": 12.24}, {"path": "3877b1983229ec488c6349a188bccf92_170.wav", "text": "We're 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.", "duration": 12.24}, {"path": "642a235ab4ebc57d132a2e32c83c793c_81.wav", "text": "Second, the implementation of new e-merchandising algorithm improved the relevance of product display and then substantially enhanced access for the pages", "duration": 12.24}, {"path": "8635f950dc44da3fcad542b2c066bedf_191.wav", "text": "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.", "duration": 12.24}, {"path": "fe3a8419e2f120643bff5e9e80190ed5_79.wav", "text": "We continue to improve the overall tech talent search platform for Dice. Aside from significant user interface improvements, we're making it easier for employers to connect with and engage potential quality tech candidates.", "duration": 12.24}, {"path": "c9c6437fdff6eb69b8bca5fb3b2f14df_47.wav", "text": "that was distributed at the close of regular trading and is available on the company's website. As a reminder, during today's call, the company will refer to a presentation that is available to participants", "duration": 12.24}, {"path": "01b376669d5ea40acc7fb5a87503586e_55.wav", "text": "These decreases were partially offset by higher variable short-term compensation expense, reflective of our improved operating income this quarter, given the favorable impact from the insurance recovery.", "duration": 12.24}, {"path": "01b376669d5ea40acc7fb5a87503586e_100.wav", "text": "as well as currency, with the weakening Chinese renminbi. Partially offsetting these reductions are improvements in Europe, which is continuing to see very healthy downstream LNG activity.", "duration": 12.24}, {"path": "ea80970d6b8e6fab10c4500aa7298914_43.wav", "text": "each prior year quarter and so we did have a strong -- if you look we had a weak first half, strong second half and that's kind of, this time, it's kind of flipping around a little bit relatively speaking because of that.", "duration": 12.24}, {"path": "8d71e62af8c57a752b0e04f6546bf622_3.wav", "text": "One is Adama sale. Adama sale, we're going to explain later, that we brought a lot of cash to the company and an increase of the share of price of Clal that is valued still at market value", "duration": 12.24}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_62.wav", "text": "This customer is using ServiceWatch to not only map internal services but also map external services and they're using Customer Support Management to resolve the underlying issues.", "duration": 12.24}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_23.wav", "text": "And what was striking in the 70-some-odd conversations that I had is that in the eyes of the customer, ServiceNow is addressing a need that the other platforms weren't really designed to do.", "duration": 12.24}, {"path": "dd1b5d8b62882dbf2ce5e06cf5678ced_5.wav", "text": "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", "duration": 12.24}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_172.wav", "text": "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 non-reportable segments.", "duration": 12.24}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_164.wav", "text": "aforementioned freight and driver home time issues contributed to the underutilization. We do not anticipate adding any incremental truck count to this segment until our internal productivity targets are met.", "duration": 12.24}, {"path": "6daa2d0829057899b014b06c36e1d54b_60.wav", "text": "Therefore, the focus of the industry has turned towards the search of new checkpoint pathways and various combination therapies to increase patients' response rate.", "duration": 12.24}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_107.wav", "text": "will review our financial results. After Paul's 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.", "duration": 12.24}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_121.wav", "text": "But the real power and where this all comes together, I can't call it the glue of the platform, is when you invest in a foundation layer that gives you governments, management,", "duration": 12.24}, {"path": "96488f25af54f91198b444e5eff8e878_49.wav", "text": "it's good to lock in strong conditions, strong market terms. And when times are bad, you don't want to lock in lousy lease rates and you tend to keep the incremental lease terms short. I think this is a good time, and we've been behaving accordingly.", "duration": 12.24}, {"path": "f88c5f000050c9f72aa383f71d97ffe7_13.wav", "text": "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.", "duration": 12.24}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_79.wav", "text": "I'm just interested in what sort of investments you guys are making on 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.", "duration": 12.24}, {"path": "f388f8ab8a5751d4efc504090d00ca64_12.wav", "text": "Congratulations to the Midla team for the work and partnership with communities, state and local governments, and the FERC in achieving a mutually beneficial outcome to reconstruct the legacy Midla system.", "duration": 12.24}, {"path": "4e5c4493f72e781905efa4dd73460ff6_111.wav", "text": "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,", "duration": 12.24}, {"path": "48bcc356a89059f921765f872bfe293c_94.wav", "text": "And if any projects might fall out of the mix as another one enters because it's so challenging to do so many things at once.", "duration": 12.24}, {"path": "b49c3cda0bcd26bab06abdd492274a3e_51.wav", "text": "other than to note that we've 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?", "duration": 12.24}, {"path": "3ae068efa03cd088f4d3edea682f199f_101.wav", "text": "This is lower than planned due to several large awards pushing to the fourth quarter of this year and the first half of 2018. It's important to note that we have not lost any significant projects", "duration": 12.24}, {"path": "7a80c3e91e5a2693cdaef5f716808317_138.wav", "text": "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.", "duration": 12.24}, {"path": "30a142fac5a62ab00227cb6a339a6226_120.wav", "text": "With our plans for user growth, augmented reality and content in 2018, I've never been more excited about the future of our business. We're going to keep up the hard work and stay focused on the big opportunities ahead.", "duration": 12.24}, {"path": "b35398859e534e471fb1cd60f5baac20_5.wav", "text": "We believe our portfolio offers a unique opportunity to grow income as we continue to redevelop and lease our properties at market rents and bring occupancies to market levels.", "duration": 12.24}, {"path": "ec81096e007f2e89de94b49db12d11bb_24.wav", "text": "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.", "duration": 12.24}, {"path": "eb93e70cdf7a839a69546250fb3646fb_51.wav", "text": "and that's really what we're working on now. And that money would be used to either fund additional investments in the business or to just improve earnings year-over-year.", "duration": 12.24}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_39.wav", "text": "stronger cost management and stringent capital discipline has resulted in the all-in sustaining cost margin increasing from 17% in the second half of last year", "duration": 12.24}, {"path": "a98061f951c1b2c7a915e296098bc4de_131.wav", "text": "in the fourth quarter as well as the fourth quarter's own indigenous seasonality. And so as we sorted that through, we are where we were, which is our credit models are consistent", "duration": 12.24}, {"path": "a98061f951c1b2c7a915e296098bc4de_84.wav", "text": "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,", "duration": 12.24}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_142.wav", "text": "and Chief Operating Officer of Univar. David's a seasoned experienced growth champion and senior executive with more than 35 years in chemicals and plastics distribution.", "duration": 12.24}, {"path": "d162113e3aface010baec17bd408736b_73.wav", "text": "are being evaluated. And depending upon the length of a down-cycle, more or less of these opportunities are being investigated.", "duration": 12.21}, {"path": "9d8c8f4a41008455665fd243ed99b642_50.wav", "text": "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?", "duration": 12.21}, {"path": "9d8c8f4a41008455665fd243ed99b642_151.wav", "text": "And many of you who were there would have heard them talk about the absolute uniqueness and the value that they put behind our offer. We're delighted to receive that kind of feedback", "duration": 12.21}, {"path": "485e97686e9a27d2df5b3fc02106e3d4_138.wav", "text": "getting the antibody to the site of action in sufficient quantity is something that remains to be demonstrated clinically. And it's very difficult if not impossible to demonstrate experimentally.", "duration": 12.21}, {"path": "5111fdad778749872c23e78c9b0d653b_149.wav", "text": "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 and uncertainty,", "duration": 12.21}, {"path": "2602edddc3363eadcaafe1c33271f3e4_127.wav", "text": "Our cash forecast, however, does not assume any influx of nonroutine cash inflows, so any realization of these inflows will extend our forecasted cash runway further into the future.", "duration": 12.21}, {"path": "232edaebd93a3d8673bce183d269ad6d_90.wav", "text": "if you don't grow income, you don't grow bonuses. If you grow income, you can grow bonuses, and if you reduce income, you reduce bonuses. So that's kind of the new", "duration": 12.21}, {"path": "f3f1b7c8f174b4be50981a0f85d6a30b_16.wav", "text": "With mortgage rates trending lower, we should have a bit more wind at our back, driving demand for both new purchases and financings -- refinancings. We also expect", "duration": 12.21}, {"path": "ec0ecc8e73cce4598def6cfff6f7c598_60.wav", "text": "everyone here and for Lear. And as I look to the future, I can tell you one thing. We're going to continue to stay focused. We have the best team in the industry. We'll continue to build on that great team.", "duration": 12.21}, {"path": "01502edf6cda82061f1f45d6b0e8e189_8.wav", "text": "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.", "duration": 12.21}, {"path": "145244b0378e6657d456cffca8bbc982_14.wav", "text": "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.", "duration": 12.21}, {"path": "fa45af64ef25007f998c655347bfbecb_193.wav", "text": "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.", "duration": 12.21}, {"path": "e26b501c6e000fdaa11edde97cc71436_20.wav", "text": "We're going to have faster top line growth than last year's 20%. And I think it's fair to say by anybody's standard when you see it, you will consider it to be very much faster.", "duration": 12.21}, {"path": "1b1699497be56330b3ed833f22bc63f6_20.wav", "text": "In our press release, we have provided a table that reconciles the historical period, revenues and cost of revenues as reported, to the as-adjusted amounts that reflect a net versus gross basis.", "duration": 12.21}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_23.wav", "text": "Our aim is to target these stations as the opportunities arise to build a meaningful network of this new format, and we'd expect to open around 50 of these over the course of time.", "duration": 12.21}, {"path": "47a303604df9f9fc9f2f89a9280c3a79_13.wav", "text": "check average also benefited from customers adding queso to their order, which added about 200 bps. April trends have been impacted by unseasonably cold and wintry weather in much of the country as well as the Easter shift.", "duration": 12.21}, {"path": "e1da48985804bd3d99dffc5e33b6124b_105.wav", "text": "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", "duration": 12.21}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_128.wav", "text": "When we take a step back and look at Applied specifically, in an environment characterized by those same pressures, reprofiling, memory and foundry spend,", "duration": 12.21}, {"path": "0f4370b614f29bd596e4f6871cc77864_218.wav", "text": "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.", "duration": 12.21}, {"path": "ea97a179f1be386d6cd36637ae70a1fc_81.wav", "text": "Any forward-looking 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.", "duration": 12.21}, {"path": "a8b43081254547419da7462d9c957d61_13.wav", "text": "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", "duration": 12.21}, {"path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_120.wav", "text": "In a lot of the rest of our market, the partner approach won't work, because either the service is too expensive or there is not enough local content for the particular country.", "duration": 12.21}, {"path": "b94d748876ddf8e881d4191dec45baf3_87.wav", "text": "We recently broadened our LTSS capabilities through the acquisition of Ascend. Based in Tennessee, Ascend is one of the largest health assessment providers on behalf of U.S. government agencies", "duration": 12.21}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_155.wav", "text": "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.", "duration": 12.21}, {"path": "003356e698453d6b74f19a8e02587605_58.wav", "text": "we're 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", "duration": 12.21}, {"path": "ed93b88b63d3dba4c5ed78d463a77bdd_138.wav", "text": "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.", "duration": 12.21}, {"path": "c3567809c19ce6a800677544cd84f88b_112.wav", "text": "In fiscal '17, we're 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.", "duration": 12.21}, {"path": "974a2d744cd3d9acf42d74816de91f7f_10.wav", "text": "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.", "duration": 12.21}, {"path": "20097e37747ec7bc3734246e83798fb1_157.wav", "text": "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 announce the specifics soon.", "duration": 12.21}, {"path": "8a93698d03a48d42fc7d7e50cb67dc2b_103.wav", "text": "with our platforms going forward, I suspect we may see some erosion in the margins of our legacy platforms because they're going to be under pricing pressure in that marketplace.", "duration": 12.21}, {"path": "809e26eaacb31ffdee78d3f41a6ce90a_121.wav", "text": "In addition, our third quarter results were impacted by short-term, 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.", "duration": 12.21}, {"path": "968913c3f9111fc67f1d9956c56dec3b_45.wav", "text": "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", "duration": 12.21}, {"path": "9098e5640309f25da0d4dfa04789a36f_1.wav", "text": "I'd like to emphasize that any forward-looking 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.", "duration": 12.21}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_239.wav", "text": "maybe up slightly versus where we would expect it to be from a world-class standpoint but not significantly above that across our systems. So", "duration": 12.21}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_118.wav", "text": "you need application in the region, you need production in the region. Your application people have to go with the customer site and help serve the customer both in manufacturing and in the laboratory.", "duration": 12.21}, {"path": "6318dda27b3e36d76533c048c64a3014_44.wav", "text": "A replay of today's 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 yesterday's release.", "duration": 12.21}, {"path": "e97d1655ebabb8403ac0449eadb48f9b_76.wav", "text": "as opposed to owning the entire process yourself. I think our view here in terms of what we're doing and also looking around at suitable contract manufacturers", "duration": 12.21}, {"path": "82f5253b62614161333b038f5f9700f8_174.wav", "text": "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.", "duration": 12.21}, {"path": "01f88a67f39af3a74d5f23b095615d39_175.wav", "text": "This gives us the financial flexibility to continue with our capital investments, shareholder returns and maintain our optimal capital structure under a wide range of operating conditions.", "duration": 12.21}, {"path": "757695924b5e43c7d44e29dc141cc035_204.wav", "text": "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.", "duration": 12.21}, {"path": "22a55e362dd67dc8f7cd40f7ec8d62c1_226.wav", "text": "it's 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 who's out there with exactly the same thing.", "duration": 12.21}, {"path": "e33785a294553de2a12d4463bf786744_0.wav", "text": "Today's 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.", "duration": 12.21}, {"path": "a0f5944a79ea5150378d21e6a9ac05d8_0.wav", "text": "You probably know that Q1 is by far our smallest quarter due to relative seasonality in some of our businesses. Nevertheless, we're encouraged by some of those results.", "duration": 12.21}, {"path": "80a2ca14358172366acab4e80f3fa33b_205.wav", "text": "how long will it last? I can't really tell you an exact number because it involves our procurement strategy, and I don't think we can publicize that.", "duration": 12.21}, {"path": "f7c059b1312a5f1fc017ece069fddee2_88.wav", "text": "Fair enough. If you just like, 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", "duration": 12.21}, {"path": "cd331fa6dd24e811af3c0529212bfbb8_3.wav", "text": "and the risk described in today's news announcement and in the company's filings with the Securities and Exchange Commission, including the company's reports on Form 10-K and Form 10-Q.", "duration": 12.21}, {"path": "884400c829f179d8cf68b767f45f03a4_69.wav", "text": "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.", "duration": 12.21}, {"path": "e0d1342ad3d27fd648b708837de08797_124.wav", "text": "Could you firstly just remind us why you bought into this reserve? Secondly, how you plan to develop it, especially as we're aware that you're not involved in the existing project onshore.", "duration": 12.21}, {"path": "a9ff9f85f03afdd2d13b76e14060b31d_177.wav", "text": "and then either being an early adopter for the new Church Management modules that we built in the fall, we're waiting to get those implemented in general availability next year.", "duration": 12.21}, {"path": "5c601f5318d5dcbe20fdd78f19c2b277_79.wav", "text": "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", "duration": 12.21}, {"path": "8d71e62af8c57a752b0e04f6546bf622_78.wav", "text": "to issue a new series of debt with the collateral of the potential proceeds of any disposal of Clal shares. So the company now is in the market,", "duration": 12.21}, {"path": "692de133aab90ff6681b2c45b433b32b_102.wav", "text": "I would like to remind you that our remarks and answers to your questions may contain forward-looking statements and information. This information is subject to risks and uncertainties that may cause actual events or results to differ materially.", "duration": 12.21}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_15.wav", "text": "representing top line growth of 4% to 10%. Excluding the impacts of currency and hedging, guidance reflects constant currency revenue growth", "duration": 12.21}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_50.wav", "text": "we've heard this earnings season, not just from your peers, but pretty much most, that discretionary enterprise spending is slowing. And I'm wondering if that has any impact on your sales cycles or project starts.", "duration": 12.21}, {"path": "2cd5b184c2ef6624ce219830182927c9_272.wav", "text": "In addition, many buyers of renewable energy see it is a good hedge against carbon risk in the future. This competitiveness is underpinned by support of tax incentives. We", "duration": 12.21}, {"path": "49dfadfb9a3d4d27ac250602928cf9ea_11.wav", "text": "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.", "duration": 12.21}, {"path": "125388f1b45117acde70abc39e0f7d04_138.wav", "text": "physical media is a good thing, right? As far as the historical, guys, anybody have any thoughts on that? I don't remember anything distinctly different between the economics of pre-owned,", "duration": 12.21}, {"path": "125388f1b45117acde70abc39e0f7d04_69.wav", "text": "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 pre-owned than we are in the previous-gen physical software.", "duration": 12.21}, {"path": "bc1efb704df9c180935803c70a315597_79.wav", "text": "including the fact that we are Ireland's only 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.", "duration": 12.21}, {"path": "2c4d64ba9a75dff613a83aa6f145f4b7_118.wav", "text": "pretty horrific. And just with the size and volume of snow that's going on out west. So it really has not had an impact on us to date. I would call it a blip.", "duration": 12.21}, {"path": "bf99037f89cd485f95f097842619a0c7_163.wav", "text": "and is 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 not like we're charging employee. I mean, that's absolutely not true.", "duration": 12.21}, {"path": "85edb0a846d9e1cfa542b893eed4a0f3_2.wav", "text": "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", "duration": 12.21}, {"path": "0db5ec7ab57d41c0bea4a8ee98a083eb_127.wav", "text": "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 that's what you're going to be -- that's what you're going to see us do,", "duration": 12.21}, {"path": "a98061f951c1b2c7a915e296098bc4de_124.wav", "text": "And so what we've 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 we've been doing for 2 years now.", "duration": 12.21}, {"path": "97ddc19ecb28bab2d19fd3b181182062_29.wav", "text": "Given the competitive market and lower prices, we had anticipated that our gross profit margins would remain relatively consistent with the prior quarter with some potential for downward pressure.", "duration": 12.21}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_50.wav", "text": "get into the market. We've 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", "duration": 12.21}, {"path": "87045996e7446329f1d98c909c6ca7fe_137.wav", "text": "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.", "duration": 12.2099375}, {"path": "b96165244f010b3f1e61cbbc5e504d96_171.wav", "text": "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 we'll keep the FDA updated on our progress.", "duration": 12.1800625}, {"path": "7a80c3e91e5a2693cdaef5f716808317_89.wav", "text": "Overall, we expect full year margins to show progress on 2018. I remain very enthusiastic to be leading Rotork, and I'm very pleased with the level of execution our team has continued to demonstrate.", "duration": 12.1800625}, {"path": "9d8c8f4a41008455665fd243ed99b642_9.wav", "text": "Our dividend is a key measure of our returns to shareholders. Today, we've announced an interim dividend of 4p, consistent with our progressive dividend policy.", "duration": 12.18}, {"path": "3fdd473d50d412b8ff0b4fd51b3e97eb_130.wav", "text": "that 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 the marketplace. And there is more to come on that,", "duration": 12.18}, {"path": "22ad97a95501a08f15c06605cd277fec_51.wav", "text": "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.", "duration": 12.18}, {"path": "c9ecd6e0347cbf5fe881201a5e803fb3_87.wav", "text": "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", "duration": 12.18}, {"path": "264e575b73bc2a485bee416c1ac10cee_148.wav", "text": "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", "duration": 12.18}, {"path": "223f05c0b9b116532e9af84afa76cac7_91.wav", "text": "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", "duration": 12.18}, {"path": "223f05c0b9b116532e9af84afa76cac7_52.wav", "text": "As I will describe further, value and yield investing in certain sectors of equity market has clearly become more rewarding and more easily defensible in 2016. The", "duration": 12.18}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_236.wav", "text": "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 it's not unduly surprising to see it at that level at the half year.", "duration": 12.18}, {"path": "78c85dc9a16f82b09d3a2363004e658d_67.wav", "text": "That's the way we see this unfolding in the future. We're not going to go into the ERP space of construction. We're going to stay on the whole life cycle from design all the way through to site execution,", "duration": 12.18}, {"path": "de3b766a868da918e499f407dbf5d716_15.wav", "text": "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.", "duration": 12.18}, {"path": "1b91eb82f5211000e711424657cc2484_182.wav", "text": "As an example, and looking at our fundraising pipeline going into 2018, we've launched larger successor funds in our European Direct Lending strategy and our European real estate private equity strategy,", "duration": 12.18}, {"path": "c4dc8f962a85aa47af50f82845f550e2_149.wav", "text": "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.", "duration": 12.18}, {"path": "1f43e30e245ed30be41602d8423db99e_37.wav", "text": "We are trying to fully understand the outcome of the study. And so as soon as we complete all the", "duration": 12.18}, {"path": "f33d9363bbcea655df52468555d358d0_13.wav", "text": "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.", "duration": 12.18}, {"path": "d4d2bcc69eeb01cb739c3c86ba8816df_85.wav", "text": "would be lower. If it's 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 don't know if you can provide any specific", "duration": 12.18}, {"path": "833f98dbc79997580b24335033aac5d2_122.wav", "text": "Well, it's a good question, Mike. I would say, there's 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", "duration": 12.18}, {"path": "1b1699497be56330b3ed833f22bc63f6_109.wav", "text": "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.", "duration": 12.18}, {"path": "a0006b7891ead9bdb76273f555b6f1c8_73.wav", "text": "We've experienced 2 consecutive strong quarters and we are still cautiously optimistic that orders will continue to be strong during the balance of the year. We're watching this market closely.", "duration": 12.18}, {"path": "d4ad91ac3b9c1832b95aa346c8c84b46_99.wav", "text": "truck fuel efficiency-related 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.", "duration": 12.18}, {"path": "23eff4c724ee00f56319fcc47add3441_58.wav", "text": "I think we recognize that as we're moving through the rest of '18 and moving into '19, we'd expect that we'd still have some other inflationary pressures around wages or other things that will be impacting the business. But we would expect that", "duration": 12.18}, {"path": "8957425799e5ce0200bfacf204d0acde_177.wav", "text": "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.", "duration": 12.18}, {"path": "0f4370b614f29bd596e4f6871cc77864_140.wav", "text": "The most obvious initiative, which Rob will highlight, is the intention to transition more businesses to a subscription model. Beyond the move to subscriptions,", "duration": 12.18}, {"path": "43942582edfb20599f3e7456137f8deb_45.wav", "text": "Before I talk about our plans for the second half of fiscal 2019, let me give you a high-level overview of our segment results during the quarter. Enrollments in our Medical and Healthcare segment were strong.", "duration": 12.18}, {"path": "6933d49d1af6eb4613a4f75bf37d00e1_37.wav", "text": "Before we get under way, I'd like to remind everyone to review our forward-looking 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.", "duration": 12.18}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_146.wav", "text": "We've now simplified our solution pricing framework in a way that allow us to introduce new capabilities to the market and fold them into a straightforward and transparent pricing model that aligns with our clients' success.", "duration": 12.18}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_79.wav", "text": "that continues to grow and thrive. Entrada already integrated into the solution. We're already starting to see bookings growth. In fact, they out -- they beat the plan in bookings in our deal model.", "duration": 12.18}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_103.wav", "text": "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.", "duration": 12.18}, {"path": "3aba3f0bef57d2f71dcc573a0fb198ed_187.wav", "text": "We look forward to delivering on our growth objectives and continuing to update you on our progress in the future. This concludes today's conference call. You may now disconnect.", "duration": 12.18}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_10.wav", "text": "As an example of our unique solution-based approach, I'm pleased to announce a new, innovative program that is making a significant difference to educators struggling with student loan debt.", "duration": 12.18}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_145.wav", "text": "It's important because business momentum can be seen in terms of our reported revenue plus backlog. And when comparing that sum to the year-ago period, it gives us confidence that we're doing very well.", "duration": 12.18}, {"path": "5664a96b7f1182d037b901d84eeb4fd6_113.wav", "text": "Are you saying effectively that you don't think -- if you took out the product, additional products you put through, you just don't think you could get those price rises through to the sort of Rightmove levels?", "duration": 12.18}, {"path": "3cc0a4a6f1b08b522c732ad8944e8624_70.wav", "text": "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.", "duration": 12.18}, {"path": "e2c02e1788cb10703d7611ef157f8135_132.wav", "text": "This is one of the most important initiatives in the company. We're also pleased with our ability to manage our expenses lower when we did not achieve our expected sales results last year.", "duration": 12.18}, {"path": "b281eff988085e0776dc8a10223f1048_67.wav", "text": "Most of these individuals are well served by oral medications that are in the market, such as allopurinol. However, our market research indicates that more than 0.5 million patients in U.S.", "duration": 12.18}, {"path": "ea60900258f99d1003ab247c506e42d9_69.wav", "text": "The maize business excelled and local beverages and cereals recaptured its market position, thus establishing a very sound performance platform for the immediate future.", "duration": 12.18}, {"path": "ea60900258f99d1003ab247c506e42d9_10.wav", "text": "Looking ahead, raw material availability will remain sound through large carryover stocks from the record 2017 crop and very positive new season crop expectations.", "duration": 12.18}, {"path": "f7df5ecab61eca575f169a8298318eca_27.wav", "text": "of our 3 factories will actually play out for the fourth quarter. That's going to define the level of profitability for us in Data Centers in the fourth quarter, and that's the uncertainty we have.", "duration": 12.18}, {"path": "ab4dae37361262d727d1d2f8f78765d5_29.wav", "text": "One, manufacturing is more about a culture than it is about process. Our sites will move towards an owner's mentality where they are responsible for all the business outcomes for the sites and not just costs.", "duration": 12.18}, {"path": "262bc21196721c5ff9114acbd2ff03c3_25.wav", "text": "of the group strategy around moving towards customer solutions, adding software, adding service into our capability predominantly in Test and Measurement and Materials Analysis", "duration": 12.18}, {"path": "f13362f70e41d74f3fda8d7dfb19f09e_118.wav", "text": "a remarkably different tax equivalent NIM in the first quarter of '18 versus the fourth quarter of '17. Right. And then, your actual margin", "duration": 12.18}, {"path": "fb817a6cc685a3fd0f003456dd641c01_7.wav", "text": "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 short-cycle pump sales and weaker capital spending in beverage.", "duration": 12.18}, {"path": "87045996e7446329f1d98c909c6ca7fe_103.wav", "text": "improve the quality of that book. Not that it's been a bad quality because we've got excellent historical performance, but I think it just improves that -- the opportunity set for us", "duration": 12.18}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_120.wav", "text": "Please review the warning statements in our press release and on the presentation slides concerning the risks associated with forward-looking statements as forward-looking statements will be made during this conference call.", "duration": 12.18}, {"path": "da879f8ea1c23aa6565cccaacac271fc_34.wav", "text": "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.", "duration": 12.18}, {"path": "189b20e7b975130ca5abd0e419e54908_139.wav", "text": "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,", "duration": 12.18}, {"path": "b24e0b37987585f3c63f28df67e6a1f6_99.wav", "text": "you will of course have the opportunity to ask questions and we'll take questions from participants joining from the conference call. But you can also send in your questions via e-mail.", "duration": 12.18}, {"path": "3d3b327645f62f252bb876e5bb4a9259_32.wav", "text": "the easy answer is, in the big picture, we're not particularly sensitive. In the short-term, particularly if we're still not growing and we're sort of sitting around in idle, then we might be a little more sensitive than normal but not in a huge way.", "duration": 12.18}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_201.wav", "text": "And so as you move into frontline, 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 first-line", "duration": 12.18}, {"path": "b4fc31ae6403a17b15c30d3ec3b82487_78.wav", "text": "resulting from last year's hurricane, 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.", "duration": 12.18}, {"path": "6709c061d39d0e433079f84160f11c80_76.wav", "text": "As with our actively managed strategies, results for May to date and the pipeline of won not funded new business give us confidence that strong growth of our Custom Beta franchise will continue.", "duration": 12.18}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_13.wav", "text": "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.", "duration": 12.18}, {"path": "41e5f97c6d94e8f87bb5fb602fe25500_70.wav", "text": "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 we're really happy with that.", "duration": 12.18}, {"path": "9c67fafcb51925dcbaa570283fe01701_38.wav", "text": "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,", "duration": 12.18}, {"path": "5633fe3600ee04237bbb918c56341864_110.wav", "text": "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", "duration": 12.18}, {"path": "29f56972971325265e4a53485f49793e_74.wav", "text": "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.", "duration": 12.18}, {"path": "f3ef7b587ef19092f28a7c1ece1d46fe_33.wav", "text": "to smoothen a bit the structure of cost that some time are different from the perceived one because face value they appear high but then", "duration": 12.18}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_213.wav", "text": "even though you had less promotional days, it's 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?", "duration": 12.18}, {"path": "71ea3ed1436c2759a95f8d629963db2e_113.wav", "text": "through the terminals and out of the terminals faster. We haven't invested a lot of money there yet. So there's still a laundry list of opportunity from productivity and investments productivity, opportunities we haven't converted", "duration": 12.18}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_172.wav", "text": "because we think that's 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.", "duration": 12.18}, {"path": "66b25c60d952bd002c7ab20da9248086_0.wav", "text": "Good afternoon. My name is Leonie, and I'll be your conference operator today.", "duration": 12.18}, {"path": "64364105b816dd0b6a029e9cd210e65b_148.wav", "text": "higher level of capital spending reflects a robust pipeline of growth in productivity projects, which are expected to produce a healthy return, as well as support growth of the top and bottom line.", "duration": 12.18}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_20.wav", "text": "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", "duration": 12.18}, {"path": "9fb4423a70358ef22be9982299969f7a_209.wav", "text": "as the year unfolded. And in fact, that's largely what has happened. Unfortunately, it hasn't happened to the extent that we anticipated. And then on top of that, we're ending up with these", "duration": 12.18}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_41.wav", "text": "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.", "duration": 12.18}, {"path": "6daa2d0829057899b014b06c36e1d54b_4.wav", "text": "addition, I wish to thank Martin for his invaluable contributions to Compugen's development for two decades, and we all look forward for his continued support.", "duration": 12.18}, {"path": "125388f1b45117acde70abc39e0f7d04_125.wav", "text": "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.", "duration": 12.18}, {"path": "6cbf592846662213258684c3049e4592_100.wav", "text": "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 we're piloting some of those things, we should have some early read on that, too. So", "duration": 12.18}, {"path": "5be70acf701b7a6c9322f8feeaca63cd_51.wav", "text": "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 I'll discuss in a moment.", "duration": 12.18}, {"path": "712bbcab5338e07dd63dad97bb652018_3.wav", "text": "With the addition of our El Dorado incinerator, we're setting new records for drum volumes and we are drawing more waste streams from the ongoing expansion that we see in the chemical sector.", "duration": 12.18}, {"path": "b478d2808e90233ed994884e644a3d34_109.wav", "text": "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.", "duration": 12.18}, {"path": "24c7526f6daca8e16ab91bea6124148a_58.wav", "text": "So -- but it would be hard for me to quantify that at this point because I think it's a matter of completing the restructuring in these plants and then seeing where the economics are versus where you wanted them to be", "duration": 12.18}, {"path": "0807d606b6cf98da19b317b4928c3572_24.wav", "text": "But I would say the high majority are no-cost 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.", "duration": 12.18}, {"path": "48bcc356a89059f921765f872bfe293c_98.wav", "text": "And the pricing, you have to compare not the average of the years but compare the September to September pricing, which is much higher", "duration": 12.18}, {"path": "0e410ca71e50235e520d5af32ce0f54a_38.wav", "text": "clear or 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.", "duration": 12.18}, {"path": "365c360aff42713cef71a7d026eeeb6d_231.wav", "text": "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 non-GAAP measures", "duration": 12.18}, {"path": "523cf294ec146d5411972168b1c10f09_110.wav", "text": "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.", "duration": 12.18}, {"path": "97ddc19ecb28bab2d19fd3b181182062_234.wav", "text": "Non-residential construction is our largest end market, and although we have been experiencing continued moderate improvement and demand over the course of the year, our volume remains well below the peak levels.", "duration": 12.18}, {"path": "a4d3f12bcd4bd2b79c885714ce84ab4f_55.wav", "text": "The statements made during the course of this presentation that are not purely historical may be forward-looking statements and are subject to the safe harbor protection available under the applicable securities laws.", "duration": 12.18}, {"path": "4ee3c79ebc57c9870b221b9479d52436_137.wav", "text": "at this time of the year and often during the year and look at all of the projects we're talking to people about, look in all -- look at all of the discussions that we're having with all of our customers.", "duration": 12.1500625}, {"path": "bc6534f8d32e757d120eaa7fa1b3a952_22.wav", "text": "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.", "duration": 12.15}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_60.wav", "text": "Yes, absolutely. So historically we've defined ACV as it has to be incremental to run rate revenue if it's a existing customer signing a commitment.", "duration": 12.15}, {"path": "a93681c92a0b9c04743f541a54b180c7_49.wav", "text": "it's too weak 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 there's various schemes considered, but", "duration": 12.15}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_204.wav", "text": "I have no doubt in my mind that nothing on the income statement has escaped Matt's eye in the last 7 days. So", "duration": 12.15}, {"path": "ed97f2737cc8edb9635f0f5d4e21bdac_42.wav", "text": "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 long-term investment choices going forward.", "duration": 12.15}, {"path": "c68c15299b67173c7ae163cc5938f3c1_98.wav", "text": "She has only been on board for about 2 weeks, and her impact has obviously not yet been seen. She is very experienced. And we feel that our licensees who have been not really monitored", "duration": 12.15}, {"path": "2a59b9df2de5248e64727f10185a8423_78.wav", "text": "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.", "duration": 12.15}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_93.wav", "text": "And just a comment on the Automotive margins. As we've mentioned before, our European business does carry a higher operating margin than what the total number is.", "duration": 12.15}, {"path": "55d05334bdde612eb9dd102bb41d216e_42.wav", "text": "Now let me address a matter that's 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.", "duration": 12.15}, {"path": "8cb24daf76784487ad63780546dc4ba4_92.wav", "text": "and higher percentage goes, that number goes up. And then if you take an aggressive case and you say that, let's say, half of it goes and half of it goes nonproprietary, you come to a different number. But I think", "duration": 12.15}, {"path": "7e14890193df4b10e1eeab6ab886529f_1.wav", "text": "These risk factors are explained in detail in the company's filings with the Securities and Exchange Commission. Please refer to these filings for a more detailed discussion of forward-looking statements and the risks and uncertainties of such statements.", "duration": 12.15}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_112.wav", "text": "within the framework was a milestone that was important to us. I'm assuming, it was important to you. The fact that we've done that and the fact that as I've mentioned that growth rate", "duration": 12.15}, {"path": "8bbc2f54137b794265dfb01f1559868d_8.wav", "text": "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,", "duration": 12.15}, {"path": "044da592acc01ff7baacb3dbf2a302a9_201.wav", "text": "focusing on where we have a very strong surgeon champion. And that's what's really helping to ensure that the adoption and utilization of the robot continues to accelerate. And that includes urban, it includes", "duration": 12.15}, {"path": "4b7945dd823dcbc0b2724efa66393673_174.wav", "text": "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 you'll be excited about as they're hitting the market and some of them are hitting the market.", "duration": 12.15}, {"path": "de3b766a868da918e499f407dbf5d716_118.wav", "text": "Overall, the Partnership delivered another quarter and another year of solid operating and financial results, generating stable cash flow and strong year-over-year growth.", "duration": 12.15}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_77.wav", "text": "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 assurant.com.", "duration": 12.15}, {"path": "1b91eb82f5211000e711424657cc2484_59.wav", "text": "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", "duration": 12.15}, {"path": "1f686a09cf3566a34f04f39fde02460e_133.wav", "text": "So 3 notches up, and you will guess that the benefits are really huge in term of financial flexibility, cost of financing for our future", "duration": 12.15}, {"path": "75fa1bebed0b858c76cc7058477e40e2_139.wav", "text": "Should we read that as the pipeline of innovation is more robust or there's pretty significant news on the horizon? Or is there really no correlation", "duration": 12.15}, {"path": "a827180c08c11f2e53c6966fceaabf5b_43.wav", "text": "The company's actual results could differ materially from those indicated in any forward-looking statements due to many factors, the most important of which are described in the company's latest filings with the Securities and Exchange Commission,", "duration": 12.15}, {"path": "1b1699497be56330b3ed833f22bc63f6_180.wav", "text": "I'm 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.", "duration": 12.15}, {"path": "f686be4a39a5c75b5f3a03a1aed5d9b6_145.wav", "text": "Yes. So we're pretty happy with the investments that we've made. I think you're probably referring to our Inspire network that we've upgraded over the last couple of years.", "duration": 12.15}, {"path": "4032bfdd59881fc6506c082737cb5a99_151.wav", "text": "All 3 transactions were structured as 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.", "duration": 12.15}, {"path": "23eff4c724ee00f56319fcc47add3441_124.wav", "text": "In Asia-Pacific, an improved oil and gas mining sector combined with our enhanced commercial presence and a broader portfolio is driving double-digit percent organic growth in the region.", "duration": 12.15}, {"path": "8957425799e5ce0200bfacf204d0acde_117.wav", "text": "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,", "duration": 12.15}, {"path": "1133b8984db446b9c963a09eaf0785a4_139.wav", "text": "Furthermore, today's presentation includes the use of non-GAAP financial measures, which management believes provides useful information to investors about the company's financial condition and results of operation.", "duration": 12.15}, {"path": "6a927d8b7734e7ddd8ffd264fa1020a6_19.wav", "text": "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.", "duration": 12.15}, {"path": "0f06227be4dd36d9329849eda96196aa_18.wav", "text": "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.", "duration": 12.15}, {"path": "e1da48985804bd3d99dffc5e33b6124b_2.wav", "text": "As an overarching comment, I would say the secular trends in emerging market growth in the plastic processing industry remains intact. Our strategy to drive", "duration": 12.15}, {"path": "1244d2b5a259c3bc73742830d60d53fc_76.wav", "text": "In our compliance business, we continue to gain ground on the competition by leveraging the strengths of our best-in-class solutions for clients' most complex, data management and disclosure needs.", "duration": 12.15}, {"path": "bb9c0d60d15efa53cedac31e079e9ae6_81.wav", "text": "In addition, some of our comments may reference non-GAAP 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.", "duration": 12.15}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_44.wav", "text": "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.", "duration": 12.15}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_57.wav", "text": "We also remain busy with work on California High-Speed Rail and are still anticipating volume of work increasing substantially by this summer.", "duration": 12.15}, {"path": "6e3037e770ba5e0dfc98e3223986aad2_146.wav", "text": "when compared to the current positioning, it delivers major reductions in fashion floor space and variety store floor space and rebalances that with provision of", "duration": 12.15}, {"path": "f4d0f1362716be33f02690dd1a8df663_97.wav", "text": "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.", "duration": 12.15}, {"path": "92ac600c52fc9590be50475bd4065ae8_49.wav", "text": "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.", "duration": 12.15}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_47.wav", "text": "to capitalize on the growing market opportunity and delivering value to our shareholders. With that, I will turn the call over to Kurt. Thank you, Matt.", "duration": 12.15}, {"path": "3aba3f0bef57d2f71dcc573a0fb198ed_71.wav", "text": "due to pretax income, including a loss on the revaluation of our euro denominated debt, which I mentioned before and which is not deductible for tax purposes. Normalizing for these items, we see our underlying", "duration": 12.15}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_12.wav", "text": "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.", "duration": 12.15}, {"path": "8aa1aa8317783203344434f855535c25_67.wav", "text": "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 a franchise business in a noncyclical industry.", "duration": 12.15}, {"path": "08ed60a546bd48af9db028c4e3c8af26_47.wav", "text": "As we mentioned last quarter, changing consumer habits have led to declining consumer traffic to physical retail locations because consumers are buying more over the Internet or utilizing the Internet for comparison shopping.", "duration": 12.15}, {"path": "16e51362df94379ea33a24334015f385_16.wav", "text": "We also continued 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.", "duration": 12.15}, {"path": "8fd0d858dd99b5b6291eafc83e9a604d_32.wav", "text": "Well, thanks, Jord. Appreciate that it is a very busy morning with conference calls and other releases going on. And hopefully we've managed to answer all the questions that everybody had.", "duration": 12.15}, {"path": "6a372ea97b0b130a4d37f16b54d97909_215.wav", "text": "And so what we're doing as the leader in learning is becoming more and more important. And we recognize that, both with regard to the size of deals that we're closing these days,", "duration": 12.15}, {"path": "6a372ea97b0b130a4d37f16b54d97909_104.wav", "text": "That's exactly what's happening here. Last year, we delivered hundreds of millions of course registrations, hundreds of millions of hours of training, and that translates to", "duration": 12.15}, {"path": "f23036451aab1cb9d659c3ac9a23825c_59.wav", "text": "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 very effortless in low-key way. We", "duration": 12.15}, {"path": "f330a0aa0ab658fcd59051ffb22f14de_20.wav", "text": "Inspiring working environment provides great opportunity to attract talent and retain talent who can grow together with our businesses, and we can", "duration": 12.15}, {"path": "664ce6f8ad7864e2844f637e7a1b48d7_11.wav", "text": "bank accounts. The outlook. The weak market environment also led to a low demand in the first 2 months of '19. The momentum has not changed.", "duration": 12.15}, {"path": "885b465648704d8a5d15bd00078e2160_26.wav", "text": "into these markets, but it would come at the expense of margins being shared with a partner. But we're also lining up to have the option to go direct, at least to the major users.", "duration": 12.15}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_15.wav", "text": "Our U.S. 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.", "duration": 12.15}, {"path": "f7df5ecab61eca575f169a8298318eca_48.wav", "text": "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", "duration": 12.15}, {"path": "b1da16cba24af8e472573c4c9caf17c7_66.wav", "text": "is important to note that room revenues only declined 0.7% as a result of the additional day in February and the addition of the new rooms at the Boston Hilton.", "duration": 12.15}, {"path": "b43c001c5af465d220ab0b69a95202ae_147.wav", "text": "All that said, we are the buyer of choice for many community-based hospitals around the country. And as we evaluate these opportunities,", "duration": 12.15}, {"path": "968913c3f9111fc67f1d9956c56dec3b_198.wav", "text": "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.", "duration": 12.15}, {"path": "75eb5b75bb8587b63c318714ea956b9e_164.wav", "text": "strong possibility for future value to be seen from Optiquel. I really unfortunately cannot say too much more about that, but it is an active project.", "duration": 12.15}, {"path": "9b697782ea80be97854f35d6fc62c93a_238.wav", "text": "So can you walk us through a little more detail in terms of scale and scope of how you're attacking this? And how you're planning to mitigate the risk of market share losses as competitors step in to fill the void?", "duration": 12.15}, {"path": "48f4f350c0636fa0c7acf339cfccb869_89.wav", "text": "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", "duration": 12.15}, {"path": "da34a7b460e520db0401de3ce860187c_99.wav", "text": "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", "duration": 12.15}, {"path": "c40b5d1a13169c5acf69590932a56f98_176.wav", "text": "both products as well as companies that have a unique advantage in those categories. So what you've seen are couple of relatively small,", "duration": 12.15}, {"path": "1c7b9fe66120faecd8217e1df394005c_62.wav", "text": "if you look at the investor presentation that we've had out there, the last 2 investor presentations, one page we do have out there is where we compare Dime's yield on loan portfolio to maybe 12 other peers in our marketplace.", "duration": 12.15}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_196.wav", "text": "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.", "duration": 12.15}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_38.wav", "text": "That being said, I do think we are starting to see some of those pockets that we've been talking about for years really start the tension where we have the new capacity coming online and running full. And certainly, we've seen that in", "duration": 12.15}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_227.wav", "text": "the correlation to the domestic market here in the West. And so you'll typically see that trade in a correlated fashion to what domestic pricing looks like in the Pacific Northwest. And then the other piece", "duration": 12.15}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_150.wav", "text": "prices of hogs. We -- again, we believe that there could be some short-term volatility, but that's going to be very short term based on daily or weekly needs of hogs.", "duration": 12.15}, {"path": "da879f8ea1c23aa6565cccaacac271fc_109.wav", "text": "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.", "duration": 12.15}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_172.wav", "text": "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.", "duration": 12.15}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_224.wav", "text": "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.", "duration": 12.15}, {"path": "189b20e7b975130ca5abd0e419e54908_6.wav", "text": "On the acquisition side, we continue to focus on tuck-in acquisitions, with a particular interest in buying in agent station locations both inside and outside our network.", "duration": 12.15}, {"path": "757695924b5e43c7d44e29dc141cc035_162.wav", "text": "and that's been a real nice contributor to the business overall. Where we're seeing the headwinds right now from a margin perspective beyond just the LED side is the timing of projects", "duration": 12.15}, {"path": "757695924b5e43c7d44e29dc141cc035_67.wav", "text": "First, we've 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.", "duration": 12.15}, {"path": "3877b1983229ec488c6349a188bccf92_90.wav", "text": "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.", "duration": 12.15}, {"path": "8635f950dc44da3fcad542b2c066bedf_150.wav", "text": "significant investment in trying to expand existing relationships to get them used and utilize more of their existing lines with us", "duration": 12.15}, {"path": "ee00ebd8d782e8f124b3e142cbb74f37_60.wav", "text": "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", "duration": 12.15}, {"path": "1353031386f884a821e7e9bab449727d_97.wav", "text": "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?", "duration": 12.15}, {"path": "a2ba164f019804628c07b36de47cd464_40.wav", "text": "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.", "duration": 12.15}, {"path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_39.wav", "text": "these very high, small volume dispense applications that we're getting traction on. So those are all the things we're trying to do to buffer it. I can't say that that's going to mean, we're not going to see some", "duration": 12.15}, {"path": "92287986b332deec2c9712d7c89eef08_82.wav", "text": "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.", "duration": 12.15}, {"path": "9fb4423a70358ef22be9982299969f7a_176.wav", "text": "systematically targeting areas and systematically starting to rebuild our pipeline of likely candidates. The environment, I think, is a challenging one right now.", "duration": 12.15}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_186.wav", "text": "Irrespective of these short-term dynamics, I remain steadfast in the execution of our vision and strategy to transform the company towards more engineered products and differentiated technologies.", "duration": 12.15}, {"path": "902872913863de98d38e2936b846cf66_48.wav", "text": "So it's not just that we're getting it wrong or it's not happening as quickly as we thought it was going to happen, it's not happening like the DOT thought it was going to happen or the general contractor thought it was going to happen. It's just", "duration": 12.15}, {"path": "1378aabd380e63d3f89fe0e445fc8b06_128.wav", "text": "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.", "duration": 12.15}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_285.wav", "text": "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 talking about in terms of", "duration": 12.15}, {"path": "8f92dfb06900be4f209f31f24cb885fb_124.wav", "text": "on United Therapeutics treprostinil products are very, very likely and we are quite confident that they will continue to grow year after year", "duration": 12.15}, {"path": "0668081864383eb57919b99c85649753_95.wav", "text": "going back, let's say a quarter or so there was really no clear forecast at all. We are starting to see more of a clear forecast actually come in from our end customers now. So that gives a little more confidence that", "duration": 12.15}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_195.wav", "text": "So can you talk about that decision and then maybe help us -- help quantify what sort of impact it's actually expected to have on your 3% same-store expectations for the year?", "duration": 12.15}, {"path": "f15a674bdbbc461872000604216ae071_157.wav", "text": "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", "duration": 12.15}, {"path": "bf99037f89cd485f95f097842619a0c7_249.wav", "text": "been with the group for 34 years, will go into retirement at the end of this year on grounds of age. So that's also an opportunity for us to refresh the leadership team. And I need to lead", "duration": 12.15}, {"path": "365c360aff42713cef71a7d026eeeb6d_210.wav", "text": "And by the way, we're just getting now back to -- I think it was in the Journal today. They talked -- we've been seeing the same thing with wage inflation starting to pick up. But it's just now getting back to where it was on average over,", "duration": 12.15}, {"path": "153ca64e1ddbb5b38a71827429635d48_81.wav", "text": "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", "duration": 12.15}, {"path": "0b7afb66a39a4c81151309bacc830c60_78.wav", "text": "And now I'll turn the call back over to Burton. Thank you, Bill. I am very pleased with our third quarter results. We delivered strong financial performance.", "duration": 12.15}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_45.wav", "text": "In order to do that, it goes beyond just the simple trusting relationship that you have. You have to show them some value. You have to show them that you're able to grow your business, again, and you can grow their business for them.", "duration": 12.15}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_90.wav", "text": "This program is a great example of the new revenue opportunities created by our merger as we combine the Orbital legacy GEOStar satellite platform", "duration": 12.15}, {"path": "47546a57a865bca0f4e677dc3b485053_120.wav", "text": "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", "duration": 12.15}, {"path": "b43c001c5af465d220ab0b69a95202ae_213.wav", "text": "with great opportunities. What we are doing is exercising a great deal of discipline as we analyze those opportunities. So", "duration": 12.1499375}, {"path": "eea41cba1f90b280bbd96fdaa9d0f4bf_10.wav", "text": "Due to our global operations focus on lead times through continuous improvement, the team increased operational efficiencies and effectively added capacity to our network.", "duration": 12.1499375}, {"path": "14e9ab3b38cd3029b8aff693a105dbfb_90.wav", "text": "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 elevated.", "duration": 12.12}, {"path": "d28b2b09c127b5be033738aa3cd380b3_168.wav", "text": "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.", "duration": 12.12}, {"path": "2602edddc3363eadcaafe1c33271f3e4_166.wav", "text": "You should not place undue reliance on these forward-looking statements. For additional information including a detailed discussion of our risk factors, please refer to the company's documents filed with the Securities and Exchange Commission,", "duration": 12.12}, {"path": "223f05c0b9b116532e9af84afa76cac7_102.wav", "text": "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.", "duration": 12.12}, {"path": "55d05334bdde612eb9dd102bb41d216e_61.wav", "text": "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.", "duration": 12.12}, {"path": "e824f4380f8203a1e3ed60e7da1e39e5_134.wav", "text": "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", "duration": 12.12}, {"path": "c96b5ae4ffe20d946daec67e2b0917b2_136.wav", "text": "We have a supply diversity on the pipe as we've spelled out a number of times, both in press releases and on these calls. A", "duration": 12.12}, {"path": "3c211ab9236e508ad4a5ee63e29324e3_38.wav", "text": "We have no interest expense in the current year as a result of paying off the debt of the consolidated plants during fiscal 2014. Our tax rate for the quarter was lower than normal, reflecting several items,", "duration": 12.12}, {"path": "f2cd7d3ddaf92ab9c64154d74b2d118a_87.wav", "text": "get to the parts of the study where we're studying lower doses where we expect that we'll see less of this and educating the sites on how to differentiate these symptoms from real abdominal attacks.", "duration": 12.12}, {"path": "8b71a232d7fe61e6232807b635977c31_124.wav", "text": "ongoing overall Audience Measurement contract and subscription with us. That's the way we've 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.", "duration": 12.12}, {"path": "6838b008f3efe8575b83cde089459d33_16.wav", "text": "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.", "duration": 12.12}, {"path": "e1f462455d6c826d9c173c35d4844383_5.wav", "text": "We've also made significant progress in improving our financial position. We have significantly reduced capital expenditures by deferring certain elements of our work program.", "duration": 12.12}, {"path": "95b678c2b11d1ded2d9e9ba839aaee06_232.wav", "text": "Yes thanks, Louise. 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 hasn't changed. And frankly it has come to", "duration": 12.12}, {"path": "d4d2bcc69eeb01cb739c3c86ba8816df_2.wav", "text": "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.", "duration": 12.12}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_163.wav", "text": "the beverage market in Taiwan has developed over the years. Every year, we see new products, and only a few will remain as star products.", "duration": 12.12}, {"path": "2fc915b996c687200d995736980aae9a_96.wav", "text": "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 it'll be pretty consistent with first and second quarter.", "duration": 12.12}, {"path": "f686be4a39a5c75b5f3a03a1aed5d9b6_102.wav", "text": "and from Walmart. But we're feeling reasonably confident in our ability to offset that. And again, the way to think about it is we're not going to put Inspire-type capital in hundreds of stores", "duration": 12.12}, {"path": "9da45cfd4472699ef05d887adce01223_9.wav", "text": "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.", "duration": 12.12}, {"path": "43942582edfb20599f3e7456137f8deb_3.wav", "text": "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.", "duration": 12.12}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_331.wav", "text": "Georgia DOT decision. We believe we've 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, continue to pursue it and believe we'll get it done.", "duration": 12.12}, {"path": "2905366dcf0eb60a22b63a1b3d9adf95_139.wav", "text": "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 long-term strategy.", "duration": 12.12}, {"path": "6e3037e770ba5e0dfc98e3223986aad2_47.wav", "text": "Our new structure, as we mentioned, which is decentralized, is designed to ensure we are nimble, dynamic and totally focused on tailoring our offer to the needs and aspirations of the local communities.", "duration": 12.12}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_127.wav", "text": "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 hands-on activity and fixed", "duration": 12.12}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_113.wav", "text": "However, I should note that revenue for this product will be predominantly generated from the usage we build for the minutes that terminate to the telephone numbers or originate from the telephone numbers.", "duration": 12.12}, {"path": "1d2ff648e4a30fa5555a7ab85bf60190_38.wav", "text": "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.", "duration": 12.12}, {"path": "5664a96b7f1182d037b901d84eeb4fd6_142.wav", "text": "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", "duration": 12.12}, {"path": "58ff8a727ec4f3859407b64f08246759_155.wav", "text": "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.", "duration": 12.12}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_243.wav", "text": "but aggressive doesn't mean heavy discounting. Aggressive means strong strategy, a very laser-focused digital marketing strategy and improving our sales process at every turn.", "duration": 12.12}, {"path": "39eee2eb09766cf1717c05e39c7db798_72.wav", "text": "One of our long-term 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.", "duration": 12.12}, {"path": "567a41009710fa1568bb8125213bf9eb_79.wav", "text": "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.", "duration": 12.12}, {"path": "b94d748876ddf8e881d4191dec45baf3_200.wav", "text": "Further, there is no current plan on making substantial changes or terminating the HAAS contract. Some of the modifications that were made to our contract were done in parallel with the government spending review.", "duration": 12.12}, {"path": "9952903822d3aabb9a8a8fdd41f23bc2_90.wav", "text": "and we're well hedged. Our business plan doesn't assume that we're going to make any further divestitures, and we don't need to make any in order to get to lower leverage levels over time.", "duration": 12.12}, {"path": "ab4dae37361262d727d1d2f8f78765d5_232.wav", "text": "This touches every part of our organization. We have involved more than 1,000 Orica people across the globe to review the whole business and consider all factors that create value", "duration": 12.12}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_72.wav", "text": "To promote stable future business expansion, we'll pursue an optimal portfolio for our Air Transportation business as a holdings company to support our resource strategy.", "duration": 12.12}, {"path": "b43c001c5af465d220ab0b69a95202ae_177.wav", "text": "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", "duration": 12.12}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_219.wav", "text": "First, we recently concluded a tax filing project to consolidate our operations in Italy, which will allow us to more effectively utilize certain in-country tax assets.", "duration": 12.12}, {"path": "a7228e39e0d5f04dfba28fe3477e034a_44.wav", "text": "Our new True Rewards players club program will allow us to cross-market targeted rewards to millions of players in our database in order to increase wallet share and time within our properties.", "duration": 12.12}, {"path": "e2225d612a954a24e7e91c08215d7b51_79.wav", "text": "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 10-Q.", "duration": 12.12}, {"path": "f875d701e5a9dd5ab745c8380c02cc3a_28.wav", "text": "We are very excited by our data in HRAS mutant head and neck cancer and the promise it offers to patients. We are squarely focused on delivering on our goals and look forward to sharing our continued progress with you.", "duration": 12.12}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_52.wav", "text": "we think we do the right things around aligning capital and risk and resources and business strategies. So that's a long way of saying the answer is no. We would not anticipate", "duration": 12.12}, {"path": "bc4b465c8862422ce02ffe9b79e6e1c7_13.wav", "text": "The other significant foundational move is related to integrating finance with product and channels so we can account for how value is created within the company.", "duration": 12.12}, {"path": "8eaca8d8a419f74540f69ade8defabbd_178.wav", "text": "But overall, based on our assessment, gives us confidence in the feedback and the current quote activity and discussions that are occurring in some of the orders that already have been placed, give us", "duration": 12.12}, {"path": "da879f8ea1c23aa6565cccaacac271fc_235.wav", "text": "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", "duration": 12.12}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_72.wav", "text": "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.", "duration": 12.12}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_25.wav", "text": "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.", "duration": 12.12}, {"path": "7cc11de7f206c637e6293da0d956405e_48.wav", "text": "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,", "duration": 12.12}, {"path": "94f913b974baab79fb636f6521170dd7_79.wav", "text": "And we'd look forward to hearing more from Mondelez when they report second quarter results next week. Ali just a view on the strategic logic of the combination. So your issue sounds like it's principally", "duration": 12.12}, {"path": "45ab782035fdb06f5ec710d0845bc18f_37.wav", "text": "in addition to his corporate development responsibilities. Tony's depth of knowledge of Integer, our industry and our strategy made him the right person to integrate this suite of responsibilities.", "duration": 12.12}, {"path": "3e29586725757a72d8c143f3da2658f5_67.wav", "text": "We're 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.", "duration": 12.12}, {"path": "01b376669d5ea40acc7fb5a87503586e_18.wav", "text": "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.", "duration": 12.12}, {"path": "799c15a4a6e9e3c86374761fec31c00a_57.wav", "text": "So it's a very desirable feature to do business with Culp. While I don't believe we're going to be able to do that well, that quicker lead time on window treatments,", "duration": 12.12}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_14.wav", "text": "With respect to this plan, I would 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.", "duration": 12.12}, {"path": "cd331fa6dd24e811af3c0529212bfbb8_46.wav", "text": "What this has given us the 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 haven't added as quickly as we wanted to add.", "duration": 12.12}, {"path": "382e3c8eda678694c6368e00f19c8881_55.wav", "text": "Okay, okay. Now my second question is on -- I was trying to buy somebody that's in the same business that we're in at the present time rather than some complementary line.", "duration": 12.12}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_182.wav", "text": "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.", "duration": 12.12}, {"path": "09b5b62d328d3d0719b6825357fdfb48_143.wav", "text": "that puts us in a good spot for the time being, and I don't anticipate any significant growth in that area at this point. But we still believe that the all things protein initiative that we have", "duration": 12.12}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_122.wav", "text": "And I would argue that the factors that are going to hurt that category are going to be similar to what's happening in roast and ground. It's a pretty commoditized category.", "duration": 12.12}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_15.wav", "text": "We are excited to continue to demonstrate success in cost savings, infrastructure enhancements and cross-selling initiatives. We will also be very focused on organic growth.", "duration": 12.12}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_3.wav", "text": "I took this job because I truly believe 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.", "duration": 12.12}, {"path": "95303f68781d6fb58e19ec1dc7785a7c_13.wav", "text": "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 we've announced.", "duration": 12.12}, {"path": "e5e8ebcd06ca1f1d5b43b50e5d31123b_28.wav", "text": "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?", "duration": 12.12}, {"path": "0b21f953a7ae9970ef3a4c30b267927c_43.wav", "text": "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.", "duration": 12.12}, {"path": "dd1b5d8b62882dbf2ce5e06cf5678ced_17.wav", "text": "Should we expect sales to ramp up to the full amount of roughly 8,600 barrels a day? And once the pipeline repairs are completed since you have oil in storage there and", "duration": 12.12}, {"path": "9fb4423a70358ef22be9982299969f7a_217.wav", "text": "again, a glimmer that things are starting to improve. But it's really the very large type projects that still haven't really started to accelerate.", "duration": 12.12}, {"path": "d1c4d16bfe8ceadd0ab1356305ca749b_82.wav", "text": "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 we're focused on that.", "duration": 12.12}, {"path": "2cd5b184c2ef6624ce219830182927c9_187.wav", "text": "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,", "duration": 12.12}, {"path": "49dfadfb9a3d4d27ac250602928cf9ea_85.wav", "text": "Our underlying trading operating profit margin increased by 20 basis points, in spite of commodity and packaging cost headwinds of another 20 basis points.", "duration": 12.12}, {"path": "125388f1b45117acde70abc39e0f7d04_88.wav", "text": "see if they -- let's go ahead and give them the physical game before the midnight launch, and then we'll turn on the servers because it's become less about picking up the game at midnight. It's become more about when do the servers come on.", "duration": 12.12}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_379.wav", "text": "to be able to drive more. We also have the work that's been done in the past that I can't emphasize enough in terms of Beacon, the work that's underway in terms of consolidating our delivery", "duration": 12.12}, {"path": "eea41cba1f90b280bbd96fdaa9d0f4bf_54.wav", "text": "as we are adding equipment on behalf of our customers and ahead of meaningful high-volume campaigns that will begin later this year. The typical time between installing tooling equipment", "duration": 12.12}, {"path": "eea41cba1f90b280bbd96fdaa9d0f4bf_29.wav", "text": "In addition to the fact that we still have an investment in Venezuela and we know the situation there, should there be another official devaluation, we have an exposure of", "duration": 12.12}, {"path": "10ad32c5e0559c879e032faaf3148ab4_11.wav", "text": "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.", "duration": 12.12}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_164.wav", "text": "additional fourth quarter flying is we're accelerating already planned adds into the fourth quarter. The other color commentary I would offer up there is it's a little painful for us", "duration": 12.12}, {"path": "bcb3aac2c7cc035961d9ee8cfd330044_128.wav", "text": "largely related to the annual grant of management equity awards to retirement-eligible employees that are fully expensed when granted as well as other annual employee-related expenses in the first quarter.", "duration": 12.12}, {"path": "e5eb29123d69fdbc74dbc529dfe6c6cc_36.wav", "text": "As we've 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", "duration": 12.12}, {"path": "76b892bf017891d7028256847747227c_100.wav", "text": "and we continue to be active purchasers as banks look to rebuild their balance sheets. The recovery from February's lows has tempered buying opportunities in the public debt markets.", "duration": 12.12}, {"path": "153ca64e1ddbb5b38a71827429635d48_65.wav", "text": "It is still too early to talk about sustained recovery in the industrial segments, but we observed a slowdown in the decrease of natural gas consumption at least", "duration": 12.12}, {"path": "16c235a53fc719ec92ef3b3c3b371150_278.wav", "text": "it's a lot better to simplify our capital structure. And to the extent we like the returns and the spreads aren't great, we prefer to keep our capital structure simple.", "duration": 12.12}, {"path": "97ddc19ecb28bab2d19fd3b181182062_4.wav", "text": "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.", "duration": 12.12}, {"path": "a4d3f12bcd4bd2b79c885714ce84ab4f_58.wav", "text": "We still believe the Portland Terminal's 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.", "duration": 12.12}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_193.wav", "text": "Please keep these factors in mind when we discuss future strategic initiatives, operational outlook and financial guidance during today's call. And with that, I'll turn the call over to Dave Thompson.", "duration": 12.12}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_204.wav", "text": "I think we can get into all that when we talk about '18. So it's 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", "duration": 12.12}, {"path": "f23036451aab1cb9d659c3ac9a23825c_27.wav", "text": "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.", "duration": 12.1199375}, {"path": "bbb4adabb4fce8ad4d11962c46f59a1f_66.wav", "text": "Thank you. 2018 has truly been a transformational year for Dyadic. Looking ahead, we are very confident in our ability to generate meaningful scientific results", "duration": 12.1199375}, {"path": "db6c253ba433d9a247219bb3f15da199_16.wav", "text": "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.", "duration": 12.09}, {"path": "f3ea353a6c918bc1fd311a9cad6b9777_23.wav", "text": "I think it's also important to highlight here that we made significant investments that we're making across our platform and while there are real barriers to entry for smaller players who don't have our scale and resources.", "duration": 12.09}, {"path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_90.wav", "text": "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.", "duration": 12.09}, {"path": "ab861b81968e1b5fcb606ed886919d68_114.wav", "text": "the various veto points that are in place with certain officers in the firm and how we approach the filtering and how different from the past. And I think we are now obviously", "duration": 12.09}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_5.wav", "text": "Our international operations also continue to execute on our strategic initiatives, as evidenced by improved underwriting results and targeted growth, most notably in Europe.", "duration": 12.09}, {"path": "abd0f750609f1263b566f0c09b981a16_105.wav", "text": "I think if that's the question, I think you'd 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", "duration": 12.09}, {"path": "223f05c0b9b116532e9af84afa76cac7_59.wav", "text": "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, given the ultimate recovery in this sector.", "duration": 12.09}, {"path": "65d5a09c659f6809931dc62aa7a9eaad_165.wav", "text": "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 same-store basis in print than Switzerland.", "duration": 12.09}, {"path": "65d5a09c659f6809931dc62aa7a9eaad_151.wav", "text": "in external sales. So the sale done by our franchise partners and own sales, whereas on the right-hand side, the development", "duration": 12.09}, {"path": "67716cee321d117b0318930dd142f06a_196.wav", "text": "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.", "duration": 12.09}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_257.wav", "text": "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.", "duration": 12.09}, {"path": "4b7945dd823dcbc0b2724efa66393673_86.wav", "text": "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", "duration": 12.09}, {"path": "de3b766a868da918e499f407dbf5d716_114.wav", "text": "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.", "duration": 12.09}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_116.wav", "text": "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 long-term profitable growth.", "duration": 12.09}, {"path": "91422f85dbf838639b3cb9dd9da364eb_189.wav", "text": "while we're doing those other activities. So I think we'll have multiple things going on at the same time. I doubt very much that we would generate adequate revenue to cover the cost. So", "duration": 12.09}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_64.wav", "text": "The hurdle is relatively high. And I think that's the highest difficulty for us in Southeast Asia, that is how to", "duration": 12.09}, {"path": "833f98dbc79997580b24335033aac5d2_146.wav", "text": "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,", "duration": 12.09}, {"path": "f5ebbbfd39f9227dd73a6d31db4f6201_94.wav", "text": "in the long run. So that 43% was a bit of an aberration to some extent, because we've been investing in 30% to 40% growth in sales capacity. We just turned up a few very large enterprises all at the same time.", "duration": 12.09}, {"path": "23eff4c724ee00f56319fcc47add3441_157.wav", "text": "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.", "duration": 12.09}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_92.wav", "text": "As I've 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.", "duration": 12.09}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_2.wav", "text": "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.", "duration": 12.09}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_138.wav", "text": "And so what's driving the leverage to stay high over time is the fact that you're spending dollars with no cash flow coming in. And so I believe we'll be able to manage through that. And", "duration": 12.09}, {"path": "a8034762296368c60571fcde382c3274_6.wav", "text": "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.", "duration": 12.09}, {"path": "b2d6357f46f3a82cff6625277f9a20f6_159.wav", "text": "as well as dramatic momentum in APJ. I'm 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.", "duration": 12.09}, {"path": "7394bde65e000fbb7b528c6c65bd099d_3.wav", "text": "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.", "duration": 12.09}, {"path": "bab12f620df0f367e74acdcc467686f1_41.wav", "text": "there's more of that to come. There's some big, big consolidations. We just did a big one in Denver, which is one of our largest offices that are now operating about 1,400 people in one location.", "duration": 12.09}, {"path": "bab12f620df0f367e74acdcc467686f1_186.wav", "text": "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.", "duration": 12.09}, {"path": "636d6909fbd8656f88f72f66a3a162ff_78.wav", "text": "That agreement with the counter-party has multiple stages on it. We would execute against the first stage of that and then look at subsequent years as part of our longer-term hedging strategy.", "duration": 12.09}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_161.wav", "text": "Additionally, we expect to see margins stabilize or increase on lower margin products as new, higher margin versions of our higher volume products are released in the coming months.", "duration": 12.09}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_145.wav", "text": "In closing, I want to thank all of our dedicated team members and associates for their hard work and dedication. It's a very exciting time for our company, and I'm proud of our team's work and the work they are doing.", "duration": 12.09}, {"path": "e5040d02fba73a359d3f7cb346517ce1_43.wav", "text": "copper went through any sort of major step change at Morococha or Huaron. I was just curious, why copper seem to be working so well for you all of a sudden?", "duration": 12.09}, {"path": "6b3df032b804a1a371d25e1eef019c4a_10.wav", "text": "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.", "duration": 12.09}, {"path": "885b465648704d8a5d15bd00078e2160_39.wav", "text": "Marketing, sales and distribution channels to support the ligase product launch are being developed in parallel with a target release date for the availability of commercial material around year-end.", "duration": 12.09}, {"path": "003356e698453d6b74f19a8e02587605_38.wav", "text": "Let me start off by thanking all of U.S. Auto Parts' team members for remaining focused on the customer experience and their continued execution of our strategy and operating plan.", "duration": 12.09}, {"path": "6ad1d7c855ceb3eb830c365e357e4510_190.wav", "text": "Turning to Slide 5. I've already highlighted the efficiency ratio in my earlier comments, but visually, this represents all the work we've done since 2014 to improve the profitability of the company.", "duration": 12.09}, {"path": "58d5f604300a30c0c5bd9aa57d207478_95.wav", "text": "financial results for the entire fiscal year 2017. There will be changes in how goodwill is treated and how development costs will be booked in", "duration": 12.09}, {"path": "62246783cdfc5083ebb32cff71ccd38b_26.wav", "text": "Simultaneously, our ready liquidity gives us the opportunity to pursue proactive delevering of our balance sheet by buying back our bonds at attractive prices.", "duration": 12.09}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_85.wav", "text": "As part of social, we'll enhance universal services, particularly at airports, resulting in promoting a society of coexistence that respects diversity.", "duration": 12.09}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_143.wav", "text": "there is no nothing essentially. So it's a very clean deal, it's 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.", "duration": 12.09}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_233.wav", "text": "we have these licenses from OFAC that we're fully in the 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", "duration": 12.09}, {"path": "52a4e3ebf7e968a783401230c3f69a9d_113.wav", "text": "The One Vonage platform includes a set of APIs that enable phone number programmability. With number programmability, it's easy to route calls,", "duration": 12.09}, {"path": "0ec0a75c1800bac01520dcac5b8992fb_159.wav", "text": "Outlook for semiconductor demand is robust. This will drive strong underlying materials and equipment demand relative to other specialty chemical markets.", "duration": 12.09}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_208.wav", "text": "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 we're actively taking to enhance that, we feel very, very confident about", "duration": 12.09}, {"path": "ea7f210b3c08271afbdb6d434b8394e9_48.wav", "text": "These measures associated with our DRIPs will further reduce share issuance, ensuring that future growth and production reserves and FFO more efficiently flows to our owners on a per share basis.", "duration": 12.09}, {"path": "74d0910b4af16f82a812bddbb151d966_180.wav", "text": "dependence, and people really looking at those low-cost supplies as something that they would much prefer to connect with, either through long-term gas purchase contracts that we've seen quite a bit of", "duration": 12.09}, {"path": "f1da65edd5f2026ffd647d496bb96ce7_59.wav", "text": "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.", "duration": 12.09}, {"path": "262bc21196721c5ff9114acbd2ff03c3_195.wav", "text": "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", "duration": 12.09}, {"path": "6318dda27b3e36d76533c048c64a3014_170.wav", "text": "So I wouldn't say that there is one that we're looking for more exposure to specifically. We do look at it on the flip side. And if there's new industries that we find unattractive or out of favor or if we had", "duration": 12.09}, {"path": "8eaca8d8a419f74540f69ade8defabbd_237.wav", "text": "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.", "duration": 12.09}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_197.wav", "text": "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 the healthcare system.", "duration": 12.09}, {"path": "61a1812ea55a4d676119b4f3d7cd6c10_20.wav", "text": "we actually grew in our largest customer in 2018, but it wasn't 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,", "duration": 12.09}, {"path": "92bf6fe090b6bc565cb500b688fd9173_71.wav", "text": "In Security's 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.", "duration": 12.09}, {"path": "49e533a8449f6b9b6c806458e73338e1_141.wav", "text": "We'll 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.", "duration": 12.09}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_230.wav", "text": "it's not an entire impact when it moves. You'll 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.", "duration": 12.09}, {"path": "94f913b974baab79fb636f6521170dd7_41.wav", "text": "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.", "duration": 12.09}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_49.wav", "text": "I can tell you I'm 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.", "duration": 12.09}, {"path": "299bad77345d2e44fa5768f4416f7b97_123.wav", "text": "They are not meant to be considered in isolation or as a substitute for comparable reported GAAP measures. Reconciliations of GAAP to non-GAAP financial measures discussed on this call", "duration": 12.09}, {"path": "97b9c8b95449565c1f280a2b61a65b31_142.wav", "text": "continue to maintain the methodology that we've had in the past, where we can put together a smaller scale development that has some meaningful", "duration": 12.09}, {"path": "b126c31149f1cadf1d891082a187d6fc_190.wav", "text": "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.", "duration": 12.09}, {"path": "68862e23c71ce741719b7bd99a6c44d6_21.wav", "text": "being deployed into regional markets. And -- but yet, we're seeing most of the growth in your largest customers. Is there a push for more national contracts? And", "duration": 12.09}, {"path": "5efe4589d80ac1232c2958182c188903_25.wav", "text": "We hit 70%. So in terms of where it can go, Dylan, I really don't 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", "duration": 12.09}, {"path": "66b25c60d952bd002c7ab20da9248086_142.wav", "text": "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.", "duration": 12.09}, {"path": "a0fe48ba783b94dc7e5b0201aba7c1cb_85.wav", "text": "extravagant in our political assumptions to make the leverage ratios look good. We're being a little bit conservative that far out, and our leverage ratio is still going into the 4 makes us feel very comfortable.", "duration": 12.09}, {"path": "a0fe48ba783b94dc7e5b0201aba7c1cb_97.wav", "text": "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 year's races.", "duration": 12.09}, {"path": "407fee9910ab57874978cf85a89b1d9d_80.wav", "text": "The adjustment is not the result of the actual performance in the first 6 months, but reflect our current expectation of bookings in the months ahead.", "duration": 12.09}, {"path": "9fb4423a70358ef22be9982299969f7a_82.wav", "text": "and passing it forward into the marketplace has been a little bit of a challenge. But if we think about the margin progression enough for the company and for our businesses overall, we think we're largely on track", "duration": 12.09}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_188.wav", "text": "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 we've considered doing it.", "duration": 12.09}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_38.wav", "text": "I give credit to the team with regards to the tremendous work they've done getting Chickadee not only off the ground, but literally in service and only for our customers.", "duration": 12.09}, {"path": "933faa5ac159ab158506e2bc0f714977_140.wav", "text": "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 chance -- ourselves an opportunity to do better,", "duration": 12.09}, {"path": "3d0f5785f81125b6efa2339a4aef56aa_20.wav", "text": "Our outlook related to Modular Solutions business remains very positive. I appreciate the first half of 2017 has been a challenging period for stakeholders. We are very optimistic about the next 12 months", "duration": 12.09}, {"path": "bf8646ad61e3857d4cf46e592c18f685_5.wav", "text": "Now I'll 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 technology we originally built and developed our oilfield.", "duration": 12.09}, {"path": "24c7526f6daca8e16ab91bea6124148a_46.wav", "text": "So there's 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", "duration": 12.09}, {"path": "af146425f68dd8e32f31878389746637_20.wav", "text": "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.", "duration": 12.09}, {"path": "c44bd68e2a8cbf4241b4b30b81fda1d4_104.wav", "text": "Our sites and our operations footprint gives us a unique exposure to the diversity of these high-growth markets in which we continue investing, both", "duration": 12.09}, {"path": "eed99fefac02f862b3ee31c4748cb9b5_94.wav", "text": "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", "duration": 12.09}, {"path": "9b7d3cbcfbcf14d70a241700c869bd8d_37.wav", "text": "and is a viable substitute for brominated fire retardants that are proven to have negative health effects and are being removed in some applications.", "duration": 12.09}, {"path": "bc5018861ccb5380fbe71ad789a6d4b0_126.wav", "text": "I recognize we've given everybody a lot to digest this morning. I hope we've answered many of your questions, but I am sure you're all going to have more in the days and weeks ahead.", "duration": 12.09}, {"path": "24a2aec67e247f9c4d4cc89d6dbab525_129.wav", "text": "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.", "duration": 12.09}, {"path": "7e018402f521eec8ce7a9df8cd61e144_142.wav", "text": "we're gearing that back up again. You see all the struggles that municipalities have and these are wonderful assets that they could outsource and it'd be good for them and certainly good for us. So", "duration": 12.09}, {"path": "7e018402f521eec8ce7a9df8cd61e144_109.wav", "text": "Once we get through our own properties and begin to support our own properties, we can grow it anywhere, in any community because it's all variable costs. We don't need to go buy something", "duration": 12.09}, {"path": "9097dcbaf554d635920c6274b1de4997_174.wav", "text": "Half of those were on boarded 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.", "duration": 12.09}, {"path": "a98061f951c1b2c7a915e296098bc4de_91.wav", "text": "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.", "duration": 12.09}, {"path": "6ad1d7c855ceb3eb830c365e357e4510_199.wav", "text": "However, this may -- will be offset by the effect of tax reform and its impact on the municipal loan and securities portfolio yield, which we estimate to be about 3 basis points of headwind to the net interest margin.", "duration": 12.0899375}, {"path": "569834a5cb8a33dfeac20dfa8e03afb3_56.wav", "text": "we continue to see growth opportunities across the barrel and around the world. The growth of our U.S. natural gas export capacity is expected to provide further opportunities", "duration": 12.0600625}, {"path": "e23e3aabab4b12e359bc92a480c2d294_9.wav", "text": "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", "duration": 12.06}, {"path": "f3ea353a6c918bc1fd311a9cad6b9777_10.wav", "text": "One of the biggest challenges to creating a real challenger brand to the banks is define 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.", "duration": 12.06}, {"path": "b7050f62f52a3d2803beea21404f7af6_148.wav", "text": "How much capital we issue, if any, in the next quarter and what form will depend on a variety of factors including long-term loan growth as well as external market conditions.", "duration": 12.06}, {"path": "8b6c481f7fe797353fefe886e205bbaa_138.wav", "text": "And we had a fairly high turnaround season I think in China, and that's 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.", "duration": 12.06}, {"path": "2f888e63a31b86cc2f4f97710e8eed79_212.wav", "text": "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", "duration": 12.06}, {"path": "54cde38ae040b5e2c4e1f3c85691f907_75.wav", "text": "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.", "duration": 12.06}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_67.wav", "text": "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.", "duration": 12.06}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_386.wav", "text": "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.", "duration": 12.06}, {"path": "c9ecd6e0347cbf5fe881201a5e803fb3_41.wav", "text": "Going forward, we will adjust these numbers initially at the 6-month point of the year. They may go up, they may go down at that point in time based upon how we're collecting money.", "duration": 12.06}, {"path": "6b45877b719000e47adfd1ec118c376a_76.wav", "text": "for us, we think it will 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", "duration": 12.06}, {"path": "249b7b83531140105343e2a0e89150fa_25.wav", "text": "then obviously, our interest rate sensitivity would be really important to the story. So I think in summary, I think it's a wait and see. I don't think there's any reason to be overly concerned at this point. There's a lot of moving parts.", "duration": 12.06}, {"path": "55d05334bdde612eb9dd102bb41d216e_4.wav", "text": "The effect of higher product volumes on capacity utilization, modestly higher prices and lower material costs, particularly for brass castings, contributed to the higher percentage.", "duration": 12.06}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_15.wav", "text": "Additionally, the division has seen headwinds in Brazil and the Middle East for macro factors in those regions, but we highlight that the performance in the core verticals have been robust and continues to represent a strong base to deliver future growth.", "duration": 12.06}, {"path": "1927f9c722093d1d64b610c4227ccf59_9.wav", "text": "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.", "duration": 12.06}, {"path": "8b71a232d7fe61e6232807b635977c31_171.wav", "text": "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 that's one dimension. The other dimension is more about the breadth.", "duration": 12.06}, {"path": "82b66739c0d2b8a47f19a5acbe3b90ed_66.wav", "text": "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 don't want to assume the risk we do want.", "duration": 12.06}, {"path": "3121e8f4a75758834d32a9e4e0555221_2.wav", "text": "There are more than words behind the governor's 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.", "duration": 12.06}, {"path": "d085781ecd776da8a9c4d31ad547606b_7.wav", "text": "To start with, conglomerates in the companies that confirm them have been identified, and we expect that in a few weeks an official list of conglomerates will be published by the Superintendency of Finance.", "duration": 12.06}, {"path": "d085781ecd776da8a9c4d31ad547606b_277.wav", "text": "which basically levels the field in the sense that Porvenir will now be able to invest up to 8% of its total administered funds", "duration": 12.06}, {"path": "833f98dbc79997580b24335033aac5d2_8.wav", "text": "have competing influences and out toward external influences in their market that make us a bit more cautious, and we don't have near the seat at the table that we have in Texas.", "duration": 12.06}, {"path": "ca2bc8d693d4751cc88444d2e715f645_4.wav", "text": "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.", "duration": 12.06}, {"path": "8292bdb9af87f10627c044f3842b2c76_98.wav", "text": "in order to achieve that? I think that's less likely. I think what's more likely is that we will acquire assets that fit our investments and operating focus,", "duration": 12.06}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_188.wav", "text": "We have started the initial shipments of our DT systems to Ashok for their pilot build -- bus builds, and we expect these shipments to continue over the next few months.", "duration": 12.06}, {"path": "e26b501c6e000fdaa11edde97cc71436_105.wav", "text": "And as you noticed, our expenses declined in the last fiscal year, fiscal '16 compared to prior years. And that's largely because that infrastructural stuff that we did, all of that investment,", "duration": 12.06}, {"path": "f686be4a39a5c75b5f3a03a1aed5d9b6_105.wav", "text": "And then the other area which is a great strength for Shoppers Drug Mart, always has been and we think is a big part of the next wave for Shoppers' growth, is beauty.", "duration": 12.06}, {"path": "cc82e791c065bdc271addf355bac274f_192.wav", "text": "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.", "duration": 12.06}, {"path": "8957425799e5ce0200bfacf204d0acde_181.wav", "text": "Flexible pipes are quick and easy to lag even in congested environments because they are spooled directly off of wheel which cuts the installation time to a fraction of the time required to install conventional rigid pipe.", "duration": 12.06}, {"path": "224a41b247c04842c2998802d67c8123_67.wav", "text": "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", "duration": 12.06}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_291.wav", "text": "into the public sector organization at Cornerstone. And we see a lot of upside there, particularly as we combine our health care product with", "duration": 12.06}, {"path": "e56726c7aedd69029957c84128050700_14.wav", "text": "In the past, our customers offset our production flow system measurements to their CMMs. We now have multiple solutions to our -- allow customers to do away", "duration": 12.06}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_46.wav", "text": "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,", "duration": 12.06}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_194.wav", "text": "There were a couple of reasons for starting with the single dose, and first amongst them was to observe the full duration of effect and rebound characteristics of the single dose", "duration": 12.06}, {"path": "c3ac3b05413d9a9caee0626d57fee77f_109.wav", "text": "So we have 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.", "duration": 12.06}, {"path": "e3d70ecdb6aaed843dd059c121962e45_251.wav", "text": "So you could have some labs that might have lower pricing with same pricing as we do but they're actually charging more because there's more activity for a given condition. So really, the focus around", "duration": 12.06}, {"path": "40e11288ea7cb86fdf307dbe648142e3_83.wav", "text": "and feel good about all the other growth initiatives that we have funded. But certainly, I think '18 is the best year we've had in the past 3 years for sure", "duration": 12.06}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_91.wav", "text": "we do hope that post 2018, we would be able to start seeing some kind of benefits, whether it's on the revenue side or the expense side, because of the amount of money that we're investing.", "duration": 12.06}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_6.wav", "text": "Within property, we continue to pursue appropriate rate increases while improving underwriting and pricing segmentation to ensure consistent, solid underlying results.", "duration": 12.06}, {"path": "1d2ff648e4a30fa5555a7ab85bf60190_55.wav", "text": "We've seen probably a little more storm damage as of -- as the quarter ended in some regions. But I wouldn't call it anything out of the ordinary in terms of storm damage in the quarter.", "duration": 12.06}, {"path": "5664a96b7f1182d037b901d84eeb4fd6_133.wav", "text": "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.", "duration": 12.06}, {"path": "58ff8a727ec4f3859407b64f08246759_229.wav", "text": "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. You've seen us doing that,", "duration": 12.06}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_116.wav", "text": "and we see what products are doing well and what products are not, it is Tom's, Roger's, Brent's, and my expectation that we will then sell down in those categories that did not perform", "duration": 12.06}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_91.wav", "text": "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", "duration": 12.06}, {"path": "8fd0d858dd99b5b6291eafc83e9a604d_3.wav", "text": "completion sites due to road bans in the West Hudson 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.", "duration": 12.06}, {"path": "f23036451aab1cb9d659c3ac9a23825c_6.wav", "text": "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 go-forward strategies.", "duration": 12.06}, {"path": "f23036451aab1cb9d659c3ac9a23825c_5.wav", "text": "The esthetic 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", "duration": 12.06}, {"path": "2b626b620ef42f716c6028c74ee4187b_2.wav", "text": "All our work has been done meeting our commitment to good governance, being open and predictable for the market, and driving all our activities with a combination of social focus and delivering results.", "duration": 12.06}, {"path": "885b465648704d8a5d15bd00078e2160_37.wav", "text": "but rather simply accelerated. And hence, we expect this year's extra spending will translate into commensurate savings in 2018. With improved confidence from the preclinical trials,", "duration": 12.06}, {"path": "c5c7a9f409241412b160a93cde7ef630_32.wav", "text": "As a result of this refinancing transaction, we reduced our exposure to variable-rate debt, extended our weighted average maturity and increased the availability of borrowings under our revolving credit facility.", "duration": 12.06}, {"path": "974a2d744cd3d9acf42d74816de91f7f_139.wav", "text": "Well, in general, the rationale is that we're -- we are a relatively low CapEx business. We are, obviously spending capital to grow the business.", "duration": 12.06}, {"path": "265e62fc569e790d8b3e58698aaab701_96.wav", "text": "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, it's something that we are quite thoughtful with. As you know, we came in", "duration": 12.06}, {"path": "20097e37747ec7bc3734246e83798fb1_145.wav", "text": "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,", "duration": 12.06}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_128.wav", "text": "We're 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.", "duration": 12.06}, {"path": "9e8690a521142359001a137074905535_234.wav", "text": "To systematically change the process and the way we do business and if we can't do it with the process, then we need some different people there. And either the people change the way they're doing things or we got to get different people in there, and", "duration": 12.06}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_13.wav", "text": "and even green space. 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.", "duration": 12.06}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_125.wav", "text": "To maintain our advertising and promotional spend efficiency, some of these advertising dollars have shifted to in-store promotions, but we still remain the price leader.", "duration": 12.06}, {"path": "92bf6fe090b6bc565cb500b688fd9173_108.wav", "text": "so the model is really to bring forth those types of solutions that give more value. And that does translate into more beyond the installation and to certain types of recurring revenue streams.", "duration": 12.06}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_86.wav", "text": "sales and distribution effectiveness and customer service may seem simple, as a combination, they have been very effective. I will take you through some recent examples of these shortly.", "duration": 12.06}, {"path": "5b0a12e70a31041016a008c29a6d2bb1_27.wav", "text": "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.", "duration": 12.06}, {"path": "f542ab325f47ed150e28888da2f85871_36.wav", "text": "and existing compassionate use patients have been offered ongoing access to RINTEGA on a compassionate use basis and there are currently over 100 patients on drug.", "duration": 12.06}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_129.wav", "text": "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,", "duration": 12.06}, {"path": "77d2dd6d5e46cc8a8e80809305b60208_139.wav", "text": "Partnerships like this are vital to ensure that today's nuclear energy facilities have the technologies they need to operate safely and efficiently for decades to come.", "duration": 12.06}, {"path": "4721d5a2e7061d90a4e4e4768adc2486_63.wav", "text": "Customers of these products make more of their buying decisions locally, and they're willing to make trade-offs to achieve their objectives. For example, substituting locally sourced raw materials", "duration": 12.06}, {"path": "7e2ebcd981f5b5ecb18c04906f87d768_4.wav", "text": "and grew the size and quality of our backlog. So a very good quarter demonstrating the early benefits of our transformation, with more to come.", "duration": 12.06}, {"path": "7e2ebcd981f5b5ecb18c04906f87d768_245.wav", "text": "everybody understand, it's a market that has been soft for many, many years now. And it has not been a typical aerospace cycle for Business Aircraft.", "duration": 12.06}, {"path": "5633fe3600ee04237bbb918c56341864_41.wav", "text": "The company remains committed to industry-leading levels of free cash generation and returns on invested capital with all capital being returned to shareholders via our dividends", "duration": 12.06}, {"path": "98bbf1693b5a53e7f02d890a8dca876a_33.wav", "text": "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.", "duration": 12.06}, {"path": "29f56972971325265e4a53485f49793e_87.wav", "text": "can compete with such a high speed going through a zoning process that we can do in Germany. So that is 1 reason why we really enjoyed being on that market.", "duration": 12.06}, {"path": "18e82b076319ac52f8a4b391ea345abd_3.wav", "text": "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 of certain deferred tax assets and liabilities.", "duration": 12.06}, {"path": "75b064acca5b532722510ac0b9b0822e_234.wav", "text": "All the merchants do not use it. But when I say service, it's a web service. So the majority of the merchants in our company use more than one web service from us,", "duration": 12.06}, {"path": "bfb0fac9575cd0820a660f2577199468_90.wav", "text": "might not necessarily make the headline, but significant ones, count on one in '19 and one in '20. Some of that is related to where we are in the value generation in the field.", "duration": 12.06}, {"path": "fafa1b848af567bcaf8764d35acf2b04_54.wav", "text": "And finally, in terms of timing, because I don't 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.", "duration": 12.06}, {"path": "e35fae1d3df1f7aeda409f90f200ec7b_183.wav", "text": "without any doubt, is that we continue to operate under the highest levels of corporate governance. And having taken the pref shares out, having the yearly votes for our", "duration": 12.06}, {"path": "1300495cfa53748f732f54277d5a8cea_92.wav", "text": "in our fall products. Yes. 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", "duration": 12.06}, {"path": "0b21f953a7ae9970ef3a4c30b267927c_34.wav", "text": "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.", "duration": 12.06}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_160.wav", "text": "If you're just going to automate a bad process, that doesn't 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", "duration": 12.06}, {"path": "e552924838fe493d3cc967dd0c5c4563_145.wav", "text": "Sure, Kevin. This is Hudson, again. These are not directly related to insurance in any way. But they are related to our response to", "duration": 12.06}, {"path": "ee17f090e669ff9029bd1dc57db6e43e_142.wav", "text": "The decrease in segment pretax income was due to the increase in operating expenses resulting from the continued build-out of our footprint in our European markets.", "duration": 12.06}, {"path": "ee17f090e669ff9029bd1dc57db6e43e_84.wav", "text": "You'll see on Slide 2 of the presentation our safe harbor statement. We would like to remind everyone that the prepared remarks contain forward-looking statements and management may make additional forward-looking statements in response to your questions.", "duration": 12.06}, {"path": "3bc6d3e1c0a117340d288c289bf7f679_3.wav", "text": "This was evident this quarter in several ways. Firstly, since our portfolio consists primarily of adjustable rate loans, our gross yield increased in all 3 of our small balance commercial business lines.", "duration": 12.06}, {"path": "6299a010c7bb84feaf14b263750dbd1a_36.wav", "text": "and also the acceleration and release of cash. So I end where I began, which is we're agnostic to the underlying business. We're capable and competent and happy to take on any.", "duration": 12.06}, {"path": "96488f25af54f91198b444e5eff8e878_112.wav", "text": "If creditors are ultimately treated unfairly, we expect MAS as well as other Malaysian state-controlled enterprises won't be able to benefit from the same kind of implicit trust the financial community has placed in them for decades past.", "duration": 12.06}, {"path": "19714a7d42d471e3bb7f7e1f18c8fe9b_191.wav", "text": "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.", "duration": 12.06}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_186.wav", "text": "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.", "duration": 12.06}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_275.wav", "text": "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 evidence-based medical practice,", "duration": 12.06}, {"path": "77423f08f0208d476dea73c639f6293a_12.wav", "text": "The Bureau provided nearly 100 local interviews with House and Senate lawmakers, delivering our viewers both previews and reactions to the President's first joint address to Congress.", "duration": 12.06}, {"path": "4d7256bec87696f6c5defa8f37db1b48_7.wav", "text": "Of significance in the second quarter, we shared that we partnered with our largest Epicel customer to facilitate training sessions with all of the burn centers in their network,", "duration": 12.06}, {"path": "e5eb29123d69fdbc74dbc529dfe6c6cc_92.wav", "text": "I will be discussing our financial performance, excluding Orlaco, which is included in our Electronic segment for consolidation purposes. Bob will be discussing our results inclusive of Orlaco later in this call.", "duration": 12.06}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_117.wav", "text": "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 on-time, on-budget major initiatives", "duration": 12.06}, {"path": "76b892bf017891d7028256847747227c_56.wav", "text": "While we are closing in on -- in 60% committed in Opps Fund Xa and have several deals in the works that could take us above that number,", "duration": 12.06}, {"path": "9cd9b67e289e807d677aabc5765fec6a_158.wav", "text": "Now for the financial results. As a reminder, our segment margins are before consideration of unallocated corporate costs, such as amortization of intangibles,", "duration": 12.06}, {"path": "ec81096e007f2e89de94b49db12d11bb_8.wav", "text": "We expect the current challenging retail environment with lower foot traffic to physical retail locations to result in continued reduced spending by consumers on housewares and small appliances in mall locations.", "duration": 12.06}, {"path": "976a5489fe4d30c2e1ebb237ec62398a_126.wav", "text": "Since we launched this strategy 3 years ago, our specialty sales volume has increased by more than 40%, the equivalent of one mill's annual production.", "duration": 12.06}, {"path": "523cf294ec146d5411972168b1c10f09_35.wav", "text": "And these are large, complex programs. It's in a number of geographies across the country. There are things that come up that have created complexity that we didn't expect. We've applied cost", "duration": 12.06}, {"path": "b126c31149f1cadf1d891082a187d6fc_199.wav", "text": "Because home health is 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.", "duration": 12.0300625}, {"path": "6e6da7f810609ce64857373f11984455_43.wav", "text": "As previously discussed, growth in Europe was held back somewhat by the difficult comparison with Germany's strong first quarter last year. Germany is projected to return to normalized growth during the second quarter.", "duration": 12.03}, {"path": "13aa6c0669adb5544a0d62beef677189_31.wav", "text": "And so although some companies will have a more limited impact because they've been able to improve their environmental performance over the past 12 months, which is their whole idea of that program,", "duration": 12.03}, {"path": "0d631e444d1c22f0be99a69f5deaff94_119.wav", "text": "In these sessions, consultants from both lines of business work together to identify promising opportunities to expand the breadth of our engagements, with clients who only know us for 1 type of service.", "duration": 12.03}, {"path": "f3ea353a6c918bc1fd311a9cad6b9777_61.wav", "text": "Okay, great. And just lastly, at what point would you guys look at expanding the business into other provinces? And is that something that's more dependent on the success of the upcoming fee-based products?", "duration": 12.03}, {"path": "6388da88b00ebc88af59435bdac74132_229.wav", "text": "In-house regulatory and tax expertise aided our ability to pull this transaction together in just 2 weeks on a propriety basis. And it created structure with significant downside protection for our capital.", "duration": 12.03}, {"path": "f0dd7e4dad969b480d0d2a70609aedba_3.wav", "text": "The exciting part is working on initiatives where we work together on developing product that we could help them launch within Korea. And we have a number of initiatives underway, but it is going to start small.", "duration": 12.03}, {"path": "6f3e90ad68b9b074ad827efdcaf6630d_5.wav", "text": "In light of the broad-based spread tightening that continues to take place within credit markets, Agency mortgages remains one the most attractive asset classes for the marginal dollar of capital investor.", "duration": 12.03}, {"path": "d28b2b09c127b5be033738aa3cd380b3_251.wav", "text": "more than half of that is likely to come from International. This is not a sales outlook that's contingent on pricing to be successful. It is contingent upon base business remaining healthy and growing. We're investing behind that. It's contingent upon", "duration": 12.03}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_265.wav", "text": "which you think if you just stood still, you wouldn't really capture, and therefore, it's just worth putting more money? So is it more a defensive announcement, i.e., things weren't quite as good as they looked from what we look at?", "duration": 12.03}, {"path": "718a89dc503706eae0091bcd9410d567_70.wav", "text": "We continue to expect earnings in this segment to pick up once the remaining sections of Rover are in service and we are able to efficiently provide end user customers with Marcellus and Utica gas.", "duration": 12.03}, {"path": "264e575b73bc2a485bee416c1ac10cee_137.wav", "text": "The U.K. now ranks amongst the top CAT dealers in the world for registered customers and users. In this region, our e-commerce channel is complemented by Parts Direct our centralized parts order processing team.", "duration": 12.03}, {"path": "2d7efae3f89647d6468deed3b73bf98a_44.wav", "text": "we've run CDs off considerably to where they're such an insignificant part of our deposit portfolio that we did make a decision to run a couple of promotions to just keep that", "duration": 12.03}, {"path": "7e14890193df4b10e1eeab6ab886529f_115.wav", "text": "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", "duration": 12.03}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_105.wav", "text": "revenue in the first quarter, we will have modestly higher start-up expenses. So it's a combination of growing revenue and some of the start-up that comes with that as well as a higher tax rate on a year-over-year basis.", "duration": 12.03}, {"path": "25411ff16eb3ca72b6e736eb0fe0cafb_91.wav", "text": "We continue to view our stock as one of the best investments available, and we'll balance the return of capital to shareholders with our priority of building the Argo franchise and shareholder value in the long run.", "duration": 12.03}, {"path": "570faeed3dcfa26c6246dc42309025ad_179.wav", "text": "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 we've got a great cup of coffee available at a great value at our sites.", "duration": 12.03}, {"path": "78c85dc9a16f82b09d3a2363004e658d_169.wav", "text": "So they're still investing in technology from our side because they're all seeing the same kind of small impact on their material cost, but it's not translating into any kind of impact on our business because the people have to get their jobs done.", "duration": 12.03}, {"path": "b34f680a9162805e0188170d6272a356_33.wav", "text": "And it could have been more or less kind of depending on the weather in general. If it's dry all the way through Christmas, we tend to just keep moving along and it could be substantially different than what it was.", "duration": 12.03}, {"path": "d085781ecd776da8a9c4d31ad547606b_171.wav", "text": "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.", "duration": 12.03}, {"path": "ff2d1613ef8b55cc55bec6e266f6cfc2_59.wav", "text": "We have begun the internal qualification for a process of all the equipment and still expect to be qualified and in production using our 6-inch wafers by the end of this calendar year.", "duration": 12.03}, {"path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_46.wav", "text": "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.", "duration": 12.03}, {"path": "957e0f876f9a4af9b498c19843675474_77.wav", "text": "And now, turning to the South Beach Diet. We're 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.", "duration": 12.03}, {"path": "e26b501c6e000fdaa11edde97cc71436_187.wav", "text": "Thank you all for participating and your interest in Park City Group. 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.", "duration": 12.03}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_44.wav", "text": "And finally, while the broader economic environment is challenging, we've made a good start to the second half of the financial year and we're confident in the outcome for the full year.", "duration": 12.03}, {"path": "23eff4c724ee00f56319fcc47add3441_79.wav", "text": "out a process solution that might be viewed as more entry level, more of their first step into automation, and we want to make sure that we provide that solution to that customer base.", "duration": 12.03}, {"path": "47a303604df9f9fc9f2f89a9280c3a79_49.wav", "text": "it doesn't have the ability to handle new menu news or even use 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", "duration": 12.03}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_276.wav", "text": "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.", "duration": 12.03}, {"path": "171fd9df333ddd814c764843ed624121_109.wav", "text": "Microsoft, it looks like it's 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?", "duration": 12.03}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_230.wav", "text": "we're 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 what's happening in the underlying business.", "duration": 12.03}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_29.wav", "text": "This gives cloud providers the opportunity of being able to deploy capacity in a more staggered fashion with waves of deployment rippling through Europe over the duration of a cycle.", "duration": 12.03}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_55.wav", "text": "I would say a lot of that in the second quarter had to deal with the types of traffic that we're taking on. There was a significant portion of long-distance traffic, which, as you know, is a very low-margin business because there is", "duration": 12.03}, {"path": "1ddc944827b99caf8c7867ceeed0ec20_83.wav", "text": "and commercial markets through our participation in early April at the DefExpo 18 India show. Our superior microdisplay performance was of great interest", "duration": 12.03}, {"path": "fabca2790ac9e6a96be6e6b59a497436_114.wav", "text": "with a big portion of profit-sharing agreements has created an invaluable buffer of income in poor markets and plenty of upside going forward.", "duration": 12.03}, {"path": "ea97a179f1be386d6cd36637ae70a1fc_85.wav", "text": "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,", "duration": 12.03}, {"path": "49a78c1ec143d9ac46e893e77198c0e3_111.wav", "text": "And we are certainly already seeing reorders. During the first quarter of 2018, we continue to see move-out into the clinics at approximately the same rate as what we saw in the first month.", "duration": 12.03}, {"path": "49a78c1ec143d9ac46e893e77198c0e3_100.wav", "text": "the dog market. Now there are more cats than dogs, but in general, cats don't like to go to the veterinarian, as I'm reminded every time I try to take my mother's cat to the veterinarian to have its claws trimmed.", "duration": 12.03}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_4.wav", "text": "Due to these market conditions, coal utilization has dropped noticeably in the first few months as compared to 2015. The question we're wrestling with is whether this is a temporary change", "duration": 12.03}, {"path": "be8b554309f7632bc9ebbd967764001e_119.wav", "text": "I would say a couple of things, the first is really important. The number of people we've lost that we'd have liked to have kept, you can count on the fingers of one hand,", "duration": 12.03}, {"path": "39eee2eb09766cf1717c05e39c7db798_61.wav", "text": "but I cannot comment specifically on that until we do the deal. So it's certainly a segment we would like to have more exposure to, but it's all about doing the right deals.", "duration": 12.03}, {"path": "d8eb5522db0e51d75ea6518462954c52_285.wav", "text": "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,", "duration": 12.03}, {"path": "a02b735de681c682fbb8025edecca271_103.wav", "text": "the different segments or components within there. But if I remember from a year or so ago, Scepter had kind of got off to a slow start. And I just wanted to get a sense of perhaps", "duration": 12.03}, {"path": "2a7d7f3eb6960e631743ca5a0d86461f_34.wav", "text": "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.", "duration": 12.03}, {"path": "567a41009710fa1568bb8125213bf9eb_123.wav", "text": "Returns on Correspondent Production improved to a 63% pretax annualized return on equity, as a result of increased locks", "duration": 12.03}, {"path": "02deeb29574f1571812a11f66bb8fda1_216.wav", "text": "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.", "duration": 12.03}, {"path": "66f8c62a56dfd5c78625e220e4be83bc_19.wav", "text": "ATLAS' robust biological readout, in other words, may ensure better use of checkpoint inhibitors as well as enable better vaccines and cell therapies.", "duration": 12.03}, {"path": "b281eff988085e0776dc8a10223f1048_32.wav", "text": "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 we'll be referring to on today's conference call.", "duration": 12.03}, {"path": "6ad1d7c855ceb3eb830c365e357e4510_113.wav", "text": "And that's 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", "duration": 12.03}, {"path": "7a29e2dcd505f944b16d1e3173cb1c01_41.wav", "text": "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.", "duration": 12.03}, {"path": "28404e399cb043d390aa70bceb339dd4_72.wav", "text": "and disclaims any intent to update publicly any forward-looking statements, whether in response to new information, future events or otherwise. Please note, this event is being recorded.", "duration": 12.03}, {"path": "13141efea197b407280701081390f0ce_125.wav", "text": "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.", "duration": 12.03}, {"path": "9b697782ea80be97854f35d6fc62c93a_158.wav", "text": "Second, more overhead reductions from lower indirect costs, savings from our global shared services and organizational efficiency. And third, improved revenue mix.", "duration": 12.03}, {"path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_39.wav", "text": "piece of it, on the video side, that content is variable with regard to the packages that we sell. But I also think there's some opportunity going forward to be variable with regard to within the packages. And I think,", "duration": 12.03}, {"path": "d4b51176b605646e70b37d07a7c19599_81.wav", "text": "on some applications and it just makes sense for us to become just one team and being guided in one direction and making sure both had the same level of priority", "duration": 12.03}, {"path": "571b0d30d88945a981006f24faa72cf7_95.wav", "text": "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.", "duration": 12.03}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_185.wav", "text": "Moving to our business results and starting on Slide 5, I'll discuss the comparative results excluding the market-driven and discrete items that I mentioned earlier.", "duration": 12.03}, {"path": "9b1931e93dfb0391fb948924a93be5ff_67.wav", "text": "That's my first question. And my second question regarding your Tissue business margin. We saw compression in the fourth quarter mostly explained by currencies, but there were some additional costs as well. If you can comment", "duration": 12.03}, {"path": "21f21433851eb7c7f7dbc710309341bb_5.wav", "text": "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 and The Rock Cookware.", "duration": 12.03}, {"path": "87045996e7446329f1d98c909c6ca7fe_195.wav", "text": "you never know totally if you're at the top of the cycle or not. I think we have not emerged in Alberta yet from this recession, for sure, but we don't really -- we're not seeing", "duration": 12.03}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_192.wav", "text": "Our log costs decreased substantially in the first quarter as Western and Canadian log costs declined and the benefit of lower fourth quarter log costs was also included in our financial results.", "duration": 12.03}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_14.wav", "text": "We have 12 million shares remaining from the current authorization and will continue to repurchase stock to offset dilution from stock option exercises and based on the internal valuation of the stock.", "duration": 12.03}, {"path": "61a1812ea55a4d676119b4f3d7cd6c10_62.wav", "text": "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?", "duration": 12.03}, {"path": "2f2c93c1fdfb31ebb02111de502a4e7c_158.wav", "text": "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.", "duration": 12.03}, {"path": "757695924b5e43c7d44e29dc141cc035_3.wav", "text": "The result of SPX -- the results of SPX FLOW are reported as discontinued operations this quarter. We're also reporting under our new segment structure for the first time.", "duration": 12.03}, {"path": "9ec35a7809acb51486076e302028ba33_13.wav", "text": "We have sold and installed our first displays in this family and feels this brings opportunities to expand our business, especially in developing markets in parts of Asia and other regions.", "duration": 12.03}, {"path": "6709c061d39d0e433079f84160f11c80_144.wav", "text": "driven by high-performing 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.", "duration": 12.03}, {"path": "d74cec1fb73e1b1134bfa7152762ad80_5.wav", "text": "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.", "duration": 12.03}, {"path": "3c80de013154b028ecdc6354d16c6fbc_168.wav", "text": "better occupancy. The Pope's 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.", "duration": 12.03}, {"path": "e522eff219f3eaa2c9b090dc12cad420_65.wav", "text": "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 value-enhancing opportunities as they present themselves.", "duration": 12.03}, {"path": "66b25c60d952bd002c7ab20da9248086_105.wav", "text": "For millennials, this really gives them the best of both worlds, the highest 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.", "duration": 12.03}, {"path": "1300495cfa53748f732f54277d5a8cea_22.wav", "text": "reset the brand and be more reflective of the brand we're 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", "duration": 12.03}, {"path": "a0fe48ba783b94dc7e5b0201aba7c1cb_6.wav", "text": "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.", "duration": 12.03}, {"path": "a0fe48ba783b94dc7e5b0201aba7c1cb_132.wav", "text": "significantly 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", "duration": 12.03}, {"path": "e552924838fe493d3cc967dd0c5c4563_233.wav", "text": "We've got a technology that allows our customers to run their units better and make more money. And that's what's driving our penetration in that market. Let me add one other point on that, Hudson. And we have a local", "duration": 12.03}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_136.wav", "text": "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?", "duration": 12.03}, {"path": "f17bd619f65ff0b31c5103503bd56fdb_35.wav", "text": "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.", "duration": 12.03}, {"path": "2cd5b184c2ef6624ce219830182927c9_236.wav", "text": "more innovative, more strategic thinking, people with better technical backgrounds. So we're looking at this as a great opportunity so we'll use attrition to be able to fill these roles that we see for the future.", "duration": 12.03}, {"path": "6daa2d0829057899b014b06c36e1d54b_142.wav", "text": "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", "duration": 12.03}, {"path": "b478d2808e90233ed994884e644a3d34_131.wav", "text": "yet, that's largely come at the expense of the mid-tier brands. And so the new dynamic is making sure that Valvoline is working closely with the retailers on achieving the right balance between", "duration": 12.03}, {"path": "4fd138e27f5f375945332eacefa15b62_5.wav", "text": "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.", "duration": 12.03}, {"path": "bf99037f89cd485f95f097842619a0c7_200.wav", "text": "We will continue to make major investments into 3 areas, which we believe underpins the business model of Julius Baer. First,", "duration": 12.03}, {"path": "c44bd68e2a8cbf4241b4b30b81fda1d4_13.wav", "text": "Gilles 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.", "duration": 12.03}, {"path": "0e410ca71e50235e520d5af32ce0f54a_112.wav", "text": "a smoother startup. So I'll give you more detail as we get closer to the startup. But yes, I think you'll see a little bit of flexibility on the capacity and the way we start that unit up.", "duration": 12.03}, {"path": "30a142fac5a62ab00227cb6a339a6226_187.wav", "text": "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.", "duration": 12.03}, {"path": "30a142fac5a62ab00227cb6a339a6226_45.wav", "text": "So let me comment on the first question. So we did comment on the underlying drivers for the spike-up that we did see in the fourth quarter, and we did share how we're thinking internally about the Q1 dynamics.", "duration": 12.03}, {"path": "365c360aff42713cef71a7d026eeeb6d_145.wav", "text": "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 we'll anticipate that going forward.", "duration": 12.03}, {"path": "3043e7527da9e59e29b7412cafeb9d80_71.wav", "text": "Joe, can you talk about the incremental changes that you're contemplating for LSI? And what we can expect where you would focus more on?", "duration": 12.03}, {"path": "16c235a53fc719ec92ef3b3c3b371150_8.wav", "text": "Now you might be wondering why we are not updating our 2018 ongoing operations guidance ranges given the year-to-date performance that has exceeded expectations embedded in the May guidance.", "duration": 12.03}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_56.wav", "text": "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 in our nation,", "duration": 12.03}, {"path": "726bad4d5d1a6b2f62034eb8dc843450_55.wav", "text": "When the program is complete, we expect to have approximately 300 employees and we also anticipate that we'll have transferred more of our engineering responsibilities from the Philippines to Poland", "duration": 12.03}, {"path": "726bad4d5d1a6b2f62034eb8dc843450_119.wav", "text": "greenfield opportunities around mobile carriers, they tend to make a decision a little bit faster than some of the other telco and cable operators we've worked with.", "duration": 12.03}, {"path": "1bb9219ad31877175e18e8e48ff2f63c_12.wav", "text": "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,", "duration": 12.03}, {"path": "1dc9a88d7f1aa3877f317b59e2724c8e_52.wav", "text": "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.", "duration": 12.0000625}, {"path": "a0e8f9500edc41a227b8d67235bf7753_71.wav", "text": "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.", "duration": 12.0}, {"path": "485e97686e9a27d2df5b3fc02106e3d4_74.wav", "text": "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.", "duration": 12.0}, {"path": "92b48b365197c65ebf545a4c9dd1200d_42.wav", "text": "the company is doing what makes sense. They're creating a large funnel. They're picking through the funnel. They're looking to add other loan programs on to make utilization of some of those other lead flows.", "duration": 12.0}, {"path": "92b48b365197c65ebf545a4c9dd1200d_31.wav", "text": "better solutions for e-commerce, this is a great space for us to be in. We need to be nimble. We need to bring the best technological solutions to our customers every day.", "duration": 12.0}, {"path": "62d981deed6d5128615c99d1597178b6_135.wav", "text": "We began incurring interest expense on this new debt as of January 15. And we'll treat this expense as a noteworthy item, net of interest income earned, until the closing of the transaction.", "duration": 12.0}, {"path": "899123af483b8f3539b880173e98d0fe_1.wav", "text": "Many factors could cause the current results, performance or achievements of Bolsa to be somewhat different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements,", "duration": 12.0}, {"path": "0db71632fa65f1d166f14cb8593c4690_6.wav", "text": "this year. Nevertheless, the consumption level regarding the production potential is", "duration": 12.0}, {"path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_133.wav", "text": "In closing, I'd like to thank our employees who are at the heart of Clearwater Paper for their commitment to always making our operation safer and more efficient, while keeping a sharp focus on the needs of our customers.", "duration": 12.0}, {"path": "d28b2b09c127b5be033738aa3cd380b3_164.wav", "text": "And finally, we're continuing to face challenging economic conditions within International, including a more difficult pricing environment and a longer recovery period in Argentina.", "duration": 12.0}, {"path": "264e575b73bc2a485bee416c1ac10cee_40.wav", "text": "And that hasn't 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", "duration": 12.0}, {"path": "4bf5e132b2f3d6aab97932e977a3fa7e_11.wav", "text": "we do not expect to file the K before the SEC deadline of March 16. As a result, the company has requested from NASDAQ", "duration": 12.0}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_8.wav", "text": "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,", "duration": 12.0}, {"path": "e824f4380f8203a1e3ed60e7da1e39e5_13.wav", "text": "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.", "duration": 12.0}, {"path": "e824f4380f8203a1e3ed60e7da1e39e5_49.wav", "text": "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.", "duration": 12.0}, {"path": "4c0e38d8d88c73a7a01dc542a85b2604_73.wav", "text": "So that in my view on the macro. Now how it translates to earnings, equity performance I think it's something we got to watch. So this is a warm water cycle right", "duration": 12.0}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_300.wav", "text": "the economy around the world and whether any of those economies have, if you will, more demand for construction materials or construction labor than", "duration": 12.0}, {"path": "7974a5134807f46a1484a8adf81505be_226.wav", "text": "My comments which follow are on an adjusted and constant currency basis. Q4 results reflected strong asset and deposit growth in the Pacific Alliance,", "duration": 12.0}, {"path": "7974a5134807f46a1484a8adf81505be_230.wav", "text": "I'll now turn to the Other segment on Slide 14, which incorporates the results of Group Treasury, smaller operating units and certain corporate adjustments.", "duration": 12.0}, {"path": "8b71a232d7fe61e6232807b635977c31_27.wav", "text": "this is incredibly difficult to provide the market with apples-to-apples comparability across those metrics and the ability to de-duplicate audiences across platforms. So it's a very high bar.", "duration": 12.0}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_134.wav", "text": "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.", "duration": 12.0}, {"path": "957e0f876f9a4af9b498c19843675474_74.wav", "text": "The health benefits realized from even modest weight loss are significant and we're committed to helping consumers achieve their health oriented goals through a platform of solutions and programs that can be tailored to what works best for them.", "duration": 12.0}, {"path": "8292bdb9af87f10627c044f3842b2c76_97.wav", "text": "which has been done by a number of our peers in the Canadian public real estate space. So we do believe", "duration": 12.0}, {"path": "8957425799e5ce0200bfacf204d0acde_171.wav", "text": "Our comments also include non-GAAP measures. Reconciliations to the nearest corresponding GAAP measures are in our earnings release available on our website.", "duration": 12.0}, {"path": "11ca275b0bd65060f43ae2d28e1c489f_31.wav", "text": "We expect it will last around 30 minutes, and we'll provide you will 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.", "duration": 12.0}, {"path": "0f4370b614f29bd596e4f6871cc77864_129.wav", "text": "the centrality of technology to the strategy of these enterprises and the fact that Trimble has many touch points of relevancy to that, really, is the change.", "duration": 12.0}, {"path": "276392c471c063580869aec014a1feda_56.wav", "text": "I know I say it on each call, but the excitement, the pride and the confidence we feel growing at these events get stronger each time, which leads me to believe that our future is brighter than ever.", "duration": 12.0}, {"path": "6864081f83959f4b49e25e597f28af66_113.wav", "text": "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.", "duration": 12.0}, {"path": "43942582edfb20599f3e7456137f8deb_125.wav", "text": "Our press release, which contains the financial and other quantitative information to be discussed today as well as a reconciliation of non-GAAP to GAAP measures is also available on our website.", "duration": 12.0}, {"path": "2905366dcf0eb60a22b63a1b3d9adf95_123.wav", "text": "I think you might see a reverse on those and you staying closer to the wellhead and getting more turns per day on the trucks. I think that's going to be a differentiator and people are going to have to really", "duration": 12.0}, {"path": "911d447bcdcedb4e0cf5230de225921c_14.wav", "text": "This is the -- when I joined the company 16 months ago, most of our supported -- our production was supported from a limited number of high-production wells within the Tawke field.", "duration": 12.0}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_217.wav", "text": "these are clearly small numbers if you compare this to HBVS where clearly you will have to study much, much larger", "duration": 12.0}, {"path": "92ac600c52fc9590be50475bd4065ae8_15.wav", "text": "Financial results in our earnings release are unaudited and our remarks include forward-looking statements that are subject to the risks and uncertainties that we discuss in detail in our documents filed with the SEC,", "duration": 12.0}, {"path": "30710391b8ab4cb549180602d31d4f4a_9.wav", "text": "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.", "duration": 12.0}, {"path": "38b2f94da12bbf2d32246763aab8265a_149.wav", "text": "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.", "duration": 12.0}, {"path": "ea97a179f1be386d6cd36637ae70a1fc_124.wav", "text": "We discussed this in detail on our last earnings call. During Q3, we made the decision to maintain strong short-term profitability in the face of heavy demand from new customers.", "duration": 12.0}, {"path": "3068d678d3331b8f0a10ea4fa92361f2_2.wav", "text": "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.", "duration": 12.0}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_165.wav", "text": "hundreds of discrete things that are embedded in there that we could decide to delay or go forward with in the time frame that we're planning for. So", "duration": 12.0}, {"path": "8aa1aa8317783203344434f855535c25_123.wav", "text": "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 new nonaccrual investment.", "duration": 12.0}, {"path": "1d2ff648e4a30fa5555a7ab85bf60190_132.wav", "text": "because projects do get delayed and it becomes very difficult. And if it isn't in backlog, it's a pretty tough one to predict for the next quarter whether it would fall into that. We do, however, from time to time", "duration": 12.0}, {"path": "6b3df032b804a1a371d25e1eef019c4a_17.wav", "text": "Yes. I mean I guess kind of I understand the internal accounting points, but that's kind of just how it's represented between the divisions. But if I look at the group", "duration": 12.0}, {"path": "dd28a387ccc9575df47840b850647c7f_6.wav", "text": "I'm 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.", "duration": 12.0}, {"path": "b2c4be32355b99e1a66809bd36e83dd2_158.wav", "text": "how to sell these 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", "duration": 12.0}, {"path": "7bc22aba9bc29d69ee10cc60db7903d8_260.wav", "text": "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", "duration": 12.0}, {"path": "2a7d7f3eb6960e631743ca5a0d86461f_14.wav", "text": "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.", "duration": 12.0}, {"path": "6d97c63e754383663561baada77c7354_38.wav", "text": "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.", "duration": 12.0}, {"path": "66f8c62a56dfd5c78625e220e4be83bc_16.wav", "text": "Thanks, Paul, and good morning, everyone. Thanks for joining us on today's call as we review a few recent announcements, along with our fourth quarter highlights.", "duration": 12.0}, {"path": "c5c7a9f409241412b160a93cde7ef630_24.wav", "text": "Partially offsetting the increases to revenue on a year-over-year basis was the expiration of managed-only and underperforming contracts with Texas and the District of Columbia.", "duration": 12.0}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_204.wav", "text": "Okay. And then presumably, that will grow at some level sequentially after that? Or do you feel like you're getting to the point where most of that fast growth is behind you?", "duration": 12.0}, {"path": "8a93698d03a48d42fc7d7e50cb67dc2b_78.wav", "text": "if we were Calix, the broadband access is just some sort of box company without any of our platforms and we were confronted with the quarter that we were just confronted with,", "duration": 12.0}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_67.wav", "text": "Both Boeing and Airbus recently increased their outlook for long-term demand for airframes, and Kaiser is very well positioned to participate in the long-term growth with our customers.", "duration": 12.0}, {"path": "bbb4adabb4fce8ad4d11962c46f59a1f_99.wav", "text": "or somewhere in between. It could be small companies that don't have the cash that end up giving us a piece of equity in their business and milestones and royalties as they develop the products.", "duration": 12.0}, {"path": "28404e399cb043d390aa70bceb339dd4_127.wav", "text": "So we've made expenditures in a number of different areas that are already embedded in our run rate,", "duration": 12.0}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_246.wav", "text": "that I see that can follow the growth rate that we've seen in Mexico and the food side, certainly, we've been excited about what we've seen from the Mexican consumer. And of course, Colombia", "duration": 12.0}, {"path": "13141efea197b407280701081390f0ce_118.wav", "text": "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.", "duration": 12.0}, {"path": "75eb5b75bb8587b63c318714ea956b9e_122.wav", "text": "to emerge in the next number of few months. I can't really say very much about it at this point in time. But I would say that there is a", "duration": 12.0}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_24.wav", "text": "We're 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.", "duration": 12.0}, {"path": "9e8690a521142359001a137074905535_326.wav", "text": "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", "duration": 12.0}, {"path": "73c60e60043b8775dac929320839a8c6_38.wav", "text": "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.", "duration": 12.0}, {"path": "da34a7b460e520db0401de3ce860187c_17.wav", "text": "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", "duration": 12.0}, {"path": "c40b5d1a13169c5acf69590932a56f98_98.wav", "text": "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", "duration": 12.0}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_89.wav", "text": "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", "duration": 12.0}, {"path": "da879f8ea1c23aa6565cccaacac271fc_282.wav", "text": "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.", "duration": 12.0}, {"path": "416ebb7a4160f7cd2f98361cbd1cb769_78.wav", "text": "of the new MTY. It offers our franchisees the opportunity to increase their leverage with goods and services, which will then enable them to be more profitable.", "duration": 12.0}, {"path": "7cc11de7f206c637e6293da0d956405e_68.wav", "text": "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 space when it comes to technology and service quality.", "duration": 12.0}, {"path": "8cfc2a9aace5078f22a83c782b9d41f7_20.wav", "text": "one is price and the second is supply chain realignment. In supply chain, you'll see everything from us that we're already in process of implementing from", "duration": 12.0}, {"path": "757695924b5e43c7d44e29dc141cc035_211.wav", "text": "And then basically what we've talked about in terms of our improvement initiatives are starting to take hold. I think the team there has done a nice job.", "duration": 12.0}, {"path": "3d3b327645f62f252bb876e5bb4a9259_137.wav", "text": "and our marketing force is working as hard as they can, the problem is the people are buying more loosely or maybe they're trying to grow and so they're lowering their prices, this isn't the market where we want to compete in that sort of area.", "duration": 12.0}, {"path": "22a55e362dd67dc8f7cd40f7ec8d62c1_194.wav", "text": "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,", "duration": 12.0}, {"path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_56.wav", "text": "and so you really didn't 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", "duration": 12.0}, {"path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_19.wav", "text": "many of these fuels are still in the design phase, and there's still a lot of unknowns in that area. And when you think about marine fuel blends, how challenging the issues of compatibility and stability", "duration": 12.0}, {"path": "254f3c2175c8e11d6da7d44a221e1bff_43.wav", "text": "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,", "duration": 12.0}, {"path": "a80e75fbf2fe24eaca12461f2d88d5c6_82.wav", "text": "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.", "duration": 12.0}, {"path": "4721d5a2e7061d90a4e4e4768adc2486_142.wav", "text": "So in general, we're just starting to go through the budgeting process with each of the decisions so it's kind of hard to have a point of view as far as where we're going to land on this. I know we're going to be giving", "duration": 12.0}, {"path": "d74cec1fb73e1b1134bfa7152762ad80_46.wav", "text": "The increase in income from operations is primarily due to higher revenues and the expansion of margins. While costs and expenses increased from higher staffing costs associated with supporting the new and existing client growth,", "duration": 12.0}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_53.wav", "text": "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.", "duration": 12.0}, {"path": "cd331fa6dd24e811af3c0529212bfbb8_92.wav", "text": "As a result, we believe Nexus will be a requisite addition to the operating room as it delivers demonstrated clinical benefits at a compelling value proposition for hospitals, outpatient clinics and patients.", "duration": 12.0}, {"path": "884400c829f179d8cf68b767f45f03a4_12.wav", "text": "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", "duration": 12.0}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_127.wav", "text": "that reinvest on a yearly basis and sustainability is definitely something that the consumer of yesterday, tomorrow and nowadays,", "duration": 12.0}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_142.wav", "text": "let's 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.", "duration": 12.0}, {"path": "b126c31149f1cadf1d891082a187d6fc_216.wav", "text": "What's behind that? Is it a shift in the demographics of your market into Medicare Advantage, which may be happening? Or do you think you're making strides with the private sector Medicare business", "duration": 12.0}, {"path": "b126c31149f1cadf1d891082a187d6fc_39.wav", "text": "The same can't be said for nursing homes being able to take the patients who are currently treated in our hospitals because those patients all require hospital-level care.", "duration": 12.0}, {"path": "a2ba164f019804628c07b36de47cd464_82.wav", "text": "Beginning with this quarter, we're allocating all corporate costs with the exception of certain public companies and other executive level expenses, which will remain in the corporate segment.", "duration": 12.0}, {"path": "9dc19bfa451bc1278b7136420493f84d_30.wav", "text": "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.", "duration": 12.0}, {"path": "ebd59e21db89edb92205e012427cd9db_120.wav", "text": "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.", "duration": 12.0}, {"path": "ebd59e21db89edb92205e012427cd9db_157.wav", "text": "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.", "duration": 12.0}, {"path": "ebd59e21db89edb92205e012427cd9db_203.wav", "text": "is your Record of Decision, are you're 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,", "duration": 12.0}, {"path": "4ee3c79ebc57c9870b221b9479d52436_48.wav", "text": "the economics around that is in the hands of others, and we're happy -- very happy to work with others to see another source of gas come into our or get hooked up to our system.", "duration": 12.0}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_225.wav", "text": "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", "duration": 12.0}, {"path": "902872913863de98d38e2936b846cf66_248.wav", "text": "The long-term preconstruction pipeline continues to build, and we're finally beginning to see that core demand flow through to growth in project starts and our own shipments.", "duration": 12.0}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_217.wav", "text": "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.", "duration": 12.0}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_76.wav", "text": "of incremental annual revenues by the end of next year and that does not include fixing the problems that we discussed that affect the second and third quarter.", "duration": 12.0}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_151.wav", "text": "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.", "duration": 12.0}, {"path": "af146425f68dd8e32f31878389746637_38.wav", "text": "increased organizational focus on customers is driving growth as each Luxfer salesperson is expected to reach out to at least 2 new customers every week.", "duration": 12.0}, {"path": "594b7b614804475e4ab8ab4c405ecf40_41.wav", "text": "Non-GAAP items are described and reconciled to GAAP results in today's press release and those and other reconciliations and supplemental detail are included at the end of the slide presentation, which again is available on our website.", "duration": 12.0}, {"path": "bf99037f89cd485f95f097842619a0c7_233.wav", "text": "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.", "duration": 12.0}, {"path": "c44bd68e2a8cbf4241b4b30b81fda1d4_115.wav", "text": "As both Gilles and I have previously commented, we continue to invest in our future with significant CapEx projects driven by the new flavors facility in India", "duration": 12.0}, {"path": "c44bd68e2a8cbf4241b4b30b81fda1d4_54.wav", "text": "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.", "duration": 12.0}, {"path": "4d7256bec87696f6c5defa8f37db1b48_72.wav", "text": "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.", "duration": 12.0}, {"path": "b154f7c33e567e453cb765f4ac03dd2f_130.wav", "text": "Thanks, Curt. I'll 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.", "duration": 12.0}, {"path": "b154f7c33e567e453cb765f4ac03dd2f_113.wav", "text": "So you're going to see us drive the execution as hard as we can. You're 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.", "duration": 12.0}, {"path": "30a142fac5a62ab00227cb6a339a6226_21.wav", "text": "We think this will continue as we build out additional capabilities such as dynamic custom audiences, conversion optimization and secondary objective optimization.", "duration": 12.0}, {"path": "365c360aff42713cef71a7d026eeeb6d_86.wav", "text": "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", "duration": 12.0}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_105.wav", "text": "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", "duration": 12.0}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_66.wav", "text": "So if at all, we are looking at a joint venture partner at some stage, and I'm not saying that we will, we keep options open. It'll be at the right time when it's got to the right value in the value curve, and it'll be on our terms.", "duration": 12.0}, {"path": "a98061f951c1b2c7a915e296098bc4de_83.wav", "text": "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.", "duration": 12.0}, {"path": "16c235a53fc719ec92ef3b3c3b371150_231.wav", "text": "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,", "duration": 12.0}, {"path": "97ddc19ecb28bab2d19fd3b181182062_39.wav", "text": "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,", "duration": 12.0}, {"path": "ff59c33225941d4025bcecc8fe1a4b32_7.wav", "text": "As part of our investment strategy for the future, we saw this growth developing and laid-in plans for a new Southern California facility to replace the current one we have outgrown.", "duration": 12.0}, {"path": "62d981deed6d5128615c99d1597178b6_139.wav", "text": "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 doesn't change our perspective.", "duration": 11.97}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_137.wav", "text": "We spent the early part of the March quarter reloading our production pipeline and had a partial quarter of shipments in Q2. Current forecasts from our customers and recent tenders from carriers", "duration": 11.97}, {"path": "b7d4858dcc1d9cf454416082b75a3429_193.wav", "text": "It is pleasing over but on an operational side, underground, the mine is looking in much better shape than it has done for a very, very long time.", "duration": 11.97}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_17.wav", "text": "Last month, we completed a major infrastructure overhaul with Databricks, giving us massively more processing and analytic capacity for the data that we're amassing.", "duration": 11.97}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_137.wav", "text": "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.", "duration": 11.97}, {"path": "22ad97a95501a08f15c06605cd277fec_64.wav", "text": "That was one of our fastest growing 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,", "duration": 11.97}, {"path": "a45d8b57fe6b8199bca7aec4d022bbb3_102.wav", "text": "we see some changes in the market as well for premiums for not so clean concentrate depending on what impurities we are dealing. So we are trying the whole time to optimize", "duration": 11.97}, {"path": "abd0f750609f1263b566f0c09b981a16_15.wav", "text": "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.", "duration": 11.97}, {"path": "abd0f750609f1263b566f0c09b981a16_167.wav", "text": "A mix of the type of business that we have is included as well because we had a big drop in some of our high margin banquet and catering business and we didn't flow it as well as we should have.", "duration": 11.97}, {"path": "223f05c0b9b116532e9af84afa76cac7_48.wav", "text": "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.", "duration": 11.97}, {"path": "0bd1a2daa99e7a5cfa0bf1cb0064857f_13.wav", "text": "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.", "duration": 11.97}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_1.wav", "text": "The company does not undertake a duty to update any forward-looking statements. Lastly, I would like to point out that management's remarks during this conference call are based on information and understandings", "duration": 11.97}, {"path": "280baf1d10cd27b78eae4bf2574b9c98_64.wav", "text": "We are leaning in on the marketing front to make sure people know that what they find -- that they can find this great merchandise at unbeatable prices at Five Below.", "duration": 11.97}, {"path": "7e14890193df4b10e1eeab6ab886529f_33.wav", "text": "It is essential that our members have a unified Weight Watchers experience, whether it's in a meeting room every week, online at WeightWatchers.com or through our app and connect community.", "duration": 11.97}, {"path": "e824f4380f8203a1e3ed60e7da1e39e5_159.wav", "text": "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", "duration": 11.97}, {"path": "67716cee321d117b0318930dd142f06a_68.wav", "text": "and Alaska Steel broadened our geographic reach with our first entry into the Alaskan market in diverse industries, including infrastructure and energy.", "duration": 11.97}, {"path": "04f29bc02d1e2ef65077ca67bf41f475_126.wav", "text": "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.", "duration": 11.97}, {"path": "8bbc2f54137b794265dfb01f1559868d_61.wav", "text": "We believe that our combined portfolio of over 175 managed care and large account arrangements is strong and a key foundation for continued growth.", "duration": 11.97}, {"path": "044da592acc01ff7baacb3dbf2a302a9_177.wav", "text": "As you are aware, our core Medical business is all capital and can be impacted by timing of customer orders and the related shipment. We continue to see strong order growth in the core Medical business.", "duration": 11.97}, {"path": "1b91eb82f5211000e711424657cc2484_32.wav", "text": "having our recurring dividend based on this amount removes volatility from our dividend and enables investors to receive what we believe is an attractive after-tax qualifying dividend yield.", "duration": 11.97}, {"path": "145244b0378e6657d456cffca8bbc982_101.wav", "text": "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 leading-edge services. Our", "duration": 11.97}, {"path": "cfbe91105113db7a5784f77e411b7a3f_181.wav", "text": "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", "duration": 11.97}, {"path": "e26b501c6e000fdaa11edde97cc71436_175.wav", "text": "And I think it's showing up in the numbers. The growth rates will continue to go up for us. And again, the constraint is now, has been and always will be", "duration": 11.97}, {"path": "a0006b7891ead9bdb76273f555b6f1c8_92.wav", "text": "and in order book. And the one caveat there is we don't know what they do with inventories through -- across the whole distribution channel. So they can", "duration": 11.97}, {"path": "4032bfdd59881fc6506c082737cb5a99_86.wav", "text": "just cycle through the oversupply. And we feel as consumer participation in cycling and consumer confidence remains as strong as it is, we don't see a long-term lingering effect on this business.", "duration": 11.97}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_105.wav", "text": "focused on the switch patients first. They're the patients who are already in the system, getting a treatment for Fabry disease are already receiving reimbursement. And as we focused on switch first and that's where we see the fastest uptick.", "duration": 11.97}, {"path": "1133b8984db446b9c963a09eaf0785a4_239.wav", "text": "So I suspect that you're going to see an improvement in those relative numbers in the third quarter because I think film's going to be somewhat stronger as we move into third quarter than it was in the second quarter.", "duration": 11.97}, {"path": "0f06227be4dd36d9329849eda96196aa_34.wav", "text": "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.", "duration": 11.97}, {"path": "bc7dbd6e321b4df22db9270b69b89c11_23.wav", "text": "While sales have been fairly flat for the past 3 quarters, we've also seen a consistent slowdown of redemptions, leading to improved net flows for this fund, although hybrid products remain in net outflows overall.", "duration": 11.97}, {"path": "276392c471c063580869aec014a1feda_135.wav", "text": "And I think that's just going to drive bad behavior and be really volatile for the consumer, and that's not something we want to do. So we're going to draw -- our strategy has been and right now will continue to be", "duration": 11.97}, {"path": "ee640f0dcb9928c0bdd795eddbeac7c0_49.wav", "text": "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.", "duration": 11.97}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_124.wav", "text": "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.", "duration": 11.97}, {"path": "da14df2e02d11f6f8599533d9d57faee_186.wav", "text": "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 wholesale", "duration": 11.97}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_111.wav", "text": "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.", "duration": 11.97}, {"path": "ade68f8add7249890d086ecf4b5b8cab_109.wav", "text": "We are raising the bar in 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.", "duration": 11.97}, {"path": "58ff8a727ec4f3859407b64f08246759_150.wav", "text": "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.", "duration": 11.97}, {"path": "23417803b1a8115806b8e604b8b2bb83_248.wav", "text": "towards our objective of stabilizing networking reducing year-end peaks in order to achieve a more efficient cash management throughout the year.", "duration": 11.97}, {"path": "23417803b1a8115806b8e604b8b2bb83_284.wav", "text": "So it's possible that we will look at a different composition in our financial debt, increasing the level of bank loans because how the costs", "duration": 11.97}, {"path": "6a372ea97b0b130a4d37f16b54d97909_124.wav", "text": "The increase in non-recurring service revenue has been the unfortunate side effect of the success we've had selling upmarket to many of the world's largest organizations.", "duration": 11.97}, {"path": "7aeefd3f7f36ea98354844517c1f012d_131.wav", "text": "I think it's -- this is Dan, again. I think it's probably a function of -- a certain amount it could be geographic because our northeast restaurants did very well.", "duration": 11.97}, {"path": "c3567809c19ce6a800677544cd84f88b_183.wav", "text": "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 U.S. spirits.", "duration": 11.97}, {"path": "20097e37747ec7bc3734246e83798fb1_122.wav", "text": "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.", "duration": 11.97}, {"path": "20097e37747ec7bc3734246e83798fb1_4.wav", "text": "The second major OEM deal that I'm very happy to announce on this call is with Samsung, one of the largest manufacturers of smart TVs globally.", "duration": 11.97}, {"path": "526e0d5398a516831b49936c31a8ea1c_152.wav", "text": "Earlier this month, an administrative law judge from the Pennsylvania Public Utility Commission recommended the commission approve this settlement. Action by the commission is expected later this year.", "duration": 11.97}, {"path": "f7df5ecab61eca575f169a8298318eca_128.wav", "text": "pork prices in the markets. But what we have seen recently then is that we've actually seen the pork prices improving over the last months. But I think that you are", "duration": 11.97}, {"path": "82131762fc1c2b2358ac3a167666ab87_218.wav", "text": "And in addition to that, are there any plans to centralize more of the collections and servicing and take that out of the branches?", "duration": 11.97}, {"path": "809e26eaacb31ffdee78d3f41a6ce90a_145.wav", "text": "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 and our operating", "duration": 11.97}, {"path": "809e26eaacb31ffdee78d3f41a6ce90a_45.wav", "text": "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.", "duration": 11.97}, {"path": "5ea42ed8ea9a65bd01aaabb678685483_114.wav", "text": "In summary, we're 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.", "duration": 11.97}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_117.wav", "text": "We reported record adjusted operating earnings in our asset management business, driven by strong net flows, market appreciation and stable average fee rates.", "duration": 11.97}, {"path": "c40b5d1a13169c5acf69590932a56f98_72.wav", "text": "That's a great question, Jon. And it's one that we pay a lot of attention to. We have significant respect for both of our competitors", "duration": 11.97}, {"path": "7ebbb41dcefeb482191f8bc22031b5d9_53.wav", "text": "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.", "duration": 11.97}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_10.wav", "text": "the impact of mix on profitability. As you've heard me say before, an essential element of our long-term success has been our ability to consistently deliver profitable growth.", "duration": 11.97}, {"path": "82f5253b62614161333b038f5f9700f8_135.wav", "text": "you have to put the product changes in place. And there's 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 we're pretty excited about that because I think it's", "duration": 11.97}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_122.wav", "text": "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 we're taking actions to improve those business elements we can control", "duration": 11.97}, {"path": "7cc11de7f206c637e6293da0d956405e_230.wav", "text": "They didn't 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?", "duration": 11.97}, {"path": "b24e0b37987585f3c63f28df67e6a1f6_95.wav", "text": "guess, what would be a good outcome in terms of production for each of those? Or even on a more general level, whether they be sufficient to arrest declines? And then just second one is,", "duration": 11.97}, {"path": "94f913b974baab79fb636f6521170dd7_128.wav", "text": "You got to sell it to a very large number of people you don't 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.", "duration": 11.97}, {"path": "3b2908426357bb8269c3a01469865cd6_15.wav", "text": "Excluding this reclassification, the decline in gross profit margin was primarily driven by lower transactional volume, offset in part by productivity.", "duration": 11.97}, {"path": "3877b1983229ec488c6349a188bccf92_154.wav", "text": "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 option.", "duration": 11.97}, {"path": "7498a6630302a038bd537d192c3a44f4_7.wav", "text": "We are confident in the modernized compliant system we have in place, and we will continue to make adjustments as appropriate to ensure quality and safety for our customers.", "duration": 11.97}, {"path": "5633fe3600ee04237bbb918c56341864_45.wav", "text": "Reconciliation to the most directly comparable GAAP financial measures is included in the press release announcing our second quarter results. Those non-GAAP financial measures", "duration": 11.97}, {"path": "e29584f9f829602cacebcce71c2a4fb9_76.wav", "text": "the recent offering of stock and warrants gives us the flexibility to initiate the confirmatory trials and continue other developments of IMMU-132 without interruption.", "duration": 11.97}, {"path": "9908957f60adff5efc1c8692a0f5ab38_59.wav", "text": "As you've heard us say, we see great opportunities on all areas of the business but specifically, we have increased our focus on home, beauty and ladies apparel.", "duration": 11.97}, {"path": "c5120d9702331edaf23bb6e639df0a70_79.wav", "text": "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.", "duration": 11.97}, {"path": "09b5b62d328d3d0719b6825357fdfb48_64.wav", "text": "While we have reduced inventories at all of our locations, the opportunity to refill these locations is actually coming before harvest as farmers and commercial grain companies are making space for another year of large corn and bean crops.", "duration": 11.97}, {"path": "812d8f09b72b4d410d138d3b24caebbc_129.wav", "text": "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 they've been over the last couple of quarters.", "duration": 11.97}, {"path": "812d8f09b72b4d410d138d3b24caebbc_62.wav", "text": "Our injectables business also grew over the prior year, and we continued to work with our customers to qualify the added capacity that has been installed earlier this year in Europe.", "duration": 11.97}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_180.wav", "text": "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.", "duration": 11.97}, {"path": "ed2810b765143f8341dcc8e8c14c27f1_149.wav", "text": "pricing avoidance that occurred in the fourth quarter as I mentioned in an answer a few minutes ago. So I think that provides the dynamic where we'll see that play out and improve the second quarter and through the", "duration": 11.97}, {"path": "b3e9a3bbebcc4111afca87b4cadf58bf_92.wav", "text": "So far, most of the plants are now being -- starting to be launched, in the process of being launched.", "duration": 11.97}, {"path": "95303f68781d6fb58e19ec1dc7785a7c_175.wav", "text": "which reflects the impact of the asset sales as well as price and performance-related reserves increases. Al will cover each of our guidance changes later.", "duration": 11.97}, {"path": "b0d88c0f1efca89ecb928172341dc75d_268.wav", "text": "can innovate them in ways that drive good profitability and do a fantastic job delighting the consumer. When you look at what we've done with our Conagra brands over the last 4 years,", "duration": 11.97}, {"path": "b0d88c0f1efca89ecb928172341dc75d_32.wav", "text": "We prepared the bridge to first show Legacy Conagra EPS drivers followed by the Pinnacle adjusted operating profit and net incremental capital costs associated with the acquisition.", "duration": 11.97}, {"path": "b0d88c0f1efca89ecb928172341dc75d_104.wav", "text": "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.", "duration": 11.97}, {"path": "b0d88c0f1efca89ecb928172341dc75d_194.wav", "text": "We successfully closed the transaction faster than originally expected. And frankly, I'm glad we've taken the reins. We've all seen the weak scanner data on key Pinnacle brands over the past several months.", "duration": 11.97}, {"path": "4ee3c79ebc57c9870b221b9479d52436_76.wav", "text": "Despite the environment-depressed commodity prices and much noise from energy policy discussions, we've worked consistently with our stakeholders to bring these projects to commercial reality.", "duration": 11.97}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_91.wav", "text": "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", "duration": 11.97}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_81.wav", "text": "In fact, we employed it several quarters and we were so cautious in our issuance that we concluded -- that we hadn't been cost effective in it and turned it off", "duration": 11.97}, {"path": "0f8a61f667edd9a400d7abe2a7908a9e_12.wav", "text": "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 self-administer at home,", "duration": 11.97}, {"path": "4fafe8c628e676ca508b37756da75419_175.wav", "text": "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", "duration": 11.97}, {"path": "f268a8174f58c93ad6b45b7f151fe896_33.wav", "text": "And so we're creating a lot of efficiency but we're also creating the opportunity to handle product to markets that we haven't been able to handle in some of the smaller aircraft to this point.", "duration": 11.97}, {"path": "77423f08f0208d476dea73c639f6293a_65.wav", "text": "the retrans that we have seen in diligence suggest that we have a significant advantage in retrans because we're not just negotiating for a really dominant station in a midsized market", "duration": 11.97}, {"path": "83c003be6ac012b814cfecef95459f02_100.wav", "text": "In Europe, the recent Touax acquisition has given us a head start on CapEx that would otherwise have -- be needed to capture the growth we are seeing in mainland Europe. And we will discuss this further later in the presentation.", "duration": 11.97}, {"path": "f15a674bdbbc461872000604216ae071_68.wav", "text": "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", "duration": 11.97}, {"path": "bf99037f89cd485f95f097842619a0c7_211.wav", "text": "We've seen in Davos the speech of the Chinese Premier. It seems that China is quite keen to fill that void, and then we'll have to see how does this pan out also in Europe,", "duration": 11.97}, {"path": "7bac04f03928ee8894ab00007116400b_2.wav", "text": "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 long-term financial performance", "duration": 11.97}, {"path": "7a80c3e91e5a2693cdaef5f716808317_191.wav", "text": "we continue to execute on our site consolidations. Our early efforts are focused on small and mid-sized locations with high infrastructure costs and an inherent dilutive impact to our margin ambitions.", "duration": 11.97}, {"path": "365c360aff42713cef71a7d026eeeb6d_36.wav", "text": "about it then. And again, no different than the rest of our recurring revenue businesses. If we believe that -- and we do believe that we're optimistic about next year around new business bookings and retention.", "duration": 11.97}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_234.wav", "text": "in terms of our expenditures to pull that down. The biggest jump in the capital expenditure in '17 came from the specific brownfields investments we did, and that is behind us right now.", "duration": 11.97}, {"path": "16c235a53fc719ec92ef3b3c3b371150_50.wav", "text": "And then just one last quick one on the -- just your quick take on the FERC order on subsidized generation and capacity and", "duration": 11.97}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_179.wav", "text": "and manufacturing teams and facilities. And so as we go from 2 or 3 launches a year to 5 or 6 launches a year, there's a lot of operating leverage", "duration": 11.97}, {"path": "027d36b67ee5bba934695b2d0c47eb08_72.wav", "text": "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", "duration": 11.97}, {"path": "77f146e76d89a5be785a39ab23dfa763_31.wav", "text": "and we'll 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.", "duration": 11.97}, {"path": "23eff4c724ee00f56319fcc47add3441_44.wav", "text": "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.", "duration": 11.9699375}, {"path": "e33785a294553de2a12d4463bf786744_10.wav", "text": "from customers and create long-term contracts where we own and operate the plant and sell industrial gases to the customers based on a fixed fee.", "duration": 11.9699375}, {"path": "d162113e3aface010baec17bd408736b_121.wav", "text": "And basically, we've been very clear all along. For us, it's only interesting to look at acquisitions which improve our market's", "duration": 11.94}, {"path": "db6c253ba433d9a247219bb3f15da199_47.wav", "text": "or over half the total value of the private portfolio, not including HZO, which historically was included in this list and was sold shortly after the quarter, as Kevin mentioned earlier.", "duration": 11.94}, {"path": "4fdbfd9eec396928550d0c799e170d34_94.wav", "text": "We will then walk you through our financial results in more detail. And finally I'll return to provide color on our market outlook for the remainder of 2017 before opening the line for your questions.", "duration": 11.94}, {"path": "139f0a6300f504b3e8673e39b0429161_54.wav", "text": "move a lot faster and more innovative than ever. The World's Most Connected Company perfectly describes Syniverse. We developed the largest private network ever built", "duration": 11.94}, {"path": "0d631e444d1c22f0be99a69f5deaff94_50.wav", "text": "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.", "duration": 11.94}, {"path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_31.wav", "text": "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?", "duration": 11.94}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_187.wav", "text": "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", "duration": 11.94}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_207.wav", "text": "you can say that about. There's many, many commodity businesses, but Marvell is more than a commodity semiconductor company. It is a company that is steeped", "duration": 11.94}, {"path": "14e9ab3b38cd3029b8aff693a105dbfb_1.wav", "text": "We undertake no obligation to publicly update or revise forward-looking statements to reflect subsequent events or circumstances after the date made, except as required by law.", "duration": 11.94}, {"path": "1f1b29266d2cede9b8f0f06ca57aae17_99.wav", "text": "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 restaurants were not necessarily delivering excellent customer experience.", "duration": 11.94}, {"path": "2602edddc3363eadcaafe1c33271f3e4_83.wav", "text": "We'll have right number of sites to get the patients we need in the time we need. And I'm not advertising a particular number of sites, but you can be completely confident that we'll have the sites that we need.", "duration": 11.94}, {"path": "2602edddc3363eadcaafe1c33271f3e4_130.wav", "text": "what that will consist of is a completely blinded analysis of the variance in attack rate. We're pooling all of the data, and it's a check on the assumption around variance. The potential outcomes are", "duration": 11.94}, {"path": "249b7b83531140105343e2a0e89150fa_3.wav", "text": "We offer Community Banking services, composed of Retail and Corporate Banking, to individuals, local businesses, captive insurers, reinsurance companies, trust companies and hedge funds.", "duration": 11.94}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_133.wav", "text": "So that completes our financial update, and we're 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.", "duration": 11.94}, {"path": "13220986bf30f26076a674e2a9edc89c_158.wav", "text": "seeing lots of competition from fixed rate lenders as the -- as rates start to go up, and we've had a good long run in the commercial real estate", "duration": 11.94}, {"path": "9b42adffcf2518fd04e7d8df8f449e73_62.wav", "text": "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?", "duration": 11.94}, {"path": "7e14890193df4b10e1eeab6ab886529f_146.wav", "text": "This will truly enable us to own the idea of what a healthy kitchen can be in products, food, recipes, content and experiences.", "duration": 11.94}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_128.wav", "text": "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 celebration.", "duration": 11.94}, {"path": "f2cd7d3ddaf92ab9c64154d74b2d118a_37.wav", "text": "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.", "duration": 11.94}, {"path": "78c85dc9a16f82b09d3a2363004e658d_91.wav", "text": "So we've been experimenting in that space. What you're 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", "duration": 11.94}, {"path": "b34f680a9162805e0188170d6272a356_153.wav", "text": "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 -- they've gotten used to over the last 5 years.", "duration": 11.94}, {"path": "07f580f6f7be50000b90caa25fcd2661_47.wav", "text": "performance-based incentive fees that's going on this year, even though you are waiving a significant number and an increased amount in the third quarter.", "duration": 11.94}, {"path": "2a5b0a6532fa2b71915a2930be02621a_124.wav", "text": "For dialysis patients who are treated with peritoneal dialysis, which is a home-based modality, we expect the accessibility of roxadustat to make peritoneal dialysis more attractive for patients.", "duration": 11.94}, {"path": "a3c389b6f737603969fd26408544747f_54.wav", "text": "The restaurant is located in the midst of Orlando's new buttressing high-traffic and dining and shopping scene at Disney Springs. And we believe that this will be a very meaningful project for our company.", "duration": 11.94}, {"path": "5f38ce681d4413a793d34a0650c59bf2_58.wav", "text": "and are subject to the changes, risks and uncertainties described in today's press release and in our U.S. and Canadian securities filings. In addition,", "duration": 11.94}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_113.wav", "text": "And it's not just air and rail where we're developing formats for future growth. The hospital channel is an important and very profitable business for us.", "duration": 11.94}, {"path": "8957425799e5ce0200bfacf204d0acde_16.wav", "text": "This is important for us to access low cost 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", "duration": 11.94}, {"path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_45.wav", "text": "This region has been a soft spot for us over the past 2 years. However, I'm 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.", "duration": 11.94}, {"path": "a5aee620f2ef348884bdc8fa3e0cee19_4.wav", "text": "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.", "duration": 11.94}, {"path": "6b5a6b4dce64e7db04bee7d7b7d37aba_32.wav", "text": "you may begin. Good morning. Thank you for joining us for today's 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.", "duration": 11.94}, {"path": "9da45cfd4472699ef05d887adce01223_96.wav", "text": "we continue to evaluate possible new business activities that would generate income that would enable Syncora to utilize the NOLs. In connection with any new business effort, it", "duration": 11.94}, {"path": "b96165244f010b3f1e61cbbc5e504d96_146.wav", "text": "And talking about the mission of the organization, getting people excited about the culture of the organization, the fact that it's one team, one fight goes a long way to unleashing the capability of the people we already have", "duration": 11.94}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_58.wav", "text": "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.", "duration": 11.94}, {"path": "1d2ff648e4a30fa5555a7ab85bf60190_115.wav", "text": "Pricing for irrigation equipment remains competitive but rational in both domestic and international markets, and we've continued to be successful in passing through material cost increases to the market.", "duration": 11.94}, {"path": "1d2ff648e4a30fa5555a7ab85bf60190_21.wav", "text": "Brazil pick up in the equipment markets based on more stable politics, but more recently, it seems to be reversing. From what you're seeing on the ground right now, do you see", "duration": 11.94}, {"path": "1d2ff648e4a30fa5555a7ab85bf60190_95.wav", "text": "some of the change there, but we still continue to have a pretty healthy backlog in infrastructure. Regarding your question on inventory, the overall inventory is up compared to last year", "duration": 11.94}, {"path": "5664a96b7f1182d037b901d84eeb4fd6_200.wav", "text": "would save the average consumer 3 to 4x more than a price cap would. So those are the reasons why it's not a great outcome for households if that becomes the policy. I don't think it affects", "duration": 11.94}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_19.wav", "text": "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", "duration": 11.94}, {"path": "e5040d02fba73a359d3f7cb346517ce1_76.wav", "text": "So what's happening now, when we talk about mechanization of the mine, we're starting to slowly mechanize some of the more conventional mining, which is on narrower vein structures", "duration": 11.94}, {"path": "8a77ceadd7e4729abc9102d38be3a227_91.wav", "text": "have gone out of the broker protocol, has 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?", "duration": 11.94}, {"path": "dd28a387ccc9575df47840b850647c7f_184.wav", "text": "Sallie will be referencing these slides in her comments this morning. We plan on filing our 10-K later this afternoon and have already filed the 8-K this morning with some supplemental information.", "duration": 11.94}, {"path": "f23036451aab1cb9d659c3ac9a23825c_66.wav", "text": "Our borrowings under the revolver increased during the first quarter as a result of investments and working capital driven by payments to vendors and the timing of collections of receivables.", "duration": 11.94}, {"path": "e2c02e1788cb10703d7611ef157f8135_228.wav", "text": "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 we're going to use that blueprint", "duration": 11.94}, {"path": "7bc22aba9bc29d69ee10cc60db7903d8_271.wav", "text": "The test for this is that our employees have a reasonable expectation of being impacted by this program and that's the test for when you -- is the trigger for the -- for putting the provision in place for that headcount reduction.", "duration": 11.94}, {"path": "a02b735de681c682fbb8025edecca271_33.wav", "text": "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 mercury mine site", "duration": 11.94}, {"path": "cd1773ea94a046c0a36b679e2efcee9f_126.wav", "text": "The season pass results this spring represent our strongest absolute and percentage growth ever in our spring selling season and our strong indication of the compelling value of our season pass products,", "duration": 11.94}, {"path": "6c43a32379bfc34fc8cfe84ff94d6498_119.wav", "text": "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.", "duration": 11.94}, {"path": "b94d748876ddf8e881d4191dec45baf3_189.wav", "text": "Acquired revenue growth from Acentia was offset by expected organic declines in the legacy MAXIMUS business. As we mentioned last quarter,", "duration": 11.94}, {"path": "815f65663b3982554e82806de0cbd918_168.wav", "text": "As Rahul 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.", "duration": 11.94}, {"path": "885b465648704d8a5d15bd00078e2160_105.wav", "text": "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.", "duration": 11.94}, {"path": "e271ed845347e9c930ab0a44eb7785da_73.wav", "text": "As you mentioned that, as time goes by, our competitors will pick up, but don't forget that Innolux keeps improving itself as well. We will make us", "duration": 11.94}, {"path": "b1da16cba24af8e472573c4c9caf17c7_123.wav", "text": "The leisure and contract segments were led by our resort locations, including the Vail Marriott and Fort Lauderdale Westin as well as our Boston hotels.", "duration": 11.94}, {"path": "4567936d89925d1a3b983274b11ecae5_124.wav", "text": "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.", "duration": 11.94}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_114.wav", "text": "This gives us flexibility to support our customer as they switch production to the Galaxy S7. Given our overall performance in the quarter and our view forward,", "duration": 11.94}, {"path": "53889f50eda8b316a01a3df89d226e7f_68.wav", "text": "As expected, we have seen our volume in lender-paid singles moderate, helping to rebalance our mix. We will continue to take a disciplined approach to this product segment.", "duration": 11.94}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_154.wav", "text": "Strong commercial and operational execution, combined with a low-cost manufacturing network and a tightening capacity environment, position the business to continue the momentum we have established.", "duration": 11.94}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_173.wav", "text": "it's 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 beneficiary of some business in that regard.", "duration": 11.94}, {"path": "e78997e6a75a2243292b2b54750bb3cb_116.wav", "text": "Jon, we thought a lot about the commercialization path. There is a lot of analysis going on, both using outside consulting firms and internal resources.", "duration": 11.94}, {"path": "809e26eaacb31ffdee78d3f41a6ce90a_40.wav", "text": "Investors are cautioned there are risks, uncertainties and other factors that may cause Kraton's actual performance to be significantly different from the expectations stated or implied by any forward-looking statements we make today.", "duration": 11.94}, {"path": "246876171ef2f408df10ee0816f9db83_1.wav", "text": "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.", "duration": 11.94}, {"path": "9e8690a521142359001a137074905535_40.wav", "text": "But the progress that we're making is going to be good for us. And with that opportunity out there to say, that hey, let's go look at other options right now versus stick to our guns and finish what we started", "duration": 11.94}, {"path": "9b697782ea80be97854f35d6fc62c93a_123.wav", "text": "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 and simplify what we're doing in the plants.", "duration": 11.94}, {"path": "74d0910b4af16f82a812bddbb151d966_87.wav", "text": "But in terms of what the revenues we take in, it really doesn't move all that much, as you can see looking at history. And Walt, maybe you'll take the question on the longer-lead projects.", "duration": 11.94}, {"path": "e97d1655ebabb8403ac0449eadb48f9b_91.wav", "text": "This represents good validation of our product line and it's exciting to see the batteries gained traction. Meanwhile, many other companies continue to test our batteries.", "duration": 11.94}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_127.wav", "text": "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.", "duration": 11.94}, {"path": "87045996e7446329f1d98c909c6ca7fe_35.wav", "text": "I'm 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.", "duration": 11.94}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_218.wav", "text": "That generally will work itself out over the course of the year as it typically does. And so I don't think you should look at Q1 cash flow really and annualize that. That wouldn't be a typical way to do it.", "duration": 11.94}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_185.wav", "text": "Lower average realizations were more than offset by lower costs, primarily for forestry and roads. We typically do less forestry activity and roadbuilding during the cold winter months.", "duration": 11.94}, {"path": "369789f0d39dbf62298be2aa807ff8ee_110.wav", "text": "the timing and amount of estimated future production, cost of production, capital expenditures, future metal prices and the cost and timing of the development of new projects.", "duration": 11.94}, {"path": "369789f0d39dbf62298be2aa807ff8ee_77.wav", "text": "operational improvement efforts in the first quarter to increase -- in the first half of the year to increase recoveries in throughput, and we expect the second half of the year to be significantly better than the first half of the year", "duration": 11.94}, {"path": "f15966ae82e18b472ad78dd961f8e5e8_160.wav", "text": "since the deal closed in late July, we have restructured our business development in sales operations to leverage our expanded product and geographic reach and consolidated offices in locations", "duration": 11.94}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_156.wav", "text": "As the 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.", "duration": 11.94}, {"path": "ab3354b86be920cde18291112bf8a70a_129.wav", "text": "we've been very able over the past, as we reflected to you to adjust our expense base appropriately, slowdown investment, slow down some of the things that we just", "duration": 11.94}, {"path": "ab3354b86be920cde18291112bf8a70a_93.wav", "text": "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.", "duration": 11.94}, {"path": "f542ab325f47ed150e28888da2f85871_81.wav", "text": "The additional arms include one where we dose varli at lower dose but more frequently and the second, where we dose at a higher level that allow more time for clearance before retreatment. The study now includes", "duration": 11.94}, {"path": "e42f90eacf0e766ff39973c6aca06c93_123.wav", "text": "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.", "duration": 11.94}, {"path": "b4fc31ae6403a17b15c30d3ec3b82487_174.wav", "text": "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.", "duration": 11.94}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_63.wav", "text": "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 Rest of the World", "duration": 11.94}, {"path": "80a2ca14358172366acab4e80f3fa33b_136.wav", "text": "How long does it take to consume the inventory? It really depends on many factors, price fluctuations and consumption level and seasonal fluctuations,", "duration": 11.94}, {"path": "a0d537badd260e2071136602e3b73b26_46.wav", "text": "Consequently, you should not rely on these forward-looking 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 forward-looking statements,", "duration": 11.94}, {"path": "884400c829f179d8cf68b767f45f03a4_186.wav", "text": "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 experience to our customers.", "duration": 11.94}, {"path": "b126c31149f1cadf1d891082a187d6fc_94.wav", "text": "strength in your Medicare Advantage business inside the IRF. And I'm going to ask this question in the context of transformation of payer and", "duration": 11.94}, {"path": "09b5b62d328d3d0719b6825357fdfb48_72.wav", "text": "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 the products we produce through various technologies.", "duration": 11.94}, {"path": "64364105b816dd0b6a029e9cd210e65b_62.wav", "text": "highway transitioning work that needs to be done, which will inhibit the ability to access the highway for a short period. So there are some of those assumptions in our plan,", "duration": 11.94}, {"path": "1300495cfa53748f732f54277d5a8cea_72.wav", "text": "As we look at our outlet and off-price 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.", "duration": 11.94}, {"path": "95303f68781d6fb58e19ec1dc7785a7c_170.wav", "text": "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.", "duration": 11.94}, {"path": "b0d88c0f1efca89ecb928172341dc75d_41.wav", "text": "But it certainly sounded to us that you thought maybe initially that some of that Pinnacle margin opportunity could be delivered upon under Conagra's ownership. So it certainly doesn't seem like that's the case at this point.", "duration": 11.94}, {"path": "b0d88c0f1efca89ecb928172341dc75d_228.wav", "text": "And when the consumer is hyper-passionate about a space as they are about spiralized, you just can't opt out, you've got to give the consumer what they want and figure the margin challenge out as you go. If you opt out,", "duration": 11.94}, {"path": "e552924838fe493d3cc967dd0c5c4563_121.wav", "text": "We're aligning our supply chains to capitalize on new opportunities, and we're managing the customer outage announced earlier this year. Grace's strong performance continued through the second quarter,", "duration": 11.94}, {"path": "c2bad61ce58687fad602549f6048004b_58.wav", "text": "The timing of the company's originations can vary from period to period. Over time, we believe that the addition of Berkeley Point will significantly increase the scale and scope of our Real Estate Services business,", "duration": 11.94}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_127.wav", "text": "a retailer that is adding 15% store growth last year and they're going to add 15% store growth next year. We have another account that is", "duration": 11.94}, {"path": "3c17ad8c6709cbb1a8f7190f567a445f_8.wav", "text": "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", "duration": 11.94}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_195.wav", "text": "to operate flight segments, so the air space is getting less and less efficient. Our air traffic controllers do a wonderful job of keeping", "duration": 11.94}, {"path": "77423f08f0208d476dea73c639f6293a_155.wav", "text": "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.", "duration": 11.94}, {"path": "24c7526f6daca8e16ab91bea6124148a_116.wav", "text": "We don't fight City Hall. We don't make political donations, so we are very ambivalent, agnostic to whatever political parties may be in office in any country that we're in.", "duration": 11.94}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_311.wav", "text": "That's 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.", "duration": 11.94}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_25.wav", "text": "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.", "duration": 11.94}, {"path": "ff59c33225941d4025bcecc8fe1a4b32_23.wav", "text": "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", "duration": 11.94}, {"path": "47546a57a865bca0f4e677dc3b485053_132.wav", "text": "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.", "duration": 11.94}, {"path": "b96165244f010b3f1e61cbbc5e504d96_29.wav", "text": "To me, the most important thing at this point is to get the sentiment of the organization up, particularly the sales organization so that they're translating that supply into revenue acceleration.", "duration": 11.9399375}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_197.wav", "text": "In terms of the -- quantifying what might the risk be, it's really a function of 2 variables here. The first variable is how steeply does that go up", "duration": 11.9100625}, {"path": "8fde6a4ab2de2ba6bbd0b4196ef82454_201.wav", "text": "We believe we're 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.", "duration": 11.91}, {"path": "4fdbfd9eec396928550d0c799e170d34_74.wav", "text": "we didn't agree to a definitive plan. We agreed to work on prospects for that. We've actually made a proposal for a plant to them.", "duration": 11.91}, {"path": "0d631e444d1c22f0be99a69f5deaff94_11.wav", "text": "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.", "duration": 11.91}, {"path": "7eebbbc069b4bf8367aa748751df9bc7_146.wav", "text": "growth. I 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 week-to-week", "duration": 11.91}, {"path": "8b6c481f7fe797353fefe886e205bbaa_23.wav", "text": "I don't know, Tim, if you've got any other comments around that you want to make? No, I think that we see value in continuing that. We continue to invest in the midstream, so I think there's a growth dimension to that. So", "duration": 11.91}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_12.wav", "text": "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.", "duration": 11.91}, {"path": "54cde38ae040b5e2c4e1f3c85691f907_132.wav", "text": "It's 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.", "duration": 11.91}, {"path": "0755f4b74dda585f3975c7d8208b1598_105.wav", "text": "Fourth, we will migrate our global consumer systems and customer and consumer support systems using standard application services and cloud data services and operate them on the public cloud.", "duration": 11.91}, {"path": "6b45877b719000e47adfd1ec118c376a_119.wav", "text": "These forward-looking 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", "duration": 11.91}, {"path": "2a59b9df2de5248e64727f10185a8423_62.wav", "text": "Revenue from mobile phones fell from the previous year. This is due to a significant reduction in units shipped for feature phones in the Raku-Raku series.", "duration": 11.91}, {"path": "8cb24daf76784487ad63780546dc4ba4_19.wav", "text": "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.", "duration": 11.91}, {"path": "3121e8f4a75758834d32a9e4e0555221_52.wav", "text": "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 pleased with our progress to date.", "duration": 11.91}, {"path": "3121e8f4a75758834d32a9e4e0555221_94.wav", "text": "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.", "duration": 11.91}, {"path": "6616e76da46baea11d6032fc063716c1_46.wav", "text": "We have spoken at length about how our wholesale margins are impacted by terms discount from our suppliers, whereby the value our pump payment discount declined as the absolute price of the underlying commodity is lower.", "duration": 11.91}, {"path": "9e937c87ad87f354d42a688156853a30_66.wav", "text": "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,", "duration": 11.91}, {"path": "75fa1bebed0b858c76cc7058477e40e2_53.wav", "text": "Let me start by going over a few regulatory matters. I'd like to note that during our opening remarks and in response to your questions, we may make forward-looking statements regarding future events or the future financial performance of the company.", "duration": 11.91}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_224.wav", "text": "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.", "duration": 11.91}, {"path": "8292bdb9af87f10627c044f3842b2c76_39.wav", "text": "the platform that would be necessary in order to execute that kind of execution, simply as an example. So what we're thinking", "duration": 11.91}, {"path": "5f38ce681d4413a793d34a0650c59bf2_186.wav", "text": "In addition, we continue to have 100% share of the potassium chloride liquid market and have been growing our potassium powder market share nicely.", "duration": 11.91}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_24.wav", "text": "research in gene therapy capabilities, which greatly advances our commitment to world-class science that makes a meaningful difference in the lives of people living with rare metabolic diseases.", "duration": 11.91}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_30.wav", "text": "We'll 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.", "duration": 11.91}, {"path": "7ec19aea307c76d4a57fa87368305630_129.wav", "text": "along with other investments in the business in the second half of the year, while staying on track to achieve our non-GAAP operating margin target of approximately 21% this year.", "duration": 11.91}, {"path": "9ab2e6eb9debfae2de541ba645bfd265_103.wav", "text": "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.", "duration": 11.91}, {"path": "002d12258ff802d65f79ae2eef99e4ab_227.wav", "text": "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", "duration": 11.91}, {"path": "616e9ba16db091317ae4d96e877a9bbe_193.wav", "text": "team work 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.", "duration": 11.91}, {"path": "3aba3f0bef57d2f71dcc573a0fb198ed_105.wav", "text": "I will start by noting that our total revenues are positively correlated to global industrial production and not any one individual end market,", "duration": 11.91}, {"path": "ade68f8add7249890d086ecf4b5b8cab_126.wav", "text": "We ended the year in alignment with our long-term operating plan with a larger and more profitable homebuilding operation. We remain confident in our ability to drive further improvement in our business.", "duration": 11.91}, {"path": "a8b43081254547419da7462d9c957d61_210.wav", "text": "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.", "duration": 11.91}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_232.wav", "text": "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", "duration": 11.91}, {"path": "e2c02e1788cb10703d7611ef157f8135_187.wav", "text": "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.", "duration": 11.91}, {"path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_118.wav", "text": "So I think we've built a wonderful foundation, it's deployed across 14 markets. And growth in the future will come from rapid scaling within those markets, introducing new markets,", "duration": 11.91}, {"path": "66f8c62a56dfd5c78625e220e4be83bc_51.wav", "text": "This enables us both to extend our cash runway guidance and to invest diligently both in GEN-011 and in prudent GEN-009 clinical trial scale-up.", "duration": 11.91}, {"path": "ed93b88b63d3dba4c5ed78d463a77bdd_53.wav", "text": "But before -- as I have said, our work will be funded by these partners, and our commercial opportunities must be known before moving forward.", "duration": 11.91}, {"path": "265e62fc569e790d8b3e58698aaab701_64.wav", "text": "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.", "duration": 11.91}, {"path": "ea60900258f99d1003ab247c506e42d9_31.wav", "text": "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.", "duration": 11.91}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_184.wav", "text": "But clearly, this is a big change for them, canceling an entire program. And the implications that's going to have on consumers on their buying habits is pretty unclear to us.", "duration": 11.91}, {"path": "28404e399cb043d390aa70bceb339dd4_17.wav", "text": "While we're 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.", "duration": 11.91}, {"path": "75eb5b75bb8587b63c318714ea956b9e_51.wav", "text": "Cash flow has remained solid despite some CapEx expenditures for adding molecular diagnostic manufacturing at Life Sciences and testing capabilities at the Clinical Laboratory.", "duration": 11.91}, {"path": "c92a9ecd2741326fd8625841a07f74f9_144.wav", "text": "And then Beth, maybe you can just comment on the balance sheets and your guidance of ending the year at 3x to 3.4x. Does that include an assumption for executing on", "duration": 11.91}, {"path": "e16c49bab0eeda53f9fd5b3d0f599149_23.wav", "text": "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.", "duration": 11.91}, {"path": "c8124cdb821d04f0e585420c128d76c7_43.wav", "text": "Last mile in Canada is down a little bit, and this is just because what we've done with a group of customers is we moved these guys from air service to ground.", "duration": 11.91}, {"path": "0e52a74a184c92ad0c336af764aa0796_57.wav", "text": "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.", "duration": 11.91}, {"path": "0e52a74a184c92ad0c336af764aa0796_100.wav", "text": "And discussions with key opinion leaders and regulators about a possible accelerated pathway for the innovative antibiotic VIBATIV are continuing.", "duration": 11.91}, {"path": "3898a5c021167b8169287fc8bb59f753_210.wav", "text": "And we've got to be more flexible to meet their needs. We've got to make sure our Shacks can provide that, and that is what we're working on for the long term. When it comes to kiosks, it's absolutely one of our goals,", "duration": 11.91}, {"path": "21f21433851eb7c7f7dbc710309341bb_136.wav", "text": "they understand our customers and they're very enthusiastic about building a plan for Chek that allows us to represent what they do now really, really well, to explore where we think there's opportunities in the market.", "duration": 11.91}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_204.wav", "text": "We remain focused on delivering operational excellence and industry-leading performance to fully capitalize on a wide range of market conditions and drive superior value for our shareholders.", "duration": 11.91}, {"path": "059024560d9d1039cf08746ee7393114_12.wav", "text": "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.", "duration": 11.91}, {"path": "dffe8257f781608bb17bb637249e4d2a_170.wav", "text": "As clients both de-lever and save more, the deposit side of our balance sheet is growing very strongly. And as a result, you'll see all of our liquidity metrics are in excellent shape.", "duration": 11.91}, {"path": "49e533a8449f6b9b6c806458e73338e1_124.wav", "text": "I'm pleased to report that PayPal had another strong quarter ending 2018 with a record-breaking growth across a number of key customer and financial metrics.", "duration": 11.91}, {"path": "189b20e7b975130ca5abd0e419e54908_25.wav", "text": "kind of Canadian-centric solutions to their customers that the Toronto folks are able to support. The inverse of that also applies where", "duration": 11.91}, {"path": "757695924b5e43c7d44e29dc141cc035_36.wav", "text": "the fact that we brought in a very experienced leader to oversee and manage this project to completion, the fact that we've added additional resources", "duration": 11.91}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_102.wav", "text": "we're 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 we're committed to a growing dividend.", "duration": 11.91}, {"path": "b4fc31ae6403a17b15c30d3ec3b82487_70.wav", "text": "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.", "duration": 11.91}, {"path": "f1e7e3b84b4a0a56a0915f7ecde083ce_9.wav", "text": "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.", "duration": 11.91}, {"path": "fe3a8419e2f120643bff5e9e80190ed5_95.wav", "text": "So I think going forward, you'll hear more specifically, around the metrics, not only of downloads but also usage of the service.", "duration": 11.91}, {"path": "3e29586725757a72d8c143f3da2658f5_0.wav", "text": "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.", "duration": 11.91}, {"path": "01b376669d5ea40acc7fb5a87503586e_153.wav", "text": "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.", "duration": 11.91}, {"path": "5c601f5318d5dcbe20fdd78f19c2b277_90.wav", "text": "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.", "duration": 11.91}, {"path": "66b25c60d952bd002c7ab20da9248086_49.wav", "text": "It's obviously still very early days in this mission, but every quarter, we continue to get closer. And Q3 results were another sign that this approach drives real results, as demonstrated by our 80% growth in core revenue.", "duration": 11.91}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_116.wav", "text": "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 long-term opportunity.", "duration": 11.91}, {"path": "407fee9910ab57874978cf85a89b1d9d_158.wav", "text": "At a comparable discount rate at 15 months ago, and at the same volume of pension commitments, our equity ratio is now significantly higher.", "duration": 11.91}, {"path": "692de133aab90ff6681b2c45b433b32b_52.wav", "text": "If you haven't 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 triconcapital.com under Events and Presentations.", "duration": 11.91}, {"path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_177.wav", "text": "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", "duration": 11.91}, {"path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_188.wav", "text": "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.", "duration": 11.91}, {"path": "3bc6d3e1c0a117340d288c289bf7f679_119.wav", "text": "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.", "duration": 11.91}, {"path": "2cd5b184c2ef6624ce219830182927c9_291.wav", "text": "we would still have very strong ratings given where we're starting from. We think that's one of the things that differentiates us from some of the others in the industry and when you're coming from a 24% or 25% net debt", "duration": 11.91}, {"path": "5b331cf4e6f62ec9a9c30a4728e36054_76.wav", "text": "and that's been a clear focus of mine throughout my whole career, and it will continue to be. Run the plant safely, reliably and very efficiently.", "duration": 11.91}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_190.wav", "text": "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,", "duration": 11.91}, {"path": "690a9eb04a9c850c77634cd88c8459da_33.wav", "text": "That is above what we need in order to hold our revenues. But again, it's going to take a little bit of time before these programs start phasing in. Typical lead time from the award", "duration": 11.91}, {"path": "902872913863de98d38e2936b846cf66_58.wav", "text": "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 we're returning to another wave of growth in this long recovery.", "duration": 11.91}, {"path": "933faa5ac159ab158506e2bc0f714977_54.wav", "text": "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.", "duration": 11.91}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_417.wav", "text": "certainly well in excess of many of your GCIB 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.", "duration": 11.91}, {"path": "bf8646ad61e3857d4cf46e592c18f685_61.wav", "text": "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.", "duration": 11.91}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_185.wav", "text": "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.", "duration": 11.91}, {"path": "4750e4b9b0cd39e9b8774537c7fb0dba_62.wav", "text": "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", "duration": 11.91}, {"path": "f15a674bdbbc461872000604216ae071_158.wav", "text": "As you know, exports from Brazil were very much reduced during this period than competitors from other regions of the world that produce pulp.", "duration": 11.91}, {"path": "0807d606b6cf98da19b317b4928c3572_37.wav", "text": "growth and reach profitability. I know our sales will continue to increase, we will continue to reduce our costs and we will run the business with a high degree of", "duration": 11.91}, {"path": "f388f8ab8a5751d4efc504090d00ca64_51.wav", "text": "we are actively evaluating acquisition opportunities in a target rich environment that will complement our existing midstream footprint across multiple basins. I'll speak more about our near-term plans at the end of the call.", "duration": 11.91}, {"path": "30a142fac5a62ab00227cb6a339a6226_149.wav", "text": "people who are watching content on our service. So I think that's a great step in the right direction, especially with the redesign, but you'll see a lot more this year. We've been chopping a lot of wood on that for a long time, as you know.", "duration": 11.91}, {"path": "365c360aff42713cef71a7d026eeeb6d_172.wav", "text": "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.", "duration": 11.91}, {"path": "19bfb8daeb6e43d59415df478017d5c3_45.wav", "text": "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,", "duration": 11.91}, {"path": "9097dcbaf554d635920c6274b1de4997_128.wav", "text": "As you can see on Slide 17 by the end of ENLIGHTEN-2 both groups had experienced clinically meaningful improvements in PANSS scores with the patients considered to be mildly ill based on these scores.", "duration": 11.91}, {"path": "da879f8ea1c23aa6565cccaacac271fc_91.wav", "text": "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.", "duration": 11.9099375}, {"path": "7d2a9151826f1fbcf538ffbf85924ed2_12.wav", "text": "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 long-term, this could have a very significant impact on the company because as I said, we've got", "duration": 11.88}, {"path": "92d6249907f14e4011cf1b08d2f298d9_54.wav", "text": "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.", "duration": 11.88}, {"path": "f0dd7e4dad969b480d0d2a70609aedba_55.wav", "text": "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. And return on equity,", "duration": 11.88}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_52.wav", "text": "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.", "duration": 11.88}, {"path": "47d77b15189fadcc76113a2f7800ba28_40.wav", "text": "This call is being webcast and a replay will be available on our website. Also available on the website are our prepared remarks, supplemental tables and an updated Investor presentation.", "duration": 11.88}, {"path": "2f888e63a31b86cc2f4f97710e8eed79_173.wav", "text": "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.", "duration": 11.88}, {"path": "10ad172801ac8cd3a21e4355d7349eb5_131.wav", "text": "Classroom navigation, including content and related study materials is simplified and easily accessible via a hyperlink with significant focus on step-by-step learning versus assignment completion.", "duration": 11.88}, {"path": "6b45877b719000e47adfd1ec118c376a_6.wav", "text": "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.", "duration": 11.88}, {"path": "8cb24daf76784487ad63780546dc4ba4_153.wav", "text": "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", "duration": 11.88}, {"path": "c96b5ae4ffe20d946daec67e2b0917b2_12.wav", "text": "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 you're targeting, or would you consider an asset or a system that doesn't necessarily fit with the portfolio that you have today?", "duration": 11.88}, {"path": "7974a5134807f46a1484a8adf81505be_8.wav", "text": "while still meeting or exceeding our medium-term financial objectives. That said, we expect to remain in our core markets across the Caribbean region.", "duration": 11.88}, {"path": "ec0ecc8e73cce4598def6cfff6f7c598_134.wav", "text": "there's several customers that we're working with that are looking at going back to a more of a full-service supplier. And I think there's the benefits, one, from a cost efficiency standpoint that our customers will see,", "duration": 11.88}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_150.wav", "text": "drops through doesn't 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 we've made in the technology", "duration": 11.88}, {"path": "8bbc2f54137b794265dfb01f1559868d_50.wav", "text": "We're 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.", "duration": 11.88}, {"path": "78c85dc9a16f82b09d3a2363004e658d_50.wav", "text": "and we are enhancing our construction offering with the acquisition of PlanGrid. First, let's look at ARR, which is the best proxy for measuring progress in our business model transition and the overall health of our business.", "duration": 11.88}, {"path": "78c85dc9a16f82b09d3a2363004e658d_184.wav", "text": "are in that category. So you'll 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.", "duration": 11.88}, {"path": "a45510e526a5935c1f8d4f039149ff3b_64.wav", "text": "The other is, is that, we go on with a more targeted approach towards which cities are built. I think it's a fairly broad-brush approach", "duration": 11.88}, {"path": "75fa1bebed0b858c76cc7058477e40e2_10.wav", "text": "During the first quarter, we launched a toll-free line for our catering offering and have also been testing delivery and online programs to further support this initiative.", "duration": 11.88}, {"path": "18b396ddd443d84d12477c42e31cdf0e_69.wav", "text": "The decrease in 2017 was primarily due to the realignment of our sales force, refinement of our marketing and promotional programs and continued cost control initiatives.", "duration": 11.88}, {"path": "2fc915b996c687200d995736980aae9a_40.wav", "text": "when we went into a very strong season and then had a big slowdown. Because 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 in the quarter.", "duration": 11.88}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_221.wav", "text": "And then, obviously, when you bring in customers like a Peterbilt as first adopters, they've been able to demonstrate that this is going to be a successful product and", "duration": 11.88}, {"path": "a827180c08c11f2e53c6966fceaabf5b_166.wav", "text": "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", "duration": 11.88}, {"path": "b4874109876c9f165eef4be112d9f30d_37.wav", "text": "how easy is that to do on an operation and manufacturing perspective? And then a follow-up to that would be, Cliff, how often do you and the board discuss portfolio shaping?", "duration": 11.88}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_171.wav", "text": "We'll 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.", "duration": 11.88}, {"path": "6a927d8b7734e7ddd8ffd264fa1020a6_47.wav", "text": "This is a decrease of 90,000 units compared to our previous forecast and reflects the fact that difficult market environments persist in Asia, especially China and South America.", "duration": 11.88}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_171.wav", "text": "As we look to the future, we believe the changes we have made can put us in a better position to successfully drive recurring revenue and margin expansion.", "duration": 11.88}, {"path": "2f8bdc3cf1d9a9bef5b62b15afde93b1_100.wav", "text": "lack of purchasing power there or getting worse churns because your volumes are getting down or can you say anything about how these lost volumes impact your", "duration": 11.88}, {"path": "e56726c7aedd69029957c84128050700_62.wav", "text": "This quarter represents another significant step toward improving Perceptron through our long-term strategic growth and diversification objectives as well as continued cost reductions.", "duration": 11.88}, {"path": "e56726c7aedd69029957c84128050700_104.wav", "text": "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.", "duration": 11.88}, {"path": "2905366dcf0eb60a22b63a1b3d9adf95_114.wav", "text": "which we're seeing a major carrier move away from unit trains, that's 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.", "duration": 11.88}, {"path": "6e3037e770ba5e0dfc98e3223986aad2_37.wav", "text": "Like to thank you for your time and attention today and we're very, very happy to questions firstly from the floor and then we'll go to the line, so the people who have dialed in.", "duration": 11.88}, {"path": "c433164f6d189e18b1e4784e376b6ecb_57.wav", "text": "This concludes today's call. Thank you for your participation. You may now disconnect.", "duration": 11.88}, {"path": "f4d0f1362716be33f02690dd1a8df663_84.wav", "text": "As I mentioned briefly a bit earlier, various makers are entering this area with a variety of brands, making for a very competitive market.", "duration": 11.88}, {"path": "4e04d3229b988f1db5b842ac5b993894_117.wav", "text": "What's the mechanism to get the rest of the fleet that was already in the field to see those kinds of price increases? I'm just wondering if there is any sort of timing on customer agreements and contracts that", "duration": 11.88}, {"path": "da14df2e02d11f6f8599533d9d57faee_163.wav", "text": "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.", "duration": 11.88}, {"path": "bab12f620df0f367e74acdcc467686f1_128.wav", "text": "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.", "duration": 11.88}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_42.wav", "text": "the same types of trends that you've seen in the past, subject to CCAR. So that hopefully does mean increase in dividends and whatever the difference is in terms of buybacks. So", "duration": 11.88}, {"path": "a4983a3522c8b0584978fc298fefbe8e_8.wav", "text": "Given that this was a nonrecurring situation experienced by the company in March that we believe that the effective rate will return to historical levels as of April.", "duration": 11.88}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_74.wav", "text": "probably a mix of smaller than what we -- the last couple that we've announced, those are highlighted projects because they're significant, but there's a lot of smaller projects that are still very meaningful", "duration": 11.88}, {"path": "2ba5b22f61cfe7a74dddc9be783aaa84_16.wav", "text": "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.", "duration": 11.88}, {"path": "23417803b1a8115806b8e604b8b2bb83_256.wav", "text": "On top of this, we continue to show a solid progression on the target growth to 2019. More than half of our target is secured as we speak.", "duration": 11.88}, {"path": "1c89bbe35013b8f40511ac9ba8824242_23.wav", "text": "credit cards or auto lending, begin to see early ticks on credit warning and those aren't categories for us at all. But if there's a signal to be gleaned from it, we'll be paying attention.", "duration": 11.88}, {"path": "7bc22aba9bc29d69ee10cc60db7903d8_55.wav", "text": "And there's 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.", "duration": 11.88}, {"path": "98f10f0935e5b778e888a1b8130a3d31_150.wav", "text": "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", "duration": 11.88}, {"path": "10dfe5270a7e4216d68614041d2a9bbe_100.wav", "text": "want Teekay that can operate safely and that's why we have this huge focus on lowering our cost because that makes us more relevant. So that's how we're approaching it on the gas side.", "duration": 11.88}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_213.wav", "text": "Thank you, Roz. Good afternoon, everyone. I appreciate the opportunity to speak to you from Shanghai in order to expand on Kevin's comments around Starbucks' solid foundation in China,", "duration": 11.88}, {"path": "3278114d0e939eef0c3ec96dbed0f49b_33.wav", "text": "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.", "duration": 11.88}, {"path": "974a2d744cd3d9acf42d74816de91f7f_4.wav", "text": "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,", "duration": 11.88}, {"path": "e6c0fa1068c28557c3e17e0d02b831b1_16.wav", "text": "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.", "duration": 11.88}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_85.wav", "text": "as a business. I mean we -- I characterize it internally here. We think we're doing pretty well, but we're like the best hockey players in Mexico and we want to get to the NHL here in terms of our cost management.", "duration": 11.88}, {"path": "bbb4adabb4fce8ad4d11962c46f59a1f_128.wav", "text": "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.", "duration": 11.88}, {"path": "53889f50eda8b316a01a3df89d226e7f_81.wav", "text": "In closing, I'll repeat one of the themes from last quarter. With our strong growth in insurance-in-force laying the foundation for future growth in premiums and net income,", "duration": 11.88}, {"path": "28404e399cb043d390aa70bceb339dd4_118.wav", "text": "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.", "duration": 11.88}, {"path": "968913c3f9111fc67f1d9956c56dec3b_40.wav", "text": "Will it expand beyond that? We won't know until the summer quite frankly, because we're such a leisure summer-driven business. But we're monitoring it closely. And we're working with our franchisees", "duration": 11.88}, {"path": "246876171ef2f408df10ee0816f9db83_19.wav", "text": "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 front end at the lender level. It's kind of a natural evolution,", "duration": 11.88}, {"path": "74d0910b4af16f82a812bddbb151d966_144.wav", "text": "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", "duration": 11.88}, {"path": "0e52a74a184c92ad0c336af764aa0796_111.wav", "text": "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,", "duration": 11.88}, {"path": "571b0d30d88945a981006f24faa72cf7_185.wav", "text": "where you're 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", "duration": 11.88}, {"path": "741526dd2a3db996d2f22f4bcdae4be6_74.wav", "text": "Our business is very strong at Kohl's. It's also very strong at Amazon, and we are now looking at growing also in new categories, such as home fragrance.", "duration": 11.88}, {"path": "21f21433851eb7c7f7dbc710309341bb_116.wav", "text": "And also for 2019, we today announced a double-digit increase in our dividend and the continuation of our share repurchase program signaling our confidence in the company's future.", "duration": 11.88}, {"path": "fb817a6cc685a3fd0f003456dd641c01_66.wav", "text": "With ERICO and enclosures performing as expected and thermal completing the large Canadian projects, we still believe Technical Solutions remains well positioned longer term.", "duration": 11.88}, {"path": "da34a7b460e520db0401de3ce860187c_90.wav", "text": "Thanks, Naren, 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,", "duration": 11.88}, {"path": "61a1812ea55a4d676119b4f3d7cd6c10_127.wav", "text": "but we're 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.", "duration": 11.88}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_90.wav", "text": "And finally, the REIT announcement was more than just a tax strategy. I've seen an energetic focus on activities that create value in a way that REIT investors will appreciate", "duration": 11.88}, {"path": "7551ffae17aa39dd4ea962a43f96bf04_152.wav", "text": "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.", "duration": 11.88}, {"path": "a009c5f14d4d0bb5ca875164cffbd6ab_231.wav", "text": "like with any launch that we see, whether it's sometimes with gaming, sometimes it's mobile, we absolutely across our channels, I think that's what important, both online and in the stores, we absolutely can see some", "duration": 11.88}, {"path": "757695924b5e43c7d44e29dc141cc035_201.wav", "text": "As a result of the revenue pressures from weak power generation markets, Base Power is expected to represent the largest component of decline in overall core revenues and segment income year-over-year.", "duration": 11.88}, {"path": "7498a6630302a038bd537d192c3a44f4_166.wav", "text": "First, while we've 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.", "duration": 11.88}, {"path": "af00f4e7b63ee843a3d203f982fac701_88.wav", "text": "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.", "duration": 11.88}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_11.wav", "text": "As I look at the evolving health-care landscape, it is clear that our powerful collection of assets protects our clients against tomorrow's health-care challenges, while we address today's acute client needs.", "duration": 11.88}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_231.wav", "text": "that revenue on a per claim basis isn't just an output of inflation and filling what -- it really is impacted by formulary design and what we do.", "duration": 11.88}, {"path": "82ccbfb62e125b146fba0f8e4347cc62_10.wav", "text": "consultant headcount is a very soft number, guys. And I don't really like to be held down to exact because we know when they start. We don't know when they stop.", "duration": 11.88}, {"path": "2b1611c25a098f87dd7623d00d53eeea_6.wav", "text": "In the past few fiscal years, we have benefited from a declining cost environment that led to an expansion of per-gallon margins. This pricing environment has changed somewhat.", "duration": 11.88}, {"path": "4311782968e936c378fdee8946cd9cca_104.wav", "text": "that our proposed transaction and structure is almost identical to many others in the industry and is very similar to the Purdue-Kaplan proposal, which HLC is also reviewing at this time.", "duration": 11.88}, {"path": "a9ff9f85f03afdd2d13b76e14060b31d_181.wav", "text": "But then in their hierarchy of churches in one denomination, the larger mid-tier or the larger megas might be the only ones that would have a centralized", "duration": 11.88}, {"path": "1862ee2f84dc77a40dde64b34f3ab94e_18.wav", "text": "with a lower cost. And we've talked earlier about the supply chain, we have the biggest supply chain in the Nordics for any IT", "duration": 11.88}, {"path": "812d8f09b72b4d410d138d3b24caebbc_113.wav", "text": "I expect a smooth transition once a successor has been named by the Board. I have no doubt that Aptar will continue to lead the industry in dispensing and sealing solutions for many years to come.", "duration": 11.88}, {"path": "ae5a41fe3b3d515713608c5ac878eed3_99.wav", "text": "We delivered good growth in fixed mobile bundling and consumer. The new mobile and fixed propositions introduced in June and July give our customers more flexibility for add-on content", "duration": 11.88}, {"path": "b3e9a3bbebcc4111afca87b4cadf58bf_77.wav", "text": "continued. So the results were improved greatly from the year before, where there was equipment problems. Moving on to the next page.", "duration": 11.88}, {"path": "243e9a046160bfbf82be702927a4df22_70.wav", "text": "Prior to getting started, I'd like to remind you of the language in our forward-looking statement section of the press release, which was released yesterday, as well as in our Form 10-Q, which will be filed today.", "duration": 11.88}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_207.wav", "text": "What I would say is this is a market that our commercial guys are excited about, and they're able to do big deals. We've done a number of big deals in the commercial segment,", "duration": 11.88}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_189.wav", "text": "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 we're bringing in.", "duration": 11.88}, {"path": "1f142ea668261ba963d47aac6bab69dd_136.wav", "text": "And I would say we continue to look for opportunities to effectively -- more effectively manage that spend. In some cases, it's going to allow us to reinvest those dollars in important", "duration": 11.88}, {"path": "2cd5b184c2ef6624ce219830182927c9_289.wav", "text": "whether it's 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", "duration": 11.88}, {"path": "6daa2d0829057899b014b06c36e1d54b_152.wav", "text": "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.", "duration": 11.88}, {"path": "c334e290beb657ee3efcb6b2f734c81e_40.wav", "text": "With the weakened U.S. 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.", "duration": 11.88}, {"path": "902872913863de98d38e2936b846cf66_194.wav", "text": "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 it's going to flow through,", "duration": 11.88}, {"path": "21abf3409d34eea6f33336ad93662cfd_85.wav", "text": "As we do so, we're developing a global network of interconnected fulfillers. Redbubble has enjoyed over a decade of strong growth, and the momentum continues.", "duration": 11.88}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_12.wav", "text": "Our goal is to be the trusted energy company. And we'll do that by being devoted to our people, our partners and performance excellence. With that, I'll turn the call over to Mike.", "duration": 11.88}, {"path": "ffa357a084f4deb64797a0a32b8c5e33_80.wav", "text": "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.", "duration": 11.88}, {"path": "eea41cba1f90b280bbd96fdaa9d0f4bf_56.wav", "text": "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,", "duration": 11.88}, {"path": "6c929ddddb79b887458ae21f1a3aa09d_4.wav", "text": "This is a randomized 2-way 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.", "duration": 11.88}, {"path": "abd571ccf777ac4b0a43a7487031bc8a_150.wav", "text": "Third, we have stepped up our focus on new business generation considerably. Most of our sales force hiring has been aimed at business development.", "duration": 11.88}, {"path": "32283c24ad18239efb166db8422560b2_139.wav", "text": "has really already been accounted for in the expense base. Is that fair to say? That's very fair to say. Let me just go through perhaps, how we funded this initiative,", "duration": 11.88}, {"path": "32283c24ad18239efb166db8422560b2_39.wav", "text": "because of the way our economics work as well as the terms of our acquisition of Jamison. Obviously, we would much rather have it, but we move on and replace the revenue. Not too concerned about it.", "duration": 11.88}, {"path": "3ae068efa03cd088f4d3edea682f199f_95.wav", "text": "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.", "duration": 11.88}, {"path": "1dc9a88d7f1aa3877f317b59e2724c8e_167.wav", "text": "Steve, this is Andy. It would be our goal to be able to continue to execute, I think, again, as we've talked about, related to positioning ourselves with the capital structure to be able to do that. We feel very good about", "duration": 11.88}, {"path": "4b5d33b9c200403f2d4633e47f1d4110_53.wav", "text": "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.", "duration": 11.88}, {"path": "a7228e39e0d5f04dfba28fe3477e034a_97.wav", "text": "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", "duration": 11.8799375}, {"path": "416ebb7a4160f7cd2f98361cbd1cb769_87.wav", "text": "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?", "duration": 11.8799375}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_94.wav", "text": "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,", "duration": 11.8500625}, {"path": "8fde6a4ab2de2ba6bbd0b4196ef82454_95.wav", "text": "So we feel like we've got a great competency already. And I think in our engagement with those folks up to date, although it's been limited until we own the business, we believe that there's some great sharing that we can do there.", "duration": 11.85}, {"path": "db6c253ba433d9a247219bb3f15da199_80.wav", "text": "This quarter and also on this slide, we are adding ORIG3N to this list of more mature private portfolio companies that we believe potentially can drive value in the future.", "duration": 11.85}, {"path": "3fdd473d50d412b8ff0b4fd51b3e97eb_36.wav", "text": "Our earnings release and SEC filings contain additional information about these non-GAAP measures, why we use them and why we believe they're helpful to investors and contain reconciliations to the GAAP data.", "duration": 11.85}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_95.wav", "text": "Moving forward, we're going to take it one quarter at a time based upon customer backlog, order visibility and our operational ability to deliver these new products and technologies.", "duration": 11.85}, {"path": "94fdf7b24748a7706b1097482a0f363a_71.wav", "text": "but understand, we have more opportunity to improve. Our teams remain committed to working together to enhance our performance in managing markets,", "duration": 11.85}, {"path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_5.wav", "text": "Third, we completed the sale of a recycled tissue mill in Ladysmith, Wisconsin, which allows us to focus on our strategy of producing premium and ultra-quality tissue for the retail market.", "duration": 11.85}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_263.wav", "text": "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.", "duration": 11.85}, {"path": "a93681c92a0b9c04743f541a54b180c7_222.wav", "text": "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.", "duration": 11.85}, {"path": "f0dd7e4dad969b480d0d2a70609aedba_177.wav", "text": "Sales and service is also important in a low-growth environment, so we're 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.", "duration": 11.85}, {"path": "3557b21a45c35e71e82cc43b19977855_61.wav", "text": "Additional information about factors that could cause different results and information about the use by the company of non-GAAP financial measures is available in today's news release and on the company's website.", "duration": 11.85}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_128.wav", "text": "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,", "duration": 11.85}, {"path": "6c7cc87ae188a5ad707fc0e523dea753_35.wav", "text": "My next question is when you look at your last couple of acquisitions, like Moy Park and the Cargill Pork acquisition, can you, just isolating those 2, can you talk about", "duration": 11.85}, {"path": "6c7cc87ae188a5ad707fc0e523dea753_99.wav", "text": "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? Is it something that can be well absorbed? Or we should be cautious going into next year?", "duration": 11.85}, {"path": "0755f4b74dda585f3975c7d8208b1598_305.wav", "text": "it's not only mortgage originations that you're seeing, but we're 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.", "duration": 11.85}, {"path": "232edaebd93a3d8673bce183d269ad6d_128.wav", "text": "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 wouldn't have otherwise or anything that will drive that incrementally higher from here?", "duration": 11.85}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_78.wav", "text": "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.", "duration": 11.85}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_22.wav", "text": "The offset -- this was offset by favorable trends in other therapies, which resulted in an overall negative script performance for the quarter adjusted for 90-day scripts of negative 63 basis points.", "duration": 11.85}, {"path": "81430c39b7b202d05644e419e2a01a65_67.wav", "text": "Yes. I think, Craig, the only thing I'd add there is that it makes sense for our projects because we're able to couple it with a lot of other energy-conservation measures. So we're able to make the economics work.", "duration": 11.85}, {"path": "3180572bc2da758668c19200930e1bc4_194.wav", "text": "And I think a lot of this is primarily due because of the industry in the market. Our public finance division is really doing well. We have one of the top public finance companies", "duration": 11.85}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_137.wav", "text": "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.", "duration": 11.85}, {"path": "7909dfb87fb4102d9f9ba8e99f751ee5_102.wav", "text": "Our ability to provide strong and stable distribution growth to our unitholders is underpinned by our portfolio of strategic assets", "duration": 11.85}, {"path": "ec0ecc8e73cce4598def6cfff6f7c598_11.wav", "text": "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 you've done for", "duration": 11.85}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_34.wav", "text": "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", "duration": 11.85}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_10.wav", "text": "Our growth efforts are yielding results beyond our food business. In 2017, we stood up a separate management team for our facilities business, we're making substantial progress.", "duration": 11.85}, {"path": "04f29bc02d1e2ef65077ca67bf41f475_215.wav", "text": "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,", "duration": 11.85}, {"path": "b34f680a9162805e0188170d6272a356_317.wav", "text": "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.", "duration": 11.85}, {"path": "75fa1bebed0b858c76cc7058477e40e2_37.wav", "text": "as instead of the first quarter, with maybe the notable exception of one brand that's been heavily discounted. Yes, the only other thing I would add to that was when you look at the comparisons in 2-year growth.", "duration": 11.85}, {"path": "ff2d1613ef8b55cc55bec6e266f6cfc2_91.wav", "text": "we've got our first material out from an end-to-end perspective. We begin testing that and going through internal qualification. I expect to refine the recipe a few times before", "duration": 11.85}, {"path": "145244b0378e6657d456cffca8bbc982_68.wav", "text": "More importantly, however, our strategy of diversification is gaining significant traction as our business is expanding nicely into aerospace and complementary mechanical services offerings.", "duration": 11.85}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_110.wav", "text": "my observation is contrary to yours. I think modern people are getting lazier and lazier. They don't like to do things themselves.", "duration": 11.85}, {"path": "e081f678e77792e5c5762fa425c49e56_22.wav", "text": "We'll provide updates on our business review as well as the status of our attempts at resolution with the PBGC to enable us to operate and grow our business in the most efficient and profitable way possible.", "duration": 11.85}, {"path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_75.wav", "text": "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", "duration": 11.85}, {"path": "1133b8984db446b9c963a09eaf0785a4_12.wav", "text": "Moving on to the segment analysis on Slide 7. You see that Consumer Packaging sales were up 2% due most notably to acquisitions,", "duration": 11.85}, {"path": "9c5bc3e66dc0c7ac4a559a1d71e70c85_163.wav", "text": "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.", "duration": 11.85}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_62.wav", "text": "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 long-term agreements.", "duration": 11.85}, {"path": "655d592e9d1b1027f1824b1554d8b131_59.wav", "text": "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.", "duration": 11.85}, {"path": "655d592e9d1b1027f1824b1554d8b131_82.wav", "text": "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,", "duration": 11.85}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_99.wav", "text": "up on what Rich said about being judicious in the use of common equity. Because we are generating cash in increasing amounts in our business, we have the flexibility to fund our investments in any number of ways,", "duration": 11.85}, {"path": "3416f142ad06359966636184f66e87c5_34.wav", "text": "Village Operations continues to see improved demand at Searipple. This growth was partially offset by a weaker result in the Victorian business due largely to the state election.", "duration": 11.85}, {"path": "636d6909fbd8656f88f72f66a3a162ff_177.wav", "text": "But for the next set, we have not scoped out yet and determined the timing and the exact amount of work in the capital forecast. We'll address that in the next capital cycle.", "duration": 11.85}, {"path": "b092d2be33ad52beefab208355b18235_15.wav", "text": "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 business and expand relationships and revenue. If we can continue to build our", "duration": 11.85}, {"path": "8fbfa6ca2fe8141fd75ae42fd998149f_193.wav", "text": "And like I said in my prepared comments, I don't think anybody -- well, I don't think, I'm 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", "duration": 11.85}, {"path": "3b0718945e9c427873c1f34fa49b15aa_27.wav", "text": "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.", "duration": 11.85}, {"path": "9b93af1e7019959620214c387f283d8e_94.wav", "text": "the past 3 months, we've 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, we've seen an increase of 5 new suppliers over the period.", "duration": 11.85}, {"path": "e2c02e1788cb10703d7611ef157f8135_75.wav", "text": "This is less than we estimated. We want to continue to monitor the results throughout the spring season. Those results will help inform future decision-making on store optimization.", "duration": 11.85}, {"path": "7bc22aba9bc29d69ee10cc60db7903d8_309.wav", "text": "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.", "duration": 11.85}, {"path": "2a7d7f3eb6960e631743ca5a0d86461f_99.wav", "text": "and current reports on Form 8-K identify certain factors that could cause the company's actual results to differ materially from those projected in any forward-looking statements made this morning.", "duration": 11.85}, {"path": "b305bff75f28d238f0bd7da5bd4f13b8_126.wav", "text": "Unfortunately, and I think we were pretty clear on that when we talked about Marvel in May at the Capital Market, we will not get the Marvel into the VA contract at this term.", "duration": 11.85}, {"path": "02deeb29574f1571812a11f66bb8fda1_54.wav", "text": "Yes. So let me talk about kind of the rationale behind it. So when we think about these things, it's not necessarily just a growth profile that we're looking at. It's really around", "duration": 11.85}, {"path": "c3567809c19ce6a800677544cd84f88b_23.wav", "text": "should have a positive operating profit impact in fiscal '17, thereby increasing EBITDA. Both of these factors should play towards improving our leverage ratio.", "duration": 11.85}, {"path": "c3567809c19ce6a800677544cd84f88b_151.wav", "text": "up 10%. For fiscal '17, our strategy for Johnnie Walker is to recruit consumers through 4 pillars consistently and beautifully executed.", "duration": 11.85}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_127.wav", "text": "We also added a Haneda to Jakarta route in August and a Narita to Los Angeles route at the end of October. Both routes are performing steadily in line with plans.", "duration": 11.85}, {"path": "17f54a9938f35a4bde713fb3eb33a80e_4.wav", "text": "as candidate neoantigens. And the conventional tools for identifying neoantigens from those hundreds or thousands of candidate antigens are fundamentally flawed.", "duration": 11.85}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_34.wav", "text": "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, it's our ability to ramp up and execute.", "duration": 11.85}, {"path": "c92a9ecd2741326fd8625841a07f74f9_80.wav", "text": "This increase was primarily due to contribution from Canwest and higher gross profits in Canadian propane distribution, USRF and the other services segment.", "duration": 11.85}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_185.wav", "text": "As you can imagine, we're conducting a comprehensive review of the incident to determine any potential opportunities to further improve the security of our global systems environment.", "duration": 11.85}, {"path": "7274a7a5fa848e641ba98fce556e26a1_73.wav", "text": "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.", "duration": 11.85}, {"path": "9e8690a521142359001a137074905535_45.wav", "text": "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,", "duration": 11.85}, {"path": "9b697782ea80be97854f35d6fc62c93a_235.wav", "text": "in our profitability. And it's a real enabler to the simplification in our supply chain activity. So you will see the benefits play through, but there is a short-term impact as we take some of these actions.", "duration": 11.85}, {"path": "9b697782ea80be97854f35d6fc62c93a_37.wav", "text": "currencies are also a big part of that. And in most cases, they're going the other way, especially in some of the key markets for us. So right now, it's not a big driver for us given that we have to look at both of those together.", "duration": 11.85}, {"path": "e2c17247ae2f5d4fa8dd8814cc801198_55.wav", "text": "of a replacement potentially. But may I ask whether Helen spends the same amount on the projects given that you've got a lot of projects going on and increased CapEx? Or", "duration": 11.85}, {"path": "f875d701e5a9dd5ab745c8380c02cc3a_9.wav", "text": "As we have said consistently, our goal is to initiate a first pivotal registration study for tipifarnib in 2018. And I'm very pleased with the team's progress toward achieving this important objective.", "duration": 11.85}, {"path": "87045996e7446329f1d98c909c6ca7fe_66.wav", "text": "Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program, and you may all disconnect. Everyone, have a great day.", "duration": 11.85}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_2.wav", "text": "I'm proud of our first quarter results as each of our businesses delivered strong operating performance and increased EBITDA despite the slower-than-expected pace of U.S. housing starts in the first quarter.", "duration": 11.85}, {"path": "49e533a8449f6b9b6c806458e73338e1_90.wav", "text": "including our expanding marketplace relationships, Venmo monetization, domestic India as well as the strong secular growth driving digital payments and mobile commerce.", "duration": 11.85}, {"path": "49e533a8449f6b9b6c806458e73338e1_233.wav", "text": "that we report because of that -- just because of that math around that. And so that's why we're so pleased to show kind of a steady", "duration": 11.85}, {"path": "416ebb7a4160f7cd2f98361cbd1cb769_42.wav", "text": "And so we are having -- we are very open with that partner and we are having discussions with other grocery banners to carry our products. These products are", "duration": 11.85}, {"path": "433a6e203f9db93835c27ff83e86c801_32.wav", "text": "essentially, at least currently, are saying that that's probably going to be fairly net neutral in the first quarter. We won't have any of the synergies in place really, we'll have some additional costs as we", "duration": 11.85}, {"path": "5b0a12e70a31041016a008c29a6d2bb1_26.wav", "text": "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.", "duration": 11.85}, {"path": "22a55e362dd67dc8f7cd40f7ec8d62c1_66.wav", "text": "As we've 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.", "duration": 11.85}, {"path": "3c80de013154b028ecdc6354d16c6fbc_207.wav", "text": "we just don't have a lot of it. And without a lot of visibility into our fourth quarter and the uncertainty that we're seeing in the overall macro environment,", "duration": 11.85}, {"path": "3e29586725757a72d8c143f3da2658f5_14.wav", "text": "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.", "duration": 11.85}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_29.wav", "text": "Now here, again, a very special situation. We don't do it by our own, alone. We are in corporation with a joint venture partner", "duration": 11.85}, {"path": "09b5b62d328d3d0719b6825357fdfb48_103.wav", "text": "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 high-protein, you're getting paid for it in the world,", "duration": 11.85}, {"path": "64364105b816dd0b6a029e9cd210e65b_286.wav", "text": "So they're still playing catch-up, so they have been placing orders. So it's 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", "duration": 11.85}, {"path": "dd85c205eb4aedd5ecd5be2c37c4d1b9_40.wav", "text": "This is my impression. The rise in investment climate was seen not only in CapEx but also in OpEx, such as full productivity improvement.", "duration": 11.85}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_98.wav", "text": "research or prepayment, we have converted a lot of solutions into the cloud. In terms of", "duration": 11.85}, {"path": "a2245a8522589003f9c235a48c0197f0_23.wav", "text": "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.", "duration": 11.85}, {"path": "9a33a60ff30e5b8a3e106c2204e3300a_48.wav", "text": "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.", "duration": 11.85}, {"path": "21abf3409d34eea6f33336ad93662cfd_47.wav", "text": "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.", "duration": 11.85}, {"path": "6cbf592846662213258684c3049e4592_173.wav", "text": "across brands, channels, retailers and consumer segments provides us with more flexibility and better positions us for a constantly evolving retail environment.", "duration": 11.85}, {"path": "ffa357a084f4deb64797a0a32b8c5e33_245.wav", "text": "which is not large enough of a sample size to move the needle for the company. And I'd also tell you, look, there's other green shoots that we're certainly seeing, but they're not big enough to move the needle for the company.", "duration": 11.85}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_193.wav", "text": "Look, I'm not going to spend too much time on what happened in the past, although what happened over that decade in terms of regulatory costs and things like that, that", "duration": 11.85}, {"path": "c71a6ab1a0697010811c89200ab21613_170.wav", "text": "Generally land expenditures are lumpy because land terms usually you lock them up and then you don't have to spend any money on renewals for a while. So that's one of the main drivers.", "duration": 11.85}, {"path": "3d0f5785f81125b6efa2339a4aef56aa_60.wav", "text": "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,", "duration": 11.85}, {"path": "abd571ccf777ac4b0a43a7487031bc8a_77.wav", "text": "However, neither one has changed meaningfully. Instead, we saw lower growth across the board, particularly towards the end of the calendar quarter.", "duration": 11.85}, {"path": "2c4d64ba9a75dff613a83aa6f145f4b7_136.wav", "text": "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.", "duration": 11.85}, {"path": "3ae068efa03cd088f4d3edea682f199f_201.wav", "text": "The storm's impact on our projects in the third quarter included the cost of demobilization and remobilization and, to a lesser extent, damaged materials.", "duration": 11.85}, {"path": "30a142fac5a62ab00227cb6a339a6226_3.wav", "text": "and 8.9 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.", "duration": 11.85}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_168.wav", "text": "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.", "duration": 11.85}, {"path": "0b7afb66a39a4c81151309bacc830c60_25.wav", "text": "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,", "duration": 11.85}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_21.wav", "text": "As discussed previously, we and our alpha client have been extremely pleased with the accumulated results, which generate higher finding rates than the usual post-payment reviews.", "duration": 11.85}, {"path": "1bb9219ad31877175e18e8e48ff2f63c_32.wav", "text": "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.", "duration": 11.85}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_139.wav", "text": "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.", "duration": 11.85}, {"path": "d162113e3aface010baec17bd408736b_33.wav", "text": "than financing those acquisitions in downturns. So we have a history of raising capital in upturns and spending it wisely on strategic", "duration": 11.8499375}, {"path": "8cfc2a9aace5078f22a83c782b9d41f7_111.wav", "text": "between interest and taxes are largely offset. So this measure is quite a good indicator of both net income growth", "duration": 11.8499375}, {"path": "6e6da7f810609ce64857373f11984455_87.wav", "text": "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 far as what the timing delays were?", "duration": 11.82}, {"path": "214dcdc435ef3259490466447858fa56_224.wav", "text": "For travel, we will be mainly sold by the end of April for this year's departures. So we already have a lot of visibility on the outcome for this part of the business.", "duration": 11.82}, {"path": "0db71632fa65f1d166f14cb8593c4690_19.wav", "text": "if they are exclusively because of the cash sweep. Now the amortization during the month of December and the beginning of January,", "duration": 11.82}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_133.wav", "text": "still have plenty of opportunity. And I think that over the next several quarters, we will see continued improvement in the expense ratio.", "duration": 11.82}, {"path": "3557b21a45c35e71e82cc43b19977855_232.wav", "text": "you had an org change, it's 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, that's one of the reasons why you're going to see an improved", "duration": 11.82}, {"path": "22ad97a95501a08f15c06605cd277fec_131.wav", "text": "just given the mix -- some of the mix elements that we see and we'll likely finish on the full year about 50 basis points better than our guidance. So we're going to beat our guidance overall and", "duration": 11.82}, {"path": "c68c15299b67173c7ae163cc5938f3c1_161.wav", "text": "In one huge country, big smoking country, we have 2 companies, both tobacco companies, one a large tobacco company, one a very small tobacco company, in the country that would like us to", "duration": 11.82}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_53.wav", "text": "I think it's 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.", "duration": 11.82}, {"path": "54558afacef9ab3010d5a57ac4feb664_16.wav", "text": "Our margins are stabilized, and we will continue to focus our efforts on delivering the expected U.S. profitability as well as the integration of the Brazilian business following the Vigor acquisition.", "duration": 11.82}, {"path": "8cb24daf76784487ad63780546dc4ba4_12.wav", "text": "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", "duration": 11.82}, {"path": "7e14890193df4b10e1eeab6ab886529f_40.wav", "text": "So we're 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", "duration": 11.82}, {"path": "c96b5ae4ffe20d946daec67e2b0917b2_37.wav", "text": "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 it's coming from and how the turbines are behaving,", "duration": 11.82}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_178.wav", "text": "year benefit from the earnings from the acquisitions, but we also have the full cost of the acquisitions in the borrowing number that we're using for our leverage calculation, so there's no mismatch in terms of the leverage number.", "duration": 11.82}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_206.wav", "text": "That drives over time, as the business matures, a shift from individual events to verticals and management of longer-term relationships. And you could begin to see the emergence of our business", "duration": 11.82}, {"path": "8b71a232d7fe61e6232807b635977c31_42.wav", "text": "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,", "duration": 11.82}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_131.wav", "text": "Overall, we are pleased with our first quarter results, and are committed to executing our transformation strategy to ensure long-term profitable growth in housing and lifestyle.", "duration": 11.82}, {"path": "1b91eb82f5211000e711424657cc2484_99.wav", "text": "These investments have been bearing fruit as we systematically raise larger successor funds, launch sizable first-time funds and penetrate new geographies and new distribution channels.", "duration": 11.82}, {"path": "46906afb4e1ee1fef09b5908e76beefa_100.wav", "text": "So this is the product the physicians go to manage these critical patients whose median survival is in the range of 2 to 4 weeks when they actually are experiencing this exacerbation of their condition.", "duration": 11.82}, {"path": "797946494c2985a20aa50823e8723c44_69.wav", "text": "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.", "duration": 11.82}, {"path": "cfbe91105113db7a5784f77e411b7a3f_85.wav", "text": "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.", "duration": 11.82}, {"path": "8292bdb9af87f10627c044f3842b2c76_143.wav", "text": "of monetizing a more material amount of our current investment base would be in Ottawa and in Edmonton.", "duration": 11.82}, {"path": "a827180c08c11f2e53c6966fceaabf5b_141.wav", "text": "To best position Kaman 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.", "duration": 11.82}, {"path": "beb9b090a2850e9f9feb4f00ee472d07_37.wav", "text": "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", "duration": 11.82}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_70.wav", "text": "In addition, we will continue to invest in new stores across all of our channels in U.K., and we expect to open between 15 and 20 new stores in the current financial year,", "duration": 11.82}, {"path": "8957425799e5ce0200bfacf204d0acde_192.wav", "text": "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.", "duration": 11.82}, {"path": "599ab9a8d39052867bd99cb2fa4fd4f2_100.wav", "text": "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?", "duration": 11.82}, {"path": "224a41b247c04842c2998802d67c8123_33.wav", "text": "and the Philippines, and we reduced expenses in tomato production by replacing our own U.S.-based production with new grower relationships in Mexico.", "duration": 11.82}, {"path": "47a303604df9f9fc9f2f89a9280c3a79_44.wav", "text": "is something really special and unique. And I actually think it's an advantage to figure out how to do innovation that can build from", "duration": 11.82}, {"path": "b7943f4a2b95d2bc2ce102e3af9b5d22_168.wav", "text": "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.", "duration": 11.82}, {"path": "dbafd430cf189ffeffd96a06da8ba37d_85.wav", "text": "So I'm 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", "duration": 11.82}, {"path": "dbafd430cf189ffeffd96a06da8ba37d_97.wav", "text": "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", "duration": 11.82}, {"path": "8b6b51842af008f5f437f53cc2e71835_146.wav", "text": "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.", "duration": 11.82}, {"path": "ee640f0dcb9928c0bdd795eddbeac7c0_197.wav", "text": "We have shared snippets of our company vision in the past, but I'd 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.", "duration": 11.82}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_126.wav", "text": "I don't even know how we could possibly even handle it. There are so many major projects teeing up for the next 12 to 18 months", "duration": 11.82}, {"path": "6e3037e770ba5e0dfc98e3223986aad2_106.wav", "text": "Each of those groups have its own unique requirements from the center and our masterplan approach needed to be balanced to ensure the end product effectively meet each of those group's needs.", "duration": 11.82}, {"path": "93d3e5be9cf75e0921d47f10d4178939_48.wav", "text": "We believe we are well on our way to capturing better growth and value creation over the long run as a focused company, capitalizing on decades of deep experience and relationships in the Midwest.", "duration": 11.82}, {"path": "9ab2e6eb9debfae2de541ba645bfd265_143.wav", "text": "Just look at their track record. They've got huge amounts of dry powder. They've got the ability to deploy massive amounts of capital. And we've been their largest partner for 4 of the last 6 years.", "duration": 11.82}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_119.wav", "text": "But the takeaway is that these will be largely transitional in nature that, while they will impact 2016 results, we don't expect them to impact 2017 and forward in a similar fashion.", "duration": 11.82}, {"path": "30710391b8ab4cb549180602d31d4f4a_123.wav", "text": "we're seeing a lot of suppliers still looking to try to claw back losses they've seen with transactional FX incurred over the last 18 months. The other factor that we see is wage inflation.", "duration": 11.82}, {"path": "c3ac3b05413d9a9caee0626d57fee77f_0.wav", "text": "So as in the usual way, we've 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", "duration": 11.82}, {"path": "49a78c1ec143d9ac46e893e77198c0e3_144.wav", "text": "not a lot of large companies have had that experience, given that their sales forces might be focused on parasiticides or flea, tick, heartworm or broader categories versus trying to sell", "duration": 11.82}, {"path": "3df0981a2d94ed56170b78330aa72ee9_110.wav", "text": "our innovation starts to not yield the kinds of benefits that we are seeing. So I think we are going through a period of incredible disruption between consumer preferences, retail channel changes.", "duration": 11.82}, {"path": "9b93af1e7019959620214c387f283d8e_84.wav", "text": "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.", "duration": 11.82}, {"path": "98f10f0935e5b778e888a1b8130a3d31_63.wav", "text": "and we need 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.", "duration": 11.82}, {"path": "98f10f0935e5b778e888a1b8130a3d31_301.wav", "text": "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.", "duration": 11.82}, {"path": "2b626b620ef42f716c6028c74ee4187b_134.wav", "text": "So we know that we are at the bottom, I'd say, of the rate cycle. We are also, at the same time, towards the bottom of the regulatory curve.", "duration": 11.82}, {"path": "ed93b88b63d3dba4c5ed78d463a77bdd_2.wav", "text": "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 today.", "duration": 11.82}, {"path": "f7df5ecab61eca575f169a8298318eca_20.wav", "text": "and then we would get more of a normal saturation or maturing of the market. So we do believe that we're moving into a phase where the market is maturing a little bit more.", "duration": 11.82}, {"path": "17f54a9938f35a4bde713fb3eb33a80e_36.wav", "text": "Yes, Ted, it's -- I think the vision is broad because the opportunity is large. But, of course, we're going to follow the data and the science to get there.", "duration": 11.82}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_111.wav", "text": "Any reference in our discussion today to EBITDA means adjusted EBITDA, which excludes non-run-rate items, for which we've provided reconciliations in the appendix.", "duration": 11.82}, {"path": "968913c3f9111fc67f1d9956c56dec3b_48.wav", "text": "Well, those aren't the people that we're approaching with Ovation. The people that are -- right now are taking advantage of the Ovation program are ones who have paid off their loans.", "duration": 11.82}, {"path": "63eaf9677d7577484a1557ae6bfbb585_100.wav", "text": "variation from that would be, and I think Mark mentioned it, we had to move into a new office building. That move was done in May. But I think we started paying rent in April", "duration": 11.82}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_37.wav", "text": "Yes. Look, there's 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. That's still -- we need a good second half.", "duration": 11.82}, {"path": "785be95695b063f97a17e4dea4a0529a_62.wav", "text": "The strong sales contribution made by products that have been on the market for only about one year offers clear proof of the significant progress we are making.", "duration": 11.82}, {"path": "f1da65edd5f2026ffd647d496bb96ce7_104.wav", "text": "We've enrolled cross-functional teams to support deployment and delivery of the solutions, establish pricing and created the marketing collateral needed to commercialize the opportunity.", "duration": 11.82}, {"path": "262bc21196721c5ff9114acbd2ff03c3_208.wav", "text": "Particularly on the imaging side of that business, we've launched a new product there MicroHAWK last year, which is doing very, very well indeed. And they had, last year you may recall very good growth", "duration": 11.82}, {"path": "741526dd2a3db996d2f22f4bcdae4be6_102.wav", "text": "what's going on in brick-and-mortar. 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", "duration": 11.82}, {"path": "49e533a8449f6b9b6c806458e73338e1_152.wav", "text": "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.", "duration": 11.82}, {"path": "01f88a67f39af3a74d5f23b095615d39_66.wav", "text": "we're living with the arrogance of airports, are having disputes all the time that we think could be reasonably resolved if an independent arbitrator actually got involved in this and stopped it", "duration": 11.82}, {"path": "1e32d5e01ff61f70b37850c473b9876a_25.wav", "text": "we are starting to see tangible results that are planned, coupled with our core operating principles of high quality and strong execution, is beginning to yield positive results.", "duration": 11.82}, {"path": "8635f950dc44da3fcad542b2c066bedf_206.wav", "text": "an environment where there's less emphasis, industry-wide, on products like commercial real estate, et cetera. So I think it's going to make our business more competitive. I think that could have", "duration": 11.82}, {"path": "799c15a4a6e9e3c86374761fec31c00a_43.wav", "text": "We have commenced production and started to shift some products from Haiti and we plan to gradually add more capacity to meet expected customer demand.", "duration": 11.82}, {"path": "e522eff219f3eaa2c9b090dc12cad420_20.wav", "text": "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 what's a weaker pricing environment?", "duration": 11.82}, {"path": "b126c31149f1cadf1d891082a187d6fc_87.wav", "text": "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 a run rate for the back half of this year", "duration": 11.82}, {"path": "b126c31149f1cadf1d891082a187d6fc_236.wav", "text": "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 that aside,", "duration": 11.82}, {"path": "5c601f5318d5dcbe20fdd78f19c2b277_59.wav", "text": "The investment mix continued to reflect our focus on thicker subordinate positions where we earn an attractive premium versus traditional on-the-run securities in the primary and secondary markets.", "duration": 11.82}, {"path": "66b25c60d952bd002c7ab20da9248086_50.wav", "text": "But increasingly, new players and digital-focused players are winning more of the customer's 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,", "duration": 11.82}, {"path": "b3e9a3bbebcc4111afca87b4cadf58bf_60.wav", "text": "that it will be lifted up and that it will be removed. That's the expectation. Separate from that on the project finance side, creditors,", "duration": 11.82}, {"path": "1300495cfa53748f732f54277d5a8cea_70.wav", "text": "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.", "duration": 11.82}, {"path": "71c8aba809b2c3334e487f92f9009647_96.wav", "text": "construction output was broadly flat. Significant variations and probably more so in ready-mix than anywhere and that will be somewhat impacted by activities in the London market, which, as you know, we are less exposed", "duration": 11.82}, {"path": "89499eed4dff3bd184e91cd496111f22_93.wav", "text": "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. That's a fair statement.", "duration": 11.82}, {"path": "ebd59e21db89edb92205e012427cd9db_3.wav", "text": "cooperative development together for the downstream investments. It was hard work and I'm pleased to say we are making tangible progress in delivery of all the key issues right now.", "duration": 11.82}, {"path": "b08d602a938cc263402d9d2db56f2490_7.wav", "text": "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,", "duration": 11.82}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_171.wav", "text": "This happens because we bill based on the retail diesel fuel index that is set on Mondays, and we pay current-day fuel prices, which end up being lower than the index when fuel is dropping.", "duration": 11.82}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_140.wav", "text": "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.", "duration": 11.82}, {"path": "1f142ea668261ba963d47aac6bab69dd_71.wav", "text": "Also in the quarter, Germany continued to deliver strong growth as we lapped last year's revenue management actions. More than half of our revenue in chocolate grew share.", "duration": 11.82}, {"path": "1d021dfadd51998ac079e1df49929c60_7.wav", "text": "Moving to cost. Commodity input cost inflation continued to accelerate in the second quarter as we experienced higher costs for secondary fiber, logistics and chemicals.", "duration": 11.82}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_111.wav", "text": "The last mile, I call it to go from your hub out to a salesforce, I'm not going to build a 1,000 of those or invest it. Somebody else does it better, I'd like to work with someone else to provide that.", "duration": 11.82}, {"path": "902872913863de98d38e2936b846cf66_153.wav", "text": "so they know it's a problem. I think they're fact-finding right now. And I think we feel good that they're going to take some action on this because it just needs to happen to rebuild our infrastructure and to", "duration": 11.82}, {"path": "125388f1b45117acde70abc39e0f7d04_171.wav", "text": "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.", "duration": 11.82}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_134.wav", "text": "We expect that the majority of ENLC's cash available for distribution growth in 2017, we waited to the second half of the year, in large part driven by segment profit growth on our Oklahoma footprint.", "duration": 11.82}, {"path": "b20564a6da1bcfc7b80552299d9e002a_167.wav", "text": "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 the future.", "duration": 11.82}, {"path": "af146425f68dd8e32f31878389746637_45.wav", "text": "We are currently in early stages of establishing robust processes in sales, marketing and product development to drive more sustainable growth.", "duration": 11.82}, {"path": "32283c24ad18239efb166db8422560b2_140.wav", "text": "We brought that capability in-house. 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", "duration": 11.82}, {"path": "1096d26129c469524041c969a684f8ae_166.wav", "text": "But we've also been successful in exporting diesel fuel to Europe. And many times this is on larger ships that gives them a bit of an advantage.", "duration": 11.82}, {"path": "0db5ec7ab57d41c0bea4a8ee98a083eb_4.wav", "text": "which we expect to have completed entering the fourth quarter of 2018. This investment and expanding our sales force reflects the opportunity we see in the tardive dyskinesia market", "duration": 11.82}, {"path": "1dc9a88d7f1aa3877f317b59e2724c8e_14.wav", "text": "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.", "duration": 11.82}, {"path": "97ddc19ecb28bab2d19fd3b181182062_257.wav", "text": "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.", "duration": 11.82}, {"path": "19e7822c0e829faf25355c16b830cf39_2.wav", "text": "With the formation of the combined entity between ASE Group and SPIL, there are a few less common accounting treatments, which probably require more in-depth explanation.", "duration": 11.82}, {"path": "d162113e3aface010baec17bd408736b_188.wav", "text": "and the mix determines then the final margin. So we have many different products.", "duration": 11.79}, {"path": "92b48b365197c65ebf545a4c9dd1200d_58.wav", "text": "In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this presentation should not be regarded as a representation by us that our plans or objectives will be achieved.", "duration": 11.79}, {"path": "e2b2a746a7a2cd752c92ccfab257cfca_125.wav", "text": "In addition, we have started using newer ligands that have distinct advantages and have discovered ways to eliminate the use of PK enhancing structures, which makes for a smaller and more structurally simple molecule.", "duration": 11.79}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_7.wav", "text": "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.", "duration": 11.79}, {"path": "6c7cc87ae188a5ad707fc0e523dea753_140.wav", "text": "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?", "duration": 11.79}, {"path": "232edaebd93a3d8673bce183d269ad6d_110.wav", "text": "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.", "duration": 11.79}, {"path": "6b45877b719000e47adfd1ec118c376a_45.wav", "text": "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.", "duration": 11.79}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_160.wav", "text": "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", "duration": 11.79}, {"path": "8b71a232d7fe61e6232807b635977c31_196.wav", "text": "The changes are new to us or anyone else in this market. We're working closely with our clients and our partners in the industry, and we've been making tremendous progress, especially on our Total Audience Measurement strategy.", "duration": 11.79}, {"path": "3121e8f4a75758834d32a9e4e0555221_1.wav", "text": "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.", "duration": 11.79}, {"path": "3d2a6b6fb3bd6590fccc401d58e7942d_41.wav", "text": "We'll invest approximately, don't hold me to it, but approximately 1 to 3 years after founding when the initial proof of concept has been demonstrated.", "duration": 11.79}, {"path": "1b91eb82f5211000e711424657cc2484_26.wav", "text": "And third, in conjunction with this election, we've adopted a dividend policy that will allow investors to better appreciate the underlying stability and growth of our core management fee business.", "duration": 11.79}, {"path": "1d2f3c74735a986131e7b219d9eff713_32.wav", "text": "Jay, the other thing just to note is our new product offerings continued to sparkle with the consumer. So we consistently get a higher order and absorption pace", "duration": 11.79}, {"path": "1f686a09cf3566a34f04f39fde02460e_76.wav", "text": "So if we ever 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?", "duration": 11.79}, {"path": "bad55d25c1222682bd893d97dc5cbb27_5.wav", "text": "Our wins on the HondaJet aileron, flap assemblies and engine pylons would not have been possible without the existing customer relationship with our Engineering Services business", "duration": 11.79}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_47.wav", "text": "You can be very creative. You can create lots of different scenarios. However, it's difficult to do that with noodles. You cannot ask consumers to imagine,", "duration": 11.79}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_33.wav", "text": "in the second quarter or third or fourth we may end up breaking even or even making a slight profit since we're incurring expenses now for stuff that's going to be delivered later on this year?", "duration": 11.79}, {"path": "e26b501c6e000fdaa11edde97cc71436_43.wav", "text": "as the quarters proceed? Yes, we think it is important to a hub to do a press release so his suppliers", "duration": 11.79}, {"path": "d261e09fa176510406c0d05eeedfc8f8_304.wav", "text": "no change in that. What we are seeing is people are still flying to these destinations but staying for a shorter period of time. So it's not impacting on us in the same way that it's maybe impacting on other elements", "duration": 11.79}, {"path": "6a927d8b7734e7ddd8ffd264fa1020a6_55.wav", "text": "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 category,", "duration": 11.79}, {"path": "8b6b51842af008f5f437f53cc2e71835_68.wav", "text": "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, we've been adding", "duration": 11.79}, {"path": "a44c74bdc01aa7e317addc11f2274e11_153.wav", "text": "the cost of production and the time to market or deliver to customers. Specific to the other more established players, some of them use contractors to manufacture their products,", "duration": 11.79}, {"path": "1244d2b5a259c3bc73742830d60d53fc_52.wav", "text": "In addition to continued secular declines and modest price reductions in prints, there were a couple of projects in the second quarter of 2017 that did not repeat this year.", "duration": 11.79}, {"path": "9ab2e6eb9debfae2de541ba645bfd265_98.wav", "text": "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.", "duration": 11.79}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_88.wav", "text": "The effectiveness of our strategy to have focus on magnetic customers and infrastructure to build vibrant communities of interest that drive enormous value from being located in highly connected data centers.", "duration": 11.79}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_101.wav", "text": "But it's primarily just shifting some stuff out a little bit that we do expect we'll be getting on later in the year.", "duration": 11.79}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_2.wav", "text": "In addition, we saw a number of sizable convective storms across the northern plains states that resulted in hail and other physical damage to both auto and property exposures.", "duration": 11.79}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_152.wav", "text": "That's 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.", "duration": 11.79}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_236.wav", "text": "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.", "duration": 11.79}, {"path": "23417803b1a8115806b8e604b8b2bb83_327.wav", "text": "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", "duration": 11.79}, {"path": "8a77ceadd7e4729abc9102d38be3a227_26.wav", "text": "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.", "duration": 11.79}, {"path": "3b0718945e9c427873c1f34fa49b15aa_34.wav", "text": "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, I'll hand the call over to Nathan, who will discuss our financial results.", "duration": 11.79}, {"path": "b305bff75f28d238f0bd7da5bd4f13b8_57.wav", "text": "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", "duration": 11.79}, {"path": "b305bff75f28d238f0bd7da5bd4f13b8_182.wav", "text": "let's say, in line with the independent market in the first half year for us, so think in terms of somewhat of a flattish, slightly up business on the independent side.", "duration": 11.79}, {"path": "9952903822d3aabb9a8a8fdd41f23bc2_104.wav", "text": "On the other hand, if we look at this over time and we say, okay, we've done what we know we can do, we've made great wells, but they're just not going to compete with the kind of things that we have in our Permian inventory, for example.", "duration": 11.79}, {"path": "7a29e2dcd505f944b16d1e3173cb1c01_21.wav", "text": "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 products.", "duration": 11.79}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_119.wav", "text": "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 geographically-focused client service delivery model", "duration": 11.79}, {"path": "f7df5ecab61eca575f169a8298318eca_78.wav", "text": "And we wanted to provide you with a little bit more description around the Data Center market and what we're doing in this market.", "duration": 11.79}, {"path": "ef44080b170ca6366a6d3132d0baf11a_29.wav", "text": "some corporate and non-BQ-related issuance and underwriting. And so while you have seen other institutions, in fact, some of the largest banks in the country report", "duration": 11.79}, {"path": "915bdcf0edfec49b928ca4010cbb40ca_115.wav", "text": "Thanks, Phil, and good morning, everyone. Let's 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.", "duration": 11.79}, {"path": "9e8690a521142359001a137074905535_135.wav", "text": "was attributable you put to execution issues. And I'm guessing, obviously, most of that was unexpected. Do you see -- part of that gets recaptured here in the second quarter, it sounds like. But", "duration": 11.79}, {"path": "cac9bb252b7974b7044423e714c2f054_18.wav", "text": "We remain focused on providing a superior and consistent experience at every touch point for our customers through innovation, quality service and personalized attention.", "duration": 11.79}, {"path": "1fd097fa0bd05da0e7af03521e23bc68_31.wav", "text": "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.", "duration": 11.79}, {"path": "21f21433851eb7c7f7dbc710309341bb_127.wav", "text": "You will see us work to increase that proactively going into '19. This is one of the key things that Allan and TJ have diagnosed as a big opportunity for FGL heading into next year.", "duration": 11.79}, {"path": "33ed8514914fae6825997843290fe049_20.wav", "text": "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.", "duration": 11.79}, {"path": "da879f8ea1c23aa6565cccaacac271fc_170.wav", "text": "We are investing a significant amount of time meeting WIL's management and continue to be very impressed with their scientific expertise, operational capabilities and client focus.", "duration": 11.79}, {"path": "94f913b974baab79fb636f6521170dd7_239.wav", "text": "And secondly, it also contradicts the key claims that the government had 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", "duration": 11.79}, {"path": "a0d537badd260e2071136602e3b73b26_47.wav", "text": "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.", "duration": 11.79}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_135.wav", "text": "So we're getting a little bit better concentration with dealers who were only partially Trex. They're going a little bit stronger, and that's enabled us to see a good growth at this point.", "duration": 11.79}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_37.wav", "text": "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", "duration": 11.79}, {"path": "121ff035b7c98d6e48d7ca377d850dda_112.wav", "text": "raise capital to fund a couple of new deals, we will 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 to over a short period of time.", "duration": 11.79}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_235.wav", "text": "And what we're building is the ability of our business to be repeatable. And when I look back and I say, I don't know how great our product was in the last couple of years or how great our storytelling was. This isn't about any individual.", "duration": 11.79}, {"path": "884400c829f179d8cf68b767f45f03a4_133.wav", "text": "Our Monro Playbook is made up of standardized in-store operating procedures that include clearly defined roles and responsibilities for our teammates with a focus on service quality.", "duration": 11.79}, {"path": "919fd6c04cca92ecdf503e32f884435d_3.wav", "text": "We therefore believe we'll 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.", "duration": 11.79}, {"path": "5efe4589d80ac1232c2958182c188903_60.wav", "text": "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,", "duration": 11.79}, {"path": "5c601f5318d5dcbe20fdd78f19c2b277_148.wav", "text": "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 company's performance", "duration": 11.79}, {"path": "5c601f5318d5dcbe20fdd78f19c2b277_177.wav", "text": "Yes, I mean, so mortgage rates have gone lower on a relative basis but candidly, they're still high enough that we don't expect", "duration": 11.79}, {"path": "1862ee2f84dc77a40dde64b34f3ab94e_79.wav", "text": "I'll come back to this slide and some of the entrances in it in the months to come, but I can tell you that we have more opportunities", "duration": 11.79}, {"path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_123.wav", "text": "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", "duration": 11.79}, {"path": "e552924838fe493d3cc967dd0c5c4563_42.wav", "text": "And the point that Fred was making earlier, is that there is a lot of value to be created by starting to collaborate and combine those decisions. But today,", "duration": 11.79}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_17.wav", "text": "that sale of sub-acquiring, which is a more recent product. And I know that you are now training your sales force, and that event next week is very important.", "duration": 11.79}, {"path": "2cd5b184c2ef6624ce219830182927c9_231.wav", "text": "And keep in mind also have the ability to build another gigawatt under the safe harbor and 300 megawatts that we can then repower that again aren't even in our forecast at this point.", "duration": 11.79}, {"path": "6cbf592846662213258684c3049e4592_19.wav", "text": "can impact your profitability there. So I think that's the only thing we're now going back and looking at what does that truly mean if that business grows disproportionately to our total business.", "duration": 11.79}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_188.wav", "text": "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.", "duration": 11.79}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_196.wav", "text": "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? What's your more fresh perspective?", "duration": 11.79}, {"path": "c71a6ab1a0697010811c89200ab21613_1.wav", "text": "We caution you that the actual results could differ materially from those that are indicated in these forward-looking statements due to a variety of factors. Information concerning these factors can be found in the company's filings with the SEC.", "duration": 11.79}, {"path": "6f1b092b312410065d308541be46da95_255.wav", "text": "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 9-months credit rating.", "duration": 11.79}, {"path": "0807d606b6cf98da19b317b4928c3572_36.wav", "text": "and that is also taken to heart every day by our team members. I have said this before, if people give Crexendo's Ride The Cloud services and products a try,", "duration": 11.79}, {"path": "0807d606b6cf98da19b317b4928c3572_26.wav", "text": "are things that actually help us win deals. Our competition is pretty static when it comes to doing these sorts of things for their", "duration": 11.79}, {"path": "bf99037f89cd485f95f097842619a0c7_123.wav", "text": "to take a decision on what is the best for us as a firm. And obviously, for the shareholders. We'll balance that between the 2. Next question on the phone.", "duration": 11.79}, {"path": "b49c3cda0bcd26bab06abdd492274a3e_94.wav", "text": "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.", "duration": 11.79}, {"path": "7bac04f03928ee8894ab00007116400b_29.wav", "text": "that was essentially positioned more towards Polo. We've started to undertake conversion of some of those stores, 2 stand-alone Polo stores versus the hybrid", "duration": 11.79}, {"path": "1dc9a88d7f1aa3877f317b59e2724c8e_88.wav", "text": "of 8 companies we acquired in 2016, and the focus and dedication of our 5,000-plus team members on ensuring that our customers are always our top priority and are provided the highest level of quality service.", "duration": 11.79}, {"path": "1dc9a88d7f1aa3877f317b59e2724c8e_153.wav", "text": "that allows us to continue to execute on our strategic plan and face any challenges head on 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.", "duration": 11.79}, {"path": "eb93e70cdf7a839a69546250fb3646fb_80.wav", "text": "below the prior forecast of 7,000 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.", "duration": 11.79}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_55.wav", "text": "If we were to look at our sales last year, we'd see a significant number of expansions in our customer base to start working on their Medicare line of business.", "duration": 11.79}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_158.wav", "text": "requiring consolidation in the vendor community. And we think we have a competitive leg up. I think the other part that gives us a competitive", "duration": 11.79}, {"path": "523cf294ec146d5411972168b1c10f09_24.wav", "text": "to the deployment, both remotely in the field and then in the back office. And I think we're investing substantially in that area because I think that's where the future is.", "duration": 11.79}, {"path": "e2b2a746a7a2cd752c92ccfab257cfca_38.wav", "text": "These include statements regarding our expectations around the development, safety and efficacy of our drug candidates, projected cash runway and expected future development activities.", "duration": 11.76}, {"path": "a93681c92a0b9c04743f541a54b180c7_167.wav", "text": "So challenge expenses and advanced investments, I was thinking that this year we're going to have less of that. So for sales promotion and advertisements,", "duration": 11.76}, {"path": "abd0f750609f1263b566f0c09b981a16_66.wav", "text": "create an opportunity for us to possibly orchestrate and at least ask for the opportunity for that type of conversion. Few and far between going forward, but", "duration": 11.76}, {"path": "264e575b73bc2a485bee416c1ac10cee_3.wav", "text": "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.", "duration": 11.76}, {"path": "ed1006cd88de67e8fe53ea86ad6862d7_132.wav", "text": "We are continuing to pursue business with the other prospect as well. In addition, we've started work on the incremental add-on services for an existing client that I also referred to last quarter.", "duration": 11.76}, {"path": "f2cd7d3ddaf92ab9c64154d74b2d118a_119.wav", "text": "And then we looked into all of the events that were categorized as abdominal attacks in a post-hoc analysis and divided them up into attacks where they're abdominal symptoms only", "duration": 11.76}, {"path": "e8a2a593282199ea052f788b8fead64b_66.wav", "text": "The T2-C 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.", "duration": 11.76}, {"path": "3121e8f4a75758834d32a9e4e0555221_125.wav", "text": "Okay. So you're comfortable on that one. On Texas, I had thought also when we spoke last said it was going to be mostly a second half thing, perhaps subcontracting maybe with", "duration": 11.76}, {"path": "1b91eb82f5211000e711424657cc2484_312.wav", "text": "In terms of what we're looking at, we're really looking at a full spectrum of opportunities across each of our businesses in private equity, credit and real estate.", "duration": 11.76}, {"path": "1d2f3c74735a986131e7b219d9eff713_109.wav", "text": "While that increase was off a little base, we're excited about our prospects in this market going forward given the strong housing fundamentals on the positive response our new communities have received.", "duration": 11.76}, {"path": "01502edf6cda82061f1f45d6b0e8e189_70.wav", "text": "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 industrial-related markets.", "duration": 11.76}, {"path": "01502edf6cda82061f1f45d6b0e8e189_169.wav", "text": "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.", "duration": 11.76}, {"path": "833f98dbc79997580b24335033aac5d2_222.wav", "text": "So I think we're really trying to just make sure that we understand the opportunity set from a growth standpoint. But I think once we kind of work to what we think is a good time in the cycle, I think we believe,", "duration": 11.76}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_30.wav", "text": "through these efforts, will support our future programs and we think will continue to be a strategic advantage for Amicus and a very differentiating feature for our Company.", "duration": 11.76}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_41.wav", "text": "And as you can see on the screen, there's a picture there of what this looks like in the post office in Leeds. Now this agency agreement will run for 5 years.", "duration": 11.76}, {"path": "224a41b247c04842c2998802d67c8123_41.wav", "text": "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,", "duration": 11.76}, {"path": "276392c471c063580869aec014a1feda_107.wav", "text": "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.", "duration": 11.76}, {"path": "e649ca4cf7eeb63f0bc30b231a94a014_81.wav", "text": "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.", "duration": 11.76}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_161.wav", "text": "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.", "duration": 11.76}, {"path": "93d3e5be9cf75e0921d47f10d4178939_93.wav", "text": "As we have discussed in the past, while we may be required to pay special dividends from time-to-time in the future, we want to operate with sustainable quarterly dividend covered by operating cash flow,", "duration": 11.76}, {"path": "ebecd7e874a9b3998b70ec3200f71e89_288.wav", "text": "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", "duration": 11.76}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_201.wav", "text": "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", "duration": 11.76}, {"path": "bab12f620df0f367e74acdcc467686f1_8.wav", "text": "The transportation market, in particular, holds significant potential due to the emphasis on greater regional connectivity with several light rail and high-speed rail projects continuing to progress forward.", "duration": 11.76}, {"path": "ade68f8add7249890d086ecf4b5b8cab_108.wav", "text": "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.", "duration": 11.76}, {"path": "30e94343ee663488872ae176b419a163_84.wav", "text": "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 euro-denominated debt.", "duration": 11.76}, {"path": "fcabfedf41ab18064a96d393869e4d4e_114.wav", "text": "but that doesn't mean we will certainly follow them on -- by increasing the number of hours. I think the decision of that will be based on the viewership available", "duration": 11.76}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_155.wav", "text": "any historical investment we've made, which has really motivated us to supercharge it. We want to double the size of our footprint, and we're starting with that process right now.", "duration": 11.76}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_74.wav", "text": "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", "duration": 11.76}, {"path": "6c43a32379bfc34fc8cfe84ff94d6498_44.wav", "text": "so we should get a little bit of benefit from that. But we'll 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.", "duration": 11.76}, {"path": "73f474b631c43567329cad1bb76ff4fe_61.wav", "text": "Investors, potential investors and other listeners are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements.", "duration": 11.76}, {"path": "c5c7a9f409241412b160a93cde7ef630_60.wav", "text": "However, these projects are also competing with the needs in education, transportation and utility infrastructure, all of which are routinely prioritized over correctional infrastructure.", "duration": 11.76}, {"path": "003356e698453d6b74f19a8e02587605_47.wav", "text": "Please also note that percentage and basis points discussed are calculated using net sales, with the exception of advertising, which we'll be discussing in comparing to net online sales.", "duration": 11.76}, {"path": "b1da16cba24af8e472573c4c9caf17c7_14.wav", "text": "In addition, group contribution increased over 8% during the quarter, which provides evidence that meeting planners are continuing to spend at their events.", "duration": 11.76}, {"path": "82131762fc1c2b2358ac3a167666ab87_192.wav", "text": "In addition, the higher credit quality convenience check customer also qualifies for higher loan amount. And to get an effective response from this customer,", "duration": 11.76}, {"path": "968913c3f9111fc67f1d9956c56dec3b_101.wav", "text": "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 we're going to continue to refine it and improve it.", "duration": 11.76}, {"path": "5ea42ed8ea9a65bd01aaabb678685483_53.wav", "text": "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,", "duration": 11.76}, {"path": "9b697782ea80be97854f35d6fc62c93a_241.wav", "text": "of those investments. So we're 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", "duration": 11.76}, {"path": "9b697782ea80be97854f35d6fc62c93a_38.wav", "text": "And I think the things that we're executing today have resulted in the progress we've made thus far and they're the same things that are going to drive us through '18. It's, as I said earlier, it's not really a new", "duration": 11.76}, {"path": "f13362f70e41d74f3fda8d7dfb19f09e_10.wav", "text": "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.", "duration": 11.76}, {"path": "d8db289a641593a1934fbb6407eede02_31.wav", "text": "and this doesn't need necessarily a very big spike in our cost of risk on top of where we are end of September because", "duration": 11.76}, {"path": "33ed8514914fae6825997843290fe049_55.wav", "text": "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.", "duration": 11.76}, {"path": "87045996e7446329f1d98c909c6ca7fe_223.wav", "text": "Specific allowance for potential write-offs are conservatively established through detailed analyses of both the overall quality and marketability of security held against each individual impaired account.", "duration": 11.76}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_160.wav", "text": "the full year. Now that all being said, with respect to the dividend, as we said repeatedly, one of our core priorities around capital allocation is the sustainable dividend that grows over time. And so", "duration": 11.76}, {"path": "92bf6fe090b6bc565cb500b688fd9173_8.wav", "text": "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", "duration": 11.76}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_79.wav", "text": "Because of the size of the portfolio, large deals do have a disproportionate effect on spreads. Although, we are pleased with this quarter's results, we wouldn't expect to see these kinds of spreads on a recurring basis.", "duration": 11.76}, {"path": "28d675c77a4b2269c1c1460ad3e56250_31.wav", "text": "And we're bringing in new clients, too. So that's 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", "duration": 11.76}, {"path": "01f88a67f39af3a74d5f23b095615d39_168.wav", "text": "The ancillary revenue strength from the Jetstar Group was assisted by the successful launch of plus 3 kilograms carry-on, increased catering and the bundling strategy.", "duration": 11.76}, {"path": "757695924b5e43c7d44e29dc141cc035_200.wav", "text": "As a reminder, restructuring charges are below the segment income line and are also an add-back under our bank credit facility calculation of EBITDA. With respect to revised full year segment targets.", "duration": 11.76}, {"path": "e33785a294553de2a12d4463bf786744_201.wav", "text": "I do want to take a moment and expand on the opportunities and the discipline required for the effective deployment of our cash.", "duration": 11.76}, {"path": "41e5f97c6d94e8f87bb5fb602fe25500_55.wav", "text": "Pivotal clinical validation data from our multi-center prospective BRAVE trial for the Envisia classifier were presented at the American Thoracic Society Conference in May.", "duration": 11.76}, {"path": "2a7af3c66762ce608379005a3d7bfa96_29.wav", "text": "combined the benefit of all these, what I would classify as kind of self-help items, all else being equal, what's the dollar amount of savings you expect this year?", "duration": 11.76}, {"path": "9c67fafcb51925dcbaa570283fe01701_68.wav", "text": "The increase in cost reflects higher development costs driven by the PIONEER program for semaglutide. This is partly countered by lower costs following the completion of the DEVOTE trial", "duration": 11.76}, {"path": "5633fe3600ee04237bbb918c56341864_7.wav", "text": "We are starting to observe the use of micro proppants in complex completions, with some 200 mesh sand being incorporated into some stimulation program. Core continues to test", "duration": 11.76}, {"path": "01b376669d5ea40acc7fb5a87503586e_179.wav", "text": "like this one, from a sort of profitability and volume angle for competitors, do you think there's 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", "duration": 11.76}, {"path": "ee00ebd8d782e8f124b3e142cbb74f37_190.wav", "text": "and price the product accordingly. But we are actually leaning in, we are 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.", "duration": 11.76}, {"path": "f3ef7b587ef19092f28a7c1ece1d46fe_131.wav", "text": "In particular, we have finished the integration of Barclays, we are quite advanced in the integration of Esperia and some key managers have been hired in this segment.", "duration": 11.76}, {"path": "4abafd22e11b6ea5b43048d805ea115f_85.wav", "text": "small Ruko, which is not probably -- which won't meet a mortgage requirement of a conventional bank. It could even be a pledge of title deeds. So the collateral is not very similar. So there is a difference in", "duration": 11.76}, {"path": "2b1611c25a098f87dd7623d00d53eeea_18.wav", "text": "One of the areas of focus that I'm 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,", "duration": 11.76}, {"path": "4311782968e936c378fdee8946cd9cca_50.wav", "text": "choppy results or it's been spotty, at best. Can you just talk about the strength in this area that you're seeing and I guess, what makes the value proposition", "duration": 11.76}, {"path": "4311782968e936c378fdee8946cd9cca_8.wav", "text": "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.", "duration": 11.76}, {"path": "5efe4589d80ac1232c2958182c188903_26.wav", "text": "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.", "duration": 11.76}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_123.wav", "text": "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.", "duration": 11.76}, {"path": "64364105b816dd0b6a029e9cd210e65b_253.wav", "text": "We've been having conversations with the city for quite some time as they had been looking at highway improvements throughout the area.", "duration": 11.76}, {"path": "64364105b816dd0b6a029e9cd210e65b_216.wav", "text": "of LTL trailers, specially designed truck bodies and other product lines that specifically benefit from increasing demand in final mile and home delivery shipping trends.", "duration": 11.76}, {"path": "24a133abc343c813233d416b0cef96cd_286.wav", "text": "deliberately keeping some retailers in place at lower rents so we can facilitate the speed at which we're remixing. So all of those added together probably means that", "duration": 11.76}, {"path": "f5e9c69a92eb9179062673e044f8a53b_150.wav", "text": "And the fact that if we can leverage across this deep vertical confidence in so many different industries, and be able to put together cross industry solutions that really create competitive advantage for our customers,", "duration": 11.76}, {"path": "9dc19bfa451bc1278b7136420493f84d_26.wav", "text": "Before I begin to discuss our results, I caution you that we will be making forward-looking statements that are based on our current knowledge and some assumptions about the future and are representative as of today only.", "duration": 11.76}, {"path": "b0d88c0f1efca89ecb928172341dc75d_346.wav", "text": "you will have a retailer give it a go, but it as never taken hold. And it -- so it probably will happen again from time to time. It's happening a little bit now in vegetables.", "duration": 11.76}, {"path": "6daa2d0829057899b014b06c36e1d54b_171.wav", "text": "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", "duration": 11.76}, {"path": "323193895e800e72960d98dd5fb64cf5_23.wav", "text": "The important message here now is that we have gone through now and concluded this review of our contracts, so our business of risks in the balance sheet,", "duration": 11.76}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_180.wav", "text": "We believe this expansion will benefit the entire PV portfolio. The team has successfully transitioned our entire FM business to this specialty organization starting in the third quarter, and", "duration": 11.76}, {"path": "f268a8174f58c93ad6b45b7f151fe896_4.wav", "text": "We plan year-round to meet the intense challenges of the peak season as average daily volumes can more than double with heavy demand for residential e-commerce deliveries.", "duration": 11.76}, {"path": "2c4d64ba9a75dff613a83aa6f145f4b7_125.wav", "text": "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", "duration": 11.76}, {"path": "ee824d23bd881a3dc5ee8be881b7d18b_33.wav", "text": "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.", "duration": 11.76}, {"path": "9b7d3cbcfbcf14d70a241700c869bd8d_97.wav", "text": "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,", "duration": 11.76}, {"path": "7a80c3e91e5a2693cdaef5f716808317_163.wav", "text": "So that's certainly what's going to cause -- now most of these programs, once they're gone through feed stage, they've committed -- they're going to spend the money they're going to go, so it's not a question of are they going to rejigger these programs. So", "duration": 11.76}, {"path": "30a142fac5a62ab00227cb6a339a6226_178.wav", "text": "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 in-app.", "duration": 11.76}, {"path": "7e018402f521eec8ce7a9df8cd61e144_111.wav", "text": "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 forward-looking statements contained in the press release.", "duration": 11.76}, {"path": "1dc9a88d7f1aa3877f317b59e2724c8e_106.wav", "text": "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.", "duration": 11.76}, {"path": "97ddc19ecb28bab2d19fd3b181182062_55.wav", "text": "So we would hope to have some reduction in our inventory dollars by year-end. But I would not think that it's going to be", "duration": 11.76}, {"path": "a4d3f12bcd4bd2b79c885714ce84ab4f_6.wav", "text": "With that, Dave will speak to you about our outlook. Our team is in the process of reviewing a number of high-quality properties which we believe could fit well into our current portfolio.", "duration": 11.76}, {"path": "3a1ba1b79a8a016390f98ab3ffe71340_14.wav", "text": "The medical community has also recognized the 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.", "duration": 11.76}, {"path": "070a939ddb72d87ed87e4b863da14a89_32.wav", "text": "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.", "duration": 11.73}, {"path": "d162113e3aface010baec17bd408736b_172.wav", "text": "packaging technology or current generation of smartphone features? Features, features. So all those features, they all have a life cycle and they all have", "duration": 11.73}, {"path": "10a419054cf3cc5d4ca00b7f338cc73b_143.wav", "text": "Fair enough, and it sounds like the Gateway business had another quarter that was probably a little better than you are looking for when you headed into the year, I think you are looking for that business to be,", "duration": 11.73}, {"path": "485e97686e9a27d2df5b3fc02106e3d4_178.wav", "text": "Also a very good question. The short answer is no. And the reason is the way we've set up the trial is that we will collect all of the data on 52 weeks", "duration": 11.73}, {"path": "139f0a6300f504b3e8673e39b0429161_144.wav", "text": "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.", "duration": 11.73}, {"path": "bc605e9d69e921f4f61a508a448ad0dd_123.wav", "text": "having a larger share this year and generating very good returns. So those returns that Tim showed from last year, we are confident that, that's probably what we should now be expecting as we start to do some of", "duration": 11.73}, {"path": "b7d4858dcc1d9cf454416082b75a3429_129.wav", "text": "That's all I'd like to say at this point on sales, marketing and manufacturing. I'd like to hand over to Mike to speak to the detail of the financial.", "duration": 11.73}, {"path": "48954c357d5ad754c29ea1c28dbdad2a_37.wav", "text": "There are a couple of other general factors, which I should mention, that do have an effect on our results. First, interest remains a significant factor in our earnings equation.", "duration": 11.73}, {"path": "a95a220f118ae793c89d6d708e62cf8a_206.wav", "text": "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", "duration": 11.73}, {"path": "22ad97a95501a08f15c06605cd277fec_50.wav", "text": "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.", "duration": 11.73}, {"path": "a6f6cb3405d8a18e23d133aa8f4f6390_64.wav", "text": "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", "duration": 11.73}, {"path": "280baf1d10cd27b78eae4bf2574b9c98_149.wav", "text": "This test will accompany our print messages, our growing e-mail campaigns and social and mobile efforts during our most important season of the year.", "duration": 11.73}, {"path": "7e14890193df4b10e1eeab6ab886529f_124.wav", "text": "human impact will be at the heart of every decision we make. We must honestly assess that what we are doing truly meets both, the functional and emotional needs of the people we serve.", "duration": 11.73}, {"path": "7e14890193df4b10e1eeab6ab886529f_87.wav", "text": "Attracting and fostering the talent and leadership necessary to advance our purpose and achieve our goal is a key priority, and I'm looking forward to Gail joining our team next week.", "duration": 11.73}, {"path": "8544fcd40dacf31ad0ddf2cd1fc3c420_110.wav", "text": "Before we begin, I'd like to remind you that our discussion during the call will include forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially", "duration": 11.73}, {"path": "f3f1b7c8f174b4be50981a0f85d6a30b_126.wav", "text": "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 we've made here in the first quarter", "duration": 11.73}, {"path": "7909dfb87fb4102d9f9ba8e99f751ee5_109.wav", "text": "Phase 2 buildout, we are currently in active discussions with several other existing and prospective customers regarding future incremental capacity at Collins.", "duration": 11.73}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_107.wav", "text": "want to get -- 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.", "duration": 11.73}, {"path": "75fa1bebed0b858c76cc7058477e40e2_5.wav", "text": "Industry data suggests that restaurant sales have softened significantly in Denver, which has been exasperated by storms in late March and throughout April.", "duration": 11.73}, {"path": "145244b0378e6657d456cffca8bbc982_47.wav", "text": "As previously disclosed, we have actively marketed a subsidiary within the Products and Systems segment and are nearing a favorable outcome for those activities.", "duration": 11.73}, {"path": "18b396ddd443d84d12477c42e31cdf0e_36.wav", "text": "Yes, and there has been a number of different transitions with the product over the last several years. But we're very confident in Metuchen's ability to really boost the product in the future.", "duration": 11.73}, {"path": "0ee490f8688669984ae17a737590f7b5_80.wav", "text": "Our management team has recently assessed the viability of development and validate there is potential to build well in excess of 10,000 net new apartments,", "duration": 11.73}, {"path": "23eff4c724ee00f56319fcc47add3441_31.wav", "text": "in improving the profitability of the business for us in International. So I view that, well, much like I view the improvements that we've made at the Harris business over the last several years,", "duration": 11.73}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_224.wav", "text": "We -- I mentioned that indeed, there are some fee events that have been pushed out. Don't forget I made that specific comment in the context of our", "duration": 11.73}, {"path": "1133b8984db446b9c963a09eaf0785a4_246.wav", "text": "through the home -- through homes versus behind the stores. I think we're going to have a fairly strong holiday season. Consumers seem to be in a pretty good mood so", "duration": 11.73}, {"path": "8b6b51842af008f5f437f53cc2e71835_62.wav", "text": "Because the cost of doing business will continue to rise and fee pressures will persist, we're implementing strategies to more aggressively manage expenses and improve productivity.", "duration": 11.73}, {"path": "e56726c7aedd69029957c84128050700_87.wav", "text": "And we do engage with them. I can't tell you that we'll get a booking next week or next month because of it. But we know that in the longer term, they'll see more value from our products.", "duration": 11.73}, {"path": "d9a3d28bdd36864c63b02659cc8870a8_22.wav", "text": "and we split our model, we'll call it. We focused more on specific resources on new logo development and new logo sales and specific resources on", "duration": 11.73}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_118.wav", "text": "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.", "duration": 11.73}, {"path": "863512efd537ffd31c094dd9bfd5ebd3_140.wav", "text": "This is an important element of AMG's diversification strategy in sensors. And our ability to build highly accurate sensors,", "duration": 11.73}, {"path": "07d30eec04a77191950ef0992d097daf_189.wav", "text": "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. There's a whole bunch of timing aspects to that last bucket.", "duration": 11.73}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_150.wav", "text": "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 you'd like, but some additional color on where we stand.", "duration": 11.73}, {"path": "c433164f6d189e18b1e4784e376b6ecb_68.wav", "text": "Advancing these efforts position us to execute and operate a program in late 2019 or early 2020. We remain excited about the potential of our large acreage position", "duration": 11.73}, {"path": "37a4b48ae67b74a7533cc6f9a1a1c11d_53.wav", "text": "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.", "duration": 11.73}, {"path": "616e9ba16db091317ae4d96e877a9bbe_189.wav", "text": "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.", "duration": 11.73}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_10.wav", "text": "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 company's operating efficiency.", "duration": 11.73}, {"path": "1ddc944827b99caf8c7867ceeed0ec20_2.wav", "text": "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", "duration": 11.73}, {"path": "1d2ff648e4a30fa5555a7ab85bf60190_0.wav", "text": "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", "duration": 11.73}, {"path": "e2c02e1788cb10703d7611ef157f8135_70.wav", "text": "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.", "duration": 11.73}, {"path": "815f65663b3982554e82806de0cbd918_109.wav", "text": "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.", "duration": 11.73}, {"path": "4479886907c2a9ec843d6ea1e5e0cacc_98.wav", "text": "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.", "duration": 11.73}, {"path": "948f025c16fce2bcb2909e610c9be557_362.wav", "text": "of natural rubber, which then in turn makes it a biofuel. So what happens is, you end up", "duration": 11.73}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_79.wav", "text": "For the full year, we expect constant currency sales for this segment will be relatively flat and that the segment's annual gross profit margin will improve by 50 to 100 basis points", "duration": 11.73}, {"path": "e97d1655ebabb8403ac0449eadb48f9b_97.wav", "text": "We expect our working capital position to improve as revenue increases. We'll also get a boost as we receive more revenue from our recent forklift purchase orders.", "duration": 11.73}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_53.wav", "text": "hasn't really yielded anything yet that says that it wouldn't 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,", "duration": 11.73}, {"path": "a1329d5014382fed182ec42276821868_79.wav", "text": "the majority of which took place on the SMC. This strong mineral resource space lends itself to potential reserve growth conversion in the future.", "duration": 11.73}, {"path": "a1329d5014382fed182ec42276821868_5.wav", "text": "Going to Slide 7. With record production and a strong cost performance, we succeeded in generating solid financial results for the year.", "duration": 11.73}, {"path": "87045996e7446329f1d98c909c6ca7fe_168.wav", "text": "levels of volumes and applications and fundings. Do you think it's an opportunity -- I mean, perhaps the growth will slow, but it's an opportunity to get an even higher grade of credit quality in the portfolio? Because you", "duration": 11.73}, {"path": "da879f8ea1c23aa6565cccaacac271fc_277.wav", "text": "of the book where you have sort of longer-term duration contracts, and then you talked to those that have sort of already raised a ton of capital. I mean, as you sort of continue to look at", "duration": 11.73}, {"path": "7551ffae17aa39dd4ea962a43f96bf04_96.wav", "text": "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 testing services in the next 12 to 18 months.", "duration": 11.73}, {"path": "068bea67ac01942fafb955a1116b29dd_22.wav", "text": "The rest, it was really made of investment in the development of the training material for the new POS system that will be", "duration": 11.73}, {"path": "9ec35a7809acb51486076e302028ba33_69.wav", "text": "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.", "duration": 11.73}, {"path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_176.wav", "text": "We're 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.", "duration": 11.73}, {"path": "7498a6630302a038bd537d192c3a44f4_122.wav", "text": "I would also add that, as Marty talked about obsolescence, we're also making sure that, that plays a part going forward in what we call our line review process so that we're thinking about", "duration": 11.73}, {"path": "472c8876d3d729a35b2d00133efbb029_59.wav", "text": "which means it can be expensed for that -- so it will actually be reduced from the expenses for that year. So this pushes up profit figures.", "duration": 11.73}, {"path": "a0d537badd260e2071136602e3b73b26_20.wav", "text": "Of course during the first weeks of the fourth quarter, we've seen increased volatility and we've seen virtually every fixed income sector widen relative to Treasuries. We believe that this environment again underscores the importance", "duration": 11.73}, {"path": "97b9c8b95449565c1f280a2b61a65b31_62.wav", "text": "and we adjust for Fidelity in terms of the extra couple of months that we got year-to-date and adjust them out of kind of the revenue and out of the occupancy impact", "duration": 11.73}, {"path": "382e3c8eda678694c6368e00f19c8881_41.wav", "text": "And I'm 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.", "duration": 11.73}, {"path": "e0d1342ad3d27fd648b708837de08797_291.wav", "text": "But I would tell you, the commercial structure will be such that it will certainly underpin the substantial investments required for these LNG projects.", "duration": 11.73}, {"path": "8518e7d2073cc2898bd145e2e84ea482_36.wav", "text": "And what we've seen through the first half of the year is as we've increased our sales volume, our production volumes, we're gradually starting to absorb back more and more of that additional overhead cost.", "duration": 11.73}, {"path": "a9ff9f85f03afdd2d13b76e14060b31d_131.wav", "text": "space, as you heard this morning, is a game changer for churches and a massive opportunity for Blackbaud. We also continue to execute against our 4-point growth strategy,", "duration": 11.73}, {"path": "1300495cfa53748f732f54277d5a8cea_65.wav", "text": "we talked -- that's one of the reasons why handbags is being relaunched. Same thing with what's in the outlet stores, we want what's in the outlet stores to be reflective of the Vince brand because we think that customer, in many ways,", "duration": 11.73}, {"path": "692de133aab90ff6681b2c45b433b32b_56.wav", "text": "Starting later this year, we also expect to see initial cash flows from our first multi-family development in Toronto, followed by contributions from other buildings as they come on stream in the years ahead.", "duration": 11.73}, {"path": "ebd59e21db89edb92205e012427cd9db_192.wav", "text": "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 long-term success.", "duration": 11.73}, {"path": "648ddbbaa83d8a627c7ab752f63a80bd_202.wav", "text": "It's not increasing, but it is at a healthy margin for the business that we want. So we're 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,", "duration": 11.73}, {"path": "a4f81a27f0c6d07b56208e16121b9896_20.wav", "text": "Large deal, we 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.", "duration": 11.73}, {"path": "2cd5b184c2ef6624ce219830182927c9_20.wav", "text": "when you think about it, we're 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", "duration": 11.73}, {"path": "5b331cf4e6f62ec9a9c30a4728e36054_99.wav", "text": "which we see as the ticket of entry at the utilities and economic imperative at the Generation business. And I'm happy to report that the third quarter was operationally strong.", "duration": 11.73}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_142.wav", "text": "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.", "duration": 11.73}, {"path": "ffa357a084f4deb64797a0a32b8c5e33_61.wav", "text": "and that they don't 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.", "duration": 11.73}, {"path": "2313d1644b53f7bf5e70d2ff4db8e6e6_124.wav", "text": "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.", "duration": 11.73}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_88.wav", "text": "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.", "duration": 11.73}, {"path": "50eb350badadec6e4272b90684741c25_288.wav", "text": "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", "duration": 11.73}, {"path": "abd571ccf777ac4b0a43a7487031bc8a_146.wav", "text": "National Accounts also remained in the high single digits. And as expected, Government was negative in the quarter, weighing down our overall growth rate.", "duration": 11.73}, {"path": "f15a674bdbbc461872000604216ae071_115.wav", "text": "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", "duration": 11.73}, {"path": "0b2059114216fe9195b6a4256ed84843_84.wav", "text": "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.", "duration": 11.73}, {"path": "3fb901e6b501ddced60226a13ebef4af_98.wav", "text": "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 Non-Agency strategy", "duration": 11.73}, {"path": "16c235a53fc719ec92ef3b3c3b371150_31.wav", "text": "the choice has to be made because we are so focused on paying down debt and we're going to have some excess cash. Now look, if we're -- we have a better cash picture than what we're talking about right now,", "duration": 11.73}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_75.wav", "text": "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.", "duration": 11.73}, {"path": "726bad4d5d1a6b2f62034eb8dc843450_70.wav", "text": "having to bring in additional resources to fill those gaps, which we expected to happen. As you're reducing resources, you're going to uncover things in the operations that need to be addressed.", "duration": 11.73}, {"path": "97ddc19ecb28bab2d19fd3b181182062_240.wav", "text": "now representing nearly 10% in the third quarter of 2015. We believe Reliance remains very well-positioned to gain market share in this area on a global basis.", "duration": 11.73}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_71.wav", "text": "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", "duration": 11.73}, {"path": "77f146e76d89a5be785a39ab23dfa763_1.wav", "text": "Our release and today's commentary include non-GAAP financial measures, which exclude the impact of restructuring, acquisition and divestiture expenses and charges in current year results", "duration": 11.73}, {"path": "4e04d3229b988f1db5b842ac5b993894_149.wav", "text": "The proceeds received from the equity offering along with our revolver assure that we have sufficient cash available to repay the outstanding debt of Seventy Seven Energy.", "duration": 11.7299375}, {"path": "8bbc2f54137b794265dfb01f1559868d_83.wav", "text": "the equipment's expensive, the techs are very specialized, and they're not easy to hire and there's a lot of process around doing FISH and doing multiple menu, FISH menus, like we have, we have over 60 different FISH", "duration": 11.7000625}, {"path": "ab3354b86be920cde18291112bf8a70a_157.wav", "text": "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.", "duration": 11.7000625}, {"path": "6709c061d39d0e433079f84160f11c80_33.wav", "text": "but also benefiting from some fairly significant market trends that are pushing business into areas that we care most about such as", "duration": 11.7000625}, {"path": "c44bd68e2a8cbf4241b4b30b81fda1d4_14.wav", "text": "our operational and geographical spread continued to provide good natural hedges and our EBITDA margin remains well protected against these currency fluctuations.", "duration": 11.7000625}, {"path": "bc605e9d69e921f4f61a508a448ad0dd_23.wav", "text": "However, it's the bigger piece of activity to open up our platform to third-party technologies that will take some time to land but once -- will lay an important foundation the business will benefit for many years to come.", "duration": 11.7}, {"path": "e23e3aabab4b12e359bc92a480c2d294_37.wav", "text": "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.", "duration": 11.7}, {"path": "569834a5cb8a33dfeac20dfa8e03afb3_134.wav", "text": "Strong global oil demand growth and U.S. product exports will continue to give us opportunities in our Central and South American franchises.", "duration": 11.7}, {"path": "7eebbbc069b4bf8367aa748751df9bc7_80.wav", "text": "while the renovations are, I think, done very well, we can't sell rooms that we don't have and we didn't have that in the initial numbers at the beginning of the year, but it is in our guidance now.", "duration": 11.7}, {"path": "f0dd7e4dad969b480d0d2a70609aedba_15.wav", "text": "was the partnership with Korean Re is established through a swap arrangement and the outgoing premium contributes that increased reinsurance spend.", "duration": 11.7}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_19.wav", "text": "from the automotive industry in the second half of the year. The direct industry segment grew by 9.1%, thanks to the strong demand from the electronics and automotive sectors", "duration": 11.7}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_103.wav", "text": "where, over time, our inventory levels and product costs will decline and margins will be enhanced. Once again, execution and results take time.", "duration": 11.7}, {"path": "8cb24daf76784487ad63780546dc4ba4_151.wav", "text": "and the attractiveness of 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", "duration": 11.7}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_172.wav", "text": "Before turning the microphone over to Leeny, let me thank Marriott's associates around the world. They are shouldering the burden of integrating Marriott and Starwood even as they deliver excellent results", "duration": 11.7}, {"path": "f2cd7d3ddaf92ab9c64154d74b2d118a_4.wav", "text": "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 year-end.", "duration": 11.7}, {"path": "de3b766a868da918e499f407dbf5d716_48.wav", "text": "The reconciliation in our press release separately presents our results of operations from those of the drop-down assets' predecessor prior to our ownership.", "duration": 11.7}, {"path": "6616e76da46baea11d6032fc063716c1_58.wav", "text": "continue to grow our margin capture inside the store. And then we'll 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.", "duration": 11.7}, {"path": "9589f919b51ea96f732c4fe7fd180d7e_44.wav", "text": "Residential and small commercial customers who install solar will now receive a monthly bill credit for excess energy exported to TEP's distribution system.", "duration": 11.7}, {"path": "bad55d25c1222682bd893d97dc5cbb27_73.wav", "text": "As we look ahead, we remain focused every day on the fundamentals, managing costs, winning new business and executing well on what we've already won.", "duration": 11.7}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_106.wav", "text": "taken all this into consideration. I don't think what happened 2 years ago will not occur again. The objective conditions just isn't there anymore.", "duration": 11.7}, {"path": "cc82e791c065bdc271addf355bac274f_5.wav", "text": "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", "duration": 11.7}, {"path": "d4ad91ac3b9c1832b95aa346c8c84b46_67.wav", "text": "We expect our second quarter site level operating expense year-over-year growth may decelerate modestly compared to site level operating expense growth in the first quarter", "duration": 11.7}, {"path": "d4ad91ac3b9c1832b95aa346c8c84b46_98.wav", "text": "and looking forward to more demonstrable results from our acquisition integration activity. In a quarter that was both supply-rich and characterized by stretches of rising fuel costs,", "duration": 11.7}, {"path": "d5c338a956681dbb2170472253a29b85_120.wav", "text": "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", "duration": 11.7}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_150.wav", "text": "Sales continued to vary by location, but we're generally seeing good growth across most airports, both the big international ones and the smaller regional ones.", "duration": 11.7}, {"path": "a5aee620f2ef348884bdc8fa3e0cee19_60.wav", "text": "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.", "duration": 11.7}, {"path": "1133b8984db446b9c963a09eaf0785a4_11.wav", "text": "Display and Packaging productivity was negative almost entirely due to issues in our retail security packaging business associated with the influx of new business.", "duration": 11.7}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_105.wav", "text": "As a result, we are seeing customers engaging Applied in earlier and deeper collaborations to develop unique solutions focused on device performance and yield.", "duration": 11.7}, {"path": "a44c74bdc01aa7e317addc11f2274e11_59.wav", "text": "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.", "duration": 11.7}, {"path": "655d592e9d1b1027f1824b1554d8b131_120.wav", "text": "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.", "duration": 11.7}, {"path": "1244d2b5a259c3bc73742830d60d53fc_4.wav", "text": "Now I'd 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.", "duration": 11.7}, {"path": "6933d49d1af6eb4613a4f75bf37d00e1_4.wav", "text": "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.", "duration": 11.7}, {"path": "2905366dcf0eb60a22b63a1b3d9adf95_53.wav", "text": "Our 2019 capital spending will be primarily focused on two areas. Expanding our logistics capabilities through the growth of our wellsite storage solutions fleet,", "duration": 11.7}, {"path": "9ab2e6eb9debfae2de541ba645bfd265_125.wav", "text": "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", "duration": 11.7}, {"path": "c433164f6d189e18b1e4784e376b6ecb_70.wav", "text": "As we look to bring more operated capital into our 2019 budget, we are working to accelerate additional identified recompletions and infill drilling locations.", "duration": 11.7}, {"path": "baf97ac5f6cc21f1387a53f2755e60d7_49.wav", "text": "Like we said in the call, we would have preferred to invest the majority of that in credit. It's just difficult getting the right types of credit assets on the books at the yields that we want to have", "duration": 11.7}, {"path": "f4d0f1362716be33f02690dd1a8df663_8.wav", "text": "We're looking forward to future growth of our high cacao content products as a high-value-added product group that combines good taste with a health benefit.", "duration": 11.7}, {"path": "a8034762296368c60571fcde382c3274_107.wav", "text": "justify fees, but we all do have to do it. And the one answer that we have is, in every case, we've invested a lot, bringing new portfolio managers in and", "duration": 11.7}, {"path": "a8034762296368c60571fcde382c3274_64.wav", "text": "versus buying back our stock, which again we think we'd be buying back at below intrinsic value versus paying a dividend, which is important to some of our shareholders,", "duration": 11.7}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_100.wav", "text": "during the third and fourth quarter that do enhance other parts of our cost structure but a relatively low ARPM minutes.", "duration": 11.7}, {"path": "b96165244f010b3f1e61cbbc5e504d96_123.wav", "text": "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.", "duration": 11.7}, {"path": "3068d678d3331b8f0a10ea4fa92361f2_89.wav", "text": "we have no intent really to go out and dilute shareholders. We've been saying that for quite a while now. We use cash on hand as our intent to close the Zephyr transaction.", "duration": 11.7}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_63.wav", "text": "But I think the more interesting things that we do as a company and the more people in that space understand how what they're doing impacts what we can do as a company,", "duration": 11.7}, {"path": "e2c02e1788cb10703d7611ef157f8135_76.wav", "text": "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.", "duration": 11.7}, {"path": "16ed973148ce103dc95fdcfaf35bbe7b_248.wav", "text": "the rapidly changing regulatory landscape and the rapidly changing expectation of consumers is really strengthening our position with our customers right now because it's so challenging for any company to navigate. And", "duration": 11.7}, {"path": "7aeefd3f7f36ea98354844517c1f012d_49.wav", "text": "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.", "duration": 11.7}, {"path": "b9b40b0c1e92fb226067bdceacbdab5c_36.wav", "text": "Also during the quarter, the REIT was pleased to provide occupancy to Porsche Cars Canada at their newly developed dealership head office and training center located at the REIT's Consumers Road complex.", "duration": 11.7}, {"path": "ea60900258f99d1003ab247c506e42d9_72.wav", "text": "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 fruit.", "duration": 11.7}, {"path": "8a93698d03a48d42fc7d7e50cb67dc2b_18.wav", "text": "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 apologize.", "duration": 11.7}, {"path": "ca67cef56548d21bf5c1669beebf3cb0_107.wav", "text": "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.", "duration": 11.7}, {"path": "53889f50eda8b316a01a3df89d226e7f_93.wav", "text": "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.", "duration": 11.7}, {"path": "82131762fc1c2b2358ac3a167666ab87_15.wav", "text": "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", "duration": 11.7}, {"path": "4479886907c2a9ec843d6ea1e5e0cacc_3.wav", "text": "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.", "duration": 11.7}, {"path": "13141efea197b407280701081390f0ce_46.wav", "text": "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.", "duration": 11.7}, {"path": "63d825666ef6527fd7e4f26e728a4e61_7.wav", "text": "As the housing market continues to improve, I believe the company is well positioned to deliver strong financial results, creating long-term value for our shareholders. Now I'd like to turn the call over to Mark.", "duration": 11.7}, {"path": "948f025c16fce2bcb2909e610c9be557_104.wav", "text": "they have no food and no water because they couldn't come up to the road to supply the town. So everything has shut down as we speak.", "duration": 11.7}, {"path": "9b697782ea80be97854f35d6fc62c93a_218.wav", "text": "but it's 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.", "duration": 11.7}, {"path": "532e653f6aa6c3bf43a5b256bb4c1254_41.wav", "text": "So just pointing that out, given that -- to highlight that the growth in our yields in the portfolio were really core and not fair value-driven.", "duration": 11.7}, {"path": "ba5f13bb75329629d0c070c9014ff4f0_114.wav", "text": "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", "duration": 11.7}, {"path": "1ad54837f74515ad7caa2a50d70459c9_155.wav", "text": "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 in the microbiology and infectious diseases space.", "duration": 11.7}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_111.wav", "text": "and also a more stringent recruiting processes. And this really has a double effect, right? Because on the one hand, you got more terminations from more stringent validation requirements that are being enforced.", "duration": 11.7}, {"path": "c40b5d1a13169c5acf69590932a56f98_92.wav", "text": "with continued confidence for approval as we've said before by year end 2017. Second, we continued the execution of precision controlled launch strategy,", "duration": 11.7}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_25.wav", "text": "Given U.K. 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.", "duration": 11.7}, {"path": "8eaca8d8a419f74540f69ade8defabbd_255.wav", "text": "It's 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", "duration": 11.7}, {"path": "369789f0d39dbf62298be2aa807ff8ee_33.wav", "text": "I'm 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", "duration": 11.7}, {"path": "433a6e203f9db93835c27ff83e86c801_112.wav", "text": "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", "duration": 11.7}, {"path": "a009c5f14d4d0bb5ca875164cffbd6ab_98.wav", "text": "as customers tend to buy online the higher frequency, smaller items and they tend to focus their trips to the store for more discovery,", "duration": 11.7}, {"path": "7f8f04a414dbef2f3adbb2b33bbcda66_52.wav", "text": "That concludes my prepared remarks. I'd like to remind everyone that the purpose of today's call is to discuss our first quarter results, and I ask you to please limit your questions to our earnings announcement.", "duration": 11.7}, {"path": "22a55e362dd67dc8f7cd40f7ec8d62c1_127.wav", "text": "Thank you, Kevin. Good morning, everyone. We're pleased to report another quarter with record revenue and earnings. As always, I'd like to begin today by thanking our associates for all the hard work that went into producing those results", "duration": 11.7}, {"path": "2a7af3c66762ce608379005a3d7bfa96_159.wav", "text": "we never really focused on them as much just simply, because from a competitive perspective they're usually not quite in the same game as us. Just due to some of the efficiencies we have with the equipment", "duration": 11.7}, {"path": "799c15a4a6e9e3c86374761fec31c00a_75.wav", "text": "We are pleased with our progress, and we remain focused on continuous improvement initiatives across our global platform that will further enhance Culp's strong value proposition.", "duration": 11.7}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_82.wav", "text": "One thing I think it's 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", "duration": 11.7}, {"path": "b01b8f0fa0baf54952151c2e767b6f77_22.wav", "text": "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 company's risk factors.", "duration": 11.7}, {"path": "9908957f60adff5efc1c8692a0f5ab38_60.wav", "text": "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.", "duration": 11.7}, {"path": "884400c829f179d8cf68b767f45f03a4_193.wav", "text": "Starting with our initiatives to improve the customer experience, we reached a key milestone during the quarter with a successful implementation of our new operating procedures, which we call,", "duration": 11.7}, {"path": "884400c829f179d8cf68b767f45f03a4_14.wav", "text": "as we believe the implementation of our standardized in-store operating procedures and brand standards will benefit our integration process and increase the value we realize from these stores.", "duration": 11.7}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_116.wav", "text": "And you would like to reduce sugar, and I'm sure that question comes up afterwards. Then there is one very, very easy way. You are going to eat", "duration": 11.7}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_119.wav", "text": "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.", "duration": 11.7}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_159.wav", "text": "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.", "duration": 11.7}, {"path": "64364105b816dd0b6a029e9cd210e65b_213.wav", "text": "This segment continues to successfully execute its optimization strategy with an ongoing commitment to margin improvement, manufacturing excellence and leadership and product innovation.", "duration": 11.7}, {"path": "0b21f953a7ae9970ef3a4c30b267927c_1.wav", "text": "Factors that could cause this include the factors described in our most recent SEC filed quarterly or annual reports under Management's Discussion and Analysis of Financial Condition and Results of Operation", "duration": 11.7}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_115.wav", "text": "according to our own design, I mean you do not have reverse logistics, you don't have a series of things that you would have when you were talking about a traditional retail company.", "duration": 11.7}, {"path": "648ddbbaa83d8a627c7ab752f63a80bd_210.wav", "text": "so we need to add more staff to do those types of calculations. You're talking about around -- a very complicated statement of cash flows for very many of the same reasons in terms of the foreign operations.", "duration": 11.7}, {"path": "3e42c35588dc721e96280bc039e96c8d_10.wav", "text": "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,", "duration": 11.7}, {"path": "125388f1b45117acde70abc39e0f7d04_143.wav", "text": "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.", "duration": 11.7}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_146.wav", "text": "effects can actually overwhelm anything that we might do, and that I'm actually confident we will do on the revenue side, so it makes sense for us to manage the company with expense basis", "duration": 11.7}, {"path": "429bcf63d57c11ea4d8864560f521dba_108.wav", "text": "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.", "duration": 11.7}, {"path": "6c929ddddb79b887458ae21f1a3aa09d_8.wav", "text": "In summary, we have achieved important milestones and continue to drive toward additional achievements that create value in our programs and in the company.", "duration": 11.7}, {"path": "bf99037f89cd485f95f097842619a0c7_14.wav", "text": "The other factor that we'll have to observe is the regulatory pendulum. I think it's clear that it is going to swing, but how far and how fast and where will depend.", "duration": 11.7}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_69.wav", "text": "We said we were committed to addressing quality and innovation, now we would listen to our customers. That's why we created a Tested for Life in Canada program, and this product is a great example of our commitment to the process.", "duration": 11.7}, {"path": "3ae068efa03cd088f4d3edea682f199f_170.wav", "text": "Pat will offer commentary on the company's performance and an update on key initiatives. Mike will provide details on the company's financial performance. After that, we'll open the call up for questions.", "duration": 11.7}, {"path": "30a142fac5a62ab00227cb6a339a6226_64.wav", "text": "We recently rolled out Stories Everywhere so that the whole world can easily view stories on the web. We've also started bringing snaps to bigger screens like stadium jumbotrons at this year's Rose Bowl and Sugar Bowl.", "duration": 11.7}, {"path": "3fb901e6b501ddced60226a13ebef4af_91.wav", "text": "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", "duration": 11.7}, {"path": "0b7afb66a39a4c81151309bacc830c60_54.wav", "text": "And it's 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 it's not going to be the end", "duration": 11.7}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_42.wav", "text": "and I'm okay with that. But I will tell you that I'm disappointed we haven't landed anything of late. And we're working hard to do this -- just that. My hope is that by the time we talk again, a quarter from now,", "duration": 11.7}, {"path": "3a1ba1b79a8a016390f98ab3ffe71340_45.wav", "text": "So our expectations for this trial have been exceeded in that we have great safety and we have substantial target reduction that exceeds what we think is necessary", "duration": 11.7}, {"path": "65d5a09c659f6809931dc62aa7a9eaad_100.wav", "text": "we're very pleased with, first of all, the overall handover on the management leadership level. But I'm really proud what the team achieved here in -- within", "duration": 11.6999375}, {"path": "139f0a6300f504b3e8673e39b0429161_149.wav", "text": "almost entirely offset by declines in headcount-related costs, network costs mainly due to network optimizations as well as reductions in data processing and software maintenance costs.", "duration": 11.67}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_51.wav", "text": "around how we're 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.", "duration": 11.67}, {"path": "47d77b15189fadcc76113a2f7800ba28_13.wav", "text": "I would also like to share some assumptions that we have built into our guidance. I'm 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,", "duration": 11.67}, {"path": "2f888e63a31b86cc2f4f97710e8eed79_242.wav", "text": "We continue to see that our company-wide Simplification program is delivering higher quality of service for our customers, while at the same time improving our margins.", "duration": 11.67}, {"path": "249b7b83531140105343e2a0e89150fa_98.wav", "text": "Before I turn the call over to Michael Collins, I would like to remind everyone that today's discussion will refer to certain non-GAAP measures, which we believe are important in evaluating the company's performance.", "duration": 11.67}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_97.wav", "text": "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.", "duration": 11.67}, {"path": "280baf1d10cd27b78eae4bf2574b9c98_129.wav", "text": "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.", "duration": 11.67}, {"path": "7ec9d2889f6012c7058eb766f6de38e2_3.wav", "text": "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", "duration": 11.67}, {"path": "78c85dc9a16f82b09d3a2363004e658d_177.wav", "text": "Now when it comes to the manufacturing opportunity, what you said there about it being somewhat further out, I think, what you're seeing right now especially with our execution", "duration": 11.67}, {"path": "e1f462455d6c826d9c173c35d4844383_76.wav", "text": "We have solidified our financial position by securing funding for our plan 2016 activities and by restructuring contingent consideration liabilities to align payments", "duration": 11.67}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_23.wav", "text": "In China, there is the risk of inventory, because vendors here not only play the house, but they cannot resist but to", "duration": 11.67}, {"path": "5f38ce681d4413a793d34a0650c59bf2_126.wav", "text": "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.", "duration": 11.67}, {"path": "4032bfdd59881fc6506c082737cb5a99_95.wav", "text": "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.", "duration": 11.67}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_190.wav", "text": "On resolutions and settlements in the second quarter, Deutsch Bank made further progress in achieving settlements or resolutions with respect to certain legacy highest risk matters,", "duration": 11.67}, {"path": "a5aee620f2ef348884bdc8fa3e0cee19_90.wav", "text": "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.", "duration": 11.67}, {"path": "11ca275b0bd65060f43ae2d28e1c489f_49.wav", "text": "Despite the weak profile of our current guarding operations in Brazil, we believe we have introduced all the strategic foundations needed to perform a successful turnaround.", "duration": 11.67}, {"path": "e56726c7aedd69029957c84128050700_68.wav", "text": "These customer metrics are all clear indicators of the demand for our products and services as well as the loyalty of our customers. I'm very proud of the efforts of our team in delivering these results.", "duration": 11.67}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_302.wav", "text": "is it fair to make the assumption that the power product or the demand side of the project was tied to the Massachusetts ruling? And", "duration": 11.67}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_166.wav", "text": "as we get out there and as I spend time with the sales team, sales team's increasingly excited, especially because they've really gone from gathering negative client feedback", "duration": 11.67}, {"path": "132abea68f255eb89160dde90b6d3b80_103.wav", "text": "And it's costing us some share in the short term, but it's healthy overall because we're trying to let the amount of late model used get bought up in the marketplace", "duration": 11.67}, {"path": "e60f6485243932b9280d864cb17a6ba8_232.wav", "text": "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", "duration": 11.67}, {"path": "40e11288ea7cb86fdf307dbe648142e3_144.wav", "text": "I'm wondering what percentage of those international regions or product categories are EBIT positive right now? And do you think that segment turns profitable by year-end in terms of the EBIT line?", "duration": 11.67}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_179.wav", "text": "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,", "duration": 11.67}, {"path": "a8b43081254547419da7462d9c957d61_199.wav", "text": "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.", "duration": 11.67}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_51.wav", "text": "And that's 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", "duration": 11.67}, {"path": "9b93af1e7019959620214c387f283d8e_56.wav", "text": "In another case, Sihl, 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.", "duration": 11.67}, {"path": "2a7d7f3eb6960e631743ca5a0d86461f_46.wav", "text": "The portfolio is conservatively managed with a relatively short duration of 17 months. In addition, we maintained significant liquidity at the Federal Reserve.", "duration": 11.67}, {"path": "2a7d7f3eb6960e631743ca5a0d86461f_52.wav", "text": "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.", "duration": 11.67}, {"path": "c5c7a9f409241412b160a93cde7ef630_109.wav", "text": "As we have seen this solution begin to resonate with many jurisdictions nationally, we have added resources under the development side of CoreCivic Properties to aggressively pursue these opportunities.", "duration": 11.67}, {"path": "c3567809c19ce6a800677544cd84f88b_31.wav", "text": "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.", "duration": 11.67}, {"path": "6ad1d7c855ceb3eb830c365e357e4510_85.wav", "text": "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 company-run midyear stress test results on our website.", "duration": 11.67}, {"path": "ea60900258f99d1003ab247c506e42d9_32.wav", "text": "Product availability and the reach remains key to overall performance, and we are encouraged by our progress in the potential upside in the customer recruitment and management area.", "duration": 11.67}, {"path": "191c819db03c2dfd0207cd1f42e278a4_85.wav", "text": "This includes several contracts with existing and new clients in the communications, financial services, health care, retail and technology industry.", "duration": 11.67}, {"path": "b1da16cba24af8e472573c4c9caf17c7_145.wav", "text": "is there any reason why you think you might see sort of asset-level performance issues as a result of that combination? Or for the most part, do you think it's going to be a fairly smooth transition with no real property-level impact?", "duration": 11.67}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_201.wav", "text": "I think this is -- I'm going to talk slowly until I get a nod here, but I think this is pretty close to what we had last -- the second half is about the same as last year.", "duration": 11.67}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_54.wav", "text": "very quickly and have got into our results as rapidly as possible. We put the integration teams together to really focus on how we could drive the growth of the businesses into the different segments", "duration": 11.67}, {"path": "e78997e6a75a2243292b2b54750bb3cb_150.wav", "text": "Entering in the conversations with the company now, and I'm 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.", "duration": 11.67}, {"path": "e78997e6a75a2243292b2b54750bb3cb_5.wav", "text": "We expect to dose the first chronic HBV patients during the second quarter of 2019. The study is designed to evaluate patients in 2 different groups.", "duration": 11.67}, {"path": "b126e11520fd54843c67f70f15cd30cc_99.wav", "text": "and we can create even higher return for shareholders. So our first opportunity comes from the depth of industry. And then as Mr. Wang just said,", "duration": 11.67}, {"path": "f77935c4693e4d33252c9c76993e9c8b_131.wav", "text": "When he refers to '17, he's referring to the recapture of that lost business in the industry. So that's what we think. Do we know? We don't know, but we think that in '17, we don't see it happening in the next 12 months", "duration": 11.67}, {"path": "8cd753ed00aeee0ed32d03823eef3f7e_150.wav", "text": "if the result of that adjustment is that the -- technically the tariff should go up, clearly the second condition applies, which is we are", "duration": 11.67}, {"path": "ba5f13bb75329629d0c070c9014ff4f0_2.wav", "text": "maintenance and repair of electricity distribution lines, as well as contracts related to industrial, commercial and institutional electrical work.", "duration": 11.67}, {"path": "8d9efef3c305ec549fb15daa27107c83_112.wav", "text": "And we expect to continue to earn revenues from the helicopter on dry-lease. As such, we expect the suspension to have limited impact on our near-term financial results.", "duration": 11.67}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_185.wav", "text": "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.", "duration": 11.67}, {"path": "61a1812ea55a4d676119b4f3d7cd6c10_70.wav", "text": "Our call today will include remarks about future expectations, plans and prospects for Knowles, which constitute forward-looking statements for purposes of the safe harbor provisions under applicable federal securities laws.", "duration": 11.67}, {"path": "8cfc2a9aace5078f22a83c782b9d41f7_58.wav", "text": "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", "duration": 11.67}, {"path": "94f913b974baab79fb636f6521170dd7_285.wav", "text": "And then this analysis doesn't assume kind of further regulatory action by other U.S. AGs, by international regulators and doesn't assume there's any knock-on effect on the international distributor network.", "duration": 11.67}, {"path": "130e8e56c1afa2419fd0c08708261824_163.wav", "text": "Paul, the best answer would be Jan 1. But obviously, it depends on how the industry responds. There are certain areas that we", "duration": 11.67}, {"path": "254f3c2175c8e11d6da7d44a221e1bff_18.wav", "text": "Please turn to Page 6 of the materials. We aim at shifting from pursuing growth through investment in businesses to deeply engaging with businesses,", "duration": 11.67}, {"path": "2a7af3c66762ce608379005a3d7bfa96_210.wav", "text": "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?", "duration": 11.67}, {"path": "80a2ca14358172366acab4e80f3fa33b_7.wav", "text": "while hog prices have been rather low. We have made very good use of the export advantages, and", "duration": 11.67}, {"path": "0fa398ef99a7a936fc1e509dacaaadde_192.wav", "text": "We are very, very encouraged by the net neutrality position of the European government and European Commission. What they've approved recently to us is a very balanced, healthy approach", "duration": 11.67}, {"path": "f7c059b1312a5f1fc017ece069fddee2_99.wav", "text": "Volumes on the Mid-Saskatchewan system increased as a result of the connection reactivations and from the completion of several expansion projects in mid-2015 to accommodate increased regional production", "duration": 11.67}, {"path": "799c15a4a6e9e3c86374761fec31c00a_35.wav", "text": "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.", "duration": 11.67}, {"path": "ee00ebd8d782e8f124b3e142cbb74f37_186.wav", "text": "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,", "duration": 11.67}, {"path": "382e3c8eda678694c6368e00f19c8881_21.wav", "text": "This growing base of recurring revenue continues to provide us with a stable business platform for profitable future growth. A few comments on our Payment Processing business.", "duration": 11.67}, {"path": "68862e23c71ce741719b7bd99a6c44d6_63.wav", "text": "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.", "duration": 11.67}, {"path": "b3e9a3bbebcc4111afca87b4cadf58bf_26.wav", "text": "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", "duration": 11.67}, {"path": "64364105b816dd0b6a029e9cd210e65b_189.wav", "text": "good strength for orders from the very large fleets to have lot of the older equipment in their fleet.", "duration": 11.67}, {"path": "95303f68781d6fb58e19ec1dc7785a7c_40.wav", "text": "basically prefunded our plans for the next couple of years there. So you'd have to get down to some pretty low scenarios before we thought about significant changes to our strategy.", "duration": 11.67}, {"path": "5323c1cb78ad5a1cf9d35417ec5e22ca_88.wav", "text": "So that means that we feel very confident to achieve our guidance for this year, although we still have to launch in many countries.", "duration": 11.67}, {"path": "b0d88c0f1efca89ecb928172341dc75d_292.wav", "text": "As I mentioned, we are absolutely stopping the initiatives that we can responsibly stop, but most of our new work won't be ready to show customers until well into calendar 2019. As a result,", "duration": 11.67}, {"path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_11.wav", "text": "We are 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.", "duration": 11.67}, {"path": "dd1b5d8b62882dbf2ce5e06cf5678ced_90.wav", "text": "We are currently at 6,000 feet and the well should be complete by the middle of August with evaluation and testing operations set for the end of August.", "duration": 11.67}, {"path": "dd1b5d8b62882dbf2ce5e06cf5678ced_57.wav", "text": "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.", "duration": 11.67}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_72.wav", "text": "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.", "duration": 11.67}, {"path": "1378aabd380e63d3f89fe0e445fc8b06_96.wav", "text": "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.", "duration": 11.67}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_221.wav", "text": "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.", "duration": 11.67}, {"path": "6f1b092b312410065d308541be46da95_246.wav", "text": "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.", "duration": 11.67}, {"path": "76c04b0646e881995fdd48aa58abee4c_32.wav", "text": "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,", "duration": 11.67}, {"path": "eed99fefac02f862b3ee31c4748cb9b5_112.wav", "text": "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", "duration": 11.67}, {"path": "e5eb29123d69fdbc74dbc529dfe6c6cc_62.wav", "text": "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,", "duration": 11.67}, {"path": "24a2aec67e247f9c4d4cc89d6dbab525_57.wav", "text": "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 I'm just trying to understand the puts and takes there of how we get there.", "duration": 11.67}, {"path": "76b892bf017891d7028256847747227c_30.wav", "text": "that's not something -- I don't think that's something we're prepared to do here and there'd be a lot of judgment calls about where direct lending ends and something that you would consider other than direct lending begins.", "duration": 11.67}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_132.wav", "text": "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.", "duration": 11.67}, {"path": "16c235a53fc719ec92ef3b3c3b371150_88.wav", "text": "Allocating cash toward debt reduction is Vistra's highest priority for capital allocation in the near term as Vistra is focused first and foremost on achieving its long-term leverage target", "duration": 11.67}, {"path": "16c235a53fc719ec92ef3b3c3b371150_216.wav", "text": "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 but it's relatively near term.", "duration": 11.67}, {"path": "976a5489fe4d30c2e1ebb237ec62398a_135.wav", "text": "of? So in Europe, we have seen significant strength in the market on the back of a very dramatic substitution growth,", "duration": 11.67}, {"path": "726bad4d5d1a6b2f62034eb8dc843450_52.wav", "text": "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", "duration": 11.67}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_234.wav", "text": "It's 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,", "duration": 11.6699375}, {"path": "8fde6a4ab2de2ba6bbd0b4196ef82454_27.wav", "text": "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.", "duration": 11.64}, {"path": "8ad0d5b5df75415c56ba590cad29489a_22.wav", "text": "For those of you who may be interested in exploring this further, we published a market update in our website on January 23 that provides our perspective on the rapidly evolving FCEV car market.", "duration": 11.64}, {"path": "0db71632fa65f1d166f14cb8593c4690_5.wav", "text": "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", "duration": 11.64}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_200.wav", "text": "And as I said, the VA continues to ramp up nicely. So we're encouraged by the access that we're getting. And now we have to work to build market share, and that's what we're going to focus on as we move forward. In terms of the", "duration": 11.64}, {"path": "22ad97a95501a08f15c06605cd277fec_95.wav", "text": "And in commercial markets, we saw modest improvement in our U.K. markets with an extremely strong quarter in Canada. U.S. municipal markets also continued to perform as expected.", "duration": 11.64}, {"path": "d28b2b09c127b5be033738aa3cd380b3_98.wav", "text": "So I know you've 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", "duration": 11.64}, {"path": "249b7b83531140105343e2a0e89150fa_107.wav", "text": "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 U.S. public company.", "duration": 11.64}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_57.wav", "text": "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.", "duration": 11.64}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_52.wav", "text": "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.", "duration": 11.64}, {"path": "8cb24daf76784487ad63780546dc4ba4_125.wav", "text": "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.", "duration": 11.64}, {"path": "e8a2a593282199ea052f788b8fead64b_43.wav", "text": "to drive long-term value for customers, shareholders and team members through innovative product development, superior quality and lean business processes.", "duration": 11.64}, {"path": "044da592acc01ff7baacb3dbf2a302a9_35.wav", "text": "all of those lead to that word-of-mouth and mounting interest as they start to hear more about the experience from the key opinion leaders. So there's been no impact we've seen, whether it's from hospital", "duration": 11.64}, {"path": "78c85dc9a16f82b09d3a2363004e658d_140.wav", "text": "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 management's opening commentary on our website at the end of the call.", "duration": 11.64}, {"path": "78c85dc9a16f82b09d3a2363004e658d_142.wav", "text": "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.", "duration": 11.64}, {"path": "1d2f3c74735a986131e7b219d9eff713_108.wav", "text": "While we have not seen signs of affordability impacting demand as of yet, we are making a conservative effort to offer more affordable options for millennial buyers in this market.", "duration": 11.64}, {"path": "54240e38051f2a3bb6a4e58fe55344cd_27.wav", "text": "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.", "duration": 11.64}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_167.wav", "text": "All of our drinks in the third quarter by September, we will finish the season. In winter, we will launch a new season.", "duration": 11.64}, {"path": "797946494c2985a20aa50823e8723c44_128.wav", "text": "driven by improvements in our cathodic protection businesses and up slightly from our previous guidance due to the margin performance on the large international field joint coating projects.", "duration": 11.64}, {"path": "a827180c08c11f2e53c6966fceaabf5b_142.wav", "text": "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", "duration": 11.64}, {"path": "cc82e791c065bdc271addf355bac274f_11.wav", "text": "increased, and this means that our customers are becoming more loyal. This also had a slight impact in anticipation costs. And with the growth of e-commerce,", "duration": 11.64}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_166.wav", "text": "And in Europe, we saw an initially relatively slow uptick in diagnosed untreated patients. But as we get to higher maturity, as we get to higher market shares of switch patients,", "duration": 11.64}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_83.wav", "text": "to people who in too many cases, particularly children living with these diseases believe that they no longer have hope. Up to 10,000 children that we estimate are living", "duration": 11.64}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_215.wav", "text": "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.", "duration": 11.64}, {"path": "11ca275b0bd65060f43ae2d28e1c489f_113.wav", "text": "It's our determination to continue growing and expanding, always extracting the most of any situation and always being a profitable investment to our shareholders.", "duration": 11.64}, {"path": "e743ddc0caabaebf5e9a6568eaef8334_100.wav", "text": "This sales improvement more than offset lower sales related to deemphasizing less profitable geographic regions and the reduction in turnaround activity due to the impact of Hurricane Harvey.", "duration": 11.64}, {"path": "655d592e9d1b1027f1824b1554d8b131_157.wav", "text": "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 snuff,", "duration": 11.64}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_2.wav", "text": "we'll 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.", "duration": 11.64}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_161.wav", "text": "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.", "duration": 11.64}, {"path": "92ac600c52fc9590be50475bd4065ae8_1.wav", "text": "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.", "duration": 11.64}, {"path": "002d12258ff802d65f79ae2eef99e4ab_21.wav", "text": "our Q4 growth was positive and in line with our historical trends. So we expect Consumer's organic growth will be back to more normal historical levels during the first quarter.", "duration": 11.64}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_55.wav", "text": "Before wrapping up my remarks, I'd like to share with you the 3 strategic objectives that we have established for the next several years as extensions of the new Marlin 2.0 paradigm.", "duration": 11.64}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_11.wav", "text": "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 for automation.", "duration": 11.64}, {"path": "550ef3fcaf67ca1df87136acfdfa9d19_171.wav", "text": "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.", "duration": 11.64}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_60.wav", "text": "Thanks, John. I'd like to thank everyone for listening today. I'm going to review the quarterly results and share a few details with regard to our business trends and then we'll take questions.", "duration": 11.64}, {"path": "1d2ff648e4a30fa5555a7ab85bf60190_114.wav", "text": "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.", "duration": 11.64}, {"path": "5664a96b7f1182d037b901d84eeb4fd6_26.wav", "text": "that will come out today. 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", "duration": 11.64}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_2.wav", "text": "Looking forward, it's the pace of change and related uncertainties that make the Connected 4 Growth transformational program particularly important.", "duration": 11.64}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_290.wav", "text": "We're seeing really some benefits behind that. But at the same time, we maintain our responsibility to look at other options where they're needed. But the", "duration": 11.64}, {"path": "3df0981a2d94ed56170b78330aa72ee9_192.wav", "text": "those who have entrusted their capital to us, to generate secure growing returns to provide for their retirements, their children's educations and all the other noble financial goals they may be pursuing.", "duration": 11.64}, {"path": "3df0981a2d94ed56170b78330aa72ee9_107.wav", "text": "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.", "duration": 11.64}, {"path": "567a41009710fa1568bb8125213bf9eb_19.wav", "text": "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.", "duration": 11.64}, {"path": "f90636acacf7a46141d37814810a6a8f_7.wav", "text": "We've slowed down work on our heavy oil project. It's something that we never recommended people to invest in our company related to that and with the low price of oil,", "duration": 11.64}, {"path": "10dfe5270a7e4216d68614041d2a9bbe_79.wav", "text": "what we continue to see is that our customers require us to move their cargo and produce oil, and that's with -- that's our part of it.", "duration": 11.64}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_86.wav", "text": "As set forth in my opening remarks, we are not sitting still. We've embarked on a number of important initiatives that we believe will make the company more productive and drive more profitable growth in the future.", "duration": 11.64}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_82.wav", "text": "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.", "duration": 11.64}, {"path": "b1da16cba24af8e472573c4c9caf17c7_121.wav", "text": "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.", "duration": 11.64}, {"path": "bbb4adabb4fce8ad4d11962c46f59a1f_81.wav", "text": "We began to develop a C1 downstream purification process for certolizumab. We demonstrated further success in reaching high and promising expression levels", "duration": 11.64}, {"path": "e78997e6a75a2243292b2b54750bb3cb_100.wav", "text": "The majority of the balance of deferred revenue associated with the Alexion collaboration will be recognized over the anticipated 3-year term of the initial research programs.", "duration": 11.64}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_78.wav", "text": "the full physical integration of the Carson and Wilmington operations, yield flexibility of between 30,000 to 40,000 barrels a day of gasoline and distillates and", "duration": 11.64}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_207.wav", "text": "based upon that range of margins and what we're doing in the business, we are very comfortable that", "duration": 11.64}, {"path": "e16c49bab0eeda53f9fd5b3d0f599149_2.wav", "text": "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.", "duration": 11.64}, {"path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_270.wav", "text": "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", "duration": 11.64}, {"path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_117.wav", "text": "We're trying to, if you will, make sure we're willing to invest this opportunity in the customer base to grow the business and the opportunities for the long term. I don't want to suggest", "duration": 11.64}, {"path": "ba5f13bb75329629d0c070c9014ff4f0_130.wav", "text": "By building on their strengths and core competencies, we will be successful in increasing our reach and creating lasting value for shareholders.", "duration": 11.64}, {"path": "da34a7b460e520db0401de3ce860187c_51.wav", "text": "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.", "duration": 11.64}, {"path": "e97d1655ebabb8403ac0449eadb48f9b_151.wav", "text": "perspective and then some of the engagements you have with OEMs? Are there -- you're taking Class 1 to Class 3, is it more concentrated in Class 3, just trying to get a sense of the mix within the", "duration": 11.64}, {"path": "8eaca8d8a419f74540f69ade8defabbd_2.wav", "text": "We've changed the fundamental composition of our business and it is clear, we've made significant progress toward transforming ourselves into a higher-margin, diversified industrial manufacturer.", "duration": 11.64}, {"path": "33ed8514914fae6825997843290fe049_70.wav", "text": "Under the terms of this agreement, STRATA will be the exclusive distributor of Nordlys systems for 3 years with an automatic extension out to a 5-year term if minimum sales targets are achieved.", "duration": 11.64}, {"path": "61a1812ea55a4d676119b4f3d7cd6c10_26.wav", "text": "But then it becomes a lot of other things. And it's a wide variety of things even within Mobile, within Ear. There is a lot of different things people are thinking about with this device. And I think", "duration": 11.64}, {"path": "7551ffae17aa39dd4ea962a43f96bf04_147.wav", "text": "There were no such true-ups in this quarter, but we would expect there to be in future quarters. We've provided a few schematics in the appendix of the slide deck that further highlight these details.", "duration": 11.64}, {"path": "433a6e203f9db93835c27ff83e86c801_101.wav", "text": "and then optimize our manufacturing footprint for what we call light assembly businesses. Most of the lead battery factories are capital intensive,", "duration": 11.64}, {"path": "8cfc2a9aace5078f22a83c782b9d41f7_146.wav", "text": "But I can tell you from first-hand 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.", "duration": 11.64}, {"path": "3d3b327645f62f252bb876e5bb4a9259_107.wav", "text": "not the best thing in the world, it's not 30%, but there's certainly a significant possibility given what's going on that they could go lower before they go up. It is a little novel that they've slowed down for the moment.", "duration": 11.64}, {"path": "130e8e56c1afa2419fd0c08708261824_27.wav", "text": "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", "duration": 11.64}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_51.wav", "text": "if you found the right drug with the right profile, it's clearly a significant opportunity. It's one of the things that's on our target list. As I said, what we do from a business development or", "duration": 11.64}, {"path": "0dec9a606303da3039d11eec4ec9bd86_41.wav", "text": "client -- risk profile client to them, then it goes through underwriting as well. So that's why I think they've done a very good job on risk. So it won't have to -- we won't have to", "duration": 11.64}, {"path": "3877b1983229ec488c6349a188bccf92_31.wav", "text": "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.", "duration": 11.64}, {"path": "7498a6630302a038bd537d192c3a44f4_146.wav", "text": "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. Please go ahead.", "duration": 11.64}, {"path": "fe3a8419e2f120643bff5e9e80190ed5_31.wav", "text": "end. Yes. I don't think we're managing a -- we're seeing crisis. I think we're being prudent in applying the reserve, we want to make sure that we have all that we need to support the strategy and the", "duration": 11.64}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_113.wav", "text": "Initial metrics show the advertising and marketing campaigns we launched in the second quarter of this year to highlight the aesthetics, performance and sustainability", "duration": 11.64}, {"path": "4311782968e936c378fdee8946cd9cca_78.wav", "text": "continues to result in year-over-year 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,", "duration": 11.64}, {"path": "b126c31149f1cadf1d891082a187d6fc_237.wav", "text": "It's 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.", "duration": 11.64}, {"path": "66b25c60d952bd002c7ab20da9248086_26.wav", "text": "So there's 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,", "duration": 11.64}, {"path": "a2ba164f019804628c07b36de47cd464_65.wav", "text": "It sounds like a great channel. Just if I could 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 looking for a", "duration": 11.64}, {"path": "ed2810b765143f8341dcc8e8c14c27f1_76.wav", "text": "Moving to franchise distribution. The platform declined low single digits during the first quarter. Tennessee's performance was impacted by significant customer inventory reductions, while Matco was up slightly.", "duration": 11.64}, {"path": "64364105b816dd0b6a029e9cd210e65b_180.wav", "text": "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", "duration": 11.64}, {"path": "a0fe48ba783b94dc7e5b0201aba7c1cb_74.wav", "text": "And that whole process, his celebrity and his ability to reach the public market so easily and for free", "duration": 11.64}, {"path": "a0fe48ba783b94dc7e5b0201aba7c1cb_119.wav", "text": "this is what's -- this is really causing a problem that maybe a quarter from now, maybe there will be that. There is nothing that way that I know right now. The one thing I have heard", "duration": 11.64}, {"path": "fb03ff65af8e5f80abd090abeaf767cf_33.wav", "text": "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.", "duration": 11.64}, {"path": "dd85c205eb4aedd5ecd5be2c37c4d1b9_32.wav", "text": "The share is up 3 percentage points year-on-year. The main driver is the inflow of large ticket jobs in the Middle East.", "duration": 11.64}, {"path": "d1c4d16bfe8ceadd0ab1356305ca749b_18.wav", "text": "Okay. Perfect. And then you mentioned earlier that blending at Buly is giving you a bit of a kind of process improvement. Can you quantify the recovery benefit there?", "duration": 11.64}, {"path": "1f142ea668261ba963d47aac6bab69dd_154.wav", "text": "So we see every opportunity to learn from the experience we're having with Alibaba and bring some of the unique items, some of the subscription opportunities for brands like belVita, for example,", "duration": 11.64}, {"path": "5b331cf4e6f62ec9a9c30a4728e36054_103.wav", "text": "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.", "duration": 11.64}, {"path": "323193895e800e72960d98dd5fb64cf5_183.wav", "text": "And next topic here, which I think will be important to follow going forward, is the foreign exchange and the dollar development.", "duration": 11.64}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_99.wav", "text": "what it clearly is signaling to us is that the distributors are adjusting their stock levels, which says that their end markets, their end customers are signaling to them a lower demand.", "duration": 11.64}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_172.wav", "text": "that is the constant challenge that we're 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.", "duration": 11.64}, {"path": "1378aabd380e63d3f89fe0e445fc8b06_1.wav", "text": "The company's actual results could differ materially from those indicated in any forward-looking statements due to many factors, the most important of which are described in the company's latest filings with the Securities and Exchange Commission,", "duration": 11.64}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_3.wav", "text": "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.", "duration": 11.64}, {"path": "712bbcab5338e07dd63dad97bb652018_183.wav", "text": "I mean, are you going to kind of look and 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 that waste oil pricing or maybe even VGO pricing.", "duration": 11.64}, {"path": "ef7e77f6a5983826d0eefe75f7832ce6_11.wav", "text": "February is historically our lowest-volume month of the year, and therefore, the effect of weather disruptions can have a magnified impact on the monthly sales growth rates.", "duration": 11.64}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_129.wav", "text": "We also introduced new electronic tools to enhance customer engagement and developed better, stronger relationships with both new and long-standing customers and vendor partners.", "duration": 11.64}, {"path": "f15a674bdbbc461872000604216ae071_98.wav", "text": "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 company's mindset", "duration": 11.64}, {"path": "4fd138e27f5f375945332eacefa15b62_96.wav", "text": "is down. I was mentioning the investments and -- but there is also a strong currency effect based on the guidance rates that we have kept.", "duration": 11.64}, {"path": "bf99037f89cd485f95f097842619a0c7_62.wav", "text": "We've looked at the number of markets that a relationship manager covers. Again there, where we've decided to reduce a certain number of markets that we were covering in the past, but where we didn't have", "duration": 11.64}, {"path": "bf99037f89cd485f95f097842619a0c7_182.wav", "text": "Great. To your second question, I think the plan -- sorry. I just want to answer the second question. I think you've seen the plan that we have that", "duration": 11.64}, {"path": "85edb0a846d9e1cfa542b893eed4a0f3_47.wav", "text": "Okay. So those will be a drag on margins in '17, but you'd expect that component of the business to see expanding margins further out as volumes pick up.", "duration": 11.64}, {"path": "365c360aff42713cef71a7d026eeeb6d_292.wav", "text": "we're very proud of that. When I referred to our high teens in new logo growth, we refer about the number of new clients that we were able to sell to", "duration": 11.64}, {"path": "7e018402f521eec8ce7a9df8cd61e144_79.wav", "text": "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.", "duration": 11.64}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_96.wav", "text": "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?", "duration": 11.64}, {"path": "726bad4d5d1a6b2f62034eb8dc843450_103.wav", "text": "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 efforts.", "duration": 11.64}, {"path": "ff59c33225941d4025bcecc8fe1a4b32_50.wav", "text": "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 company's filings with the Securities and Exchange Commission.", "duration": 11.64}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_104.wav", "text": "using advanced packaging techniques. All 5 of these approaches will require major advances in materials engineering and create huge opportunities for Applied.", "duration": 11.6399375}, {"path": "92b48b365197c65ebf545a4c9dd1200d_99.wav", "text": "increases last year in labor, and I think we're in pretty good shape going into this year given the volumes. So I would expect", "duration": 11.61}, {"path": "6e6da7f810609ce64857373f11984455_9.wav", "text": "Such market volatility drive enterprise buyers and technology and service providers to seek our advice, research and support to help them achieve their digital business objectives.", "duration": 11.61}, {"path": "6e6da7f810609ce64857373f11984455_55.wav", "text": "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", "duration": 11.61}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_47.wav", "text": "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?", "duration": 11.61}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_57.wav", "text": "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 on the street.", "duration": 11.61}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_160.wav", "text": "Last quarter, I also talked about a new quick quote application for our management liability business, where a key distribution partner can quote and issue policies entirely within the application.", "duration": 11.61}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_39.wav", "text": "And most recently the acquisition that we made in Italy that's improved our market presence and grown our product portfolio in Italy.", "duration": 11.61}, {"path": "54cde38ae040b5e2c4e1f3c85691f907_53.wav", "text": "with the rates sort of stabilizing here, do you expect to see, especially in the multi-family prepayments, stay low for a while? Or was this more of a first quarter phenomenon?", "duration": 11.61}, {"path": "14e9ab3b38cd3029b8aff693a105dbfb_118.wav", "text": "But it's 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.", "duration": 11.61}, {"path": "1f1b29266d2cede9b8f0f06ca57aae17_144.wav", "text": "and I'm 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.", "duration": 11.61}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_77.wav", "text": "more and more guaranteed future value products will lend itself towards increased penetration at the dealership levels. So I think that movement up is correct. I think it is a function of", "duration": 11.61}, {"path": "6b45877b719000e47adfd1ec118c376a_134.wav", "text": "and the performance far exceeds anything else in the province, so we think it's very worthy of our investment. And on the grocery -- conversions of the grocery stores or grocery plazas to", "duration": 11.61}, {"path": "0bd1a2daa99e7a5cfa0bf1cb0064857f_32.wav", "text": "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.", "duration": 11.61}, {"path": "9b42adffcf2518fd04e7d8df8f449e73_30.wav", "text": "where you -- or who you think you're 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", "duration": 11.61}, {"path": "67716cee321d117b0318930dd142f06a_125.wav", "text": "These companies fit our acquisition strategy of growth and specialty and high-margin products and services and all were immediately accretive to our earnings.", "duration": 11.61}, {"path": "7974a5134807f46a1484a8adf81505be_108.wav", "text": "James, do you think that reward you talk about in terms of the margin, the marginal business, is it enough to color the outlook for the net interest margin for the segment as a whole? Or is it", "duration": 11.61}, {"path": "ec0ecc8e73cce4598def6cfff6f7c598_52.wav", "text": "primarily driven by the addition of new business and operating efficiencies. Slide 7 shows the quarterly results for our 2 product segments.", "duration": 11.61}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_40.wav", "text": "is very consistent with what we expected from a growth perspective. And that, that growth was very, very broad-based across sectors", "duration": 11.61}, {"path": "f2cd7d3ddaf92ab9c64154d74b2d118a_97.wav", "text": "I think one thing that I'd like to really stress because I'm not sure that investors and analysts completely understand this is when Bill says unequivocal attack", "duration": 11.61}, {"path": "a4e84e293bde7191186ae3a7a0b34024_41.wav", "text": "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,", "duration": 11.61}, {"path": "25411ff16eb3ca72b6e736eb0fe0cafb_70.wav", "text": "the issues that we were having in Argo -- in our retail business over the last couple of years have really settled down, and so you're starting to see real contribution from that. So,", "duration": 11.61}, {"path": "8b71a232d7fe61e6232807b635977c31_12.wav", "text": "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.", "duration": 11.61}, {"path": "1b91eb82f5211000e711424657cc2484_69.wav", "text": "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", "duration": 11.61}, {"path": "a45510e526a5935c1f8d4f039149ff3b_133.wav", "text": "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.", "duration": 11.61}, {"path": "c4dc8f962a85aa47af50f82845f550e2_39.wav", "text": "very much aligned with what our customers are and certainly not any kind of order of magnitude larger. And in a weird way, we're happy to get the opportunity to prove that point.", "duration": 11.61}, {"path": "82218f543c9a546c4baa5323f250b39f_201.wav", "text": "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,", "duration": 11.61}, {"path": "66c9091ba849cdb6d64987642ced64d2_140.wav", "text": "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 handling freight as designed.", "duration": 11.61}, {"path": "cfbe91105113db7a5784f77e411b7a3f_198.wav", "text": "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", "duration": 11.61}, {"path": "e26b501c6e000fdaa11edde97cc71436_87.wav", "text": "And so the engineering work is proceeding rapidly. Probably we're more than halfway done with that as a view. And over the course of the next couple of months,", "duration": 11.61}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_306.wav", "text": "I was wondering if at this point, given that it's all being set up, you could update us as to what is the capital position of the whole IHC today, what is the total average exposure", "duration": 11.61}, {"path": "0f4370b614f29bd596e4f6871cc77864_108.wav", "text": "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?", "duration": 11.61}, {"path": "e56726c7aedd69029957c84128050700_88.wav", "text": "the point at which we can enter those markets. And their -- but the Japanese have led quality just based on their processes, we still think we can add value there.", "duration": 11.61}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_342.wav", "text": "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", "duration": 11.61}, {"path": "9c1272d9d120c5bfafd6e6b566f89b62_48.wav", "text": "I do still firmly believe that we were for that business the right fit, because we brought that whole experience of furniture to it.", "duration": 11.61}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_137.wav", "text": "We're also seeing a spread of deployment across a large number of providers as the Tier 2 players step up their expansion plans into Europe.", "duration": 11.61}, {"path": "3068d678d3331b8f0a10ea4fa92361f2_32.wav", "text": "which was the same as the second quarter of 2014. The current quarter's loss ratio was favorably impacted by the inclusion of commercial residential business and favorable prior quarter development", "duration": 11.61}, {"path": "1d2ff648e4a30fa5555a7ab85bf60190_22.wav", "text": "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 funding at some point, but we haven't seen that happen.", "duration": 11.61}, {"path": "5664a96b7f1182d037b901d84eeb4fd6_94.wav", "text": "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,", "duration": 11.61}, {"path": "6a372ea97b0b130a4d37f16b54d97909_34.wav", "text": "will grow at about the same rate or perhaps slightly faster on a year-over-year basis than it did in Q3. Therefore and consistent with last quarter,", "duration": 11.61}, {"path": "f23036451aab1cb9d659c3ac9a23825c_16.wav", "text": "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,", "duration": 11.61}, {"path": "c5c7a9f409241412b160a93cde7ef630_13.wav", "text": "In September, the Colorado legislature Joint Budget Committee authorized additional funds to allow the Department of Corrections to lease a privately owned correctional facility to relieve crowded conditions", "duration": 11.61}, {"path": "ed93b88b63d3dba4c5ed78d463a77bdd_25.wav", "text": "So bear with us as we get through this and move into the -- as we close out quarter 3, I think the discussions will have a lot more clarity to them.", "duration": 11.61}, {"path": "6ad1d7c855ceb3eb830c365e357e4510_8.wav", "text": "We are comfortable with our loan concentrations. The economy is generally strong. We're optimistic that the new tax policy will be helpful to generate growth, and we've made some improvements to the origination process, all of which", "duration": 11.61}, {"path": "7cf9ea093ccaf8fe8af51c4e00832372_26.wav", "text": "This would also naturally expand to the emerging markets in both job and ridesharing. We are in the process of product development and risk analysis,", "duration": 11.61}, {"path": "7cf9ea093ccaf8fe8af51c4e00832372_40.wav", "text": "an enhanced distribution system, utilizing selected partners who are engaged in our business throughout the cycle, along with the removal of channel conflict", "duration": 11.61}, {"path": "f7df5ecab61eca575f169a8298318eca_29.wav", "text": "During this period of time, we have seen pork prices actually come down in China, but still with continued investments", "duration": 11.61}, {"path": "ef44080b170ca6366a6d3132d0baf11a_30.wav", "text": "our movement into Corporates is just kind of a furtherance of a message that you've heard. It's kind of have been a legacy of the company, quite honestly around diversification. So once again, it's just further diversifying", "duration": 11.61}, {"path": "17f54a9938f35a4bde713fb3eb33a80e_61.wav", "text": "So what makes us different? It's our core technology ATLAS, which is our proprietary neoantigen identification platform.", "duration": 11.61}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_57.wav", "text": "Before I discuss the results of the last quarter and some of the dynamics we're anticipating in our near-term outlook, I would like to share a few thoughts about Maxim's longer-term view with you.", "duration": 11.61}, {"path": "e78997e6a75a2243292b2b54750bb3cb_166.wav", "text": "seems adept at blocking. So at least makes intuitive sense that you would try to do something to stimulate that immune response, whether that's some", "duration": 11.61}, {"path": "82131762fc1c2b2358ac3a167666ab87_29.wav", "text": "And with the credit group that we now have, we've been able to continue to split those FICO bands by attributes", "duration": 11.61}, {"path": "b43c001c5af465d220ab0b69a95202ae_122.wav", "text": "Using the framework of our National Quality Program, we are standardizing the provision of clinical care and progressively eliminating unwanted clinical variation.", "duration": 11.61}, {"path": "809e26eaacb31ffdee78d3f41a6ce90a_84.wav", "text": "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.", "duration": 11.61}, {"path": "968913c3f9111fc67f1d9956c56dec3b_160.wav", "text": "Wyndham is the first global hospitality company to offer economy and mid-scale hotel owners a means to automatically analyze millions of historical transactions and demand trends.", "duration": 11.61}, {"path": "f77935c4693e4d33252c9c76993e9c8b_82.wav", "text": "I want to make sure you guys know I'm not trying to criticize you guys, and I think you guys are trying your best. I'm saying that when I see the stock trading where it's at and then I see transactions going off", "duration": 11.61}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_10.wav", "text": "this would come out of Renova's pocket, not Sulzer's pocket. Now, I have no intention of selling the shares at a lower price and if you see where we're trading today, and hopefully where we'll be trading tomorrow, we're well in the money.", "duration": 11.61}, {"path": "915bdcf0edfec49b928ca4010cbb40ca_72.wav", "text": "The one thing that we have been consistent saying as well is that, it's likely that we will operate at higher levels of leverage than most other companies because of the stability of our business", "duration": 11.61}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_157.wav", "text": "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 didn't return", "duration": 11.61}, {"path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_224.wav", "text": "while increasing our optionality. Now I'd like to provide you updates on our Time Warner acquisition, and our goal to build the world's premier gigabit network.", "duration": 11.61}, {"path": "e00fd35e201a8607d264b803a5130c59_162.wav", "text": "This is about progressively derisking Viridor's business to the extent that signed commercial contracting approaches enable us to do so.", "duration": 11.61}, {"path": "21f21433851eb7c7f7dbc710309341bb_131.wav", "text": "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.", "duration": 11.61}, {"path": "8eaca8d8a419f74540f69ade8defabbd_148.wav", "text": "Our work is far from over to bring this business to desirable levels of performance, but AVTE backlog is now at its highest level of the year and we are well positioned to finish 2016 on a positive note.", "duration": 11.61}, {"path": "da879f8ea1c23aa6565cccaacac271fc_163.wav", "text": "will be a driver of our goal for Microbial Solutions to continue to deliver at least low double-digit organic revenue growth for the foreseeable future.", "duration": 11.61}, {"path": "189b20e7b975130ca5abd0e419e54908_54.wav", "text": "In short, we continue to be very bullish on Radiant's current position and long-term prospects, and we enjoy a number of levers to drive shareholder value.", "duration": 11.61}, {"path": "1689b94530eca82b7758c86b4cf3125f_52.wav", "text": "and new packaging options, with early results showing higher sell-in rates to faster tiers as well as decreased churn, especially from customers and competitive markets.", "duration": 11.61}, {"path": "f6ce013decc49462849265711e8c93fc_98.wav", "text": "And then second, it's just the pricing environment in Turkey versus -- with the competition as well, do you think you'll be able to make up some of the pricing after the devaluation that's happened over the last quarter?", "duration": 11.61}, {"path": "8635f950dc44da3fcad542b2c066bedf_58.wav", "text": "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.", "duration": 11.61}, {"path": "af00f4e7b63ee843a3d203f982fac701_34.wav", "text": "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.", "duration": 11.61}, {"path": "af00f4e7b63ee843a3d203f982fac701_92.wav", "text": "We still think that there's great opportunities. And not only do we think there's great opportunities, but we've built a world-class leadership team here. And by bringing a couple of people to the table that are new,", "duration": 11.61}, {"path": "01b376669d5ea40acc7fb5a87503586e_180.wav", "text": "And it comes down to -- we're certainly encouraged by the SEC to highlight and report GAAP numbers.", "duration": 11.61}, {"path": "d5fb88dba0740bc906c5127e05592f95_31.wav", "text": "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", "duration": 11.61}, {"path": "4311782968e936c378fdee8946cd9cca_107.wav", "text": "This increase was partially offset byless day of traditional campus revenue in the fourth quarter as compared to 2016, due to a shift in the timing of a residential traditional campus start date.", "duration": 11.61}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_65.wav", "text": "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.", "duration": 11.61}, {"path": "3f6641f7d8f1ab845ad4f637cfb35109_216.wav", "text": "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.", "duration": 11.61}, {"path": "794528c461ef7009b1741ac67c17aba4_101.wav", "text": "So Japan historically has been a very strong market as far as GI diseases, and I think we're realizing that. So I think -- and we're seeing real revenue come back from that market.", "duration": 11.61}, {"path": "e5e8ebcd06ca1f1d5b43b50e5d31123b_32.wav", "text": "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", "duration": 11.61}, {"path": "3412b2f7aef0615537779e312cf984c3_120.wav", "text": "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.", "duration": 11.61}, {"path": "3e42c35588dc721e96280bc039e96c8d_25.wav", "text": "Remember that revenue was much, much stronger than what we had anticipated and forecast, and so that had an impact in terms of the percent. But one of the things that we mentioned in the prepared remarks here", "duration": 11.61}, {"path": "1f142ea668261ba963d47aac6bab69dd_54.wav", "text": "I'm pleased with the progress made by our teams in reinventing our supply chain, reducing overheads and reinvesting in growth. Our strategy is working,", "duration": 11.61}, {"path": "2cd5b184c2ef6624ce219830182927c9_176.wav", "text": "We haven't built a lot into the plan. I'll tell you right now, we just have 50 megawatts. I think Jim already mentioned that 50 megawatts in this -- the numbers to date, but it's an area where we can do quite a bit more.", "duration": 11.61}, {"path": "bc1efb704df9c180935803c70a315597_44.wav", "text": "I'd have to say it hasn't been something that has been of particular note, but I wouldn't take that as either a positive or a negative. I'm just -- it's not something that we have had a lot of engagement with the regulators on,", "duration": 11.61}, {"path": "6cbf592846662213258684c3049e4592_5.wav", "text": "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.", "duration": 11.61}, {"path": "1378aabd380e63d3f89fe0e445fc8b06_56.wav", "text": "with all of our projected direct commercial sales occurring in Q3 and Q4. Also impacting our cadence is a pushout of missile fuze deliveries from the first quarter into the second quarter.", "duration": 11.61}, {"path": "1378aabd380e63d3f89fe0e445fc8b06_97.wav", "text": "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.", "duration": 11.61}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_339.wav", "text": "getting the best care providers and at the best sites for care affordably. Based on the overall performance of our business and our forward view, we've raised our outlook for adjusted earnings per share.", "duration": 11.61}, {"path": "45c2e7788c29cc5f1c183ec742511c6f_39.wav", "text": "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 10-K and subsequent SEC filings", "duration": 11.61}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_85.wav", "text": "Craig, this is Brian. They're very active and we had been very encouraging of our grocery partners to add this. It's a very low investment for us, almost none. We give a couple of parking spaces,", "duration": 11.61}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_75.wav", "text": "So what we've been working on over the last 2 years, what you've implicitly suggested, has been setting up the ability to drive value in these Kmart boxes. And", "duration": 11.61}, {"path": "538323cb37246bc97d1253b369a7414a_134.wav", "text": "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.", "duration": 11.61}, {"path": "bcb3aac2c7cc035961d9ee8cfd330044_97.wav", "text": "And so by operating outside of it, we escape what we understand many of those to be. It's not that the change will not cause us to incur any expenses, there will be some expenses,", "duration": 11.61}, {"path": "bcb3aac2c7cc035961d9ee8cfd330044_23.wav", "text": "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 there were some leverage. And if there was a fundamental change or improvement either in", "duration": 11.61}, {"path": "594b7b614804475e4ab8ab4c405ecf40_100.wav", "text": "the enterprise customers that you deal with move to software-only solution? I don't think you cited it as kind of an issue on the enterprise side, but are you seeing any traction there, then I'll jump off? So", "duration": 11.61}, {"path": "bf99037f89cd485f95f097842619a0c7_81.wav", "text": "this will then be reflected on how currencies will develop. And it's in this environment, ladies and gentlemen, that we need to guide our clients and that we need to guide our corporate and our investments.", "duration": 11.61}, {"path": "48bcc356a89059f921765f872bfe293c_107.wav", "text": "Regarding supply. We expect a weak response as a result of the consistent decline in investments that several companies have had in recent years. In addition to this", "duration": 11.61}, {"path": "3ae068efa03cd088f4d3edea682f199f_14.wav", "text": "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 we'll continue to do so.", "duration": 11.61}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_0.wav", "text": "Certain statements made during the call today constitute forward-looking statements made pursuant to and within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended.", "duration": 11.61}, {"path": "eb93e70cdf7a839a69546250fb3646fb_110.wav", "text": "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 we've been talking about,", "duration": 11.61}, {"path": "9097dcbaf554d635920c6274b1de4997_136.wav", "text": "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.", "duration": 11.61}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_121.wav", "text": "In addition to executing on our growth strategy by building commercial greatness and driving operational excellence, we're improving our balance sheet while pursuing scalable acquisitions.", "duration": 11.61}, {"path": "c2a4f7aacf0036edc5b94457c0d8329a_74.wav", "text": "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,", "duration": 11.61}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_68.wav", "text": "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,", "duration": 11.61}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_202.wav", "text": "particularly in HVAC. We remain focused on developing innovative new products and expanding our channel presence, and we are gaining share as a result.", "duration": 11.61}, {"path": "5833763223d8d85b6fcb5fe90e821c77_22.wav", "text": "This cash enables us with a great advantage -- or provides us with a great advantage to grow our core derm market without diluting shareholders.", "duration": 11.58}, {"path": "d22830e34d4f069487310864ec17789f_90.wav", "text": "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 of surcharges or other", "duration": 11.58}, {"path": "db6c253ba433d9a247219bb3f15da199_17.wav", "text": "by using cutting-edge cellular science to develop personalized therapies for repairing tissue damage and disease. ORIG3N recently reported a new round of financing", "duration": 11.58}, {"path": "214dcdc435ef3259490466447858fa56_20.wav", "text": "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.", "duration": 11.58}, {"path": "ab861b81968e1b5fcb606ed886919d68_14.wav", "text": "This market dynamic is another reason we have been moving towards other more senior-oriented investment opportunities, where we believe risk adjusted returns and overall credit protection is better.", "duration": 11.58}, {"path": "95962e0f754f9e2f786778c85d0913b8_40.wav", "text": "So for example, I don't think that 50 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?", "duration": 11.58}, {"path": "718a89dc503706eae0091bcd9410d567_168.wav", "text": "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.", "duration": 11.58}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_36.wav", "text": "on the returns on that particular franchise. So the fact that the targets have dropped, supply is going to be dropped means there's a tightening of conditions in the market between supply and demand", "duration": 11.58}, {"path": "249b7b83531140105343e2a0e89150fa_114.wav", "text": "We continue to make excellent headway in support of our strategic plan with the acquisition and seamless integration of HSBC Bermuda's Private Banking, Investment Management and Trust business", "duration": 11.58}, {"path": "7e14890193df4b10e1eeab6ab886529f_38.wav", "text": "We see a future in which we touch every person's 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.", "duration": 11.58}, {"path": "dd3166f311a5f12a25103a0295e8ac3e_64.wav", "text": "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.", "duration": 11.58}, {"path": "14f3d2486b21e639a953afb7ad03d90c_64.wav", "text": "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", "duration": 11.58}, {"path": "b34f680a9162805e0188170d6272a356_45.wav", "text": "to get their capital improvement projects out on the street. We've never seen a problem at the local level, when they pass a local measure of them getting the money out in the street within the next 6 to 9 months.", "duration": 11.58}, {"path": "91422f85dbf838639b3cb9dd9da364eb_124.wav", "text": "And they're 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,", "duration": 11.58}, {"path": "66c9091ba849cdb6d64987642ced64d2_60.wav", "text": "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", "duration": 11.58}, {"path": "39e5706898dcaf14a280b3a123877cd6_138.wav", "text": "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", "duration": 11.58}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_67.wav", "text": "Again, as a reminder, the CFIUS process approval only applies to the proposed foreign investment in UQM and has no jurisdiction", "duration": 11.58}, {"path": "a212b77ae2b2452093665a4e179ed3a3_28.wav", "text": "We continue to deliver on our commitments to customers and shareowners, and we will continue to deliver long-term value for those who invest in PPL. That concludes our prepared remarks.", "duration": 11.58}, {"path": "1b1699497be56330b3ed833f22bc63f6_100.wav", "text": "Our growth in the premium games category, which was an important factor in our first quarter's success, will continue to be a significant driver of future success.", "duration": 11.58}, {"path": "5f38ce681d4413a793d34a0650c59bf2_127.wav", "text": "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", "duration": 11.58}, {"path": "cc82e791c065bdc271addf355bac274f_82.wav", "text": "We can't do anything until we have a final outcome of the process. But as we've been gaining market share in all categories, the performance in the first half of the year is due to", "duration": 11.58}, {"path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_15.wav", "text": "As a result, he developed software on his own to further automate the workflow. These software partnerships strengthened our offerings, increased the pull-through of reagents and drive faster market adoption.", "duration": 11.58}, {"path": "1133b8984db446b9c963a09eaf0785a4_136.wav", "text": "with your existing capabilities, obviously, and offering that, creating a more commercial business entity from that with MERFs and helping your customer source and procure and", "duration": 11.58}, {"path": "e1da48985804bd3d99dffc5e33b6124b_35.wav", "text": "Any forward-looking statements that we make on this call are based on assumptions as of today and we undergo no obligations to update these statements as a result of new information or future events.", "duration": 11.58}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_26.wav", "text": "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.", "duration": 11.58}, {"path": "ebecd7e874a9b3998b70ec3200f71e89_93.wav", "text": "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", "duration": 11.58}, {"path": "9ab2e6eb9debfae2de541ba645bfd265_146.wav", "text": "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", "duration": 11.58}, {"path": "132abea68f255eb89160dde90b6d3b80_110.wav", "text": "better than your overall addressable markets, unless you're just disproportionately tied to just the European truck market. So could you talk a little bit about that?", "duration": 11.58}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_84.wav", "text": "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.", "duration": 11.58}, {"path": "da14df2e02d11f6f8599533d9d57faee_156.wav", "text": "including increased scale and cash flow generation, which will provide us with the flexibility to explore growth opportunities in this rapid changing industry.", "duration": 11.58}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_25.wav", "text": "an environment here where we can continue to gain more efficiencies. So we'll try and spend more time on this on March 8 when we have more time together. But certainly,", "duration": 11.58}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_59.wav", "text": "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,", "duration": 11.58}, {"path": "08ed60a546bd48af9db028c4e3c8af26_104.wav", "text": "Is that more of a 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?", "duration": 11.58}, {"path": "be8b554309f7632bc9ebbd967764001e_223.wav", "text": "Okay. Yes on India, I've been absolutely clear that we're deeply aware these investments are ultimately held to create value for shareholders.", "duration": 11.58}, {"path": "7bc22aba9bc29d69ee10cc60db7903d8_270.wav", "text": "when we highlighted our new accounting policy, we're 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.", "duration": 11.58}, {"path": "6c43a32379bfc34fc8cfe84ff94d6498_137.wav", "text": "We'd expect to be at the high negative 20-day range in Q4, very similar to last year. So those are kind of the dynamics, and I wouldn't expect that to really change as we go forward.", "duration": 11.58}, {"path": "b94d748876ddf8e881d4191dec45baf3_18.wav", "text": "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.", "duration": 11.58}, {"path": "2b626b620ef42f716c6028c74ee4187b_1.wav", "text": "I have to recognize that on the special tax we made no progress so far, and that's super frustrating. But even on that front, the lack of news doesn't come as a surprise for us and for you all.", "duration": 11.58}, {"path": "c5c7a9f409241412b160a93cde7ef630_134.wav", "text": "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.", "duration": 11.58}, {"path": "c3567809c19ce6a800677544cd84f88b_172.wav", "text": "A good example of this on existing brands is Johnnie Walker Platinum, where we've identified opportunities to make our cost more competitive on the gift box and bottle.", "duration": 11.58}, {"path": "10728656364812338b7417b035dae4c4_132.wav", "text": "So that's not changed. I think what you have is you have a small seasonal quarter. You have a Northern acquisition we did last year that doesn't have as much revenue coming in. You have our charter operations, which doesn't have as much coming in.", "duration": 11.58}, {"path": "f7df5ecab61eca575f169a8298318eca_113.wav", "text": "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", "duration": 11.58}, {"path": "c53611de98fe85a76580391906f68d61_20.wav", "text": "was a result of the more diversified nonbanking income fundamentals through the integration or inclusion of Orange Life Insurance and the banking sector income improvement", "duration": 11.58}, {"path": "e78997e6a75a2243292b2b54750bb3cb_75.wav", "text": "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", "duration": 11.58}, {"path": "809e26eaacb31ffdee78d3f41a6ce90a_120.wav", "text": "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", "duration": 11.58}, {"path": "5ea42ed8ea9a65bd01aaabb678685483_192.wav", "text": "As a good partner they were with us in the last, I would say, 60 years. So there's no reason that it won't work for e-commerce. It's where we are now.", "duration": 11.58}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_152.wav", "text": "what we said and what we see today is unchanged. We are in the early stages of implementing it, and we're very confident that we will be able to deliver the expectation", "duration": 11.58}, {"path": "948f025c16fce2bcb2909e610c9be557_225.wav", "text": "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", "duration": 11.58}, {"path": "948f025c16fce2bcb2909e610c9be557_255.wav", "text": "the Chinese have to pay it, and of course the friends over in India have to pay it. So it isn't a case when you're dealing with natural rubber that", "duration": 11.58}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_35.wav", "text": "And a lot of that pick up in Spain and Italy is exports, with the exports to those areas as well as seeding new growth to North Africa, and more importantly,", "duration": 11.58}, {"path": "d4b51176b605646e70b37d07a7c19599_103.wav", "text": "Great. So other than that one, are there any sort of awards in there that are more longer term in nature. Is that sort of the big one as is it sort of stretches out a few years here?", "duration": 11.58}, {"path": "e2225d612a954a24e7e91c08215d7b51_10.wav", "text": "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,", "duration": 11.58}, {"path": "cac9bb252b7974b7044423e714c2f054_114.wav", "text": "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", "duration": 11.58}, {"path": "828ec1416eb7fa95846b5137752b3ff9_13.wav", "text": "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.", "duration": 11.58}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_204.wav", "text": "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 assets over the next couple of quarters.", "duration": 11.58}, {"path": "61a1812ea55a4d676119b4f3d7cd6c10_115.wav", "text": "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.", "duration": 11.58}, {"path": "92bf6fe090b6bc565cb500b688fd9173_202.wav", "text": "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.", "duration": 11.58}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_19.wav", "text": "The reason operating profit decline was primarily due to some changes and cost allocations as a result of the strategic realignment to focus on the growth of our commercial real estate portfolio and earnings", "duration": 11.58}, {"path": "f15966ae82e18b472ad78dd961f8e5e8_159.wav", "text": "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.", "duration": 11.58}, {"path": "433a6e203f9db93835c27ff83e86c801_157.wav", "text": "sort of universally strong this quarter, looking at lead price recovery, it should be better in the third quarter than it was in the second quarter. It", "duration": 11.58}, {"path": "ab3354b86be920cde18291112bf8a70a_150.wav", "text": "Another critical fact point is the 75% of claims experience provides statistically valid information that is used in estimating our reserve assumptions.", "duration": 11.58}, {"path": "1e32d5e01ff61f70b37850c473b9876a_48.wav", "text": "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.", "duration": 11.58}, {"path": "11f02fb2db5d9fb5ff82f0374376f759_46.wav", "text": "This last quarter alone, we sold 13 assets to 12 different buyers. We have a dedicated and focused transaction team, and I'm incredibly pleased with their results.", "duration": 11.58}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_15.wav", "text": "a dairy company, a big one in Switzerland and came from there to us in marketing. From there, he moved to Caffarel as Country Manager, Caffarel, and came back to us.", "duration": 11.58}, {"path": "ea80970d6b8e6fab10c4500aa7298914_125.wav", "text": "We also saw some seasonal moderation in demand in the second quarter for natural gas-fueled trucks as higher gas price -- natural gas prices tend to peak during the heating season.", "duration": 11.58}, {"path": "09b5b62d328d3d0719b6825357fdfb48_20.wav", "text": "the -- some of the assets that we have to prove value for the rest of the assets. And so we're certainly looking across the portfolio. We've had interest across the portfolio in every good business that we operate.", "duration": 11.58}, {"path": "1862ee2f84dc77a40dde64b34f3ab94e_95.wav", "text": "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,", "duration": 11.58}, {"path": "e35fae1d3df1f7aeda409f90f200ec7b_207.wav", "text": "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 Growth organization with a much more agile approach to innovation,", "duration": 11.58}, {"path": "64364105b816dd0b6a029e9cd210e65b_282.wav", "text": "the kind of products we produce and make it available to the market relative to what's out there in the market today. So that gives you a little bit of guidance on what they will do for us and", "duration": 11.58}, {"path": "64364105b816dd0b6a029e9cd210e65b_223.wav", "text": "by December 2017. We believe this ruling will ultimately drive demand for new equipment as carriers attempt to comply with these new regulations", "duration": 11.58}, {"path": "5b331cf4e6f62ec9a9c30a4728e36054_28.wav", "text": "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,", "duration": 11.58}, {"path": "e9970d55b0ac8bddede7f337c0f94d36_45.wav", "text": "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,", "duration": 11.58}, {"path": "96488f25af54f91198b444e5eff8e878_71.wav", "text": "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.", "duration": 11.58}, {"path": "96488f25af54f91198b444e5eff8e878_1.wav", "text": "I'd like to point out that statements today which are not historical facts may be deemed forward-looking statements. Actual results may differ materially from the estimates or expectations expressed in those statements.", "duration": 11.58}, {"path": "1758a982f596e3033f062a5b9f011361_163.wav", "text": "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.", "duration": 11.58}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_336.wav", "text": "I'll 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.", "duration": 11.58}, {"path": "3c17ad8c6709cbb1a8f7190f567a445f_83.wav", "text": "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,", "duration": 11.58}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_112.wav", "text": "coverage and from a clinical success and ease of use. The product has performed as billed, but it's also -- we've had growing pains with the amount of products in the portfolio, and that's where we made our investment to address it. And now", "duration": 11.58}, {"path": "b478d2808e90233ed994884e644a3d34_48.wav", "text": "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 non-oil change services that we offer. So", "duration": 11.58}, {"path": "0807d606b6cf98da19b317b4928c3572_91.wav", "text": "Investors should be aware that any forward-looking 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.", "duration": 11.58}, {"path": "bc5018861ccb5380fbe71ad789a6d4b0_168.wav", "text": "Lending Club's 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.", "duration": 11.58}, {"path": "24a2aec67e247f9c4d4cc89d6dbab525_60.wav", "text": "I wanted them to see the immediate impact on their margins so they had intense pressure to move their prices. Some of our competitors don't have that same kind of incentive where they can", "duration": 11.58}, {"path": "b1a98885c1d81414cdc122e807760faf_155.wav", "text": "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.", "duration": 11.58}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_78.wav", "text": "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.", "duration": 11.58}, {"path": "8dd740d83ff1c7319a82eeba6047633d_139.wav", "text": "we can generally translate that into a good impact not just on the top line but on the bottom line as well. But I would say cargo is the best beneficiary of the volume growth.", "duration": 11.58}, {"path": "1bee232b4d03ce3a6f424bb7891581a2_10.wav", "text": "increase in interest expense in 2016 was primarily attributable to increased borrowings. We continue to pursue the sale of noncore assets where appropriate.", "duration": 11.58}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_7.wav", "text": "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 end-markets,", "duration": 11.58}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_94.wav", "text": "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,", "duration": 11.58}, {"path": "fd5d61fef2374d3a3c1d7818eb73b463_120.wav", "text": "tell us or could you walk us through how you're just thinking about the wheat price on average next year? The hedging policy has been", "duration": 11.5799375}, {"path": "7d2a9151826f1fbcf538ffbf85924ed2_142.wav", "text": "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 we added 2 more wells was that we think if we are correct in our thesis about the completion technique,", "duration": 11.55}, {"path": "569834a5cb8a33dfeac20dfa8e03afb3_66.wav", "text": "as stated, Noble Energy Solutions business is just a part of our overall energy platform. We see significant growth opportunities,", "duration": 11.55}, {"path": "0d631e444d1c22f0be99a69f5deaff94_72.wav", "text": "We posted our first quarter slides on the IR home page of our website at heidrick.com, and we encourage you to print them for additional context, but we won't be referring to specific page numbers during our opening comments.", "duration": 11.55}, {"path": "f3ea353a6c918bc1fd311a9cad6b9777_68.wav", "text": "which is exactly what we're seeing today with the increase in member sign-ups. Over time, our goal is to continue to increase our share of the customer's financial wallet with products like our upcoming spending account and new Mogo mortgage product.", "duration": 11.55}, {"path": "a683f40be39761f8e66786d7c0b64134_97.wav", "text": "to 0.25. It will be a significant move, but we consider that it is one of the rules of insurance company and in general of investors", "duration": 11.55}, {"path": "f0dd7e4dad969b480d0d2a70609aedba_20.wav", "text": "In line with that, as Martin alluded to earlier, we will continue to reduce our catastrophe risk budget this year as prices have declined.", "duration": 11.55}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_85.wav", "text": "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?", "duration": 11.55}, {"path": "14e9ab3b38cd3029b8aff693a105dbfb_116.wav", "text": "In parallel, potentially, we will be doing a human challenge. We could have some initial human efficacy data for our vaccine at the turn of the year.", "duration": 11.55}, {"path": "6f3e90ad68b9b074ad827efdcaf6630d_12.wav", "text": "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.", "duration": 11.55}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_247.wav", "text": "What I commit you today is that we will start a number of extra initiatives to further strengthen our ambitions and expand our long-term commitment to sustainability.", "duration": 11.55}, {"path": "223f05c0b9b116532e9af84afa76cac7_135.wav", "text": "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.", "duration": 11.55}, {"path": "65d5a09c659f6809931dc62aa7a9eaad_250.wav", "text": "in discussion with local management for a long time saying that there is absolutely no reason why press market in Germany over the long run should develop differently from what we've seen,", "duration": 11.55}, {"path": "7974a5134807f46a1484a8adf81505be_139.wav", "text": "We completed major acquisitions, made important investments in technology and continued to invest in our people and attract high-quality talent to the bank.", "duration": 11.55}, {"path": "8bbc2f54137b794265dfb01f1559868d_63.wav", "text": "As part of this, we're working very hard to create a 1 company culture, with a common understanding of values and behaviors and attributes of a high-performance team.", "duration": 11.55}, {"path": "75fa1bebed0b858c76cc7058477e40e2_70.wav", "text": "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.", "duration": 11.55}, {"path": "75fa1bebed0b858c76cc7058477e40e2_63.wav", "text": "We believe we've built a program capable of capturing additional catering business as we enter the very busy graduation season in upcoming weeks.", "duration": 11.55}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_245.wav", "text": "These more mature products can help you to some extent. They can provide you with your start-up fund. Of course, you cannot always borrow from these other products.", "duration": 11.55}, {"path": "18b396ddd443d84d12477c42e31cdf0e_10.wav", "text": "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", "duration": 11.55}, {"path": "f5ebbbfd39f9227dd73a6d31db4f6201_130.wav", "text": "can you give us your view of kind of what the acquirers have done with those assets? I mean, does it feel like they're getting their act together at all? I mean, their numbers will suggest that's not the case, but would love to get your take on what's happening?", "duration": 11.55}, {"path": "23eff4c724ee00f56319fcc47add3441_146.wav", "text": "I don't 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 I'm also wondering if material costs", "duration": 11.55}, {"path": "171fd9df333ddd814c764843ed624121_59.wav", "text": "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?", "duration": 11.55}, {"path": "e649ca4cf7eeb63f0bc30b231a94a014_46.wav", "text": "We have started a major SIM swap program already middle of this year. We have now extended it to Sun customers because we know out of our data that there are more LTE devices than", "duration": 11.55}, {"path": "1244d2b5a259c3bc73742830d60d53fc_43.wav", "text": "Venue Contract Analytics allows users to review documents in half the time, resulting in easier, more extensive reviews within time and budget constraints.", "duration": 11.55}, {"path": "f4d0f1362716be33f02690dd1a8df663_46.wav", "text": "Our diverse lineup includes energy, vitamin and protein jelly drinks that are very competitive in their respective nutrition function market segments.", "duration": 11.55}, {"path": "da14df2e02d11f6f8599533d9d57faee_153.wav", "text": "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.", "duration": 11.55}, {"path": "b2d6357f46f3a82cff6625277f9a20f6_72.wav", "text": "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", "duration": 11.55}, {"path": "7394bde65e000fbb7b528c6c65bd099d_72.wav", "text": "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.", "duration": 11.55}, {"path": "bab12f620df0f367e74acdcc467686f1_12.wav", "text": "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.", "duration": 11.55}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_128.wav", "text": "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.", "duration": 11.55}, {"path": "b092d2be33ad52beefab208355b18235_39.wav", "text": "Thank you for joining us today. If you need any additional information or have further questions, please don't hesitate to contact us. Otherwise, we look forward to speaking to you again soon. Thank you all very much.", "duration": 11.55}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_76.wav", "text": "But we're just trying to maintain our cost control, our cost where we can. And if we see something we don't think we need to spend at this point in time that's not going to benefit the business at this", "duration": 11.55}, {"path": "8fbfa6ca2fe8141fd75ae42fd998149f_66.wav", "text": "is around 10%. It's 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.", "duration": 11.55}, {"path": "08ed60a546bd48af9db028c4e3c8af26_53.wav", "text": "a lot greater than they were just a couple of years ago. As to the process of forecasting, I'd simply say that", "duration": 11.55}, {"path": "0360a780927a31fb0bec9e79dac878a2_47.wav", "text": "The franchisees will receive their initial training at our award-winning training center here in Atlanta and they will receive ongoing training at their home location.", "duration": 11.55}, {"path": "8a77ceadd7e4729abc9102d38be3a227_136.wav", "text": "again, that would be continuing to invest in our corporate advisory platforms, in our centrally managed platforms. Things that are going to attract more assets to places where we create more value,", "duration": 11.55}, {"path": "9b93af1e7019959620214c387f283d8e_135.wav", "text": "This is a little lower than we were planning, but there were a number of deals that are very close and have taken just a little longer than we expected to close. So we're aiming for a good bump in new signings before the end of the year.", "duration": 11.55}, {"path": "b305bff75f28d238f0bd7da5bd4f13b8_221.wav", "text": "We've seen an unprecedented high number of preorders at UHA. We also have seen in the following launch events in all the different countries we are selling in", "duration": 11.55}, {"path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_348.wav", "text": "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.", "duration": 11.55}, {"path": "b94d748876ddf8e881d4191dec45baf3_159.wav", "text": "We talked publicly in prior discussions with you about how, even when you're training employees, you're pulling other employees off the line to help train and mentor them. So consequently, you get the benefit of those folks who are turning to the lines, so across the board,", "duration": 11.55}, {"path": "02deeb29574f1571812a11f66bb8fda1_113.wav", "text": "overall margin potential with what we're doing in the rest of the business. So when I think about our execution and our positioning for any kind of improvement, we're in a good spot.", "duration": 11.55}, {"path": "c5c7a9f409241412b160a93cde7ef630_167.wav", "text": "While this process plays out over the balance of the year and into 2018, the average daily prison populations for the Marshals Service are expected to continue to gradually increase.", "duration": 11.55}, {"path": "974a2d744cd3d9acf42d74816de91f7f_56.wav", "text": "In addition, as automotive industry innovation continues to advance with increasing focus on autonomous driving and higher performance electric vehicles,", "duration": 11.55}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_79.wav", "text": "As we've 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 in the international part of our business.", "duration": 11.55}, {"path": "58d5f604300a30c0c5bd9aa57d207478_48.wav", "text": "So do you have any specific plans to in-license a product or acquire a company? I don't think I said acquiring a company.", "duration": 11.55}, {"path": "bb2ca5b87982b2388d82cd64a73f08cf_1.wav", "text": "As you know, we have entered into an acquisition agreement with an affiliate of Centre Lane Partners, LLC to divest our Vitamin World business and certain other assets.", "duration": 11.55}, {"path": "968913c3f9111fc67f1d9956c56dec3b_170.wav", "text": "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.", "duration": 11.55}, {"path": "9aeced6a84c2436e62dd21d1441d0bb4_11.wav", "text": "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.", "duration": 11.55}, {"path": "f875d701e5a9dd5ab745c8380c02cc3a_70.wav", "text": "pivotal trial in 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,", "duration": 11.55}, {"path": "da879f8ea1c23aa6565cccaacac271fc_301.wav", "text": "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", "duration": 11.55}, {"path": "92bf6fe090b6bc565cb500b688fd9173_12.wav", "text": "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.", "duration": 11.55}, {"path": "416ebb7a4160f7cd2f98361cbd1cb769_52.wav", "text": "Please note that today's 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.", "duration": 11.55}, {"path": "7cc11de7f206c637e6293da0d956405e_193.wav", "text": "driven almost entirely by net inflows, providing additional evidence of our ability to succeed in the investor segment just as we begin the full-court press of our brand and marketing efforts.", "duration": 11.55}, {"path": "8cfc2a9aace5078f22a83c782b9d41f7_116.wav", "text": "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", "duration": 11.55}, {"path": "8cfc2a9aace5078f22a83c782b9d41f7_78.wav", "text": "stock inflow like commercial. What percentage of the production you do is sourced from China or Asia versus what's done in Mexico or on the continent?", "duration": 11.55}, {"path": "757695924b5e43c7d44e29dc141cc035_125.wav", "text": "Recall that these are 2 mega power projects owned by the state-owned South African utility Eskom, power projects that have unfortunately seen continual delays through their life cycle.", "duration": 11.55}, {"path": "0dec9a606303da3039d11eec4ec9bd86_236.wav", "text": "fairly limited to the area, but it's done well. And I think we're always looking at ways to expand it if that opportunity presents itself. And so we're very open to doing that.", "duration": 11.55}, {"path": "c20824ea6f927fe380f48a904cf4821b_45.wav", "text": "The company's non-GAAP EPS and adjusted EBITDA will be reviewed on this call and excludes certain expenses that the company's management does not believe are indicative of the company's core operating business results.", "duration": 11.55}, {"path": "e33785a294553de2a12d4463bf786744_221.wav", "text": "excellent customer service and our taking the Lead productivity projects. Some examples of what we're doing right now include piloting new third-party routing software in China,", "duration": 11.55}, {"path": "d74cec1fb73e1b1134bfa7152762ad80_124.wav", "text": "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", "duration": 11.55}, {"path": "0fa398ef99a7a936fc1e509dacaaadde_85.wav", "text": "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. We're innovating at light speed, in my view.", "duration": 11.55}, {"path": "99f2d58a7b9ce1e9fec57ce20494a0c6_24.wav", "text": "In the fourth quarter, Blue Mountain's operational performance was strong. Operating margins improved considerably from prior quarters and exceeded the midpoint of our fourth quarter guidance.", "duration": 11.55}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_165.wav", "text": "guide us a little bit better on that, it will be gratefully appreciated. Yes. It's fair to say that we will walk back to more of a normalized rate next year. We will see the", "duration": 11.55}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_146.wav", "text": "the global retail in that model plays definitely a big role. Now I get to the markets quickly and here you see", "duration": 11.55}, {"path": "1862ee2f84dc77a40dde64b34f3ab94e_27.wav", "text": "And I want to say thank you to all the 7,000 -- actually, 7,100 employees who have been on the journey with me and a lot of my colleagues.", "duration": 11.55}, {"path": "b0d88c0f1efca89ecb928172341dc75d_269.wav", "text": "And that is what we've got to correct with exactly the things you're talking about, which is a return to superior execution on the 3 key leadership brands that we talked about today. It means not", "duration": 11.55}, {"path": "72b117fb1330bda9f954a219bb5a675e_127.wav", "text": "Integration efforts remain on track, as evidenced by the strong performance in the first half of the year. We're benefiting from the larger integrated neurosurgery organization.", "duration": 11.55}, {"path": "b08d602a938cc263402d9d2db56f2490_82.wav", "text": "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?", "duration": 11.55}, {"path": "9fb4423a70358ef22be9982299969f7a_159.wav", "text": "that's kind of what's baked into the guidance that we provided. So it's fully baked into the guidance. And I think what you see when you look at our sequential incremental margins", "duration": 11.55}, {"path": "2cd5b184c2ef6624ce219830182927c9_258.wav", "text": "Beyond that though, I can say that we have a portfolio of projects that we're working on the transmission side that we feel very optimistic about, and we think can add significantly", "duration": 11.55}, {"path": "c334e290beb657ee3efcb6b2f734c81e_3.wav", "text": "Then I'll 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.", "duration": 11.55}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_92.wav", "text": "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", "duration": 11.55}, {"path": "902872913863de98d38e2936b846cf66_6.wav", "text": "Private demand continues to recover across most of our footprint with key states, such as California and Virginia, showing renewed momentum.", "duration": 11.55}, {"path": "1758a982f596e3033f062a5b9f011361_77.wav", "text": "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,", "duration": 11.55}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_59.wav", "text": "as we said in our prepared remarks, we believe that there is opportunity to the upside for us to see someone coming here and be active in an area that Devon is not and was not going to be active.", "duration": 11.55}, {"path": "3c17ad8c6709cbb1a8f7190f567a445f_7.wav", "text": "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.", "duration": 11.55}, {"path": "411bdacf05f84134fc80b874a15cf3b7_180.wav", "text": "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.", "duration": 11.55}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_212.wav", "text": "The -- I appreciate the question. And yes, that's something at the beginning of the year, we were banking on getting both of those positive decisions and both of those positive decisions", "duration": 11.55}, {"path": "712bbcab5338e07dd63dad97bb652018_137.wav", "text": "it's 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 we're focused in driving to an internal number.", "duration": 11.55}, {"path": "eed99fefac02f862b3ee31c4748cb9b5_75.wav", "text": "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.", "duration": 11.55}, {"path": "bc5018861ccb5380fbe71ad789a6d4b0_95.wav", "text": "We expanded the retail channel further this quarter with a new relationship with Millennium Trust and its technology-enabled trust solutions that will allow us to broaden our access to retail investors and advisers.", "duration": 11.55}, {"path": "629c0a83b1f68ad1a696546500a2f3ff_91.wav", "text": "Sure. I think the visibility is 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", "duration": 11.55}, {"path": "b1a98885c1d81414cdc122e807760faf_59.wav", "text": "There is arguably no bigger area of unmet medical need than diseases of the nervous system, and I believe Biogen has a tremendous competitive advantage to be the leader in this space.", "duration": 11.55}, {"path": "76b892bf017891d7028256847747227c_149.wav", "text": "we used -- or the global principal group used are typical and serve as an excellent example of how our distressed oriented investment teams do their work.", "duration": 11.55}, {"path": "0b7afb66a39a4c81151309bacc830c60_94.wav", "text": "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.", "duration": 11.55}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_108.wav", "text": "like dynamics in the marketplace because we think we're decent at and getting much better at adjusting our pricing appropriately to get our fair share.", "duration": 11.55}, {"path": "7274a7a5fa848e641ba98fce556e26a1_72.wav", "text": "We've 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.", "duration": 11.5499375}, {"path": "d162113e3aface010baec17bd408736b_165.wav", "text": "historically, that has been the case, to overtake growth of the other 2 drivers in the industry. So", "duration": 11.52}, {"path": "8ad0d5b5df75415c56ba590cad29489a_226.wav", "text": "simple as 500 commercial trucks being deployed in Shanghai, all using the same converters and the same stacks and the same modules", "duration": 11.52}, {"path": "9d8c8f4a41008455665fd243ed99b642_152.wav", "text": "There's nobody that comes near our coverage, having so many parts of Europe, there is nobody else. We said 6 months ago the opportunities were there.", "duration": 11.52}, {"path": "13aa6c0669adb5544a0d62beef677189_23.wav", "text": "funding that we are putting into the joint venture, it's going to be a very well-financed business and with all of the capacity and capability to do what it needs to do", "duration": 11.52}, {"path": "0db71632fa65f1d166f14cb8593c4690_74.wav", "text": "when you decide that this volume goes into the market 6 months afterwards, because you have to reconnect the plant, you have to hire new people.", "duration": 11.52}, {"path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_16.wav", "text": "increase customer satisfaction, lower churn and decrease their operating expenses all by applying the insights that our cloud analytics deliver.", "duration": 11.52}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_166.wav", "text": "and it remains to be seen. And as I said, I don't 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", "duration": 11.52}, {"path": "3557b21a45c35e71e82cc43b19977855_145.wav", "text": "some of that obviously was resin. So that can give you some directional thought to that. But I've also got to add that, that is not all pure price. Some of that is simply price procurement", "duration": 11.52}, {"path": "95962e0f754f9e2f786778c85d0913b8_119.wav", "text": "there has been various activities that we have engaged upon in terms of the post integration, and we do believe that a lot of that has been completed successfully. So under the current business model, we do have", "duration": 11.52}, {"path": "223f05c0b9b116532e9af84afa76cac7_32.wav", "text": "looking forward to the evolution of that. I think from the standpoint of market liquidity, it will help liquidity after there is an initial,", "duration": 11.52}, {"path": "249b7b83531140105343e2a0e89150fa_93.wav", "text": "we're always going to have a lot of deposits that we're going to have to invest elsewhere. And we're not interested in going outside of our home markets to find loans. I think that doesn't usually end well.", "duration": 11.52}, {"path": "55d05334bdde612eb9dd102bb41d216e_8.wav", "text": "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.", "duration": 11.52}, {"path": "65d5a09c659f6809931dc62aa7a9eaad_104.wav", "text": "much convinced that this will be very well received by the customers given the trend that we see towards fresher product,", "duration": 11.52}, {"path": "8cb24daf76784487ad63780546dc4ba4_47.wav", "text": "productivity is our central focus rather than adding sheer numbers. So I would expect -- I don't have an expectation, and we don't have an expectation that, that number will shoot north dramatically at any time in the near future.", "duration": 11.52}, {"path": "25411ff16eb3ca72b6e736eb0fe0cafb_38.wav", "text": "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.", "duration": 11.52}, {"path": "1f686a09cf3566a34f04f39fde02460e_112.wav", "text": "we were correctly informed that the moment that the expiry date was there, that they had not the intention to exercise. And so I think both parties", "duration": 11.52}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_172.wav", "text": "how would you allocate resources between new products and existing product? Have you already identified some potential products?", "duration": 11.52}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_125.wav", "text": "Right now, there isn't enough connection between the microfilm and the product. However, if you spend the same amount of money on below the line,", "duration": 11.52}, {"path": "2fc915b996c687200d995736980aae9a_63.wav", "text": "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 the country's colors off the field.", "duration": 11.52}, {"path": "8292bdb9af87f10627c044f3842b2c76_195.wav", "text": "We've certainly taken advantage of this in building our business and will continue to allocate large amounts of capital to our business going forward.", "duration": 11.52}, {"path": "a0006b7891ead9bdb76273f555b6f1c8_6.wav", "text": "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,", "duration": 11.52}, {"path": "4032bfdd59881fc6506c082737cb5a99_138.wav", "text": "I don't 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. We're in various stages of discussions with acquisitions. So it's an important part of our", "duration": 11.52}, {"path": "4032bfdd59881fc6506c082737cb5a99_150.wav", "text": "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.", "duration": 11.52}, {"path": "8957425799e5ce0200bfacf204d0acde_85.wav", "text": "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.", "duration": 11.52}, {"path": "1133b8984db446b9c963a09eaf0785a4_15.wav", "text": "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.", "duration": 11.52}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_87.wav", "text": "we will continue to monitor the impact of any future developments to Applied, supply chain, customers and take any actions that are needed to mitigate impact to Applied and our customers.", "duration": 11.52}, {"path": "171fd9df333ddd814c764843ed624121_11.wav", "text": "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 follow-through and commitment by the respective teams to do what they said they would.", "duration": 11.52}, {"path": "2b87d263eaf2464f275a48fa005b16c7_84.wav", "text": "by the service mix changes, by short-term 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.", "duration": 11.52}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_114.wav", "text": "We now have the GalXC proof of concept data and necessary capital resources to fully execute our strategy to develop RNAi therapies for patients with unmet medical needs.", "duration": 11.52}, {"path": "baf97ac5f6cc21f1387a53f2755e60d7_75.wav", "text": "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?", "duration": 11.52}, {"path": "f4d0f1362716be33f02690dd1a8df663_125.wav", "text": "Elsewhere in Asia, as previously noted, sales of HI-CHEW in Indonesia were weak as we have not been able to gain wider product recognition.", "duration": 11.52}, {"path": "30710391b8ab4cb549180602d31d4f4a_52.wav", "text": "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.", "duration": 11.52}, {"path": "4e04d3229b988f1db5b842ac5b993894_19.wav", "text": "You see that in the numbers that we've 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.", "duration": 11.52}, {"path": "b96165244f010b3f1e61cbbc5e504d96_183.wav", "text": "And what's interesting for me, too, is I'm not hearing my own organization complaining about volumes out in the marketplace as a reason why they can't attain or drive past the goals that we've set.", "duration": 11.52}, {"path": "ea97a179f1be386d6cd36637ae70a1fc_1.wav", "text": "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", "duration": 11.52}, {"path": "3aba3f0bef57d2f71dcc573a0fb198ed_150.wav", "text": "our adjusted EBITDA margins does reflect the investments we have made in growth, both on an inorganic and organic basis.", "duration": 11.52}, {"path": "49a78c1ec143d9ac46e893e77198c0e3_94.wav", "text": "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,", "duration": 11.52}, {"path": "a001f4c808bdc9a395ee7d3f9288fc50_105.wav", "text": "comp in fourth quarter by a -- negatively by about a point? And is that the thought process as well for the first quarter?", "duration": 11.52}, {"path": "c1d916407f390d20e9d8f9b453e22435_3.wav", "text": "Of note, some of these savings were temporarily offset by expected inefficiencies as the final volumes from that plant were transitioned to other sites.", "duration": 11.52}, {"path": "5664a96b7f1182d037b901d84eeb4fd6_116.wav", "text": "And we continue to invest in the business over the period in terms of marketing, product and talent, positioning ourselves very well for further growth going forward.", "duration": 11.52}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_56.wav", "text": "of your portfolio. So you take, for example, ice cream as one, we were very much in the bulk segment in retail, and we've really worked hard over the last 4 or 5 years", "duration": 11.52}, {"path": "9b93af1e7019959620214c387f283d8e_40.wav", "text": "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 long-term perspective, and we know that's not easy. So we really appreciate you,", "duration": 11.52}, {"path": "6d97c63e754383663561baada77c7354_19.wav", "text": "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.", "duration": 11.52}, {"path": "7aeefd3f7f36ea98354844517c1f012d_109.wav", "text": "Overall, we had a mixed performance during the third quarter. Although we achieved strong growth on the top line, our growth in adjusted EBITDA was more modest as we continued to experience margin pressures", "duration": 11.52}, {"path": "c5c7a9f409241412b160a93cde7ef630_28.wav", "text": "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.", "duration": 11.52}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_93.wav", "text": "Four, we're proud to deliver a third place experience that inspires and fosters human connection that is relevant to the Chinese consumer aspirations.", "duration": 11.52}, {"path": "ea60900258f99d1003ab247c506e42d9_27.wav", "text": "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.", "duration": 11.52}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_183.wav", "text": "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.", "duration": 11.52}, {"path": "b1da16cba24af8e472573c4c9caf17c7_179.wav", "text": "As expected, our group segment was challenged this quarter, largely driven by the lack of citywide activity and Easter shifting to March.", "duration": 11.52}, {"path": "53889f50eda8b316a01a3df89d226e7f_96.wav", "text": "We are also grateful to our customers for believing in National MI and our shareholders and business partners for supporting us since our founding.", "duration": 11.52}, {"path": "e78997e6a75a2243292b2b54750bb3cb_107.wav", "text": "maturing and evolving rapidly and really nicely. And when we were first exploring the Alexion and Lilly collaborations in early talks with those companies,", "duration": 11.52}, {"path": "948f025c16fce2bcb2909e610c9be557_204.wav", "text": "I 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", "duration": 11.52}, {"path": "9b697782ea80be97854f35d6fc62c93a_143.wav", "text": "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.", "duration": 11.52}, {"path": "74d0910b4af16f82a812bddbb151d966_7.wav", "text": "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", "duration": 11.52}, {"path": "8d9efef3c305ec549fb15daa27107c83_56.wav", "text": "We expect to hear sometime in the 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", "duration": 11.52}, {"path": "059024560d9d1039cf08746ee7393114_93.wav", "text": "As for the first quarter, we are pleased to report that programs put in place to improve revenue trends are beginning to show positive results.", "duration": 11.52}, {"path": "059024560d9d1039cf08746ee7393114_152.wav", "text": "sporting events and 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.", "duration": 11.52}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_184.wav", "text": "Right. You used to give us a number of accounts and then it seemed like it sort of flatlined a little bit. But given some of these recent initiatives, it would seem like that could have accelerated", "duration": 11.52}, {"path": "b24e0b37987585f3c63f28df67e6a1f6_74.wav", "text": "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", "duration": 11.52}, {"path": "b24e0b37987585f3c63f28df67e6a1f6_50.wav", "text": "I'll begin in a 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,", "duration": 11.52}, {"path": "a009c5f14d4d0bb5ca875164cffbd6ab_59.wav", "text": "Obviously, when you're thinking about how much of your expandable income you're 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", "duration": 11.52}, {"path": "757695924b5e43c7d44e29dc141cc035_199.wav", "text": "our EBITDA and cash flows are concentrated in Q4. Based on this and with a focus to pay down short-term debt in Q4, we expect to be back within our target range by the end of the year.", "duration": 11.52}, {"path": "f542ab325f47ed150e28888da2f85871_13.wav", "text": "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.", "duration": 11.52}, {"path": "c20824ea6f927fe380f48a904cf4821b_51.wav", "text": "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.", "duration": 11.52}, {"path": "e33785a294553de2a12d4463bf786744_174.wav", "text": "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 that's particularly important to us.", "duration": 11.52}, {"path": "e33785a294553de2a12d4463bf786744_204.wav", "text": "We are about carefully evaluating the risk of investment -- investing and making sure we have good returns for our shareholders.", "duration": 11.52}, {"path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_226.wav", "text": "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.", "duration": 11.52}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_47.wav", "text": "It's important to note that while we've been able to move fast on our streamlining efforts, it's been far from easy. We've seen short-term effects in our international results, largely due to the magnitude of change.", "duration": 11.52}, {"path": "7e2ebcd981f5b5ecb18c04906f87d768_37.wav", "text": "And now we're in the stage where we're 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.", "duration": 11.52}, {"path": "fe80c1056f21701e41cf3489c450f5ae_45.wav", "text": "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,", "duration": 11.52}, {"path": "ab29ac574f423764c40f2d2eec696623_76.wav", "text": "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 don't expect this to have a major impact.", "duration": 11.52}, {"path": "799c15a4a6e9e3c86374761fec31c00a_94.wav", "text": "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 you've probably heard in the industry.", "duration": 11.52}, {"path": "838af8ffae77ce8ff59c77b1985f8fc5_17.wav", "text": "we don't plan on drilling full density down there yet until we finish building out the upsized midstream that's going to be required. But we will have more well results towards the end of this year and the beginning of next year.", "duration": 11.52}, {"path": "078b27aa69b10aa01f2eab2aa681bdd8_12.wav", "text": "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.", "duration": 11.52}, {"path": "b126c31149f1cadf1d891082a187d6fc_147.wav", "text": "We also realized expense leverage in supplies stemming from continued supply chain initiatives, including patient pharma and medical supplies.", "duration": 11.52}, {"path": "bfb0fac9575cd0820a660f2577199468_70.wav", "text": "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", "duration": 11.52}, {"path": "a9ff9f85f03afdd2d13b76e14060b31d_191.wav", "text": "which is a substantial platform, when you plank it toward this space. That's a part of this cloud, right? These things we don't have to build new. We will leverage the fact that we've got", "duration": 11.52}, {"path": "64364105b816dd0b6a029e9cd210e65b_309.wav", "text": "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.", "duration": 11.52}, {"path": "e0555e30370c43189a1136fb7ef17d20_176.wav", "text": "as it relates to sort of the margins in the segment 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.", "duration": 11.52}, {"path": "2cd5b184c2ef6624ce219830182927c9_62.wav", "text": "We continue to progress a project we call Connect New York. This is an underground DC line essentially from Utica through the congestion points", "duration": 11.52}, {"path": "2cd5b184c2ef6624ce219830182927c9_280.wav", "text": "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", "duration": 11.52}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_226.wav", "text": "what we are deliberately doing is making sure that we hedge against both sides of the equation. So where we have been actively doing development work into the narrowbody side of the business", "duration": 11.52}, {"path": "0f8a61f667edd9a400d7abe2a7908a9e_136.wav", "text": "there are a couple of chemotherapeutic drugs that are in common usage in animals that they have developed, and we're in the process of getting them approved. Our Spanish company", "duration": 11.52}, {"path": "19714a7d42d471e3bb7f7e1f18c8fe9b_43.wav", "text": "there should be a fair amount of mom -- whether it's a mom-and-pops or whoever it is, who are currently in a lot of trouble that may not make it to '19. Do you think that's a fair statement?", "duration": 11.52}, {"path": "f88c5f000050c9f72aa383f71d97ffe7_118.wav", "text": "we think we're just in a little bit of a high level on some construction projects. And then it'll start to get back to a normal level. Okay. Generally big picture, that you feel good about", "duration": 11.52}, {"path": "f268a8174f58c93ad6b45b7f151fe896_251.wav", "text": "Ravi, we definitely believe that blockchain represents a significant opportunity in the custodial control and chain of control for supply chain shipments. We were", "duration": 11.52}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_137.wav", "text": "and what that overall impact is. So that's really it. It's really just how we think about the business. And the other thing I would highlight for you is", "duration": 11.52}, {"path": "ee824d23bd881a3dc5ee8be881b7d18b_20.wav", "text": "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?", "duration": 11.52}, {"path": "f15a674bdbbc461872000604216ae071_58.wav", "text": "I think it's important to say that Klabin has been increasing strategically the safety strategy. Think about -- security,", "duration": 11.52}, {"path": "0807d606b6cf98da19b317b4928c3572_55.wav", "text": "So the phones are practically never obsolete. We do have features that are added from time to time in the phone, but it's all done with firmware. So", "duration": 11.52}, {"path": "4fd138e27f5f375945332eacefa15b62_198.wav", "text": "we have provided supplemental non-IFRS financial information. For understanding of the differences between the two, please see the reconciliation tables included in our press release.", "duration": 11.52}, {"path": "4fd138e27f5f375945332eacefa15b62_8.wav", "text": "the fact that the quarter, on the top line, could have been better selling in the past would we have focused only on that, and we are preparing the future from that standpoint, as it", "duration": 11.52}, {"path": "b49c3cda0bcd26bab06abdd492274a3e_68.wav", "text": "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,", "duration": 11.52}, {"path": "a85c54c77dd2524eedab1287ea3ceff4_61.wav", "text": "what I've 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", "duration": 11.52}, {"path": "76b892bf017891d7028256847747227c_59.wav", "text": "And third, the ability to access the capital markets by opportunistically tapping debt for low-cost acquisition financing, refinancings and distributions.", "duration": 11.52}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_24.wav", "text": "Third, we are focusing our capital investment over the next 12 months on remodeling approximately 30 stores to support our product presentation strategy.", "duration": 11.52}, {"path": "9cd9b67e289e807d677aabc5765fec6a_157.wav", "text": "I'd 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 we've made in just 12 months,", "duration": 11.52}, {"path": "eb93e70cdf7a839a69546250fb3646fb_120.wav", "text": "We expect the full year return on capital spread to be negative 20 basis points. I'll turn now to Page 7 and discuss some key trends that we saw in the business segments during the quarter.", "duration": 11.52}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_169.wav", "text": "passing 2 million shifts without a fatality, TauTona marked more than a year without a fatality, which I'm happy to say is a feat that a number of our operations now can also claim.", "duration": 11.52}, {"path": "a98061f951c1b2c7a915e296098bc4de_0.wav", "text": "Good morning. My name is Jackie, and I will be your conference operator today.", "duration": 11.52}, {"path": "16c235a53fc719ec92ef3b3c3b371150_71.wav", "text": "in terms of the other markets that are adjacent to New York and whether there's other opportunities. So we haven't made any decisions around Independence, and we don't feel compelled to do that. It would have to be", "duration": 11.52}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_30.wav", "text": "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.", "duration": 11.52}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_133.wav", "text": "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.", "duration": 11.52}, {"path": "523cf294ec146d5411972168b1c10f09_112.wav", "text": "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", "duration": 11.52}, {"path": "a4d3f12bcd4bd2b79c885714ce84ab4f_43.wav", "text": "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.", "duration": 11.52}, {"path": "3a1ba1b79a8a016390f98ab3ffe71340_128.wav", "text": "Consistent with our goal of being a multiproduct, profitable company, we project 2018 will be our third consecutive year of pro forma operating profitability,", "duration": 11.52}, {"path": "ec9a5ef8abdaa14007f86d64e2cf49c1_77.wav", "text": "Adjusted EBITDA excludes depreciation, interest income and expense as well as income taxes in addition to the exclusions for adjusted income from continuing operations.", "duration": 11.5199375}, {"path": "d162113e3aface010baec17bd408736b_92.wav", "text": "the mobile Internet devices as such are not the highest margin products. That's a highly competitive world. So", "duration": 11.49}, {"path": "e23e3aabab4b12e359bc92a480c2d294_60.wav", "text": "Following the formal portion of the call, we will be pleased to take your question. For your information, this call is being recorded, and a replay will be made available shortly after the call.", "duration": 11.49}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_209.wav", "text": "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 L-PIC solutions.", "duration": 11.49}, {"path": "6388da88b00ebc88af59435bdac74132_85.wav", "text": "Scaling our funds will not only drive FRE growth, it also improves our ability to invest in both target investment capabilities and critical growth areas, like Global Credit.", "duration": 11.49}, {"path": "a93681c92a0b9c04743f541a54b180c7_126.wav", "text": "In April, I believe it was the 7th, we showed it to our employees and we shared it together, and it was a way of encouraging our people to change with speed.", "duration": 11.49}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_167.wav", "text": "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", "duration": 11.49}, {"path": "14e9ab3b38cd3029b8aff693a105dbfb_35.wav", "text": "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", "duration": 11.49}, {"path": "80bbfd75ab074e9faf2d1b31118f1cfc_134.wav", "text": "financial condition and business prospects. Although such statements are based on our own information and information from other sources we believe to be reliable,", "duration": 11.49}, {"path": "abd0f750609f1263b566f0c09b981a16_151.wav", "text": "Our portfolio, as you can imagine, has matured, and it provides fewer examples or opportunities for that type of", "duration": 11.49}, {"path": "264e575b73bc2a485bee416c1ac10cee_151.wav", "text": "will change? Yes. 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", "duration": 11.49}, {"path": "a6f6cb3405d8a18e23d133aa8f4f6390_129.wav", "text": "But is the pricing very different for those kind of contracts because competitors say that it's down for the general market? So even if you had much better margins on", "duration": 11.49}, {"path": "570faeed3dcfa26c6246dc42309025ad_2.wav", "text": "In both these regions, we're very pleased with what we feel is a positive performance on same-store volume, particularly being faced with challenging conditions such as the heavy rainfall on the West Coast", "duration": 11.49}, {"path": "1b91eb82f5211000e711424657cc2484_319.wav", "text": "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", "duration": 11.49}, {"path": "54240e38051f2a3bb6a4e58fe55344cd_81.wav", "text": "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.", "duration": 11.49}, {"path": "d085781ecd776da8a9c4d31ad547606b_83.wav", "text": "Just as we had explained to the market, current regulations in Colombia in terms of risk-weighting is very severe and thus demands far more capital than required.", "duration": 11.49}, {"path": "d085781ecd776da8a9c4d31ad547606b_272.wav", "text": "as well as from your cost of risk line. Net-net, 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.", "duration": 11.49}, {"path": "1f686a09cf3566a34f04f39fde02460e_150.wav", "text": "going back to the points made earlier about your improving financial flexibility, I know you gave some sort of guidance around your debt rating capability in the past when we were discussing", "duration": 11.49}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_158.wav", "text": "Looking at that number alone, you may feel a bit nervous. However, we put more focus on the sell-through number, the actual sales at retail.", "duration": 11.49}, {"path": "f5ebbbfd39f9227dd73a6d31db4f6201_154.wav", "text": "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.", "duration": 11.49}, {"path": "5308c910fb34c8291b372e7a94521e9b_140.wav", "text": "We continue to streamline key productivity tools, such as Electronic Time Capture, which provide us with important data in order to make better productivity decisions.", "duration": 11.49}, {"path": "1b1699497be56330b3ed833f22bc63f6_156.wav", "text": "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.", "duration": 11.49}, {"path": "8b2314627d54755a15c55244bb862225_116.wav", "text": "I think that we would -- 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.", "duration": 11.49}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_221.wav", "text": "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 we're seeing in this study. Jay, Jeff, anything to add?", "duration": 11.49}, {"path": "73ba4ff250b62745e03880e75b9a1581_3.wav", "text": "This achievement is one 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.", "duration": 11.49}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_82.wav", "text": "put on the page the word illustrative. We don't want to speculate at all around where the numbers are going to be set.", "duration": 11.49}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_220.wav", "text": "and we're going to be very focused on that metric. We've 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 -- we're not disclosing,", "duration": 11.49}, {"path": "1244d2b5a259c3bc73742830d60d53fc_45.wav", "text": "Going forward, building on our industry-leading regulatory software, we are looking to expand the platform, targeting a single solution to address clients' global regulatory requirements.", "duration": 11.49}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_129.wav", "text": "what we believe we're 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", "duration": 11.49}, {"path": "2905366dcf0eb60a22b63a1b3d9adf95_129.wav", "text": "our last call, we highlighted some of the advantages of our solutions. But I feel it's important to emphasize again what we believe to be the key competitive edge of our wellsite storage.", "duration": 11.49}, {"path": "911d447bcdcedb4e0cf5230de225921c_127.wav", "text": "What we know for certain at the moment is that 2 wells have flowed at commercial rates, with good quality oil, and there are multiple reservoirs offering material potential.", "duration": 11.49}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_66.wav", "text": "In the third quarter, Interxion continued this trend of popular growth combined with margin expansion despite some negative foreign currency impacts.", "duration": 11.49}, {"path": "f2a2ba46b242698577188259de23de31_70.wav", "text": "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 as a result of increased competition,", "duration": 11.49}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_13.wav", "text": "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 year-ago period.", "duration": 11.49}, {"path": "1d2ff648e4a30fa5555a7ab85bf60190_104.wav", "text": "engineered integrated pumping systems and filtration solutions as well as providing energy absorbing road safety solutions and solutions for expanding the capacity of existing roads and bridges.", "duration": 11.49}, {"path": "9b93af1e7019959620214c387f283d8e_62.wav", "text": "to try this out. So we've been patient to that end. But the suppliers now that we're signing up and some of the existing suppliers are interested in driving further adoption. So we're doing some of the things I mentioned, and we think", "duration": 11.49}, {"path": "6a372ea97b0b130a4d37f16b54d97909_4.wav", "text": "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.", "duration": 11.49}, {"path": "6a372ea97b0b130a4d37f16b54d97909_65.wav", "text": "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.", "duration": 11.49}, {"path": "b9b40b0c1e92fb226067bdceacbdab5c_7.wav", "text": "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.", "duration": 11.49}, {"path": "885b465648704d8a5d15bd00078e2160_49.wav", "text": "Using proprietary machine learning algorithms to find that proverbial needle in the haystack, that novel protein sequence, from a nearly infinite selection", "duration": 11.49}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_13.wav", "text": "And all the while, the back-end data will be far richer, qualitatively, similar to the archive of televised sporting events, as compared to the newspaper accounts that predated televised recordings.", "duration": 11.49}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_95.wav", "text": "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.", "duration": 11.49}, {"path": "b1da16cba24af8e472573c4c9caf17c7_72.wav", "text": "Utility expenses were down 8%, partially due to the more moderate winter. And group commissions were lower as a result of less group business.", "duration": 11.49}, {"path": "c53611de98fe85a76580391906f68d61_48.wav", "text": "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", "duration": 11.49}, {"path": "28404e399cb043d390aa70bceb339dd4_77.wav", "text": "The important takeaway from our commentary today is that we continue to build franchise value through sustained organic growth and opportunistic transactions.", "duration": 11.49}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_55.wav", "text": "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.", "duration": 11.49}, {"path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_4.wav", "text": "Our increased sales activities this quarter drove much of the pressure we saw as did continued transition of video from linear to over-the-top services.", "duration": 11.49}, {"path": "571b0d30d88945a981006f24faa72cf7_20.wav", "text": "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.", "duration": 11.49}, {"path": "262bc21196721c5ff9114acbd2ff03c3_58.wav", "text": "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 uplift", "duration": 11.49}, {"path": "9b1931e93dfb0391fb948924a93be5ff_163.wav", "text": "affect the market in China, is not of the same quality, normally, than eucalyptus. A lot of people use eucalyptus because they have new machines", "duration": 11.49}, {"path": "21f21433851eb7c7f7dbc710309341bb_7.wav", "text": "Every brand we acquire, create or bring back to life will have a multi-year, multi-category plan that justifies the investment and guides the team in executing our strategy.", "duration": 11.49}, {"path": "8eaca8d8a419f74540f69ade8defabbd_213.wav", "text": "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.", "duration": 11.49}, {"path": "da879f8ea1c23aa6565cccaacac271fc_110.wav", "text": "The manufacturing operating margin will be driven primarily by infrastructure enhancements in the Microbial Solutions business as well as synergies associated with the Celsis acquisition.", "duration": 11.49}, {"path": "059024560d9d1039cf08746ee7393114_120.wav", "text": "at a very reasonable leverage ratio and that we're very comfortable that we have the capacity to do that while continuing to organically invest", "duration": 11.49}, {"path": "92bf6fe090b6bc565cb500b688fd9173_85.wav", "text": "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", "duration": 11.49}, {"path": "f15966ae82e18b472ad78dd961f8e5e8_164.wav", "text": "over significantly longer time horizon, required significant capital and generated volatile results as compared to its core customer focused market making businesses", "duration": 11.49}, {"path": "433a6e203f9db93835c27ff83e86c801_63.wav", "text": "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 won't happen overnight, but", "duration": 11.49}, {"path": "5b0a12e70a31041016a008c29a6d2bb1_32.wav", "text": "removing concerns about upcoming debt maturities in GNL's capital structure. We are also able to achieve the extension of these debt maturities while keeping our cost of interest relatively flat,", "duration": 11.49}, {"path": "a009c5f14d4d0bb5ca875164cffbd6ab_181.wav", "text": "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 there's just been so much demand and you didn't want to", "duration": 11.49}, {"path": "757695924b5e43c7d44e29dc141cc035_126.wav", "text": "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", "duration": 11.49}, {"path": "94f913b974baab79fb636f6521170dd7_274.wav", "text": "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.", "duration": 11.49}, {"path": "f542ab325f47ed150e28888da2f85871_91.wav", "text": "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.", "duration": 11.49}, {"path": "7498a6630302a038bd537d192c3a44f4_233.wav", "text": "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.", "duration": 11.49}, {"path": "ab29ac574f423764c40f2d2eec696623_22.wav", "text": "According to our information, this initiative should be announced by the spring of this year. It will first be recommendation and after a period of monitoring and analysis, it is expected to become regulation.", "duration": 11.49}, {"path": "bfb0fac9575cd0820a660f2577199468_100.wav", "text": "Do you think that the pricing strategy has to change to go to more towards performance base to kind of see more technology adoption?", "duration": 11.49}, {"path": "a2ba164f019804628c07b36de47cd464_39.wav", "text": "We continue to focus on developing and delivering a value-driven client and member experience, with an emphasis on care and quality in the most complex areas of drug therapy.", "duration": 11.49}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_59.wav", "text": "may be 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?", "duration": 11.49}, {"path": "3f6641f7d8f1ab845ad4f637cfb35109_211.wav", "text": "Generation volumes in Texas were roughly flat, while volumes in the East were higher year-over-year due largely to our acquisition of Granite Ridge as well as stronger market conditions driven by summer heat.", "duration": 11.49}, {"path": "64364105b816dd0b6a029e9cd210e65b_188.wav", "text": "So typically, third quarters are generally strong quarters for the business, that we don't see any reason for that to be different", "duration": 11.49}, {"path": "fb03ff65af8e5f80abd090abeaf767cf_29.wav", "text": "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,", "duration": 11.49}, {"path": "ebd59e21db89edb92205e012427cd9db_139.wav", "text": "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.", "duration": 11.49}, {"path": "e552924838fe493d3cc967dd0c5c4563_167.wav", "text": "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", "duration": 11.49}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_15.wav", "text": "you've been growing TEF. And I just want to get a better understanding about the customer profile that you are selling and sub-acquiring. Can you just give me", "duration": 11.49}, {"path": "1f142ea668261ba963d47aac6bab69dd_152.wav", "text": "we still see growth in the traditional trade. And so part of our investment en route to market in areas like Brazil or India as we -- or even China as we think about getting outside the main cities,", "duration": 11.49}, {"path": "96488f25af54f91198b444e5eff8e878_33.wav", "text": "They all have their own characteristics. And like I said, the 200ER 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.", "duration": 11.49}, {"path": "6cbf592846662213258684c3049e4592_88.wav", "text": "relatively normal weather year if there's ever 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.", "duration": 11.49}, {"path": "3d0f5785f81125b6efa2339a4aef56aa_70.wav", "text": "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.", "duration": 11.49}, {"path": "50eb350badadec6e4272b90684741c25_281.wav", "text": "pull-through. I do think that the organizational change that we made recently about literally pulling these businesses together from an operational point of view to having a more holistic sell-in process,", "duration": 11.49}, {"path": "3c17ad8c6709cbb1a8f7190f567a445f_53.wav", "text": "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.", "duration": 11.49}, {"path": "5f4034bd1c0669186fcee6909c5d59e7_2.wav", "text": "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.", "duration": 11.49}, {"path": "77423f08f0208d476dea73c639f6293a_25.wav", "text": "We have always deliberately not set out a definitive range for leverage. We have said consistently for years", "duration": 11.49}, {"path": "f15a674bdbbc461872000604216ae071_103.wav", "text": "And if we were to do the Math of this expense, by the multiple of EBITDA, we would see that there is a discount as well.", "duration": 11.49}, {"path": "bcb3aac2c7cc035961d9ee8cfd330044_41.wav", "text": "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 we've made over the last several years,", "duration": 11.49}, {"path": "32283c24ad18239efb166db8422560b2_27.wav", "text": "They are either RFPs where there has been an announced search or they are institutional referrals, where we have", "duration": 11.49}, {"path": "9b7d3cbcfbcf14d70a241700c869bd8d_61.wav", "text": "should conditions merit, but will allow us to show incremental improvements in the profitability of our alumina business over the next several quarters.", "duration": 11.49}, {"path": "7a80c3e91e5a2693cdaef5f716808317_192.wav", "text": "Each of these categories are providing net savings ranging between 5% and 8%. We've been actively staffing the procurement organization, and we are now at 80% of our expected staffing levels.", "duration": 11.49}, {"path": "7a80c3e91e5a2693cdaef5f716808317_205.wav", "text": "will help us. And then as we roll out the final solution set, those individual links to that middle ware, if you will, just go away, and they're seamless. So I think the approach we've taken", "duration": 11.49}, {"path": "30a142fac5a62ab00227cb6a339a6226_52.wav", "text": "like they should be accelerators for our business, but it's difficult to predict when they're going to be ready. And so as a result, our revenue visibility is really more in the near term. And so that's why we shared some thoughts with you as it relates to the first quarter on the underlying drivers of the business.", "duration": 11.49}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_271.wav", "text": "And due to low strip ratio, very favorable metallurgy and the availability of ample low-cost power, the operating costs are low and project returns are favorable.", "duration": 11.49}, {"path": "16c235a53fc719ec92ef3b3c3b371150_208.wav", "text": "If you multiply relative to the estimated '19 realized price, doesn't 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?", "duration": 11.49}, {"path": "97ddc19ecb28bab2d19fd3b181182062_16.wav", "text": "that will enable us to provide a higher level of value-added processing to our customers as their volumes increase, which can easily be absorbed in our existing cost structure.", "duration": 11.49}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_135.wav", "text": "Turning to Slide 5, I do want to spend a minute highlighting our new York YZ centrifugal chiller, which was launched in early January.", "duration": 11.49}, {"path": "77f146e76d89a5be785a39ab23dfa763_115.wav", "text": "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.", "duration": 11.49}, {"path": "47546a57a865bca0f4e677dc3b485053_99.wav", "text": "Hurricane Harvey also disrupted the company's wholesale logistics as the temporary shutdown of railway shipping through Houston impacted shipments from the Company's upholstery plant in Mexico", "duration": 11.49}, {"path": "0f4370b614f29bd596e4f6871cc77864_74.wav", "text": "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.", "duration": 11.4899375}, {"path": "f88c5f000050c9f72aa383f71d97ffe7_10.wav", "text": "classified and nonperforming asset balances increased slightly but remain low compared to historical norms and were flat or declined as a percent of assets.", "duration": 11.4899375}, {"path": "b7d4858dcc1d9cf454416082b75a3429_72.wav", "text": "the customers arrived in great numbers and are bidding fiercely to acquire these goods and hence, the prices have remained strong.", "duration": 11.46}, {"path": "5111fdad778749872c23e78c9b0d653b_166.wav", "text": "the product that we already have approved, every step of that procedure, they are currently doing in other procedures. For example, for epi-off, they're already familiar with", "duration": 11.46}, {"path": "3cb802f8fba7d33603c29387ccdaf817_42.wav", "text": "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.", "duration": 11.46}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_52.wav", "text": "as a function of the quality of engineering because it allows us to value price. And one of my observations about this company is", "duration": 11.46}, {"path": "223f05c0b9b116532e9af84afa76cac7_4.wav", "text": "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.", "duration": 11.46}, {"path": "6b45877b719000e47adfd1ec118c376a_70.wav", "text": "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", "duration": 11.46}, {"path": "0bd1a2daa99e7a5cfa0bf1cb0064857f_19.wav", "text": "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.", "duration": 11.46}, {"path": "55d05334bdde612eb9dd102bb41d216e_82.wav", "text": "And so we are working with that provider to try and get that provider to map their billing system to BEACON, but that provider doesn't have a lot of resources to work with us.", "duration": 11.46}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_13.wav", "text": "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.", "duration": 11.46}, {"path": "7ec9d2889f6012c7058eb766f6de38e2_188.wav", "text": "and they included improvements to capital, labor and planning efficiencies. In the third quarter, a number of these initiatives were delivered at Turquoise Ridge.", "duration": 11.46}, {"path": "8bbc2f54137b794265dfb01f1559868d_116.wav", "text": "If anything, in each of the areas, I think we're finding that we were maybe a bit conservative. For example, test send-outs, I think that's a little bit better than we thought,", "duration": 11.46}, {"path": "78c85dc9a16f82b09d3a2363004e658d_63.wav", "text": "which historically have 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.", "duration": 11.46}, {"path": "c4dc8f962a85aa47af50f82845f550e2_144.wav", "text": "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.", "duration": 11.46}, {"path": "c4dc8f962a85aa47af50f82845f550e2_167.wav", "text": "at that point, both Cal-Weld and Talon were relatively new, and I didn't 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", "duration": 11.46}, {"path": "01502edf6cda82061f1f45d6b0e8e189_166.wav", "text": "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.", "duration": 11.46}, {"path": "e26b501c6e000fdaa11edde97cc71436_160.wav", "text": "And what we hope to do is to achieve all of these goals and demonstrate, as we have historically, that we're pretty good at setting goals and achieving them. So what's the year look like?", "duration": 11.46}, {"path": "839852ec8452dbd90e9341d15cbba7c5_51.wav", "text": "has gotten a bit healthier. We don't 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,", "duration": 11.46}, {"path": "257e4e92036da9582a8a288c88332ff3_126.wav", "text": "What we don't have clear visibility on is when the individuals holding these securities will decide to exercise, but we do expect they will occur in 2018. Let's move on to the capital.", "duration": 11.46}, {"path": "9c5bc3e66dc0c7ac4a559a1d71e70c85_53.wav", "text": "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.", "duration": 11.46}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_156.wav", "text": "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.", "duration": 11.46}, {"path": "6933d49d1af6eb4613a4f75bf37d00e1_87.wav", "text": "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.", "duration": 11.46}, {"path": "6e3037e770ba5e0dfc98e3223986aad2_63.wav", "text": "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,", "duration": 11.46}, {"path": "6e3037e770ba5e0dfc98e3223986aad2_29.wav", "text": "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.", "duration": 11.46}, {"path": "9ab2e6eb9debfae2de541ba645bfd265_166.wav", "text": "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.", "duration": 11.46}, {"path": "132abea68f255eb89160dde90b6d3b80_99.wav", "text": "On AG side, I think you need to be careful not to model in that fourth quarter margin that you saw last year, which is heavily influenced by the fact", "duration": 11.46}, {"path": "c433164f6d189e18b1e4784e376b6ecb_33.wav", "text": "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 high-grading the portfolio.", "duration": 11.46}, {"path": "87753115961242d7035b7938c7e4dea1_58.wav", "text": "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.", "duration": 11.46}, {"path": "38b2f94da12bbf2d32246763aab8265a_70.wav", "text": "You said that your best estimate is that this provision will be sufficient. So my question is when will this be checked,", "duration": 11.46}, {"path": "da14df2e02d11f6f8599533d9d57faee_111.wav", "text": "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", "duration": 11.46}, {"path": "7394bde65e000fbb7b528c6c65bd099d_169.wav", "text": "and 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.", "duration": 11.46}, {"path": "49a78c1ec143d9ac46e893e77198c0e3_161.wav", "text": "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", "duration": 11.46}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_28.wav", "text": "that at least there's 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.", "duration": 11.46}, {"path": "2f52e3495f64a67b885c0d35be2e8dce_50.wav", "text": "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 aren't appropriately conservative.", "duration": 11.46}, {"path": "0360a780927a31fb0bec9e79dac878a2_100.wav", "text": "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.", "duration": 11.46}, {"path": "9b93af1e7019959620214c387f283d8e_36.wav", "text": "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 that's one example.", "duration": 11.46}, {"path": "6a372ea97b0b130a4d37f16b54d97909_128.wav", "text": "As a result, we expect the annual improvement in sales and marketing as a percent of revenue to be even greater next year than it's been over the last 2 years.", "duration": 11.46}, {"path": "6a372ea97b0b130a4d37f16b54d97909_13.wav", "text": "Third, the shift away from certain delivery services allows us to move away from our least profitable business line to more profitable business.", "duration": 11.46}, {"path": "cd1773ea94a046c0a36b679e2efcee9f_156.wav", "text": "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.", "duration": 11.46}, {"path": "cd1773ea94a046c0a36b679e2efcee9f_5.wav", "text": "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 Resort in Jamaica,", "duration": 11.46}, {"path": "6c43a32379bfc34fc8cfe84ff94d6498_25.wav", "text": "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 prior quarters.", "duration": 11.46}, {"path": "6d97c63e754383663561baada77c7354_81.wav", "text": "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,", "duration": 11.46}, {"path": "815f65663b3982554e82806de0cbd918_21.wav", "text": "and we're 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 airplanes.", "duration": 11.46}, {"path": "c5c7a9f409241412b160a93cde7ef630_140.wav", "text": "We, also with California, the facilities they vacated like North Fork and like Red Rock in Arizona, we have found alternative customers that we think are longer-term solutions for those facilities.", "duration": 11.46}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_102.wav", "text": "It is not just a cost-cutting exercise. Working with our outside consultants, we have already identified significant savings opportunities in areas such as improving spans and layers within our organization.", "duration": 11.46}, {"path": "191c819db03c2dfd0207cd1f42e278a4_16.wav", "text": "Have you seen any changes? Are you still able to attract and retain people? And do you think there'll be any impact on wages? Just give us a quick update on the environment in the Philippines.", "duration": 11.46}, {"path": "7cf9ea093ccaf8fe8af51c4e00832372_6.wav", "text": "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.", "duration": 11.46}, {"path": "ab4dae37361262d727d1d2f8f78765d5_245.wav", "text": "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?", "duration": 11.46}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_150.wav", "text": "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.", "duration": 11.46}, {"path": "53889f50eda8b316a01a3df89d226e7f_70.wav", "text": "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.", "duration": 11.46}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_77.wav", "text": "our broad specialty portfolio continues to perform well and grow. And the Pakistan economy continues to expand, benefiting both our core and specialty volumes.", "duration": 11.46}, {"path": "13141efea197b407280701081390f0ce_3.wav", "text": "fourth, services provided to our largest customer have met or exceeded our revised expectations following the change in scope of services we announced in April", "duration": 11.46}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_114.wav", "text": "we are seeing that value pricing is very important to the consumers there. And one of the things that's been a big focus of ours as we have implemented our supply chain reinvention", "duration": 11.46}, {"path": "a7228e39e0d5f04dfba28fe3477e034a_43.wav", "text": "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.", "duration": 11.46}, {"path": "741526dd2a3db996d2f22f4bcdae4be6_93.wav", "text": "The Martha Stewart's storefront on Amazon.com continues to provide a terrific opportunity to showcase some of the brand's categories to Amazon customers.", "duration": 11.46}, {"path": "8eaca8d8a419f74540f69ade8defabbd_221.wav", "text": "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", "duration": 11.46}, {"path": "da879f8ea1c23aa6565cccaacac271fc_20.wav", "text": "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,", "duration": 11.46}, {"path": "dffe8257f781608bb17bb637249e4d2a_6.wav", "text": "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.", "duration": 11.46}, {"path": "189b20e7b975130ca5abd0e419e54908_112.wav", "text": "this may well be kind of a one step backwards so we can take 2 steps forward in getting the realization of some of the strategic benefits of the line-haul", "duration": 11.46}, {"path": "757695924b5e43c7d44e29dc141cc035_4.wav", "text": "We will also discuss the results of our core businesses separately from the results of the South African projects. And with that, let's discuss our Q3 results.", "duration": 11.46}, {"path": "c47a92e006b54d014a79b447528c55a7_108.wav", "text": "increasing the free cash flow going forward by a material amount. We've kind of stayed away from giving free cash this year because we've got so many moving parts, and we're still not done", "duration": 11.46}, {"path": "7f8f04a414dbef2f3adbb2b33bbcda66_62.wav", "text": "It's 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.", "duration": 11.46}, {"path": "e33785a294553de2a12d4463bf786744_6.wav", "text": "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.", "duration": 11.46}, {"path": "9b64cf7bd80b5f16bf1c68440d023e8a_57.wav", "text": "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.", "duration": 11.46}, {"path": "3c80de013154b028ecdc6354d16c6fbc_132.wav", "text": "We have been working with our operators to test more aggressive rate strategy, but our strategy didn't work this quarter. We lost share and had to ultimately give up both rate and occupancy to catch up.", "duration": 11.46}, {"path": "f1e7e3b84b4a0a56a0915f7ecde083ce_139.wav", "text": "If I could turn to the quick-return projects which we mentioned previously, we've been evaluating multiple organic investment projects across our broad operating platform.", "duration": 11.46}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_90.wav", "text": "Obviously, utilization has to continue to stay on the same path. No reason to expect that, that won't. But those are the really the bigger drivers", "duration": 11.46}, {"path": "838af8ffae77ce8ff59c77b1985f8fc5_94.wav", "text": "We have been experimenting with larger completions in some of the Codells. We've been really trying to strategically locate those, so we have a good control on the tests that we're doing.", "duration": 11.46}, {"path": "ee00ebd8d782e8f124b3e142cbb74f37_44.wav", "text": "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.", "duration": 11.46}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_140.wav", "text": "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", "duration": 11.46}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_87.wav", "text": "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.", "duration": 11.46}, {"path": "a2ba164f019804628c07b36de47cd464_43.wav", "text": "We believe our specialty healthcare products, including radiology benefits, cardiac and musculoskeletal management will expand through continued strong sales to new and existing customers.", "duration": 11.46}, {"path": "64364105b816dd0b6a029e9cd210e65b_118.wav", "text": "We've also allocated a significant portion of our annual capital investment budget to additional productivity improvement initiatives that will permanently reduce our manufacturing cost.", "duration": 11.46}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_81.wav", "text": "with people's career and growth aspirations and to ensure we have the right skills to transform our clients' businesses in this age of disruption.", "duration": 11.46}, {"path": "e552924838fe493d3cc967dd0c5c4563_37.wav", "text": "work, the technical work that we're doing with our customers right now, is really focused on helping them create higher value resins, so that they're making more money. And that's our basic business model.", "duration": 11.46}, {"path": "e9970d55b0ac8bddede7f337c0f94d36_97.wav", "text": "Before we begin our remarks, I need to remind you that in this call, we will make forward-looking statements regarding our current beliefs, plans and expectations, which are not guarantees of future performance", "duration": 11.46}, {"path": "ffa357a084f4deb64797a0a32b8c5e33_114.wav", "text": "past the summer, it's hard to imagine that the current cost pressures could sustain a whole lot longer before manufacturers have to move much more significantly. If that's the case,", "duration": 11.46}, {"path": "b20564a6da1bcfc7b80552299d9e002a_63.wav", "text": "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.", "duration": 11.46}, {"path": "01162e33e5dda8aa154d9a8659da4495_49.wav", "text": "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,", "duration": 11.46}, {"path": "abd571ccf777ac4b0a43a7487031bc8a_205.wav", "text": "total platform sales haven't been a growth driver. I'm trying to reconcile that with the fact that, obviously, vending was still a significant driver", "duration": 11.46}, {"path": "81c03e2c15e8fe8213fbd40368b49581_93.wav", "text": "Spread 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.", "duration": 11.46}, {"path": "2c4d64ba9a75dff613a83aa6f145f4b7_70.wav", "text": "You provided 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 that's having an impact out west. I think there's been some weather out west?", "duration": 11.46}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_94.wav", "text": "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", "duration": 11.46}, {"path": "bcb3aac2c7cc035961d9ee8cfd330044_33.wav", "text": "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.", "duration": 11.46}, {"path": "bf99037f89cd485f95f097842619a0c7_4.wav", "text": "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,", "duration": 11.46}, {"path": "85edb0a846d9e1cfa542b893eed4a0f3_61.wav", "text": "This industry incumbency derives significant revenue from the recycling and refining of PGMs. PGMs also happen to be one of the largest cost inputs for automotive catalysts.", "duration": 11.46}, {"path": "3ae068efa03cd088f4d3edea682f199f_110.wav", "text": "even 1 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.", "duration": 11.46}, {"path": "3ae068efa03cd088f4d3edea682f199f_74.wav", "text": "successfully. I think on this one that you're mentioning now, too, it's a prospect -- I don't want to mention the name, but it's a prospect that we've been developing with the client on an exclusive basis.", "duration": 11.46}, {"path": "7a80c3e91e5a2693cdaef5f716808317_26.wav", "text": "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.", "duration": 11.46}, {"path": "3fb901e6b501ddced60226a13ebef4af_87.wav", "text": "These and other risks, uncertainties and factors, including those discussed under the heading Risk Factors in our annual report on Form 10-K and other reports that we file", "duration": 11.46}, {"path": "0b7afb66a39a4c81151309bacc830c60_121.wav", "text": "product that has more value with price with the ability to continue to add, as Burton said, selective sales teams into the verticals where", "duration": 11.46}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_150.wav", "text": "And the other thing I would also point out would be that our unconsolidated Hitachi joint ventures in China also saw strong double-digit growth in the quarter.", "duration": 11.46}, {"path": "3a1ba1b79a8a016390f98ab3ffe71340_172.wav", "text": "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.", "duration": 11.46}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_213.wav", "text": "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 review of operations in the financial report.", "duration": 11.4300625}, {"path": "77f146e76d89a5be785a39ab23dfa763_4.wav", "text": "Markets performed as expected and we achieved a high level of contribution from all -- from our new product introduction and channel led initiatives.", "duration": 11.4300625}, {"path": "6e6da7f810609ce64857373f11984455_107.wav", "text": "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.", "duration": 11.43}, {"path": "95962e0f754f9e2f786778c85d0913b8_27.wav", "text": "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", "duration": 11.43}, {"path": "264e575b73bc2a485bee416c1ac10cee_118.wav", "text": "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", "duration": 11.43}, {"path": "6c7cc87ae188a5ad707fc0e523dea753_67.wav", "text": "is putting challenge on the performance of Seara. We believe that the worst just got behind us in the end of this third quarter,", "duration": 11.43}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_191.wav", "text": "dividend was to do exactly that, to put us all in a stronger position in the marketplace to take advantage of opportunities. So I think it will continue to consolidate the", "duration": 11.43}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_141.wav", "text": "for Australasia, flattish for U.S. And as we mentioned with kind of a loss of leverage for Europe, that's where we really saw the pressure in our Automotive margins.", "duration": 11.43}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_224.wav", "text": "Sometimes, that development process is not very transparent, and we've 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", "duration": 11.43}, {"path": "7974a5134807f46a1484a8adf81505be_253.wav", "text": "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", "duration": 11.43}, {"path": "8bbc2f54137b794265dfb01f1559868d_9.wav", "text": "Our teams have done an excellent job integrating the basics of payroll, benefits, accounts payable, e-mail, security and countless other areas typically taken for granted.", "duration": 11.43}, {"path": "18b396ddd443d84d12477c42e31cdf0e_6.wav", "text": "Turkey and the Commonwealth of Independent States, including Russia, were returned to us by Sanofi. To avoid adverse impacts to the regulatory approval applications in process,", "duration": 11.43}, {"path": "8b2314627d54755a15c55244bb862225_80.wav", "text": "And then I think the last thing I would -- or 2 other things. We're continuing to still recruit very well on the mortgage side. So we're continuing to add originators. And then the last piece,", "duration": 11.43}, {"path": "1133b8984db446b9c963a09eaf0785a4_232.wav", "text": "Okay. That's 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?", "duration": 11.43}, {"path": "1133b8984db446b9c963a09eaf0785a4_227.wav", "text": "We see this challenge as an opportunity. We've been focused on gaining new thermoforming and flexible packaging capability to serve the growing consumer demand for products on the perimeter of the store.", "duration": 11.43}, {"path": "403903eb119bfc1cec44d86ec907077a_154.wav", "text": "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 for the general election in November.", "duration": 11.43}, {"path": "b7943f4a2b95d2bc2ce102e3af9b5d22_29.wav", "text": "And I would like to ask you if you could maybe quantify the overall input cost headwinds for maybe for the group and also for the segments. I mean,", "duration": 11.43}, {"path": "276392c471c063580869aec014a1feda_4.wav", "text": "which we believe is a healthier option than what's currently in the market. This innovative coffee drink contains 15 grams of protein, only 2 grams of sugar and 80 milligrams of caffeine.", "duration": 11.43}, {"path": "6e3037e770ba5e0dfc98e3223986aad2_3.wav", "text": "to reposition our shopping centers, which is really around their positioning within the communities and their retail mix, the customer propositions we call it, and then to refocus on management team around this initiative.", "duration": 11.43}, {"path": "2b87d263eaf2464f275a48fa005b16c7_53.wav", "text": "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.", "duration": 11.43}, {"path": "132abea68f255eb89160dde90b6d3b80_146.wav", "text": "So I -- we don't -- I -- we may be ahead of the cycle in terms of the introduction of Tier 3 and electronic transmissions already. So I don't expect", "duration": 11.43}, {"path": "4e04d3229b988f1db5b842ac5b993894_192.wav", "text": "When we look at our overall utilization at the end of the first quarter and going into the second quarter, we're going to be at about 60% utilization and really pleased to see that number for a change.", "duration": 11.43}, {"path": "4e04d3229b988f1db5b842ac5b993894_42.wav", "text": "We did have a number of spreads that work for customers who source their own sand. We have also spreads that work for customers", "duration": 11.43}, {"path": "1bba27cac9495fe57f623973383d6948_58.wav", "text": "We expect key long-term trends to continue to be supportive with time of use rates and demand charges becoming more widespread across the utility landscape", "duration": 11.43}, {"path": "b96165244f010b3f1e61cbbc5e504d96_71.wav", "text": "that see more value in them than us and they're 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.", "duration": 11.43}, {"path": "3df0981a2d94ed56170b78330aa72ee9_109.wav", "text": "And they don't result in increased top line, but they prevent major accidents from happening. That's the whole hope. We keep making those investments because that's the nature of the business.", "duration": 11.43}, {"path": "70c92ab88d38f489d5074f2859e0290e_34.wav", "text": "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", "duration": 11.43}, {"path": "98f10f0935e5b778e888a1b8130a3d31_9.wav", "text": "We've 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.", "duration": 11.43}, {"path": "b305bff75f28d238f0bd7da5bd4f13b8_62.wav", "text": "which is a training center in which we hire apprentices and then train them and train some of them up to the meister level. We do that in collaboration with", "duration": 11.43}, {"path": "6d97c63e754383663561baada77c7354_36.wav", "text": "the Platforms and Analytics groups maintained positive margins due to the recurring revenue elements of those businesses. The sequential increase in corporate costs reflects the impact of the third quarter reversal", "duration": 11.43}, {"path": "29426a77336443eedde7eaa29e9c2852_154.wav", "text": "just what we know today, that it would be at least as high as what we have in '16, because the continued investment in innovation and the positive improvements in quality that I think we'll continue to see some benefits of next year.", "duration": 11.43}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_121.wav", "text": "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.", "duration": 11.43}, {"path": "809e26eaacb31ffdee78d3f41a6ce90a_29.wav", "text": "of raw material costs 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", "duration": 11.43}, {"path": "13141efea197b407280701081390f0ce_88.wav", "text": "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.", "duration": 11.43}, {"path": "915bdcf0edfec49b928ca4010cbb40ca_121.wav", "text": "Consistent with the third pillar of our strategy around capital allocation, we will continue to be disciplined capital allocators to drive long-term value for shareholders.", "duration": 11.43}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_168.wav", "text": "to give us the infrastructure in Brazil, in China, in India, in South East Asia that will then allow us to put all of our categories through that pipe. So we have great", "duration": 11.43}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_125.wav", "text": "our white space chocolate expansion and gains in displays and shelf space as we capitalize on our competitor's transition out of its DSD network.", "duration": 11.43}, {"path": "ba5f13bb75329629d0c070c9014ff4f0_7.wav", "text": "safety record are key attributes that we believe will enable us to win new business with these utility companies and possibly with others.", "duration": 11.43}, {"path": "e2225d612a954a24e7e91c08215d7b51_41.wav", "text": "Over his decades of service to Reading, Bill's thoughtful advice, counsel and insights as a Director contributed significantly to making our company what it is today.", "duration": 11.43}, {"path": "f875d701e5a9dd5ab745c8380c02cc3a_47.wav", "text": "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", "duration": 11.43}, {"path": "f875d701e5a9dd5ab745c8380c02cc3a_65.wav", "text": "We believe that our current cash, cash equivalents and short-term investments will be sufficient to fund current operations into 2019. With that, I will now turn the call back over to Troy.", "duration": 11.43}, {"path": "1fd097fa0bd05da0e7af03521e23bc68_65.wav", "text": "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. We've been fortunate to see", "duration": 11.43}, {"path": "bc4b465c8862422ce02ffe9b79e6e1c7_48.wav", "text": "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.", "duration": 11.43}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_65.wav", "text": "to make strategic buy-ins for both data center solutions and client devices. This helped us mitigate the memory price increase and supply issues felt across the industry.", "duration": 11.43}, {"path": "9e07401011239a074ff66741ee557224_78.wav", "text": "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.", "duration": 11.43}, {"path": "49e533a8449f6b9b6c806458e73338e1_230.wav", "text": "kind of like a same-store 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?", "duration": 11.43}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_153.wav", "text": "We acknowledge that we still have some work to do with the ex-Alesco 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.", "duration": 11.43}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_3.wav", "text": "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,", "duration": 11.43}, {"path": "1e850c2f72078279ebafea4edcbb3aa4_34.wav", "text": "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.", "duration": 11.43}, {"path": "94f913b974baab79fb636f6521170dd7_76.wav", "text": "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 -- we think about redemptions as a percentage of capital and not obviously the absolute dollar amount. And", "duration": 11.43}, {"path": "94f913b974baab79fb636f6521170dd7_267.wav", "text": "Herbalife compensates its distributors based on their wholesale purchases of products from the company and the purchases of product of their down line, people that they've recruited and that their recruits have recruited.", "duration": 11.43}, {"path": "c20824ea6f927fe380f48a904cf4821b_58.wav", "text": "has been strong and continues to be strong at the moment. Now like you said, I mean, there's always the chance of some volatility. But", "duration": 11.43}, {"path": "e33785a294553de2a12d4463bf786744_141.wav", "text": "cleaner energy and emerging market growth. The Jazan project in Saudi Arabia is a great example of how big these projects can be.", "duration": 11.43}, {"path": "77d2dd6d5e46cc8a8e80809305b60208_250.wav", "text": "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,", "duration": 11.43}, {"path": "3877b1983229ec488c6349a188bccf92_32.wav", "text": "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.", "duration": 11.43}, {"path": "d74cec1fb73e1b1134bfa7152762ad80_100.wav", "text": "As we discussed at length last quarter, we are operating in a challenging environment. And I'm encouraged that DST continues to deliver strong and stable results in the face of these dynamics.", "duration": 11.43}, {"path": "7e2ebcd981f5b5ecb18c04906f87d768_182.wav", "text": "But the team is hard at work and the level of activity is pretty good. So we feel good. It's a different market than it used to be. I think that it's important to -- I think that", "duration": 11.43}, {"path": "0fa398ef99a7a936fc1e509dacaaadde_108.wav", "text": "cost-cutting, as I said. This not about slashing and burning. This is about building an incredible relationship with customers. It's about having the best products in our market. And it's about just being smarter and more efficient", "duration": 11.43}, {"path": "98bbf1693b5a53e7f02d890a8dca876a_2.wav", "text": "Our new home sales are generally all-cash 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.", "duration": 11.43}, {"path": "18e82b076319ac52f8a4b391ea345abd_129.wav", "text": "I also want to remind everyone that any forward-looking 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.", "duration": 11.43}, {"path": "884400c829f179d8cf68b767f45f03a4_139.wav", "text": "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.", "duration": 11.43}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_66.wav", "text": "chart where we show you the first area on the first line. You know already everything. So I don't repeat it. On the second one, some news that came out today.", "duration": 11.43}, {"path": "ea80970d6b8e6fab10c4500aa7298914_12.wav", "text": "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", "duration": 11.43}, {"path": "b126c31149f1cadf1d891082a187d6fc_20.wav", "text": "was offset by higher interest expense related to acquisition financing and increased depreciation and amortization resulting from acquisitions and capital investments.", "duration": 11.43}, {"path": "5efe4589d80ac1232c2958182c188903_66.wav", "text": "For some time now, we've been evaluating various opportunities to acquire additional cell and gene therapy manufacturing tools and services, companies or technologies to accelerate growth.", "duration": 11.43}, {"path": "e0d1342ad3d27fd648b708837de08797_276.wav", "text": "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?", "duration": 11.43}, {"path": "e0d1342ad3d27fd648b708837de08797_15.wav", "text": "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.", "duration": 11.43}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_71.wav", "text": "it is not in any way impacting our operating flexibility. There's 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.", "duration": 11.43}, {"path": "ec6bcc27bd7d6a428dc5b2be7ae7d93b_3.wav", "text": "technical expertise and a track record of drilling horizontal wells to the new company. KLR Energy was a stack as a special purpose acquisition company", "duration": 11.43}, {"path": "64364105b816dd0b6a029e9cd210e65b_105.wav", "text": "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 year-end.", "duration": 11.43}, {"path": "1300495cfa53748f732f54277d5a8cea_103.wav", "text": "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.", "duration": 11.43}, {"path": "1300495cfa53748f732f54277d5a8cea_57.wav", "text": "outweigh the supply because that hasn't happened here in a while. Fall, when it delivers, will sit with some of the summer deliveries that will still be on the floor and start to be marked down, which is", "duration": 11.43}, {"path": "24a133abc343c813233d416b0cef96cd_32.wav", "text": "We look at all of our existing villages, and it's part of our strategy to reshape the portfolio. Where we see an opportunity to grow or redevelop villages in strong metropolitan locations,", "duration": 11.43}, {"path": "71c8aba809b2c3334e487f92f9009647_47.wav", "text": "In terms of acquisitions, Lagan's performance has been strong since its acquisition last April and benefited from the more favorable market conditions, particularly in the Republic of Ireland.", "duration": 11.43}, {"path": "e5e8ebcd06ca1f1d5b43b50e5d31123b_101.wav", "text": "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.", "duration": 11.43}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_30.wav", "text": "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", "duration": 11.43}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_65.wav", "text": "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.", "duration": 11.43}, {"path": "e0555e30370c43189a1136fb7ef17d20_113.wav", "text": "Strong operating improvement in the first quarter reflects organic growth in each business, including Reinsurance, and improved return on their investments in data and analytics across the portfolio.", "duration": 11.43}, {"path": "9fb4423a70358ef22be9982299969f7a_108.wav", "text": "and we own the IP. And so we will continue to work with Boeing and Airbus and others in terms of helping them in their endeavors to participate more fully", "duration": 11.43}, {"path": "1f142ea668261ba963d47aac6bab69dd_3.wav", "text": "and significant return of capital to our shareholders through share repurchases and dividends. With that as context, let's review the highlights of the second quarter.", "duration": 11.43}, {"path": "902872913863de98d38e2936b846cf66_39.wav", "text": "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.", "duration": 11.43}, {"path": "1758a982f596e3033f062a5b9f011361_105.wav", "text": "We intend to keep developing new convergent products and services, to work on a new business plan and new business developments, and to generate the ability to provide media services", "duration": 11.43}, {"path": "411bdacf05f84134fc80b874a15cf3b7_178.wav", "text": "Let me summarize the plot again. We acquire traditional broadcasting portals that are monetized through best-case slowly growing ad revenues as the only revenue stream.", "duration": 11.43}, {"path": "099475edf8f9944537773b1d0a2aaea6_64.wav", "text": "But given how the business is doing, given the organic growth opportunities that I think that are out there for us, for me, there's no strategic imperative for us to go out and do that.", "duration": 11.43}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_265.wav", "text": "lower cost options and what the patient will pay out of pocket. PreCheck MyScript is one element in our synchronized approach to pharmacy care", "duration": 11.43}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_25.wav", "text": "There is a corollary product that we call Upgraded Boarding. For any seats that have not been sold yet as Business Select,", "duration": 11.43}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_106.wav", "text": "We're 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", "duration": 11.43}, {"path": "ef7e77f6a5983826d0eefe75f7832ce6_30.wav", "text": "as you get sort of less visibility out there? I guess what I'm trying to ask, is there any conservatism embedded in here? Or is this sort of the demand visibility as you have it?", "duration": 11.43}, {"path": "7e198f4b8da8fc367e2bca0fd1595633_83.wav", "text": "We'll 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.", "duration": 11.43}, {"path": "48bcc356a89059f921765f872bfe293c_93.wav", "text": "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", "duration": 11.43}, {"path": "7bac04f03928ee8894ab00007116400b_75.wav", "text": "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?", "duration": 11.43}, {"path": "bc5018861ccb5380fbe71ad789a6d4b0_38.wav", "text": "so many folks within Lending Club kind of ready to have conversations today and really try to walk folks through and help them digest the information as well.", "duration": 11.43}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_175.wav", "text": "All our retail operations are being driven under Allan's leadership, which only strengthens our ability to be more focused and to uncover growth opportunities to expand our customer share of wallet", "duration": 11.43}, {"path": "7a80c3e91e5a2693cdaef5f716808317_144.wav", "text": "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.", "duration": 11.43}, {"path": "b1a98885c1d81414cdc122e807760faf_107.wav", "text": "The genetics of neurological disorders has exploded, yielding critical insight to the new therapeutics, and we can now measure and monitor disease states of the brain with unprecedented precision.", "duration": 11.43}, {"path": "19bfb8daeb6e43d59415df478017d5c3_138.wav", "text": "So we feel like we're set up extremely well for the rest of '18 and beyond. And -- but with that being said, we know there's room for growth and to get better, and we're investing in people, and we're investing in systems", "duration": 11.43}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_203.wav", "text": "preparing our summary and educating our team on the impact that this will have, but not so much on our company, but our clients,", "duration": 11.43}, {"path": "78cf0d3e40caba622d8914916f0f9146_190.wav", "text": "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", "duration": 11.43}, {"path": "884400c829f179d8cf68b767f45f03a4_39.wav", "text": "internally. I think, they've done everything we've asked them to do and they've embraced the culture change and have been very supportive of the initiatives that we have driven over the past year.", "duration": 11.4000625}, {"path": "f5875d033110e66b5aafc3c0003babdf_45.wav", "text": "the last several quarters, it's 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", "duration": 11.4}, {"path": "4fdbfd9eec396928550d0c799e170d34_93.wav", "text": "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.", "duration": 11.4}, {"path": "7d2a9151826f1fbcf538ffbf85924ed2_63.wav", "text": "the amount of maintenance capital that we need in order to hold rate flat. So we think we've done a good job in the first part of this year, building our rate back up to say that 46,000 to 47,000 barrel a day range,", "duration": 11.4}, {"path": "7d2a9151826f1fbcf538ffbf85924ed2_201.wav", "text": "and in fact 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 we're engaging in all of this activity. But ultimately, you're right. It gets down to", "duration": 11.4}, {"path": "214dcdc435ef3259490466447858fa56_50.wav", "text": "that reserve releases will decline gently over time as the historic high reserves flow through. Now it's notoriously hard to predict exactly how fast they will decline", "duration": 11.4}, {"path": "6388da88b00ebc88af59435bdac74132_180.wav", "text": "I would say that the investment pipeline, from what I'm seeing, remains very robust. The key is, making sure that we're picking our spots and finding those investments where we bring value to the table.", "duration": 11.4}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_10.wav", "text": "Everyone on the planet today needs to be connected, and iPass offers the only global service that is affordable, easy to use and secure.", "duration": 11.4}, {"path": "3cb802f8fba7d33603c29387ccdaf817_202.wav", "text": "our activities will first focus on safety. Even though the product has been approved, we will not start the promotion immediately, but rather,", "duration": 11.4}, {"path": "95962e0f754f9e2f786778c85d0913b8_92.wav", "text": "And when you do the depreciation on that, I think that you are looking at a useful life of 6 years as the bench -- rule of thumb. But for your useful life,", "duration": 11.4}, {"path": "6f3e90ad68b9b074ad827efdcaf6630d_73.wav", "text": "The new issued 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 market's appetite for bonds.", "duration": 11.4}, {"path": "d28b2b09c127b5be033738aa3cd380b3_122.wav", "text": "more rationalized shelving that is less cluttered and more consumer friendly, and we're seeing that with several of the customers. So I would look at that", "duration": 11.4}, {"path": "10ad172801ac8cd3a21e4355d7349eb5_48.wav", "text": "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.", "duration": 11.4}, {"path": "abd0f750609f1263b566f0c09b981a16_88.wav", "text": "We're 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.", "duration": 11.4}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_79.wav", "text": "You have my commitment and the commitment of the entire team here at Fred's to remain steady in our promise to apply resources and discipline to return to profitable growth.", "duration": 11.4}, {"path": "280baf1d10cd27b78eae4bf2574b9c98_164.wav", "text": "I think in your last update, you talked about the ability to leverage it, lower levels than you have historically, I don't know if you could add any more color to that on this call, but that would be helpful?", "duration": 11.4}, {"path": "3180572bc2da758668c19200930e1bc4_216.wav", "text": "So just because the market's coming down, the good thing about that is the purchase market's going up, and if we get our part of that purchase market, then we should be okay.", "duration": 11.4}, {"path": "918de179148bbfe18b95415ee0065a3d_143.wav", "text": "said -- made an observation. He'd been through 7 of these cycles, and he said in every other cycle, the majors and the big -- and the really big independents just bought up all the little guys.", "duration": 11.4}, {"path": "8b71a232d7fe61e6232807b635977c31_61.wav", "text": "They probably all look at themselves slightly differently. None of them see every other platform out there. That's what an independent third party does. We look across all the platforms, we look at them all on an apples-to-apples basis,", "duration": 11.4}, {"path": "8bbc2f54137b794265dfb01f1559868d_52.wav", "text": "Despite the disruption of reorganizing and integrating, our operations team delivered very high levels of service and client retention has been outstanding so far.", "duration": 11.4}, {"path": "3121e8f4a75758834d32a9e4e0555221_161.wav", "text": "Well, again, what we said was that Texas is not going to -- it shouldn't be expected to improve beyond what we did in the second quarter as you", "duration": 11.4}, {"path": "1b91eb82f5211000e711424657cc2484_208.wav", "text": "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 already-meaningful growth trajectory.", "duration": 11.4}, {"path": "1b91eb82f5211000e711424657cc2484_169.wav", "text": "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 we've elected to change to corporate tax status.", "duration": 11.4}, {"path": "c4dc8f962a85aa47af50f82845f550e2_81.wav", "text": "during the down quarters, the period of time where the customers would actually use that inventory in lieu of placing new orders with us,", "duration": 11.4}, {"path": "1d2f3c74735a986131e7b219d9eff713_17.wav", "text": "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.", "duration": 11.4}, {"path": "75fa1bebed0b858c76cc7058477e40e2_2.wav", "text": "We have made progress over the last few quarters, and I'm pleased to see that continue into the first quarter of 2016. Executing these initiatives", "duration": 11.4}, {"path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_83.wav", "text": "the Type 1 trial and obviously reach congruence with the agency and initiated the study and dosed the first patient. So as a result of that, we're working through the", "duration": 11.4}, {"path": "6f2c2a55736c5c47a19eca807ec60e33_61.wav", "text": "It's really our intention to have the Mexican and U.S. operations provide a primary and the secondary source for all of our parts and that will provide us ultimate flexibility and scalability to each plant.", "duration": 11.4}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_179.wav", "text": "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.", "duration": 11.4}, {"path": "2e3470778d787bc7db14a62eeaefd902_12.wav", "text": "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.", "duration": 11.4}, {"path": "a212b77ae2b2452093665a4e179ed3a3_149.wav", "text": "We continue to incorporate more automation on our networks and advance numerous low carbon network projects to enable increased adoption of distributed energy resources.", "duration": 11.4}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_66.wav", "text": "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", "duration": 11.4}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_260.wav", "text": "In Asset Management, we made reasonably steady progress, completing a business restructuring that saw fund derivatives and other related businesses transferred back to Global Markets.", "duration": 11.4}, {"path": "47a303604df9f9fc9f2f89a9280c3a79_249.wav", "text": "And then I think you had 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", "duration": 11.4}, {"path": "b7943f4a2b95d2bc2ce102e3af9b5d22_113.wav", "text": "This is why the earnings should continue to be generated at a satisfactory level, while the output volume is expected to exhibit strong growth.", "duration": 11.4}, {"path": "257e4e92036da9582a8a288c88332ff3_63.wav", "text": "They have been tremendous resources to facilitate our view into what is happening in terms of regulatory and legislative issues in the Healthcare space.", "duration": 11.4}, {"path": "655d592e9d1b1027f1824b1554d8b131_49.wav", "text": "Okay. And then final quick question is on your core heat-not-burn product that you, I believe, tested in Japan. Do you have any update that you can provide us this morning", "duration": 11.4}, {"path": "6864081f83959f4b49e25e597f28af66_166.wav", "text": "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.", "duration": 11.4}, {"path": "bb9c0d60d15efa53cedac31e079e9ae6_77.wav", "text": "then you would also have a counterbalancing significant positive for us because that's a very profitable business historically. So I think for now, looking at it as indicative,", "duration": 11.4}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_52.wav", "text": "The computation is limited at best. So we are selectively choosing those projects that give us the best opportunity to succeed.", "duration": 11.4}, {"path": "baf97ac5f6cc21f1387a53f2755e60d7_96.wav", "text": "continue to focus on credit in 2017 as we believe these types of assets will deliver more stable returns over current economic industry environments.", "duration": 11.4}, {"path": "909945f04ac355656384777136995c9b_6.wav", "text": "And it was not capital. But during the last year, we had regain some of that share. Of course, we are focused on gaining share too on the retail business.", "duration": 11.4}, {"path": "da14df2e02d11f6f8599533d9d57faee_46.wav", "text": "Got it. That's helpful. And then also could you guys just comment I mean not to lose sight on the stuff you're doing on the digital front, I believe you've", "duration": 11.4}, {"path": "da14df2e02d11f6f8599533d9d57faee_72.wav", "text": "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.", "duration": 11.4}, {"path": "b2d6357f46f3a82cff6625277f9a20f6_161.wav", "text": "Our interactions with existing customers and prospects increased dramatically again this year. We conducted deep dive sessions with C-level executives to identify ways we could help them better secure their infrastructure.", "duration": 11.4}, {"path": "7394bde65e000fbb7b528c6c65bd099d_106.wav", "text": "We remain focused on our balance sheet with greatly reduced debt leverage as our goal. We're looking at the possibility of monetizing certain assets", "duration": 11.4}, {"path": "3aba3f0bef57d2f71dcc573a0fb198ed_111.wav", "text": "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?", "duration": 11.4}, {"path": "8aa1aa8317783203344434f855535c25_19.wav", "text": "are in that market right now and just what you and Mike and the team are seeing across on a return basis? That's just the first part of the question. The second part of the question would be,", "duration": 11.4}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_110.wav", "text": "while successfully maintaining the majority of the revenue from that segment by focusing on the top tier ESCOs. Nonetheless, this approach resulted in fewer transactions in the first quarter", "duration": 11.4}, {"path": "9b93af1e7019959620214c387f283d8e_99.wav", "text": "We're 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.", "duration": 11.4}, {"path": "02deeb29574f1571812a11f66bb8fda1_71.wav", "text": "But also remember, we don't have a single customer within IDEX that represents more than 2% of our sales, and so there has been some -- we've seen some commentary lately suggesting that it's substantially higher than that.", "duration": 11.4}, {"path": "2b0b79fa03313a4e9261734dd728b622_32.wav", "text": "some of which are beyond the company's control, may be identified by reference to a future period or periods, or by the use of forward-looking terminology such as may,", "duration": 11.4}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_132.wav", "text": "Our success in each market will be driven by further elevation and modernization of the third place experience we deliver to our customers and continued expansion of our digital advantage.", "duration": 11.4}, {"path": "c3567809c19ce6a800677544cd84f88b_197.wav", "text": "As a result, our average working capital as a percent of net sales value has improved consistently, reflecting the strong capabilities that we've put in place across the business.", "duration": 11.4}, {"path": "974a2d744cd3d9acf42d74816de91f7f_149.wav", "text": "Management believes the presentation of these non-GAAP financial measures are useful to investors in understanding and assessing the company's ongoing core operation and prospects for the future.", "duration": 11.4}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_3.wav", "text": "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.", "duration": 11.4}, {"path": "26119288a71567b572f1d8b551e397cb_23.wav", "text": "we have a little bit more lumpiness to our business because we don't have enough customer diversity yet to kind of weather when one customers starting to ramp and then they pause for a little bit before the other one begins their ramp. So I think there's", "duration": 11.4}, {"path": "6f6b3823ec396bec0ca694282a6c7452_64.wav", "text": "The second call is intended to give the company's English-speaking investors the same opportunity to both hear directly from management and ask questions pertaining to results and the operating environment.", "duration": 11.4}, {"path": "82131762fc1c2b2358ac3a167666ab87_165.wav", "text": "of the customers that we want to market to, whether it's 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.", "duration": 11.4}, {"path": "b43c001c5af465d220ab0b69a95202ae_108.wav", "text": "with more resources that can help them deal with change, particularly when those resources include quality resources that we bring to the table.", "duration": 11.4}, {"path": "9098e5640309f25da0d4dfa04789a36f_93.wav", "text": "some large projects that we expected from consumer electronics and logistics customers were pushed out because of changes in their product road maps and demands on their engineering resources.", "duration": 11.4}, {"path": "63eaf9677d7577484a1557ae6bfbb585_89.wav", "text": "our goal of this test is to optimize advertising spend while maintaining current demand levels and utilizing the savings to accelerate growth as well as improve overall profitability.", "duration": 11.4}, {"path": "948f025c16fce2bcb2909e610c9be557_163.wav", "text": "So the problem child, as you go, does it keep going or does it stop? Does it do a flip and come back down?", "duration": 11.4}, {"path": "9e8690a521142359001a137074905535_257.wav", "text": "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.", "duration": 11.4}, {"path": "3898a5c021167b8169287fc8bb59f753_21.wav", "text": "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.", "duration": 11.4}, {"path": "cbdc44c5f09baa21b5979beaf7f1e1e4_116.wav", "text": "We believe that the cut is a -- gives us a distribution that is sustainable for the foreseeable future. It's difficult to predict", "duration": 11.4}, {"path": "aed770c98113f594e36325a5822547e4_94.wav", "text": "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", "duration": 11.4}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_7.wav", "text": "Europe continued to be a strong contributor with fourth quarter sales growing 7%, highlighted by broad-based growth across the region from our pharmaceutical and medical research customers.", "duration": 11.4}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_13.wav", "text": "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.", "duration": 11.4}, {"path": "c40b5d1a13169c5acf69590932a56f98_23.wav", "text": "I'm very encouraged by both the acceptance and the reports back and not just from the plastic surgeons themselves, but also directly from the patients.", "duration": 11.4}, {"path": "c40b5d1a13169c5acf69590932a56f98_99.wav", "text": "One of my indicators of the strength of this relationship is demonstrated by the high percentage of customers and sales reps greeting one another with a hug,", "duration": 11.4}, {"path": "059024560d9d1039cf08746ee7393114_86.wav", "text": "to Tribune's closing share price on April 22, and it provides certain value by eliminating the risks associated with Tribune continuing to operate", "duration": 11.4}, {"path": "92bf6fe090b6bc565cb500b688fd9173_28.wav", "text": "in those developed markets. We don't 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,", "duration": 11.4}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_45.wav", "text": "We've 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 in-house in the first quarter.", "duration": 11.4}, {"path": "c47a92e006b54d014a79b447528c55a7_2.wav", "text": "Also, please note that we will discuss certain non-GAAP financial measures in this call. Reconciliations on a GAAP basis for these measures are included in today's press release", "duration": 11.4}, {"path": "e42f90eacf0e766ff39973c6aca06c93_75.wav", "text": "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", "duration": 11.4}, {"path": "3877b1983229ec488c6349a188bccf92_59.wav", "text": "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.", "duration": 11.4}, {"path": "7498a6630302a038bd537d192c3a44f4_240.wav", "text": "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.", "duration": 11.4}, {"path": "254f3c2175c8e11d6da7d44a221e1bff_2.wav", "text": "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", "duration": 11.4}, {"path": "3c80de013154b028ecdc6354d16c6fbc_16.wav", "text": "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.", "duration": 11.4}, {"path": "c9c6437fdff6eb69b8bca5fb3b2f14df_139.wav", "text": "In addition, a reconciliation of GAAP to non-GAAP results is contained in today's press release and in the supplemental information attached to today's presentation.", "duration": 11.4}, {"path": "799c15a4a6e9e3c86374761fec31c00a_120.wav", "text": "Now the volume is not a big market, obviously, as the residential fabric. But it's a plenty of growth opportunity for us in that marketplace", "duration": 11.4}, {"path": "e29584f9f829602cacebcce71c2a4fb9_124.wav", "text": "This innovative work in immuno-oncology by our scientists has been recognized by our peers at the Research and Development Council of New Jersey,", "duration": 11.4}, {"path": "00dcacc7fe3cab64b14aff04a9cd0284_52.wav", "text": "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.", "duration": 11.4}, {"path": "884400c829f179d8cf68b767f45f03a4_85.wav", "text": "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,", "duration": 11.4}, {"path": "4311782968e936c378fdee8946cd9cca_3.wav", "text": "I will talk in a minute about our not-for-profit strategy, which I want to make clear has nothing to do with current regulations imposed by the Department of Education on for-profit institutions.", "duration": 11.4}, {"path": "64364105b816dd0b6a029e9cd210e65b_165.wav", "text": "in the near term as we go forward, as we continue to evaluate other growth opportunities, whether there are organic growth opportunities like our entry into the truck body markets, which we believe will", "duration": 11.4}, {"path": "24a133abc343c813233d416b0cef96cd_289.wav", "text": "from the investment community to buy those type of assets. So they move the cap rate out. They've also been a bit more forensic on the rents and probably in some cases taken a more conservative view on the future market rents.", "duration": 11.4}, {"path": "dd85c205eb4aedd5ecd5be2c37c4d1b9_84.wav", "text": "Fiscal year '18 first half results were characterized by strong positive growth on both sales and the profits. The main content is as shown here.", "duration": 11.4}, {"path": "b0d88c0f1efca89ecb928172341dc75d_22.wav", "text": "Now that we've had a chance to go deeper and get more granular in areas where we just couldn't get full transparency preclose, we're quite pleased. Dave will talk more about this during his comments.", "duration": 11.4}, {"path": "dd1b5d8b62882dbf2ce5e06cf5678ced_88.wav", "text": "but we'll be very disciplined and we'll only select projects which align to our strategy, have a lose fit to our capabilities and which deliver superior returns.", "duration": 11.4}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_236.wav", "text": "We don't want to imply that it can't be accomplished, but it's going to be more involved than simply shuttling people from one place to another. So to be honest, it's too early to know the impact of this initiative on the overall market.", "duration": 11.4}, {"path": "6299a010c7bb84feaf14b263750dbd1a_155.wav", "text": "to work with them in terms of the way they look at their risk profile and so on, and in how we can improve the efficiency of the scheme", "duration": 11.4}, {"path": "6299a010c7bb84feaf14b263750dbd1a_134.wav", "text": "This includes an extended partnership with Just Retirement that allows customers to access options such as simplified financial advice, drawdown products and enhanced annuities.", "duration": 11.4}, {"path": "3c17ad8c6709cbb1a8f7190f567a445f_107.wav", "text": "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.", "duration": 11.4}, {"path": "19714a7d42d471e3bb7f7e1f18c8fe9b_137.wav", "text": "We undertake no obligation to update our forward-looking 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.", "duration": 11.4}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_93.wav", "text": "Strong growth, together with excellent operating costs and productivity management, lifted the first quarter margin by 100 basis points over last year.", "duration": 11.4}, {"path": "77423f08f0208d476dea73c639f6293a_47.wav", "text": "We're 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", "duration": 11.4}, {"path": "a766b08317742c952705018a899f3998_65.wav", "text": "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.", "duration": 11.4}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_69.wav", "text": "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,", "duration": 11.4}, {"path": "e97326d6a8951550e363f2be6ec489ba_87.wav", "text": "And we really -- we feel relatively satisfied within this undoubtedly bad news because we've been able -- given our", "duration": 11.4}, {"path": "bf99037f89cd485f95f097842619a0c7_15.wav", "text": "we can say that we've left the low or the lower point behind us, but how fast and how many interest rates increases we're going to see this year, I think that's open. That's something we need to follow. And obviously,", "duration": 11.4}, {"path": "ec9a5ef8abdaa14007f86d64e2cf49c1_86.wav", "text": "Before we go through the financial results, I'd like to remind everyone that unless otherwise noted, I'll be discussing the company's financial results, comparisons to prior periods and guidance on a continuing-operations basis.", "duration": 11.4}, {"path": "30a142fac5a62ab00227cb6a339a6226_71.wav", "text": "It's been just over a month since launch, and we have seen some amazing stories from advertisers such as State Farm, Domino's, T-Mobile and American Express.", "duration": 11.4}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_37.wav", "text": "together and accessorize a complete bathroom that a person would consider a work of art in their home. This is", "duration": 11.4}, {"path": "8dd740d83ff1c7319a82eeba6047633d_160.wav", "text": "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.", "duration": 11.4}, {"path": "ff59c33225941d4025bcecc8fe1a4b32_37.wav", "text": "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.", "duration": 11.4}, {"path": "19e7822c0e829faf25355c16b830cf39_60.wav", "text": "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 prepared a couple of slides to help with this.", "duration": 11.4}, {"path": "3ae068efa03cd088f4d3edea682f199f_40.wav", "text": "Operating cash flow was unfavorably impacted by lower operating results and the partial unwinding of our net contract capital position, which we expected.", "duration": 11.3999375}, {"path": "b34f680a9162805e0188170d6272a356_91.wav", "text": "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.", "duration": 11.3700625}, {"path": "10dfe5270a7e4216d68614041d2a9bbe_97.wav", "text": "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", "duration": 11.3700625}, {"path": "0db5ec7ab57d41c0bea4a8ee98a083eb_68.wav", "text": "So our comments around persistence are not a flag of people stopping taking it, whether it's due to efficacy or some other matter. It's just more of a statement that as", "duration": 11.3700625}, {"path": "d162113e3aface010baec17bd408736b_82.wav", "text": "lot of the IDMs use packages in China, and it does seem like they're looking to go to the Philippines and Malaysia quite fast. I was just wondering, on your China business only, have you seen", "duration": 11.37}, {"path": "92b48b365197c65ebf545a4c9dd1200d_152.wav", "text": "So some of the things we're looking to do is develop other programs outside of the 4 that we currently are in to make utilization of those opportunities. Number two,", "duration": 11.37}, {"path": "7d2a9151826f1fbcf538ffbf85924ed2_110.wav", "text": "and that's where we see the future growth and the future potential of the company. So with that early introduction, I'll turn it over to Kyle for a summary of our Q2 financial results.", "duration": 11.37}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_186.wav", "text": "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 it's too early to call it for June.", "duration": 11.37}, {"path": "07d2c762b6e3c4a59486baba2c8f0639_57.wav", "text": "It has become less expensive and more efficient to print in color, and our recent investment in new print technology has helped us to penetrate and grow this market.", "duration": 11.37}, {"path": "95962e0f754f9e2f786778c85d0913b8_88.wav", "text": "new initiation, that we have seen severe surges in the metal prices, and our customers also recognize the surge in metal prices as well.", "duration": 11.37}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_236.wav", "text": "starting almost from symbolically maybe from west to east, stepping up Nigeria where we entered in 2016, establishing also a local production capacity", "duration": 11.37}, {"path": "2d7efae3f89647d6468deed3b73bf98a_92.wav", "text": "As we've 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.", "duration": 11.37}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_47.wav", "text": "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.", "duration": 11.37}, {"path": "56e05107e391476d11fe1f637733f028_156.wav", "text": "These risks and uncertainties include general economic conditions as well as other risks detailed from time to time in InfuSystem's publicly filed documents with the Securities and Exchange Commission.", "duration": 11.37}, {"path": "1b91eb82f5211000e711424657cc2484_44.wav", "text": "Right. No, I get that. I just wanted maybe a little bit more clarity as to how you plan to cover that dividend, if it's over your fee earnings. I guess, is it just going to be through investment sales? Is that", "duration": 11.37}, {"path": "1b91eb82f5211000e711424657cc2484_220.wav", "text": "with a very high degree of our dividend being supported by long-dated permanent capital. And the opportunity now to build balance sheet to drive growth is just something that people haven't seen before,", "duration": 11.37}, {"path": "82218f543c9a546c4baa5323f250b39f_193.wav", "text": "historically characterized by renewals of existing client accounts to one that is now more defined by new logos and new scope from existing clients", "duration": 11.37}, {"path": "d085781ecd776da8a9c4d31ad547606b_44.wav", "text": "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,", "duration": 11.37}, {"path": "6616e76da46baea11d6032fc063716c1_43.wav", "text": "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 investors.", "duration": 11.37}, {"path": "9589f919b51ea96f732c4fe7fd180d7e_94.wav", "text": "We view this as directionally positive for transmission owners as the new methodology uses more inputs, which is expected to result in a broader zone of reasonableness. This", "duration": 11.37}, {"path": "95b678c2b11d1ded2d9e9ba839aaee06_46.wav", "text": "evolution of these consortium purchasing dynamics. And while perhaps that may have not played out in price, certainly seems to have played out in fairly significant negative volume", "duration": 11.37}, {"path": "ff2d1613ef8b55cc55bec6e266f6cfc2_32.wav", "text": "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.", "duration": 11.37}, {"path": "2ab48b66e1cc1f2acc7d7a666a1d8541_45.wav", "text": "Ladies and gentlemen, we are very proud that in the current macroeconomic situation, we continue or even improve our excellent performance", "duration": 11.37}, {"path": "957e0f876f9a4af9b498c19843675474_92.wav", "text": "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 healthier and happier lives.", "duration": 11.37}, {"path": "23eff4c724ee00f56319fcc47add3441_138.wav", "text": "that's 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 certainly around the broad business and our ability to be able to", "duration": 11.37}, {"path": "8957425799e5ce0200bfacf204d0acde_114.wav", "text": "For a more detailed discussion of the major risk factors affecting our business, please refer to our latest 10-K and 10-Q filed with the Securities and Exchange Commission.", "duration": 11.37}, {"path": "38b2f94da12bbf2d32246763aab8265a_30.wav", "text": "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,", "duration": 11.37}, {"path": "da14df2e02d11f6f8599533d9d57faee_49.wav", "text": "Before we begin, I would remind you that the statements we will make on today's call are covered by our safe harbor disclaimer contained in our press release, presentation and public documents.", "duration": 11.37}, {"path": "16e51362df94379ea33a24334015f385_46.wav", "text": "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.", "duration": 11.37}, {"path": "0360a780927a31fb0bec9e79dac878a2_86.wav", "text": "and believe they'll be an exceptional addition to Rollins. Founded by the Phillips family in 1951 and headquartered on the outskirts of Atlanta", "duration": 11.37}, {"path": "3cc0a4a6f1b08b522c732ad8944e8624_25.wav", "text": "as we've all talked about, multiples are a bit high right now but that doesn't dampen our enthusiasm or our activities in that area. And then certainly,", "duration": 11.37}, {"path": "66f8c62a56dfd5c78625e220e4be83bc_33.wav", "text": "At SITC, we presented new data in a mouse melanoma model providing evidence that these neoantigen-specific inhibitory responses could be tumor-promoting.", "duration": 11.37}, {"path": "b9b40b0c1e92fb226067bdceacbdab5c_2.wav", "text": "The proceeds from this disposition were used to repay the REIT's construction facility and the remaining proceeds will be used to complete the retail parking garage being constructed at the office complex.", "duration": 11.37}, {"path": "9952903822d3aabb9a8a8fdd41f23bc2_54.wav", "text": "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 reach a conclusion, we've got some pretty firm ideas.", "duration": 11.37}, {"path": "c3567809c19ce6a800677544cd84f88b_149.wav", "text": "We've worked with them for over the last 15 years, so we know that our longer-term commitment can make an even bigger difference to communities where water is a scarce resource.", "duration": 11.37}, {"path": "c3567809c19ce6a800677544cd84f88b_164.wav", "text": "You may not have heard about 3rd Space, but I'm sure you've been there, those consumer occasions which are not in traditional on-trade or at-home occasions.", "duration": 11.37}, {"path": "ab4dae37361262d727d1d2f8f78765d5_143.wav", "text": "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", "duration": 11.37}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_91.wav", "text": "Now your other question could be, what if instead of being capital, doctrine changes and its voting rights. We have everything in place with Renova where if", "duration": 11.37}, {"path": "0ec0a75c1800bac01520dcac5b8992fb_158.wav", "text": "We have many organic investment opportunities across the portfolio, and we believe we are investing appropriately to achieve above-market return on shareholder capital.", "duration": 11.37}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_66.wav", "text": "with good quality, and the competitive intensity isn't as great as it used to be. Where there's still a tranche of business where we have", "duration": 11.37}, {"path": "262bc21196721c5ff9114acbd2ff03c3_234.wav", "text": "And when the cycle is down, margins go up because it's mostly recurring revenue. It's mostly service and consumables. And as the cycle recovers, margins decline because you're starting to get project business coming in", "duration": 11.37}, {"path": "262bc21196721c5ff9114acbd2ff03c3_235.wav", "text": "at all. And indeed, as we look out into the future and the world where we are doing actually more remote asset monitoring, remote services, industrial internet related services,", "duration": 11.37}, {"path": "fb817a6cc685a3fd0f003456dd641c01_77.wav", "text": "and that's on the operational side, primarily in energy. And we're not hopeful now at this point that that's going to recover for the end of the year as our customers manage cash to the end of their balance sheets.", "duration": 11.37}, {"path": "fb817a6cc685a3fd0f003456dd641c01_164.wav", "text": "and thank you all for joining us today. I'll 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", "duration": 11.37}, {"path": "e97d1655ebabb8403ac0449eadb48f9b_99.wav", "text": "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.", "duration": 11.37}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_57.wav", "text": "Well, thank you all very much for your participation today. While we're proud of the results for many of our businesses, we clearly understand that our mission is to deliver growth.", "duration": 11.37}, {"path": "49e533a8449f6b9b6c806458e73338e1_16.wav", "text": "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 world's highest-growth marketplaces and digital sales channels,", "duration": 11.37}, {"path": "0dec9a606303da3039d11eec4ec9bd86_212.wav", "text": "Our guidance also does not include any expectation of future increases. We don't look at forward rates to determine what guidance should be. We simply", "duration": 11.37}, {"path": "8635f950dc44da3fcad542b2c066bedf_143.wav", "text": "making investments we need to make to grow the business and driving efficiency and controlling costs in ways that we create positive operating leverage,", "duration": 11.37}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_77.wav", "text": "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.", "duration": 11.37}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_214.wav", "text": "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.", "duration": 11.37}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_104.wav", "text": "Our revenue growth was primarily driven by higher volumes in our core decking and railing business, reflecting Trex's brand strength and continued ability to outpace industry growth rates.", "duration": 11.37}, {"path": "82ccbfb62e125b146fba0f8e4347cc62_194.wav", "text": "And we are very ecstatic about that, and we think the base is now solid to have exponential growth on a go-forward basis because the -- all of our problems have been", "duration": 11.37}, {"path": "cd331fa6dd24e811af3c0529212bfbb8_8.wav", "text": "we believe Nexus will enable us to benefit from cross-selling opportunities by further penetrating current customer accounts and expanding our addressable market to a broader range of procedures.", "duration": 11.37}, {"path": "c12aea8267b41c1b0347ac04aaa4f789_110.wav", "text": "In the Data business, the number of subscriptions continued to decline year-over-year. This was again partly offset by a more favorable average pricing.", "duration": 11.37}, {"path": "919fd6c04cca92ecdf503e32f884435d_36.wav", "text": "decision is expected by December with final rates effective in January of 2017. We also have pending rate cases in Minnesota and in Texas.", "duration": 11.37}, {"path": "64364105b816dd0b6a029e9cd210e65b_284.wav", "text": "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 and that's", "duration": 11.37}, {"path": "387e37f77b5e6be4e5ab2b00e95e38f1_51.wav", "text": "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", "duration": 11.37}, {"path": "7847510c8c1280e54583ff033a9decb2_114.wav", "text": "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", "duration": 11.37}, {"path": "a7b69d0f77cd4d6a684399e12b066e39_70.wav", "text": "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 forward-looking statements.", "duration": 11.37}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_142.wav", "text": "But it -- potentially, the answer is yes. It doesn't mean that we will buy more companies. It doesn't mean anything like that. But", "duration": 11.37}, {"path": "3e42c35588dc721e96280bc039e96c8d_70.wav", "text": "innovation that eliminates the need for the use of thrombolytics, reducing the likelihood of ICU time and bleeding complications that significantly affect patient recovery and outcomes.", "duration": 11.37}, {"path": "a2245a8522589003f9c235a48c0197f0_5.wav", "text": "During July, we begin the transition between mining contractor with the new mining contractor expected to take over full responsibility for both ore and waste mining before the end of this year.", "duration": 11.37}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_62.wav", "text": "the tax. As an executive committee member and director of AdvaMed, the medical device industry association, I've worked with our local elected representatives over the years to bring light to the issue.", "duration": 11.37}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_27.wav", "text": "As our volume increases, we are 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.", "duration": 11.37}, {"path": "24c7526f6daca8e16ab91bea6124148a_199.wav", "text": "We are continuing to work on optimizing our plants to assimilate new production activities and to improve plant efficiencies. The affected businesses", "duration": 11.37}, {"path": "6f1b092b312410065d308541be46da95_99.wav", "text": "Before discussing our technical guidance, I want you to take a -- take you through a more detailed look at this year's EPS and how this sets up for next year.", "duration": 11.37}, {"path": "ee824d23bd881a3dc5ee8be881b7d18b_92.wav", "text": "On the quality control and other operational improvements that you're implementing in order to try to avoid any sort of steel- or paint-related issues in the future,", "duration": 11.37}, {"path": "76c04b0646e881995fdd48aa58abee4c_107.wav", "text": "So the answer is it was designed to use the cash available to get to that million subscriber level. But as Jirka said, this year is really going to be the year where we evaluate what is the right", "duration": 11.37}, {"path": "6f73dbce90cb2d313480b437f0c51bbc_31.wav", "text": "all of those areas laid with fibre, I think at some point will help amortize back into our Wireless cost or help amortize the fibre cost, I guess, is another way to think about it. But it's really early days there for that.", "duration": 11.37}, {"path": "6f73dbce90cb2d313480b437f0c51bbc_40.wav", "text": "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.", "duration": 11.37}, {"path": "cd94f09ed5b897feb733def490ba4630_36.wav", "text": "Also in light of limited new capacities coming on line, we expect demand supply dynamic to be tight with refining margin expected to be quite positive.", "duration": 11.37}, {"path": "744f5859c7d9a0567b387ae84326d940_21.wav", "text": "And finally, our success rate or hit rate, if you will, on opportunities is up nearly 25%. So we've never been in better position to realize that sales growth.", "duration": 11.37}, {"path": "97ddc19ecb28bab2d19fd3b181182062_177.wav", "text": "Again, this improvement was only possible because of our excellent operational execution across all controllable aspects of our business in a very challenging environment.", "duration": 11.37}, {"path": "97ddc19ecb28bab2d19fd3b181182062_96.wav", "text": "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.", "duration": 11.37}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_235.wav", "text": "in that quarter last year because of a surge in product deliveries, both to domestic and international customers that happened to fall into", "duration": 11.37}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_85.wav", "text": "We do expect continued pricing pressure in our China field businesses as we look into Q2, but we're going to work to offset that headwind with cost actions.", "duration": 11.37}, {"path": "c67af59ea29f4e80b8eeede6e730658e_15.wav", "text": "It's a combination of new markets and existing markets. I'd have to go back to last year and see what the mix was, but I'd be surprised if it was any different.", "duration": 11.3699375}, {"path": "e0d1342ad3d27fd648b708837de08797_149.wav", "text": "I will tell you that we -- from our perspective, we believe we're never done on driving that cost structure. We continue -- as I said, the organization continues to identify new opportunities", "duration": 11.3699375}, {"path": "214dcdc435ef3259490466447858fa56_151.wav", "text": "We took the decision to write down in full the value of the deferred consideration associated with the Allied sale, given our reduced expectations of recovery.", "duration": 11.34}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_179.wav", "text": "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.", "duration": 11.34}, {"path": "94fdf7b24748a7706b1097482a0f363a_14.wav", "text": "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,", "duration": 11.34}, {"path": "3557b21a45c35e71e82cc43b19977855_139.wav", "text": "commodity type films that are readily available around the globe. But I don't think you should be surprised to see us either through an acquisition or perhaps in a direct investment,", "duration": 11.34}, {"path": "a45d8b57fe6b8199bca7aec4d022bbb3_19.wav", "text": "It is certainly the decision of China has a big role that is difficult to foresee for us because on the one side, very", "duration": 11.34}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_14.wav", "text": "We're 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.", "duration": 11.34}, {"path": "f2cd7d3ddaf92ab9c64154d74b2d118a_108.wav", "text": "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.", "duration": 11.34}, {"path": "044da592acc01ff7baacb3dbf2a302a9_104.wav", "text": "and so I'm not sure that there's going to be a significant opportunity to increase price. But what their lower reimbursement was doing was dampening the momentum in the market. It was a very small part of the market,", "duration": 11.34}, {"path": "3121e8f4a75758834d32a9e4e0555221_50.wav", "text": "This software-centric architecture enables us to achieve a greater level of scalability, improved operational efficiency, shorter deployment times and enhanced security", "duration": 11.34}, {"path": "91422f85dbf838639b3cb9dd9da364eb_14.wav", "text": "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", "duration": 11.34}, {"path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_96.wav", "text": "maybe you can talk a little bit about how challenging you expect that part of the market to be for expensive orphan drugs. And how do you expect this to unfold post launch?", "duration": 11.34}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_121.wav", "text": "From the perspectives of communication and arts, I think noodle story is a very artistic and special success.", "duration": 11.34}, {"path": "833f98dbc79997580b24335033aac5d2_151.wav", "text": "and make sure we're getting in at the right entry point. I'm not saying you can't make money. I've done it, but you better be sure that you're getting in and then you better make sure if you're doing it in a big deal", "duration": 11.34}, {"path": "c1f9276ae4068aca63163adff502b818_41.wav", "text": "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.", "duration": 11.34}, {"path": "8292bdb9af87f10627c044f3842b2c76_209.wav", "text": "they haven't disappointed us. It has taken every bit as long as they told us it would. But Tom makes a very good point. And that's what I was alluding to about", "duration": 11.34}, {"path": "5f38ce681d4413a793d34a0650c59bf2_147.wav", "text": "It will take some time to successfully address the challenges that our company faces today and it will take time to reposition Endo for long-term success.", "duration": 11.34}, {"path": "1133b8984db446b9c963a09eaf0785a4_191.wav", "text": "our -- is this creating sort of situations where you need to valuate particular packages that you produce, or you need to think about sort of alternative formats?", "duration": 11.34}, {"path": "1133b8984db446b9c963a09eaf0785a4_198.wav", "text": "Yes -- no, well, I don't -- we don't do that. I will tell you that in the final analysis with Clear Lam, we expect that multiple to be", "duration": 11.34}, {"path": "9c5bc3e66dc0c7ac4a559a1d71e70c85_12.wav", "text": "It is imperative that we take the advantage of this unique opportunity to implement those reforms that are essential to achieving a long-term sustainable growth.", "duration": 11.34}, {"path": "9c5bc3e66dc0c7ac4a559a1d71e70c85_54.wav", "text": "Despite these challenges, we remain focused on serving our customers, executing our business strategies and seizing opportunities that arose.", "duration": 11.34}, {"path": "a44c74bdc01aa7e317addc11f2274e11_146.wav", "text": "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 forward-looking statements.", "duration": 11.34}, {"path": "ebecd7e874a9b3998b70ec3200f71e89_43.wav", "text": "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?", "duration": 11.34}, {"path": "002d12258ff802d65f79ae2eef99e4ab_114.wav", "text": "We saw a number impact for total year '16 right in the middle of that range. And for the fourth quarter, I will call it very similar to that of", "duration": 11.34}, {"path": "616e9ba16db091317ae4d96e877a9bbe_39.wav", "text": "And while we're still investing, as we always do, in the best people around the market, we've started to moderate a little bit, particularly as it relates to capital market.", "duration": 11.34}, {"path": "4e04d3229b988f1db5b842ac5b993894_18.wav", "text": "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 APEX-XC rig design.", "duration": 11.34}, {"path": "4e04d3229b988f1db5b842ac5b993894_152.wav", "text": "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.", "duration": 11.34}, {"path": "fabca2790ac9e6a96be6e6b59a497436_45.wav", "text": "Lower OPEC production, supply outages and lack of weather delays prevented the spot market from stepping up to seasonally expected winter trading freight levels.", "duration": 11.34}, {"path": "b96165244f010b3f1e61cbbc5e504d96_155.wav", "text": "So when we look out to next year, as we go through our budgeting process and see how the year is progressing, we'll look for additional opportunities to invest to drive growth.", "duration": 11.34}, {"path": "40e11288ea7cb86fdf307dbe648142e3_33.wav", "text": "I certainly think things will become even more attractive and will -- we would tend to lean in harder when we are really confident that the full recovery is in place", "duration": 11.34}, {"path": "ade68f8add7249890d086ecf4b5b8cab_61.wav", "text": "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", "duration": 11.34}, {"path": "c1d916407f390d20e9d8f9b453e22435_14.wav", "text": "has been impacted by increasing overcapacity of RTL as multiple regional players have built excess production capabilities for internal Chinese demand.", "duration": 11.34}, {"path": "5664a96b7f1182d037b901d84eeb4fd6_155.wav", "text": "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", "duration": 11.34}, {"path": "08ed60a546bd48af9db028c4e3c8af26_152.wav", "text": "and there's 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", "duration": 11.34}, {"path": "c3af5ef871fb87eee698a7a6e8e1d41e_66.wav", "text": "We had 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 forthcoming throughout the year.", "duration": 11.34}, {"path": "d8eb5522db0e51d75ea6518462954c52_165.wav", "text": "Our segmented market approach allowed us to post excellent results at the high end and low end of the market with such plans.", "duration": 11.34}, {"path": "a02b735de681c682fbb8025edecca271_96.wav", "text": "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.", "duration": 11.34}, {"path": "98f10f0935e5b778e888a1b8130a3d31_112.wav", "text": "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?", "duration": 11.34}, {"path": "567a41009710fa1568bb8125213bf9eb_87.wav", "text": "of an interest rate decline, as we expect to benefit from increased recapture income and correspondent production-related earnings in subsequent periods.", "duration": 11.34}, {"path": "02deeb29574f1571812a11f66bb8fda1_131.wav", "text": "As we begin, a brief reminder. This call may contain certain forward-looking statements that are subject to the safe harbor language in today's press release and in IDEX's filings with the Securities and Exchange Commission.", "duration": 11.34}, {"path": "f90636acacf7a46141d37814810a6a8f_28.wav", "text": "shutting down when margins are low. Have you noticed any production shut-ins since the beginning of the year just based on the margin landscape?", "duration": 11.34}, {"path": "10dfe5270a7e4216d68614041d2a9bbe_72.wav", "text": "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.", "duration": 11.34}, {"path": "ed93b88b63d3dba4c5ed78d463a77bdd_28.wav", "text": "However, I don't want to get ahead of ourselves, even though I see some things that are quite promising. I want, really want to wait until we get them fully inked before we bring them out. But", "duration": 11.34}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_205.wav", "text": "And we're making changes. So we've either made some leadership changes or some structure changes in all of those practices in order to drive different results.", "duration": 11.34}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_35.wav", "text": "The updated version of our current strategy focuses on investments in safety and human resources to solidify our management platform to support further growth.", "duration": 11.34}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_120.wav", "text": "labor growth. And if you look at some of the trades that would be important to Insulation demand, you didn't see much labor growth in framing contracting in the second half of 2015, which would suggest", "duration": 11.34}, {"path": "968913c3f9111fc67f1d9956c56dec3b_58.wav", "text": "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.", "duration": 11.34}, {"path": "246876171ef2f408df10ee0816f9db83_5.wav", "text": "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 well-functioning and housing finance system.", "duration": 11.34}, {"path": "63d825666ef6527fd7e4f26e728a4e61_25.wav", "text": "that we experienced this quarter. But it's typically more seasonal, so I don't think you'll see that same level heading into the fourth quarter.", "duration": 11.34}, {"path": "9e8690a521142359001a137074905535_279.wav", "text": "In the coming months and with the benefit of our improved focus and process in place to facilitate our planning, we'll be taking a very close look at those long-term targets and reassessing the time frames", "duration": 11.34}, {"path": "8d9efef3c305ec549fb15daa27107c83_22.wav", "text": "obviously, are a little longer in the tooth and 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", "duration": 11.34}, {"path": "21f21433851eb7c7f7dbc710309341bb_99.wav", "text": "Right. So, what was the -- like what was the effect from an accounting perspective? Were your allowances sufficient or did the allowance rates go up?", "duration": 11.34}, {"path": "82f5253b62614161333b038f5f9700f8_236.wav", "text": "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 to decline.", "duration": 11.34}, {"path": "059024560d9d1039cf08746ee7393114_138.wav", "text": "Soon, we'll be rolling out Gravity enhancements to support mobile web across all of Gannett, plus adding Gravity capabilities into our local market applications.", "duration": 11.34}, {"path": "dffe8257f781608bb17bb637249e4d2a_251.wav", "text": "Slower asset growth, combined with resilient profitability, also means we are strongly capital-generative, which is supportive of the growing dividend that you've seen us declare.", "duration": 11.34}, {"path": "433a6e203f9db93835c27ff83e86c801_155.wav", "text": "the recent drop in spot rates for lead won't improve our results until mid Q3. Consequently, our gross profit rates should improve by", "duration": 11.34}, {"path": "7cc11de7f206c637e6293da0d956405e_224.wav", "text": "the sales reps or the service reps in the field tell us we're missing and if we can buy it quicker and cheaper than we can build it, we'll definitely run that through the capital lens and determine whether or not we should go after it.", "duration": 11.34}, {"path": "9ec35a7809acb51486076e302028ba33_47.wav", "text": "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", "duration": 11.34}, {"path": "b4fc31ae6403a17b15c30d3ec3b82487_1.wav", "text": "such as FFO and adjusted EBITDA. You can find this information together with reconciliation to the most directly comparable GAAP financial measure in yesterday's earnings release", "duration": 11.34}, {"path": "0dec9a606303da3039d11eec4ec9bd86_112.wav", "text": "Yes, I think -- first of all, for new business, small businesses and those who are starting up typically don't go through a bank for their credit anyway. So I don't think there'll be too impacted by", "duration": 11.34}, {"path": "254f3c2175c8e11d6da7d44a221e1bff_3.wav", "text": "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.", "duration": 11.34}, {"path": "bff5e6c47b0b7b9c6ee5c001d0231508_21.wav", "text": "So this is something that will be there forever. So we will have to evaluate this every quarter, and you will see from time to time positive and negative things there.", "duration": 11.34}, {"path": "523a7b1c62d1e2ac2fc0440bca0d020c_114.wav", "text": "Please turn to Slide 12. I also would like to provide an update on our Sandpiper project. Earlier this year, we received written orders from the Minnesota Public Utility Commission", "duration": 11.34}, {"path": "5633fe3600ee04237bbb918c56341864_145.wav", "text": "However, activity levels and revenue opportunities from those FIDs and the emerging international recovery are not expected to have a positive financial impact", "duration": 11.34}, {"path": "838af8ffae77ce8ff59c77b1985f8fc5_103.wav", "text": "Thanks, Louis. I would like to thank everyone for joining us today. Extraction continues firmly on its path to achieving its previously disclosed growth targets", "duration": 11.34}, {"path": "ee00ebd8d782e8f124b3e142cbb74f37_181.wav", "text": "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.", "duration": 11.34}, {"path": "94f601dc7b34ad38667e3b714aa89d35_54.wav", "text": "I think we have done a great job increasing our private label products. There was a little bit of a higher margin. So if I look at kind of all the factors understanding our customer, understanding how we're marketing to our customer location,", "duration": 11.34}, {"path": "b01b8f0fa0baf54952151c2e767b6f77_12.wav", "text": "And as we've 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.", "duration": 11.34}, {"path": "d62cc3a0dfe3492ed16dfc17c028071e_41.wav", "text": "Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program, and you may now disconnect. Everyone, have a wonderful day.", "duration": 11.34}, {"path": "d62cc3a0dfe3492ed16dfc17c028071e_28.wav", "text": "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 sports-related deal,", "duration": 11.34}, {"path": "919fd6c04cca92ecdf503e32f884435d_50.wav", "text": "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.", "duration": 11.34}, {"path": "4311782968e936c378fdee8946cd9cca_84.wav", "text": "We don't need a service provider, which helps us keep tuition low. And we've had the good fortune of building a very strong university brand based upon what happened in our traditional campus,", "duration": 11.34}, {"path": "64364105b816dd0b6a029e9cd210e65b_29.wav", "text": "The EPA and NHTSA are currently evaluating the comments from various stakeholders, and we expect to see a final version of the regulation sometime in April or May.", "duration": 11.34}, {"path": "24a133abc343c813233d416b0cef96cd_39.wav", "text": "As he talked about, that's about remixing around food, around services, around health and entertainment where we see gaps in the customer offer in that trade area.", "duration": 11.34}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_16.wav", "text": "these are stores located in farther geographies. We have it in stores in Bahia in the north of the country.", "duration": 11.34}, {"path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_71.wav", "text": "It's always a possibility that we would consider additional centers around the world to facilitate enrollment. So I won't rule that out, but", "duration": 11.34}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_115.wav", "text": "One, we will increase core fee growth by becoming an essential partner to our clients, gaining share of wallet and building enduring institutional relationships,", "duration": 11.34}, {"path": "50eb350badadec6e4272b90684741c25_2.wav", "text": "We believe that these non-GAAP 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 the company's performance.", "duration": 11.34}, {"path": "dbf6a9009ea60e2e96772ee3ccea7226_74.wav", "text": "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.", "duration": 11.34}, {"path": "d5f5f4efd41927526b14fc2c353cb4e3_2.wav", "text": "But at the same time, the fourth quarter has a lot of characteristics of preparing for a demand surge in the first quarter,", "duration": 11.34}, {"path": "712bbcab5338e07dd63dad97bb652018_130.wav", "text": "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", "duration": 11.34}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_36.wav", "text": "has been in pilot mode for a while now, and so the sellers of that solution are the Verizon sales organization.", "duration": 11.34}, {"path": "0807d606b6cf98da19b317b4928c3572_112.wav", "text": "Yes. 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 end-user customers.", "duration": 11.34}, {"path": "bf99037f89cd485f95f097842619a0c7_84.wav", "text": "any of our clients' wishes, sophisticated clients, all the way to ultrahigh-net-worth individuals, and the platform is perfectly geared to navigating the clients now through with this", "duration": 11.34}, {"path": "6f73dbce90cb2d313480b437f0c51bbc_94.wav", "text": "Glen, you said you're going to utilize those in the next couple of years. So how do we think about how you're going to use that tax loss? Is this essentially something that you have that you can", "duration": 11.34}, {"path": "eb93e70cdf7a839a69546250fb3646fb_199.wav", "text": "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 it's moved around a lot in the past couple of years.", "duration": 11.34}, {"path": "19bfb8daeb6e43d59415df478017d5c3_106.wav", "text": "the success you've 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 in with the Loungefly acquisition?", "duration": 11.34}, {"path": "9097dcbaf554d635920c6274b1de4997_172.wav", "text": "We believe the progress being made in these areas will diversify VIVITROL's growth. VIVITROL operates in a fragmented system where each state is unique in how it activates to address the opioid crisis.", "duration": 11.34}, {"path": "726bad4d5d1a6b2f62034eb8dc843450_129.wav", "text": "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.", "duration": 11.34}, {"path": "a4d3f12bcd4bd2b79c885714ce84ab4f_41.wav", "text": "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.", "duration": 11.34}, {"path": "77f146e76d89a5be785a39ab23dfa763_3.wav", "text": "The ability to deliver improved margins while absorbing incremental investments continues to demonstrate the efficiency and effectiveness of our business.", "duration": 11.34}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_143.wav", "text": "So we're not convinced that there's going to be a move, and if there is, we think we're relatively well protected for any moves that would happen here in the second half of the year.", "duration": 11.3399375}, {"path": "07f75a4256867f119bac833eae67cb73_42.wav", "text": "commodity dryers for a period of time. Now the previous year, we weren't able to do that because we actually had campaigns scheduled. So we have been working on how we schedule and how we", "duration": 11.3100625}, {"path": "f5875d033110e66b5aafc3c0003babdf_76.wav", "text": "And as we've also said, that doesn't mean that if there are opportunistic items that come into play in that period, we would absolutely look at those,", "duration": 11.31}, {"path": "8fde6a4ab2de2ba6bbd0b4196ef82454_252.wav", "text": "Again, I think the public comments around that had 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", "duration": 11.31}, {"path": "8ad0d5b5df75415c56ba590cad29489a_72.wav", "text": "Let's pause here for a second. This as an important moment in the fuel cell industry. We believe this is the largest planned deployment of fuel cell-powered trucks anywhere in the world.", "duration": 11.31}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_70.wav", "text": "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.", "duration": 11.31}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_30.wav", "text": "but the actual contribution to our earnings is de minimis. We actually bracketed our guidance to incorporate different timing and closing. We think it's going to be very quick and clean,", "duration": 11.31}, {"path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_96.wav", "text": "and year-end sales commission accelerators. The decrease in operating expenses compared to the year ago quarter predominantly reflects lower investment levels for prototypes", "duration": 11.31}, {"path": "a93681c92a0b9c04743f541a54b180c7_203.wav", "text": "we announced and launched the top page application coupon tab. The competitors are growing in the area of coupon.", "duration": 11.31}, {"path": "22ad97a95501a08f15c06605cd277fec_124.wav", "text": "Yes. Just lastly, big picture on Aero, I mean, it's 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", "duration": 11.31}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_271.wav", "text": "I'd 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?", "duration": 11.31}, {"path": "c68c15299b67173c7ae163cc5938f3c1_120.wav", "text": "And they just -- they come and they're 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 some of these countries where we don't think they're very viable.", "duration": 11.31}, {"path": "13220986bf30f26076a674e2a9edc89c_251.wav", "text": "I think that we're trying to be very clear that our expense guidance reflects the investments that we think we need to make in the business.", "duration": 11.31}, {"path": "c96b5ae4ffe20d946daec67e2b0917b2_17.wav", "text": "liquids line in the country that moves about 2 million barrels a day of refined products up from Louisiana, up to Washington D.C. and maybe even up into New York Harbor,", "duration": 11.31}, {"path": "91422f85dbf838639b3cb9dd9da364eb_50.wav", "text": "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", "duration": 11.31}, {"path": "ff2d1613ef8b55cc55bec6e266f6cfc2_83.wav", "text": "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,", "duration": 11.31}, {"path": "d4d2bcc69eeb01cb739c3c86ba8816df_92.wav", "text": "to enter that agreement and that program, to be frank, like many of these consortiums that came together, they were actually looking to", "duration": 11.31}, {"path": "833f98dbc79997580b24335033aac5d2_273.wav", "text": "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.", "duration": 11.31}, {"path": "0f4370b614f29bd596e4f6871cc77864_233.wav", "text": "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", "duration": 11.31}, {"path": "a44c74bdc01aa7e317addc11f2274e11_6.wav", "text": "building additional overseas manufacturing facilities and payment of capital expenditures associated with new equipment. I'll provide more detail on our current investment and growth initiatives.", "duration": 11.31}, {"path": "a44c74bdc01aa7e317addc11f2274e11_150.wav", "text": "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.", "duration": 11.31}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_91.wav", "text": "and that phrase though happens to be very true. But I want to give you some hard, cold facts about the natural gas story which is our single most important business.", "duration": 11.31}, {"path": "6e3037e770ba5e0dfc98e3223986aad2_34.wav", "text": "And based on Hemel's 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.", "duration": 11.31}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_144.wav", "text": "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", "duration": 11.31}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_97.wav", "text": "I would say, at this point, we're probably at a new level of mix that won't change much. It was really during the last year as we ramped on", "duration": 11.31}, {"path": "636d6909fbd8656f88f72f66a3a162ff_56.wav", "text": "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.", "duration": 11.31}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_93.wav", "text": "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", "duration": 11.31}, {"path": "ade68f8add7249890d086ecf4b5b8cab_68.wav", "text": "Finally, we're 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.", "duration": 11.31}, {"path": "4510e2aa4676c7a10c96df3f4ebf2beb_6.wav", "text": "This decrease was primarily due to weakness in demand in the international products run rate business, while domestic product revenues were flat, as its channel partner strategy is stabilizing.", "duration": 11.31}, {"path": "8fbfa6ca2fe8141fd75ae42fd998149f_173.wav", "text": "We see this cycle as very normal, and that's why for this quarter, we've shown you in our press release how our loans and deposits performed with and without former American Chartered loans and deposits.", "duration": 11.31}, {"path": "6a372ea97b0b130a4d37f16b54d97909_199.wav", "text": "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.", "duration": 11.31}, {"path": "b281eff988085e0776dc8a10223f1048_59.wav", "text": "wondered if you had any initial data at all regarding antibodies? And perhaps, maybe, you had a measure in place, so that if there was someone who had a", "duration": 11.31}, {"path": "10728656364812338b7417b035dae4c4_112.wav", "text": "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 to Florida.", "duration": 11.31}, {"path": "bb2ca5b87982b2388d82cd64a73f08cf_35.wav", "text": "and reflects the anticipated short-term impact of our strategic decision to exit much of our private label and contract manufacturing business and invest in our core brands.", "duration": 11.31}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_70.wav", "text": "For our group LCCs, Vanilla Air and Peach Aviation, we'll focus operations on Narita and Kansai, while also expanding business from other regional airports.", "duration": 11.31}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_261.wav", "text": "revenue synergies take longer. And so they would just be starting right now. And we'll continue to drive those over the next few years. But that is an exciting arena to have", "duration": 11.31}, {"path": "0ec0a75c1800bac01520dcac5b8992fb_165.wav", "text": "These products -- these are products with double-digit growth, good profitability and where we have strong production technology and advantaged cost positions.", "duration": 11.31}, {"path": "915bdcf0edfec49b928ca4010cbb40ca_11.wav", "text": "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.", "duration": 11.31}, {"path": "5e95976c2c94d24ba7df09eb05e3a3b0_88.wav", "text": "problems that they are having at the moment, whether you're still confident in the underlying rate of growth? Perhaps also tell us a little bit about how you're seeing the underlying growth rate in Russia?", "duration": 11.31}, {"path": "948f025c16fce2bcb2909e610c9be557_256.wav", "text": "what we would look for is passing it there, and now to answer your question that comes also from your", "duration": 11.31}, {"path": "9b697782ea80be97854f35d6fc62c93a_225.wav", "text": "As you might expect, and I think you're hearing from others, we're seeing even more volatility in markets like Brazil, China and Russia even as we start our first quarter.", "duration": 11.31}, {"path": "cbdc44c5f09baa21b5979beaf7f1e1e4_6.wav", "text": "Additionally, access to the Murray Energy manufacturing facilities will allow us to significantly reduce our repair cost and maintenance capital expenditures on critical equipment.", "duration": 11.31}, {"path": "741526dd2a3db996d2f22f4bcdae4be6_91.wav", "text": "holiday dressing and an extended assortment of tops and bottoms. QVC continues to be a great platform for us to introduce and test new product categories.", "duration": 11.31}, {"path": "73c60e60043b8775dac929320839a8c6_70.wav", "text": "in, given the elevated risk in the marketplace. I think we're very pleased that we were able to effectively increase leverage slightly, maintain our portfolio yield", "duration": 11.31}, {"path": "e97d1655ebabb8403ac0449eadb48f9b_18.wav", "text": "While I can't predict our revenue growth, we believe, we are seeing globally sophisticated companies demonstrating a commitment to our technology.", "duration": 11.31}, {"path": "c40b5d1a13169c5acf69590932a56f98_87.wav", "text": "Well, I think the best way to answer that is that we have a number of objectives that include transformational moves.", "duration": 11.31}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_61.wav", "text": "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.", "duration": 11.31}, {"path": "a1329d5014382fed182ec42276821868_185.wav", "text": "And again, with a strong balance sheet and strong cash flow generation, we can fund this strictly from inside the company while still being able to focus on providing return to our shareholders,", "duration": 11.31}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_17.wav", "text": "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,", "duration": 11.31}, {"path": "433a6e203f9db93835c27ff83e86c801_7.wav", "text": "Asia's motive power continued its double-digit 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.", "duration": 11.31}, {"path": "757695924b5e43c7d44e29dc141cc035_151.wav", "text": "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 our discussions with various parties.", "duration": 11.31}, {"path": "22a55e362dd67dc8f7cd40f7ec8d62c1_122.wav", "text": "As far as I know, and I'm not an absolute expert in treasury, but I'm 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", "duration": 11.31}, {"path": "3b2908426357bb8269c3a01469865cd6_70.wav", "text": "As Dan mentioned, we're 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.", "duration": 11.31}, {"path": "77d2dd6d5e46cc8a8e80809305b60208_140.wav", "text": "to gain valuable feedback from the development of our fuel technology. In particular, we are working towards formalizing an end user agreement with one of these utilities", "duration": 11.31}, {"path": "3877b1983229ec488c6349a188bccf92_55.wav", "text": "through a campaign involving celebrity influencers, new packaging and quality cues and local activation against multicultural millennial consumers.", "duration": 11.31}, {"path": "7498a6630302a038bd537d192c3a44f4_148.wav", "text": "Let me begin by reviewing our third quarter operating and financial performance. Then I will update you on the strategic initiatives that we laid out earlier this year.", "duration": 11.31}, {"path": "fe3a8419e2f120643bff5e9e80190ed5_75.wav", "text": "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 line.", "duration": 11.31}, {"path": "fe3a8419e2f120643bff5e9e80190ed5_113.wav", "text": "Plus we're integrating the search functionality that has proven successful with ClearanceJobs, which allows hiring managers to input full job descriptions rather than keywords in the boolean search to serve up ideal candidates.", "duration": 11.31}, {"path": "523a7b1c62d1e2ac2fc0440bca0d020c_109.wav", "text": "With multiple high-quality 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.", "duration": 11.31}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_245.wav", "text": "in terms of how the website presents opportunities for patients, which has doubled our daily retail to mail conversions and continues to for those patients where that's a benefit and where the plans save money.", "duration": 11.31}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_53.wav", "text": "invest in that and as a result, bring down the costs we incur around call volumes. Again, a lot of those initiatives are in process, and we'll have an", "duration": 11.31}, {"path": "299bad77345d2e44fa5768f4416f7b97_6.wav", "text": "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.", "duration": 11.31}, {"path": "299bad77345d2e44fa5768f4416f7b97_68.wav", "text": "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.", "duration": 11.31}, {"path": "ee00ebd8d782e8f124b3e142cbb74f37_16.wav", "text": "We believe that decarbonization of our electric sector and strong economics will provide ongoing growth opportunities for wind energy and for TPI for many years to come.", "duration": 11.31}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_155.wav", "text": "the visitors. Now let me hand over now the word to Martin that will guide you through financial figures.", "duration": 11.31}, {"path": "68862e23c71ce741719b7bd99a6c44d6_32.wav", "text": "So Noelle, there's a mix of customers and when you have this kind of growth and you have a quarter that's back-end loaded, it's going to be difficult to build April's", "duration": 11.31}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_231.wav", "text": "Integration and synergies 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.", "duration": 11.31}, {"path": "a0fe48ba783b94dc7e5b0201aba7c1cb_62.wav", "text": "Guidance for Q4 and the full year. First of all, our guidance does not include any pending acquisitions such as Green Bay and Davenport.", "duration": 11.31}, {"path": "71c8aba809b2c3334e487f92f9009647_3.wav", "text": "along with the building products businesses acquired with Lagan. Ireland, comprising of the construction materials business and contracting services businesses on the Island of Ireland,", "duration": 11.31}, {"path": "387e37f77b5e6be4e5ab2b00e95e38f1_169.wav", "text": "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", "duration": 11.31}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_66.wav", "text": "And FX has really been the problem that's been the most challenging for us to negate because it's not going to justify any pricing or drive any pricing in the market. Raw materials,", "duration": 11.31}, {"path": "dd1b5d8b62882dbf2ce5e06cf5678ced_58.wav", "text": "during the restructuring of Frontera in late 2016. Second priority is to improve the quality of our existing upstream business", "duration": 11.31}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_191.wav", "text": "influential 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", "duration": 11.31}, {"path": "e9970d55b0ac8bddede7f337c0f94d36_42.wav", "text": "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.", "duration": 11.31}, {"path": "96488f25af54f91198b444e5eff8e878_2.wav", "text": "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.", "duration": 11.31}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_171.wav", "text": "the preponderance of the difference continues to be interruptible volumes that we just don't quite have the tenure with to forecast with great confidence.", "duration": 11.31}, {"path": "933faa5ac159ab158506e2bc0f714977_88.wav", "text": "The year is still right in line with what we've expected. It's not a deceleration of growth. It's really more of a function of the comparison to the prior year on a quarter-to-quarter basis.", "duration": 11.31}, {"path": "5f4034bd1c0669186fcee6909c5d59e7_23.wav", "text": "I know we've talked in the past about Westmoreland and Clearfield. I think based on kind of where we think pricing is going to go, and since that's a very PDP heavy asset,", "duration": 11.31}, {"path": "ef7e77f6a5983826d0eefe75f7832ce6_74.wav", "text": "defined execution strategies and a clear focus free of distractions to improve and evolve the customer experience and to extend our service differentiation.", "duration": 11.31}, {"path": "32283c24ad18239efb166db8422560b2_113.wav", "text": "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 to,", "duration": 11.31}, {"path": "7bac04f03928ee8894ab00007116400b_6.wav", "text": "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.", "duration": 11.31}, {"path": "3ae068efa03cd088f4d3edea682f199f_263.wav", "text": "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.", "duration": 11.31}, {"path": "7a80c3e91e5a2693cdaef5f716808317_21.wav", "text": "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,", "duration": 11.31}, {"path": "30a142fac5a62ab00227cb6a339a6226_4.wav", "text": "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.", "duration": 11.31}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_198.wav", "text": "and create a unique product offering that people will not be able to put together easily or see elsewhere.", "duration": 11.31}, {"path": "9097dcbaf554d635920c6274b1de4997_81.wav", "text": "We have assembled a collection of commercial capabilities and infrastructure designed specifically to navigate these complex treatment systems and to operate in an evolving healthcare environment.", "duration": 11.31}, {"path": "c2a4f7aacf0036edc5b94457c0d8329a_75.wav", "text": "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.", "duration": 11.31}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_219.wav", "text": "changing, adding new services to contracts. So from the standpoint of our ability to do more work or sell more products, we certainly think there's an opportunity", "duration": 11.31}, {"path": "97ddc19ecb28bab2d19fd3b181182062_215.wav", "text": "So I just think overall, because of the quality that we have, the short turnaround and the smaller quantities, that's -- which is our sweet spot", "duration": 11.31}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_64.wav", "text": "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 morning's press release,", "duration": 11.31}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_55.wav", "text": "And so what we've seen here is not only a significant recovery of fire and security products but very broad-based execution across every one of our platforms.", "duration": 11.31}, {"path": "027d36b67ee5bba934695b2d0c47eb08_2.wav", "text": "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 10-Q,", "duration": 11.31}, {"path": "47546a57a865bca0f4e677dc3b485053_121.wav", "text": "is there any risk to not delivering some of those orders on time and needing to ask for an extension? I'm sure that you're prioritizing that contract given the size of it and the newness of it.", "duration": 11.31}, {"path": "a95a220f118ae793c89d6d708e62cf8a_83.wav", "text": "grew fairly strongly, mainly in growth markets, specifically in China. Now before you get carried away and extrapolate these growth rates,", "duration": 11.28}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_271.wav", "text": "enterprises in general I think are more affected by what they read about roaming costs going away and external forces and therefore", "duration": 11.28}, {"path": "a93681c92a0b9c04743f541a54b180c7_10.wav", "text": "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", "duration": 11.28}, {"path": "3cb802f8fba7d33603c29387ccdaf817_39.wav", "text": "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.", "duration": 11.28}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_76.wav", "text": "which if not properly corrected could lead to misstatements in the future, and we have been busily fixing those situations.", "duration": 11.28}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_38.wav", "text": "and there were some competitive losses that we had. But overall, that business is continuing to grow very positively", "duration": 11.28}, {"path": "8b6c481f7fe797353fefe886e205bbaa_27.wav", "text": "Gasoline weaker than it has been. And I think that reflects what we'd see as a seasonally normal driving season. And the real outlet piece of this is you get turnarounds right now,", "duration": 11.28}, {"path": "c9ecd6e0347cbf5fe881201a5e803fb3_49.wav", "text": "future events or otherwise. For additional information on these assumptions and risks, please consult the cautionary statement regarding forward-looking statements contained in the company's earnings release dated", "duration": 11.28}, {"path": "abd0f750609f1263b566f0c09b981a16_107.wav", "text": "system at least with respect to branded as a Ritz is a benefit to our downtown Ritz Carlton. In addition, that property is going through -- our property downtown is going through a", "duration": 11.28}, {"path": "81430c39b7b202d05644e419e2a01a65_101.wav", "text": "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?", "duration": 11.28}, {"path": "04f29bc02d1e2ef65077ca67bf41f475_180.wav", "text": "we completed the acquisition of FMCG, which will further enhance our Financial Services marketing solutions and other services product set", "duration": 11.28}, {"path": "25411ff16eb3ca72b6e736eb0fe0cafb_94.wav", "text": "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 simplified approach in mind", "duration": 11.28}, {"path": "570faeed3dcfa26c6246dc42309025ad_207.wav", "text": "With the retail industry slowing in some regions, we know that our goal of becoming the world's preferred destination for convenience and fuel will transmit through the quality of our staff and our ability to engage them.", "duration": 11.28}, {"path": "de3b766a868da918e499f407dbf5d716_80.wav", "text": "higher volume activity at the sponsor is expected to drive meaningful growth opportunities for LMRK. The acquisition market for our 3 segments remains very attractive.", "duration": 11.28}, {"path": "1b91eb82f5211000e711424657cc2484_168.wav", "text": "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.", "duration": 11.28}, {"path": "54240e38051f2a3bb6a4e58fe55344cd_47.wav", "text": "The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.", "duration": 11.28}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_44.wav", "text": "If the trend is correct, then it's all a matter of timing. Maybe there will be a event in the society that would trigger a turnaround.", "duration": 11.28}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_29.wav", "text": "decide, but you can be a force within your category. For example, our milk tea has a volume of 3 billion, that's really substantial.", "duration": 11.28}, {"path": "833f98dbc79997580b24335033aac5d2_247.wav", "text": "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 the uplisting in line with the time line we've previously communicated.", "duration": 11.28}, {"path": "833f98dbc79997580b24335033aac5d2_23.wav", "text": "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.", "duration": 11.28}, {"path": "d4ad91ac3b9c1832b95aa346c8c84b46_6.wav", "text": "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.", "duration": 11.28}, {"path": "d5c338a956681dbb2170472253a29b85_154.wav", "text": "Bad news that it costs to have a bad quarter. So the full year numbers are not that aggressive. But going forward, I think we", "duration": 11.28}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_254.wav", "text": "The outlook is therefore uncertain, and that's particularly true in the Eurozone, where the intersection of policy actions, political decisions and market confidence", "duration": 11.28}, {"path": "655d592e9d1b1027f1824b1554d8b131_148.wav", "text": "that will be going out into the market starting in -- it's already in the market a little bit, but as far as really getting into really broad distribution, in November.", "duration": 11.28}, {"path": "655d592e9d1b1027f1824b1554d8b131_108.wav", "text": "Not only is this the right time for a transition to new roles, but Debra is absolutely the right person to lead RAI and its companies to the next level.", "duration": 11.28}, {"path": "655d592e9d1b1027f1824b1554d8b131_160.wav", "text": "We will 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.", "duration": 11.28}, {"path": "6864081f83959f4b49e25e597f28af66_25.wav", "text": "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.", "duration": 11.28}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_13.wav", "text": "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,", "duration": 11.28}, {"path": "4e04d3229b988f1db5b842ac5b993894_8.wav", "text": "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.", "duration": 11.28}, {"path": "da14df2e02d11f6f8599533d9d57faee_22.wav", "text": "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,", "duration": 11.28}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_53.wav", "text": "We're pleased with both our absolute and relative investment returns in this challenging rate environment and aim to capitalize on investment opportunities to maximize risk-adjusted returns.", "duration": 11.28}, {"path": "b092d2be33ad52beefab208355b18235_8.wav", "text": "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.", "duration": 11.28}, {"path": "b092d2be33ad52beefab208355b18235_53.wav", "text": "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 5-quarter look at our results for each product offering.", "duration": 11.28}, {"path": "79afc92245f71d37a9adafb6f8d50e4f_37.wav", "text": "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", "duration": 11.28}, {"path": "8aa1aa8317783203344434f855535c25_163.wav", "text": "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.", "duration": 11.28}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_42.wav", "text": "Got it. So would you say you've got some contingency plans already? Because I know when we've talked, my sense is you think about this quite a bit even before this?", "duration": 11.28}, {"path": "8fbfa6ca2fe8141fd75ae42fd998149f_59.wav", "text": "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,", "duration": 11.28}, {"path": "be8b554309f7632bc9ebbd967764001e_79.wav", "text": "and it does make life difficult for active asset managers, particularly those who're very disciplined in their approach to identifying long-term value.", "duration": 11.28}, {"path": "be8b554309f7632bc9ebbd967764001e_89.wav", "text": "We've taken actions to improve investment performance and continue to invest in innovation through increasing our new active offerings and growing our advisor platforms.", "duration": 11.28}, {"path": "a8b43081254547419da7462d9c957d61_227.wav", "text": "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", "duration": 11.28}, {"path": "6a372ea97b0b130a4d37f16b54d97909_125.wav", "text": "instead of subcontracting services, we will allow our partners to directly paper or contract delivery and implementation services with our clients.", "duration": 11.28}, {"path": "c5c7a9f409241412b160a93cde7ef630_106.wav", "text": "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.", "duration": 11.28}, {"path": "b1da16cba24af8e472573c4c9caf17c7_55.wav", "text": "So we're going to continue to watch it. If there's a good opportunity to monetize the asset in the Caribbean, we think can get decent pricing for it, we're going to do that. I think the reason you haven't seen us be more proactive on that front the last couple of years", "duration": 11.28}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_76.wav", "text": "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.", "duration": 11.28}, {"path": "53889f50eda8b316a01a3df89d226e7f_122.wav", "text": "setting expectations at a reasonable level and hitting them and also congratulate you for getting an excellent reinsurance deal and look forward to", "duration": 11.28}, {"path": "8cd753ed00aeee0ed32d03823eef3f7e_38.wav", "text": "the islands. We have given you the impact of this same incentive that was provided only for interisland movements. Now this incentive or this subsidy will be applied as well", "duration": 11.28}, {"path": "915bdcf0edfec49b928ca4010cbb40ca_26.wav", "text": "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 stock at a price that we", "duration": 11.28}, {"path": "626da68f2b245869534a0316b8b6139a_56.wav", "text": "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", "duration": 11.28}, {"path": "ea7f210b3c08271afbdb6d434b8394e9_13.wav", "text": "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", "duration": 11.28}, {"path": "9e8690a521142359001a137074905535_196.wav", "text": "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 discussed,", "duration": 11.28}, {"path": "9e8690a521142359001a137074905535_176.wav", "text": "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.", "duration": 11.28}, {"path": "9e8690a521142359001a137074905535_163.wav", "text": "of Esterline's normal and usual and historic performances across the board. We do not see that repeating as we go through the balance of the year.", "duration": 11.28}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_246.wav", "text": "one, what we said is that CICP is one of the highest profile where margin -- inorganic pigments in the pigments space.", "duration": 11.28}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_206.wav", "text": "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.", "duration": 11.28}, {"path": "e2225d612a954a24e7e91c08215d7b51_120.wav", "text": "Domestically, the Fox and Disney superheroes, including those animated superheroes, propelled the industry box office to be the highest-grossing quarter of all time.", "duration": 11.28}, {"path": "741526dd2a3db996d2f22f4bcdae4be6_85.wav", "text": "We frequently review our portfolio and consider divesting certain smaller brands not material to our business when the opportunity arises.", "duration": 11.28}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_63.wav", "text": "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,", "duration": 11.28}, {"path": "8eaca8d8a419f74540f69ade8defabbd_212.wav", "text": "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.", "duration": 11.28}, {"path": "dffe8257f781608bb17bb637249e4d2a_236.wav", "text": "and clearly we would have some time between now and that conversion date to decide if we are happy with that, or if there's anything else we would like to do to prevent any form of dilution to our stake.", "duration": 11.28}, {"path": "1e32d5e01ff61f70b37850c473b9876a_62.wav", "text": "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?", "duration": 11.28}, {"path": "3b2908426357bb8269c3a01469865cd6_115.wav", "text": "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.", "duration": 11.28}, {"path": "7498a6630302a038bd537d192c3a44f4_86.wav", "text": "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 there when the customer wants to take it.", "duration": 11.28}, {"path": "8635f950dc44da3fcad542b2c066bedf_84.wav", "text": "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.", "duration": 11.28}, {"path": "3e29586725757a72d8c143f3da2658f5_52.wav", "text": "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?", "duration": 11.28}, {"path": "ee00ebd8d782e8f124b3e142cbb74f37_83.wav", "text": "We completed our secondary public offering of 5.1 million shares in May, which has helped to improve liquidity of our shares in the public marketplace and expand our investor base.", "duration": 11.28}, {"path": "cd331fa6dd24e811af3c0529212bfbb8_31.wav", "text": "Any forward-looking statements made by us in today's conference call is based solely on information currently available to us and speaks only as of the date on which it is made.", "duration": 11.28}, {"path": "ea80970d6b8e6fab10c4500aa7298914_158.wav", "text": "incremental wins that you've 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?", "duration": 11.28}, {"path": "66b25c60d952bd002c7ab20da9248086_96.wav", "text": "Financial services marketing in Canada is massive and measured in the trillions. And like many other industries, it's continuing to undergo a fundamental shift as it transitions to a mobile-first digital experience.", "duration": 11.28}, {"path": "ae5a41fe3b3d515713608c5ac878eed3_84.wav", "text": "Secondly, you recently launched extended and complete benefits to Simyo customers. I think it was earlier this week. I was just wondering how big an opportunity this could be for you to take share", "duration": 11.28}, {"path": "407fee9910ab57874978cf85a89b1d9d_1.wav", "text": "It's been 2 weeks since we have been pre-released the key figures for the first half year. So I will keep my comments on the figures short today.", "duration": 11.28}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_195.wav", "text": "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 owner-operator pay increases,", "duration": 11.28}, {"path": "f17bd619f65ff0b31c5103503bd56fdb_70.wav", "text": "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.", "duration": 11.28}, {"path": "6daa2d0829057899b014b06c36e1d54b_83.wav", "text": "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,", "duration": 11.28}, {"path": "19714a7d42d471e3bb7f7e1f18c8fe9b_157.wav", "text": "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 approval process.", "duration": 11.28}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_117.wav", "text": "We improved manufacturing efficiencies and continued to drive our commitment to regulatory excellence. As a result, we generated substantial cash from operations during the quarter,", "duration": 11.28}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_28.wav", "text": "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.", "duration": 11.28}, {"path": "f268a8174f58c93ad6b45b7f151fe896_210.wav", "text": "for greater profitability in periods beyond FY '20. A portion of the incremental integration expenses relates to establishing a new international corporate structure", "duration": 11.28}, {"path": "10ad32c5e0559c879e032faaf3148ab4_97.wav", "text": "It's these environments where if it's long and steady increase, it's not a huge quarterly impact, and you've seen that in the last 3 quarters for us.", "duration": 11.28}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_171.wav", "text": "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.", "duration": 11.28}, {"path": "77423f08f0208d476dea73c639f6293a_119.wav", "text": "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 they're trying to get to market.", "duration": 11.28}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_26.wav", "text": "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.", "duration": 11.28}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_97.wav", "text": "In the near term, this means we're 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.", "duration": 11.28}, {"path": "af146425f68dd8e32f31878389746637_104.wav", "text": "Both segments offer attractive opportunities for enhancing profits through manufacturing excellence and extending industry leadership with new products and solutions.", "duration": 11.28}, {"path": "9b7d3cbcfbcf14d70a241700c869bd8d_10.wav", "text": "It is important to note that we have a positive relationship with this customer and continue to expect to provide them with a value-added product going forward.", "duration": 11.28}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_22.wav", "text": "Over the last couple of years, we've focused a lot of attention on building out our good, better, best assortment in man-made product categories such as porcelain and ceramic tile.", "duration": 11.28}, {"path": "5478e14c30a7a53219de2176fdba0d4a_100.wav", "text": "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 basis,", "duration": 11.28}, {"path": "eb93e70cdf7a839a69546250fb3646fb_7.wav", "text": "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.", "duration": 11.28}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_147.wav", "text": "You can't do that in a greenfields underground project. So it's the execution piece that we'll be very focused on in the next couple of years. Adrian, you know me well enough to know that I'm a glass half empty person,", "duration": 11.28}, {"path": "16c235a53fc719ec92ef3b3c3b371150_130.wav", "text": "I don't believe that you'll get through a straight MOPR-Ex with complete exemptions that shuts out the states.", "duration": 11.28}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_9.wav", "text": "Our new U.S. organization allows us to better serve our customers and suppliers by bringing the right expertise and a tailored supply chain to meet their needs.", "duration": 11.28}, {"path": "77f146e76d89a5be785a39ab23dfa763_11.wav", "text": "This was partially offset by acquisitions and strong organic growth in Americas, EMEIA and the Asia Pacific mechanical and electronic hardware business.", "duration": 11.28}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_33.wav", "text": "the perspective of Oklahoma. And the first thing I'm going to do is to start off where Barry ended his prepared remarks and talked about the quality of our team.", "duration": 11.2799375}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_142.wav", "text": "We're investing heavily in capital equipment for etching lasers and testing final products, and we're working to improve yields and increase factory productivity from our existing asset base.", "duration": 11.25}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_158.wav", "text": "As Darin 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,", "duration": 11.25}, {"path": "e274d02ea943c0a74779950fe28e839d_20.wav", "text": "Over the past year, we've 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.", "duration": 11.25}, {"path": "3cb802f8fba7d33603c29387ccdaf817_147.wav", "text": "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", "duration": 11.25}, {"path": "3cb802f8fba7d33603c29387ccdaf817_31.wav", "text": "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.", "duration": 11.25}, {"path": "2f888e63a31b86cc2f4f97710e8eed79_87.wav", "text": "This will enable us to phase out some of the traditional environments in KPN and reduce operating costs considerably.", "duration": 11.25}, {"path": "2f888e63a31b86cc2f4f97710e8eed79_194.wav", "text": "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", "duration": 11.25}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_125.wav", "text": "I know from my experience and in the markets that if we do not address these challenges and opportunities immediately and decisively,", "duration": 11.25}, {"path": "223f05c0b9b116532e9af84afa76cac7_13.wav", "text": "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,", "duration": 11.25}, {"path": "c68c15299b67173c7ae163cc5938f3c1_122.wav", "text": "when a lot of these people are coming forward with their plans and their commitment and their money, so that's where we are. Long answer... Is there anything further with the Mansour Group and the Egyptian market?", "duration": 11.25}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_131.wav", "text": "Now let's discuss our current outlook for 2019. We are reaffirming our full year 2019 sales and earnings guidance established in February.", "duration": 11.25}, {"path": "75b0b010cea5a159f55403f51894b1ae_140.wav", "text": "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.", "duration": 11.25}, {"path": "1c60a3d37d43a43d5851722212ddcd71_24.wav", "text": "Auto component suppliers who signed up for work-out programs went bankrupt. There was increased exposure to loans that are expected to normalize in the second half.", "duration": 11.25}, {"path": "f2cd7d3ddaf92ab9c64154d74b2d118a_99.wav", "text": "to do to this. There's some taste masking that we're adding to this initial formulation. It's all the usuals. It's all of the standard things that you would imagine that you would do if you want to have a", "duration": 11.25}, {"path": "14f3d2486b21e639a953afb7ad03d90c_137.wav", "text": "And as you know, we focus a lot on innovations in Orkla, and I'll give you a few examples, going through each of the business areas.", "duration": 11.25}, {"path": "044da592acc01ff7baacb3dbf2a302a9_59.wav", "text": "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 high-performing Endoscopy division.", "duration": 11.25}, {"path": "044da592acc01ff7baacb3dbf2a302a9_207.wav", "text": "But it's going to vary quarter to quarter 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.", "duration": 11.25}, {"path": "1b91eb82f5211000e711424657cc2484_120.wav", "text": "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.", "duration": 11.25}, {"path": "c4dc8f962a85aa47af50f82845f550e2_47.wav", "text": "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 not doing a good job of telling our story.", "duration": 11.25}, {"path": "39e5706898dcaf14a280b3a123877cd6_89.wav", "text": "So we have switched to an active and regular management of what we call the case mix, just like in hospital,", "duration": 11.25}, {"path": "ca2bc8d693d4751cc88444d2e715f645_6.wav", "text": "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.", "duration": 11.25}, {"path": "cfbe91105113db7a5784f77e411b7a3f_280.wav", "text": "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.", "duration": 11.25}, {"path": "a212b77ae2b2452093665a4e179ed3a3_168.wav", "text": "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.", "duration": 11.25}, {"path": "e26b501c6e000fdaa11edde97cc71436_104.wav", "text": "Importantly, largely because I suspect the regulations are beginning to take effect and people are now well aware of their increased liabilities and risks,", "duration": 11.25}, {"path": "e26b501c6e000fdaa11edde97cc71436_65.wav", "text": "I would set as an objective that this year, when the year is over, that we have double-digit net income margins and very meaningful free cash flow.", "duration": 11.25}, {"path": "1b1699497be56330b3ed833f22bc63f6_121.wav", "text": "which is already included in the full year expectation. Given the great results in our Payments segment, it's clear that we are getting very strong returns from our investment in new innovation.", "duration": 11.25}, {"path": "f686be4a39a5c75b5f3a03a1aed5d9b6_94.wav", "text": "Our long-term financial strategy continues to be aimed at positive sales growth in a stable trading environment with a sharp focus on lower costs and reduced complexity across our businesses.", "duration": 11.25}, {"path": "cc82e791c065bdc271addf355bac274f_104.wav", "text": "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", "duration": 11.25}, {"path": "d4ad91ac3b9c1832b95aa346c8c84b46_68.wav", "text": "Regarding depreciation and amortization expense. We believe that the first quarter amount is a reasonable run rate estimate for an average remaining 2016 quarter", "duration": 11.25}, {"path": "23eff4c724ee00f56319fcc47add3441_76.wav", "text": "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", "duration": 11.25}, {"path": "7ca9a48938902d0c64c2ab9eb299497e_5.wav", "text": "In Spain, we also have the best quarter ever with a very good production, thanks in part to very good solar radiation.", "duration": 11.25}, {"path": "a24a661c2eb55542903c72391ec09f9b_4.wav", "text": "Further analysis of the safety database from the initial 8-week double-blind treatment period presented at the conference showed that sparsentan was generally safe and well tolerated.", "duration": 11.25}, {"path": "99dcd9ce8ec3aa7509b9395d3da2ff0c_107.wav", "text": "by us moving away from traditional products more into unit-linked products. And we are also driving this, so we actually, we are acting on all the 3 levers", "duration": 11.25}, {"path": "0f4370b614f29bd596e4f6871cc77864_25.wav", "text": "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.", "duration": 11.25}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_195.wav", "text": "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.", "duration": 11.25}, {"path": "2905366dcf0eb60a22b63a1b3d9adf95_160.wav", "text": "to support that and really support getting a solid return on that investment. So we do have option to add capacity in the Permian at Oakdale actually at Hixton, those are all low cost options to us, but", "duration": 11.25}, {"path": "93d3e5be9cf75e0921d47f10d4178939_46.wav", "text": "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,", "duration": 11.25}, {"path": "ebecd7e874a9b3998b70ec3200f71e89_131.wav", "text": "Our promotional expenses are up because of some of our campaigns and because of TrueYou points, which we've -- we're pushing much more aggressively for commercial reasons. We can discuss if you're interested.", "duration": 11.25}, {"path": "baf97ac5f6cc21f1387a53f2755e60d7_106.wav", "text": "But we always are monitoring all our opportunities. I mean, we like the credit strategy. We think it's a little bit more manageable in the current environment than an Agency strategy.", "duration": 11.25}, {"path": "e60f6485243932b9280d864cb17a6ba8_11.wav", "text": "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.", "duration": 11.25}, {"path": "40e11288ea7cb86fdf307dbe648142e3_47.wav", "text": "And so, obviously, you can't tell what the revenue is going to be like for the year. That thought process doesn't change your appetite for the buyback in the front half?", "duration": 11.25}, {"path": "65b48a7260ef038ff1bec3cc200331c3_10.wav", "text": "We will continue to focus resources on growing our presence online as well as enhancing our in-store experience in order to deliver a seamless all-channel experience.", "duration": 11.25}, {"path": "bf07ba925d6e5f568f66bb89b00a9463_2.wav", "text": "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", "duration": 11.25}, {"path": "ade68f8add7249890d086ecf4b5b8cab_22.wav", "text": "We are extremely pleased to have undertaken this important step in our company's growth, and I think it fits with our organizational DNA to be leaders rather than followers in all that we do.", "duration": 11.25}, {"path": "8fbfa6ca2fe8141fd75ae42fd998149f_117.wav", "text": "American Chartered's 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.", "duration": 11.25}, {"path": "7bc22aba9bc29d69ee10cc60db7903d8_56.wav", "text": "but want to retire some airplanes, they're going to retire the older airplanes first. So the Rolls-Royce share of the underlying growth in the market", "duration": 11.25}, {"path": "98f10f0935e5b778e888a1b8130a3d31_31.wav", "text": "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.", "duration": 11.25}, {"path": "02deeb29574f1571812a11f66bb8fda1_238.wav", "text": "But the story is a good new story. We've 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.", "duration": 11.25}, {"path": "66f8c62a56dfd5c78625e220e4be83bc_3.wav", "text": "to every single tumor mutation. Using that information, we identify both the neoantigens against which we want to amplify and concentrate immune responses", "duration": 11.25}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_152.wav", "text": "and we are confident that these businesses will grow earnings in 2016. Now I'll ask you to turn your attention to Slide 9 for a review of our Composites business.", "duration": 11.25}, {"path": "4479886907c2a9ec843d6ea1e5e0cacc_35.wav", "text": "the potential negatives would largely be offset by the lower tax rate. So in short, we believe it's really not an issue for our portfolio company, but we are paying very close attention to it.", "duration": 11.25}, {"path": "75eb5b75bb8587b63c318714ea956b9e_4.wav", "text": "but is reflected in the announcement we made yesterday concerning our latest diagnostic approach in tests. The approval received from the New York State Department of Health of our third molecular test,", "duration": 11.25}, {"path": "c92a9ecd2741326fd8625841a07f74f9_35.wav", "text": "the wholesale business from Gibson. Gibson has provided some sort of guidance range of EBITDA that they expect from that business", "duration": 11.25}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_169.wav", "text": "in that country with the acquisition of Kinh Do. So we will continue to look for opportunities to supplement our basic footprint, but we feel quite good about the overall footprint", "duration": 11.25}, {"path": "785be95695b063f97a17e4dea4a0529a_102.wav", "text": "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.", "duration": 11.25}, {"path": "9e8690a521142359001a137074905535_178.wav", "text": "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.", "duration": 11.25}, {"path": "74d0910b4af16f82a812bddbb151d966_100.wav", "text": "that 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 systems, respectively.", "duration": 11.25}, {"path": "532e653f6aa6c3bf43a5b256bb4c1254_108.wav", "text": "These forward-looking 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.", "duration": 11.25}, {"path": "ba5f13bb75329629d0c070c9014ff4f0_89.wav", "text": "We will continue to integrate business acquisitions made in the past 2 years in order to capture cross-selling opportunities across our network.", "duration": 11.25}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_141.wav", "text": "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.", "duration": 11.25}, {"path": "7ebbb41dcefeb482191f8bc22031b5d9_91.wav", "text": "And lastly, we've benefited from strong alternative investment results in the quarter. I'm pleased with 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.", "duration": 11.25}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_25.wav", "text": "We have -- we purchase hogs that are very focused to be used in value-added products, which, sometimes, are slightly different than what you might see in the open market.", "duration": 11.25}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_20.wav", "text": "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 market-leading share and attractive attach and profit.", "duration": 11.25}, {"path": "54c8e2e08c60dfe9b4bafc3938ccf332_4.wav", "text": "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.", "duration": 11.25}, {"path": "3877b1983229ec488c6349a188bccf92_114.wav", "text": "It is aged for at least 12 years, expertly crafted by our small team of 12 blenders and is widely recognized by whiskey experts.", "duration": 11.25}, {"path": "9908957f60adff5efc1c8692a0f5ab38_63.wav", "text": "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.", "duration": 11.25}, {"path": "c5120d9702331edaf23bb6e639df0a70_110.wav", "text": "We expect our T cells to essentially grow in the patient with essentially the tumor chipping away at the tumor and have a much different safety profile than others.", "duration": 11.25}, {"path": "884400c829f179d8cf68b767f45f03a4_44.wav", "text": "you 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.", "duration": 11.25}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_18.wav", "text": "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.", "duration": 11.25}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_13.wav", "text": "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 I'm pleased to work report that I've discovered a number of very encouraging facts.", "duration": 11.25}, {"path": "ed2810b765143f8341dcc8e8c14c27f1_82.wav", "text": "and then get better through the quarter. Point of sale at Fluke, as an example, clearly got better through the quarter. Matco got better in March. So we did see some trends that were improving through the quarter,", "duration": 11.25}, {"path": "e35fae1d3df1f7aeda409f90f200ec7b_179.wav", "text": "And the second one is on legal review. You said that it's 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 any comments on", "duration": 11.25}, {"path": "64364105b816dd0b6a029e9cd210e65b_83.wav", "text": "It's minimal direct impact to our business. We do plan it, we took advantage of it when it's a real peak and valley kind of a demand environment.", "duration": 11.25}, {"path": "a0fe48ba783b94dc7e5b0201aba7c1cb_66.wav", "text": "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.", "duration": 11.25}, {"path": "794528c461ef7009b1741ac67c17aba4_39.wav", "text": "The other thing that's 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", "duration": 11.25}, {"path": "fb03ff65af8e5f80abd090abeaf767cf_48.wav", "text": "One example is we always try to get our vendors to consign their materials here, raw materials. It's great for us if we can get a consignment program", "duration": 11.25}, {"path": "e5e8ebcd06ca1f1d5b43b50e5d31123b_84.wav", "text": "we don't see a changing increase or a change in consumer demand for the next couple of months or quarters, and that drives our business model very much.", "duration": 11.25}, {"path": "0b21f953a7ae9970ef3a4c30b267927c_5.wav", "text": "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", "duration": 11.25}, {"path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_108.wav", "text": "We are very encouraged by order rates, we're seeing in all 3 segments, particularly in the Advanced Technology segment, where demand for our solutions is strong across electronic and medical end markets.", "duration": 11.25}, {"path": "ee17f090e669ff9029bd1dc57db6e43e_104.wav", "text": "as well as earlier equipment purchases due to longer manufacturer lead times and purchasing equipment ahead of potential steel surcharges later in the year.", "duration": 11.25}, {"path": "ee17f090e669ff9029bd1dc57db6e43e_102.wav", "text": "As you recall, absorption is a metric that reflects the ability of our parts, service and rental gross profit to absorb fixed operating costs.", "duration": 11.25}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_89.wav", "text": "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?", "duration": 11.25}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_10.wav", "text": "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.", "duration": 11.25}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_187.wav", "text": "just keep it, put it in the back office, leave it in place and we could add value around it and come to us for more advanced technologies as you go along your journey.", "duration": 11.25}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_176.wav", "text": "And as you could appreciate, we couldn't 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", "duration": 11.25}, {"path": "e9970d55b0ac8bddede7f337c0f94d36_22.wav", "text": "But in the current quarter, you have recurring revenue, you're not recognizing all the recurring revenue for the deal, you're just recognizing the recurring revenue that's associated with this quarter.", "duration": 11.25}, {"path": "1758a982f596e3033f062a5b9f011361_87.wav", "text": "in gaining more services in the clients where we are today than gaining more new clients. We have a great opportunity", "duration": 11.25}, {"path": "b4072ee178832ecf3d2a0f25fd8b8387_57.wav", "text": "We are confident that our business fundamentals will remain intact in the short and midterm regardless of any outcome of these big exogenous factors.", "duration": 11.25}, {"path": "1530acc3242f0ee1713e757ee06f6aa1_103.wav", "text": "customers would find it more beneficial to use the service longer period of time, and we're going to stage this", "duration": 11.25}, {"path": "3d0f5785f81125b6efa2339a4aef56aa_2.wav", "text": "We're now seeing the benefits of our bifurcation strategy with Modular Solutions gaining momentum and our industrial services business showing signs of improvement. Modular Solutions.", "duration": 11.25}, {"path": "3d0f5785f81125b6efa2339a4aef56aa_50.wav", "text": "With regards to aboriginal housing initiatives, the federal government's commitment to improving aboriginal housing across this country as we move through the end of the decade, remains a federal priority.", "duration": 11.25}, {"path": "429bcf63d57c11ea4d8864560f521dba_54.wav", "text": "The name of the game for us now in mobile in Colombia is simplicity. We used to have a dozen plans that was confusing for our customers and it made like difficult for our salespeople and our customers care agents.", "duration": 11.25}, {"path": "f88c5f000050c9f72aa383f71d97ffe7_39.wav", "text": "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.", "duration": 11.25}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_320.wav", "text": "Zack, I -- 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.", "duration": 11.25}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_9.wav", "text": "That means consumers can see what their personal out-of-pocket costs will be for a specific treatment at a specific facility performed by a specific doctor.", "duration": 11.25}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_44.wav", "text": "before you consider competing there? And -- or do you think that just like brands and low fares alone are simply enough to sort of have a Southwest Effect in the traditional sense in that market?", "duration": 11.25}, {"path": "ef7e77f6a5983826d0eefe75f7832ce6_27.wav", "text": "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.", "duration": 11.25}, {"path": "af146425f68dd8e32f31878389746637_58.wav", "text": "Today's webcast is accompanied by a slide presentation, which can be found in the investors section of Luxfer's website. We'll refer to these slides throughout our prepared remarks.", "duration": 11.25}, {"path": "e97326d6a8951550e363f2be6ec489ba_227.wav", "text": "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", "duration": 11.25}, {"path": "f15a674bdbbc461872000604216ae071_111.wav", "text": "levels of discount proportional to their size and how often they buy, such as the case of other players in the market. And we are going to avoid the spot", "duration": 11.25}, {"path": "594b7b614804475e4ab8ab4c405ecf40_44.wav", "text": "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.", "duration": 11.25}, {"path": "1dc9a88d7f1aa3877f317b59e2724c8e_98.wav", "text": "Overall, our ongoing assessment of both the short-term and long-term opportunities and risks for our business model supports our belief that the RV industry is positioned to grow well above the RVIA's current forecast", "duration": 11.25}, {"path": "19bfb8daeb6e43d59415df478017d5c3_15.wav", "text": "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.", "duration": 11.25}, {"path": "16c235a53fc719ec92ef3b3c3b371150_1.wav", "text": "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 forward-looking statements,", "duration": 11.25}, {"path": "726bad4d5d1a6b2f62034eb8dc843450_43.wav", "text": "Now let me start by outlining what I will cover today. I will provide an update on key sales wins in the quarter as well as an update on several key areas of the business,", "duration": 11.25}, {"path": "97ddc19ecb28bab2d19fd3b181182062_12.wav", "text": "Jim? Thanks, Greg, and good morning, everyone. I'm going to speak mainly about pricing and demand for our carbon steel and alloy products as well as our outlook on certain key", "duration": 11.25}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_249.wav", "text": "So I think when you look at the power margins, as George said, it's 100 basis points in the first quarter, that transportation and logistics will probably continue", "duration": 11.25}, {"path": "47546a57a865bca0f4e677dc3b485053_128.wav", "text": "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.", "duration": 11.25}, {"path": "47546a57a865bca0f4e677dc3b485053_163.wav", "text": "this just got started in this last quarter and the last quarter for the government is when they do tend to give large orders.", "duration": 11.25}, {"path": "c47a92e006b54d014a79b447528c55a7_30.wav", "text": "These statements are based upon management's current expectations, projections and assumptions and are by nature uncertain. Actual results may differ materially.", "duration": 11.2499375}, {"path": "e271ed845347e9c930ab0a44eb7785da_2.wav", "text": "If you should have other questions afterwards, we will open the line to the floor. This will be our procedures today.", "duration": 11.2200625}, {"path": "6388da88b00ebc88af59435bdac74132_276.wav", "text": "capture that demand and hopefully, present them with another Carlyle opportunity, I can't tell you whether it's coming to Carlyle or not coming to Carlyle. I think there is a handful of", "duration": 11.22}, {"path": "a93681c92a0b9c04743f541a54b180c7_213.wav", "text": "outlook, revenue outlook, you have a range. So I'm thinking about the change in marginal profitability, or is it because of differences in cost? Is that in your assumptions?", "duration": 11.22}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_39.wav", "text": "So there was some loss of market share. We have refocused that. We've also broadened our product offering and are offering system solutions", "duration": 11.22}, {"path": "47d77b15189fadcc76113a2f7800ba28_50.wav", "text": "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.", "duration": 11.22}, {"path": "47d77b15189fadcc76113a2f7800ba28_156.wav", "text": "mostly across verticals and across all major companies, they're realizing the need to lean into software development itself and to modernize their methods and their technologies.", "duration": 11.22}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_52.wav", "text": "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 what's occurring", "duration": 11.22}, {"path": "264e575b73bc2a485bee416c1ac10cee_99.wav", "text": "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.", "duration": 11.22}, {"path": "249b7b83531140105343e2a0e89150fa_0.wav", "text": "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", "duration": 11.22}, {"path": "7e14890193df4b10e1eeab6ab886529f_81.wav", "text": "brand and technology to drive sustained growth, and we could also make small acquisitions, which have a good strategic and financially attractive rationale.", "duration": 11.22}, {"path": "123a9a590195f61aa739ee9b2dec4952_69.wav", "text": "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.", "duration": 11.22}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_136.wav", "text": "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.", "duration": 11.22}, {"path": "f2cd7d3ddaf92ab9c64154d74b2d118a_7.wav", "text": "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.", "duration": 11.22}, {"path": "dd3166f311a5f12a25103a0295e8ac3e_35.wav", "text": "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.", "duration": 11.22}, {"path": "25411ff16eb3ca72b6e736eb0fe0cafb_45.wav", "text": "And equally important, our change of -- our mix in business has changed. We haven't grown the top line as fast as we would have liked or as fast as", "duration": 11.22}, {"path": "044da592acc01ff7baacb3dbf2a302a9_127.wav", "text": "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.", "duration": 11.22}, {"path": "82218f543c9a546c4baa5323f250b39f_215.wav", "text": "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.", "duration": 11.22}, {"path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_22.wav", "text": "recall that we were running both the submissions to the FDA in parallel. And because of the volume of information, we decided to prioritize", "duration": 11.22}, {"path": "beb9b090a2850e9f9feb4f00ee472d07_90.wav", "text": "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,", "duration": 11.22}, {"path": "b4874109876c9f165eef4be112d9f30d_48.wav", "text": "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.", "duration": 11.22}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_86.wav", "text": "with the sales force reduction we completed in December, we expect our sales and marketing expenses and customer acquisition costs to come in line with our peers.", "duration": 11.22}, {"path": "bc7dbd6e321b4df22db9270b69b89c11_5.wav", "text": "Our variable annuity business, which is included in U.S. 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.", "duration": 11.22}, {"path": "be4840dddb9ee8ea5102590be83badbd_34.wav", "text": "it's 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", "duration": 11.22}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_187.wav", "text": "for 3D NAND. The -- and we have some really tremendously enabling capabilities. The etch business for us is continuing to grow. Our conductor", "duration": 11.22}, {"path": "0f4370b614f29bd596e4f6871cc77864_177.wav", "text": "Yes. Jerry, that one has 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.", "duration": 11.22}, {"path": "171fd9df333ddd814c764843ed624121_207.wav", "text": "So you're trying to get those bits and bytes to move across the country as fast as possible. This tower, which will be the largest tower in that area, will enable those customers on that to access", "duration": 11.22}, {"path": "21c2451cb9f5fbf43e4e2e3d3d23325d_75.wav", "text": "here. Not beyond what we've already done with them, which is basically a joint ownership in the assets that are co-owned.", "duration": 11.22}, {"path": "2b87d263eaf2464f275a48fa005b16c7_27.wav", "text": "And what's great about these is once you incur the cost and the projects start, it's a very sticky business. So it will impact the fourth quarter as well as next year", "duration": 11.22}, {"path": "4e04d3229b988f1db5b842ac5b993894_35.wav", "text": "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 of time.", "duration": 11.22}, {"path": "b2d6357f46f3a82cff6625277f9a20f6_163.wav", "text": "allowing us to reach an even broader market base and solve these new security challenges. CIOs and Chief Information Security Officers and developers are only in the early stages of evaluating solutions", "duration": 11.22}, {"path": "3068d678d3331b8f0a10ea4fa92361f2_4.wav", "text": "As previously mentioned, we do not intend to issue any equity in connection with the Zephyr acquisition, and we intend to pay for the transaction with existing cash on hand.", "duration": 11.22}, {"path": "7394bde65e000fbb7b528c6c65bd099d_159.wav", "text": "However, we expect to make up most of that in the remainder of the year based on current inventory values, pre-sale's already in place and the expected lower going forward.", "duration": 11.22}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_158.wav", "text": "all of our compensation plan and all of our benefits that we have here. And so I wouldn't expect anything else that we would do from your standpoint to be material. But it might", "duration": 11.22}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_70.wav", "text": "Since we want to be conservative with our expectations for these new agency partners, we don't want to assume they will make up the whole difference from lower revenue from small ESCOs in the short term.", "duration": 11.22}, {"path": "4510e2aa4676c7a10c96df3f4ebf2beb_61.wav", "text": "and I believe we have 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.", "duration": 11.22}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_227.wav", "text": "much like we have over the last 15 years, where we've 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.", "duration": 11.22}, {"path": "16e51362df94379ea33a24334015f385_25.wav", "text": "stop to delivering active phone subscriptions at the end of June, so we had very little revenue at the end of June. But", "duration": 11.22}, {"path": "3df0981a2d94ed56170b78330aa72ee9_76.wav", "text": "And fifth, it will drive higher cash on cash returns on U.S. capital projects, as capital spending for the next 5 years will be immediately deductible for tax purposes.", "duration": 11.22}, {"path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_200.wav", "text": "how you compare the strength of the environment -- what you're seeing in '17 compared to what you expect for '18 and '19, based on what you will be launching and the expected ramp schedules?", "duration": 11.22}, {"path": "6a372ea97b0b130a4d37f16b54d97909_194.wav", "text": "As I've 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.", "duration": 11.22}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_28.wav", "text": "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.", "duration": 11.22}, {"path": "974a2d744cd3d9acf42d74816de91f7f_54.wav", "text": "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.", "duration": 11.22}, {"path": "e6c0fa1068c28557c3e17e0d02b831b1_98.wav", "text": "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.", "duration": 11.22}, {"path": "20097e37747ec7bc3734246e83798fb1_7.wav", "text": "As illustrated by this wave of deals I just outlined, we are aggressively taking advantage of the rapidly growing and high potential AVOD OTT market segment.", "duration": 11.22}, {"path": "505ccbd6e857cad05a179a5ed5419d1b_46.wav", "text": "Over the past few quarters, demand for services, parts and brownfield project support that largely declined during the downturn has continued to show increasing activity across our businesses.", "duration": 11.22}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_143.wav", "text": "This practice area penetration reflects the diversity of relationships we have within our client organizations and supports the opportunity for growth in other significant clients.", "duration": 11.22}, {"path": "ab4dae37361262d727d1d2f8f78765d5_83.wav", "text": "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", "duration": 11.22}, {"path": "ef44080b170ca6366a6d3132d0baf11a_87.wav", "text": "Similar to last quarter, we've seen more movement in institutional and commercial deposits, and deposit betas continue to be in line with or slower than our simulation modeling.", "duration": 11.22}, {"path": "b1da16cba24af8e472573c4c9caf17c7_58.wav", "text": "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.", "duration": 11.22}, {"path": "17f54a9938f35a4bde713fb3eb33a80e_62.wav", "text": "Naturally, if it stimulates a response to the right targets, the vaccine should work optimally. There were recently two papers published in nature that highlight this issue.", "duration": 11.22}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_132.wav", "text": "It's just, in my view, a matter of timing before it does get picked up on a program that's a better fit for the performance and the capabilities of our product.", "duration": 11.22}, {"path": "bbb4adabb4fce8ad4d11962c46f59a1f_115.wav", "text": "If you'd like to see more information about this, I suggest you review the slide deck on the ZAPI project on the company's website under our Media Center, on the Presentations tab.", "duration": 11.22}, {"path": "968913c3f9111fc67f1d9956c56dec3b_107.wav", "text": "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,", "duration": 11.22}, {"path": "b126e11520fd54843c67f70f15cd30cc_144.wav", "text": "to serve the 1 billion families in the world. We want to develop healthy, wealthy and happy ecosystem,", "duration": 11.22}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_53.wav", "text": "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", "duration": 11.22}, {"path": "0e52a74a184c92ad0c336af764aa0796_37.wav", "text": "Despite these external factors, we continue to see positive overall trends in our volume and value share for ZADAXIN, underscoring our belief", "duration": 11.22}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_24.wav", "text": "This increase reflects lower expenses, including the absence of higher-than-typical cost associated with employee benefit plans and office relocations incurred in the year-ago quarter", "duration": 11.22}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_33.wav", "text": "their portfolios in the market and really leverage combinations to address overhead costs, not necessarily innovation and certainly not production", "duration": 11.22}, {"path": "87045996e7446329f1d98c909c6ca7fe_261.wav", "text": "systemic issues in the portfolio where -- we are seeing these are kind of idiosyncratic credit problems from individual companies that are running into trouble.", "duration": 11.22}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_225.wav", "text": "How are you thinking about freight if -- and I know it's not easy to separate from weather right now. But do you think freight costs for your system are going to moderate later this year?", "duration": 11.22}, {"path": "92bf6fe090b6bc565cb500b688fd9173_165.wav", "text": "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 other things that we can do such as the retail where", "duration": 11.22}, {"path": "49e533a8449f6b9b6c806458e73338e1_195.wav", "text": "and merchants in unique and powerful ways. I'd like to now turn the call over to Bill, who will provide additional color on some of our other recent partnerships.", "duration": 11.22}, {"path": "ec298d3b4d5979aa8c64bf222562e259_34.wav", "text": "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.", "duration": 11.22}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_219.wav", "text": "By curating these titles based on our extensive loyalty data combined with compelling trade-in promotions, we continue to provide differentiating value for our customers.", "duration": 11.22}, {"path": "a009c5f14d4d0bb5ca875164cffbd6ab_81.wav", "text": "and our communities, including organizing the delivery of 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.", "duration": 11.22}, {"path": "94f913b974baab79fb636f6521170dd7_107.wav", "text": "So there's sort of a whole bucket of changes in terms of the way that the business opportunity is pitched relating to how much money you're going to make, what kind of a life you're going to have, and it will be a very substantial change", "duration": 11.22}, {"path": "99f2d58a7b9ce1e9fec57ce20494a0c6_20.wav", "text": "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.", "duration": 11.22}, {"path": "4311782968e936c378fdee8946cd9cca_101.wav", "text": "The purchase price for the transferred assets would be determined following receipt of third-party appraisals and subsequent negotiation and would be paid in the form of a long-term note", "duration": 11.22}, {"path": "e0d1342ad3d27fd648b708837de08797_102.wav", "text": "Regardless of the business cycle, we are confident in ExxonMobil's integrated business model and our ability to create shareholder value over the long term.", "duration": 11.22}, {"path": "09b5b62d328d3d0719b6825357fdfb48_33.wav", "text": "Can you maybe describe the conversations that are going forward today in spite of the trade issues going back and forth?", "duration": 11.22}, {"path": "ae5a41fe3b3d515713608c5ac878eed3_3.wav", "text": "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.", "duration": 11.22}, {"path": "24a133abc343c813233d416b0cef96cd_247.wav", "text": "And unsurprisingly, it's come out of the categories that we've been talking about. On the left-hand side, you can see the relative absolute growth of gross rent in each of these broad categories,", "duration": 11.22}, {"path": "243e9a046160bfbf82be702927a4df22_42.wav", "text": "pad was originally scheduled as another single well test, and we're currently evaluating accelerating the timing of that pad, as well as whether or not we'll make it a 2-well pad.", "duration": 11.22}, {"path": "89499eed4dff3bd184e91cd496111f22_152.wav", "text": "and Air Transport Services Group undertakes no obligation to update any forward-looking statements to reflect changes in underlying assumptions, factors, new information or other changes.", "duration": 11.22}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_135.wav", "text": "But we want to also do that in the right type of pattern as well, which is maintaining lower levels of customer concentration. So it's a little bit of a double-edged sword, but", "duration": 11.22}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_105.wav", "text": "signal of the fact that we are bringing in a number of first-time outsourcers into WNS. And as you know, many of them, when they start off,", "duration": 11.22}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_108.wav", "text": "will be available shortly after the event has concluded. Before proceeding, let me mention that forward-looking statements about future events, operating or financial results", "duration": 11.22}, {"path": "c2bad61ce58687fad602549f6048004b_101.wav", "text": "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 there's a nice model of firms like ours build them,", "duration": 11.22}, {"path": "3412b2f7aef0615537779e312cf984c3_81.wav", "text": "our cost structure but also streamline where we do each type of product to each type of operation. And it also really reflects where we're finding the best sources", "duration": 11.22}, {"path": "5b331cf4e6f62ec9a9c30a4728e36054_10.wav", "text": "We are now very close to the ultimate resolution in both Illinois and New York. So with that, I'll turn the call over to Jack, and he will walk you through the numbers.", "duration": 11.22}, {"path": "3f42280b77b93c90b893930aeb7eac53_54.wav", "text": "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 assets.", "duration": 11.22}, {"path": "125388f1b45117acde70abc39e0f7d04_14.wav", "text": "Tech brands' 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", "duration": 11.22}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_421.wav", "text": "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 we're just trying to factor that in.", "duration": 11.22}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_133.wav", "text": "how it manifests itself. In other words, I think you used the phrase this year. I mean, this year is like 2 weeks old. So are we talking about each new contract that comes up as it comes up and", "duration": 11.22}, {"path": "3d0f5785f81125b6efa2339a4aef56aa_25.wav", "text": "We are starting to realize some significant wins, including the recent completion of our fast-tracked, innovated modular constructed hotel property located in Revelstoke, British Columbia.", "duration": 11.22}, {"path": "f268a8174f58c93ad6b45b7f151fe896_111.wav", "text": "because of the politics involved in this situation is if the tax bill works as anticipated, there will be a significant growth", "duration": 11.22}, {"path": "f268a8174f58c93ad6b45b7f151fe896_149.wav", "text": "Overall, it's clear that our pricing strategies allow us to grow volumes and increase yields across the portfolio and are succeeding in doing so.", "duration": 11.22}, {"path": "48bcc356a89059f921765f872bfe293c_148.wav", "text": "and it is in our backyard in Peru. I mean we ought to look at it. That doesn't mean we're going to go there and develop it tomorrow and competing with the other projects that we do have", "duration": 11.22}, {"path": "ec9a5ef8abdaa14007f86d64e2cf49c1_40.wav", "text": "I'd 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 non-GAAP financial measures,", "duration": 11.22}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_64.wav", "text": "Now before I hand off to Allan, just a couple of specific items to note. Our CTR delivered a home initiative in Ottowa, is well underway, and we're collaborating closely with our dealers.", "duration": 11.22}, {"path": "3ae068efa03cd088f4d3edea682f199f_103.wav", "text": "We announced a CATOFIN 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.", "duration": 11.22}, {"path": "365c360aff42713cef71a7d026eeeb6d_51.wav", "text": "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", "duration": 11.22}, {"path": "8dd740d83ff1c7319a82eeba6047633d_177.wav", "text": "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", "duration": 11.22}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_103.wav", "text": "everywhere that we can further embed a Visa card into the payment stream and build the loyalty of the consumer", "duration": 11.22}, {"path": "1ad54837f74515ad7caa2a50d70459c9_103.wav", "text": "We look forward to sharing that data with you on our next call. We talked in July about issues we encountered in the ramp-up of our manufacturing processes, which we now believe are largely behind us.", "duration": 11.2199375}, {"path": "d162113e3aface010baec17bd408736b_181.wav", "text": "And in a year from now, we will know much more. But it's fair to say that Besi is involved in all these developments.", "duration": 11.19}, {"path": "8ad0d5b5df75415c56ba590cad29489a_152.wav", "text": "Technology Solutions also benefited from revenue associated with the TS program with partners in China as we implemented key elements of our supply chain strategy for that market.", "duration": 11.19}, {"path": "9d8c8f4a41008455665fd243ed99b642_5.wav", "text": "The overall picture for revenue is one of growth from underlying operations, complemented by our recent acquisitions and partially offset by FX translation", "duration": 11.19}, {"path": "f3ea353a6c918bc1fd311a9cad6b9777_123.wav", "text": "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 member base, driving very high average revenue per member.", "duration": 11.19}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_86.wav", "text": "and the decisions around where we're 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.", "duration": 11.19}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_71.wav", "text": "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,", "duration": 11.19}, {"path": "3557b21a45c35e71e82cc43b19977855_12.wav", "text": "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.", "duration": 11.19}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_136.wav", "text": "The second question will become not only what the indication is, but what reimbursement occurs. And even today, you start to see reimbursement occurring", "duration": 11.19}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_73.wav", "text": "This recommendation has now been ratified by the European Commission. I'll remind you that ZEPATIER is not cleared by the kidney and can be used in patients irrespective of baseline renal function.", "duration": 11.19}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_64.wav", "text": "seen in our results over the last couple of years that would indicate already a certain sense of urgency. The contribution of La Prairie on the total growth", "duration": 11.19}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_99.wav", "text": "I think raising above that, these small brands individually might have this sustainability issue, but it is also an expression of trends", "duration": 11.19}, {"path": "2602edddc3363eadcaafe1c33271f3e4_162.wav", "text": "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,", "duration": 11.19}, {"path": "223f05c0b9b116532e9af84afa76cac7_39.wav", "text": "Is there something structural that's changing or are we just seeing -- were we just in a period where correlations for assets that might not necessarily be correlated approached one?", "duration": 11.19}, {"path": "6b45877b719000e47adfd1ec118c376a_155.wav", "text": "the developers will figure their way through it. And we're comfortable with our prospective partner that again we can manage it in terms of the ability to set rents and the ability to", "duration": 11.19}, {"path": "6b45877b719000e47adfd1ec118c376a_23.wav", "text": "let's 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", "duration": 11.19}, {"path": "3180572bc2da758668c19200930e1bc4_172.wav", "text": "it's going to pretty much burnout. And I don't think we really anticipate a whole lot next year, unless we see rates take an about face, which I don't think any of us think it will. So", "duration": 11.19}, {"path": "ec0ecc8e73cce4598def6cfff6f7c598_29.wav", "text": "We're 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.", "duration": 11.19}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_99.wav", "text": "Were there some seasonal or sometimes there's events that move around timing and stuff that helped or is there some reason that it was so strong and maybe you do we think about that going forward?", "duration": 11.19}, {"path": "04f29bc02d1e2ef65077ca67bf41f475_152.wav", "text": "together with marketing services campaign execution to accelerate outsourced campaign targeting and multi-channel execution,", "duration": 11.19}, {"path": "25411ff16eb3ca72b6e736eb0fe0cafb_106.wav", "text": "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,", "duration": 11.19}, {"path": "8b71a232d7fe61e6232807b635977c31_208.wav", "text": "Going forward, we'll convene a series of additional multi-stakeholder meetings to continue the industry dialogue, aiming to reach consensus on a new definition of the currency. And the goal", "duration": 11.19}, {"path": "8bbc2f54137b794265dfb01f1559868d_98.wav", "text": "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.", "duration": 11.19}, {"path": "c4dc8f962a85aa47af50f82845f550e2_112.wav", "text": "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", "duration": 11.19}, {"path": "ff2d1613ef8b55cc55bec6e266f6cfc2_63.wav", "text": "I think in the January quarter, we've talked a little bit about having a mix of Sherman in that. So there's a combination of Sherman", "duration": 11.19}, {"path": "bad55d25c1222682bd893d97dc5cbb27_45.wav", "text": "We continue to see untapped potential to better utilize our engineering capabilities to support a variety of new business development opportunities.", "duration": 11.19}, {"path": "2a5b0a6532fa2b71915a2930be02621a_228.wav", "text": "and our progress in our China and U.S. programs during the coming quarters and the opportunity to build momentum in our product development programs.", "duration": 11.19}, {"path": "fa45af64ef25007f998c655347bfbecb_62.wav", "text": "The plans how to adjust our network and what are we going to do in innovation and digitalization, including, of course, the key financial metrics of Parcels.", "duration": 11.19}, {"path": "8292bdb9af87f10627c044f3842b2c76_208.wav", "text": "primarily because there are a number of possibilities that are much further advanced. And that those prospects have not gone away and", "duration": 11.19}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_140.wav", "text": "In addition to the more frequent and intense dialog with the FDA on this program and also all of the initiatives that may advance this medicine to Pompe patients as quickly as possible", "duration": 11.19}, {"path": "8957425799e5ce0200bfacf204d0acde_31.wav", "text": "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.", "duration": 11.19}, {"path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_128.wav", "text": "Our technology was included in the key publications this quarter for a foundational 10,000 Immunome Project and a seminal research published in The New England Journal of Medicine.", "duration": 11.19}, {"path": "9da45cfd4472699ef05d887adce01223_13.wav", "text": "Now I would like to turn the call over to David Grande to discuss our third quarter 2017 financial performance and provide insured portfolio highlights.", "duration": 11.19}, {"path": "bb9c0d60d15efa53cedac31e079e9ae6_6.wav", "text": "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.", "duration": 11.19}, {"path": "6933d49d1af6eb4613a4f75bf37d00e1_73.wav", "text": "And thank you for your questions. Thank you for joining us this morning, and I'm sure we'll be talking to many of you soon. This concludes today's conference call. You may now disconnect.", "duration": 11.19}, {"path": "863512efd537ffd31c094dd9bfd5ebd3_64.wav", "text": "our results followed by a more detailed discussion by product group and then we will finish with a fourth quarter outlook and full-year perspective.", "duration": 11.19}, {"path": "2b87d263eaf2464f275a48fa005b16c7_80.wav", "text": "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.", "duration": 11.19}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_135.wav", "text": "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.", "duration": 11.19}, {"path": "30710391b8ab4cb549180602d31d4f4a_164.wav", "text": "guess, how much of your initiatives to ship the full trucks, the lane optimization is already reflected in fourth quarter? Does that headwind continue at this level", "duration": 11.19}, {"path": "b96165244f010b3f1e61cbbc5e504d96_62.wav", "text": "In addition to positioning our organization to deliver sustained organic growth, we are committed to active portfolio management to drive diversified growth and enhanced shareholder value.", "duration": 11.19}, {"path": "bab12f620df0f367e74acdcc467686f1_17.wav", "text": "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.", "duration": 11.19}, {"path": "58ff8a727ec4f3859407b64f08246759_66.wav", "text": "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.", "duration": 11.19}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_34.wav", "text": "is actually a separate legal entity from the sale of RVs. Now while we manage that location holistically, both in compensation and supervision,", "duration": 11.19}, {"path": "1c89bbe35013b8f40511ac9ba8824242_30.wav", "text": "So we're 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", "duration": 11.19}, {"path": "c3af5ef871fb87eee698a7a6e8e1d41e_54.wav", "text": "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.", "duration": 11.19}, {"path": "8a77ceadd7e4729abc9102d38be3a227_17.wav", "text": "but we also increased our ICA deposit rates by an average of 4 basis points towards the end of January. Assuming no further changes in fed rates, or our deposit rates,", "duration": 11.19}, {"path": "6a372ea97b0b130a4d37f16b54d97909_181.wav", "text": "Simply put, clients with hundreds of thousands of employees demand significant upfront services to deploy our software to their offices around the globe.", "duration": 11.19}, {"path": "6c43a32379bfc34fc8cfe84ff94d6498_92.wav", "text": "We had one in Q1. We just talked about one in Q3. So I would take that into account as you look at a year-over-year view. I think rates are higher now than they were before, so I would take that into account as well.", "duration": 11.19}, {"path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_234.wav", "text": "the higher rent and utilities, but more importantly, the major driver there we've seen is transmission expenses. And these associated with the increased payload that we have seen in the network.", "duration": 11.19}, {"path": "664ce6f8ad7864e2844f637e7a1b48d7_138.wav", "text": "is difficult in the 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.", "duration": 11.19}, {"path": "10dfe5270a7e4216d68614041d2a9bbe_18.wav", "text": "we think that gives us opportunities with customers, but we're not looking to buy distressed type of entities. We're looking to buy quality operations", "duration": 11.19}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_172.wav", "text": "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.", "duration": 11.19}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_207.wav", "text": "there's 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?", "duration": 11.19}, {"path": "58d5f604300a30c0c5bd9aa57d207478_76.wav", "text": "So would you let us know if the study continues, as a result of the interim analysis? Of course, we will find out if the study stops, but would you issue a press release?", "duration": 11.19}, {"path": "4567936d89925d1a3b983274b11ecae5_136.wav", "text": "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.", "duration": 11.19}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_28.wav", "text": "So until there's a final report from Samsung, there's really nothing that we can add. The only things that we do know is what I mentioned in the prepared remarks.", "duration": 11.19}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_26.wav", "text": "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.", "duration": 11.19}, {"path": "809e26eaacb31ffdee78d3f41a6ce90a_55.wav", "text": "In the appendix of this material, we've included the other modeling assumptions, which are effectively unchanged since the second quarter. And with that, I'd like to turn the call back over to Kevin.", "duration": 11.19}, {"path": "8cd753ed00aeee0ed32d03823eef3f7e_170.wav", "text": "from the system. Since then, we have seen the load factors in line with what we saw last year. And we are not expecting many more changes between now and the end", "duration": 11.19}, {"path": "63eaf9677d7577484a1557ae6bfbb585_114.wav", "text": "This obviously has a direct impact on the Northstar Portfolio business. We're seeing lower response rates to our direct marketing campaigns from prospects as well as existing customers.", "duration": 11.19}, {"path": "915bdcf0edfec49b928ca4010cbb40ca_4.wav", "text": "The divestiture enhances our financial profile and further concentrates our efforts in our leading and growing consumer healthcare platform, which we'll talk about in detail in later.", "duration": 11.19}, {"path": "948f025c16fce2bcb2909e610c9be557_66.wav", "text": "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,", "duration": 11.19}, {"path": "9e8690a521142359001a137074905535_156.wav", "text": "we've been successful with some new customers there to gain some market share. They're testing us out, and that was really a story of our on-time performance was not where it needed to be.", "duration": 11.19}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_1.wav", "text": "Please note that statements made on this conference call about the future performance of the company may constitute forward-looking statements within the meaning of federal securities laws.", "duration": 11.19}, {"path": "9b697782ea80be97854f35d6fc62c93a_157.wav", "text": "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.", "duration": 11.19}, {"path": "e00fd35e201a8607d264b803a5130c59_104.wav", "text": "So moving on to ODIs, and these are effectively a measure of how we're getting on with our operational performance. These are the incentive mechanisms that Ofwat have put in place,", "duration": 11.19}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_10.wav", "text": "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.", "duration": 11.19}, {"path": "73c60e60043b8775dac929320839a8c6_3.wav", "text": "and select participation in refinancing transactions where we were comfortable with the risk or return profile. As a result of our selectivity, we were able to avoid yield compression,", "duration": 11.19}, {"path": "82f5253b62614161333b038f5f9700f8_5.wav", "text": "Accordingly, we are taking what we believe to be a cautious approach to our 2016 outlook for shipments in mobile products as we evaluate the further impact of lower energy prices on the demand for capital equipment.", "duration": 11.19}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_111.wav", "text": "during the Lunar New Year period, we do see a reduction in construction activity. And so you'll see a little bit weaker demand during that period and you'll see the inventory levels", "duration": 11.19}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_85.wav", "text": "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.", "duration": 11.19}, {"path": "369789f0d39dbf62298be2aa807ff8ee_8.wav", "text": "And now we're evaluating options to increase mining rate and milling alternatives to improve recoveries. Pilar and Fazenda Brasileiro, let me deal with them separately and then collectively.", "duration": 11.19}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_121.wav", "text": "preparing on the far western end of the property, and it looks absolutely spectacular. I think we're in a good position for continued sales there the balance of this year.", "duration": 11.19}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_136.wav", "text": "These sectors in the market overall have being weak in F '15, and the outlook is that they will remain weak for F '16, with the emerging pipeline of civil construction projects", "duration": 11.19}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_19.wav", "text": "This attachment 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.", "duration": 11.19}, {"path": "433a6e203f9db93835c27ff83e86c801_172.wav", "text": "the feedback that I've gotten from Drew and his team on particular conversations they've had with their customers. I've spoken to our sales leaders around the world", "duration": 11.19}, {"path": "433a6e203f9db93835c27ff83e86c801_198.wav", "text": "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,", "duration": 11.19}, {"path": "ab3354b86be920cde18291112bf8a70a_22.wav", "text": "Yes. So we are very much -- to your point, it's an excellent question. We are investing even more today so that we can ensure that we can deliver", "duration": 11.19}, {"path": "757695924b5e43c7d44e29dc141cc035_59.wav", "text": "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.", "duration": 11.19}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_48.wav", "text": "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.", "duration": 11.19}, {"path": "ab29ac574f423764c40f2d2eec696623_60.wav", "text": "From April, we'll 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.", "duration": 11.19}, {"path": "a0d537badd260e2071136602e3b73b26_98.wav", "text": "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.", "duration": 11.19}, {"path": "a76bedec950d8af557e451e58416d028_46.wav", "text": "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", "duration": 11.19}, {"path": "94f601dc7b34ad38667e3b714aa89d35_21.wav", "text": "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 the right place.", "duration": 11.19}, {"path": "18e82b076319ac52f8a4b391ea345abd_136.wav", "text": "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.", "duration": 11.19}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_8.wav", "text": "Becoming more disciplined, however, does not mean that we're on the defense. In fact, discipline gives us the freedom to elevate our innovation agenda even further. Helping athletes to redefine what is possible", "duration": 11.19}, {"path": "884400c829f179d8cf68b767f45f03a4_38.wav", "text": "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", "duration": 11.19}, {"path": "11f02fb2db5d9fb5ff82f0374376f759_15.wav", "text": "On the spin itself, we expect to confidentially file the Form 10 this quarter and make a public filing some time late in the second quarter. As David mentioned, we remain on track.", "duration": 11.19}, {"path": "ec6bcc27bd7d6a428dc5b2be7ae7d93b_5.wav", "text": "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.", "duration": 11.19}, {"path": "dd85c205eb4aedd5ecd5be2c37c4d1b9_74.wav", "text": "But the CapEx business will lead to the OpEx business eventually. That's why we will continue to focus on winning these major CapEx projects.", "duration": 11.19}, {"path": "243e9a046160bfbf82be702927a4df22_7.wav", "text": "That pad is just 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", "duration": 11.19}, {"path": "1215cf00a11992ec74743f92026af2e9_88.wav", "text": "Industry fundamentals continue to evolve generally as we expected, with the notable exception that production in the Permian is currently exceeding our original expectation.", "duration": 11.19}, {"path": "e0555e30370c43189a1136fb7ef17d20_98.wav", "text": "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?", "duration": 11.19}, {"path": "6daa2d0829057899b014b06c36e1d54b_110.wav", "text": "Our approach for drug combination is based on the scientific and biological rationale of the pathway we're targeting, and presents a differentiated approach", "duration": 11.19}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_112.wav", "text": "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.", "duration": 11.19}, {"path": "96488f25af54f91198b444e5eff8e878_10.wav", "text": "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.", "duration": 11.19}, {"path": "5e06fc5f2ce45feafe6706f5fa8f4413_62.wav", "text": "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", "duration": 11.19}, {"path": "1530acc3242f0ee1713e757ee06f6aa1_77.wav", "text": "going forward. So if we consider you are doing this already from the beginning of the year and also subscriptions were increased toward the end of the year and that will", "duration": 11.19}, {"path": "dbf6a9009ea60e2e96772ee3ccea7226_4.wav", "text": "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.", "duration": 11.19}, {"path": "4fafe8c628e676ca508b37756da75419_33.wav", "text": "And they want to renovate and they -- and so it becomes much less of a contractual conversation than it does a business opportunity conversation.", "duration": 11.19}, {"path": "16614fa848b6601733f9eb4b2ee4da71_45.wav", "text": "improve branding for us to be able to attract good talent in colleges. So these are the things that we need to do more.", "duration": 11.19}, {"path": "0668081864383eb57919b99c85649753_111.wav", "text": "Before we begin, I'll remind everyone that during the course of this conference call, we will be making forward-looking statements that involve a number of risks and uncertainties and are not guarantees of future performance or results.", "duration": 11.19}, {"path": "f268a8174f58c93ad6b45b7f151fe896_90.wav", "text": "We have improved our reliability, we have improved our security, and we are also increasing our investments to expedite portions of the integration process.", "duration": 11.19}, {"path": "712bbcab5338e07dd63dad97bb652018_122.wav", "text": "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?", "duration": 11.19}, {"path": "81c03e2c15e8fe8213fbd40368b49581_114.wav", "text": "clearly. I would look at this one as the combination of we had some faster speeds this quarter than we had modeled at the end of last quarter. And then we", "duration": 11.19}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_175.wav", "text": "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", "duration": 11.19}, {"path": "ef7e77f6a5983826d0eefe75f7832ce6_14.wav", "text": "We've been dealing with increasing cost in steel rebar since tariffs were first introduced in 2017. We've been successful in passing along all of the cost increases", "duration": 11.19}, {"path": "24c7526f6daca8e16ab91bea6124148a_237.wav", "text": "chemistry. Not necessarily an end market, but what's the chemistry and where could the chemistry be applied as opposed to here's my end market and what chemistries or technologies do I have?", "duration": 11.19}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_141.wav", "text": "Well, I think it should be. I mean, that's part of what the message is both internally to our team and externally is, as we are reorganizing, Anil, we're showing up", "duration": 11.19}, {"path": "f15a674bdbbc461872000604216ae071_60.wav", "text": "to have a transaction this way because of leverage impact. And this is why we chose to issue new shares,", "duration": 11.19}, {"path": "bf99037f89cd485f95f097842619a0c7_105.wav", "text": "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.", "duration": 11.19}, {"path": "b49c3cda0bcd26bab06abdd492274a3e_84.wav", "text": "For example, since the start of the year, we have added a number of new air personalities, most notably a star in Atlanta and have successfully re-branded 2 of our stations in Miami and San Diego.", "duration": 11.19}, {"path": "24a2aec67e247f9c4d4cc89d6dbab525_63.wav", "text": "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.", "duration": 11.19}, {"path": "b35398859e534e471fb1cd60f5baac20_28.wav", "text": "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.", "duration": 11.19}, {"path": "153ca64e1ddbb5b38a71827429635d48_23.wav", "text": "The weather has been favorable so far, with good rain volumes in the main producing regions. And assuming this condition is maintained, we expect to crush between the mid and top of the range.", "duration": 11.19}, {"path": "726bad4d5d1a6b2f62034eb8dc843450_27.wav", "text": "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.", "duration": 11.19}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_133.wav", "text": "And then I'll 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?", "duration": 11.19}, {"path": "cc82e791c065bdc271addf355bac274f_60.wav", "text": "in the retail industry is quite high. So in order to increase sales and reduce expenses, we certainly", "duration": 11.1899375}, {"path": "4e04d3229b988f1db5b842ac5b993894_33.wav", "text": "No. We've 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.", "duration": 11.1600625}, {"path": "6f6b3823ec396bec0ca694282a6c7452_23.wav", "text": "Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations", "duration": 11.1600625}, {"path": "f3ea353a6c918bc1fd311a9cad6b9777_74.wav", "text": "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.", "duration": 11.16}, {"path": "94fdf7b24748a7706b1097482a0f363a_130.wav", "text": "improving safety and service, developing high quality drivers and reducing our cost per mile and cost per transaction.", "duration": 11.16}, {"path": "94fdf7b24748a7706b1097482a0f363a_11.wav", "text": "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 driver-facing activities.", "duration": 11.16}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_228.wav", "text": "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.", "duration": 11.16}, {"path": "e274d02ea943c0a74779950fe28e839d_49.wav", "text": "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.", "duration": 11.16}, {"path": "47d77b15189fadcc76113a2f7800ba28_116.wav", "text": "But some customers want to have that ability to sort of use component building blocks that they get from the raw open source distribution", "duration": 11.16}, {"path": "54cde38ae040b5e2c4e1f3c85691f907_56.wav", "text": "regional office in Melville, Long Island. We've put some strategic hires in our South Jersey office. And so I expect that", "duration": 11.16}, {"path": "d28b2b09c127b5be033738aa3cd380b3_109.wav", "text": "And if I look at the largest customer that we have in the e-commerce space and I look at the last quarter, business almost doubled. So we certainly like where we are.", "duration": 11.16}, {"path": "1f1b29266d2cede9b8f0f06ca57aae17_167.wav", "text": "ordering correctly, we're scheduling the right prep, that we're scheduling people during the right times. And we want to make sure that we're doing that in the right way every time. So I'd rather talk about it as we expect to get to a run rate during the year,", "duration": 11.16}, {"path": "abd0f750609f1263b566f0c09b981a16_149.wav", "text": "hold off on their travel to that market until such time as things stabilize there. But it would be very difficult for us to comment on what the RevPAR growth would have been other than", "duration": 11.16}, {"path": "54558afacef9ab3010d5a57ac4feb664_101.wav", "text": "We are also consolidating our distribution operation in Costa Rica into a single distribution center that will allow us to reach more routes and continue our expansion in the country.", "duration": 11.16}, {"path": "55d05334bdde612eb9dd102bb41d216e_45.wav", "text": "Normally, our normal backlog on something like this is about 50. Now 50 even sounds a lot for a normal run rate, but you have to understand there's a lot of customers who", "duration": 11.16}, {"path": "1b91eb82f5211000e711424657cc2484_97.wav", "text": "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,", "duration": 11.16}, {"path": "833f98dbc79997580b24335033aac5d2_75.wav", "text": "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 and west.", "duration": 11.16}, {"path": "cc82e791c065bdc271addf355bac274f_132.wav", "text": "So I would think that either everyone loses or 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.", "duration": 11.16}, {"path": "d4ad91ac3b9c1832b95aa346c8c84b46_58.wav", "text": "I'm looking forward to the balance of 2016, the combination of prospects we have for continued ramp-up from integration of our recent acquisitions in the convenience store and restaurant space", "duration": 11.16}, {"path": "599ab9a8d39052867bd99cb2fa4fd4f2_41.wav", "text": "and once we have used that up, depending on what the balance sheet looks like and what the environment is like, we can certainly consider going back to the board for further authorization.", "duration": 11.16}, {"path": "b7943f4a2b95d2bc2ce102e3af9b5d22_35.wav", "text": "We do not see a turning point. And as I may probably add to this, I do not expect that for a very", "duration": 11.16}, {"path": "bc7dbd6e321b4df22db9270b69b89c11_21.wav", "text": "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.", "duration": 11.16}, {"path": "0f4370b614f29bd596e4f6871cc77864_82.wav", "text": "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.", "duration": 11.16}, {"path": "8b6b51842af008f5f437f53cc2e71835_113.wav", "text": "at least not in the retail space. Now we've done real asset institutionally, and those have been very effective, and I think that's", "duration": 11.16}, {"path": "9da45cfd4472699ef05d887adce01223_30.wav", "text": "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.", "duration": 11.16}, {"path": "171fd9df333ddd814c764843ed624121_229.wav", "text": "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 to be in digest mode for the next little bit?", "duration": 11.16}, {"path": "171fd9df333ddd814c764843ed624121_93.wav", "text": "We have seen some creep up in construction costs from the beginning of the year in labor and some of supplies on that. And so a lot of the savings that we had engineered on our first solutions", "duration": 11.16}, {"path": "bc5fa7fe146f7b14353ebd573809b0a1_136.wav", "text": "Now I want to make sure my customers, engineering team are fully authorized and they're to pay -- fully authorized by their management and they're to pay rather", "duration": 11.16}, {"path": "2905366dcf0eb60a22b63a1b3d9adf95_10.wav", "text": "Our Oakdale mine with its dual served Class I rail capabilities is well positioned to compete for new business, particularly in the Bakken and the Marcellus.", "duration": 11.16}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_80.wav", "text": "This estimate assumes no new funding from additional collaboration agreements or from external financing events and no significant unanticipated changes in costs and expenses.", "duration": 11.16}, {"path": "9c1272d9d120c5bfafd6e6b566f89b62_154.wav", "text": "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.", "duration": 11.16}, {"path": "b96165244f010b3f1e61cbbc5e504d96_216.wav", "text": "but they're aggressively moving that's forward and having good success so far, as indicated by the Q2 number. And we continue to feel confident that we're going to be able to deliver what we expect in the back half.", "duration": 11.16}, {"path": "3aba3f0bef57d2f71dcc573a0fb198ed_144.wav", "text": "We also expanded our commercial presence in emerging markets and strengthened our position as those replacement channel continue to develop.", "duration": 11.16}, {"path": "bab12f620df0f367e74acdcc467686f1_89.wav", "text": "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.", "duration": 11.16}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_255.wav", "text": "what we can do to strengthen the walls around the company and the monitoring and protection process inside the company. We're spending a tremendous amount more on infrastructure,", "duration": 11.16}, {"path": "8fbfa6ca2fe8141fd75ae42fd998149f_172.wav", "text": "Second, it means that the bankers who came to MB from American Chartered were intensely focused on helping their clients get through our September systems conversion and the aftermath.", "duration": 11.16}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_1.wav", "text": "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 10-K", "duration": 11.16}, {"path": "f23036451aab1cb9d659c3ac9a23825c_23.wav", "text": "will also apply this richer experience on our e-commerce channel. For example, we will enhance our photography and improve the layer of the site to better showcase our elevated product.", "duration": 11.16}, {"path": "e2c02e1788cb10703d7611ef157f8135_91.wav", "text": "we're leaving you with hopefully the impression we think footprint in terms of the number of stores is important, and we don't necessarily see that going down. It actually possibly could even go up.", "duration": 11.16}, {"path": "7bc22aba9bc29d69ee10cc60db7903d8_292.wav", "text": "a very good software tool to capture all the data. So we'll be in a position later this year to report you what that looks like for Rolls-Royce. The property and aircraft engines are the most material item.", "duration": 11.16}, {"path": "70c92ab88d38f489d5074f2859e0290e_47.wav", "text": "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.", "duration": 11.16}, {"path": "6d97c63e754383663561baada77c7354_5.wav", "text": "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 loss in Asia Pacific.", "duration": 11.16}, {"path": "6d97c63e754383663561baada77c7354_99.wav", "text": "As Steve mentioned earlier, from a financial perspective, the energy research sale was a great result and we're now well capitalized for growth. With respect to the other research sectors,", "duration": 11.16}, {"path": "02deeb29574f1571812a11f66bb8fda1_110.wav", "text": "we don't see a catalyst, right? We don't see that happening. We're well positioned to deal with it if it does. We've always said time and again that we are very able", "duration": 11.16}, {"path": "885b465648704d8a5d15bd00078e2160_63.wav", "text": "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,", "duration": 11.16}, {"path": "ea60900258f99d1003ab247c506e42d9_29.wav", "text": "Our journey to optimize our manufacturing footprint and associated operating cost remains on track to further enhance our competitiveness.", "duration": 11.16}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_182.wav", "text": "Most recently, Tanja has redesigned our talent acquisitions, bringing talent in from many well-respected companies and competitors who will have a positive impact on our business.", "duration": 11.16}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_21.wav", "text": "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", "duration": 11.16}, {"path": "82131762fc1c2b2358ac3a167666ab87_124.wav", "text": "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", "duration": 11.16}, {"path": "63eaf9677d7577484a1557ae6bfbb585_79.wav", "text": "but we are mindful that our customers could potentially eventually overextend themselves with other credit issuers, so further underwriting tightening is something we'll continue to keep top of mind.", "duration": 11.16}, {"path": "aefbce6ef3fec2bcc7535dc0272aac8c_182.wav", "text": "which is related on the review of the reason why we have ended up with such a difficult situation is for the time being", "duration": 11.16}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_107.wav", "text": "And so the combination of all of those factors together should give us a nice tailwind, I particularly -- the emerging market's really the key to getting the aggregate category growth", "duration": 11.16}, {"path": "948f025c16fce2bcb2909e610c9be557_98.wav", "text": "has been beat up like over the years, that's still probably have a lot of dealers are going to have to take a write off and move it there. When you move to the construction,", "duration": 11.16}, {"path": "785be95695b063f97a17e4dea4a0529a_71.wav", "text": "Is it fair to say that the penetration you are getting with both of these customers is still fairly low and has a lot of room to grow?", "duration": 11.16}, {"path": "9e8690a521142359001a137074905535_253.wav", "text": "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.", "duration": 11.16}, {"path": "f1da65edd5f2026ffd647d496bb96ce7_139.wav", "text": "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.", "duration": 11.16}, {"path": "f875d701e5a9dd5ab745c8380c02cc3a_45.wav", "text": "That covers the update on our product candidate development programs. I'll now turn the call over to Heidi for discussion of the financial results for the third quarter of 2017. Heidi?", "duration": 11.16}, {"path": "c40b5d1a13169c5acf69590932a56f98_174.wav", "text": "So I think that covers your question as best we can right now, but even though we're pleased with the initial results in the quarter", "duration": 11.16}, {"path": "82f5253b62614161333b038f5f9700f8_88.wav", "text": "despite the overall softness in the Bismarck construction market for industrial gensets. This outperformance gives us confidence that we are executing on a key portion of our Powering Ahead strategy of gaining industrial market share.", "duration": 11.16}, {"path": "433a6e203f9db93835c27ff83e86c801_105.wav", "text": "In parallel to that, the manufacturing of the lithium iON cells, we've assessed that make versus buy that we're going to find manufacturing partners", "duration": 11.16}, {"path": "94f913b974baab79fb636f6521170dd7_188.wav", "text": "Nutrition clubs. They lose money, and they're 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.", "duration": 11.16}, {"path": "3b2908426357bb8269c3a01469865cd6_107.wav", "text": "distribute and track corporate governance, financing, legal and other documents in an online workspace accessible to internal resources and outside advisers.", "duration": 11.16}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_59.wav", "text": "Having said that though, I'd say then if you look at 2 -- 3 other large categories, they have different risks associated with them from a probability of success,", "duration": 11.16}, {"path": "77d2dd6d5e46cc8a8e80809305b60208_203.wav", "text": "with a royalty-bearing exclusive license to the co-owned new intellectual property to be granted to the joint venture company once it is legally formed.", "duration": 11.16}, {"path": "7498a6630302a038bd537d192c3a44f4_170.wav", "text": "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,", "duration": 11.16}, {"path": "7498a6630302a038bd537d192c3a44f4_158.wav", "text": "This was the basis of our good, better, best campaign. We believe we have the best assortment in the market, but we have also simplified the shopping experience for the customer.", "duration": 11.16}, {"path": "7498a6630302a038bd537d192c3a44f4_167.wav", "text": "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.", "duration": 11.16}, {"path": "a1e1e6f86dead4f43a363d0877cb4979_53.wav", "text": "Perfect. And then finally, you comment in the report that you have had satisfactory sales and profit development in your online business. Could you", "duration": 11.16}, {"path": "d74cec1fb73e1b1134bfa7152762ad80_7.wav", "text": "related to the ongoing client conversion activities and higher operating cost as IFDS expands its infrastructure to address increasing regulatory compliance and security needs.", "duration": 11.16}, {"path": "01b376669d5ea40acc7fb5a87503586e_164.wav", "text": "our mid-scale offering. And the key feature here is that we've designed a robust, simple process,", "duration": 11.16}, {"path": "09b5b62d328d3d0719b6825357fdfb48_32.wav", "text": "So I think we're living with the refinery waivers this year that were given out, and I don't see a lot of remediation for the immediate term. Over the long term, potentially,", "duration": 11.16}, {"path": "ecc871b8f89a858d952f554f1ca8f7da_197.wav", "text": "things that our customers have told us they can't get with other approaches. So that has caused us to say we're going to stay in the game and take this to the next level", "duration": 11.16}, {"path": "ecc871b8f89a858d952f554f1ca8f7da_109.wav", "text": "These factors are discussed in the Business Description and Management's Discussion and Analysis sections of the company's report on Form 10-K, an annual report to shareholders,", "duration": 11.16}, {"path": "e35fae1d3df1f7aeda409f90f200ec7b_97.wav", "text": "a few days ago, but that the forecast will be skewed actually towards the second half in terms of growth and margin contributions", "duration": 11.16}, {"path": "24a133abc343c813233d416b0cef96cd_268.wav", "text": "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.", "duration": 11.16}, {"path": "7847510c8c1280e54583ff033a9decb2_6.wav", "text": "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.", "duration": 11.16}, {"path": "8611e088fa81dc9b999c382b62641dfc_95.wav", "text": "In the second quarter, we won a number of new customers, including the Los Angeles Metro Transportation Authority, the Slovenian Railways and the Public Health Agency of Sweden.", "duration": 11.16}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_152.wav", "text": "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.", "duration": 11.16}, {"path": "6299a010c7bb84feaf14b263750dbd1a_24.wav", "text": "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 U.K. life companies,", "duration": 11.16}, {"path": "f268a8174f58c93ad6b45b7f151fe896_19.wav", "text": "I'd like to take this opportunity to thank our more than 400,000 team members around the world who are continuing to work hard to deliver the holidays during the home stretch of the season.", "duration": 11.16}, {"path": "f268a8174f58c93ad6b45b7f151fe896_58.wav", "text": "So this one's 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?", "duration": 11.16}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_60.wav", "text": "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, we'll start to see some impact of that,", "duration": 11.16}, {"path": "af146425f68dd8e32f31878389746637_17.wav", "text": "to rationalize projects that have a lower likelihood of commercial success, and are redirecting resources into more promising customer driven innovation.", "duration": 11.16}, {"path": "538323cb37246bc97d1253b369a7414a_62.wav", "text": "Also, the continued contract base growth in the service industry bodes well for the future of the service business as such.", "duration": 11.16}, {"path": "6fe1a71311b4937268b4c0332dc7c11f_2.wav", "text": "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.", "duration": 11.16}, {"path": "b49c3cda0bcd26bab06abdd492274a3e_6.wav", "text": "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.", "duration": 11.16}, {"path": "0db5ec7ab57d41c0bea4a8ee98a083eb_41.wav", "text": "And as I said, we've only just begun to scratch the surface. But everything, and I think that you would agree with us, everything that we've seen in the performance of INGREZZA to date, says", "duration": 11.16}, {"path": "525a3d59e4a319ddd41c161ec0e67f93_41.wav", "text": "operational and financial projections and goals are beliefs and assumptions of the company's management and are based on information currently available.", "duration": 11.16}, {"path": "eb93e70cdf7a839a69546250fb3646fb_82.wav", "text": "These include the impact of our annual residual value policy update on depreciation, accelerated depreciation and the gains realized on sale of vehicles.", "duration": 11.16}, {"path": "523cf294ec146d5411972168b1c10f09_115.wav", "text": "Our ability to provide integrated planning, engineering and design, procurement and construction and maintenance services is of particular value to several industry participants.", "duration": 11.16}, {"path": "a4d3f12bcd4bd2b79c885714ce84ab4f_2.wav", "text": "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.", "duration": 11.16}, {"path": "9abfcc6b57650e0b300aa243cb8336e8_7.wav", "text": "with its strong economic returns, to fruition. However, I must state that we're not prepared at this point to expose shareholders to significant equity raising in order to fund this project.", "duration": 11.1599375}, {"path": "070a939ddb72d87ed87e4b863da14a89_62.wav", "text": "Are there other aspects that patients control that might contribute to varying functional benefit amongst patients or do you think there's a more direct line from the peak increases in muscle mass to function?", "duration": 11.13}, {"path": "bc605e9d69e921f4f61a508a448ad0dd_18.wav", "text": "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 7-year cycle of investment that Tim talked about", "duration": 11.13}, {"path": "899123af483b8f3539b880173e98d0fe_22.wav", "text": "Is there a target you have in mind? How much do you think you can improve given the efforts you're taking on? Or any color you can give from that perspective?", "duration": 11.13}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_197.wav", "text": "and organization in order to formulate a long-term vision for the new Marvell. I see tremendous potential for the company to participate in growing markets and to increase its profitability.", "duration": 11.13}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_5.wav", "text": "We believe this strategic focus will create long-term growth for the company and sustainable value for both society and shareholders. And with that, I'd like to turn the call over to Rob.", "duration": 11.13}, {"path": "14e9ab3b38cd3029b8aff693a105dbfb_151.wav", "text": "the way you look at whether an increase is significant or not isn't based on a particular numeric fold increase, it's based on the variability of the assay and you're looking for", "duration": 11.13}, {"path": "264e575b73bc2a485bee416c1ac10cee_140.wav", "text": "enhancing customer value and maintaining cost and capital discipline in order to generate sustainable profitability improvement. I will now turn it over to Steve.", "duration": 11.13}, {"path": "223f05c0b9b116532e9af84afa76cac7_54.wav", "text": "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.", "duration": 11.13}, {"path": "2a59b9df2de5248e64727f10185a8423_14.wav", "text": "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.", "duration": 11.13}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_15.wav", "text": "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.", "duration": 11.13}, {"path": "55d548325797d638567669cd75444301_20.wav", "text": "during the year. This was enabled through the significant commercial investments, and they play an important role both in the short term delivering this result,", "duration": 11.13}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_14.wav", "text": "While only a test, we are integrating our home-sharing offerings into our loyalty programs, curating for design, functionality, location and safety", "duration": 11.13}, {"path": "7ec9d2889f6012c7058eb766f6de38e2_141.wav", "text": "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.", "duration": 11.13}, {"path": "b34f680a9162805e0188170d6272a356_57.wav", "text": "expand your market on your smaller burn work because of the health of the economic environment that we work in, in the West, let's say, for construction. So we see that part ramping up nicely.", "duration": 11.13}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_36.wav", "text": "If their prices do not go up or even go down, I think there are abnormal factors in play. Over the long term,", "duration": 11.13}, {"path": "833f98dbc79997580b24335033aac5d2_33.wav", "text": "that resulted from the mild weather in the quarter. But the impact of the lower volumes was partially offset by TXU Energy's strong margin management and the customer account performance.", "duration": 11.13}, {"path": "8292bdb9af87f10627c044f3842b2c76_19.wav", "text": "This will enable us to build a growth forecast based on actual quarterly results rather than on assumptions about lease up rental rates", "duration": 11.13}, {"path": "5f38ce681d4413a793d34a0650c59bf2_65.wav", "text": "We are committed to taking a highly-disciplined approach to capital allocation with the repayment of debt as a top priority after investing in our key growth drivers.", "duration": 11.13}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_115.wav", "text": "while at the same time driving sales per passenger in existing stores through investments and improvements to customer offer and active space and margin mix management.", "duration": 11.13}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_124.wav", "text": "Now as usual, we'll update you on our 3-year guidance when we present to you in October. So let's move on to category performance and I'll start with Books.", "duration": 11.13}, {"path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_79.wav", "text": "Our U.S. team has massively improved our financial performance in this region. We've hit key milestones for instrument placements with strong uptake of the Hyperion Imaging System.", "duration": 11.13}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_136.wav", "text": "and you've given us a guidance at the time of the strategy announcement. So -- and it looks like you're more on track in line with the guidance already in the first half. So I seem to miss something", "duration": 11.13}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_98.wav", "text": "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,", "duration": 11.13}, {"path": "e743ddc0caabaebf5e9a6568eaef8334_69.wav", "text": "can you kind of address for us what sort of lag between further potential increases and your ability to go get price and offset,", "duration": 11.13}, {"path": "ee640f0dcb9928c0bdd795eddbeac7c0_113.wav", "text": "Our whole team has handled this professionally, and the value is beyond what I expected in terms of coaching and insights gain. Additionally, with the replacement cycle of our tractors Jason mentioned,", "duration": 11.13}, {"path": "9da45cfd4472699ef05d887adce01223_7.wav", "text": "As I've 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.", "duration": 11.13}, {"path": "7ec19aea307c76d4a57fa87368305630_3.wav", "text": "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", "duration": 11.13}, {"path": "863512efd537ffd31c094dd9bfd5ebd3_57.wav", "text": "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", "duration": 11.13}, {"path": "911d447bcdcedb4e0cf5230de225921c_115.wav", "text": "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.", "duration": 11.13}, {"path": "911d447bcdcedb4e0cf5230de225921c_19.wav", "text": "As you can see from the diagram on the right-hand side, the 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.", "duration": 11.13}, {"path": "6e3037e770ba5e0dfc98e3223986aad2_11.wav", "text": "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", "duration": 11.13}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_178.wav", "text": "We are pleased with the antiviral activity we have seen in preclinical studies and believe that RNAi-based therapy will one day be a part of the HBV treatment paradigm.", "duration": 11.13}, {"path": "a8034762296368c60571fcde382c3274_103.wav", "text": "There's no question in our mind that Chinese buyers are going to be the big swing factor in the gold market. And we wanted to be first, and we were first.", "duration": 11.13}, {"path": "dd28a387ccc9575df47840b850647c7f_20.wav", "text": "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.", "duration": 11.13}, {"path": "b2c4be32355b99e1a66809bd36e83dd2_48.wav", "text": "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", "duration": 11.13}, {"path": "b305bff75f28d238f0bd7da5bd4f13b8_41.wav", "text": "this is not all the growth we need, but it is a clear indicator that people had pretty high excitement from the product on the booth.", "duration": 11.13}, {"path": "02deeb29574f1571812a11f66bb8fda1_134.wav", "text": "Before I do that, however, let me talk a little bit about what we're seeing in our core markets and geographies. Really, the trends remain the same from what we've been talking about for the last 3 quarters or so.", "duration": 11.13}, {"path": "10dfe5270a7e4216d68614041d2a9bbe_39.wav", "text": "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.", "duration": 11.13}, {"path": "e271ed845347e9c930ab0a44eb7785da_43.wav", "text": "That is why we have implemented a lot of measures, such as in reducing the cost and our management expenses.", "duration": 11.13}, {"path": "ea60900258f99d1003ab247c506e42d9_82.wav", "text": "pending the finalization of a few contractual matters between the parties. These commercial activities will be integrated into the groceries division under Martin's leadership,", "duration": 11.13}, {"path": "bd40628b97efec198825ccf910c7e27e_74.wav", "text": "And highlighted moving forward. So those are the things primarily we're preparing for moving forward. Our clinical data is obviously and our safety and efficacy is very strong.", "duration": 11.13}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_3.wav", "text": "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.", "duration": 11.13}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_56.wav", "text": "and remind you that the statements made by management and the information contained in this presentation that constitute forward-looking statements are based on management's current expectations.", "duration": 11.13}, {"path": "fe4ae1578ebe1882856eb2ea0c1cbe5f_45.wav", "text": "Now we invite you to a quick review of our vision and strategy. Please refer to Slide 7, where we want to share with you how we are transforming the company", "duration": 11.13}, {"path": "7f0b365cacc47c00a8284b0070994e4a_106.wav", "text": "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", "duration": 11.13}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_36.wav", "text": "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. We're seeing growth in demand in '16. And so the", "duration": 11.13}, {"path": "7274a7a5fa848e641ba98fce556e26a1_69.wav", "text": "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.", "duration": 11.13}, {"path": "9b697782ea80be97854f35d6fc62c93a_80.wav", "text": "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.", "duration": 11.13}, {"path": "f1da65edd5f2026ffd647d496bb96ce7_74.wav", "text": "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", "duration": 11.13}, {"path": "571b0d30d88945a981006f24faa72cf7_25.wav", "text": "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 double-blind phase that I shared the data for.", "duration": 11.13}, {"path": "571b0d30d88945a981006f24faa72cf7_69.wav", "text": "In terms of tissue PK taken from IFC samples of the affected gut wall, there was evidence of dose-related increases in local G.I. tissue drug concentrations", "duration": 11.13}, {"path": "262bc21196721c5ff9114acbd2ff03c3_273.wav", "text": "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", "duration": 11.13}, {"path": "e00fd35e201a8607d264b803a5130c59_146.wav", "text": "believe that they can continue to ask the market to reduce cost, while they're at the same time, reduce quality of what's coming in, are now finding that it's not going to happen for many of the quality players.", "duration": 11.13}, {"path": "cbdc44c5f09baa21b5979beaf7f1e1e4_119.wav", "text": "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 it's a production decision, not an investment decision,", "duration": 11.13}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_187.wav", "text": "Projects include completion of our plant in China, the new plant in Melrose, capacity expansion for value-added product lines and ongoing investments for food and employee safety.", "duration": 11.13}, {"path": "92bf6fe090b6bc565cb500b688fd9173_13.wav", "text": "While we continue to improve field operational performance, increase order rates and grow healthy backlog, the opportunity to deliver growth and margin expansion is there in coming quarters.", "duration": 11.13}, {"path": "757695924b5e43c7d44e29dc141cc035_130.wav", "text": "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.", "duration": 11.13}, {"path": "22a55e362dd67dc8f7cd40f7ec8d62c1_78.wav", "text": "the future is still bright for Jack Henry. We have -- we're totally committed to this platform. We're having great success already, and I don't see that changing as a result of this acquisition.", "duration": 11.13}, {"path": "3877b1983229ec488c6349a188bccf92_83.wav", "text": "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.", "duration": 11.13}, {"path": "4721d5a2e7061d90a4e4e4768adc2486_119.wav", "text": "Besides reducing overall fixed costs, the new business model will allow us to more easily scale resources up and down based on value to the customer.", "duration": 11.13}, {"path": "a1e1e6f86dead4f43a363d0877cb4979_78.wav", "text": "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 don't shop. So it's a very mixed bag.", "duration": 11.13}, {"path": "d74cec1fb73e1b1134bfa7152762ad80_67.wav", "text": "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.", "duration": 11.13}, {"path": "2a7af3c66762ce608379005a3d7bfa96_165.wav", "text": "kind of an -- it's an interesting potential acquisition target. But it depends upon what it's going to go for us, is it going to bring us technology we may not possess or processes.", "duration": 11.13}, {"path": "af00f4e7b63ee843a3d203f982fac701_78.wav", "text": "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.", "duration": 11.13}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_152.wav", "text": "So from that standpoint, I would not read through the -- what has been a sequencing of EBITDA that I've seen for most of my 18 years in this business, anything different as it relates to that in our first quarter results,", "duration": 11.13}, {"path": "18e82b076319ac52f8a4b391ea345abd_126.wav", "text": "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", "duration": 11.13}, {"path": "cd331fa6dd24e811af3c0529212bfbb8_63.wav", "text": "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,", "duration": 11.13}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_211.wav", "text": "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.", "duration": 11.13}, {"path": "4311782968e936c378fdee8946cd9cca_21.wav", "text": "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", "duration": 11.13}, {"path": "b126c31149f1cadf1d891082a187d6fc_201.wav", "text": "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,", "duration": 11.13}, {"path": "0f9d6e24171bc068e7ff7a11e7e44060_42.wav", "text": "it stands at a lower level of those observed in previous years. While the debt is increased slightly in regards to what is shown previous years, but maintaining at healthy levels.", "duration": 11.13}, {"path": "a9ff9f85f03afdd2d13b76e14060b31d_172.wav", "text": "in a recurring kind of subscription model instead of one time. And so that's also shifting some of those up into the subscription line. Those, we talked about last quarter, actually are creating a little bit of", "duration": 11.13}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_50.wav", "text": "reorganizing and adding new capabilities so that we can in the future and over that 3-year period make sure that we are agile enough", "duration": 11.13}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_32.wav", "text": "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.", "duration": 11.13}, {"path": "ae5a41fe3b3d515713608c5ac878eed3_43.wav", "text": "Before this, we subsidized the handset in the subscription and this is, by law, not possible anymore to directly subsidize the handset again. So", "duration": 11.13}, {"path": "794528c461ef7009b1741ac67c17aba4_26.wav", "text": "for selling your gout 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?", "duration": 11.13}, {"path": "dd85c205eb4aedd5ecd5be2c37c4d1b9_98.wav", "text": "We are currently working toward winning the order. Currently, projects are nicely distributed across different areas of the world.", "duration": 11.13}, {"path": "72b117fb1330bda9f954a219bb5a675e_133.wav", "text": "The consumable growth is an indicator of the success that we're seeing with the adoption of CUSA Clarity, and disposable sales are a good measure of capital utilization.", "duration": 11.13}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_8.wav", "text": "while constant currency revenue grew 11% after adjusting for the impacts of exchange and hedging. Growth was entirely organic", "duration": 11.13}, {"path": "e552924838fe493d3cc967dd0c5c4563_72.wav", "text": "After many years of strong growth, we have seen a significant slowdown with several customers experiencing regulatory delays or lower demand for their products.", "duration": 11.13}, {"path": "3412b2f7aef0615537779e312cf984c3_93.wav", "text": "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.", "duration": 11.13}, {"path": "d1c4d16bfe8ceadd0ab1356305ca749b_11.wav", "text": "we would exhaust those prepaid amounts and the prepaid VAT amounts, which are treated as corporate tax over the next 4 to 5 years.", "duration": 11.13}, {"path": "20489859070c48218db6ab0f5b6d2b05_120.wav", "text": "The Caspian and Kazakhstan declined, although new contracts beginning early in the first quarter were awarded for operations in both Kazakhstan and Turkmenistan. Looking ahead", "duration": 11.13}, {"path": "6a45749d272884d2809fa70f7807250c_6.wav", "text": "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.", "duration": 11.13}, {"path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_7.wav", "text": "As always, we remain disciplined in our selection criteria with a focus on serious and life-threatening diseases with significant unmet medical need that we believe are good targets for the science.", "duration": 11.13}, {"path": "1758a982f596e3033f062a5b9f011361_122.wav", "text": "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.", "duration": 11.13}, {"path": "bc1efb704df9c180935803c70a315597_227.wav", "text": "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.", "duration": 11.13}, {"path": "50eb350badadec6e4272b90684741c25_93.wav", "text": "especially with regard to collaboration between the scientific staffs. We believe that collaboration will leverage the talents of our larger scientific staff,", "duration": 11.13}, {"path": "24c7526f6daca8e16ab91bea6124148a_185.wav", "text": "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 and our revenues.", "duration": 11.13}, {"path": "a766b08317742c952705018a899f3998_3.wav", "text": "Nancy brings with her broad financial experience, the ability to work cross-functionally across teams and a demonstrated commitment to driving profitable growth. Welcome, Nancy.", "duration": 11.13}, {"path": "0e410ca71e50235e520d5af32ce0f54a_4.wav", "text": "As a longtime operator in the region, we've worked for many years to cultivate strong mutually beneficial relationships with our aboriginal neighbors.", "duration": 11.13}, {"path": "b49c3cda0bcd26bab06abdd492274a3e_28.wav", "text": "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.", "duration": 11.13}, {"path": "3ae068efa03cd088f4d3edea682f199f_258.wav", "text": "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.", "duration": 11.13}, {"path": "b1a98885c1d81414cdc122e807760faf_94.wav", "text": "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 you talked about", "duration": 11.13}, {"path": "365c360aff42713cef71a7d026eeeb6d_155.wav", "text": "I would also like to note that as we outlined during our recent Investor Day, beginning with the first quarter of fiscal 2019, we'll be making some changes to our disclosures and reporting.", "duration": 11.13}, {"path": "76b892bf017891d7028256847747227c_143.wav", "text": "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.", "duration": 11.13}, {"path": "3043e7527da9e59e29b7412cafeb9d80_107.wav", "text": "So just wanted to follow up again here on the capital recycling activity. So it seems like you're further along on the acquisitions and you've identified the disposition pool, but", "duration": 11.13}, {"path": "9097dcbaf554d635920c6274b1de4997_64.wav", "text": "related to the reimbursement of development expenses for diroximel fumarate. As a reminder the PDUFA date for diroximel fumarate is expected to occur in the fourth quarter of this year.", "duration": 11.13}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_196.wav", "text": "We are closely monitoring the pace at which we make our changes and the impact they have on our employees, customers and supplier partners. We're moving quickly,", "duration": 11.13}, {"path": "97ddc19ecb28bab2d19fd3b181182062_95.wav", "text": "The majority of the products that we sell to the aerospace market are heat-treated aluminum products, especially plate as well as specialty stainless steel and titanium products.", "duration": 11.13}, {"path": "97ddc19ecb28bab2d19fd3b181182062_132.wav", "text": "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 it's a good use of our cash, given", "duration": 11.13}, {"path": "7f85288e472b08575b33943f4c718070_99.wav", "text": "When you look at pure sweet flavor business that is more correspondence to some of our largest competitor,", "duration": 11.13}, {"path": "bb2ca5b87982b2388d82cd64a73f08cf_42.wav", "text": "This continues to be an -- overall, an outstanding industry marketplace, and we believe that with the plans we have in place, we are well positioned to deliver a solid year.", "duration": 11.1299375}, {"path": "d162113e3aface010baec17bd408736b_124.wav", "text": "But it's not a new round of smartphones. It is improvements, additions", "duration": 11.1}, {"path": "485e97686e9a27d2df5b3fc02106e3d4_55.wav", "text": "We are now focused on completing the trial with high-quality data sets and in preparing for our submission to the FDA so that we can file as rapidly as possible.", "duration": 11.1}, {"path": "139f0a6300f504b3e8673e39b0429161_31.wav", "text": "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?", "duration": 11.1}, {"path": "bc605e9d69e921f4f61a508a448ad0dd_99.wav", "text": "despite of those things, we were able to report profit growth for the second half of the year. So more of that later. I'd like to start by saying a little bit about the macro environment we find ourselves trading in.", "duration": 11.1}, {"path": "a95a220f118ae793c89d6d708e62cf8a_80.wav", "text": "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", "duration": 11.1}, {"path": "94fdf7b24748a7706b1097482a0f363a_158.wav", "text": "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.", "duration": 11.1}, {"path": "b40ab385cca0095fc17f5310045ca5d2_105.wav", "text": "We've grown from primarily a mailback company to our position now as a leading comprehensive provider of medical and pharmaceutical waste management services", "duration": 11.1}, {"path": "6c7cc87ae188a5ad707fc0e523dea753_182.wav", "text": "the major portion of short-term debt is trade finance, and that's 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,", "duration": 11.1}, {"path": "232edaebd93a3d8673bce183d269ad6d_57.wav", "text": "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.", "duration": 11.1}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_80.wav", "text": "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.", "duration": 11.1}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_47.wav", "text": "Yes, so as we mentioned, and we are definitely seeing that operating margin improvement on our Industrial business, and again, that's coming through their greater comp,", "duration": 11.1}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_79.wav", "text": "Finally, our outlook accounts for 1 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.", "duration": 11.1}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_136.wav", "text": "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", "duration": 11.1}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_168.wav", "text": "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.", "duration": 11.1}, {"path": "7974a5134807f46a1484a8adf81505be_4.wav", "text": "Good progress against the Canadian bank's multiyear target of 1 million new primary customers. Tangerine also performed strongly during the year.", "duration": 11.1}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_84.wav", "text": "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. It's not surprising because we didn't really have a business here.", "duration": 11.1}, {"path": "b34f680a9162805e0188170d6272a356_209.wav", "text": "as we move into the spring months and into the summer. I will say this. I think as we end 2019, you're going to see more of the capital improvement projects", "duration": 11.1}, {"path": "6616e76da46baea11d6032fc063716c1_9.wav", "text": "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,", "duration": 11.1}, {"path": "75fa1bebed0b858c76cc7058477e40e2_99.wav", "text": "but we are fortunate to have a small but exceptionally impressive group of entrepreneurs. And we think we'll just keep looking for those great entrepreneurs and finding the right fit", "duration": 11.1}, {"path": "0c18e4de44a4c891690654ba38479935_0.wav", "text": "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, ma'am.", "duration": 11.1}, {"path": "ff2d1613ef8b55cc55bec6e266f6cfc2_66.wav", "text": "I think the next thing that we expect to be doing is testing the end-to-end material that comes out and validating that it's actually meeting specification.", "duration": 11.1}, {"path": "0ee490f8688669984ae17a737590f7b5_98.wav", "text": "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. It's", "duration": 11.1}, {"path": "fa45af64ef25007f998c655347bfbecb_206.wav", "text": "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", "duration": 11.1}, {"path": "a212b77ae2b2452093665a4e179ed3a3_38.wav", "text": "how do you think about walking that up to what you think you'll really be, what the real earnings opportunity is going to look like? Because I think in prior conversations, you've talked about how that", "duration": 11.1}, {"path": "e26b501c6e000fdaa11edde97cc71436_171.wav", "text": "and record that. Yuck. And it's all being done on paper. Not anymore. ReposiTrak now enables him to take a click of this creature,", "duration": 11.1}, {"path": "bc6881d8e985e0b9dc1683b8bbdb066a_13.wav", "text": "almost across the board in Europe this year. So our outlook assumes improvement in European pack, but that's based more on just what happened last year than it is about any specific knowledge about this year.", "duration": 11.1}, {"path": "cc82e791c065bdc271addf355bac274f_188.wav", "text": "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", "duration": 11.1}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_82.wav", "text": "both of which we see as good areas of future growth, will help drive stationery sales into the longer term. And I'll come on and talk about a couple of initiatives there shortly.", "duration": 11.1}, {"path": "e56726c7aedd69029957c84128050700_45.wav", "text": "As far as the third element of our strategic plan, tenaciously pursuing cost savings, this is clearly evident when you look at our margin increase in the quarter over the past year.", "duration": 11.1}, {"path": "21c2451cb9f5fbf43e4e2e3d3d23325d_81.wav", "text": "I think it's 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,", "duration": 11.1}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_139.wav", "text": "So they have a plan. They've shared it to me. That's logical. And then what they would hope is that sometime during that time frame, to", "duration": 11.1}, {"path": "a8034762296368c60571fcde382c3274_34.wav", "text": "kind of have more prolific benchmarked products have had to react. And I do think, in general, the trend on fees is down, but it's not going to be a major thing for us.", "duration": 11.1}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_93.wav", "text": "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,", "duration": 11.1}, {"path": "38b2f94da12bbf2d32246763aab8265a_97.wav", "text": "of sharing the savings with our customers by offering attractive prices on our insurances. And so", "duration": 11.1}, {"path": "8fd0d858dd99b5b6291eafc83e9a604d_104.wav", "text": "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,", "duration": 11.1}, {"path": "be8b554309f7632bc9ebbd967764001e_115.wav", "text": "on the performance of emerging market equities. I think we've seen a sharp improvement over the last couple of months as the market dynamics that Keith was", "duration": 11.1}, {"path": "be8b554309f7632bc9ebbd967764001e_97.wav", "text": "So we think we can maintain that. On your second question, in terms of whether we get to the point where growth inflows are matched by outflows? Not really. I mean, if you look at our outflow performance,", "duration": 11.1}, {"path": "be8b554309f7632bc9ebbd967764001e_207.wav", "text": "positive direct impact on those redemptions, the same difficult markets we've been talking about are having an immediate influence on client demands.", "duration": 11.1}, {"path": "8a77ceadd7e4729abc9102d38be3a227_101.wav", "text": "To appreciate those factors that may cause actual financial or operating results or the timing of matters to differ from those contemplated in such forward-looking statements.", "duration": 11.1}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_7.wav", "text": "Our portfolio is more focused and increasingly more aligned to the long term, more attractive categories and segments. Our brands continue to strengthen.", "duration": 11.1}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_201.wav", "text": "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", "duration": 11.1}, {"path": "f23036451aab1cb9d659c3ac9a23825c_60.wav", "text": "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.", "duration": 11.1}, {"path": "7bc22aba9bc29d69ee10cc60db7903d8_177.wav", "text": "But good to see a resurgence there and at the time was when we see a little bit of uptick in the business jet market as well. I mean, it isn't all about the current activity.", "duration": 11.1}, {"path": "98f10f0935e5b778e888a1b8130a3d31_298.wav", "text": "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", "duration": 11.1}, {"path": "b94d748876ddf8e881d4191dec45baf3_149.wav", "text": "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.", "duration": 11.1}, {"path": "16ed973148ce103dc95fdcfaf35bbe7b_245.wav", "text": "That starts to cross the line on what is trust. And that's where our industry really has to come forward and say we're going to make sure that these technologies are trust based.", "duration": 11.1}, {"path": "974a2d744cd3d9acf42d74816de91f7f_43.wav", "text": "when we do in acquisition, we do it very carefully to either add a specific product capability or add a specific end market.", "duration": 11.1}, {"path": "9abfcc6b57650e0b300aa243cb8336e8_96.wav", "text": "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 we expect to maybe", "duration": 11.1}, {"path": "9b697782ea80be97854f35d6fc62c93a_254.wav", "text": "We'll continue to look at that and adjust targets as appropriate, but I'm not sure anything changes in terms of the big picture plan for South America. Yes, I mean I would say we are constantly benchmarking each of our countries", "duration": 11.1}, {"path": "f1da65edd5f2026ffd647d496bb96ce7_138.wav", "text": "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 end-to-end revenue cycle", "duration": 11.1}, {"path": "6318dda27b3e36d76533c048c64a3014_6.wav", "text": "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.", "duration": 11.1}, {"path": "741526dd2a3db996d2f22f4bcdae4be6_1.wav", "text": "Other than as required by law, we undertake no obligation to update or revise these forward-looking statements whether as a result of information, future events or otherwise.", "duration": 11.1}, {"path": "21f21433851eb7c7f7dbc710309341bb_149.wav", "text": "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", "duration": 11.1}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_8.wav", "text": "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.", "duration": 11.1}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_63.wav", "text": "It helps ensure we meet our customer priorities as well as helps offset market-specific dynamics like product life cycles or even partner challenges.", "duration": 11.1}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_159.wav", "text": "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", "duration": 11.1}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_169.wav", "text": "and what we've really done in particularly the last 12 to 18 months is launched a whole array of new products. So now we don't just have our panel lift door and our more premium panel lift icon door.", "duration": 11.1}, {"path": "433a6e203f9db93835c27ff83e86c801_134.wav", "text": "Recent reserve power sales and order trends continue to be robust in the Americas, driven mainly by increased orders for our industry-leading Thin Plate Pure Lead batteries across all segments.", "duration": 11.1}]